Development Egypt awards $500m contract to build new container terminal Egypt’s Suez Canal Economic Zone (SCZONE) has signed a $500 million contract with the Suez Canal Container Company (SCCT) to establish a second container handling terminal in East Port Said, it said in a statement. The project aims to expand the existing SCCT’s container terminal at Port Said East Port, with extra length of 955 […] November 16, 2022
Dubai gears up for 120 match-day shuttle flights to Qatar World Cup Dubai Airports is preparing for a massive surge in passenger numbers at Dubai World Central (DWC), with the match day shuttle flights to Doha, Qatar, for the FIFA World Cup 2022 all set to start from November 20. UAE’s low-cost Flydubai and Qatar Airways will fly up to 120 match-day shuttle flights in and out […] November 16, 2022
Sustainability Sticking points slow crunch talks to agree final deal at Cop27 Government ministers and negotiators from nearly 200 countries began working towards a Cop27 final deal on Tuesday, with the summit host Egypt issuing assurances that the slow-moving talks remain on track. On the conference floor in Sharm El Sheikh, however, some delegates have begun to speculate that the UN talks could run over time into […] November 15, 2022
Banking and Finance Oman sovereign wealth fund’s assets reach $41.5bn in 2021 Oman Investment Authority’s (OIA) assets reached $41.5 billion as the wealth fund increased holdings in real estate, technology and logistics, Bloomberg reported, citing its 2021 annual review. The sovereign wealth fund manages assets in 40 countries and has achieved an annual average return of 10.3 percent. OIA invests in stocks, bonds, short-term assets, logistics, service […] November 15, 2022
Energy Gulf’s largest national oil driller sees third quarter profit rise 24% ADNOC Drilling, the largest national driller for oil in the Middle East, has posted an industry-leading EBITDA of 45.3 percent in its third quarter financial results. The firm, which celebrated its first anniversary since listing on the emirate’s ADX exchange last month, saw its net profit for the nine-month period rise 24 percent to $568 […] November 14, 2022
Banking and Finance Egypt to join Brics’ development bank in coming weeks Egypt is looking to join the New Development Bank (NDB), established by the Brics countries, to improve cooperation in infrastructure and sustainable development, Asharq Al-Awsat newspaper reported, citing a statement from the Egyptian finance ministry. The Egyptian parliament will officially discuss the final procedures to join the bank in the coming weeks. Brics is a […] November 14, 2022
Sustainability $186bn needed for Mena to achieve Paris Agreement goals The Middle East and North Africa (Mena) need an estimated $186 billion to help countries achieve their goals under the Paris Agreement, Vivek Pathak, director and global head for climate business at International Finance Corporation (IFC), told the UAE state-owned WAM news agency. Between 2020 and 2030, a green recovery in the region could generate […] November 14, 2022
Aviation Qatar airport’s final expansion phase to start in early 2023 The final phase of Hamad International Airport (HIA) expansion will start early next year, Qatar Tribune newspaper reported, citing Qatar Airways group chief executive Akbar Al Baker. The expansion will increase the airport’s annual capacity to up to 75 million passengers. Phase A of HIA’s expansion plans is now ready for the much-anticipated FIFA World […] November 13, 2022
Sustainability Saudi Arabia to establish carbon capture and storage hub Oil giant Saudi Aramco and the Saudi energy ministry will establish a carbon capture and storage hub, Arab News reported. After the announcement of the new project, Saudi energy minister Prince Abdulaziz bin Salman said that the kingdom could achieve its net-zero target before the stipulated target in 2060. Saudi Aramco CEO Amin Nasser said […] November 13, 2022
Cop27 Sustainability Saudi Arabia unveils three new climate action projects Saudi Arabia’s minister of energy Prince Abdulaziz bin has announced three new projects, which will improve the kingdom’s national and regional climate action, Saudi Gazette reported. Speaking at the Saudi Green Initiative (SGI) forum held on the sidelines of Cop27 in Sharm El Sheikh, the minister said that the kingdom is establishing the circular carbon […] November 13, 2022
Energy Adnoc Distribution Q3 2022 profit rises 45% to $209m UAE fuel and convenience retailer Adnoc Distribution saw net profit rose 45 percent year-on-year to AED 767 million ($208.82 million) in the third quarter of 2022 and 39 percent year-on-year to AED 2.33 billion in the first nine months of 2022, the company said in a statement. The Abu Dhabi-listed company saw a year-on-year rise of […] November 11, 2022
