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
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
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
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
Finance Qatar’s $3bn bond issue oversubscribed four times Orders for Qatar’s $3 billion bonds attracted bids of more than $12 billion, with spreads tightening significantly amid high demand, a news report said. The three-year senior unsecured notes of $1 billion were priced at 30 basis points (bps) over US treasuries compared to the initial pricing of 60 bps, Bloomberg reported, quoting informed sources. […] February 21, 2025
Aviation SalamAir to expand fleet as budget travel demand rises SalamAir, Oman’s first low-cost airline, plans to expand its fleet with 10 new aircraft over the next three years amid a rising surge in budget travel, the company said in a statement. The airline has formally requested 10 Airbus A320 aircraft with multiple leasing companies to support its growth strategy over the coming five years, […] February 21, 2025
Logistics Turkey says talks with Abu Dhabi fail on port deal The Turkish government has confirmed that talks with Abu Dhabi Ports Group (AD Ports) over operating rights at the Alsancak freight and passenger port in Western Turkey have failed. “The aim there was to get a partner for the Alsancak port and adding capital to expand it,” Turkish transport minister Abdulkadir Uraloglu told Bloomberg. No […] February 21, 2025
Transport Dubai Taxi plans $77m dividend payout after share price rise Dubai Taxi Company is to issue a total dividend payout of AED282 million ($77 million) for 2024, helping its share price increase by nearly half since it listed 14 months ago. Its 2024 revenue was up 12 percent year on year to AED2.2 billion, the company said in a statement on Thursday. The taxi operator’s […] February 20, 2025
Leisure & Hospitality Agthia’s stake in Egyptian snack group rises to 80% Agthia Group, a UAE-headquartered food and beverage company, has acquired an additional 10 percent stake in Abu Auf, an Egyptian healthy snacks retailer, increasing its ownership to 80 percent. The Auf family will continue to lead the business, the company said in a statement to the Abu Dhabi Securities Exchange. Financial terms of the deal […] February 20, 2025
Tax New tax relief package expected in Egypt next month Egypt will announce a tax relief package for taxpayers and businesses next month, to increase the transparency of the tax system and encourage more foreign direct investment, it has been reported. The finance minister is overseeing the package’s implementation to ensure it meets business needs, the Egypt Today newspaper reported, citing Rasha Abdel Aal, head […] February 20, 2025
Energy Saudi Aramco re-enters Philippines after 17 years Saudi Aramco, which trades on the Saudi Exchange (Tadawul), will acquire a 25 percent stake in the third-largest petroleum company in the Philippines, as part of a retail network-building strategy, the company said in a statement. The Saudi major’s proposed purchase of the stake in Unioil is subject to regulatory approvals, the company said. The […] February 20, 2025
Aviation Passenger traffic rises 13% in Jordan’s largest airport Passenger volumes at Queen Alia International Airport (QAIA), Jordan’s largest airport, recovered in January, the Jordan Times reported. Data from the airport’s operator Airport International Group (AIG) showed that QAIA received 784,992 passengers last month, a 13 percent year-on-year increase. Aircraft movements grew 5 percent year on year to 6,061 flights, but air freight traffic […] February 19, 2025
Oil & Gas Oman LNG strikes 10-year deal with Swiss trader Oman LNG has signed a long-term liquefied natural gas (LNG) supply agreement with Mercuria, a Swiss-based trading company. Under the 10-year deal, the state-owned company will supply 800,000 metric tonnes per annum (mtpa) starting this April, the state-run Oman News Agency reported. Hamed Mohammed Al Nu’amani, CEO of Oman LNG, said the agreement expands its […] February 19, 2025
Finance CEO of $320bn Saudi pension fund to step down The CEO of Hassana Investment Company, which manages Saudi Arabia’s $320 billion social security and pension fund, will step down later this year. Saad Al Fadly will leave Hassana, the investment manager for General Organization for Social Insurance (Gosi), on July 1, the company said in a statement. He will remain a board member. Al […] February 19, 2025
Renewable Energy Acwa Power to build 2GW wind power project in Egypt Saudi renewables major Acwa Power will build, own and operate a 2-gigawatt (GW) wind power generation plant in South Hurghada, Egypt, typically enough to power nearly 2 million homes. The company, which is listed on the Saudi stock exchange, signed a 25-year power purchase agreement (PPA) with the state-run Egyptian Electricity Transmission Company for the SAR8.6 […] February 19, 2025
