Energy Saudi Arabia sets rules for rollout of EV charging stations Saudi Arabia’s Ministry of Energy launched the regulations for the rollout of electric vehicle (EV) charging stations, according to a local media report. A team at the Ministry of Energy has completed work related to the legislative, organisational and technical aspects to regulating the EV charging market, Saudi Gazette newspaper reported, citing the ministry. The […] August 22, 2022
Banking & Finance UAE investment in Egypt up 169% to $1.9bn in first six months UAE investments into Egypt increased to $1.9 billion (AED 6.98 billion) during the first half of the fiscal year 2021-2022, rising 169 percent year-on-year, UAE state-owned news agency WAM reported, citing Egyptian government data. According to the Egyptian Central Agency for Public Mobilisation and Statistics (CAPMAS), the value of the trade between Egypt and the […] August 22, 2022
Economy Oman appoints UK investment attaché as part of new initiative Oman’s government plans to appoint commercial and investment attachés to a number of its embassies around the world, according to a local media report. The move is designed to enhance the country’s investment infrastructure, Oman Daily Observer reported, citing Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion. At the forum in […] August 21, 2022
Markets Abu Dhabi bourse tops Arab region in market value increase The Abu Dhabi Securities Exchange (ADX) was the top Arab financial market in terms of performance last week, as the index surged by 3.6 percent and its market value by 3.03 percent, according to the Arab Monetary Fund (AMF). In its weekly bulletin on Arab capital markets’ performance, the AMF noted that the market value […] August 21, 2022
Energy Aramco will complete Valvoline unit buyout by early 2023 Saudi Arabian Oil Company (Aramco) plans to complete the acquisition of Valvoline Global Products (VGP) by early 2023, Arab News reported, citing its downstream senior vice president Mohammed Y. Al-Qahtani. In August, the company signed a SAR 9.9 billion ($2.65 billion) equity purchase agreement to acquire the US-based company. Al-Qahtani said Aramco would expand its […] August 21, 2022
Banking & Finance PIF-backed real estate refinance firm to acquire $133m portfolio Saudi Real Estate Refinance Company (SRC), wholly owned by the Public Investment Fund, has signed an agreement with Riyad Bank to acquire SAR500 million ($133.13 million) worth of real estate financing portfolio. The agreement is the second largest mortgage refinancing deal in the kingdom, the company said in a statement. Fabrice Susini, CEO of SRC, […] August 19, 2022
Economy Arab countries to record 5.4% economic growth in 2022 Arab countries are expected to see a 5.4 percent in economic growth in 2022, up from about 3.5 percent in 2021, due to rising oil prices, an increase in crude production and the continuation of growth reforms, the Arab Monetary Fund (AMF) said in its latest report. However, economic growth in Arab countries is expected […] August 19, 2022
Tourism Ras Al Khaimah to add 57% more hotel rooms in next 5 years Ras Al Khaimah Tourism Development Authority (RAKTDA) aims to add 4,617 new hotel rooms over the next five years, a rise of 56.8 percent, CEO Raki Phillips said. The emirate currently now has more than 50 hotels, including 10 five-star hotels, nine four-star hotels, seven hotel apartments, and 24 other accredited accommodations, the CEO told […] August 19, 2022
Real Estate Apollo acquires $400m minority equity stake in Aldar subsidiary NYSE-listed Apollo Global Management’s investment vehicles acquired an 11.1 percent minority stake in Aldar Investment Properties, a subsidiary of Abu Dhabi-listed Aldar Properties, for $400 million (AED1.47 billion). The acquisition is part of Apollo’s previously announced $1.4 billion investment into Aldar’s transformational growth initiatives, UAE state-owned news agency WAM reported. The transaction involved issuing $400 […] August 18, 2022
Employment Big increase in UAE-based private sector employees The number of UAE-based private sector employees increased by nine percent in Q2, 2022, compared to the same period last year, the Ministry of Human Resources and Emiratisation (MoHRE) said in its private sector workforce report. The number of registered private sector employees reached 5.37 million by Q2 2022. Khalil Al Khoori, acting under-secretary for […] August 18, 2022
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
