Manufacturing Aramco and PIF invest in Saudi-Chinese steel venture Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […] July 26, 2024
Transport Dubai Taxi to pay $43m dividend despite profit drop Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, has approved a dividend payout of AED159 million ($43 million) for the first half of 2024 despite a marginal 1 percent increase in net profit. Net earnings reached AED187.4 million in the first six months of the year, compared to AED186.3 million at the same […] July 26, 2024
Renewable Energy Abu Dhabi seeks developers for greenfield power storage project State-owned Emirates Water and Electricity Company has requested proposals from 27 qualified companies and consortiums to develop a greenfield 400-megawatt battery energy storage system project in Abu Dhabi. The request for proposals is being issued to bidders who passed the qualification process following the expression of interest in April 2024. A total of 93 companies […] July 26, 2024
Aviation Flynas expands Airbus fleet to reach new markets Saudi low-cost carrier Flynas will expand its fleet with the order of 75 A320neo and 15 A330-900 jets, as the airline looks to expand its capacity and range into new markets. The new aircraft will join the carrier’s all-Airbus fleet and serve international, domestic and regional routes. It can accommodate up to 400 passengers. “The A320neo […] July 26, 2024
Banking & Finance Mashreq’s earnings up as loans and deposits rise Dubai-listed lender Mashreq said its net profit rose 14 percent year on year to AED4 billion ($1.1 billion) in the first six months of 2024 on higher interest income, business expansion and minimal risk costs. Net profit before tax grew 24 percent to AED4.5 billion. Net interest income increased 17 percent year on year to […] July 26, 2024
Aviation Tunisair growth slows as costs rise Tunisair’s revenue increased by only 3 percent year on year to TND695 million ($224 million) in the first half of 2024, as fuel costs rose and its market share shrank. Passenger numbers went up by 2 percent to 1.17 million, compared to 1.15 million a year ago, the state-run Tunis Afrique Presse reported. Average revenue […] July 25, 2024
Banking & Finance First Abu Dhabi Bank revenue rises on overseas growth First Abu Dhabi Bank (FAB), the UAE’s biggest lender, said revenues rose 16 percent year on year to AED15.7 billion ($4.3 billion) in the first half of 2024, driven by 30 percent annual growth in international franchise. Net profit increased 3 percent to AED8.4 billion despite the impact of corporate tax, which came into effect […] July 25, 2024
Giga-projects Diriyah awards $2bn contract for Wadi Safar Diriyah Company has awarded its largest single contract to a Saudi-Qatari joint venture for the Wadi Safar project. The SAR8 billion ($2 billion) contract was awarded to the joint venture between Urbacon Saudi Company, the local unit of Qatar’s Urbacon International, and Saudi-headquartered Al Bawani Company, the state-backed Saudi Press Agency reported. The contract includes […] July 25, 2024
Economy Kuwait turns to budget deficit as oil income drops Kuwait reported a budget deficit of KD1.6 billion ($5.2 billion) in 2023-24 from a surplus of KD6.4 billion the previous year, the finance ministry said. Oil revenues fell to KD21.6 billion, down 19 percent, compared to KD26.7 billion a year ago, the state-run Kuna news agency reported, citing a ministry statement. The current year’s revenue […] July 25, 2024
Finance Turkey repays $5bn Saudi deposit to cut liabilities Turkey’s central bank has repaid a $5 billion deposit by Saudi Arabia as part of its plan to lower external liabilities. The amount was returned to the Saudi Fund for Development, received in 2023, the central bank said in a statement. “Our external liabilities have recently improved by $7 billion through the reduction of deposit […] July 25, 2024
Aviation Libya’s Berniq buys Airbus jets to expand reach Libya’s Berniq Airways has placed an order with Airbus for six A320neo aircraft to upgrade its fleet and increase its number of routes both regionally and internationally. The airline currently operates six A320s. Waseem Ezzway, chairman of Berniq Airways, said that the investment marks a new chapter for the airline as it continues to modernise […] July 24, 2024
