Lifestyle Middle East royals and leaders to attend Queen Elizabeth’s funeral Royals and leaders from the Middle East will attend Queen Elizabeth II’s state funeral at London’s Westminster Abbey on Monday (September 19). Britain’s longest-reigning monarch died on September 8 aged 96. Although no official guest list has been issued, media reports suggested invitations have been sent. Saudi Crown Prince Mohammed bin Salman is likely to […] September 18, 2022
Markets Salik’s $1bn IPO target ‘easily achievable’ after stake boost Dubai toll gate operator Salik’s decision to increase the number of shares offered in its initial public offering will yield lower stock price volatility, and the $1 billion the government aims to raise “seems easily achievable”, analysts have predicted. Salik Company announced on Friday that it has increased the size of the stake it is […] September 17, 2022
Banking & Finance Scaramucci and UAE government to partner on investment event Former White House communications director Anthony Scaramucci has partnered with a UAE investment forum set to take place next year. Investopia, a global investment platform launched by the UAE government in 2021, has joined forces with his international thought leadership forum SALT to host a joint event in 2023. Sharjah has world’s second-largest growth of […] September 16, 2022
How I got to the top Lifestyle Medhat Karam, ArpuPlus Medhat Karam is CEO and managing director of ArpuPlus, a telecommunications service which provides entertainment and communication solutions across the Middle East and North Africa. ArpuPlus was set up in 2003 and is a subsidiary of A15, a Cairo-based venture capital firm. What does your company do? Entertainment-wise, we specialise in affordable music, video, gaming, […] September 16, 2022
Tech Turkish fintech Fimple plans Dubai office before 2024-end Fimple, a Turkish fintech startup that provides advanced cloud-based financial services, is planning to open an office in Dubai before the end of 2024 as part of its expansion in the Middle East and Africa. The startup has already drawn $2 million worth of investments in two months, said Fimple co-founder and managing director Mucahit […] September 16, 2022
Economy Egypt to establish company to process VAT refunds to foreigners The Egyptian Cabinet has approved the proposal of the Ministry of Finance to establish an Egyptian joint stock company to set up a value-added tax (VAT) refund system, Egypt Today reported. Global Blue Egypt Company will be a joint venture between Global Blue Public Limited and Global Blue Holland Private Limited. The company will implement […] September 16, 2022
Energy France’s TotalEnergies sells 18% interest in Iraqi Sarsang oil field French multi-energy company TotalEnergies has sold its 18 percent interest in the onshore Sarsang oil field in the Kurdistan region of Iraq for $155 million, the company said in a statement. Depending on production and oil prices, additional contingent consideration of $15 million will be payable in the future. The stake was sold to ShaMaran […] September 16, 2022
Energy Oman’s OQ picks banks for $800m gas pipelines unit IPO Oman energy investment firm OQ SAOC has selected Bank of America Corp. and Bank Muscat as advisors for the initial public offering (IPO) of its gas pipelines unit, Bloomberg reported, citing people familiar with the matter. The listing of OQ Gas Network is likely to raise nearly $800 million, sources said, adding the possibility of […] September 16, 2022
Exclusive Banking & Finance Israel’s $15bn Rapyd aiming to acquire Gulf fintech startups Rapyd, Israel’s highest-valued unicorn, is eyeing financial technology acquisitions in the Middle East and North Africa as it seeks to capitalise on the challenging business environment for startups. As the US Federal Reserve continues to hike interest rates in an effort to curb rising inflation, the prospect of a worldwide recession dominates concerns, particularly among […] September 16, 2022
Energy ‘We cannot replace Russian gas’, says Qatar Emir Russian gas is essential to the global market and Qatar does not have the capacity to replace supplies to Europe with liquefied natural gas, the Gulf state’s Emir has said. The European Union (EU) imposed sanctions on Russian oil imports in March in response to Moscow’s invasion of Ukraine, pledging to wean itself off Russian […] September 15, 2022
Tourism Jordan’s tourism revenue jumps 162% to $3.6bn Jordan’s tourism revenue rose 161.6 percent year-on-year to $3.645 billion in the first eight months of 2022, Petra, the state-owned Jordan News Agency reported. The increase was driven by a rise in the number of tourists to 3.175 million between January and August. In August, tourism revenue posted an 82.4 percent increase year-on-year to $822.4 […] September 15, 2022
