Industry UAE’s Edge sets up venture with Italian shipbuilder The UAE’s state-owned defence company Edge Group and the Italian shipbuilding company Fincantieri have agreed to launch a new venture to manufacture naval vessels. Edge will hold a 51 percent stake in the venture, which has a commercial pipeline worth nearly €30 billion ($32 billion). Fincantieri will manage the new entity. The Abu Dhabi-based joint venture […] February 22, 2024
Manufacturing PIF’s Alat to build robot factory as part of $100bn plan Alat, a Public Investment Fund-backed technology manufacturing company, intends to invest $100 billion by 2030. The company struck deals this week to create factories to build industrial robots and surveillance products. Alat has partnered with international technology companies such as Japan’s Softbank Group, US-headquartered Carrier Corporation, China’s Dahua Technology and Saudi Technology and Security Comprehensive Control […] February 21, 2024
Food & Drink Morocco gets $188m to build three desalinisation plants Moroccan fertiliser company OCP Group has secured $188 million worth of funding to build three new seawater desalinisation plants as part of the government’s emergency plan for drinking water supply. The state-backed company signed an agreement with the African Development Bank (AfDB) to fund its green investment programme. The construction of the new desalinisation plants […] February 21, 2024
Aviation Mubadala weighs buying stake in Heathrow airport Abu Dhabi’s Mubadala Investment Company is studying the possibility of acquiring a stake in the UK’s busiest airport, Heathrow, according to a media report. The UAE sovereign wealth fund is weighing an investment after being approached by Paris-based buyout company Ardian, Bloomberg reported, citing people familiar with the matter. Discussions are ongoing and no agreements […] February 21, 2024
Finance Vodafone dividend helps push e& to record profit Telecommunications company e&, formerly known as Etisalat, reported record net profit in 2023. The Abu Dhabi-listed company said profit was driven by higher dividends from Vodafone Group, higher income from associates and lower tax expenses. Net profit for the full year reached AED10.3 billion ($2.80 billion), up three percent year on year, as revenue rose […] February 21, 2024
Tech Damac and Vodafone to build $100m data centre in Turkey Edgnex, a data centre subsidiary of Dubai real estate developer Damac, has established a joint venture with Vodafone Turkey to build its first data centre in the Turkish city of Izmir at an estimated cost of $100 million. The six megawatts capacity data centre is expected to be completed next year, as cloud computing gathers […] February 21, 2024
Logistics Bahraini-Saudi companies to build logistics hub in Riyadh A joint venture between Bahrain-headquartered Arcapita Group Holdings and Saudi developer Rikaz will develop a high-end logistics park in Riyadh to attract global and regional companies. The Node will cover three million sq m of development, with the first phase extending 400,000 sq m of Grade A warehousing facilities. The project is anticipated to generate […] February 21, 2024
Oil & Gas Saudi sovereign fund PIF buys 40% stake in Zamil Offshore Saudi Arabia’s Public Investment Fund (PIF) has acquired a 40 percent stake in Zamil Offshore Services Company, one of the kingdom’s largest offshore support vessel operators and construction service providers. The value of the deal was not given. PIF’s investment will strengthen the capital base of Zamil Offshore, allowing it to expand its services and fleet […] February 20, 2024
Oil & Gas QatarEnergy breaks ground on $6bn ethylene complex QatarEnergy has broken ground on the $6 billion Ras Laffan petrochemical complex as part of its downstream expansion strategy. The state-owned Qatari energy firm had signed a final investment decision on the complex with its partner Chevron Phillips Chemical in January last year. The complex will house an ethane cracker with a capacity of 2.1 […] February 20, 2024
Industry DP World’s $150m complex to bolster UAE food security Global ports operator DP World has commenced construction on an AED550 million ($149.8 million) agriculture terminals facility at Jebel Ali Port, aiming to strengthen food security in the UAE. The complex, developed in partnership with Adroit Overseas Canada and Al Amir Foods, will specialise in storing and processing various agricultural products, including pulses, grains, corn […] February 20, 2024
Oil & Gas BP commits $1.5bn to boost Egyptian presence Global oil major BP is set to invest up to $1.5 billion in exploration activities in Egypt, with potential expansion to nearly $5 billion, said CEO Murray Auchincloss. The company aims to capitalise on the current oil and gas exploration opportunities, the UAE’s state-run Wam news agency reported, citing the CEO. The investments are geared […] February 20, 2024
