Telecoms STC approves PIF purchase of telecom company Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion). Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […] July 26, 2024
Renewable Energy Masdar buys stake in Spanish utilities company Endesa The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […] July 26, 2024
Markets UAE capital markets partner with Hong Kong exchange The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […] July 26, 2024
Manufacturing Aramco and PIF invest in Saudi-Chinese steel venture Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […] July 26, 2024
Transport Dubai Taxi to pay $43m dividend despite profit drop Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, has approved a dividend payout of AED159 million ($43 million) for the first half of 2024 despite a marginal 1 percent increase in net profit. Net earnings reached AED187.4 million in the first six months of the year, compared to AED186.3 million at the same […] July 26, 2024
Renewable Energy Abu Dhabi seeks developers for greenfield power storage project State-owned Emirates Water and Electricity Company has requested proposals from 27 qualified companies and consortiums to develop a greenfield 400-megawatt battery energy storage system project in Abu Dhabi. The request for proposals is being issued to bidders who passed the qualification process following the expression of interest in April 2024. A total of 93 companies […] July 26, 2024
Aviation Flynas expands Airbus fleet to reach new markets Saudi low-cost carrier Flynas will expand its fleet with the order of 75 A320neo and 15 A330-900 jets, as the airline looks to expand its capacity and range into new markets. The new aircraft will join the carrier’s all-Airbus fleet and serve international, domestic and regional routes. It can accommodate up to 400 passengers. “The A320neo […] July 26, 2024
Banking & Finance Mashreq’s earnings up as loans and deposits rise Dubai-listed lender Mashreq said its net profit rose 14 percent year on year to AED4 billion ($1.1 billion) in the first six months of 2024 on higher interest income, business expansion and minimal risk costs. Net profit before tax grew 24 percent to AED4.5 billion. Net interest income increased 17 percent year on year to […] July 26, 2024
Oil & Gas Opec quotas force Iraq, Russia and Kazakhstan oil cuts Opec+ members that have failed to comply with output cuts, including Iraq, Russia and Kazakhstan, have agreed to reduce their production in the coming months to compensate for breaking agreed quotas. The combined overproduction from the three members totalled 2.3 million barrels per day (bpd) during the first half of the year, according to an […] July 25, 2024
Real Estate Interest in Saudi commercial space may be peaking Weakening demand in Saudi Arabia’s commercial sector suggests the market could be reaching a plateau, a new survey indicates. The Global Commercial Property Monitor report by the UK’s Royal Institution of Chartered Surveyors (Rics) found that demand for space rose by 20 percent in the second quarter of 2024, compared with a 53 percent rise […] July 25, 2024
Video length: 04:47 VIDEO Retail Tech to help UAE’s baqalas hold off larger grocery rivals Baqalas — small convenience stores – represent 81 percent of the UAE’s grocery retail outlets. But they need to adopt technology if they are to maintain their 56 percent market share against competition from supermarkets and hypermarkets. Watch the video to find out more. More videos from AGBI July 25, 2024
Aviation Tunisair growth slows as costs rise Tunisair’s revenue increased by only 3 percent year on year to TND695 million ($224 million) in the first half of 2024, as fuel costs rose and its market share shrank. Passenger numbers went up by 2 percent to 1.17 million, compared to 1.15 million a year ago, the state-run Tunis Afrique Presse reported. Average revenue […] July 25, 2024
Trade Brazil’s JBS to open Saudi food factory as trade ties deepen Brazilian multinational JBS is to open a food factory in Saudi Arabia with an investment of SAR500 million ($133 million), in a further sign of the strengthening ties between the two countries. JBS, one of the largest meat and poultry producers in the world, will open the facility in Jeddah under its subsidiary Seara by […] July 25, 2024
Banking & Finance First Abu Dhabi Bank revenue rises on overseas growth First Abu Dhabi Bank (FAB), the UAE’s biggest lender, said revenues rose 16 percent year on year to AED15.7 billion ($4.3 billion) in the first half of 2024, driven by 30 percent annual growth in international franchise. Net profit increased 3 percent to AED8.4 billion despite the impact of corporate tax, which came into effect […] July 25, 2024
Giga-projects Diriyah awards $2bn contract for Wadi Safar Diriyah Company has awarded its largest single contract to a Saudi-Qatari joint venture for the Wadi Safar project. The SAR8 billion ($2 billion) contract was awarded to the joint venture between Urbacon Saudi Company, the local unit of Qatar’s Urbacon International, and Saudi-headquartered Al Bawani Company, the state-backed Saudi Press Agency reported. The contract includes […] July 25, 2024
Economy Kuwait turns to budget deficit as oil income drops Kuwait reported a budget deficit of KD1.6 billion ($5.2 billion) in 2023-24 from a surplus of KD6.4 billion the previous year, the finance ministry said. Oil revenues fell to KD21.6 billion, down 19 percent, compared to KD26.7 billion a year ago, the state-run Kuna news agency reported, citing a ministry statement. The current year’s revenue […] July 25, 2024
Finance Turkey repays $5bn Saudi deposit to cut liabilities Turkey’s central bank has repaid a $5 billion deposit by Saudi Arabia as part of its plan to lower external liabilities. The amount was returned to the Saudi Fund for Development, received in 2023, the central bank said in a statement. “Our external liabilities have recently improved by $7 billion through the reduction of deposit […] July 25, 2024
Oil & Gas Israel to develop more natural gas exports UK oil and gas company Energean has agreed the $1.2 billion development of the Katlan offshore gas field in Israel, with output set to start in the first half of 2027. The production will underpin Energean’s existing gas sales agreements with Israeli clients and target international markets. Katlan – owned and operated by Energean – […] July 24, 2024
Banking & Finance PIF appoints investment chief as it shifts focus to local projects Saudi Arabia’s Public Investment Fund has appointed a head of investments as it seeks to manage funding challenges for the giga-projects at the centre of the country’s economic transformation programme. Fahad AlSaif will be responsible for “guiding the development of PIF’s overarching investment strategy” and helping the fund’s leadership in its decisions, a statement said. […] July 24, 2024
Real Estate Large deals drive Qatar and Kuwait real estate in Q2 Large one-off transactions masked an otherwise sluggish performance in the Qatari and Kuwaiti real estate markets in the second quarter of this year. The number of mortgage transactions in Qatar from April to June increased by more than 42 percent over the same period last year. Some 376 deals were signed for a total value […] July 24, 2024
Economy Tunisia approves $54m loan from Italy Tunisia has officially approved a €50 million ($54 million) loan from Italy to support its state budget for the current financial year. The loan was originally signed in April. It will be repaid over 40 years with a 31-year grace period and a zero percent interest rate. Tunisia’s current account deficit narrowed to 2.3 percent […] July 24, 2024
Employment Aviation workforce in Morocco to double by 2030 Morocco has announced plans to provide employment for young people by doubling the number of people employed in the country’s aviation sector by 2030. The aerospace industry in Morocco currently includes some 142 companies, employing a workforce of 17,000, and has an annual turnover in the region of $2 billion in exports. Ryad Mezzour, the […] July 24, 2024