Construction Saudi Arabia signs off $6.6bn funding for infrastructure projects Saudi Arabia’s Ministry of Finance has signed financing agreements with several local banks worth SAR 25 billion ($6.6 billion) to implement infrastructure projects The National Debt Management Center arranged the agreements, the ministry said in a statement. The infrastructure projects are scheduled to start in 2023 and 2024. In August, Saad Al-Shahrani, acting deputy minister for […] September 15, 2022
Aviation Emirates and United Airlines sign codeshare pact to expand reach Dubai’s Emirates and US carrier United Airlines have signed a codeshare agreement to enhance their network amid a resurgence of air travel. Starting in November, Emirates customers flying into Chicago, San Francisco and Houston – three of the biggest business hubs in the US – will be able to connect to United flights to and […] September 15, 2022
Tech UAE rolls out digital VAT-refund scheme as transactions rise 104% The UAE’s Federal Tax Authority (FTA) has launched a 100 percent digital value-added tax (VAT) refund scheme for tourists, in partnership with Planet Tax Free, the operator of the tax refund system in the country, WAM, the UAE state news agency, reported. The new solution is integrated electronically between retail outlets and the tax refund […] September 15, 2022
Energy Saudi’s ACWA Power sells 49% stake in Uzbek’s Sirdarya project Saudi-listed ACWA Power and China’s Silk Road Fund signed a share purchase agreement for the 1.5 GW Sirdarya combined cycle gas turbine (CCGT) facility in Uzbekistan. As per the agreement, ACWA Power will continue to be the majority shareholder in the project, holding a 51 percent stake in the facility. The Silk Road Fund, China’s sovereign […] September 15, 2022
Energy Oman signs deal with Petrofac to develop green hydrogen UK-based energy services provider Petrofac has signed a memorandum of understanding (MOU) with Oman Hydrogen Centre to collaborate in developing capabilities for Oman’s renewable energy sector, particularly in green hydrogen. Located at the German University of Technology, the centre will accelerate the Gulf state’s transition to renewable energy. It will also be an international hub […] September 15, 2022
EXCLUSIVE: LONG READ Abraham Accords: The $3bn trade deal that shocked the world Two years after the signing of the historic Abraham Accords, the UAE and Israel are on track to see $3 billion worth of bilateral trade this year. The success of the relationship – kickstarted by the agreement signed by the Emirati and Bahraini foreign ministers, the Israeli prime minister and US president on the South […] September 15, 2022
Banking & Finance A gleam of light, deep in the murky crypto mines Bitcoin mining consumes more energy each year than some countries, but the crypto industry is working on ways to become more sustainable September 14, 2022
Aviation Emirates boosts Algiers flights as Algeria rebounds from Covid Dubai’s Emirates is increasing its flights to Algeria, as the country enjoys a marked improvement on its path to post-pandemic economic recovery. The Dubai airline will add a fifth weekly flight to Algiers from October 7, using a Boeing 777-300ER aircraft. Emirates began operations to Algiers in 2013. It resumed services in November 2021 after […] September 14, 2022
Banking & Finance Abu Dhabi to monetise stake in state energy company TAQA Abu Dhabi-based investment and holding company ADQ has entered into an agreement to monetise an 8.6 percent stake in Abu Dhabi National Energy Company (TAQA) to Multiply Group, Abu Dhabi Pension Fund and other prominent investors, WAM, the UAE state news agency, reported. Abu Dhabi-listed TAQA has significant investments in power and water generation, transmission […] September 14, 2022
Banking & Finance Egypt issues warnings against dealing in virtual currencies Egypt’s central bank has reiterated its warning against dealing with cryptocurrencies through regional or global platforms, a local media outlet reported. The Central Bank of Egypt said that virtual currencies are not issued by the central bank or any official authority; therefore, they are not deemed legal tender, the newspaper said, citing a bank statement. […] September 14, 2022
Oman to set up space research and settlement centre Oman’s Public Authority for Special Economic and Free Zones (OPAZ) has signed an agreement with Global Space and Technology Company to establish a space settlement centre for research, scientific and practical experiments, Oman News Agency reported. The centre will simulate astronauts’ conditions and conduct research on advanced technology and artificial intelligence over an area of […] September 14, 2022
