Construction Court gives Dubai’s Drake & Scull stay of execution Dubai contracting company Drake & Scull International (DSI) has received a reprieve from liquidation following the latest court ruling on its long-running restructuring plan. DSI has been attempting to thrash out a restructuring proposal for more than a year. Its accumulated losses increased to AED5.3 billion ($1.44 billion) in the first half of this year, […] August 23, 2023
Oil & Gas Egypt announces new oil discovery in Gulf of Suez Egypt’s Cheiron Energy has announced a new oil discovery in the Geisum and Tawila West Concession in the Gulf of Suez. The discovery was made by the GNN-11 exploration well, which is currently producing more than 2,500 barrels per day (bpd). The oil exploration and production company holds a 60 percent interest in the concession […] August 23, 2023
Sustainability Climate minister starts 100-day countdown to Cop28 Collaboration is vital to the success of this year’s Cop28, the UAE minister of climate change and environment has said as the country marks 100 days to the start of the summit. Leaders from the public and private sectors will gather in Dubai in November – and climate minister Mariam bint Mohammed Almheiri said on […] August 22, 2023
Finance Abu Dhabi fund buys share of hotel group in Spain Coral Reef, a subsidiary of Abu Dhabi Investment Authority, and Melia Hotels International have received approval to acquire a portfolio of 17 hotels from Equity Inmuebles in Spain and the Canary Islands. Financial details around the acquisition were not revealed. The deal was given the green light by the European Commission under EU merger regulations. […] August 22, 2023
Aviation Dubai International raises air passenger target to 85m Dubai International Airport has raised its annual target for passenger traffic to 85 million after surpassing pre-pandemic levels for the first six months of the year. The airport reported 41.6 million travellers in the first half of 2023, up 49 percent on the same period last year and marginally ahead of the traffic recorded during […] August 22, 2023
Finance First Group parent signs standstill deal on sukuk Aurum, parent company of Dubai developer The First Group, has signed an interim standstill agreement with an “ad-hoc” group of creditors while discussions continue on restructuring its Islamic bonds, or sukuk, that are due to mature next year. Aurum is listed on the London Stock Exchange (LSE). It received the approval of holders of its […] August 21, 2023
Construction Construction activity up in Turkey due to earthquakes The number of construction workers in Turkey increased by 28,000 in the second quarter of the year compared to Q1, as building activity continues at pace following February’s earthquakes. The latest figures from the Turkish Statistical Institute revealed the number of people employed in the country’s construction sector hit 1.973 million between April and June […] August 21, 2023
Finance Al Mukhaizeem to head Kuwait fund’s London office The Kuwait Investment Authority has appointed Abdulmohsin Al Mukhaizeem as president and chief executive officer of its London branch. A subsidiary of the KIA’s headquarters in Kuwait, the Kuwait Investment Office (KIO) in the UK capital manages part of the Future Generations Fund (the savings portion of the sovereign wealth fund). This includes a portfolio […] August 18, 2023
Economy Qatar’s CPI inflation hits highest level since April Qatar’s consumer price index increased 3 percent year on year in July 2023, reaching its highest level since April. The CPI inflation figure was up from the 2.5 percent reported in June, according to Qatar’s Planning and Statistics Authority (PSA). Communication was one of eight groups to record a price increase, with a rise of […] August 18, 2023
Business of Sport Saudi millions ‘creating two-tier system’ for football agents Saudi Arabia’s football investment spree is tempting top-flight players to its teams, but is also creating a two-tier system among agents, industry observers have warned. Brazilian superstar Neymar’s arrival in Saudi Arabia this week boosted the coffers of his former employer Paris Saint Germain to the tune of a reported $110 million. The latest big-money […] August 18, 2023
Construction Bahrain office rents fall as oversupply issues grow Office rents in Bahrain are expected to experience continued downward pressure with new supply set to hit the market. Rental rates increased by 1.6 percent in the second quarter of the year compared to the first three months of 2023, at an average value of BHD6.5 per sq m. And office vacancy rates hit their […] August 18, 2023
