Energy Saudi Arabia and China discuss stability of global oil market Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman and China’s National Energy Administrator Zhang Jianhua have agreed to work jointly to support the stability of the international oil market, state-owned Saudi Press Agency (SPA) reported. The officials agreed to continue close communication and strengthen co-operation to address emerging risks and challenges, the report said, […] October 23, 2022
Energy DEWA extends deadline for bids for sixth phase of solar park Dubai Electricity and Water Authority (DEWA) has extended the deadline for receiving the expressions of interest (EOI) from international developers to implement the sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park until November 1, 2022. The earlier deadline for submitting EOIs was October 10. The sixth phase, which will be based on the Independent […] October 23, 2022
Banking and Finance UAE’s IHC makes $2.8bn offer for stake in Colombian food producer Abu Dhabi-based International Holding Company (IHC) has received authorisation from the Colombian Superintendency of Finance for its subsidiary, IHC Capital Holding, to launch a tender offer of nearly AED10.2 billion ($2.8 billion) for Colombian food processor Grupo Nutresa. The move comes as part of IHC’s long-term investment and development plan in South America, selecting Colombia […] October 21, 2022
Real Estate Indian billionaire buys $163m mansion on Dubai’s Palm Jumeirah India’s Reliance Industries chairman Mukesh Ambani has purchased a luxurious mansion for $163 million (AED 598.72 million) on Palm Jumeirah, Bloomberg reported, citing people familiar with the matter. Ambani bought the mansion last week from the family of Kuwaiti tycoon Mohammed Alshaya. The latest villa purchase is close to a $80 million mansion which he […] October 20, 2022
Energy Saudi Aramco’s trading unit said to list on Tadawul by early 2023 Saudi Aramco is working with advisers for a possible listing of Aramco Trading, its energy-trading business, on the Saudi Exchange (Tadawul) by year-end or early 2023, Bloomberg reported, citing sources. The Saudi-listed oil company is adding more banks to the IPO, which could value the unit at more than $30 billion. In May, the news […] October 20, 2022
Banking and Finance Egypt signs $595m financing pacts for economic development Egypt has approved three development financing agreements with the World Bank Group, French Agency for Development and Spain worth $595 million, Egypt Today newspaper reported. The new financing will improve the wheat supply chain, reduce waste and improve farm access to local grain markets by providing financing to the Silos Holding Company to design, build […] October 20, 2022
Manufacturing UAE’s Mubadala Capital buys US snack food maker TruFood Mubadala Capital, a wholly-owned subsidiary of Mubadala Investment Company, has acquired US-based snack food contract manufacturer AOG, trading as TruFood Manufacturing (TruFood), WAM, UAE state-owned news agency reported. The company was acquired from funds affiliated with AUA Private Equity Partners. Financial details of the transaction were not disclosed. Headquartered in Pittsburgh, Pennsylvania, TruFood is a […] October 19, 2022
Banking and Finance UAE approves $1.2bn loans for industrial development The state-run Emirates Development Bank (EDB) approved AED 4.4 billion ($1.20 billion) in loans during the first nine months of 2022, up 600 percent year-on-year (YoY), state-owned news agency WAM reported. The bank plays a pivotal role in supporting the country’s economic agenda by providing indirect and direct financing to startups, small and medium-sized enterprises […] October 19, 2022
Manufacturing Saudi’s new industrial strategy to drive exports to $148bn by 2030 Saudi Arabia’s Crown Prince Mohammed bin Salman has launched the National Industrial Strategy, which aims to double the industrial exports value to SAR 557 billion by 2030 ($148.34 billion), state-owned Saudi Press Agency reported. The strategy aims to promote the industrial sector and attract investment in the domestic economy, with the goal that it will […] October 19, 2022
Energy $566m funding secured for Saudi-Egypt power project Saudi Electricity Company has secured a $566.4 million export credit agency-supported Islamic financing facility for the Saudi-Egypt electricity interconnection project. After a slow start, Gulf firms are winning at ESG President aims to double private sector to tackle economic woes Climate talks in Egypt are set to get heated The facility is from Standard Chartered […] October 18, 2022
