Manufacturing Egypt set to begin pilot operations of world’s ‘largest’ spinning mill Egypt will start the pilot operation of a new spinning factory, dubbed “the world’s largest factory” by the government, in 2023, Ahram online news website reported, citing a statement by the Ministry of Public Business Sector. The factory, owned by the state-owned Masr Spinning and Weaving Company, is constructed over 64,000 square metres in the […] August 29, 2022
Markets Investment in Abu Dhabi shares by Emirati women rises 75% Emirati women have invested AED 34.6 billion ($9.42 billion) in Abu Dhabi stocks from the beginning of the year until mid-August, WAM, state news agency, reported, citing data from Abu Dhabi Securities Exchange. The bourse said that this represents a 74.7 percent growth over the corresponding period last year when their trading value was around […] August 29, 2022
Economy Oman registers nearly 50% surge in SMEs on support, incentives The number of small and medium-sized enterprises (SMEs) rose by 46.8 percent to reach 81,460 at the end of July 2022 year-on-year, the Times of Oman reported, citing the National Centre for Statistics and Information’s data. The current year has seen an increase in the registration of SMEs with the Authority for Small and Medium […] August 28, 2022
Finance Qatari bank says US dollar ‘safe haven’ amid geopolitical risks Qatar National Bank (QNB), the Gulf’s largest lender by assets, has described the US dollar as a “safe haven” instrument, especially in light of the geopolitical turbulence in Europe and Asia, the state-onwed Qatar News Agency reported, citing a weekly report by the lender. It predicted that the advanced economies would likely remain in a […] August 28, 2022
Tourism Saudi introduces multi-entry visas for Qatar World Cup 2022 fans Saudi Arabia’s Ministry of Foreign Affairs has introduced a new multi-entry visa for visitors holding the FIFA World Cup Qatar 2022 Hayya card. The ‘Hayya’ card is required for all World Cup attendees and provides entry into Qatar and the stadiums. Holders of the card can apply for the new Saudi visa online and book […] August 28, 2022
Saudi utility firm to pre-qualify bidders for water pipeline project State-owned utility services provider Saudi Water Partnerships Company (SWPC) has issued a request for proposals (RFPs) to pre-qualified bidders for the development of the Rayis-Rabigh Independent Water Transmission Pipeline (IWTP) project that will have a 500,000 cubic metre per day transmission capacity. The 150-kilometre long pipeline project is expected to be completed in the fourth […] August 28, 2022
Economy Qatar World Cup 2022 set to generate $6bn revenue FIFA estimates the World Cup 2022 in Qatar will generate revenue of around $6 billion, the event’s chief executive officer Nasser Al Khater told the Qatar News Agency. The FIFA World Cup Qatar 2022 CEO said ticket sales have been strong, with Mexico vs. Argentina and Saudi Arabia vs. Argentina the top sellers. The second […] August 26, 2022
Economy Saudi Arabia plans to invest $1bn in Pakistan Saudi Arabia plans to invest $1 billion in Pakistan, Saudi state TV reported on Thursday. King Salman bin Abdulaziz had given the directive for the kingdom to support the Pakistani economy, Reuters reported, citing state TV. UAE to invest $1b in Pakistan’s economic, investment sectors Earlier this month, Bloomberg reported that the kingdom plans to […] August 26, 2022
Manufacturing UAE-based steel company plans expansion in Asia and Africa UAE-based Emirates Steel Arkan is considering expanding into new markets in Asia and Africa, chief executive officer Saeed Ghumran Al Remeithi told WAM, the UAE state news agency. He said the group was aiming to increase the number of its export markets to 60 by the end of the first half of 2022, compared with […] August 26, 2022
Construction Four global firms shortlisted for $2bn Egyptian chemical complex Egyptian industrial developer Anchorage Investments has shortlisted four international contractors in the second phase of the engineering, procurement, and construction (EPC) bid for the $2 billion Anchor Benitoite project, Daily News Egypt reported. The project comprises a chemicals complex that will be built in the industrial zone of the General Authority for the Suez Canal […] August 25, 2022
Real Estate Saudi’s Rua Al Madinah project to add 47,000 hotel rooms by 2030 Saudi Arabia’s Crown Prince Mohammed bin Salman has launched the infrastructure works and master plan for the Rua Al Madinah project, the state-owned Saudi Press Agency (SPA) reported. The project will cover 1.5 million square metres of land east of the Prophet’s Mosque, adding over 47,000 hotel rooms by 2030. Almost 83,000 square metres of […] August 25, 2022
