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Pramod Kumar

Pramod Kumar
Company executives laying the foundation stone for the new frozen fries factory in Riyadh

Americana to invest $100m in Saudi French fries factory

A subsidiary of fast-food brand operator Americana will invest SAR375 million ($100 million) in a greenfield frozen French fries manufacturing plant in Riyadh. The new processing factory will be set up in Sudair Industrial and Business City as a collaboration between Agricultural Growth and Processing Company, an Americana unit, and Egypt-based potato processing company Farm […]

The Iraqi cabinet approved the plan to roll out a 5G network in October 2023

Vodafone gets licence to operate Iraq’s 5G network

The Iraqi cabinet has approved a licence for Vodafone Global Telecommunications to operate the country’s first 5G network. The cabinet directed the ministry of communications to proceed with the project, state-run Iraq News Agency (INA) reported, citing a statement by the prime minister’s media office. Vodafone said it was discussing a role as an advisor in […]

Saudi Arabia is currently importing much of its copper to meets its annual demand of 365,000 mtpa

Saudi Arabia secures $9bn to unlock mining potential  

Saudi Arabia has announced investment agreements with global mining companies worth SAR35 billion ($9.32 billion), as the country seeks to capitalise on its estimated $1.3 trillion worth of untapped mineral resources. India-based Vedanta will build SAR7.5 billion copper facilities at Ras Al Khair Industrial City, including a greenfield smelter and refinery with a capacity of […]

A mother and daughter leave their destroyed house in Amizmiz, Morocco. The EU is to increase its total earthquake aid to €1bn

Morocco gets $200m loan from EU for quake recovery

The European Union (EU) will provide a €190 million ($200 million) loan for reconstructing and rehabilitating earthquake-hit areas in Morocco. The funding will prioritise rebuilding homes, restoring essential public services such as healthcare and education, and reviving local economies, Morocco World News reported. The earthquake, which struck in September 2023, was the strongest in Morocco’s […]

The UAE's construction sector remains a key economic driver, underpinned by continued government investment in major infrastructure projects

UAE’s non-oil economy to grow nearly 5% in 2024

The UAE’s non-oil economy is projected to grow by 4.7 percent in 2024, thanks to economic diversification and fiscal surpluses that help overcome global challenges, a senior executive of UBS Global Wealth Management has said. The non-oil sector is heading towards sustainable growth, supported by a booming tourism and real estate sectors, increased government spending […]

Mubadala Capital's investment in CI Financial intends to supports its expansion in the US

Mubadala Capital’s $8.7bn bid to privatise CI Financial

Mubadala Capital, the Abu Dhabi-based alternative asset manager, has made an all-cash offer of C$12.1 billion ($8.66 billion) to privatise CI Financial, a Canadian asset and wealth manager. As part of the agreement, all issued and outstanding shares of CI will be acquired for C$32 per share in cash, except for shares held by senior management […]

Neom's Treyam project. Moody's estimates that spending by the government and PIF will continue to exceed 20% of non-hydrocarbon GDP

Saudi ratings upgraded on continued economic reforms

Ratings agency Moody’s has upgraded Saudi Arabia’s credit rating on the back of the kingdom’s continued progress in economic diversification, which is likely to be sustained. The Gulf state’s long-term local and foreign currency issuer and senior unsecured ratings were upgraded to “Aa3” from “A1”. In addition, the local and foreign currency medium-term note programme […]

A 5G antenna in New York. Mavenir is collaborating with investment bank Evercore on discussions with Aramco Digital

Aramco unit seeks $1bn stake in US telecom software maker 

Aramco Digital, the wholly owned technology arm of Saudi Aramco, plans to invest $1 billion in Mavenir, a US-based telecom service provider, as part of its strategic push into the telecommunications sector. The Saudi investment is expected to secure a “significant minority” stake in Mavenir, valuing the US company at $3 billion, sources familiar with […]

QatarEnergy will acquire an additional 5.25 percent and 4.7 percent interest in two blocks in Namibia's Orange Basin

QatarEnergy ups stakes in Namibia offshore blocks

QatarEnergy has signed an agreement with France’s TotalEnergies to acquire additional stakes in two exploration blocks in the Orange Basin, off Namibia. The state-backed gas giant will acquire an additional 5.25 percent interest in block 2913B and another 4.7 percent interest in block 2912. QatarEnergy’s interests in both licenses will increase to 35.25 percent in […]

GFH's student housing assets in the United States are 99 percent occupied

Bahrain’s GFH buys $300m US student housing assets

GFH Partners, the DIFC-based asset management arm of Bahrain-based GFH Financial Group, has acquired student housing in the United States valued at $300 million. The assets have been added to GFH Partners’ US student housing platform, which now has more than 5,500 beds and assets under management worth $900 million. The assets are 99 percent […]

An impression of Wynn Al Marjan Island resort in Ras Al Khaimah, which is slated to open in early 2027

Ras Al Khaimah’s economy to expand until 2027

Ras Al Khaimah’s (RAK) economy is projected to expand by an average 4.2 percent annually until 2027, driven by strong tourism, real estate, manufacturing, and mining performances, S&P Global said. “We forecast GDP per capita levels to strengthen to about $32,800 by 2027, compared with an estimated $30,000 in 2024,” the rating agency said. This […]