Energy Egypt ready to start natural gas exports to Lebanon Egypt can start exporting natural gas to Lebanon as soon as the project gets the go-ahead, Egypt Today has reported, citing the minister of petroleum and mineral resources Tarek El-Molla. The Cairo government signed an agreement in June to supply 650 million cubic metres of natural gas each year to Lebanon. The project needs World […] October 18, 2022
Business of Sport FIFA World Cup hosts Qatar win bid to stage 2023 Asian Cup Qatar has won the bid to host the 18th edition of the 2023 AFC Asian Cup, state-owned Qatar News Agency reported. Qatar is the reigning AFC Asian Cup champion and will be hosting the tournament for the third time after staging the 1988 and 2011 editions. The Gulf nation’s hosting of the FIFA World Cup […] October 18, 2022
Manufacturing Aramco to build two offshore fabrication yards in Ras Al Khair Saudi Arabian Oil Company will establish two offshore fabrication yards with international partners – National Petroleum Construction Company (NPCC) and McDermott International – to boost Saudi Arabia’s offshore fabrication capacity. The new yards, constructed in Ras Al Khair, are expected to fabricate and assemble offshore platforms, jackets and structures for subsea pipelines, the company said in […] October 18, 2022
Banking and Finance Dubai’s TECOM board proposes $54m interim cash dividend Dubai business park operator TECOM Group’s board has proposed an interim dividend payment of AED 200 million ($54.45 million), subject to shareholder approval at its upcoming annual general meeting. The proposed AED 200 million payout is in line with its previously announced dividend policy of distributing AED 800 million annually through to October 2025. The […] October 18, 2022
Business of Sport Qatar upgrades land border to handle 4,000 football fans per hour World Cup fans arriving at the Abu Samra crossing in private vehicles or on buses must have an entry permit from the Hayya portal October 17, 2022
Lifestyle BTS reunite to back South Korea’s bid to host World Expo 2030 K-pop superstars BTS reunited on Saturday for a concert to support South Korea’s bid to host the World Expo 2030 in Busan. The free concert – dubbed “BTS in BUSAN” – drew an audience of about 52,000 people to a stadium in the southern port city, according to the Yonhap News Agency. In total, 100,000 fans […] October 17, 2022
Economy Saudi Arabia launches index to gauge private sector performance Saudi Arabia’s Ministry of Economy and Planning has launched an economic analysis index, MEPX, to monitor performance in the kingdom’s private sector. The index has been designed to track 10 factors in four categories: consumers, firms, the financial sector and the trade sector. The ministry said it would provide regular, in-depth analysis of private sector […] October 17, 2022
Energy ACWA Power earmarks $10bn for South Africa’s renewables sector Saudi utility company ACWA Power is planning to invest $10 billion in renewables in South Africa over the next five years, Arab News has reported, citing CEO Paddy Padmanathan. The Saudi-listed company is likely to increase the pace of investments to $25 billion by 2030 if the South African government facilitates the opportunity, he added. […] October 17, 2022
Zain KSA seals transfer of its telecom towers to PIF-led group Mobile telecommunications company Zain KSA has transferred ownership of its unit Zain Business to Saudi Arabia’s Public Investment Fund, enabling the sale of its towers infrastructure. PIF has changed the unit’s name to Golden Lattice Investment Company (GLI), the telco said in a statement published on the Saudi exchange, or Tadawul. The sale of 8,069 […] October 17, 2022
Business of Sport Qatar may change dismantling plans for World Cup stadiums With plans to bid to host more major events, such as the Olympics, Qatar may alter its plans to dismantle its stadiums after the World Cup, the Qatar Tribune reported, citing Mohamed Nabeel Al Atwaan, FM director, Stadium 974 Operations at the Supreme Committee for Delivery and Legacy. The dismantling of Stadium 974 (previously called […] October 17, 2022
Energy Indian consortium planning to buy stake in ADNOC’s asset An Indian consortium comprising several oil companies is planning to buy a stake in a hydrocarbon asset of UAE’s Abu Dhabi National Oil Company (ADNOC), Indian business daily Mint reported. The consortium is led by Indian government-owned ONGC Videsh Ltd (OVL), including Indian Oil Corporation Ltd, Bharat PetroResources Ltd and Oil India Ltd. The Indian […] October 16, 2022
Energy Saudi crude exports to Asia may fall due to discounted Russian oil Saudi Arabia’s oil exports to India and China will be slightly hit due to the sanctions imposed by the US and European Union (EU) on Russia, according to the King Abdullah Petroleum Studies and Research Center (KAPSARC) report. The two Asian countries will buy more discounted Russian crude, which will benefit their gross domestic products […] October 16, 2022
