Sustainability Masdar achieves financial close on Uzbekistan’s $600m wind farm Abu Dhabi Future Energy Company (Masdar) has achieved financial close on the 500-megawatt (MW) Zarafshan wind project in Uzbekistan, WAM, the UAE state news agency, reported. Uzbekistan aims to derive 25 percent of its energy from renewable sources by 2026, said Uzbekistan’s deputy minister of investments and foreign trade Shukhrat Vafaev. European Bank for Reconstruction […] September 4, 2022
Energy Egypt aims to export electricity to Europe via Greece Egyptian President Abdel Fattah Al-Sisi discussed joint cooperation with the Greek energy and infrastructure firm Copelouzos Group to establish clean energy production and transmission projects to serve Egypt, Greece, African and European continents, Egypt Today reported. The cooperation consolidates Egypt’s position as a regional hub for energy trade, said Bassam Rady, official spokesperson for the Presidency […] September 4, 2022
Tourism Saudi Arabia to offer e-visas for GCC residents to promote tourism Saudi Arabia has issued new regulations that enable GCC residents to apply for an e-visa and allows residents of the UK, US, and European Union (EU) to apply for a visa on arrival, the tourism ministry said in a statement. Minister of Tourism Ahmed Al-Khateeb said the decision will make it quicker, easier and more […] September 2, 2022
Sustainability Omani firm to launch trading platform for recyclable wastes Oman’s solid waste services provider, Beeah, is working on a platform to facilitate auctions and trades in recyclable wastes, the Oman Daily Observer reported. The company, which is part of the state-owned Oman Investment Authority, said the initiative will help spur investments in recycling and value-adding ventures. The firm said the proposed trading platform will […] September 2, 2022
Construction Construction complete on $32m Sharjah waterfront project Construction work on the AED119 million ($32.40 million) Kalba Waterfront in the eastern region of Sharjah is 100 percent complete, state news agency WAM reported, citing the Sharjah Investment and Development Authority (Shurooq). Eagle Hills Sharjah Development, a joint venture between Shurooq and Eagle Hills, is a waterfront destination that is part of the Kalba eco-tourism project. […] September 2, 2022
Tourism Abu Dhabi-listed company to build hotel on Al Marjan Island Abu Dhabi National Hotels will acquire a land plot in Ras Al Khaimah’s Al Marjan Island to develop a hotel, the company said in a statement to Abu Dhabi Securities Exchange. The announcement comes as Ras Al Khaimah Tourism Development Authority (RAKTDA) aims to add 4,617 new hotel rooms over the next five years, a […] September 1, 2022
Economy Rising tax revenues helps shrink Tunisia’s H1 2022 budget deficit Tunisia’s budget deficit improved to TND470.8 million ($147.92 million) in H1 2022 from TND1.9 billion in the same period last year, state news agency TAP reported, citing the finance ministry. This lower deficit is mainly driven by higher budgetary resources, which grew to TND19.3 billion in June 2022 from TND15.8 billion in June 2021 as […] September 1, 2022
Markets Muscat-listed companies report 11% rise in Q2 profits to $468m Total net profit of Muscat Securities Market-listed company rose 11 percent year-on-year to OR180.3 million ($468.4 million) in Q2 2022, investment bank Kamco Invest said in a report. Profit of the banking sector – the biggest on the exchange by market cap – improved 11 percent year-on-year to $276.4 million. The utilities sector followed with […] September 1, 2022
Manufacturing Saudi to award Umm Ad Damar mining licence in November The Saudi Geological Survey has completed the pre-qualification phase to award the exploration license for the Umm Ad Damar mining project, CEO Abdullah Al-Shamrani told Arab News. “The project will go through different cycles, but by the end of November, we will see the winning company,” he said. Umm Ad Damar covers an estimated area […] September 1, 2022
Finance UAE bank deposits rise 2.5% to $569bn in June 2022 Total deposits in UAE banks increased by 2.5 percent to AED2.09 trillion ($569 billion) at the end of June 2022 from AED2.04 trillion at the end of May 2022, according to the Central Bank of the United Arab Emirates. The growth in total bank deposits was due to a 2.6 percent rise in resident deposits […] September 1, 2022
Economy Oman to generate $5bn from divestment plan in next five years State-owned Oman Investment Authority’s (OIA) recently unveiled divestment plan is likely to generate around OR1.9 billion ($5 billion) over the next five years, Oman Daily Observer reported. Officials shared the divestment plan details at an investment forum held recently in London, UK. The primary sector to be privatised is oil and gas, with total expected […] August 31, 2022
