Logistics DP World among bidders for $84m Indian port upgrade DP World is among the bidders to develop and upgrade a port in India’s eastern state of West Bengal, according to a media report. Indian conglomerate Adani is also in the running, The Telegraph, an Indian newspaper, reported The private-public-partnership project involves reconstructing one berth and mechanising two berths at Netaji Subhas Dock, Kolkatta, for […] September 19, 2024
Tech UAE’s MGX joins $30bn AI infrastructure initiative UAE technology investment company MGX is part of a new $30 billion initiative, which will invest in building data centres and energy infrastructure. Other members of the Global AI Infrastructure Investment Partnership (GAIIP) are US-based BlackRock, Global Infrastructure Partners and Microsoft. The proceeds, which will be raised through private equity capital, may reach up to […] September 18, 2024
Opinion Oil & Gas Investment and trade are on a steady eastward trajectory The direction of capital flow is set to continue from the Middle East to Asia September 16, 2024
Analysis Construction GCC stadium projects have multifaceted impact on real estate Entertainment and sports-focused construction across the Gulf is most likely to push property prices up despite bringing more traffic and noise, according to industry observers. A few of the region’s many projects include the 47,000-spectator Aramco stadium in Saudi Arabia’s Al Khobar, large amusement parks in Qatar and Kuwait, and the region’s inaugural ballpark on […] September 13, 2024
Energy Turkey to commission first nuclear plant by 2028 Turkey is set to commission its first nuclear power plant by 2028, which is expected to meet 10 percent of its power needs. All four reactors will be fully commissioned simultaneously at the Akkuyu nuclear power plant, Daily Sabah newspaper reported, citing energy and natural resources minister Alparslan Bayraktar. “We are at the largest nuclear […] September 9, 2024
Infrastructure ADQ takes control of Abu Dhabi’s toll and parking systems The Abu Dhabi sovereign wealth fund ADQ has taken over the management, operation and development of the emirate’s toll and parking systems. The move intends to provide high-quality services to customers and generate sustainable financial returns, the Abu Dhabi Media Office said in a statement. The Darb and Mawaqif – the toll and parking systems, respectively […] September 9, 2024
Infrastructure Adia part of fund aiming to raise $4bn for India upgrade The National Investment & Infrastructure Fund (NIIF) in India, which is backed by Abu Dhabi, is aiming to raise $4 billion, according to reports. The fund, which counts the Abu Dhabi Investment Authority (Adia), the Indian government, AustralianSuper and Singapore’s Temasek Holdings among its investors, is raising the money in the early part of next […] September 5, 2024
Infrastructure UAE backs Jordan’s $2.3bn rail line for mining exports A new $2.3 billion railway project in Jordan, supported by the UAE, will help increase its mineral export capabilities. Construction tenders are slated to be issued in early 2026. Etihad Rail, the developer and operator of the UAE national railway network, and Jordan’s transport ministry have signed four agreements for the railway, which will connect […] September 5, 2024
Construction Sharjah confirms $693m water desalination project Saudi renewable major Acwa Power will build a new water desalination plant in Sharjah. The new independent water plant (IWP), which will be constructed at Hamriyah, Sharjah, will need an investment of SAR2.6 billion ($693 million). It will have a capacity of 410,000 cubic metres per day. The project scope includes development, design, financing, engineering, […] September 4, 2024
Infrastructure Egypt awards $885m contract to upgrade Cairo metro A consortium led by Orascom Construction, listed on Dubai, Egypt and Nasdaq stock exchanges, will commence the modernisation of the Cairo metro line 1 next month. The €800 million ($885 million) project will be completed in 64 months without disturbing commercial operations. The consortium has signed a contract with Egypt’s National Authority for Tunnels to […] September 3, 2024
Opinion Infrastructure Rail link to UAE will supercharge Oman’s port city of Sohar Businesses in the sultanate's northern city will get direct access to the UAE’s global connections August 30, 2024
Infrastructure Ministers meet in Istanbul for Development Road talks Transportation ministers from Turkey, the UAE, Iraq and Qatar met in Istanbul on Thursday to advance talks on the proposed Development Road project, which aims to establish uninterrupted transportation from Grand Faw Port in Iraq to London. The project is expected to save 15 days in transportation of goods to Europe through Turkey and Iraq, […] August 30, 2024
