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
Dubai plans to raise $1bn from IPO of Salik road toll system Dubai is planning to raise about $1 billion by selling shares in the city’s Salik road-toll collection system as early as next month, Bloomberg reported, citing people familiar with the matter. Salik has taken out a $1.1 billion loan from Dubai’s largest bank, Emirates NBD, to pay a special dividend to the government ahead of […] August 9, 2022
Economy Saudi reforms aim to attract $3.79 trillion in investment by 2030 Saudi Arabia has passed over 600 economic reforms designed to attract SAR 12.4 trillion ($3.3 trillion) of cumulative investment and SAR 1.8 trillion in foreign direct investment inflows between 2021 and 2030, Saad Al-Shahrani, acting deputy minister for investment promotion in the Ministry of Investment, told Arab News. The reforms are part of Saudi Vision […] August 9, 2022
Banking & Finance UAE’s Mubadala Capital to acquire Canadian logistics firm Mubadala Capital, the asset management subsidiary of Mubadala Investment Company, entered into an agreement to acquire Canada Cartage, a short-haul trucking and logistics firm, WAM, the UAE state news agency, reported. Canada Cartage currently operates through a network of 33 facilities across Canada. It has two business segments: dedicated transportation and logistics. Scotiabank is acting […] August 9, 2022
Banking & Finance Abu Dhabi wealth funds may invest in planned Porshe IPO Abu Dhabi’s sovereign wealth funds – Mubadala Investment Co. and ADQ – are likely to become anchor investors for the possible initial public offering (IPO) of Volkswagen-owned luxury carmaker Porsche, Bloomberg reported, citing informed sources. State-owned entities in other Gulf markets, including Saudi Arabia, are also being considered as potential investors in one of Europe’s […] August 8, 2022
Markets Kuwait’s Alghanim Industries mulls minority stake listing Kuwait-based Alghanim Industries’ executive chairman of Kutayba Y. Alghanim has announced plans to list a minority stake on Boursa Kuwait’s Premier Market, Kuwait Times reported. “I would like to announce my intention of exploring the possibility of publicly listing a minority interest of the Kutayba Alghanim Group (Alghanim Industries) on the Premier Market of Boursa Kuwait,” […] August 8, 2022
Tourism Dubai receives 7.1m tourists in first half of 2022 Dubai attracted 7.12 million international overnight visitors between January and June 2022, recording more than 183 percent year-on-year growth, UAE state news agency WAM reported, citing the latest data from Dubai’s Department of Economy and Tourism (DET). According to the DET data, the number of tourists received in H1 2022 was close to the numbers […] August 8, 2022
Construction Saudi Arabia completes work on longest water bridge on Red Sea The Red Sea Development Company (TRSDC), the developer behind the mega Red Sea project, has completed the construction of Shurayrah Bridge, the longest water bridge in Saudi Arabia, according to a local media report. The company celebrated the installation of the last concrete block, weighing 400 tonnes, in the construction of the bridge that is […] August 8, 2022
Energy Abu Dhabi’s Masdar to develop solar, wind projects in Tanzania Abu Dhabi’s Masdar has signed an agreement with Tanzania Electric Supply Company Ltd. (TANESCO) to develop renewable energy projects with a total capacity of up to two gigawatts (GW). Through a joint venture, the two companies are initially targeting the development of renewable energy projects with a capacity of about 600 megawatts (MW), starting with […] August 7, 2022
Saudi PIF-owned firm plans $29bn worth of water projects Saudi Arabia’s National Water Company (NWC) intends to tender 1,429 projects worth more than SAR108 billion ($28.80 billion), the state-owned utility services provider said in a statement. The announcement by NWC, which is owned by the Saudi sovereign wealth fund, Public Investment Fund (PIF), continued the company’s plans to develop water and environmental infrastructure projects […] August 7, 2022
