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Pramod Kumar

Pramod Kumar
Countryside, Farm, Field

Oman to build agricultural city to enhance food security

Oman will build an agricultural city as part of its food security initiative, a news report said. Saham Agricultural City will cover an area of 65 sq km, with 70 percent dedicated to agriculture and 30 percent to urban development, Oman Daily Observer reported. The city will use advanced technologies such as hydroponics, aeroponics and […]

Rwandan flag carrier RwandAir has access to Qatar Airways’ network due to a code-share agreement with the Gulf airline

Qatar Airways to buy 49% of Rwanda’s flag carrier

Qatar Airways is expected to buy a 49 percent stake in Rwanda’s flag carrier RwandAir as early as July as part of the Gulf airline’s strategy to expand in Africa, according to a media report. Qatar Airways’ purchase will boost Rwanda’s aviation sector and allow RwandAir to expand its operations and fleet, Financial Times reported, quoting […]

Money, Dollar, Adult

ADIA acquires minority stake in Fisher Investments

Private equity firm Advent International and a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) have agreed to take up a minority stake in US investment adviser Fisher Investments. The investment will be between $2.5 billion and $3 billion, valuing Fisher Investments at $12.75 billion. The deal, which is expected to close later this year, is subject […]

Liquid assets in the UAE's banking sector reached AED787 billion by the end of Q1 2024, rising 28 percent year on year

UAE’s gold reserves rise 13% to $5.3bn

The value of gold reserves of the Central Bank of the UAE (CBUAE) reached AED19.6 billion ($5.3 billion) at the end of March 2024, rising 13 percent year on year. Gold reserves increased by 9.8 percent on a monthly basis from AED17.9 billion in February 2024, the UAE state-run Wam news agency reported, citing the […]

Airport, Adult, Female

PIF agrees to buy 15% stake in London’s Heathrow airport

Saudi Arabia’s Public Investment Fund (PIF) and Paris-headquartered private equity fund Ardian have agreed to buy Spanish infrastructure giant Ferrovial’s 37.6 percent stake in London’s Heathrow, the UK’s busiest airport. Under the agreement, PIF and Ardian will acquire 15 percent and 22.6 percent, respectively, of FGP Topco, the parent company of Heathrow Airport Holdings, for a total […]

Adult, Male, Man

UAE to invest in Turkey’s economic sectors says minister

The UAE is willing to invest across numerous sectors in Turkey, said Emirati energy and infrastructure minister Suhail Al Mazrouei. The Gulf state is exploring opportunities in the energy, agriculture, transportation, tourism and other sectors, state-run Anadolu Agency (AA) news agency reported, citing the minister on the sidelines of the St. Petersburg International Economic Forum. […]

Adult, Male, Man

Aramco signs 20-year LNG supply deal with NextDecade

Saudi Aramco, the world’s largest oil producer, has signed a non-binding agreement with US energy company NextDecade to purchase liquefied natural gas (LNG) for 20 years. The Saudi-listed energy company will purchase 1.2 million tonnes per annum (mtpa) of LNG from the Rio Grande facility in the US. “We look forward to finalising the terms of […]

Computer, Electronics, Hardware

Mena IT spending to grow more slowly 2024

The pace of IT spending in the Mena region is expected to slow in 2024 as a result of heightened economic risks and supply chain issues. IT spending is forecast to increase 5.5 percent this year, down from 6.6 percent in 2023, to $193.7 billion, technology research firm Gartner said.   Mena organisations continue to face challenges […]

People, Person, Adult

Saudi trials unmanned air taxis for Hajj pilgrims

Saudi Arabia has completed the first unmanned air taxi trial in Mecca as part of its plan to move pilgrims faster between key locations during the Hajj pilgrimage. Saudi-owned Front End conducted the air taxi trial using Chinese drone maker EHang’s EH216-S, a pilotless electric vertical takeoff and landing (eVTOL) vehicle. Held in a low-risk […]

UK company to work on Iraq’s $10bn gas project

London-listed UK contractor John Wood Group, commonly known as Wood, has won a $46 million contract from French oil major TotalEnergies to build a gas development project in southern Iraq. The three-year contract entails front-end engineering design (Feed), detailed design, procurement support and construction and commissioning assistance for the first phase of the associated gas upstream […]

Adnoc says its Ruwais LNG facility will be the first in the Mena region to run on clean energy

Adnoc awards $5.5bn contract for Ruwais LNG

Abu Dhabi state oil company Adnoc has awarded a AED20.2 billion ($5.5 billion) engineering, procurement and construction contract for its low-carbon intensity Ruwais liquefied natural gas project. A joint venture led by Technip Energies, with JGC Corporation and NMDC Energy, won the contract after approval by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, crown […]

