Tech UAE unveils new strategy to boost industrial and production sectors The UAE has launched a national programme to accelerate the pace of the technological transformation in its industrial and production sectors by developing 1,000 projects, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said in a tweet. The programme includes establishing national centres for industrial empowerment with plans to export AED 15 billion […] October 13, 2022
Transport Etihad Rail finishes laying tracks in Sharjah and Ras Al Khaimah Etihad Rail, the developer and operator of the UAE national rail network, has completed the tracklaying works of the main line in Sharjah and Ras Al Khaimah, according to WAM, the UAE state-owned news agency. The work is part of the last package of stage two of the project. The main line extends from Ghuweifat, […] October 13, 2022
Dubai funds Indian VC raising $225m to back domestic growth Indian VC firm Fireside Ventures has raised $225 million for its third fund to back domestic consumer brands, with backers including Investment Corp of Dubai (ICD). The investment in 25 to 30 Indian startups is the latest bet on Asia’s third largest economy, as startup funding dries up globally. The early-stage investor said the new […] October 12, 2022
Sustainability Siemens innovation centre to help accelerate UAE’s ‘net zero’ goals The Abu Dhabi Investment Office (ADIO) and Germany’s Siemens Energy AG have joined together to accelerate the UAE’s goal to become ‘net zero’. Under the partnership, Siemens Energy will receive support to set up its Middle East Innovation Centre in Abu Dhabi, as part of ADIO’s AED 2 billion ($545 million) innovation programme, according to […] October 12, 2022
Health Saudi to offer $12.7bn worth of health projects to private sector Saudi Arabia’s Ministry of Health is planning to approve 100 projects in cooperation with the private sector over the next five years, the state-owned Saudi Press Agency (SPA) reported, citing health minister Fahad Al-Jalajel. These projects will be worth around SAR 48 billion ($12.7 billion), he said, adding it includes the establishment of two medical […] October 11, 2022
Aviation Irish firm bags $266m operations contract for Saudi Red Sea airport The Red Sea Development Company (TRSDC) has appointed Dublin-based daa International as the operator of Red Sea International, which will be the region’s first carbon-neutral airport. The developer of mega projects – Red Sea Project and Amaala – signed a SAR 1 billion ($266 million) deal with the Irish company for operations and general maintenance […] October 11, 2022
Sustainability UAE backs use of robotic planes to charge fog clouds in arid areas The UAE is continuing its support for scientific experiments involving robotic, unmanned aircraft releasing electric charges into fog clouds, in a bid to encourage more rainfall in the skies above the emirates. Real-world ‘cloud seeding’ experiments conducted by the UK’s University of Reading, and supported by the UAE’s National Centre for Meteorology, confirmed that releasing […] October 10, 2022
Energy ADNOC awards $1.5bn contract to expand offshore operations Abu Dhabi National Oil Company (ADNOC) has awarded a contract worth AED5.62 billion ($1.53 billion) to ADNOC Drilling, according to WAM, the UAE’s state-owned news agency The two-year contract covers the provision of 12 jack-up rigs and two island rigs, as well as associated integrated drilling services. Over 80 percent of the award value will […] October 10, 2022
Economy Morocco’s economic growth slows as agriculture slumps Morocco’s economic growth is projected at 1.8 percent in the third quarter of 2022, compared to 2 percent in the previous year, Morocco World News has reported, citing the country’s Higher Commission for Planning. The agriculture sector’s contribution fell by 15.2 percent and is expected to decrease further by almost 16 percent at the end of 2022, […] October 10, 2022
Saudi Arabia signs deals worth $171m to expand Jeddah port Saudi Ports Authority (Mawani) has signed two contracts worth 642 million riyals ($171 million) with major contractors to deepen berths and build new ones at Jeddah Islamic Port, according to the state-owned Saudi Press Agency. The contract with Modern Building Leaders, in association with Huta Hegerfeld Saudia, will deepen harbour approach channels, turning basins, waterways […] October 10, 2022
Energy DEWA invites international bids for sixth phase of solar park Dubai Electricity and Water Authority (DEWA) has invited international companies to submit their expressions of interest (EOI) to implement the sixth phase of the Mohammed bin Rashid Al Maktoum solar park, WAM, the UAE state-owned news agency, reported. The deadline for submitting EOIs is October 10. DEWA’s CEO Saeed Mohammed Al Tayer said that the 900 MW […] October 9, 2022