Retail ADIA considers $1bn funding in Nestlé ice cream Abu Dhabi Investment Authority (ADIA) is considering a €1 billion ($1.1 billion) investment in a French company that was set up as a joint venture with Nestlé. The investment would be into Froneri, an ice cream manufacturer that was established in 2016 as a partnership between Nestlé and PAI Partners, a private equity company. The […] July 24, 2024
Energy Adnoc and Borouge explore chemicals complex in China The UAE’s oil giant Adnoc and Borouge, one of its Abu Dhabi-listed subsidiaries, is exploring the potential of developing a speciality thermoplastics complex in China. A consortium, which includes Adnoc, Borouge and Borealis, signed a project collaboration agreement with China’s Wanhua Chemical and Wanrong New Materials (Fujian), a wholly owned subsidiary of Wanhua Chemical. Borealis […] July 24, 2024
Banking & Finance UAE bank to bolster presence in Central Asian economy Abu Dhabi Commercial Bank (ADCB) is bolstering its Islamic banking services in Kazakhstan. The Abu Dhabi-listed bank will establish a sharia-compliant corporate banking services centre to gain a foothold in the $1.8 trillion Central Asian economy. Al Hilal Islamic Bank, a subsidiary of the bank in Kazakhstan, will be rebranded and offer corporate financial products […] July 24, 2024
Aviation Qatar Airways expands Boeing 777 order book Qatar Airways ordered 20 new Boeing 777-9 passenger jets at the Farnborough International Airshow this week after announcing record profits in its 27-year history. Additionally, the carrier has committed to 40 new GE9X engines and spare engines, in addition to a long-term services agreement. The total cost of the deal and delivery schedule of the […] July 24, 2024
Trade UAE to revive EU trade talks before year-end The UAE plans to restart trade talks with the European Union by the end of the year despite a broader agreement with GCC remaining on hold, according to a news report. The UAE has initiated the discussion both through the GCC and bilaterally, Reuters reported, quoting trade minister Dr Thani bin Ahmed Al Zeyoudi. “We are […] July 23, 2024
Transport Adnoc L&S unit awards $2bn contract to Chinese shipyard AW Shipping, a joint venture between Adnoc Logistics & Services and China’s Wanhua Chemical Group, has awarded a $1.9 billion contract to Chinese shipyard Jiangnan to construct “green and low-carbon” ammonia and ethane carriers. The contract for nine very large ethane carriers (VLECs) is priced at $1.4 billion, the Adnoc subsidiary, which trades on the […] July 23, 2024
Aviation Price talks rumble on between Turkish Airlines and Boeing Turkish Airlines will not announce a deal with Boeing at the Farnborough Airshow this week as negotiations over the engine price continue, chairman Ahmet Bolat has said. “We are not going to announce anything in Farnborough,” he said, adding talks were being held with engine supplier GE on Monday. “I think we are close, but the […] July 23, 2024
Oil & Gas Aramco to make $2bn gas expansion at Jafurah Saudi Aramco is planning to build three new gas compression plants at the Jafurah field for $2.2 billion as part of its strategic gas program expansion. The world’s largest oil producer has signed a letter of intent with a joint venture owned 60 percent by Spanish contractor Técnicas Reunidas and 40 percent by China’s state-owned Sinopec. The deal […] July 23, 2024
Media & Advertising Du quarterly profit jumps 46% as subscribers rise Emirates Integrated Telecommunications Company (EITC), which operates the Du and Virgin mobile brands in the UAE, reported a 46 percent jump year on year in net profit to AED581 million ($158 million) as subscriber numbers increased. Revenue grew 7 percent to AED3.6 billion in the April to June period, compared to AED3.3 billion a year […] July 23, 2024
Giga-projects Neom to create ‘bridge’ hotel US hospitality company Equinox Hotels will open its first hotel in Magna, a lifestyle coastal destination within the Neom giga project. Equinox Resort Treyam will be designed as a 450m long bridge-like structure that will appear to float 40m above a lagoon. The hotel will feature guest rooms and suites, a 450m pool, new culinary […] July 23, 2024
Energy Gas flaring to end in next five years, says Iraq Iraq has confirmed it will halt all gas flaring activities in the next five years. Investment is being made through several projects in the southern region of Basra, where production capacities have been increased, the state-run Iraqi News Agency reported, quoting the assistant director general for technical affairs for the Southern Gas Company, Majid Al-Shawaf. […] July 22, 2024