Energy Kuwait increases oil output to ensure market stability Kuwait has increased its crude oil production to match its 2.811 million barrels per day quota under the OPEC+ agreement, state news agency KUNA reported citing Dr. Mohammad Al Faris, Kuwait Deputy Prime Minister and Minister of Oil. The increased production follows announcements made by Kuwait Petroleum Corporation that it is bringing on line investments […] August 25, 2022
Construction Aldar to start work on $313m new housing project in Q1 2023 Abu Dhabi-listed Aldar Properties has launched Yas Park Gate, its latest gated community, next to Yas Park, Abu Dhabi. The AED 1.15 billion ($313 million) residential development, which is part of the second phase of North Yas, will house 508 new homes over 255,000 square metres. Construction of Yas Park Gate is due to begin […] August 25, 2022
Sustainability Sharjah bans single-use plastic bags from January 2024 Sharjah will ban single-use plastic bags and materials in Sharjah as of January 1, 2024, WAM, the UAE state news agency, reported. The Sharjah Executive Council’s decision aims to protect the environment from the dangers of plastic pollution and reduce the negative effects resulting from harmful practices. It will help organise the shift from the […] August 24, 2022
Economy Remittances from Egyptian expats rises 1.6% to $31.9bn Remittances from Egyptian workers abroad in the financial year 2021/2022 rose 1.6 percent year-on-year to $31.9 billion, according to the Central Bank of Egypt (CBE). This is compared to $31.4 billion sent home by Egyptians working overseas in the fiscal year 2020/2021, and $27.8 billion in 2021/2022, the Egypt Independent newspaper reported. The fiscal year […] August 24, 2022
Energy Oman puts partial privatisation of power distribution firm on hold The proposed partial privatisation of Oman’s power distribution provider, Muscat Electricity Distribution Company (MEDC), is currently on hold pending a review of options for the broader restructuring of the country’s distribution companies, according to a local media report. The decision to hold the intended privatisation came from the Authority for Public Services Regulation, Hamdan Al […] August 24, 2022
Energy Qatar awards contract for two utility-scale solar power plants Qatar Energy’s wholly owned subsidiary, QatarEnergy Renewable Solutions, has awarded an engineering, procurement and construction (EPC) contract for its industrial cities (IC) solar power project to South Korea’s Samsung C&T, the company said in a statement. The QR 2.3 billion ($632 million) solar project consists of two large-scale photovoltaic (PV) solar power plants with a […] August 24, 2022
Economy UAE exports to Spain up 32% in Q1 2022 UAE bilateral trade with Spain is bouncing back to pre-pandemic levels with Spanish exports to the UAE projected to grow eight percent this year, a top Spanish diplomat told WAM, the UAE state news agency. Imports from the UAE to Spain are also growing and the first quarter of 2022 already witnessed a 32 percent […] August 24, 2022
Energy Aldar says retrofit project to save $11m per year in energy costs Abu Dhabi-listed Aldar Properties’ retrofit project will save AED 40 million ($10.89 million) per year in energy consumption costs, with the developer reporting it reduced energy consumption by 20 percent in 2021. In its 2021 Sustainability Report, the company said that the group’s retrofit project is the largest of its kind in the UAE and […] August 24, 2022
Employment Kuwait laying off 750,000 Egyptian workers Kuwait has announced it will lay off 250,000 Egyptian workers next month and suspend all contracts with non-nationals. Some 500,000 further Egyptian workers will lose their jobs over the next year as the Gulf country seeks to remove all expatriate workers across sectors, according to Middle East Monitor. Egyptians make up around 24 per cent […] August 23, 2022
Finance UAE’s Al Ansari Exchange picks banks for Dubai IPO UAE-based foreign exchange and remittance firm Al Ansari Exchange has picked EFG-Hermes and Emirates NBD Bank to lead its planned initial public offering (IPO) in Dubai, Bloomberg reported, citing people familiar with the matter. The money-exchange firm is likely to list in the first quarter of 2023. Preparations for the IPO are ongoing and details […] August 23, 2022
Manufacturing Turkish automotive output climbs 37.4% in July Production in Turkey’s automotive sector jumped 37.4 percent year-on-year in July to 93,659 vehicles, with exports climbing 16.2 percent to 59,596, the Automotive Manufacturers Association (OSD) said. Total automotive production rose five percent year-on-year in the first seven months of the year to 742,969 vehicles, while exports were up 2.7 percent to 526,601, the association […] August 22, 2022