Markets NMDC Energy to raise $877m from Abu Dhabi listing NMDC Group expects to raise AED3.22 billion ($877 million) when its wholly-owned energy subsidiary lists next month on the Abu Dhabi Securities Exchange (ADX). The initial public offering of NMDC Energy, an engineering, procurement, and construction contractor for energy projects, will consist of 1.15 billion shares at AED2.8 per share. The shares are expected to begin […] August 29, 2024
Construction Orascom Construction’s US revenue softens Mena decline Egypt’s Orascom Construction has reported a decline in its second-quarter revenues after a 25 percent drop in Mena revenue was softened by growth in its US business. Volatility in the value of the Egyptian currency also drove a decline in net profit for the Cairo-based company, from $92.8 million in the same period last year […] August 28, 2024
Finance Salik values two new Dubai toll gates at $735m Dubai toll operator Salik has valued its two new toll gates at AED2.7 billion ($735 million), as it aims to turnaround its drop in profit during the second quarter of this year. The Business Bay gate is valued at AED2.3 billion while the Al Safa South Gate is estimated at AED469 million. The new gates, […] August 28, 2024
Infrastructure Second phase of Jordan-Iraq power link to be ready in 2025 Jordan will complete the second phase of its electrical connection project with Iraq by the first quarter of 2025, its ministry of energy and mineral resources said in its 2023 annual report. The project is progressing as planned with ongoing civil and engineering work that includes supplying essential materials, circuit breakers, transformers and related equipment, […] August 27, 2024
Construction Belgian company wins $220m Palm Jebel Ali dredging contract The AED 810 million ($220 million) contract to complete dredging, land reclamation, beach profiling and other work at Palm Jebel Ali has been awarded to a subsidiary of the Belgian-owned Jan De Nul Group. In May the Dubai state-owned developer Nakheel announced that local contractor DBB Contracting and Khansaheb Civil Engineering, a subsidiary of Khansaheb […] August 26, 2024
Infrastructure Backers of $17bn project to rival Suez Canal to meet in Turkey The four backers of the $17 billion Development Road project will meet this week in Turkey to advance the mega plan, a news report said. Turkey, Iraq, Qatar and the UAE signed a preliminary agreement in April to cooperate on the project, which was launched last year. “We are moving into a critical phase following the […] August 26, 2024
Construction Saudi builders fined for anti-competitive practices A Saudi regulatory authority has imposed more than SAR6.5 million ($1.7 million) worth of fines on 14 construction firms for anti-competitive practices. They were found to have colluded in setting prices when bidding for government projects, highlighting ongoing problems in the sector. The firms violated Saudi rules protecting fair access to public contracts, according to […] August 23, 2024
Infrastructure Riyadh metro to open this year, Saudi minister says Riyadh’s delayed metro system will officially open later this year, the Saudi minister of transport said this week, as the kingdom’s rapidly expanding capital wrestles with crippling traffic congestion. “The Royal Commission for Riyadh has said it will open this year,” Saleh Al-Jasser, the transport minister, said in an interview with Saudi-owned Al Arabiya TV. […] August 22, 2024
Infrastructure Jordan selects preferred bidder for $3bn water project A consortium led by French investment firm Meridiam has been selected as the preferred bidder for Jordan’s $3.3 billion Aqaba Amman water desalination and conveyance project. The Meridiam-led group includes Orascom Construction, Vinci Construction Grands Projets and Suez. Jordan is one of the most water-stressed countries in the world, with its population facing absolute water scarcity, according […] August 22, 2024
Tech Mubadala grows data centre portfolio with Yondr deal Abu Dhabi’s Mubadala Investment Company has invested in Yondr Group, a London-headquartered data centre developer, amid rising global demand for such facilities. The investment, through US alternative asset manager Apollo, aims to support Yondr’s growth strategy, the sovereign wealth fund said in a statement. No financial details were disclosed. NewsletterGet the Best of AGBI delivered […] August 22, 2024
