Real Estate Aldar brings Nobu Hospitality brand to Abu Dhabi island Abu Dhabi’s Aldar Properties has partnered with US-based luxury lifestyle brand Nobu Hospitality to launch a new luxury hotel, branded residences, and a fine dining experience at Mamsha Al Saadiyat, the developer said in a statement. The agreement will see Aldar develop a five-star hotel featuring 165 luxurious rooms and suites, including the rooftop Nobu […] November 29, 2022
Energy Kuwait exports first shipment of aviation fuel from Al-Zour refinery Kuwait Petroleum Corporation has exported its first shipment of aviation jet fuel from the Al-Zour refinery, state-owned Kuwait News Agency (KUNA) reported, citing a company statement. The first cargo is shipped aboard the Pacific Sarah tanker in collaboration with Kuwait Integrated Petroleum Industries Company (KIPIC). The company and its subsidiaries are continuously working to meet […] November 28, 2022
Economy Qatar’s Q3 private sector exports surge 58% Qatar’s private sector exports reached QAR 9.38 billion ($2.58 billion) during the third quarter of 2022, a rise of 58 percent year-on-year, Qatar Chamber said in a quarterly report. The increase affirms the ongoing improvement of the private sector’s performance and a return to pre-pandemic levels, the report said. The total value of private sector […] November 28, 2022
Construction AD Ports awards terminal contracts to Chinese firm AD Ports Group has signed a contract with China Harbour Engineering Company (CHEC) to develop buildings and topside infrastructure for the CMA Terminals Khalifa Port, the UAE state-owned WAM news agency reported. CMA Terminals is 70 percent owned by French container transportation and shipping firm CMA CGM’s subsidiary, CMA Terminals, while 30 percent is with […] November 27, 2022
Development Saudi Arabia to invest $703m to develop Darin and Tarout island Saudi Crown Prince and Prime Minister Mohammed bin Salman has approved the setting up of the Darin and Tarout Island Development Corporation with an estimated budget of SAR 2.64 billion ($702.6 million), the state-owned SPA news agency reported. The development plan for the 32-square-kilometre island in the Arabian Gulf, which is home to 120,000 people, […] November 25, 2022
Tech Oman buys smart farming system from South Korea Nongshim, a major South Korean producer of snacks and instant noodles, will export a smart farm system to Oman. The Omani government has decided to buy two units of smart farm containers worth $200,000 made by Nongshim, the Yonhap News Agency reported. The 40-foot-long boxes will provide a total of 165 sq m of cultivation […] November 24, 2022
Manufacturing Nestle to invest $1.86bn in Saudi Arabia over 10 years Food giant Nestle will invest SAR 7 billion ($1.86 billion) in Saudi Arabia over the next ten years, the kingdom’s investment ministry announced in a tweet. The ministry signed a memorandum of understanding with Nestle to establish a factory and a research and development centre. The Swiss headquartered company plans an initial investment of SAR […] November 24, 2022
Energy SABIC and Aramco plan crude into petrochemicals projects Saudi Basic Industries Corporation (SABIC) and Saudi Aramco are planning a joint project to convert crude into petrochemicals in Ras Al Khair, Reuters reported, citing energy minister Prince Abdulaziz bin Salman. The project, which will be the first of its kind in Saudi Arabia, will be completed in the coming years and have a capacity […] November 24, 2022
Aviation Dubai Airports ups 2022 annual passenger forecast to 64.3m Dubai Airports has increased its annual forecast for passenger traffic at Dubai International (DXB) to 64.3 million following its strong performance in the third quarter and the prospects of a stronger surge in the offing in the final three months of 2022, the UAE state-owned WAM news agency reported. Average monthly traffic exceeded the six-million […] November 23, 2022
Energy Saudi denies it plans oil production increase with OPEC+ Saudi Arabia’s energy minister has denied reports that the kingdom is discussing a major increase in daily oil production with OPEC+ partners. The Wall Street Journal (WSJ) suggested this week that Saudi Arabia and others in OPEC+ are considering a 500,000 barrel per day (bpd) increase in output to coincide with a significant reduction in […] November 22, 2022
Real Estate Masdar Green REIT acquires $254m sustainable real estate Masdar Green REIT, the UAE’s first real estate investment trust to invest in sustainable real estate assets, has completed the acquisition of property worth AED 934 million ($254.28), raising its portfolio value to AED 1.91 billion, the UAE state-owned WAM news agency reported. The announcement follows a $200 million green loan secured from First Abu […] November 22, 2022