Wizarding World of Harry Potter to be built at UAE’s Yas Island Abu Dhabi-based Miral and Warner Bros. Discovery are to build a Harry Potter-themed land within the Warner Bros. World Abu Dhabi on Yas Island, the companies said in a joint statement. “The original Harry Potter stories and the blockbuster film series continue to captivate and inspire hundreds of millions of fans around the world,” Pam Lifford, president, […] November 11, 2022
Logistics Noon to build UAE’s largest e-commerce fulfilment centre E-commerce platform Noon.com will build the UAE’s largest fulfilment centre in Abu Dhabi as part of an anchor investment into the emirate’s fast-growing e-commerce space, the UAE state-owned WAM news agency reported. The 252,000 square metres facility will be developed in collaboration with Abu Dhabi Investment Office (ADIO), fuelling the next phase of growth in […] November 11, 2022
Banking and Finance Qatar transfers $1bn to Egypt to meet interim finance needs Qatar Investment Authority has deposited $1 billion with Egypt’s central bank amid talks to acquire stakes in some state-owned entities, Bloomberg reported, citing unnamed informed sources. Due diligence on the assets and finalising a deal will likely take time; therefore, the $445 billion sovereign fund deposited the cash to help Egypt meet its interim finances, […] November 10, 2022
Energy Saudi oil minister says energy sector vulnerable to cyberattacks The energy sector is increasingly vulnerable to cyberattacks and international agreements are needed to thwart the growing risk, Arab News reported, citing Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman. He said governments and companies faced a “collective danger,” but the kingdom was ready for such attacks. Calling for global collaboration to help defeat […] November 10, 2022
Markets Empower raises nearly $724 mln following book-building process Emirates Central Cooling Systems Corporation (Empower) has set the final offer price for its initial public offering (IPO) at AED 1.33 per share, at the top of the price range, raising nearly AED 2.7 billion ($724 million). This comes following the successful completion of the book-building and public subscription process for its IPO, the UAE […] November 10, 2022
Tourism Egypt solves riddle of how to attract 30 million tourists Egyptian tourism minister Ahmed Issa has said that the country has worked out plans to attract 30 million tourists. “Egypt has always felt that it deserves 30 million tourists and the challenge that has been given to me as a problem solver [is to] figure out what to do and what needs to be done,” he […] November 9, 2022
Banking and Finance Saudi Arabia’s PIF to invest additional $915m in Lucid Lucid Group Inc. has entered into an agreement with its majority stockholder, and a unit of the Saudi sovereign wealth fund, the Public Investment Fund (PIF), for an additional investment worth $915 million, the American electric vehicle company said in a statement. PIF affiliate Ayar Third Investment Company (Ayar) will purchase shares in one or more […] November 9, 2022
Energy UAE’s Masdar to develop onshore wind farm project in Egypt UAE’s renewable energy firm Masdar has signed an agreement with its Egyptian partners to develop a 10-gigawatt (GW) onshore wind farm project in Egypt, the UAE state-owned WAM news agency reported. The partners include Infinity Power Holding, a joint venture between Masdar and Egyptian renewable energy developer Infinity, and Hassan Allam Utilities. UAE President Sheikh Mohamed […] November 9, 2022
Aviation Emirates confirms order of five new Boeing jets worth $1.7bn Dubai-based Emirates has announced a firm order for five new Boeing 777-200LR freighter aircraft worth over $1.7 billion at list prices. Two units will be delivered in 2024, while the remaining three units in 2025, the airline said in a statement. The agreement takes the airline’s total order book to 200 wide-body aircraft. Sheikh Ahmed […] November 8, 2022
Energy Kuwait commits to be carbon neutral in oil and gas by 2050 Kuwait is committed to becoming carbon neutral in the oil and gas sector by 2050 and across the country by 2060, foreign minister Salem Al-Sabah told state news agency Kuna. The minister said Kuwait’s plan, a major oil exporter and member of Opec, to achieve carbon neutrality is “a solid and serious commitment to which […] November 8, 2022
Banking and Finance Saudi PIF to consider bidding for Ooredoo’s tower unit Saudi Arabia’s Public Investment Fund (PIF) is weighing submitting the final bid for Qatari telecommunications firm Ooredoo’s network towers, Bloomberg reported, citing unnamed sources. American Tower Corporation, IHS Holding Limited and Helios Towers Plc are contemplating offers for all or part of the portfolio. Ooredoo’s tower assets, located in the Gulf and other markets, including Iraq […] November 8, 2022