Clothing, Hardhat, Helmet

Adnoc looks at increased stake sale in gas subsidiary

UAE oil major Abu Dhabi National Oil Company (Adnoc) intends to sell an additional 3 to 5 percent of Adnoc Gas, according to a news report. A 5 percent stake sale may raise AED12.9 billion ($3.5 billion) based on Friday’s share price of AED3.48 on the Abu Dhabi Securities Exchange (ADX), Reuters reported citing informed […]

A Beko manufacturing plant. The company said Italian operations were financially unsustainable, with factory utilisation rates falling below 40 percent

Turkey’s Beko to cut jobs in Italy over underperformance

Beko, a Turkish white goods and electronic brand owned by manufacturer Arcelik, is to reduce its workforce in Italy by nearly half amid mounting industry challenges and financial underperformance. The company will lay off 1,935 of 4,440 employees, Reuters reported, citing a statement issued by Italy’s industry ministry, the FIM, FIOM, UILM and UGLM trade […]

Egypt's inflation is projected to ease significantly in the first quarter of 2025

Egypt’s central bank keeps key rates steady

The Central Bank of Egypt has kept its key interest rates steady as economic growth remains below potential. The lending rate was unchanged at 28.25 percent, while the deposit rate remained at 27.25 percent, the monetary policy committee (MPC) said in a statement. “Projections for Q4 2024 show that while economic activity continues to pick […]

Maaden aims to expand its operations tenfold compared to 2020, underpinned by a 10-year investment strategy

Saudi Arabia’s Ma’aden seeks $1bn private sector investment

Saudi Arabian Mining Company (Ma’aden) is offering upwards of 52 investment opportunities worth SAR4 billion ($1 billion) to boost private sector participation, a senior executive has said. Investments worth SAR1.3 billion are already in the implementation phase, Abdullah Al Osaimi, senior vice president, procurement and business support, told CNBC Arabia. Ma’aden, Saudi Arabia’s largest miner, […]

People, Person, Adult The agreement between AD Ports and SC Zone in Egypt will enable strategic infrastructure projects in the Mediterranean Sea region

AD Ports explores building new economic zone in Egypt

AD Ports Group is exploring opportunities with the Egyptian government to build, operate and transfer an economic zone in East Port Said. As part of a framework agreement, the UAE port operator and the Suez Canal Economic Zone (SC Zone) will explore the building, operation, and transfer of the East Port Said Industrial Zone near […]

Lulu's revenue rose to $1.86bn, driven by strong sales performances in the UAE, Saudi Arabia and Kuwait

Lulu Q3 profit rises 126% as revenue hits $1.9bn

Lulu Retail Holdings, the largest grocery retailer in the GCC, reported a 126 percent year-on-year increase in net profit to $35.1 million in the third quarter of 2024. The company cited improved operating profit and cost management for the rise. Revenue rose to $1.86 billion, up 6 percent on last year, driven by a strong […]

Egypt, which recently became a net importer of LNG, has purchased dozens of cargoes this year

Egypt seeks long-term LNG deals as energy demand soars

Egypt is holding talks with global energy companies about securing long-term liquefied natural gas (LNG) supply contracts to meet growing power demands. “The ministry (of Petroleum) is seeking three or four years of supply to hedge from sudden price increases,” an unnamed source told Reuters. The country, which recently became a net importer of LNG, […]

Diriyah Company CEO Jerry Inzerillo said that Diriyah will once more become "a gathering place for the world"

Saudi’s Diriyah adds cultural districts to $63bn plan

Diriyah Company, backed by Saudi Arabia’s Public Investment Fund, has started construction on multi-billion dollar educational and arts districts in the $63.2 billion giga-project. Spanning an area of 14 sq km, the “world’s biggest urban development projects” will house the Qurain Cultural District and Northern District. The Qurain Cultural District will include a range of arts, […]

Cresta has nearly quadrupled its annual recurring revenue and almost doubled its customer base in the last two years

QIA leads $125m funding round for AI startup Cresta

Qatar Investment Authority (QIA) has led the new $125 million funding round for Cresta, a US-based generative artificial intelligence (AI) platform for contact centres. The series D round included World Innovation Lab, Accenture, Comcast Ventures, EnvisionX, LG Ventures, Qualcomm, Scan Health and Workday Ventures. The round included returning investors Andreessen Horowitz, Greylock Partners, J.P. Morgan, Sequoia […]

Turkey will not sell stakes in state energy companies to a single private company or consortium, the energy minister said

Turkey targets IPOs for state energy companies

Turkey is preparing to launch initial public offerings (IPOs) for its state-run energy companies to enhance their institutional structures, energy minister Alparslan Bayraktar has said. The companies include electricity transmission operator Teias, electricity producer EUAS, gas grid operator Botas, and oil and gas company TPAO, Reuters reported, citing the minister’s briefing to a parliamentary commission. […]

The Sasref expansion, located in Jubail Industrial City in the Eastern Province, is currently in the pre-feed stage

Saudi Aramco to begin Sasref refinery expansion

Saudi Aramco has signed a development framework agreement to begin the expansion of the Sasref refinery in Jubail, Saudi Arabia. A tripartite pact was signed with Saudi Aramco, Saudi Aramco Jubail Refinery Company (Sasref), and an affiliate of Rongsheng Petrochemical Co. The agreement outlines the design and development of the project and underscores Aramco’s plans to partner […]