Energy South Korea in $2.2bn deal with Russia for Egypt nuclear plant South Korea signed a $2.2 billion deal with Russia’s state-owned Rosatom to provide buildings and components for a new Egyptian nuclear plant, Bloomberg reported. Korea Hydro and Nuclear Power Co. won a contract to supply buildings, equipment and materials for Egypt’s El Dabaa project, South Korea’s energy ministry said in a statement. The state-owned Korean […] August 31, 2022
Tourism UAE announces multiple-entry visa for Qatar World Cup fans The United Arab Emirates will grant multiple-entry visa for ‘Hayya’ cardholders attending the FIFA World Cup Qatar 2022, WAM, the state news agency, reported. All ‘Hayya’ cardholders can enter and stay in the UAE for 90 days from the visa issuance date, which can be extended for an additional 90 days. The one-time visa fee […] August 31, 2022
Finance Qatar Central Bank issues first licence for digital payments Qatar Central Bank has issued the first digital payment services licence to Ooredoo Money and iPay by Vodafone Qatar, the bank said in a tweet. This is an initial step to including all companies providing digital payment services under the central bank’s supervision. Last week, the bank launched the mobile payment service Google Pay, reiterating […] August 31, 2022
Empower reports 41.3% rise in buildings using district cooling Dubai-based Emirates Central Cooling Systems Corporation (Empower) reported a 41.3 percent growth in the number of buildings using its district cooling services over the last five years. The number of buildings reached 1,413 by the end of 2021, 13 percent higher year-on-year, the company said in a statement. In 2021, Empower’s district cooling market share […] August 30, 2022
Finance Egypt plans to issue $500m bonds in Chinese yuan Egypt is looking forward to issuing bonds in Chinese yuan worth more than $500 million, Egypt Today newspaper reported, citing Minister of Finance Mohamed Maait. The minister said that the country was ready to issue sovereign sukuks of $1.5 billion to $2 billion, adding that the international markets were not suitable at present in terms […] August 30, 2022
Finance Oman’s Islamic banking assets rise 9.6% to $16.1bn Total assets of Islamic banks and windows operating in Oman jumped by 9.6 percent year-on-year to OR 6.2 billion ($16.1 billion) in June 2022, Muscat Daily reported, citing Central Bank of Oman data. Islamic banking assets account for 15.9 percent of the country’s total banking system assets. An Islamic ‘window’ when a conventional financial institution […] August 30, 2022
Finance Saudi central bank’s assets hit highest level in five years Total assets of the Saudi Central Bank (SAMA) surpassed SAR2 trillion ($535 billion) in July 2022 for the first time since February 2017. The central bank’s assets rose by SAR19.5 billion during July to SAR2.01 trillion, registering a one percent month-on-month growth from SAR 1.99 trillion in June, according to data published by SAMA. Additionally, […] August 30, 2022
Parts of Expo City Dubai to open to visitors from September 1 Fans of Expo 2020 Dubai will be able to visit some of the event’s key features and pavilions from September 1, a month ahead of the official reopening of the site as a business and entertainment hub. The Government of Dubai Media Office announced on Monday that two of the site’s most popular pavilions, Alif […] August 29, 2022
Abu Dhabi funds in talks to invest in Indian edtech firm Abu Dhabi’s sovereign wealth funds are in active talks with an Indian edtech company to be part of a $400-$500 million proposed fundraising drive, the Economic Times newspaper reported, citing people close to the development. Abu Dhabi-based state holding company ADQ is already an investor in Think and Learn Private Ltd, which owns the Byju’s […] August 29, 2022
Economy Qatar’s trade balance surplus jumps 78% to $4.2bn Qatar’s trade balance surplus grew 78 percent year-over-year in July to QR 15.2 billion ($4.17 billion), the state-owned Qatar News Agency reported, citing official data. Preliminary figures showed that the total value of exports, including exports of goods of domestic origin and re-export, reached QR 44.4 billion, up 61.9 percent year-on-year, according to data released […] August 29, 2022
Economy Oman to offer tax waivers and incentives in renewable push Oman is studying offering tax waivers and other incentives to attract investments and localised manufacturing opportunities across the value chain of the new “green energy” industry, according to a local media report. Some of the proposed incentives were recently shared by a high-level delegation representing a key forum held in London, UK, Oman Daily Observer […] August 29, 2022
