Analysis Aviation Flying taxis ‘within a decade’ says Saudi Arabia Saudi Arabia has published a plan to launch advanced air transport, such as flying taxis, within the next 10 years. However, experts have played down the kingdom’s impact on the fledgling industry globally. The kingdom’s General Authority of Civil Aviation (Gaca) said it wanted to revolutionise the aviation sector by supporting technologies such as unmanned […] January 31, 2024
Renewable Energy Saudi lab plans for $10bn market in tandem solar cells Scientists in Saudi Arabia are working on tandem solar cells, a development that they say could become a $10 billion market. Professor Stefaan De Wolf and the Photovoltaics Laboratory at King Abdullah University of Science and Technology (Kaust) have published a paper setting out how the perovskite-silicon cells can be brought to market. The technology […] January 30, 2024
Construction RAK commercial district aims for ‘new era’ of growth Ras Al Khaimah on Monday unveiled plans to build a new commercial district to spearhead a “new era” of economic growth in the emirate. Developer Marjan said RAK Central will feature grade A offices, more than 4,000 apartments, three hotels, retail and entertainment facilities, parks and more than 1,000 parking spaces. Construction work is scheduled […] January 29, 2024
Media & Advertising Tihama shareholders call for vote to oust board members Shareholders in the troubled media conglomerate Tihama are calling for a vote to dismiss members of the board. The company, which operates WH Smith shops in Saudi Arabia, said in a filing to the Saudi Stock Exchange that it had received a letter from a group of shareholders who collectively own 10 percent of the […] January 29, 2024
Banking & Finance Debt markets in UAE and Saudi Arabia hit $630bn Debt capital markets in the GCC’s two biggest economies, the UAE and Saudi Arabia, are expected to grow again this year after double digit expansion in 2023 saw their combined total reach $630 billion. Fitch Ratings said Saudi Arabia-based corporates are expected to issue more debt this year after a 14.5 percent rise in the […] January 29, 2024
Renewable Energy Solar deal shows power of East Africa for Dubai A Dubai energy company has joined a $150 million solar project in Mozambique, the latest indication of the UAE’s interest in investing in East Africa. Amea Power will work with Mozambique’s Hidropower to develop the 125 megawatt Matambo solar photovoltaic power plant. The joint Mozambique-Dubai project will provide electricity to more than 150,000 homes in […] January 29, 2024
EXCLUSIVE Finance UK steps up hunt for Mena projects with £50bn budget The UK’s export credit agency is stepping up its search for “transformational” projects to finance across the Middle East and North Africa and has a potential war chest of about £50 billion ($63 billion). Since 2018, UK Export Finance has completed £11 billion worth of business and delivered thousands of jobs for UK businesses related […] January 25, 2024
Analysis Economy Oman expects a ratings rebound but oil’s grip is strong Oman is on course to regain its investment-grade rating but analysts say challenges remain in reducing the economy’s dependence on hydrocarbons. Standard Chartered has forecast that Oman’s continued improvements in fiscal performance, de-leveraging (lowering debt) and commitment to reform could see the sultanate’s rating rebound “as early as 2024”. The bank’s Global Focus 2024 report […] January 24, 2024
Health Kuwait’s pharmaceutical plan may need a shot in the arm Kuwait will continue to lag behind its GCC neighbours in attracting investment into its pharmaceutical sector despite new government measures, say experts. The Ministry of Health announced plans last month to set up warehouses across health districts, adding new facilities to improve medication storage and delivery. It said it is also developing a guide for […] January 24, 2024
Trade Saudi-Morocco fund to drive investments – and closer ties Saudi Arabia and Morocco are setting up a joint investment fund as part of a deal to strengthen co-operation between their private sectors. The Saudi-Moroccan Economic Forum, held in Riyadh on Sunday, also included an agreement on direct shipping line projects. In addition, Saudi companies will get more support in accessing North African and European […] January 23, 2024
Renewable Energy Oman plans fourth large-scale solar power park Oman has issued a tender to develop its next large-scale solar power project just days after financial close was announced on another. Nama Power and Water Procurement, the sole purchaser of electricity from independent power plants in Oman, has issued a request for qualification for the 500MW Ibri III project in the sultanate’s north-west region. […] January 19, 2024
