Economy Saudi Arabia and Uzbekistan sign investment deals worth $12bn Saudi Arabia and Uzbekistan have signed around 10 investment agreements worth over SAR45 billion ($12 billion), local media reported. “Over 10 agreements were signed between the Kingdom and Uzbekistan in several sectors, with a value exceeding SAR45 billion,” Arab News reported, citing Saudi Minister of Investment Khalid Al-Falih. The signed agreements aim to explore investment […] August 18, 2022
Energy TAQA approached as part of Indian energy firm’s fund raising UAE’s Abu Dhabi National Energy Company (TAQA) is among a list of global utilities and energy companies approached by India’s NTPC Ltd, as the power utility firm starts fundraising for its clean energy platform, financial daily Economic Times reported. The company plans to first carve out its renewable energy assets into a special purpose vehicle […] August 17, 2022
Construction Ajman construction contracts reach $1.1bn in H1 2022 The value of construction contracts awarded in Ajman in the UAE exceeded AED 2.1 billion ($1.12 billion) in the first half of 2022, higher than during the same period in the two previous years, according to a report by the Department of Municipality and Planning. The contracts were valued at AED 800 million in 2020 […] August 17, 2022
Markets Foreigners invest $4.2bn in UAE stocks since start of 2022 The net investments of non-Arab foreigners in UAE stocks rose to over AED 15.54 billion ($4.22 billion) since the start of 2022, UAE state-owned news agency WAM reported. According to Abu Dhabi and Dubai financial markets, non-Arab foreign investors purchased local stocks worth AED 70.276 billion from the beginning of 2022 to the end of […] August 17, 2022
Business of Sport Qatar wealth fund-backed Group One mulls US listing Group One Holdings, backed by sovereign wealth fund Qatar Investment Authority (QIA), is planning an initial public offering (IPO) in the US, Bloomberg reported. The company behind mixed martial arts brand One Championship is changing its legal domicile to the Cayman Islands from Singapore as a step towards the listing. Earlier, the company had explored […] August 16, 2022
Manufacturing UAE’s Agthia Group expands in Saudi and Egypt Agthia Group, one of the region’s leading food and beverage companies, is expanding and making strategic acquisitions in Egypt and Saudi Arabia following strong H1 2022 growth to AED 2.3 billion ($106 million). The group, which has a consumer division – including protein, frozen goods, snacks, water and beverages – and an agri-business division, has […] August 16, 2022
Tourism Oman’s tourism sector on recovery path amid economic diversification Oman’s tourism sector is expected to recover during 2022 and 2023, with strong growth forecast for 2024- 2026, according to the Fitch Solutions Agency. The recovery began in the fourth quarter of 2021, the agency said, expecting the growth to continue in the coming years, on the back of the Oman Vision 2040 economic diversification […] August 15, 2022
Tourism Sharjah unveils holiday home project to diversify revenue Sharjah Commerce and Tourism Development Authority (SCTDA) has launched “Holiday Homes Project,” which aims to offer a framework to allow residents to lease their apartments to tourists and visitors. The move is in cooperation with several government and private companies to diversify the sources of income for the hospitality sector, WAM, the UAE state-owned news […] August 15, 2022
Energy Aramco posts record earnings and predicts robust oil demand to 2030 The Saudi Arabian Oil Company, better known as Aramco, has set a new quarterly earnings record since its initial public offering in 2019, primarily driven by higher crude oil prices and volumes sold and higher refining margins. The energy giant posted a 90 percent year-on-year increase in net income and declared a dividend of $18.8 […] August 15, 2022
Banking & Finance Saudi Arabia plans to renew $3bn deposit to Pakistan Saudi Arabia is planning to renew its $3 billion (656 billion Pakistani rupee) deposit with the State Bank of Pakistan, Bloomberg reported, citing people familiar with the matter. The kingdom also plans to provide $100 million a month for 10 months in petroleum products that will be granted as additional support, the news agency reported, expecting the […] August 15, 2022
Economy Abu Dhabi’s non-oil foreign trade grows 12% in H1 2022 Abu Dhabi’s non-oil foreign trade rose 12 percent to about AED 124 billion ($33.76 billion) in the first half of 2022 from AED 110.33 billion in the same period of 2020, UAE state-owned news agency, WAM, reported. Exports during the first six months increased by 26 percent to AED 49.47 billion, compared to AED 39.19 […] August 15, 2022
