Renewable Energy Green hydrogen project in Oman expects $8bn investment The HyDuqm green hydrogen project in Oman, led by a consortium of France’s Engie and South Korea’s Posco, expects to attract $7 billion to $8 billion in investment to reach full capacity, a news report has revealed. The consortium has secured a 340 sq km block in Duqm on the coast in central Oman. The […] March 3, 2025
Transport Parkin proposes $77m dividend for second half 2024 Parkin, the Dubai government’s parking management company, plans to pay a final dividend of AED281 million ($77 million) for the second half of 2024, the company said in a statement. The dividend payout is subject to shareholders’ approval at the annual general meeting planned by March-end. An interim dividend of AED199 million was paid by […] February 28, 2025
Aviation Flynas secures $132m to acquire 3 A320neo aircraft Saudi low-cost carrier Flynas has secured a sharia-compliant loan of SAR495 million ($132 million) to acquire three Airbus A320neo aircraft, the airline said in a statement. The funding has been provided by Bank AlJazira, which trades on the Saudi stock exchange, the statement said. The new aircraft are expected to support Flynas’s network coverage, improve operational […] February 28, 2025
Markets Umm Al Qura IPO order book hits $126bn The institutional offering of Umm Al Qura for Development and Construction (Umm Al Qura), the developer of SAR100 billion ($26.7 billion) Masar, a mixed-use project in Mecca, was oversubscribed 241 times, according to a statement. The company, which is backed by the state-run General Organization for Social Insurance (Gosi) and Public Investment Fund (PIF), will raise […] February 28, 2025
Transport Morocco to get double-decker trains ahead of World Cup Hyundai Rotem, South Korea’s railway rolling-stock maker, will supply double-decker trains to Morocco’s state-backed National Railway Office (ONCF), as the country prepares to co-host the football World Cup in 2030. The contract, valued at MAD15 billion ($1.5 billion), will support the modernisation of the country’s rail network. The new trains are designed to reach speeds of […] February 27, 2025
Economy Egypt unveils sizeable social package with wage hike Egypt will increase minimum wages for public sector employees to EGP7,000 ($139) per month starting in July, aligning with a similar hike for the private sector this month, according to local media. The wage increase is part of the EGP200 billion ($4 billion) social support package unveiled by Prime Minister Mostafa Madbouly, the local media reported. […] February 27, 2025
Manufacturing PIF weighs investment in Boeing’s Italian parts maker Saudi Arabia’s Public Investment Fund (PIF) is holding talks about investing in the aerostructures unit of Italian defence company Leonardo, a news report said. The talks are at an early stage with no agreement guaranteed, Bloomberg reported. The investment could lead to the Italian company building a civil aviation manufacturing plant in Saudi Arabia, the […] February 27, 2025
Aviation Qatar Airways gets nod to buy 25% of Virgin Australia The Australian government has cleared an offer by state-backed Qatar Airways to acquire a minority 25 percent stake in Virgin Australia from Bain Capital, a US private equity company, the companies said in a statement. The Gulf carrier made the offer to buy the stake in October, but the Australian transport minister, Catherine King, rejected […] February 27, 2025
Petrochemicals Aramco-owned Sabic turns $400m profit in 2024 Saudi Basic Industries Corporation, a listed petrochemicals company that is 70 percent owned by Saudi Aramco, turned a profit last year after losing money in 2023. Sabic’s profit was SAR1.5 billion ($400 million) in 2024, compared with a loss of SAR2.8 billion in 2023. Annual revenue fell 1 percent to SAR140 billion and sales volumes […] February 26, 2025
Telecoms STC to pay special 2024 dividend as profit grows Saudi Telecom Company (STC), which trades on the Saudi stock exchange, has recommended a special dividend payout of nearly SAR10 billion ($2.7 billion) for 2024. That is over and above its fourth-quarter 2024 dividend of almost SAR3 billion. The special dividend announcement follows a near doubling in STC’s 2024 net profit to SAR25 billion. Revenue rose […] February 26, 2025
Retail Multiply Group targets Europe with Tendam stake buyout Abu Dhabi-listed Multiply Group will acquire a 68 percent stake in Spanish fashion retailer Tendam as part of its global expansion strategy, the investment holding company said in a statement. The stake was purchased from private equity funds CVC and PAI Partners, who will remain minority shareholders in Tendam, which owns the Cortefiel, Women’s Secret, Milano […] February 26, 2025
