Sustainability DP World to invest $500m to cut CO2 emissions over five years Dubai-owned ports giant DP World plans to invest up to $500 million to cut CO2 emissions from its operations by nearly 700,000 tonnes over the next five years, UAE state-owned WAM news agency reported, citing chairman and group CEO Sultan Ahmed Bin Sulayem. He reinforced the company’s commitment to sustainability by taking on the Green […] November 8, 2022
Real Estate Saudi developer Dar Al Arkan plans to list its Dubai subsidiary Saudi-listed Dar Al Arkan Real Estate Development Company plans to list its Dubai subsidiary on an international stock exchange. In a statement published on the Saudi Exchange (Tadawul), the developer said it was considering several strategic and capital markets options for its international property business in Dubai, which may include listing. The developer recently completed […] November 7, 2022
Sustainability Egypt to become Africa’s hub for carbon certificates trading Egyptian Exchange Holding Company for Capital Markets Development, Agricultural Bank of Egypt and Libra Capital Group have signed an agreement to establish a carbon certificates trading company, according to Egypt Today newspaper. The report said no financial and organisational details of the new company were given. Egyptian Stock Exchange executive chairman Ramy El-Dakani said the […] November 7, 2022
Energy Oman launches auction for first green hydrogen land blocks Oman’s national hydrogen company Hydrom has launched the first round of public auctions of land blocks for developing green hydrogen projects, the company said in a tweet. The country unveiled its green hydrogen strategy in October and has invited international investors and developers to register for bidding on the first of several land blocks, Oman […] November 7, 2022
Energy Kuwait commences commercial operations at Al-Zour refinery Kuwait Integrated Petroleum Industries Company (KIPIC) has started commercial operations of the first phase of the Al-Zour refinery project, state-owned Kuwait News Agency (KUNA) reported. The refinery last month started to produce and sell primary quantities of fuel oil and supply it to local electric power stations. KIPC acting CEO Waleed Al-Bader said the operation […] November 7, 2022
Markets Saudi regulator gives nod to over $26.6bn capital increase requests Saudi Arabia’s market regulatory Capital Market Authority (CMA) has approved capital increase requests worth SAR 100 billion ($26.6 billion) from January 2018 until the end of the first half of 2022, Arab News reported. Some 116 firms applied to increase capital over the period, the CMA undersecretary for listed companies and investment products Abdullah bin […] November 6, 2022
Cop28 Egypt to sign 9 projects with $15bn investments at Cop27 Egypt’s Ministry of International Cooperation plans to sign contracts for nine projects with investments worth $15 billion at the Cop27 climate summit. The projects fall in the water, food and energy programme, which is a regional and international approach to move from the pledges stage to the implementation stage, reported Egypt Today, citing a ministry […] November 3, 2022
Banking and Finance UBS to wind down Mena advisory and dealmaking operations UBS Group AG is planning to wind down its dealmaking and advisory operations in the Middle East and North Africa (Mena), Bloomberg reported, citing informed sources. The division’s last senior banker in the region has tendered his resignation recently, they said, adding a decision to retreat from in-person operations was taken in recently. Bankers and […] November 3, 2022
Energy UAE and US to catalyse $100bn in global push for clean energy The UAE and the US have signed a comprehensive strategic partnership to accelerate the energy transition, advance shared climate goals and strengthen global energy security, WAM, the UAE state-owned news agency, reported. The UAE-US Partnership for Accelerating Clean Energy (PACE) will catalyse $100 billion in financing and other support, in addition to deploying 100 new […] November 2, 2022
Energy Saudi Aramco’s net profit rises 39% to $42.4bn in Q3 2022 Saudi Aramco reported a net income of $42.4 billion for the third quarter of 2022, an increase of 39 percent year-on-year, the company said in a statement. According to the company’s financial results, free cash flow increased to $45 billion and cash flow from operating activities reached $54 billion. In the third quarter, capital expenditure […] November 2, 2022
Energy UAE fuel prices rise nearly 10% in November 2022 Fuel prices have increased in the UAE this month (November 2022), state-owned Emirates General Petroleum (Emarat) said in a tweet. Prices of Super 98 rose 9.6 percent to AED3.32 ($0.90) from AED3.03 in October. Special 95 jumped 9.6 percent to AED3.20 from AED2.92, while E-plus 91 increased nearly 10 percent to AED3.13 from AED2.85 in October. Diesel prices edged up 6.6 percent […] November 1, 2022
