Manufacturing Oman’s copper-gold project to be commissioned in April 2023 Oman’s Al Washihi Majaza copper-gold project is on track for commissioning in April 2023, the Oman Daily Observer reported, citing site developer Al Hadeetha Resources. Australian mining firm Alara Resources Limited, which holds a 51 percent stake in the Al Hadeetha Resources joint venture, recently said that key hardware pieces had arrived at the project […] September 12, 2022
Energy DEWA shareholders set to vote on $844m dividend Dubai-listed Dubai Electricity and Water Authority PJSC (DEWA) shareholders will vote on the board’s recommendation for a cash dividend of AED 3.1 billion ($843.97 million) for the first half of 2022, WAM, the UAE state news agency, reported. The proposed dividend will be paid to eligible shareholders in October. The assembly, which will be held […] September 12, 2022
Agriculture Morocco’s farming exports rise 13%, despite drought challenges Morocco’s Ministry of Agriculture and Fisheries has said that the volume of its exports increased by 13 percent in 2021-2022, with tomatoes and berries rising by 19 percent and 18 percent, respectively, according to a local newspaper. Despite the difficult international circumstances, the exports of market garden crops have registered good performances during the 2021-2022 […] September 12, 2022
Construction Building permits up 43% from last year in Qatar Qatar recorded a 43 percent year-on-year increase in the number of building permits issued by various municipalities in August 2022, reaching 784 licenses, the state-owned Qatar News Agency reported, citing the Planning and Statistics Authority. New building permits (residential and non-residential) accounted for 43 percent, or 337 licenses, of the total building permits issued last […] September 12, 2022
Energy UAE companies to acquire stakes in Uzbekistan’s power plants Mubadala Investment Company (Mubadala) and Abu Dhabi National Energy Company (TAQA) have signed agreements to invest in the privatisation of two gas-fired power generation plants in the Talimarjan power complex in Uzbekistan, WAM, the UAE state news agency, reported. The binding agreements will see Mubadala and TAQA each acquire a 40 percent stake in two […] September 11, 2022
Markets Saudi Arabia’s bourse generates over $4bn from IPOs in H1 2022 The Saudi Exchange (Tadawul) have raised SAR 15.2 billion ($4.04 billion) in the first half of 2022 through initial public offerings (IPOs), Arab News reported. The bourse saw 10 listings and nine offerings from existing listed companies, generating SAR 10.7 billion. Nahdi Medical Company was the biggest on the IPO list, garnering a collection of […] September 11, 2022
Economy Oman posts $2.65bn July budget surplus, as revenue rises 53% Oman’s general budget posted a surplus of OR 1.019 billion ($2.65 billion) by the end of July 202, compared to a deficit during the same period in 2021, state-owned Oman News Agency reported, citing a Ministry of Finance report. Public revenue reached OR 8.003 billion, increasing 53.5 percent year-on-year by July-end due to an increase […] September 9, 2022
Lifestyle Middle East royals and leaders pay tribute to Queen Elizabeth II Middle East royals and leaders have paid tribute to Britain’s Queen Elizabeth II, who died on Thursday 8 September at the age of 96. Her eldest son Charles, the 73-year-old former Prince of Wales, was immediately declared King Charles III following the announcement of her death by Buckingham Palace. The world mourns Queen Elizabeth II: […] September 9, 2022
Retail $1,088 iPhone 14 available on pre-order in UAE and KSA from Friday Pre-orders for the newly-launched iPhone 14, iPhone 14 Plus and iPhone 14 Pro will start tomorrow (Friday, September 9) in the UAE, according to the Apple website. The standard and Pro versions will be available in the local market from September 19, while the delivery of the Plus variant will start from October 7. According […] September 8, 2022
Real Estate Saudi Arabia’s housing loans hit $170bn in Q2 2022 Mortgage loans to individuals and corporates by commercial banks in Saudi Arabia grew to SAR 638 billion ($170 billion) in Q2 2022, from SAR 211 billion in 2017, Arab News reported, citing Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail. The ambition is to make the kingdom top the world in the mortgage […] September 8, 2022
Aviation Turkish Airlines to add more flights to UAE as demand surges Flag carrier Turkish Airlines plans to increase flight frequencies to and from the UAE to boost connectivity amid higher customer demand. The number of flights from Istanbul to Abu Dhabi, Dubai and Sharjah will increase, offering more flexibility to customers, the airline said in a statement. Currently, Turkish Airlines has three daily flights from Dubai […] September 8, 2022