Energy Oman’s total oil exports rise 16% in H1 2022 as output grows Oman’s total oil exports increased 16.2 percent in the first six months of 2022, according to the latest statistics of the National Centre for Statistics and Information (NCSI). China topped the list of oil importing countries, at 123.10 million barrels, Times of Oman newspaper reported. Average daily oil production amounted to 1.047 million barrels, registering […] August 14, 2022
Real Estate Dubai developer Emaar’s Q2 profit doubles on higher revenue Emaar Properties, Dubai’s largest developer, reported a net profit of AED 2.06 billion ($560 million) for the second quarter of 2022, up 128 percent year-on-year, as revenues rose amid new visa regulations and a growing economy. Earnings before interest, taxes, depreciation, and amortisation (Ebitda) jumped 53 percent year-on-year to AED 2.93 billion in the three-month […] August 14, 2022
Real Estate Dubai’s Nakheel plans to raise $4.6bn loan to refinance debt Dubai state developer Nakheel plans to raise a loan of about AED 17 billion ($4.6 billion) to refinance existing debt, Bloomberg reported, citing people familiar with the matter. The company is seeking financing from a group of lenders, including Dubai Islamic Bank, Emirates NBD and Mashreqbank. The banks arranging the loan are also asking global […] August 14, 2022
Real Estate Qatar residential rents surge on higher World Cup demand Residential rents in Qatar accelerated in April and May 2022 as landlords took advantage of a spike in demand ahead of the FIFA World Cup, Cushman and Wakefield said in its Q2 property market report. Apartment rents increased on average 30 percent year-on-year in June 2022. “The surge in rent is based on a short-term […] August 12, 2022
Banking & Finance Saudi Arabia’s Maaden’s Q2 profit triples to $1.1bn Saudi Arabian Mining Co. (Maaden) reported Q2 2022 net profit more than tripled to SAR 4.03 billion ($1.07 billion) from SAR 1.10 billion in the year-earlier period on higher sales prices and increased production. Sales revenue stood at SAR 11.87 billion in Q2 2022 compared to SAR 6.10 billion in the prior period, the mining […] August 12, 2022
Energy Dubai utility DEWA’s Q2 profit up 37% on growing energy demand Dubai Electricity and Water Authority (DEWA) reported a net profit of AED 2.61 billion ($707.9 million), up 37 percent year-on-year, in the second quarter of 2022 on higher energy demand. Revenue rose 14 percent year-on-year to AED 7.01 billion during the three month period ended June 30, 2022. The utility provider’s first half of 2022 […] August 11, 2022
Tourism Oman’s hotel revenues surge 121.4% in H1 2022 Revenues of hotels in Oman surged 121.4 percent year-on-year to reach 83.36 million rials ($217 million) by the end of June 2022 year-on-year (YoY), state-owned Oman News Agency reported, citing the National Centre for Statistics and Information. The number of guests in the three and five-star hotel categories increased 44.6 percent YoY in the first […] August 10, 2022
Tech Snap eyes Qatar office to support local creators US social media firm Snap Inc. has signed a memorandum of understanding with Qatar’s Government Communications Office (GCO) to open a new office in Doha, expanding its footprint across the Middle East. This move is part of Snap’s efforts to work closely with local partners and businesses to grow the country’s digital landscape, GCO said […] August 10, 2022
Aviation Saudi PIF joins France’s Ardian to bid for Heathrow stake French private equity firm Ardian is looking at a possible joint proposal with Saudi Arabia’s Public Investment Fund (PIF) to buy Spainish firm Ferrovial’s 25 percent stake in London’s Heathrow, Reuters reported, citing informed sources. The sources said that Ardian has talked with its own advisers on a possible joint proposal with the Saudi sovereign […] August 10, 2022
Economy VAT contributes $896m to Oman’s state budget Value-added tax contributed nearly 345 million rials ($896 million) to Oman’s state budget, which reported a surplus of 784 million rials in first half of 2022, the Ministry of Finance said in its latest fiscal performance bulletin. Last year, VAT was introduced in Oman at a five percent rate under the GCC framework. Excise tax contributed 48 million rials. […] August 9, 2022
Banking & Finance German insurer Allianz weighs stake sale in Saudi subsidiary German insurer Allianz SE is weighing a sale of its Saudi Arabian unit, Bloomberg reported, citing people familiar with the matter. The German insurer is working with an adviser on the potential disposal of its controlling stake in Allianz Saudi Fransi Cooperative Insurance Co. Other insurers have expressed preliminary interest in acquiring the business. Deliberations […] August 9, 2022