Manufacturing Iraq cement company gets $130m to double production A major Iraqi cement manufacturer has secured financing of up to $130 million to support plans to more than double annual production. The International Finance Corporation (IFC), part of the World Bank, is investing in Al-Douh Iraqi Company for Cement Industries to create thousands of jobs and to bolster reconstruction efforts. IFC is providing a […] January 18, 2024
Oil & Gas Petro Rabigh losses hit $1.7bn in fresh blow to chemicals sector Petro Rabigh, one of the largest petrochemicals producers in Saudi Arabia, has revealed that its losses now exceed SAR6.4 billion ($1.7 billion). The listed company announced in a filing to the Saudi stock exchange that losses had reached 38.4 percent of its share capital. The business, which is part-owned by state oil giant Saudi Aramco, […] January 17, 2024
Banking & Finance Oman licence is ‘tremendous’ win for Egypt’s Paymob Digital payments company Paymob has secured a licence to expand into Oman and says it represents a “tremendous opportunity” as e-commerce transactions soar. The Cairo-based business has announced that it has received the Central Bank of Oman’s (CBO) payment service provider licence, the first international fintech to do so. The licence authorises Paymob to accept […] January 17, 2024
Banking & Finance GCC companies lead early sukuk moves in 2024 Saudi Arabia’s largest healthcare provider has announced plans to issue a riyal-denominated sukuk as analysts predict that $170 billion of the sharia-compliant bonds will be issued this year. Middle East Healthcare Company, the parent of Saudi German Health, said in a filing to the Saudi Stock Exchange that the offering size would be determined later, […] January 17, 2024
Infrastructure Saudi airports operator issues tender for Abha expansion Saudi Arabia’s state-owned airport operator has issued a tender for a new terminal at Abha International Airport in the Aseer region. The Civil Aviation Holding Company, also known as Matarat, has called for expressions of interest by the end of this month. On offer is a 30-year build-operate-transfer deal to develop and run the terminal. […] January 17, 2024
Manufacturing Cobalt refinery to support Saudi EV ambitions A European mining company has announced plans to develop a refinery in Saudi Arabia to process cobalt hydroxide into cobalt sulphate, which is used in electric vehicle (EV) batteries. Luxembourg-based Eurasian Resources Group (ERG) said the project aims to strengthen its position as a strategic supplier to the chemicals sector, particularly in batteries for EVs. […] January 16, 2024
Banking & Finance Class action lawsuit against Saudi builder approved A class action lawsuit against a Saudi construction company has been given the green light to proceed by authorities. The Capital Market Authority said the Committee for the Resolution of Securities Disputes (CRSD) has accepted the lawsuit filed by an investor against some members of the board and employees of Mohammad Al Mojil Group. The […] January 16, 2024
Media & Advertising Saudi media group Tihama to appeal against court ruling The company that operates WH Smith shops in Saudi Arabia is to appeal against a court ruling that blocks its financial rescue plan. The Commercial Court in Riyadh rejected the proposal from media group Tihama on Monday. Shareholders approved the financial restructuring plan recommended by Tihama’s board of directors last month. More than 99 percent […] January 16, 2024
Industry Morocco joins Mena industrial partnership Morocco has become the fifth country to join a partnership that aims to strengthen industrial integration in the Middle East and North Africa. At a meeting held in Manama, Morocco’s entry into the Industrial Partnership for Sustainable Economic Growth was announced, joining the UAE, Jordan, Egypt and Bahrain. During the meeting $2.2 billion worth of […] January 15, 2024
Industry Saudi Arabia invests $400bn in factories as oil industry slows Total investment in Saudi Arabia’s industrial sector has risen by nearly 10 percent in a year, to reach SAR1.5 trillion ($400 billion). The official figures, released by the Saudi Press Agency, show growth of 1.5 percent in the third quarter of 2023 and growth of 9.3 percent for the year to Q3. The non-oil economy […] January 11, 2024
Manufacturing $100m aluminium plant signals Bahrain’s industrial push Conexus Resources Group has launched a $100 million aluminium rod plant in Bahrain, the latest project to emerge as the Gulf kingdom seeks to enhance its manufacturing sector. The UK company has announced the inauguration of Konexus Aluminium, which will process liquid metal from Bahrain’s national manufacturer Aluminium Bahrain (Alba) to serve regional and international […] January 10, 2024