Industry STC proposes special dividend of $1.3bn for 2023 The board of directors at Saudi Telecom Company (STC) has proposed a special dividend for 2023 after the company’s profit rose nine percent year on year. The proposed special dividend payout will total almost SAR5 billion ($1.33 billion) or SAR 1 per share, subject to shareholders’ approval. In addition, the company announced a cash dividend […] February 20, 2024
Transport DXB sets new target for 2024 as it flies past pre-pandemic levels Dubai International (DXB) expects to receive 88.8 million passengers this year, up 2.1 percent from 87 million received last year. The airport’s previous all-time high was 89.1 million passengers in 2018. DXB surpassed Dubai Airports’, the airport operator, yearly forecast and pre-pandemic traffic levels, in 2023. Passenger number increased 32 percent year on year last […] February 19, 2024
Transport Study on $2.6bn Muscat metro to finish this year Oman’s transport minister has confirmed that consultancy studies on the $2.6 billion Muscat metro project are expected to be completed by the end of the year. “The ongoing studies concerning the Muscat Metro are on track for completion by the end of this year,” Times of Oman reported, citing Saeed bin Hamoud bin Saeed Al […] February 19, 2024
Agriculture Nadec profit more than triples to $81m in 2023 Net profit at the Saudi farming giant National Agricultural Development Company (Nadec) climbed to a record high of SAR302 million ($81 million) in 2023, more than tripling from SAR96 million a year ago. The profit rise was driven by a stable market environment, good trading performance, operational efficiency and automation, the company said. Yearly revenue […] February 19, 2024
Transport Emirates SkyCargo plans service expansion in India Emirates SkyCargo plans to add three new destinations in India by June, an Indian business news daily has reported. “We are looking forward to operating scheduled freighter flights to three additional cities in India,” Nabil Sultan, divisional senior vice-president at the Dubai-based company, told The Hindu Business Line. The three destinations were not disclosed. Emirates […] February 19, 2024
Agriculture Onion prices surge 300% in Oman Onion prices have increased by 300 percent in Oman, primarily due to a ban on exports from India, according to a local media report. Prices rose from 0.14 baisas ($0.36 cents) per kilogramme in 2023 to 0.47 baisas per kilogramme in December of 2023, before surging to 0.6 baisas per kilogramme by mid-February 2024, the […] February 19, 2024
Transport Bahri starts work on logistics centre at Jeddah Islamic Port Work on a logistics centre at Jeddah Islamic Port has been started by National Shipping Company of Saudi Arabia (Bahri), as part of the government’s drive to boost non-oil exports. Bahri Logistics Centre is expected to be operational in the first half of 2025 and offer storage and handling capabilities with more than 80,000 pallet positions, […] February 19, 2024
Industry Egyptian-Kuwaiti venture powers up new investments Investment company Egypt-Kuwait Holding is exploring new investment opportunities in Egypt. The company has finalised investment of $120 million in a new medium-density fibreboard (MDF) manufacturing facility and plans to expand into the power sector. “Our investments in Egypt are ongoing, and we are exploring more opportunities through visiting several ministries and presenting our proposals,” […] February 19, 2024
Trade UAE’s non-oil trade hits all-time high of $953bn The UAE’s non-oil trade reached a record high of AED3.5 trillion ($952.93 billion) in 2023. “This is a genuine milestone for our nation,” said Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade. “The expansion of foreign trade is a pillar of the UAE’s economic strategy, a driving force of growth and diversification […] February 19, 2024
Finance Turkey says inflation will fall by second half 0f 2024 Turkey’s measures to curb inflation will prove effective and begin to decline in the second half of this year, Daily Sabah newspaper reported, citing treasury and finance minister Mehmet Şimşek’s speech at the Turkey-Saudi Arabia Investment and Business Forum in Istanbul. “We will not do anything extraordinary to reduce inflation; conventional monetary policies will be […] February 18, 2024
Industry Advanced unit awards $191m contract for new Saudi petchem plant Advanced Petrochemical Company (Advanced) said its subsidiary has awarded engineering, procurement and construction contracts (EPC) worth $191.3 million for the first isopropanol (IPA) plant in Saudi Arabia. The plant will be built in Jubail Industrial City and has a production capacity of 70,000 tonnes per annum. The contracts were awarded to SGC eTEC Company and SGC Arabia […] February 18, 2024
