Finance Pakistan agrees to $1bn loan from Middle Eastern banks Pakistan has agreed terms for a $1 billion loan with two Middle Eastern banks at a 6-7 percent interest rate, its finance minister Muhammad Aurangzeb told Reuters on Tuesday, as the South Asian country searches for more financing. “With two institutions we have now gone forward in signing up the term sheet – one bilateral […] January 22, 2025
Energy Fertiglobe’s $1bn blue ammonia bet hinges on Asia Abu Dhabi-listed Fertiglobe will invest $1 billion in expanding its blue ammonia plant capacity if Asian countries commit to buying. The final decision on the investment depends on securing contracts from Japan and South Korea, who have plans to subsidise imports of blue ammonia, CEO Ahmed El-Hoshy told Bloomberg. The increased production will come through the […] January 22, 2025
Telecoms Adia-backed EdgePoint to build 5,000 towers Southeast Asian mobile phone tower company EdgePoint Infrastructure plans to add at least 5,000 towers in the next two to three years. The Singapore-based company, backed by the Abu Dhabi Investment Authority (Adia), is planning to expand in Indonesia, Malaysia and the Philippines, where it already has a presence, and enter new markets such as […] January 21, 2025
Economy Egypt gets $231m loan from Japan to back private sector Egypt has secured $231 million in concessional financing from the state-backed Japan International Cooperation Agency to support its private sector development. The facility will support economic diversification toward the transition to a green economy through budget support for policy reforms. It will bolster economic competitiveness and diversify the economy toward a green economy, promoting economic […] January 20, 2025
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 […] January 16, 2025
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 […] January 16, 2025
Oil & Gas Adia to help fund $1bn Malaysian oil and gas firm Abu Dhabi Investment Company (Adia) is to invest in an oil and gas equipment-making unit in Malaysia. Adia is participating in the $1 billion funding round for Yinson Holdings’ equipment-maker alongside Asian investment firm RRJ Capital and British Columbia Investment Management. The funding, expected to close in the first quarter of 2025, will primarily support […] January 15, 2025
Oil & Gas Shell to relocate Madrid gas trading team to Dubai Shell plans to close its Madrid gas trading operations for tax reasons, Spanish newspaper Cinco Dias has reported. Citing unnamed sources, the report said Shell planned to relocate its gas trading staff of 50 people to Dubai, London and Singapore. The staff includes a team handling commercial activities. The Madrid operations were originally part of […] January 15, 2025
Trade Cepa aims to grow UAE and Malaysia trade by 60% The UAE and Malaysia have signed a comprehensive economic partnership agreement (Cepa) that is expected to be a catalyst for a 60 percent increase in trade between the two nations over the next five years. The countries concluded negotiations for a Cepa deal in October, which will reduce or eliminate tariffs, streamline trade procedures and […] January 15, 2025
Opinion Manufacturing How China won over the car market in the UAE Japanese, American and Korean brands retreated following the pandemic January 14, 2025
Construction Damac to tokenise $1bn in real estate Damac Group, the Dubai property company, has partnered with the Hong Kong-based blockchain platform Mantra to tokenise assets worth at least $1 billion. The project will use blockchain technology to create digital tokens representing ownership or rights to Damac’s assets, allowing them to be traded online. Tokenisation is intended to lower barriers to investment by […] January 10, 2025
Aviation Adia-backed bid for Malaysia Airports nears threshold A takeover offer for Malaysia Airports Holdings by a consortium that includes the Abu Dhabi Investment Authority (Adia) has edged closer to the threshold required to take it private. The group, which includes Malaysian sovereign wealth fund Khazanah, BlackRock’s Global Infrastructure Partners and Malaysia’s Employees Provident Fund, said it has secured an 84.1 percent stake […] January 9, 2025
