Before the start of the 2022 FIFA World Cup, real estate prices were surging in Qatar and neighboring countries, causing people to rent their properties at high prices and cash in on the increased market demand. Taking place in the Arab world for the first time, the 2022 FIFA World Cup is an unprecedented event. …

Continue reading “Foreign or joint capital constitute 39% of total investments in KSA’s industrial sector, says ministry”

Saudi Arabia’s Industrial Production Index increased by 15.7 percent in September 2022, compared to the same month in 2021, official data showed. The index, calculated through an industrial production survey showed positive growth trends, driven by an increase in production activities of mining and quarrying, manufacturing, and electricity and gas supply, according to the General …

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A flydubai flight travelling from Warsaw to Dubai reportedly made an emergency landing in Ankara, Turkey on Thursday due to a security threat, according to local reports. It was later confirmed that the threat was a hoax. According to reports by Turkish newspaper Daily Sabah “after the 161 passengers and bags were removed from the …

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Abu Dhabi’s IHC is looking to raise cash with IPOs of its technology and health units next year its CEO says. On the back of an outstanding year, which has seen profits surge 236% in the first nine months of the year, IHC will look to sell off assets and diversify investments next year. IHC …

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Iran’s construction industry is expected to grow by 2.5% in real terms in 2022, following annual growth of 1.8% in 2021. It is then expected to register an annual average growth of 3.6% between 2023-26, supported by government investments on the energy, oil and gas, petrochemicals, infrastructure and industrial sectors. Over the year, the industry’s …

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The value of Iran’s oil products export increased 40 percent in the first half of the present Iranian calendar year (March 21-September 22), as compared to the same period of time in the past year, the boar director of Iranian Oil, Gas and Petrochemical Products Exporters Union (OPEX) announced. Hamid Hosseini said while the six-month …

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Iraq is keen to maintain stable oil prices at not more than $100 per barrel, Prime Minister Mohammed Shia al-Sudani told reporters on Saturday. Iraq, a member of the Organization of the Petroleum Exporting Countries (OPEC), will have discussions with other members to reconsider and increase its production quota, he added in a briefing. “Iraq …

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The world was hoping to crucify Saudi Arabia as a top oil exporter, its energy minister said on the sidelines of the COP27 summit in Egypt, adding the kingdom would be closely monitoring other countries’ renewable promises. Setting out what he said were Saudi Arabia’s steps to produce cleaner energy and reduce its carbon footprint, …

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Diamond Developers, in partnership with the Oman Tourism Development Company (OMRAN Group), has announced the launch of The Sustainable City – Yiti in Muscat, Oman. With an investment value of nearly $1 billion, the city will be built over an area of 1 million square metres and will be developed within the phase one of …

Continue reading “$1bn sustainable city project to be built in Muscat, set for 2025 completion”

Saudi Arabia‘s economy is expected to witness a 7 percent acceleration in 2022, driven by stronger oil output following OPEC+ production cuts and continued growth in non-oil sectors, according to the latest World Bank report. The World Bank’s Gulf Economic Update (GEU), “Achieving Climate Change Pledges,” report highlights that growth in the kingdom’s economy will …

Continue reading “Rise in tourism, oil output to lift Saudi economy by 7% in 2022, outpacing other GCC nations”

Petrofac, a leading provider of services to the global energy industry, has signed a Memorandum of Understanding (MOU) with Oman Hydrogen Centre (OHC) to collaborate in building capabilities for Oman’s renewable energy sector, the company announced on Wednesday. The agreement aims to strengthen the sector, particularly in green hydrogen. The partnership “will bring considerable benefits …

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The Ministry of Commerce, Industry and Investment promotion has issued a ministerial decision that bans imports of plastic bags with effect from January 2023. The decision comes in line with the ministry’s plan to regulate market activities pertaining to the import of products that damage the environment, according to Sami Salim Al Sahib, Director General …

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The Board of Directors of Oman Rail-Etihad Rail joint venture company, held its inaugural meeting in Dubai, two days after signing an agreement to form the $3 billion railway company. The passenger trains are designed to reduce travel time from Sohar to Abu Dhabi to 1 hour 40 minutes, and from Sohar to Al Ain …

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The MSX index closed at 4,508.68 points, up by 0.72 per cent from the previous close. The Sharia Index ended up by 0.7 per cent at 481.57 points. Oman Qatar Insurance, up 5.41 per cent, was the top gainer while Muscat Thread Mill, down 8.7 per cent, was the top loser. Shares of HSBC Bank …

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Global crude oil prices rose by more than two per cent on Wednesday after Russian President Vladimir Putin announced a partial military mobilisation, raising fears of a shortage in oil and gas supplies. Brent crude futures rose $2.28, or 2.5 per cent, to $92.90 a barrel, after falling $1.38 in the previous session, while US …

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The inflation rate of the Consumers Price Index (CPI) in the Sultanate of Oman stood at 2.4 per cent in August 2022, according to the latest data issued by the National Centre for Statistics and Information (NCSI). The data indicated a rise in the prices of main groups in August 2022 compared to August 2021, …

