Energy Masdar gets contractors on board for $6bn energy project Abu Dhabi Future Energy Company (Masdar) has selected the suppliers and preferred contractors for the $6 billion renewable facility capable of providing energy at scale around the clock in the emirate. Bombay stock exchange-listed Larsen & Toubro and China state-owned PowerChina are the preferred engineering, procurement and construction (EPC) contractors. China-headquartered Jinko Solar and JA […] January 19, 2025
Energy Acwa Power joins China’s renewable energy surge Saudi renewables major Acwa Power has struck joint ventures with Chinese companies to launch two renewable energy projects worth $312 million in China. The company, which trades on the Saudi Exchange (Tadawul), started due diligence on up to eight projects in China, CEO Marco Arcelli said last May. Acwa Power will develop a 132-megawatt (MW) solar photovoltaic […] January 17, 2025
Oil & Gas Iraq and Halliburton near deal to up oilfield output by 500% Iraq is close to finalising a development deal with Halliburton, a US oil services provider, to expand the capacity of its Nahr Bin Omar oilfield by 500 percent, a news report said. The oil ministry and Halliburton are expected to sign a confidentiality agreement in the coming days, Bassem Abdul Karim, director general of state-owned […] January 17, 2025
Economy Turkey to get $1bn from World Bank for quake recovery Turkey will receive $1 billion (TL35.43 billion) from the World Bank this year to support the recovery of its earthquake-hit regions, a news report said. The total assistance from the World Bank to Ankara will reach $4 billion since the 2023 earthquakes. The World Bank and the International Finance Corporation work jointly on projects involving […] January 17, 2025
Real Estate Dubai’s Emaar confirms talks to sell stake in Indian unit Emaar Properties, Dubai’s largest developer, has confirmed talks with companies in India, including Adani Group, for a possible stake sale in its Indian subsidiary. The valuation and other terms of a potential transaction are not finalised, the developer said in a Dubai bourse filing on Thursday. The clarification followed a news article by Mint, an […] January 17, 2025
Finance Bahrain’s Investcorp agrees to buy Italy’s Epipoli Bahrain’s Investcorp has finalised a deal to acquire Epipoli, an Italian alternative payments company. The asset will be purchased from London-headquartered private equity Bregal Milestone and Epipoli founder and CEO Gaetano Giannetto. Giannetto will continue to hold a significant minority stake and lead the company. No terms of the transaction were disclosed. Epipoli owns the […] January 17, 2025
Mining Aramco-Ma’aden JV to mine lithium in Saudi Arabia Saudi Aramco and Ma’aden, two listed companies on the Saudi bourse, will launch a joint venture for minerals exploration and mining in the kingdom. The proposed venture will focus on energy transition minerals, which includes lithium extraction from high-concentration deposits and use of cost-effective direct lithium extraction technologies. “This proposed JV would enable us to accelerate […] January 16, 2025
Economy Turkey faces $3bn payout for pensioners and wage support Turkey will have to pay out an estimated TL110.8 billion ($3.12 billion) after increasing minimum pension payments and wage support to companies. Vedat Isıkhan, the labour minister, announced on January 7 that the minimum monthly state pension would be increased by 15.75 percent, taking the base rate payment to TL14,469 ($409). Nearly 3.87 million pensioners will benefit […] January 16, 2025
Transport Masdar City starts testing autonomous vehicles Abu Dhabi’s Masdar City has officially started testing autonomous vehicles to promote sustainable urban transportation. The first vehicle undergoing testing is a shuttle-style electric vehicle equipped with advanced sensors, electronic components and upgraded software, which enables it to navigate obstacles, detect other vehicles, and drive independently. The trials begin a series of tests featuring vehicles […] January 16, 2025
Tech Oman starts work on first space economic zone Oman has started construction of Zone 88, the Sultanate’s first scientific and economic zone committed to space industries and advanced technologies. The project is being developed at the Special Economic Zone in Duqm and is 25 percent complete, Bahiya Al Shuaibi, founder and CEO of Global Space and Technology Company, told Duqm Economist magazine. The […] January 16, 2025
Renewable Energy UAE joins $1bn subsea power connectivity initiative The UAE has partnered with Italy and Albania to build a €1 billion ($1 billion) subsea connection to import renewable energy across the Mediterranean region. “We strongly believe in this project involving our three governments, private sector and grid operators,” Italian Prime Minister Giorgia Meloni told the World Future Energy Summit in Abu Dhabi. The […] January 16, 2025