A wind farm in Beberibe municipality. The Saudi PIF will invest in a range of sectors in Brazil, including renewable energy

Saudi Arabia’s PIF to invest $15bn to drive Brazil’s growth

The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, is planning to invest $15 billion in Brazil, according to a media report. The investments will be made in green hydrogen, infrastructure and renewable energy sectors, Reuters reported, quoting Brazil’s minister for energy, Alexandre Silveira. In May Manara Minerals, a joint venture between the Saudi […]

Etihad's operating fleet size increased to 90 in May 2024, up from 75 a year ago, allowing it to carry more passengers

Etihad Airways carries 36% more passengers on a growing fleet

Etihad Airways, one of the UAE’s two flag carriers, reported a 36 percent year on year rise in passengers in May 2024 thanks to its fleet expansion strategy. The airline transported 1.5 million passengers last month, up from 1.1 million in the same month in 2023. The number of destinations rose from 63 to 68 […]

The NMC specialty hospital in Abu Dhabi is one of 85 the group owns and operates

NMC Healthcare weighs IPO among strategic options

The UAE hospital group NMC Healthcare has appointed Rothschild & Co as its first financial adviser, to review strategic options for its future, including a sale or initial public offering. The second financial adviser will be appointed in due course. The Abu Dhabi-headquartered healthcare provider completed its restructuring in March 2022, which included appointing a […]

Visitors at the Bimmah Sinkhole in Oman. The number of Russian tourists reached more than 53,000 last year

Oman records 300% surge in Russian tourists

The number of Russian tourists visiting Oman jumped 300 percent year on year in 2023, a senior government official has said. Russian tourists reached 53,145 last year, compared with 13,000 in 2022, said Azzan Al Busaidi, undersecretary of tourism in the Ministry of Heritage and Tourism. “Oman is a multi-seasonal destination famous for its natural […]

People, Person, Clothing

Saudi wealth fund in talks to create new boxing league

Saudi Arabia’s sovereign wealth fund is in talks with boxing promotion companies to create a new boxing league, as the kingdom expands its investments into the sporting sector, according to a media report. The Public Investment Fund is negotiating with promoters such as the UK’s Matchroom Boxing and Golden Boy Promotions from the US to […]

Flower, Flower Arrangement, Plant

Ceer signs $2.2bn deal with Hyundai to power its EVs

Ceer, Saudi Arabia’s first electric vehicle brand, will use technology from South Korea’s Hyundai to power its cars, as the kingdom continues to ramp up its presence in the EV market. The Saudi EV maker has signed a SAR8.2 billion ($2.2 billion) contract with Hyundai Transys to supply EV drive systems (EDS). The integrated EDS […]

Arada sukuk. Rendering of Jouri Hills project in Jumeirah Golf Estates. Investor interest in the sukuk was geographically diverse, with participation from Europe, the Middle East and Asia

Arada to part-fund projects from $400m sukuk

The real estate developer Arada has raised $400 million through sukuk (Islamic bonds) to part fund its projects across the UAE. The sukuk order book reached $1.45 billion, 3.5 times oversubscribed, after strong demand from both regional and international investors. The fundraising is the first issuance under Arada’s newly established $1 billion sukuk programme, the […]

People, Person, Accessories

Aramco raises $11.2bn from secondary share offering

Saudi Aramco closed its secondary share offering on Tuesday, securing SAR42.1 billion ($11.2 billion) for the government exchequer. The proceeds from the offering will rise to SAR46.31 billion if the over-allotment option is exercised in full. The offering was the largest secondary offering in Europe, Middle East and Africa since 2000 and the largest equity […]

Casablanca water

Project to ease Casablanca water crisis begins

Construction has begun on a $653 million seawater desalination plant to combat water shortages in Casablanca, the largest city in Morocco. The plant, one of the biggest in Africa, will have an annual production capacity of 300 million cubic metres, serving an estimated 7.5 million people, Morocco World News reported. The project will be developed […]

Dr Fuad Alsheikh Mubarak, CEO, NWC and Severino Ramos Aparici, general manager of Aguas de Valencia sign the contract for the Saudi water projects

Saudi Arabia seeks private investment for 113 water projects

The Saudi government-backed National Water Company (NWC) is seeking private investment in projects to upgrade 113 existing water and sewage treatment plants this year. These plants will have a total capacity of 2.4 million cubic metres per day. No estimate was given on the expected private sector investment. As part of its long-term operation and […]

Boat, Transportation, Vehicle

DP World to invest $540m in Peru and Ecuador expansion

DP World is investing $540 million to expand its port operations in two Latin American countries, Peru and Ecuador. The Dubai-based global port operator is investing $400 million to increase the capacity of Callao Port terminal in Peru by 80 percent through expansion of its Bicentennial Pier. The project will extend the pier to 1,050 […]