Transport Abu Dhabi loans $40m for Maldives airport expansion By Pramod Kumar December 26, 2024, 9:52 AM Wam Moosa Zameer, finance minister of the Maldives and Mohamed Saif Al Suwaidi, director general of ADFD at the signing of the loan agreement The Abu Dhabi Fund for Development (ADFD) will provide AED147 million ($40 million) to support the completion of the Velana International Airport project in the Maldives. This follows a loan of AED183.5 million provided in 2017 for the project’s initial phases, state-run Wam news agency reported. ADFD’s director general Mohamed Al Suwaidi said the additional support for Velana International Airport would “promote the Maldives’ growth as it increases capacity to meet the rising demand from a thriving tourism sector”. The airport expansion will increase the number of gates to 26 and add a building for international flights. Total airport capacity is expected to reach 7.5 million passengers annually. ADFD has been actively supporting and financing many strategic projects in sectors such as transportation, energy, tourism and housing in the Maldives.
Mining Ma’aden signs $1bn contracts to develop industrial cities Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] 4 hours ago
Tax $660m a year ‘sin tax’ target set by Kuwait Kuwait hopes to raise 200 million dinars ($660 million) a year through a “sin tax” on unhealthy products as part of tax reforms proposed by the International Monetary Fund, the country’s finance minister said on Wednesday. Noora Al-Fassam told the official Kuwaiti news agency that her ministry was working on a new law for a […] 5 hours ago
Construction Dubai Multi Commodities Centre announces “Crypto Tower” Dubai Multi Commodities Centre (DMCC) and software company Reit Development have announced plans to build a 17-storey “Crypto Tower” that they say will demonstrate the use of blockchain technology. Blockchain will be used for tenant interactions and transactions through the use of on-chain voting mechanisms, shared resources, smart contracts and other automated services. The 150,000 sq […] 6 hours ago
Mining Saudi development fund might invest $100m in Pakistan mining Saudi Arabia might invest more than $100 million in Pakistan’s mining infrastructure through its development fund to scale up operations to meet demand. Minister of industry and mineral resources Bandar Alkhorayef also confirmed that mining company Manara Minerals, a joint venture between Saudi sovereign wealth fund the Public Investment Fund and miner Ma’aden, is interested in investing […] 7 hours ago
