Industry UAE defence ministry signs $264m deals By Pramod Kumar January 24, 2024, 4:32 AM Wam Tawazun Council and UAE government officials address a press conference on the first day of Umex & Simtex 2024 Tawazun Council, the UAE defence and security acquisitions authority, has signed five deals with local and international companies, amounting to AED971 million ($264.4 million). During the initial day of the Umex Simtex 2024 conference, the total value of agreements with three local companies reached AED 899 million. GCC can emerge as ‘Middle Powers’ in second Cold War US robot maker in talks over Abu Dhabi factory UAE’s Edge buys 52% stake in Swiss UAV maker Among these, Resource Industries secured a contract for anti-drone guns valued at AED10 million, while International Golden Group signed a deal worth AED874 million to acquire UAV systems, offering support services and training for a five-year duration. Additionally, an AED 16 million contract was signed with Star Satellite Communications Company (Yahsat) for communication bands, totaling AED16 million. Two international contracts totaling AED72 million were also part of the agreements. Canadian Aviation Electronics secured a contract worth AED49 million for simulator support services at the training center. A contract with the Chinese company CETC International, valued at AED 23 million, was signed to purchase anti-drone systems.
Finance Pakistan agrees to $1bn loan from Middle Eastern banks Pakistan has agreed terms for a $1 billion loan with two Middle Eastern banks at a 6-7 percent interest rate, its finance minister Muhammad Aurangzeb told Reuters on Tuesday, as the South Asian country searches for more financing. “With two institutions we have now gone forward in signing up the term sheet – one bilateral […] 4 hours ago
Economy Egypt targets €4bn EU funding by June Egypt is aiming to strike a deal with the European Union (EU) to secure €4 billion ($4.2 billion) in financing to back its current reform agenda, according to a media report. Cairo has started negotiations with the EU, with the funds directed towards budget support and not specific projects, Asharq Business reported, quoting minister of […] 3 hours ago
Energy Fertiglobe’s $1bn blue ammonia bet hinges on Asia Abu Dhabi-listed Fertiglobe will invest $1 billion in expanding its blue ammonia plant capacity if Asian countries commit to buying. The final decision on the investment depends on securing contracts from Japan and South Korea, who have plans to subsidise imports of the blue ammonia, CEO Ahmed El-Hoshy told Bloomberg. The capacity building will take through […] 2 hours ago
Real Estate PIF worker housing company buys luxury compound Smart Accommodation for Residential Complexes Company (Sarcc), the company established to provide housing for workers employed on major projects, has bought a luxury residential compound in Riyadh. Sarcc acquired Al Nakhla Residential Resort in Riyadh for SR2.5 billion ($667 million). The development, located in northern Riyadh, has more than 600 apartments and over 500 villas. […] 12 hours ago
