Economy Egypt’s private sector alliance targets UAE for growth A new entity comprising 41 Egyptian private companies will be set up to boost exports across the Arab countries to support economic growth, a news report said. The process of setting up Arab Alliance for Industrial Investment is expected to be completed next week, Ashraq Business reported, citing Mohamed El-Bahi, a board member of the […] March 6, 2025
Oil & Gas Qatar-US LNG export project back on track A liquefied natural gas export project co-owned by Qatar won approval from the Trump administration to have its starting date permit extended by three years on Wednesday. The Golden Pass LNG project in Texas, co-owned by the state-run QatarEnergy LNG and Exxon Mobil Corp, was required to commence operations by November 30, 2026. Negotiations to […] March 6, 2025
Aviation Airbus weighs production of military aircraft parts in UAE European planemaker Airbus is exploring the possibility of manufacturing components and setting up a maintenance facility for the A400M, a military transport aircraft, in the UAE. The plan includes integrating local entities – including EPI, part of defence company Edge Group, and Strata, a subsidiary of Abu Dhabi investment vehicle Mubadala – into the A400M’s global aerospace […] March 5, 2025
Transport Asyad Shipping raises $333m from Muscat listing Asyad Shipping, an Omani state-run company, has raised OMR128 million ($333 million) in an initial public offering of a fifth of its shares on the Muscat stock exchange, the company said in a statement. Based on the final offer price of 123 baisas per share, the company’s market capitalisation on listing will be OMR641 million […] March 5, 2025
Aviation Falcon to invest $100m in Dubai aviation repair facility The Dubai-based aviation company Falcon will invest $100 million to upgrade its aircraft maintenance, repair and overhaul facility in Mohammed Bin Rashid Aerospace Hub, a free zone in Dubai South. The investment will be spread over the next five years, which includes building a new private jet terminal. In 2024, the company received approval from […] March 4, 2025
Oil & Gas Aramco pays $21bn dividend despite 2024 profit slip Saudi Aramco will distribute a dividend of SAR80 billion ($21.4 billion) for the fourth quarter of 2024 despite full-year net profit falling 12 percent year on year to $106 billion. The company declared a base dividend of $21 billion for the fourth quarter, a 4 percent year-on-year increase, which will be paid in the first […] March 4, 2025
Finance PIF to anchor Goldman Sach’s new GCC-focused funds Saudi Arabia’s Public Investment Fund (PIF) is to be an anchor investor in Goldman Sachs Asset Management’s new funds focused on Gulf Cooperation Council (GCC) countries, the Fund said in a statement. The two companies have signed a non-binding memorandum of understanding (MoU) focusing on private credit and public equity. The new funds aim to […] March 4, 2025
Petrochemicals Adnoc and OMV seal deal for $60bn chemicals JV Abu Dhabi National Oil Company (Adnoc) and Austria’s energy group OMV have agreed to merge their polyolefin operations to form a $60 billion joint venture. Borouge Group International (BGI) will be the world’s fourth largest by nameplate production capacity, the UAE company said. BGI will acquire Canada-headquartered Nova Chemicals Corporation from Abu Dhabi’s sovereign wealth fund […] March 4, 2025
Infrastructure Dubai communities to undergo $1.6bn road upgrade Dubai’s Road and Transport Authority (RTA) and Dubai Holding, a global investment conglomerate owned by Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum, will undertake major road works in five major developments to try and cut travel times by more than half. The AED6 billion ($1.6 billion) road upgrades will be carried out in Palm […] March 3, 2025
Markets Saudi Tadawul profit surges 60% on higher trading value Saudi Tadawul Group, the owner and operator of the kingdom’s stock exchange, reported a 59 percent jump in 2024 profit, as annual trading value and listing services revenues rose by 38 percent and 27 percent, respectively. Net profit was SAR622 million ($166 million) compared to SAR390 million in 2023, the company said in a bourse […] March 3, 2025
Sovereign Wealth Funds PIF temporarily suspends PwC from advisory work Saudi Arabia’s Public Investment Fund (PIF) has temporarily barred UK company PwC from securing advisory and consulting contracts until February 2026, according to a news report. The ban extends to the sovereign wealth fund’s more than 100 subsidiaries, Bloomberg reported citing informed sources. However, auditing projects continue as before. In May 2023, PwC received a license […] March 3, 2025
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