Development Saudi to auction five mining exploration licences in 2023 Saudi Arabia is set to auction five new mining exploration licences next year, state news agency SPA has reported, citing Bandar bin Ibrahim AlKhorayef, the minister of industry and mineral resources. The licences, aimed at international and local investors, will include copper, zinc, lead and iron deposits and will be auctioned for sites in Bir […] October 31, 2022
UAE’s Taaleem to raise $204m from IPO on Dubai bourse Taaleem Holdings, the UAE-based K-12 premium education provider with 26 schools, will launch an initial public offering on the Dubai Financial Market to raise AED 750 million ($204.19 million) to expand its network. The company will offer 10 percent of its shares to retail investors starting November 10 and 88 percent to professional investors on […] October 31, 2022
Energy UAE’s Masdar to bid for Saudi renewable energy projects UAE’s Masdar plans to participate in the forthcoming round 4 tender of Saudi Power Procurement Co.’s 3.3 gigawatts (GW) wind and solar projects, along with its partners, WAM, the UAE state-owned news agency, reported. The new round will comprise three wind power plants with a combined capacity of 1.8 GW, and two solar parks totaling […] October 31, 2022
Banking and Finance Public Investment Fund reports 13% profit hike to $22.8bn Saudi Arabia’s Public Investment Fund (PIF) reported profit of SAR 85.7 billion ($22.81 billion) in 2021, a year-on-year increase of 13 percent, according to the Saudi Gazette newspaper. The PIF’s revenue rose 27 percent year-on-year to SAR 228.2 billion and profit from associate companies hit SAR 8.6 billion, a 75 percent increase. Its other operating incomes […] October 31, 2022
Economy Egypt warns commodity hoarders of legal action as inflation rises Egyptian Prime Minister Mostafa Madbouly has warned against stashing, overpricing, or monopolising commodities in the local market on higher inflation, Ahram Online reported, citing a cabinet statement. He stated that violators will face strict legal action, and vowed to continue implementing monitoring mechanisms to manage the market and provide commodities. The prime minister ordered the […] October 30, 2022
Energy Oman eyes completion of new solar project in 2026 State-owned utility major Oman Power and Water Procurement Company (OPWP) has commenced the procurement process for the second large-scale solar photovoltaic (PV) project at Ibri, Oman Daily Observer reported. The new 500 MW Ibri III is an independent power project (IPP), similar to Ibri II solar IPP launched in January 2022. The entity has invited […] October 30, 2022
Energy Abu Dhabi’s Borouge revenue rises 13.5% to $5.13bn Abu Dhabi-based petrochemicals major Borouge Plc announced a 13.5 percent increase year-on-year in revenue to $5.13 billion for the nine months of 2022. The increase in revenue over the nine months was driven by an 11.9 percent increase in total sales volumes, with polypropylene (PP) volumes up 14.7 percent, UAE state-owned news agency WAM reported. […] October 30, 2022
Banking and Finance PIF launches regional entities to invest $24bn in multiple sectors Saudi Arabia’s Public Investment Fund (PIF) plans to set up five regional investment companies in Jordan, Bahrain, Sudan, Iraq and Oman, crown prince and fund chairman Mohammed bin Salman said in a statement. The announcement, made on the second day of Riyadh’s flagship Future Investment Initiative (FII) conference, comes after the PIF established an investment […] October 27, 2022
Energy New PIF company to hold world’s largest-ever carbon credit auction Saudi Arabia’s Public Investment Fund (PIF) has established the Regional Voluntary Carbon Market Company to support businesses and industries in the region to achieve ‘net zero’ goals. PIF will hold an 80 percent stake, while Saudi Tadawul Group Holding Company will own the remaining 20 percent, the sovereign wealth fund said in a statement. The […] October 25, 2022
Tourism Kuwait Airways receives 18 new aircraft, despite 2022 losses Kuwait Airways has received 18 aircraft from Airbus out of an order for 31, Reuters reported, citing the state carrier’s chairman. The airline expects to record an annual loss of KD 50-60 million ($161.27-193.52 million) in 2022, chairman Ali Aldakhan said. The company expects to break even by the end of 2024, he added. “It […] October 24, 2022
Energy Oman targets $140bn investment through green hydrogen strategy Oman’s Ministry of Energy and Minerals has unveiled its ‘Green Hydrogen Strategy’, which envisions an estimated $140 billion in investment in a new low-carbon energy industry. The ministry established a new hydrogen-centric energy company, HYDROM, that will oversee the country’s growth of a green hydrogen-based energy future, the Oman Observer newspaper reported. Oman has committed […] October 24, 2022