Energy AD Ports and TotalEnergies in deal to develop solar projects Khalifa Economic Zones Abu Dhabi (Kezad Group), a subsidiary of AD Ports Group, has signed an agreement with TotalEnergies Renewables Distributed Generation Middle East & Africa, an affiliate of French firm TotalEnergies, to explore solar power opportunities at assets across Kezad’s industrial ecosystem, the UAE state-owned WAM news agency reported. TotalEnergies’ Renewables Distributed Generations develops, […] November 22, 2022
Energy Egypt said to start building $11bn wind farms project from 2024 Egypt will start construction of an $11 billion wind farms project in 2024, which is likely to supply electricity to Europe and Saudi Arabia, Bloomberg reported. A consortium comprising Abu Dhabi-owned Masdar and Infinity Power Holdings will finish building the 10-gigawatt (GW) onshore plant by 2030, Mohamed Mansour, chairman of Infinity Power, told the news […] November 21, 2022
Sustainability Saudi climate chief says on track to meet net-zero pledge by 2060 Saudi Arabia will meet its net-zero pledge by 2060, although global technologies have not fully “matured”, Arab News reported, citing Saudi chief climate change negotiator Khalid Abuleif. He said that the kingdom is in a great position to meet the short- and long-term goals of 2030 and 2060. Abuleif stated that the country could achieve […] November 21, 2022
Logistics AD Ports acquires Spain’s logistics firm Noatum for $681m State-owned AD Ports Group has fully acquired Noatum, a Spain-based integrated logistics company, for AED 2.5 billion ($680.62 million), UAE’s news agency WAM reported. The acquisition will be fully funded through a new acquisition loan. The UAE-based operator of industrial cities and free zones plans to create a global logistics brand, merging its existing logistics […] November 21, 2022
Banking and Finance Egyptian expat remittances fall slightly to $20.9bn Remittances from Egyptian expatriates reached $20.9 billion in the first eight months of 2022, compared to $21.4 billion a year earlier, Egypt Today reported, citing data from the Central Bank of Egypt (CBE). Remittances from Egyptian expatriates fell to $2.2 billion in August 2022. Money inflow from Egyptian expatriates increased by 1.6 percent during the […] November 20, 2022
Markets KFC Mena franchisee Americana doubles UAE retail size of IPO Americana Restaurants, the Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut, has doubled the UAE retail offer for its initial public offering (IPO) from five percent to 10 percent of the total offering. The move makes the UAE retail offer equivalent to Saudi Arabia, the company said in a statement. […] November 18, 2022
Banking and Finance Asia’s richest man Gautam Adani eyes family office in Dubai Asia’s richest person Gautam Adani is considering opening a family office in Dubai or New York to manage his wealth, Bloomberg reported, citing informed sources. The group’s founders are in the process of hiring a full suite of specialised family office managers, a source said. The move comes after a $58 billion surge in Adani’s […] November 18, 2022
Tech India tech firm Wipro sets up regional headquarters in Dubai Indian services and consulting company Wipro Limited opened its Asia Pacific, Middle East and Africa (APMEA) strategic market unit headquarters in Dubai, the company said in a statement. Crown Prince of Dubai and chairman of the Executive Council, Sheikh Hamdan bin Mohammed, said that the establishment of Wipro’s new facility in Dubai reflects the emirate’s growing profile […] November 18, 2022
Sustainability New Egyptian fund to invest in projects issuing carbon certificates Egypt has launched the first domestic fund to invest in projects that issue carbon certificates (EgyCop), Egypt Today newspaper reported. The Egyptian fund for investment in projects that issue EgyCOP has an authorised capital of EGP1 billion ($40.78 million). It funds projects of local companies that reduce emissions in the country and issues them internationally […] November 18, 2022
Energy Aramco affiliate to build $7bn steam crackers in South Korea Saudi Aramco will develop one of the world’s largest refinery-integrated petrochemical steam crackers through its S-OIL affiliate in South Korea, the company said in a statement. The $7 billion Shaheen project aims to convert crude oil into petrochemical feedstock, representing the first commercialisation of Aramco and Lummus Technology’s TC2C thermal crude to chemicals technology that […] November 17, 2022
Energy Oman begins work to develop geothermal energy resources US oilfield services firm SLB is collaborating with the Omani government to develop geothermal resources in the country. The Texan company is working with Oman’s Ministry of Energy and Minerals and its sovereign wealth fund, Oman Investment Authority. This follows the completion of an extensive project to evaluate data from more than 7,000 oil, gas […] November 17, 2022