Economy Saudi Q2 GDP rises 12.2% amid high crude prices Saudi Arabia’s real gross domestic product rose 12.2 percent in the second quarter of 2022 year-on-year amid rising oil prices, according to the General Authority for Statistics. The second quarter growth figure beat the government’s flash estimate of 11.8 percent growth issued at the end of July. The economy grew 2.2 percent compared to the […] September 7, 2022
Lifestyle Justin Bieber puts world tour on hold, including Dubai concerts Pop singer Justin Bieber’s Dubai concerts next month look unlikely to go ahead after the Canadian performer announced he was taking a break from his rescheduled Justice World Tour due to mental and physical health issues. Although no official statement has been issued yet on the Dubai shows, the two concerts were scheduled on October […] September 7, 2022
Economy Oman to open up new sectors as it targets $29bn investments New investment opportunities will be offered in food security, health, culture and sports sectors by next month, the Oman Daily Observer reported. The investment opportunities are part of the estimated OR 11 billion ($28.57 billion) in total investment, which is being offered to local and international players over the 2021-2025 period, said Aisha Al Saifi, […] September 7, 2022
Finance Saudi wealth fund set to close $11bn refinance deal Saudi Arabia’s Public Investment Fund (PIF) will refinance an $11 billion loan and significantly increase the borrowing size, Bloomberg reported, citing people familiar with the matter. The sovereign wealth fund will use a significant portion of the loan to refinance debt maturing next year. The final terms are yet to be decided, the report said. […] September 7, 2022
Economy Tunisia’s annual inflation rises to 8.6% in August 2022 Tunisia’s annual inflation jumped to 8.6 percent in August 2022 from 8.2 percent in July 2022, Agence Tunis Afrique Presse reported, citing the National Statistics Institute. Food prices went up 11.9 percent in August year-on-year, mainly due to the price rise of eggs, poultry, edible oils, fresh fruits and vegetables. The core inflation rate, excluding […] September 6, 2022
Energy UAE’s ADNOC awards $548m contract for gas line Abu Dhabi National Oil Company (ADNOC) has awarded a $548 million (AED 2.01 billion) contract to build a new main gas line at its Lower Zakum field offshore of Abu Dhabi. The award will increase the Lower Zakum field’s gas production capacity from 430 million to 700 million standard cubic feet per day (MMSCFD), according […] September 6, 2022
Markets Salik confirms Dubai listing, retail offering starts this month Salik Company, Dubai’s toll gate operator, announced its intention to proceed with an initial public offering (IPO) on the Dubai Financial Market (DFM). A total of 1.5 billion shares, each with a nominal value of AED 0.01, will be offered, representing 20 percent of Salik’s total issued share capital, WAM, the UAE state news agency, […] September 6, 2022
Agriculture Saudi Arabia plans to invest $24bn to support local economy Saudi Arabia will invest SAR 91 billion ($24.20 billion) to develop the domestic economy, Arab News reported, citing Abdulrahman Al-Fadhli, Minister of Environment, Water and Agriculture. The agriculture sector contributed SAR 72 billion, or 2.3 percent, to the kingdom’s gross domestic product last year, the minister said, adding that the 2022 development fund for the […] September 6, 2022
Finance Saudi Arabia hires new head for digital currency programme Saudi Central Bank (SAMA) has appointed Mohsen Al-Zahrani to head its digital currency programme, Bloomberg reported. The kingdom had taken a conservative approach on virtual assets until now, given their speculative nature, the report quoted unnamed sources as saying. Neightbouring Gulf state, the United Arab Emirates, has taken the lead to become a global crypto […] September 5, 2022
Real Estate PIF launches digital platform for Saudi Arabia’s real estate sector Saudi Arabia’s Public Investment Fund (PIF) has launched the National Real Estate Registration Services Company (RER), a new digital platform which aims to develop the kingdom’s local real estate sector. The platform will be developed in cooperation with the Real Estate General Authority, and other government entities, the sovereign wealth fund said in a statement. […] September 5, 2022
Aldar Properties acquires security services provider for $34m Abu Dhabi-listed Aldar Properties has acquired Spark Security Services, a UAE-based security services provider, for AED 125 million ($34.03 million). The all-cash transaction strengthens the UAE developer’s property and integrated facilities management platform, WAM, the UAE state news agency, reported. These security services will add significant value to Aldar’s AED 23 billion ($6.3 billion) portfolio […] September 4, 2022
