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Pramod Kumar

Pramod Kumar

Tecom Group invests $120m to expand Dubai innovation hub

Tecom Group, the Dubai-based operator of business parks and free zones, has broken ground on the AED 442 million ($120.34 million) Innovation Hub Phase 2 in Dubai Internet City.  Phase 2 expands the group’s assets with two high-end office buildings, four boutique offices, retail spaces and more than 800 parking spaces. It will provide more […]

Factory, Building, Architecture

Saudi and Chinese firms propose feasibility for petchem complex

Saudi Basic Industries Corp. (Sabic) has signed a memorandum of understanding (MoU) with Saudi Aramco and China Petroleum and Chemical Corporation (Sinopec) to look into developing an integrated petrochemical complex with an existing refinery in Yanbu. The MoU would be valid for 18 months, the petrochemicals major said in a statement to the Saudi stock […]

Saudi’s Neom signs agreements to fund green hydrogen project

Neom Green Hydrogen Company (NGHC) has signed facility agreements with local, regional and international banks and completed a commitment letter with the Saudi Industrial Development Fund (SIDF) for the $5 billion green hydrogen production facility in the Neom mega project.  The financing for the world’s largest green hydrogen production facility is structured with significant participation […]

Abu Dhabi’s Kezad set to get $54m recycled paper mill

Khalifa Economic Zones Abu Dhabi (Kezad Group) has signed a 50-year land lease agreement with speciality tissue manufacturer, Star Paper Mill, to establish a new facility to manufacture recycled kraft paper jumbo reels, state-run WAM news agency reported. Under the agreement, Star Paper Mill, in collaboration with RC Paper Machines, will expand its existing capacities […]

People, Person, Crowd

Dubai tourism rebounds as visitor numbers surge 137% to 11.4m

The number of international visitors to Dubai more than doubled in the first 10 months of 2022, as occupancy levels reached among the highest in the world, said Helal Saeed Al Marri, director general of Department of Economy and Tourism (DET). The emirate received 11.4 million visitors between January and October 2022, an increase of […]

Omani OQ finishes first phase of Ras Markaz oil storage terminal

State-owned integrated oil company OQ Group has finished constructing the first phase of the Ras Markaz crude oil storage terminal, which has a capacity of 26.7 million barrels, Oman News Observer reported. Oman Tank Terminal Company (OTTCO) has implemented the strategic project with 100 percent local financing. The company aims to make the Ras Markaz […]

Dubai firm wins bid for 120mw solar project in South Africa

Dubai-based AMEA Power has been awarded a 120 megawatts (mw) solar photovoltaic (PV) project in South Africa as part of the sixth bid submission phase of the renewable energy independent power producer procurement (REIPPP) programme. The Doornhoek PV project will sell electricity to the state utility, Eskom, under a 20-year power purchase agreement, state-run WAM […]

Egypt and Arab countries trade exchange hits $22bn

The volume of trade exchange between Egypt and Arab countries reached $21.9 billion during the first nine months of 2022, compared to $18.4 billion in the previous year, Ahram Online newspaper reported, citing the Egyptian Central Agency for Public Mobilisation and Statistics. Egypt’s exports to Arab countries climbed to $8.8 billion during the period, up […]

Dubai’s Emirates renews sponsorship deal with AC Milan

Dubai-based Emirates has renewed its sponsorship deal with AC Milan, extending a partnership with the Italian football club that has spanned over 15 years. The airline’s “Fly Better” logo will continue to feature on the club’s jerseys, Emirates said in a statement.  In addition, the airline’s branding will appear on youth jerseys across all AC […]

Aramco and TotalEnergies to build $11bn petchem complex in Jubail

Saudi Arabian Oil Company (Aramco) and France’s TotalEnergies will construct a petrochemical facility in Saudi Arabia for around $11 billion.  The “Amiral” complex will be owned, operated, and integrated with the existing Satorp refinery located in Jubail on the eastern coast, the companies said in a joint statement.  A total of $4 billion will be […]

London-listed Centamin reports higher gold reserves in Egypt

London and Toronto-listed Centamin reported an increase in its Sukari gold mine reserves in Egypt by about 1.3 million ounces, representing the largest increase in the reserves in a decade. The growth represents an increase of 13 percent in proven and probable mine reserves, reaching 11.11 million ounces at the end of June 2022, compared […]

