Infrastructure Suez Canal Economic Zone plans $3bn investment By Pramod Kumar November 6, 2024, 9:52 AM Reuters/Shokry Hussien A view of the construction site of a new container terminal of Ain Sokhna Port in Ain Sokhna, Suez Province, Egypt Egypt’s Suez Canal Economic Zone (SCEZ) plans to invest $3 billion on infrastructure over the next few years to attract new investors, chairman Waleid Gamal El-Dein said. “We have been able to attract more than $6.3 billion of investments in various sectors and logistics and ports,” he told Reuters, expecting the number of projects to grow sharply. The zone has attracted nearly $1 billion in the first four months of the fiscal year, which began in July. He said regional political instability has emphasised the advantage of diversification and hedging, adding the zone has attracted more than 160 projects over the last two years. Egypt awaits $1.3bn loan from IMF as review begins Red Sea crisis boosts Saudi air cargos by 50% Infrastructure needed to support Egypt’s tourism ambitions El-Dein said a new desalination plant will be constructed in Sokhna on the Red Sea to support the green hydrogen industry. The first phase will have a capacity of 250,000 cubic metres per day. The tender will be released shortly, with construction expected to be completed in two to four years, the chairman said. Suez Canal revenue has fallen by $6 billion so far in 2024 following attacks in the Red Sea, the report said.
Economy Jordan to get $131m under IMF’s finance programme Jordan will receive $131 million from the International Monetary Fund (IMF) under its $1.2 billion extended fund facility programme. The four-year programme, approved in January 2024, remains on track, the IMF said in a statement following the completion of a second review. Jordan’s economy continues to grow amid low inflation, the fund said, adding that […] 4 hours ago
Sustainability UAE to get first lithium battery recycling plant The UAE’s first lithium battery recycling plant will become fully operational by Q2 2027. The facility, a collaboration with state-backed Kezad Group and Witthal Gulf Industries, a unit of Singapore-based Witthal Group of Companies, will have the capacity to recycle 5,000 tonnes of battery waste annually by 2027. The plant is expected to save an […] 4 hours ago
Construction Trump Towers proposed for Saudi and UAE capitals The Trump Organization intends to build Trump Towers in Riyadh and Abu Dhabi, marking its expansion across the Gulf region. The projects will be developed in partnership with Dar Global, the global development arm of Saudi-listed Dar Al Arkan, Eric Trump, the US president-elect’s son, told Reuters. The Abu Dhabi project is scheduled for launch next year, he said. Ziad El […] 4 hours ago
Transport PIF acquires 15% stake in London’s Heathrow airport Saudi Arabia’s Public Investment Fund (PIF) has acquired a 15 percent stake in FGP TopCo, the holding company of Heathrow Airport Holdings. The stake was purchased from Spanish infrastructure giant Ferrovial and other FGP TopCo shareholders. Simultaneously, Ardian, a Paris-headquartered private equity fund, has acquired 22.6 percent of FGP TopCo from the same shareholders through a […] 3 hours ago