Markets Oman to list state-owned entities to boost sultanate’s capital market State-owned enterprises that are part of Oman Investment Authority (OIA) are gearing up for privatisation through listing on the Muscat Stock Exchange (MSX), the Oman Daily Observer said, citing bourse CEO Haitham bin Salim Al Salmi. The proposals are aimed at boosting the growth of the country’s capital market over the next five years. The […] October 9, 2022
Energy Saudi says high gas prices in US due to American refinery shortage The lack of American refinery production is to blame for higher US gas prices, Saudi Arabia’s minister of state for foreign affairs Adel Al-Jubeir told Fox News. He stated that the refining shortage has existed for more than 20 years, as the US has not built refineries in decades. The minister said that Saudi Arabia […] October 9, 2022
Energy UAE’s Barakah nuclear plant unit 3 connected to transmission grid UAE’s Emirates Nuclear Energy Corporation’s (ENEC) operations and maintenance subsidiary, Nawah Energy Company (Nawah), has connected unit 3 of the Barakah Nuclear Energy Plant to the UAE’s transmission grid. The third unit will add another 1,400 megawatts of zero-carbon emission electricity capacity to the national grid, WAM, the UAE state-owned news agency, reported. Barakah’s first […] October 9, 2022
Oman’s first satellite ‘Aman’ is set for launch this year Oman-based International Emerging Technology Company (ETCO) has said that the first Omani satellite, ‘Aman’, was successfully prepared for its launch into Low Earth Orbit, at Newquay, Cornwall, in the UK. According to the state-owned Omani News Agency, the satellite is integrated into the launch rocket ‘LauncherOne’ and will be taken on its journey into space […] October 6, 2022
Construction Arada awards $124m contracts for 740 homes in Sharjah UAE-based developer Arada has awarded two major contracts worth AED 454 million ($124 million) to build 740 new homes in the 24 million square foot Aljada mega-project in new Sharjah. The two contracts were awarded to Dubai-based Airolink Building Contracting, the developer said in a statement. The first contract worth AED 377 million is to build […] October 5, 2022
Retail UAE ecommerce market forecast to reach $9.2bn by 2026 The UAE’s ecommerce market may reach $9.2 billion, and account for 12.6 percent of total retail sales by 2026, the Dubai Chamber of Commerce said in a report. Total ecommerce sales hit $4.8 billion in 2021, compared to $2.6 billion in 2019, the report stated, based on data from research firm Euromonitor. Mobile devices, such […] October 5, 2022
Energy Aramco warns China reopening will wipe out spare oil reserves The spare capacity of oil-producing nations will be wiped out the moment China ends its ‘zero-COVID strategy’, Saudi newsapper Arab News reported, citing Saudi Aramco president and CEO Amin Nasser. The spare capacity stands at 1.5 percent of global demand, he said at the Energy Intelligence Forum in London, adding this will be used up […] October 5, 2022
Banking and Finance Oman and India study e-linking some payment services The Central Bank of Oman has signed a memorandum of understanding (MoU) with India’s flagship payments processor, National Payments Corporation of India, to study the possibility of linking some payment systems between the two countries, according to Oman’s state news agency. The MoU aims at studying the possibility of connecting the unified payments interface and RuPay Card, […] October 5, 2022
Real Estate New PIF firm to build mixed-use destinations in 12 Saudi cities Saudi Crown Prince Mohammed Bin Salman and chairman of the Public Investment Fund (PIF), has launched Saudi Downtown Company (SDC), which seeks to build and develop downtown areas and mixed-use destinations in 12 Saudi cities. The cities include Madinah, Al Khobar, Al Ahsa, Buraidah, Najran, Jazan, Hail, Al Baha, Arar, Taif, Dumat Al Jandal, and Tabuk. […] October 4, 2022
Tourism Iranians flock to Turkey’s eastern province on tourism rebound Visitors from Iran, Iraq and Armenia have started flocking Turkey’s Van province, helping the eastern region exceed the pre-pandemic figures, Daily Sabah newspaper said. Provincial culture and tourism director Erol Uslu disclosed that Iranian visitors had shown great interest in the city since the beginning of the year. The official said Van had exceeded the […] October 3, 2022
Oman signs pact with Hutchison to develop and manage Khasab port Oman’s Ministry of Transport, Communications and Information Technology signed a framework agreement with global container terminal company Hutchison Ports Sohar to develop, manage and operate Khasab port, Times of Oman reported. The company started managing and operating the port on October 1. The agreement entails studies for developing the port’s infrastructure and expansion. The preliminary […] October 3, 2022
