Tourism International visitors spent $14.3bn in Qatar last year International visitors to Qatar spent QR52.1 billion ($14.31 billion) in 2021, accounting for almost 14.5 percent of the country’s exports last year, according to World Travel & Tourism Council figures reported in the Gulf Times. Leisure spending reached QR44.73 billion, 75 percent of the total spending in 2021. The travel and tourism sector contributed QR67.6 […] October 3, 2022
Economy UAE and China non-oil trade reaches $32bn in H1 2022 Non-oil trade exchange between the UAE and China in the first half of 2022 reached AED 118.4 billion ($32.24 billion), WAM, the UAE state-owned news agency reported. Imports stood at AED 102.7 billion, non-oil exports were valued at AED 5.5 billion, while re-exports hit AED 9.8 billion, showed data released by the Federal Competitiveness and […] October 2, 2022
Retail Omantel to invest $1.6bn from towers spinoff in growth projects State-owned Omantel, a subsidiary of Oman Investment Authority (OIA), will set up one of the largest regional telecom tower companies through the sale of telecom towers, Oman Daily Observer reported, citing CEO Talal Al Maamari. The operator announced the sale of its telecom towers in Oman in 2021, further expanding it to cover Zain-linked infrastructure […] October 2, 2022
Energy Egypt discovers five new gas fields State-owned Egyptian Natural Gas Holding Company (EGAS) has discovered five new gas fields in the Mediterranean sea and the Nile Delta, Egypt Today newspaper reported. The fields have a total reserve of about 317 billion cubic feet of gas, in addition to existing reserves of 471 billion cubic feet after drilling the Bashrush 3 well […] September 30, 2022
Economy PIF-owned Savvy Games unveils $37.8bn global ambition strategy Saudi Arabia’s Savvy Games Group, wholly-owned by the Public Investment Fund (PIF), will invest SAR 142 billion ($37.8 billion) across four programmes that aim to make the kingdom a global hub for gaming by 2030. The initiatives will include SAR 70 billion to take several minority stakes in companies that support Savvy’s game development agenda […] September 30, 2022
Lifestyle India’s richest expat lives in Dubai, earning $12.45m a day Dubai-based Vinod Shantilal Adani, elder brother of Indian billionaire Gautam Adani, is the world’s richest non-resident Indian, earning $12.45 million (Rs 102 crore) daily, according to the latest figures from the IIFL Wealth Hurun India Rich List 2022. Vinod Adani manages trading businesses in Dubai, Singapore and Jakarta and saw his wealth increase by 28 […] September 29, 2022
Tech Qatar issues licence to Elon Musk’s satellite broadband firm Qatar’s telecom watchdog Communications Regulatory Authority (CRA) has issued an individual licence to Starlink Satellite Qatar, state-owned QNA reported. The licence authorises US-based Starlink’s Qatar unit to provide satellite broadband Internet services to individuals and enterprises via the low-earth orbit satellite constellation of SpaceX. Starlink will provide direct-to-consumer satellite Internet and premium services, targeting businesses […] September 29, 2022
Energy Omani crude prices jump 40% to $95.30 in August 2022 Oman’s production of crude oil and condensates rose 10.3 percent to 257.34 million barrels by the end of August 2022, the Times of Oman reported, citing the National Centre for Statistics and Information (NCSI) data. Annual crude output grew 13.9 percent, while condensate production declined by 1.7 percent in August 2022 . The average price […] September 29, 2022
Energy ADNOC Distribution to pay $350m dividend in H1 2022 UAE-listed ADNOC Distribution will pay an interim dividend of AED 1.29 billion ($350 million) for the first six months of 2022, the company said in a statement. The expected full-year 2022 dividend is a minimum of AED 2.57 billion. The second and final dividend payout for 2022 is expected in April 2023. The 2022 full-year […] September 28, 2022
Jordan’s ADC signs $242m pact for logistics hub Jordan’s Aqaba Development Company (ADC) and APM Terminals (APMT), a global terminal operator, signed a $242 million memorandum of understanding to develop a regional logistics hub in Aqaba, Jordan News Agency reported. ADC chief executive Hussein Safadi said that the agreement will prepare Aqaba to handle the anticipated maritime trade and shipping increase. A training […] September 28, 2022
Sustainability Egypt’s new fund eyes agritech startups in Mideast and Africa A new climate resilience fund in Egypt plans to raise $25 million to invest in nature-positive and sustainable agriculture startups across the Middle East and Africa, The National newspaper reported. The fund will invest $12.5 million in Egyptian ventures, while the rest will be equally split between the two regions. It will target pre-seed startups, […] September 28, 2022
