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Car, Automobile, Vehicle

Abu Dhabi wealth funds may invest in planned Porshe IPO

Abu Dhabi’s sovereign wealth funds – Mubadala Investment Co. and ADQ – are likely to become anchor investors for the possible initial public offering (IPO) of Volkswagen-owned luxury carmaker Porsche, Bloomberg reported, citing informed sources. State-owned entities in other Gulf markets, including Saudi Arabia, are also being considered as potential investors in one of Europe’s […]

Restaurant, Food Court, Food

Kuwait’s Alghanim Industries mulls minority stake listing

Kuwait-based Alghanim Industries’ executive chairman of Kutayba Y. Alghanim has announced plans to list a minority stake on Boursa Kuwait’s Premier Market, Kuwait Times reported.  “I would like to announce my intention of exploring the possibility of publicly listing a minority interest of the Kutayba Alghanim Group (Alghanim Industries) on the Premier Market of Boursa Kuwait,” […]

Building, Water, Shoreline

Dubai receives 7.1m tourists in first half of 2022

Dubai attracted 7.12 million international overnight visitors between January and June 2022, recording more than 183 percent year-on-year growth, UAE state news agency WAM reported, citing the latest data from Dubai’s Department of Economy and Tourism (DET). According to the DET data, the number of tourists received in H1 2022 was close to the numbers […]

Land, Nature, Outdoors

Saudi Arabia completes work on longest water bridge on Red Sea

The Red Sea Development Company (TRSDC), the developer behind the mega Red Sea project, has completed the construction of Shurayrah Bridge, the longest water bridge in Saudi Arabia, according to a local media report. The company celebrated the installation of the last concrete block, weighing 400 tonnes, in the construction of the bridge that is […]

Flag, Symbol, Outdoors

Oman budget swings into surplus on oil price rise

Oman’s budget recorded a surplus of 357 million rials ($929.7 million) by the end of the first quarter, boosted by a more than 70 percent rise in oil revenue as output and prices surged, finance ministry data showed. That compared with a deficit of 751 million rials in the same period a year earlier, the […]

Kuwait’s Agility signs $1.4bn credit facility with banks

Kuwait’s Agility, one of the largest Gulf logistics companies, said on Sunday it had signed a new credit facility of 1.4 billion euros ($1.06 billion). The transaction is part of a financing round that is expected to total about $3.2 billion, it said. The company said the money will pay for the company’s growth plans, […]

Abu Dhabi’s Masdar to develop solar, wind projects in Tanzania

Abu Dhabi’s Masdar has signed an agreement with Tanzania Electric Supply Company Ltd. (TANESCO) to develop renewable energy projects with a total capacity of up to two gigawatts (GW). Through a joint venture, the two companies are initially targeting the development of renewable energy projects with a capacity of about 600 megawatts (MW), starting with […]

Saudi PIF-owned firm plans $29bn worth of water projects

Saudi Arabia’s National Water Company (NWC) intends to tender 1,429 projects worth more than SAR108 billion ($28.80 billion), the state-owned utility services provider said in a statement. The announcement by NWC, which is owned by the Saudi sovereign wealth fund, Public Investment Fund (PIF), continued the company’s plans to develop water and environmental infrastructure projects […]

Turkey’s June current account deficit set for $3.4bn, says poll

Turkey’s current account is expected to record a deficit of $3.4 billion in June and end the year with a deficit of more than $40 billion, a Reuters poll showed on Friday, as soaring energy prices widen the shortfall. The trade deficit, a major component of the current account balance, soared 184.5 percent in June […]

Middle East air traffic takes off in June on global tourism revival

Middle Eastern airlines reported a 246.5 percent year-on-year rise in passenger traffic in June 2022, driven by a continued recovery in international traffic, the International Air Transport Association (IATA) said in a new report. International revenue passenger per kilometres (RPKs) currently stands at 25 percent below its level in June 2019 for the regional airlines. […]

Theme Park, Amusement Park, Urban

UAE to invest $1b in Pakistan’s economic, investment sectors

The UAE plans to invest $1 billion in Pakistani companies across various economic and investment sectors, UAE state-owned news agency WAM reported, citing an official source in Abu Dhabi. The move aims to explore new investment opportunities in projects across various sectors and expand bilateral economic relations. Additionally, it emphasises the keenness of the UAE […]

