Banking and Finance Qatar may take part in Indian payment firms’ $1bn funding drive Indian digital payments firm PhonePe is planning to raise up to $1 billion from existing investors, which includes Qatar Investment Authority, Bloomberg reported, citing informed sources. The other investors are General Atlantic, Tiger Global Management and Microsoft Corporation. The all-equity round will likely close in the next two weeks and may take Walmart-backed PhonePe’s valuation […] December 9, 2022
Banking and Finance Pakistan seeks $4.2bn from Saudi Arabia amid forex crunch Pakistan has sought $4.2 billion from Saudi Arabia after foreign exchange (forex) reserves reached a critically low level, ARY News reported, citing sources. Finance minister Ishaq Dar requested Saudi Arabia to urgently provide a $4.2 billion package to Pakistan, sources added. The government will buy oil and fertilisers worth $1.2 billion from Saudi Arabia on […] December 9, 2022
Markets KFC Mena franchisee set for first GCC dual listing next week Americana Restaurants, the Middle East and North Africa franchisee of KFC and Pizza Hut, will list on the Abu Dhabi Securities Exchange (ADX) and the Saudi Exchange (Tadawul) next Monday, the two bourses said in statements on Friday. According to a circular issued by ADX, the shares will be listed on the exchange under the […] December 9, 2022
Economy Dubai approves 2023-25 budget with a spend of $56bn Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum approved the spending of AED 205 billion ($55.81 billion) between 2023 and 2025. The emirate will spend AED 67.5 billion ($18.38 billion) next year, with revenues expected at AED 69 billion, implying a surplus of AED 1.5 billion. Oil revenues will represent only about five percent of […] December 9, 2022
Banking and Finance UAE telco e& ups stake in Vodafone Group to 11% UAE telecommunications major Emirates Telecommunications Group Company (e&) has increased its stake in Britain’s Vodafone Group. The state-owned telco currently holds more than three billion shares in Vodafone, representing 11 percent of Vodafone’s issued share capital, excluding treasury shares, it said in a statement published on the Abu Dhabi Securities Exchange (ADX). In May, e& […] December 8, 2022
Banking and Finance Saudi central bank governor says monetary conditions ‘reassuring’ Saudi Arabia’s central bank governor said that the country’s monetary conditions are “reassuring” due to prudent monetary policy and that its banking sector enjoyed good liquidity. In a statement, Governor Fahad Almubarak said that the Saudi Central Bank would continue to manage foreign exchange reserves based on “balanced investment policies”. He noted that despite the […] December 8, 2022
Business of Sport Qatar-owned football club PSG eyes sale of minority stake Qatar-owned football club Paris Saint-Germain (PSG) is looking to sell a minority stake, chairman and CEO Nasser Al-Khelaifi told CNN. “I think it’s great for the club, and it is proved that we are doing a fantastic job in the club. I mean, we bought it for around 70 million… so is it [a] good investment?” […] December 7, 2022
Energy Oman’s OQ to study feasibility of producing green fuels Oman’s energy firm OQ has signed a memorandum of cooperation with shipping major AP Moller-Maersk, Japan’s Sumitomo Corporation and Muscat-based Asyad Group to study the feasibility of producing and supplying green fuels, state-owned Oman News Agency reported. The memorandum seeks to discuss the commercial and technical feasibility of producing and supplying green ammonia and green […] December 7, 2022
Construction Neom names Bechtel as project consultant for ski destination US-based engineering consultancy Bechtel has been appointed as the project management consultant for Trojena, a year-round mountain destination in Saudi Arabia’s megaproject Neom. Bechtel will provide services, including technical, commercial and construction management, for the development of Trojena, the company said in a statement Trojena is 50 km from the Gulf of Aqaba coast in […] December 6, 2022
Energy Adnoc inks first unconventional oil deal State-owned Abu Dhabi National Oil Company (Adnoc) and Malaysia’s Petroliam Nasional Berhad (Petronas) have signed a deal awarding the first concession in the Middle East for unconventional oil resources, the UAE state news agency WAM said. The six-year agreement is the first investment by a Malaysian company in an Abu Dhabi concession. Petronas will retain […] December 6, 2022
Manufacturing Omani steel producer to build $3bn green steel facility Oman-based steel producer Jindal Shadeed Group will invest $3 billion to establish a green steel manufacturing plant in the special economic zone at Duqm (Sezad), driven by renewable energy sources, the company said in a statement. “We have already obtained the necessary approvals to secure the land for our green hydrogen-ready steel project,” said Harssha Shetty, […] December 5, 2022