Banking and Finance Saudi wealth fund’s returns hit 25% in 2021 as markets recover The Public Investment Fund (PIF), the Saudi sovereign wealth fund, offered 25 percent returns to shareholders last year as global stock markets rebounded, Bloomberg reported, citing the fund’s prospectus for its debt green bond sale. Investor returns more than doubled from an annual average of 12 percent between 2017 and 2020. However, 2021 returns matched […] September 28, 2022
Economy Saudi Crown Prince Mohammed bin Salman named prime minister Saudi King Salman has appointed Crown Prince Mohammed bin Salman as prime minister as part of a cabinet reshuffle, state-owned SPA news agency reported. As part of the reshuffle, Prince Khalid bin Salman will become defence minister, while Yousef bin Abdullah Al-Bunyan was named education minister. The ministers retaining their positions are the energy minister Prince […] September 28, 2022
Energy Iran’s petrochemical capacity to double in next decade: Official National Iranian Petrochemical Company (NIPC) expects petrochemical production in the country will double in the next decade, IRNA, state-owned news agency, reported. Petrochemical production capacity in the country will reach 200 million tons in a year in the next decade, said NIPC managing director Morteza Shah-Mirzaei. Despite sanctions imposeed on the country, the petrochemical industry is […] September 27, 2022
Dubai’s GEMS Education owners mull $6bn stake sale UAE-based private school operator GEMS Education is planning to sell a controlling stake in the business or a market listing in a potential exit route, Bloomberg reported, citing people familiar with the matter. Private equity firm CVC Capital Partners and GEMS founder Sunny Varkey may sell their stakes, which could be valued at as much […] September 27, 2022
Moroccan group to buy half of Spanish animal nutrition firm Morocco’s fertiliser producer OCP Group has signed an agreement to purchase a 50 percent stake in GlobalFeed SL from Spain’s Fertinagro Biotech, the company said in a statement. The acquisition is part of OCP’s global growth strategy in the animal nutrition market. GlobalFeed’s operations focus on animal nutrition solutions, manufacturing, and distribution of products such […] September 27, 2022
Energy Masdar and Germany’s RWE eye global offshore wind projects Abu Dhabi Future Energy Company (Masdar) and Germany’s RWE Renewables have signed a memorandum of understanding to explore collaboration on offshore wind projects in several key markets, according to WAM, the UAE state-owned news agency. Masdar and RWE are shareholders in the London Array project, which has been operational since 2012. The wind farm has […] September 27, 2022
Economy Egypt expects oil and gas discoveries in Red Sea region Egypt has inked three agreements to look for oil and gas reserves in the Red Sea region with major international companies, Egypt Today reported, citing Minister of Petroleum Tarek El-Molla. Seismic research is currently being completed in preparation for the start of drilling operations, he said, adding there were good petroleum prospects in the Red […] September 27, 2022
Health COVID-19 restrictions in UAE to loosen from Wednesday The situation is stable in the UAE as infections decline, says the National Emergency Crisis and Disasters Management Authority September 27, 2022
Venture capital firms back female business founders in MENA Playfair Capital and Dubai-based Global Ventures have launched ‘Female Founder Office Hours’ across MENA – with 150 leading venture capital funds hosting virtual mentoring sessions for more than 400 women founders on November 10. The eighth edition of Female Founder Office Hours since it was launched in the UK in 2019 is part of a […] September 26, 2022
Tech startup aims to spice up India’s agriculture trade with GCC Indian startup Ninjacart has launched Ninja Global, a new digital platform for agricultural export-import businesses in the UAE and other countries in the Gulf. Ninjacart operates in over 150 markets across agri-commodities, was valued at almost $1bn this year, and is backed by retail giant Walmart and India’s Tiger Global among others. Its Ninja Global is […] September 26, 2022
Banking and Finance Egypt eyes more green ‘Samurai’ bonds amid Japanese demand Egypt is considering issuing more green Samurai bonds with Japan during the coming months, Egypt Today newspaper reported, citing finance minister Mohamed Maait. The country’s first Samurai bonds, valued at 60 billion Japanese yen ($416.47 million), attracted many Japanese investors, he stated. The Samurai bond is a yen-denominated bond issued in Tokyo by non-Japanese firms […] September 26, 2022
