Analysis Trade UAE-Swiss trade golden age adds technology to luxury The trade relationship between the UAE and Switzerland is enjoying a golden era, with the European nation now the top non-oil destination for Emirati exports. Gold, jewellery and luxury watches traditionally dominated non-oil bilateral trade but innovation is growing in importance, according to Swiss Business Hub Middle East. It said that technology was increasingly important […] October 26, 2023
FII Finance Neom investment fund backs US futuristic transport firms The newly launched investment arm of Saudi Arabia’s $500 billion futuristic giga-project Neom has made its first commitments, backing two US-based transport companies. The Neom Investment Fund (NIF) announced on Wednesday that it had made a $100 million investment in the global autonomous driving company Pony.ai. A joint venture will be set up between the […] October 25, 2023
Finance Morocco signs $280m deals with African Development Bank Morocco has signed three agreements with the African Development Bank (AfDB) worth more than MAD2.9 billion ($280 million). The deals will improve access to healthcare, support increased social security coverage and provide emergency help in the wake of September’s devastating earthquake in Al Haouz, according to an announcement by the government. The first agreement, worth […] October 25, 2023
FII Tourism Red Sea Global links up with Kingdom for $530m resort Red Sea Global and Kingdom Holding Company have agreed a SAR2 billion ($530 million) joint venture to develop and own a Four Seasons resort at the Red Sea giga-project. The luxury development, scheduled to open in early 2025, will be built on Shura Island, the main hub of the 22-island giga-project. The Four Seasons resort […] October 24, 2023
FII Logistics Neom and Denmark’s DSV in $10bn logistics partnership Saudi Arabia’s Neom and Danish freight forwarder DSV have entered into a $10 billion logistics joint venture (JV) that will serve the $500 billion giga-project in the kingdom’s northwest. The JV will provide supply chain management including delivering goods and materials to Neom, the companies said in a joint statement. Neom, owned by Saudi Arabia’s […] October 24, 2023
Construction Aldar says occupancy in its prime office space at 97% Aldar Properties, the largest developer in Abu Dhabi, said occupancy levels in prime grade A commercial properties have reached 97 percent on rising demand and limited supply. The properties include four buildings at Abu Dhabi Global Market (ADGM), Aldar HQ, and International Tower in the Capital Gate district. Occupancy rates at the towers at ADGM, […] October 24, 2023
Giga-projects Warning over climate impact of Saudi giga-projects Saudi Arabia’s vast giga-projects could have a damaging impact on the environment if they are not managed properly, a report from a Saudi university has found. “While diversifying the economy, giga-projects will increase the number of people living or visiting coastal areas, placing an additional burden via waste generation and disposal, water desalination and energy […] October 23, 2023
Logistics DP World to invest $1bn to upgrade Tanzanian port Dubai’s DP World has signed a 30-year concession agreement with the Tanzania Ports Authority (TPA) to operate and modernise Dar es Salaam Port. The deal aims to improve transport and logistics services throughout Tanzania and the wider East Africa region, according to the state-run Wam news agency. DP World will invest more than $250 million […] October 23, 2023
Construction Maharashtra port next on list for DP World Global ports operator DP World has signed an agreement with Indian port operator Jawaharlal Nehru Port Authority (JNPA) to invest INR200 billion ($2.4 billion) to develop a port in the Indian state of Maharashtra. The proceeds will be used to develop the terminals at Vadhvan port that will be primarily driven by green hydrogen, JNPA’s […] October 22, 2023
Infrastructure Orascom ‘treading water’ in Egypt but remains bullish The value of Orascom Development’s strong growth in Egypt has been almost wiped out as a result of continued currency devaluations. But group CEO Omar El Hamamsy remains bullish on the future of the North African country. The conglomerate, that is based in Switzerland and develops infrastructure at scale, has grown 60 percent in Egypt […] October 20, 2023
Construction Chinese builder picked for $1bn Medina projects Agreements worth nearly $1 billion have been signed with a Chinese construction major to build two mixed-use projects in Saudi Arabia’s Knowledge Economic City (KEC) in Medina. A filing by KEC to the Saudi Stock Exchange on Wednesday revealed that a $400 million deal has been agreed with China Gezhouba International Engineering Group Company (CGGC) […] October 18, 2023