Towers, buildings, Abu Dhabi

Aldar and Mubadala jointly buy Al Maryah Tower for $123m

Aldar Properties and Mubadala Investment Company, an Abu Dhabi sovereign investor, have partnered to acquire Al Maryah Tower, a prime Grade A commercial office property on Al Maryah Island, for AED 450 million ($122.51 million), state-owned WAM news agency reported. The transaction gives Aldar control of all Grade A office space at Abu Dhabi Global […]

Dubai’s new upscale beach resort destination to open by 2023-end

Asset management firm Merex Investment has announced the redevelopment of La Mer South as an upscale beach resort destination, which is likely to open by the end of 2023. J1 Beach, La Mer South’s new name, will offer three new beachfront experiences – Gigi Rigolatto, Bâoli and Sirene Beach by Gaia – along with 10 […]

Skyborn Renewables

Saudi PIF acquires 9.5% stake in Germany’s Skyborn Renewables

Saudi Arabia’s Public Investment Fund (PIF) acquired a 9.5 percent stake in Germany’s Skyborn Renewables. The investment will allow PIF to accelerate the energy transition and scale up its international clean energy ambitions by partnering with a geographically diversified offshore wind energy platform, it said in a statement. No financial details were disclosed. In October, […]

PIF said to buy Egypt’s United Bank for $600m

Saudi Arabia’s Public Investment Fund (PIF) is in advanced talks to acquire Egypt’s state-owned United Bank, Bloomberg reported, citing informed sources. The deal may be closed by month-end, they said. The sovereign wealth fund has nearly completed due diligence on the transaction, with plans to purchase the bank through its Egypt-based investment management firm, Saudi […]

The Rashid Rover was launched into space on a Space X rocket

UAE-built Rashid rover blasts off towards the moon

The UAE-built Rashid rover, the first Emirati mission to the surface of the moon, lifted off on board a Space X Falcon 9 rocket from Cape Canaveral Space Force Station in Florida on Sunday. The UAE is set to become the first Arab country and the fourth country in the world to make a soft […]

People, Person, Man

Saudi GDP grows 8.8% in Q3 2022 on higher oil activities

Saudi Arabia’s real gross domestic product (GDP) grew by 8.8 percent year-on-year in the third quarter of 2022, on higher oil activities, according to a report released by the Saudi General Authority for Statistics (GASTAT). Real GDP grew 2.1 percent quarter-on-quarter. Oil activities rose 14.2 percent year-on-year and 4.5 percent quarter-on-quarter in the third quarter […]

Dewa’s $300m power plant set for Q1 2023 completion

State-owned Dubai Electricity and Water Authority (Dewa) has completed 93 percent of the 829 megawatts (MW) fourth phase of the AED 1.1 billion ($299.47 million) H-Station power plant in Al Aweer with investments. This phase will increase Al Aweer power station complex’s total capacity to 2,825 MW under climate conditions of 50 degrees Celsius and […]

Beko starts work on $100m home appliance plant in Egypt

Beko Egypt, a subsidiary of Turkey-based Arcelik, has laid the foundation stone for a new $100 million home appliance plant in Egypt’s 10th of Ramadan Industrial Zone, the company said in a statement. The investment is expected to boost the regional economy by creating more than 2,000 jobs. In addition, the factory will develop local […]

Aramco

Aramco and Shandong to explore refining projects in China

Saudi Arabian Oil Company (Aramco), the kingdom’s energy giant, and Shandong Energy Group are exploring collaboration on integrated refining and petrochemical opportunities in China. The companies have signed a memorandum of understanding (MoU) which includes a potential crude oil supply agreement and chemicals products offtake agreement, supporting Aramco’s role in building a thriving downstream sector […]

Building, Architecture, CAD Diagram

Dubai utility provider gets 29 bids for Hassyan reverse osmosis plant

State-owned Dubai Electricity and Water Authority (Dewa) has received 29 expressions of interest to implement the first phase of its 120 million gallons per day Hassyan seawater reverse osmosis plant project using the independent water producer (IWP) model. This is the first project implemented by Dewa using the IWP model, which will run in phases […]

DP World signs contract to upgrade Somalia’s Bosaso port

Dubai-owned DP World and Somalia’s Puntland government have signed a construction agreement for expansion and upgrade work at the Port of Bosaso. The 12-month project, which is expected to start in early 2023, will include the development of a 150-metre quay and repairs to the current 215-metre quay, DP World said in a statement. Other […]