SPECIAL REPORT Construction How Mena is moving to sustainable construction The year is 2065 and humans are living in space, in villas of celestial materials mined from asteroids and equipped with infinity pools. Far-fetched? Perhaps, but this model was one of dozens featured last month in an exhibition on the past, present and future of sustainable design in the Middle East and North Africa (Mena). […] December 5, 2023
SPECIAL REPORT Infrastructure After stops and starts, GCC rail is back on 2030 timetable In the same week that Dubai announced a 30km extension of its metro network, Kuwait revealed that its $20 billion four-line metro project is to be cancelled. If anything sums up the difficulties associated with connecting the GCC countries by rail, then it is this. Kuwait’s metro hit the buffers as a result of “significant […] December 5, 2023
Renewable Energy Gulf’s first hydroelectric plant to be ready in Dubai in 2025 The Gulf region’s first hydroelectric plant in Hatta is 80 percent complete and forecast to be completed by early 2025, the emirate’s utility provider said on Thursday. Dubai Electricity and Water Authority (Dewa) in December said that the AED1.42 billion ($387 million) plant – the first of its kind in the GCC – was planned […] November 23, 2023
Construction Work starts on UAE’s largest aluminium recycling plant Emirates Global Aluminium has commenced construction of what it claims will be the largest aluminium recycling plant in the UAE. The facility, with a capacity of 170,000 tonnes per year, is being built next to EGA’s existing smelter in Al Taweelah, Abu Dhabi, the company said in a statement on Tuesday. Construction is expected to […] November 21, 2023
Transport GCC railway sets 2030 operational target The long-awaited GCC railway network will be operational by December 2030, it has been announced. The target date was agreed by the Committee of GCC Ministers of Transport and Communications at a meeting in Muscat, Oman on Thursday. The 2,117km route will connect key cities in each of the six member states. The long-awaited GCC […] November 17, 2023
Infrastructure Saudi Electricity profit falls 8% on rising finance costs Saudi Electricity Company, 75 percent-owned by the sovereign Public Investment Fund, reported a net profit of SAR5.84 billion ($1.55 billion) in the third quarter of 2023, down 8.33 percent year on year. The profit decline was driven by higher finance costs, mainly due to high global interest rates and the additional funding needed to finance […] November 8, 2023
Construction Egypt seeks to privatise airports says Madbouly Egypt is planning to privatise the management and operation of airports and mass transit lines, Prime Minister Mostafa Madbouly said. During a meeting with executives of more than 20 of the biggest companies in transport, logistics and maritime navigation from the UAE, China and the US, among others, Madbouly underscored the government’s commitment to collaborate […] November 6, 2023
Economy China injects $956m into Egypt’s central bank The China Development Bank (CDB) has injected ¥7 billion ($956 million) into Egypt’s central bank to help finance projects agreed upon during the third Belt and Road Initiative (BRI) summit last month. The funds are part of a loan agreement signed during the summit in Beijing, as well as the nine programmes outlined in 2021’s […] November 3, 2023
Oil & Gas Saudi GDP shrinks following oil output cuts Real GDP growth in Saudi Arabia contracted by 4.5 percent in the third quarter, as ongoing Opec+ oil output cuts affect the broader economy. Government data released this week showed oil activities decreased by 17.3 percent in the third quarter from a year earlier. However the General Authority for Statistics said there was an expansion […] October 31, 2023
Opinion Infrastructure Riyadh can become a global city – with a little more effort When it comes to business travel, the city remains a trying place to negotiate October 27, 2023
Banking & 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
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
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
Analysis Tech Investors turn to data centres in Gulf and Mena tech push Investor appetite for data centres in the Middle East is soaring as the region, particularly the Gulf, accelerates its digital transformation. Experts say they are seeing increased levels of investment and interest from international operators, who are looking to capitalise on the region’s growing need for data processing and storage. Earlier this year the Saudi […] October 12, 2023
Infrastructure PIF launches company to drive Saudi EV charging The Public Investment Fund (PIF) and Saudi Electricity Company (SEC) have launched a new company to deliver electric vehicle (EV) fast-charging infrastructure in Saudi Arabia. The Saudi sovereign fund will own 75 percent of the Electric Vehicle Infrastructure Company, while the kingdom’s utility provider will hold the remaining 25 percent stake. The new company plans to establish […] October 9, 2023
Opinion Renewable Energy The Gulf is on track to lead global climate tech We need to focus on mitigating the risks and adapting October 3, 2023
Finance India-Middle East-Europe corridor to revive spice route Indian spices and spice products are likely to be the first commercial products to find their way through the new India-Middle East-Europe Economic Corridor (Imec), an Indian minister has said. Imec, announced last month at the G20 summit in New Delhi, India, aims to integrate railway routes and link ports along a route from India […] September 21, 2023
Construction Dubai Islands-Bur Dubai bridge to be ready by 2026 Dubai’s Roads and Transport Authority has signed an agreement with state-owned Nakheel to construct direct entrances and exits from bridges to the Dubai Islands from Bur Dubai. The Dubai Islands project will have entry and exit points on the Bur Dubai side through a bridge stretching across the Dubai Creek between the Infinity Bridge and […] September 14, 2023