Tourism Ras Al Khaimah tourism revenue up 12% in 2024 Ras Al Khaimah’s record 1.28 million overnight arrivals in 2024 helped them to a 12 percent increase in tourism revenues from the year before. The growth was driven by the opening of new hotels and resorts, a growing calendar of international events, increased connectivity to Ras Al Khaimah International Airport, marketing campaigns, and more than […] January 15, 2025
Tech UAE space company launches earth-monitoring craft Space42, a space technology company that has its headquarters in Abu Dhabi, deployed the second phase of its Foresight satellite constellation on Tuesday as the UAE continues its push to compete with the world’s leaders in the industry. The project is in collaboration with ICEYE, a provider of high-resolution images of the earth’s surface. The […] January 15, 2025
Trade Iraq and UK sign $15bn deal to strengthen trade ties Iraq has signed a set of agreements with the UK worth £12.3 billion ($14.98 billion) as the two countries aim to bolster their growing trade relationship. The package, more than 10 times last year’s total UK-Iraq bilateral trade, was disclosed following a meeting between British Prime Minister Keir Starmer and his Iraqi counterpart Mohammed Shia Al-Sudani […] January 15, 2025
Trade Jordan and Qatar trade volume rises 6% in 2024 Trade between Jordan and Qatar increased by 6 percent year on year in 2024 amid growing economic ties. The total volume reached QR910 million ($250 million), up from QR860 million in 2023, the state-run Petra news agency reported, citing data released by Qatar’s planning and statistics authority. Jordan’s exports to the Gulf state include consumer and […] January 14, 2025
Economy Arab investments in Egypt’s economy reach nearly $40bn Foreign direct investments from Arab countries in Egypt totalled $39.5 billion in the final quarter of the fiscal year 2023-24, led by the UAE. The UAE’s investments in the construction sector stood at $37.5 billion, accounting for 95 percent of the total, Al Arabiya Business reported citing data from Egypt’s central bank. Last February Abu […] January 14, 2025
Energy Turkey to triple cross-border electricity links Turkey is aiming to triple its electricity interconnections with neighbouring countries and is set to supply power to Syria soon, a news report said. Ankara supplies electricity to Iraq, Daily Sabah newspaper reported citing energy and natural resources minister Alparslan Bayraktar’s speech at a panel discussion at the International Renewable Energy Agency (Irena) assembly in […] January 14, 2025
Construction Abu Dhabi buys stake in US power company for $500m A subsidiary of Abu Dhabi Investment Authority (Adia) will acquire a minority stake in Alpha Generation (AlphaGen), a US-based power infrastructure company, by investing $500 million, amid a surge in power demand. The investment is subject to regulatory approvals and is expected to close in the first half of 2025. AlphaGen is owned by affiliates […] January 14, 2025
Finance Aldar secures $2.5bn credit facility to support growth Aldar Properties, Abu Dhabi’s largest developer, has raised AED9 billion ($2.5 billion), taking its overall liquidity to AED27 billion to back its ongoing growth initiatives. The sustainability-linked multi-tranche revolving credit facility attracted orders from 15 global and regional financial institutions. The facility, which has a five-year tenor and incorporates conventional and Islamic tranches across AED […] January 13, 2025
Energy Turkey to invest $20bn to promote energy efficiency Turkey intends to invest more than $20 billion in energy efficiency projects by 2030 to combat climate change and boost sustainable development, according to a news report. The first national energy efficiency action plan attracted investments of $8.5 billion between 2017 and 2023, state-run Anadolu Agency reported, citing Bilal Düzgün, head of the ministry’s energy […] January 13, 2025
Finance Saudi Arabia exceeds 2030 target for regional HQs Global companies opening regional headquarters in Saudi Arabia have exceeded the Vision 2030 target, the investment minister has said. The number of companies setting up their main regional base in the kingdom has reached 571, primarily in the industrial sector, Khalid Al Falih told Asharq Business, an Arabic-language financial portal. The Gulf state, he said, […] January 13, 2025
Logistics ADQ unit explores offer to buy Aramex stake in cash A subsidiary of Abu Dhabi Development Holding Company (ADQ), a sovereign wealth fund, intends to submit an offer to buy 100 percent of the shares in Dubai-listed logistics company Aramex not already owned by Abu Dhabi Ports Company. Shareholders accepting the offer of Q Logistics Holding, an indirect subsidiary of ADQ Development Holding, will be […] January 13, 2025