Energy UAE exports 34m barrels of oil to Japan in October The UAE met 40.1 percent, or 33.99 million barrels, of Japan’s crude oil needs in October, state-owned WAM news agency reported, citing the Agency for Natural Resources and Energy in Tokyo. The agency, part of the Japanese ministry of economy, trade and industry, stated that the amount of crude that Japan imported during that month […] December 5, 2022
Logistics Sohar Port and Free Zone attracts $27bn in investments Sohar Port and Free Zone have managed to attract investments worth $27 billion, state-owned Oman News Agency reported, citing a top government official. Sohar Free Zone recorded an 11.2 percent growth in exports and a 4.2 percent increase in land occupancy year-on-year. Omar Mahmoud Al Mahrezi, CEO of Sohar Free Zone and deputy CEO of […] December 4, 2022
Agriculture Egypt to restart export of agri products to Philippines Egypt will start exporting agricultural products to the Philippines after five years of negotiations, Reuters reported, citing the Egyptian Ministry of Agriculture statement. The first shipment of Egyptian citrus is expected to be exported during the current season. Egyptian agriculture exports from January 1 to August 24, 2022, reached around 4.49 million tons, Egypt Today […] December 4, 2022
Economy Egypt’s economy may grow 5% on high public investments Egypt’s economy is expected to achieve overall growth of around five percent by the end of the current fiscal year, Ahram Online reported, citing minister of planning and economic development Hala El-Said. The anticipated growth is attributed to the resilience shown by the Egyptian economy due to the expansion in public investments, she said in […] December 2, 2022
Banking and Finance PIF launches new investment firm to boost regional growth Saudi Arabia’s Public Investment Fund (PIF) has launched Aseer Investment Company (AIC) to operate as its investment arm in the Aseer region of Saudi Arabia. The new company will promote and stimulate local and foreign direct investment to develop and transform the region into a year-round tourism destination, the sovereign wealth fund said in a […] December 2, 2022
Energy UK’s Petrofac bags services contracts for Oman gas field UK’s engineering and construction major Petrofac has been selected by Shell to undertake new engineering and procurement services (EPS) in Oman, the company said in a statement. The first is a five-year EPS contract for Shell’s Block-10 Mabrouk phase 2 project in the Al Wusta Governate, around 400 km from Muscat. The contract was awarded […] December 2, 2022
Energy Saudi Aramco discovers two natural gas fields Saudi Aramco has discovered two new natural gas fields, Awtad and AlDahna, in the country’s eastern region, state news agency SPA reported, citing energy minister Prince Abdulaziz bin Salma. Awtad was discovered southwest of the Ghawar field while AlDahna was discovered 230 kilometres southwest of Dhahran. Prince Abdulaziz said these discoveries will increase Saudi Arabia’s natural gas […] December 1, 2022
Manufacturing Omani firm to invest over $4bn to produce green steel Jindal Shadeed Iron & Steel, owner of a steel complex at Sohar Port, plans to invest over $4 billion in the production of green steel. The initiatives aim to establish an integrated steel plant – one of the largest plants in the GCC – in the special economic zone in Duqm, complete with renewable and […] December 1, 2022
Energy UAE’s Adnoc brings forward oil output capacity target to 2027 The board of Abu Dhabi National Oil Company (Adnoc) has approved plans to bring forward the company’s five million barrel per day oil production capacity expansion to 2027, from a previous target of 2030. The accelerated production capacity target is underpinned by the UAE’s robust hydrocarbon reserves, which have increased by two billion stock tank […] November 29, 2022
Energy Saudi Arabia ships world’s first consignment of blue ammonia Saudi Arabia has shipped 50 kilometre-tonnes (kmt) of low-carbon blue ammonia to South Korea, representing a new landmark in the development of decarbonisation solutions. Vessel Seasurfer, carrying 25 kmt of certified low-carbon “cradle-to-gate” blue ammonia, is expected to reach its destination between December 9 and 13, marking the world’s first commercial shipment of its kind, […] November 29, 2022
Markets KFC Mena franchisee generates $105bn in orders for dual IPO Americana Restaurants, the Middle East and North Africa franchisee of KFC and Pizza Hut, has set the final offer price for its upcoming initial public offering at $0.71 per share in the UAE and Saudi Arabia, the UAE state-owned WAM news agency reported. The dual listing on the Abu Dhabi Securities Exchange (ADX) and the […] November 29, 2022