Tourism Egypt bets on $1bn Grand Museum to boost tourism Egypt’s tourism sector will get a major boost with the opening of a $1 billion antiquities museum following decades of development. The Grand Egyptian Museum, which is located nearly 2km from the Giza Pyramids, will open on July 3, Bloomberg reported, quoting prime minister Mostafa Madbouly. The museum, construction of which started in 2005, is expected […] February 26, 2025
Telecoms UAE telco e& earns $1bn from Khazna stake sale UAE telecommunications company e&, formerly known as Etisalat, will divest its 40 percent stake in Khazna Data Center Holdings for AED8 billion ($2.2 billion) to Abu Dhabi technology group G42, the telco said in a statement to the Abu Dhabi bourse on Tuesday. The deal will generate a capital gain of AED5.1 billion ($1.4 billion) before federal […] February 26, 2025
Economy Expat remittances to Egypt up by a half to $30bn in 2024 Expatriate remittances to Egypt, a critical source of foreign exchange, jumped 52 percent year on year to $30 billion in 2024, according to the central bank. The surge was driven by economic reforms introduced in March 2024 and the flexible exchange rate regime, the government-run State Information Service reported. Remittances rose to $3.2 billion in […] February 25, 2025
Finance UAE commits $40bn to support Italy’s economy The UAE has committed to invest $40 billion in core sectors of the Italian economy, as the countries advance towards a comprehensive strategic partnership agreement (Cepa), the two nations said in a joint statement. More than 40 new agreements were signed across priority areas such as defence, energy, sustainable energy, and energy transition and space […] February 25, 2025
Banking & Finance Emirates NBD buys outstanding shares to delist EIB Emirates NBD, Dubai’s largest bank by assets, will delist Emirates Islamic Bank (EIB) from the Dubai Financial Market (DFM) after acquiring 100 percent of the sharia-complaint lender, according to a statement. Emirates NBD has made a mandatory cash offer to buy the remaining 0.11 percent stake (free float) in EIB for AED11.95 ($3.25) per share […] February 25, 2025
Manufacturing PIF unit to manufacture lifts in Saudi Arabia Alat, a Public Investment Fund-backed manufacturing company, is setting up a €160 million ($168 million) joint venture with Germany’s TK Elevator to manufacture lifts and escalators in Saudi Arabia, the German company said in a statement. Alat, which was launched in February last year by Saudi Crown Prince Mohammed bin Salman, has acquired a 15 percent stake in […] February 25, 2025
Renewable Energy Amea Power to build battery storage facilities in Egypt The UAE renewable energy company Amea Power has signed an agreement with the state-run Egyptian Electricity Transmission Company to develop two battery storage facilities with a total capacity of up to 1,500 megawatt-hours (MWh). The project involves a 1,000 MWh station at Benban in the far south of Egypt and a 500 MWh facility at […] February 24, 2025
Agriculture PIF-owned Salic pays $1.8bn to up stake in Olam Agri Saudi Agricultural and Livestock Investment Company (Salic) will acquire a 45 percent stake in Olam Agri Holdings for $1.8 billion, the Singapore-based company said in a statement. The transaction values Olam Agri at $4 billion, higher than the $3.5bn put on the company in November last year when Salic, a Public Investment Fund (PIF) subsidiary, […] February 24, 2025
Sustainability Oman set to start plastic recycling plant this year Oman is likely to start operations at its biggest plastic recycling plant in the third quarter of 2025, according to a news report. The project, located close to Sohar Port, will have a processing capacity of 200 metric tonnes per day, the Oman Daily Observer reported. The volume of recyclable waste, including plastics, produced in […] February 23, 2025
Aviation Emirates explores more China destinations Emirates intends to fly to more cities in China this year. The airline plans to start daily flights to Shenzhen using Boeing’s widebody 777 jets by mid-year, Bloomberg said, citing informed sources. The launch date has been postponed multiple times due to delivery delays from Boeing and Airbus and a retrofit programme, the sources said. In addition, […] February 23, 2025
Banking & Finance UAE’s Mashreq to operate digital retail bank in Pakistan The Pakistani subsidiary of the UAE’s Mashreq, which trades on the Dubai Financial Market, has been granted a licence for a digital retail bank. This is the first restricted licence for pilot operations, which will allow Mashreq Bank Pakistan to use artificial intelligence and cloud computing to offer personalised banking services, the State Bank of Pakistan […] February 23, 2025