Construction Raysut Cement faces court over ‘misrepresentation’ An Omani investigation into a “material misrepresentation” in the accounts of Raysut Cement Company is set to go to court. The probe by financial regulator, the Capital Market Authority, related to the company’s unaudited financial reports for the third quarter of 2022. In a filing to the Muscat Securities Exchange, Hamdan Al Shaqsy, chairman of […] October 18, 2023
Construction Damac to start work on De Grisogono project in Dubai Damac Properties has awarded the main works package for its Safa One de Grisogono project on Dubai’s Sheikh Zayed Road, with completion expected in 2026. The contract, valued at over AED500 million ($136.13 million), was awarded to UAE-based United Engineering Construction Company. Safa One was launched last year, with excavation and enabling works completed earlier […] October 18, 2023
Construction Gulf contractor ALEC’s five-year plan to double business ALEC Engineering and Contracting, the company behind some of the Gulf’s biggest projects, is looking to double its business in the next five years, with Saudi Arabia making up a core part of its plans. Developments already under their management include the UAE’s first casino and Saudi Arabia’s entertainment city. Barry Lewis, ALEC’s recently appointed […] October 18, 2023
Agriculture Dubai’s Expo City to open ‘urban farm’ at Cop28 Expo City Dubai plans to open an urban farm at Cop28, demonstrating agricultural technologies being adopted in the UAE. The farm – more details of which will be unveiled in the coming weeks – is one of several decarbonisation initiatives planned for the climate change summit and beyond, Matt Brown, Expo City’s sustainability chief, told […] October 17, 2023
Transport Red Sea Global installs Saudi Arabia’s largest EV charging network Saudi developer Red Sea Global has installed what it says is the kingdom’s largest off-grid electric vehicle charging network. The network includes more than 150 charging stations spread across phase one of the Red Sea project. The stations are strategically located to keep Red Sea Global’s initial fleet of 80 electric Lucid and Mercedes vehicles […] October 17, 2023
Tourism AlWadi is latest project in Saudi Arabia’s tourism push Saudi Crown Prince Mohammed bin Salman has launched a new company to develop sustainable tourism in the kingdom’s southwest region, which aims to contribute more than SAR19 billion ($5.07 billion) to the non-oil GDP by 2030. Spread across 2.5 million square meters, AlWadi – meaning “the valley”– will be developed by Ardara, a wholly owned subsidiary […] October 17, 2023
Markets Belt and Road green bonds listed in Dubai by Chinese bank Bank of China has issued the first green bonds focused on Belt and Road Initiative projects in the Middle East, listing them on Nasdaq Dubai. The $770 million listing by one of China’s largest state-owned banks raises the total value of debt listed on Nasdaq Dubai to nearly $120 billion. The green notes have simultaneously […] October 16, 2023
Economy RAK outlook upgraded as hotel building steps up Ras Al Khaimah’s tourism and infrastructure projects, including the $3.9 billion Wynn Al Marjan Island resort, could strengthen the emirate’s growth prospects over the next two to three years, S&P Global Ratings said on Monday. S&P now rates RAK’s long-term outlook as “positive”, upgrading it from “stable”. The ratings agency is also forecasting that RAK’s […] October 16, 2023
Economy Saudi inflation eases but real estate buoys the index Saudi inflation eased to 1.7 percent in September, from 2 percent the previous month, but the booming real estate sector continued to push up prices. Housing rents rose 9.8 percent, including a 19.8 percent increase in apartment rents, forming “the main driver of the inflation rate in September 2023”, the General Authority for Statistics said. […] October 16, 2023
Construction Groundwork begins on Riyadh’s Mukaab Work has commenced on the Mukaab, a 400 metre tall cube structure in Riyadh. PIF-backed New Murabba Development Company (NMDC), the developer, has awarded the contract for the first excavation phase to construct the basement structures underneath the Mukaab and surrounding podiums to China Harbour Engineering Company. The work is part of the backfilling and […] October 16, 2023
Construction ‘Unrealistic’ deadlines spark construction disputes in Gulf Developers in the Middle East are setting “unrealistic” timelines for building projects, industry experts have warned, as the region is named among the worst in the world for construction delays. Construction overruns added 82 percent to schedules in the region, well up on the global average of just over 67 percent, according to the 2023 […] October 16, 2023