Transport DP World’s profits drop despite revenue rise Port operator DP World has reported a drop in profits for the first six months of the year by almost 10 percent, despite revenues increasing by 14 percent. Profit attributable to the UAE multinational logistics group in H1 was down 9.7 percent at $651 million from the same period in 2022, when it posted a […] August 17, 2023
Construction Dubai real estate market bats off interest rate hits International private credit funds could be ready to tap into the Dubai real estate market with competitive interest rates. The Central Bank of the UAE raised its borrowing rate in July after the US Federal Reserve pushed its interest rate to a 22-year high. Now Asian and European funds are looking at the market as […] August 17, 2023
People & Lifestyle UAE decking out offices to promote worker wellbeing The UAE is increasingly adopting building standards that meet employee demand for office conditions that enhance wellbeing. The Middle East has witnessed a 24-fold increase in Well Building Standard adoption over the last 19 months, with a large majority coming from the UAE. The Well Building Standard is an international system that measures, monitors and […] August 17, 2023
Renewable Energy Bahrain signs deal for its biggest solar park Bahrain has signed deals to build a 72 megawatt solar power plant in what will be the largest of its kind in the kingdom. The project, located in the southern region of Sakhir, will form part of Bahrain’s push to cut its carbon emissions by 30 percent by 2035 and hit its net zero target […] August 16, 2023
Industry Saudi industrial production drops as inflation cools Saudi Arabia’s headline inflation rate dropped for the second month in succession to 2.3 percent in July from 2.7 percent in June, the slowest outturn since the middle of last year. The main drivers of price increases throughout the month were housing, water, electricity, gas and other fuels, which increased by 8.6 percent year on […] August 15, 2023
Energy Tunisia’s energy production drops as trade deficit widens Total energy production in Tunisia dropped by 8 percent at the end of June to 8,470 gigawatt hours as the country’s energy trade deficit increased. Production intended for the local market was also down 5 percent, according to a report released by the National Observatory of Energy and Mines. Electricity purchases from Algeria and Libya […] August 15, 2023
Renewable Energy Adnoc Drilling expects hybrid rigs to cut emissions Investment in hybrid power solutions could cut Adnoc Drilling’s CO2 emissions by as much as 20 percent. The largest national driller for oil in the Middle East is seeking to slash its carbon intensity by a quarter by 2030. The company is set to have more than 140 rigs in operation in the next 18 […] August 14, 2023
Energy Adnoc Drilling efficiency drive targets recruitment Recruitment plans by Adnoc Drilling are under review as the Abu Dhabi company strives to hit its efficiency targets. A subsidiary of Abu Dhabi National Oil Company (Adnoc) and listed on the Abu Dhabi Exchange (ADX), Adnoc Drilling reported a 13 percent increase in revenues for the first half of the year as profits reached […] August 14, 2023
Analysis Tourism Moscow still a key destination for Middle East tourists Moscow remains popular for tourists from the Middle East despite the ongoing conflict between Russia and Ukraine. Russia launched a war against its neighbour in February last year, yet tourists from the Middle East made 139,600 trips to Moscow throughout 2022, according to statistics from the Moscow City Tourism Committee (MCTC). At the end of […] August 14, 2023
Analysis Tourism UAE taps multi-billion dollar inclusive tourism market Amsaan Accessible Tours claims to be the first company in the Mena region specialising in creating unique tours for deaf people, tapping into the underserved and yet multi-billion dollar inclusive tourism market. The Dubai company uses technology to provide tours with all information in sign language. There are deaf guides for group tours, on-demand sign […] August 13, 2023
Energy Israeli startup hopes to take nuclear fusion mainstream This week US scientists announced they had achieved net energy gain in a fusion reaction for the second time since December. The Lawrence Livermore National Laboratory in California deemed the successful experiment “a major scientific breakthrough decades in the making that will pave the way for advancements in national defence and the future of clean […] August 11, 2023