Real Estate Qatari investment company to help Indonesia build 1m homes The Qatari investment company Qilaa International Group has signed an agreement with Indonesia’s government to build one million affordable homes. Sheikh Abdulaziz bin Abdulrahman Al Thani, chairman of Qilaa International Group, signed the memorandum of understanding at Indonesia’s presidential palace alongside the country’s housing minister Maruarar Sirait. Qilaa International Group will finance and manage the […] January 9, 2025
Infrastructure UAE’s NMDC Energy bags $1.1bn projects in Taiwan NMDC Energy, an engineering, procurement and construction contractor for energy projects, has won a subsea gas pipeline and power project contract from the state-owned Taiwan Power Company (Taipower) valued at $1.14 billion. The wholly-owned energy subsidiary of NMDC Group will design, construct and install marine pipelines extending between Taichung and Tung-Hsiao on Taiwan’s west coast. […] January 9, 2025
Finance UAE rolls over $2bn payment due from Pakistan The UAE has agreed to roll over the payment of $2 billion due from Pakistan in January, Pakistan’s prime minister Shehbaz Sharif has said. Speaking at a press conference, Sharif said that the Emirati president extended the $2 billion repayment due this month in a one-on-one meeting during the UAE leader’s visit to Pakistan on […] January 8, 2025
Tech Saudi Aramco leads $30m investment in tech startup Wa’ed Ventures, the $500 million venture capital fund owned by Saudi Aramco, and Japanese conglomerate Sumitomo have invested in Zension Technologies, a consumer electronics startup. Wa’ed led the funding raise of $30 million, which also included Dubai-based Global Ventures. Based in Riyadh, Zension provides consumers with access to the latest tech devices. Instead of purchasing devices […] January 7, 2025
Oil & Gas Aramco explores building oil refinery in Bangladesh Saudi Aramco is willing to build an oil refinery in Bangladesh to address local and regional demand, according to an official news report. The proposed refinery is expected to meet Dhaka’s growing demand for petroleum products while serving regional markets such as China and India, state-run BSS news agency reported citing Saudi envoy Essa Al […] January 6, 2025
Mining Saudi Arabia chases 15% stake in Pakistan’s Reko Diq mine Saudi Arabia is in talks with Pakistan to acquire a 15 percent stake in one of the world’s largest undeveloped copper and gold resources, a Pakistani government minister has said. Negotiations between the two countries started last year over a minority stake in the Reko Diq copper and gold mine project in Pakistan’s southwestern Balochistan […] January 3, 2025
Renewable Energy Oman-Korea venture strikes green ammonia deal with Thailand A joint venture between companies from Oman and Korea will supply 5 million tonnes of green ammonia to Thailand under a long-term sales contract valued at $4.5 billion. The strategic partnership between Korean green hydrogen company Lupro and Oman’s Bait Muscat was sealed in June when they agreed to build a green ammonia plant in […] January 3, 2025
Real Estate Abu Dhabi & Qatar to help fund Indonesian housing Abu Dhabi and Qatar have committed to support Indonesia’s plan to build 15 million houses, according to the head of the housing task force Hashim Djojohadikusumo. Djojohadikusumo said the Qatari government will finance the construction of five million houses, while an unnamed philanthropist from Qatar will contribute towards a further one million houses. He added […] December 27, 2024
Analysis Oil & Gas UAE to shake up old world order as oil trading centre For years, Geneva, London, Amsterdam and Singapore have been the preferred homes of middlemen helping to move crude oil and its derivatives around the world. But recent geopolitical and economic shifts have paved the way for the UAE to emerge as a trading powerhouse, attracting international talent and rivalling the old world order. The UAE […] December 20, 2024
Agriculture ADQ plans Abu Dhabi shrimp farm with Korean startup A land-based shrimp farm may be set up in Abu Dhabi, after a deal between the emirate’s sovereign wealth fund, ADQ, and a South Korean aquaculture startup. Aqua Development, based in Seoul, uses a combination of aquatic biology and technology to replicate the shrimp’s natural environment, which it says is more efficient than traditional fish […] December 19, 2024