Tourism Middle East air traffic takes off in June on global tourism revival Middle Eastern airlines reported a 246.5 percent year-on-year rise in passenger traffic in June 2022, driven by a continued recovery in international traffic, the International Air Transport Association (IATA) said in a new report. International revenue passenger per kilometres (RPKs) currently stands at 25 percent below its level in June 2019 for the regional airlines. […] August 6, 2022
Manufacturing UAE to invest $1b in Pakistan’s economic, investment sectors The UAE plans to invest $1 billion in Pakistani companies across various economic and investment sectors, UAE state-owned news agency WAM reported, citing an official source in Abu Dhabi. The move aims to explore new investment opportunities in projects across various sectors and expand bilateral economic relations. Additionally, it emphasises the keenness of the UAE […] August 6, 2022
Real Estate Egyptian developer launches $26m mixed-use project Egypt’s Golden Town Real Estate Development has launched the first phase of its EGP500 million ($26.14 million) mixed-used project, Cascada, in the New Administrative Capital. The expected total sales value is more than EGP750 million, the company said in a statement. The developer intends to invest within and outside the administrative capital, chairman Raafat Maher […] August 5, 2022
Energy Aramco partners with Chinese giant for projects in Saudi Saudi Arabian Oil Company (Aramco) on Wednesday signed an agreement with China Petroleum and Chemical Corporation (Sinopec) to develop projects in the kingdom, underscoring the strong investment links between the two countries. The Memorandum of Understanding (MoU) covered a number of areas including potential collaborations across upstream and downstream businesses, engineering and construction, oilfield services, […] August 4, 2022
Manufacturing Saudi-backed Lucid cuts 2022 EV output by half amid logistics woes US-based Lucid Group on Wednesday reduced its production outlook for electric vehicles (EVs) in 2022, citing supply chain and logistics challenges. In a statement, the company, which is 60 percent owned by the Saudi sovereign wealth fund, Public Investment Fund, expects to produce between 6,000 and 7,000 luxury electric vehicles this year, down from 12,000 […] August 4, 2022
Business of Sport Saudi Arabia bids to host Asian Winter Games in NEOM The Saudi Olympic and Paralympic Committee (SOPC) has officially submitted a letter of interest to the Olympic Council of Asia (OCA) to host the 10th Asian Winter Games in 2029 in TROJENA, NEOM’s global destination for mountain tourism. The letter included a brief introduction about the Saudi Vision 2030, which will support TROJENA to host […] August 4, 2022
Banking & Finance UAE’s Al Ansari Exchange mulls IPO early next year UAE-based foreign exchange and remittance firm Al Ansari Exchange plans to launch an initial public offering (IPO) early next year, Bloomberg reported, citing people familiar with the matter. The company has held initial talks with potential advisers about the Dubai listing, which may happen in the first quarter of 2023, the sources said. Nevertheless, details […] August 4, 2022
UAE’s Etihad confirms Airbus A350 freighter order European planemaker Airbus said that Abu Dhabi state-owned carrier Etihad Airways has confirmed seven new generation A350F freighters jets. The freighters will upgrade Etihad’s freight capacity by deploying the most efficient cargo aircraft available in the market, Airbus said in a press statement on August 4, 2022. This order of the A350F sees the UAE […] August 4, 2022
Banking & Finance Dubai’s TECOM profit jumps 55% in Q2 2022 on economic rebound Dubai business park operator TECOM Group reported a net profit of AED 237.7 million ($64.72 million) in the second quarter of 2022, up 54.5 percent, from AED153.9 million a year ago, thanks to buoyancy in the emirate’s economy and improving business sentiment. Revenues for the three-month period ending June 30, 2022, jumped 18.5 percent year-on-year […] August 3, 2022
Energy Aramco buys Valvoline unit for $2.6bn The Saudi Arabian Oil Company, better known as Aramco, has announced the signing of an equity purchase agreement to acquire the global products business of US-based Valvoline Inc for $2.65 billion. Valvoline Global Products (VGP) is an independent producer and distributor of premium branded automotive, commercial and industrial lubricants and automotive chemicals. Aramco said it […] August 2, 2022