Person, Human, Archaeology

Saudi’s PIF sets up company to invest in Egyptian sectors

Saudi Arabia’s Public Investment Fund (PIF) has set up a company to invest in promising Egyptian sectors, extending a policy of pumping money into the Egyptian economy. The $620 billion sovereign wealth fund said on Friday sectors in Egypt it would target through its new Saudi Egyptian Investment Co (SEIC) included infrastructure, real estate, health […]

Package Delivery, Cardboard, Box

Kuwait’s Agility finalises $924m buyout of UK aviation firm

Kuwait’s Agility, one of the largest Gulf logistics companies, said on Thursday it has finalised its £763 million ($924.37 million) acquisition of British aviation services company John Menzies. Agility said it will combine the acquisition with its National Aviations Services (NAS) and the deal values Menzies at approximately £571 million on a fully diluted basis […]

Golden Town has started work on its first project, Fort Tower in Downtown

Egyptian developer launches $26m mixed-use project

Egypt’s Golden Town Real Estate Development has launched the first phase of its EGP500 million ($26.14 million) mixed-used project, Cascada, in the New Administrative Capital. The expected total sales value is more than EGP750 million, the company said in a statement. The developer intends to invest within and outside the administrative capital, chairman Raafat Maher […]

UAE’s Burjeel plans to raise $750m from Abu Dhabi listing

UAE healthcare provider Burjeel Holdings is aiming to raise at least $750 million (AED2.76 billion) from an initial public offering (IPO) in Abu Dhabi this year, Bloomberg reported, citing people familiar with the matter. The firm is considering a dividend payout ratio of 40 percent to 70 percent of net income from 2023 on listing, […]

Plant, Cactus, Person

Egypt’s current account deficit widens, funds flow out in Q1

Egypt’s current account deficit widened in the January-March quarter amid a surge in portfolio outflows triggered by Russia’s invasion of Ukraine, the central bank said in balance of payments figures released on Thursday. The current account deficit increased to $5.79 billion (EGP110.8 billion) from $5.67 billion in January-March a year earlier as the trade deficit […]

Person, Human, Soil

Exporters cut year-end targets in blow to government plans

Turkish exporters are revising down year-end targets in a move that could derail the government’s economic plans as new orders drop amid signs of a global slowdown and inflationary pressure. Turkey’s exports rose by 19 percent year-on-year in the first seven months of 2022 to $144.4 billion, but deteriorating global conditions, exacerbated by the war […]

Person, Human, Crowd

Turkish central bank’s net forex reserves rise to $9.12bn

The Turkish central bank’s net international reserves rose around $2.4 billion to $9.12 billion in the week to July 29, rising to their highest level in two months, data from the central bank showed on Thursday. The exchange rate used by Reuters on Thursday was 17.9044. The net forex reserves dropped to $6.07 billion on […]

Dubai Aerospace uncertain of getting planes back from Russia

Major airplane lessor Dubai Aerospace Enterprise said on Thursday it didn’t know if it would ever get back 19 jets leased in Russia after Moscow passed a law allowing for hundreds of jets to be seized in response to Western sanctions. The Dubai state-owned lessor reiterated that it had written off $576.5million (AED2.12billion) for the […]

Saudi Arabia posts almost $21bn Q2 surplus on high oil prices

Saudi Arabia has registered a budget surplus of nearly SAR78 billion ($21 billion) in the second quarter of 2022, the finance ministry said on Thursday, an almost 50 percent rise from a year earlier, bolstered by high oil prices. Revenue in the second quarter reached SAR370.37 billion and expenditure was SAR292.46 billion, the ministry said. […]

Saudi Arabia open airspace to more flights serving Israel

Cathay Pacific and Air Seychelles have overflown Saudi Arabia for Israel flights for the first time, aviation data showed on Thursday, after Riyadh announced last month it would open its airspace to all airlines, paving the way for more overflights to and from Israel. Opening Saudi airspace to flights to and from Israel was a […]

Saudi-backed Lucid cuts 2022 EV output by half amid logistics woes

US-based Lucid Group on Wednesday reduced its production outlook for electric vehicles (EVs) in 2022, citing supply chain and logistics challenges. In a statement, the company, which is 60 percent owned by the Saudi sovereign wealth fund, Public Investment Fund, expects to produce between 6,000 and 7,000 luxury electric vehicles this year, down from 12,000 […]