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Union Minister for Commerce Piyush Goyal Thursday met with the UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi and held discussions to bolster the trade and investment ties between the two countries. The meeting occurred on the sidelines of the Group of 20 (G20) nations’ trade, investment, and industry ministerial meeting. …

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Like other markets globally, financial markets in Oman and the wider GCC were mostly impacted by the conflict in eastern Europe, according to an industry expert. “The ongoing Russia-Ukraine conflict has strongly affected energy deliveries and profoundly changed how the market worked,” said Daniel Takieddine BDSwiss CEO Mena. Elaborating on the current oil prices, both …

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Muscat’s Sohar Port and Freezone has signed a pact with Oman-based Arkan Sohar Logistics to build a container freight station and logistics complex in the port which will occupy 26,000 sq m. Arkan Sohar Logistics will provide bonded and non-bonded facilities, ambient and covered storage, as well as temperature-controlled, dry, chilled, and frozen storage facilities …

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Port of Duqm Company (PODC), in collaboration with Oman Society for Petroleum Services (Opal) and Oman logistics Association (OLA) organised a forum on ‘Business Opportunities at Port of Duqm’, which attracted oil and gas companies operating in the Sultanate of Oman. The forum aimed at encouraging business collaboration with Port of Duqm, where a large …

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Deutsche Hospitality, a leading German hospitality management group, announced the official opening of IntercityHotel, Muscat, as well as, the debut of the much-awaited Steigenberger Residence, Doha. The announcement was made on Monday, at the Future Hospitality Summit (FHS) 2022. The coming of these new properties boosts Deutsche Hospitality’s presence in Oman to three operational properties. …

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The Ministry of Commerce, Industry and Investment promotion has issued a ministerial decision that bans imports of plastic bags with effect from January 2023. The decision comes in line with the ministry’s plan to regulate market activities pertaining to the import of products that damage the environment, according to Sami Salim Al Sahib, Director General …

Continue reading “Oman to ban import of plastic bags from 2023”

Abraj Energy Services is rebranding, as the firm looks towards a potential listing on Oman’s Muscat Stock Exchange later this year. In a statement, the company called the identity a refocusing on modernisation and innovation of its service offerings. Abraj currently offers a range of services including drilling and workover rigs as well as fracturing, …

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Petrofac, a leading provider of services to the global energy industry, has signed a Memorandum of Understanding (MOU) with Oman Hydrogen Centre (OHC) to collaborate in building capabilities for Oman’s renewable energy sector, the company announced on Wednesday. The agreement aims to strengthen the sector, particularly in green hydrogen. The partnership “will bring considerable benefits …

Continue reading “Petrofac, Oman Hydrogen to collaborate to strengthen renewable energy sector”

Applications are now open for training courses for public and private school students participating in the World Robot Olympiad, which organises tournaments in over 85 countries worldwide. Bahrain is among the nine countries organising the tournament in the Middle East. The theme of the 2022 Olympiad is “My Robot, My Friend”. The Ministry of Education …

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One investment at Kazerooni Heights can go a long way. In today’s uncertain economic times, investors are looking for something they can rely on to add value to their portfolios. Real estate is known to be one of the most reliable long-term investments and apartments are a good option to consider: Kazerooni Heights offers two …

Continue reading “Is investing in real estate worth it in Bahrain?”

Bahrain International Circuit (BIC), “The Home of Motorsport in the Middle East”, announced today a fantastic new international racing series that will be coming to Sakhir and the region for the first time later this year, as part of the FIA WEC 8 Hours of Bahrain this November 11 and 12. The 2022 WTCR – …

Continue reading “Bahrain set for maiden FIA World Touring Car Cup races”

Rain Financial Inc, a crypto exchange in the Middle East with several customers from Saudi Arabia, UAE & Bahrain, announced axing 30 of its Bahraini employees in various markets, citing challenges in the global cryptocurrency. The company informed its staff this week about the decision, where the cuts impact a range of departments. “As cryptocurrencies …

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WestPoint Home (WPH), a global marketer and manufacturer of home products, has announced an investment of $9 million in the third phase expansion of its manufacturing complex in Bahrain. The announcement followed the recent meeting between WPH senior officials and the Minister of Industry, Commerce and Tourism, Zayed R Alzayani. Officials from the American Chamber …

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Bahrain recently launched the fastest regional multi-modal logistics hub—the Bahrain Global Sea-air Hub—with only a two-hour turnaround time for all containers. So products can reach customers in half the time and at 40 per cent of the present cost. The advantages include a 50 per cent reduction in average lead time compared to pure sea …

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Bahrain has now joined the UAE, Egypt, and Jordan to become the fourth member of the Industrial Partnership for Sustainable Economic Development at its second Higher Committee meeting held in Cairo, Egypt. Bahrain will boost the partnership’s total industrial manufacturing value from $106.26 billion to $112.5 billion. The Partnership will focus on textiles and clothing …

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Network failures across Lebanon still loom as employees of state-owned internet provider Ogero continue their strike after negotiations hit a dead-end. The strike started on Tuesday, with Ogero employees demanding for higher salaries amid an economic meltdown. A three-and-a-half-hour long meeting was conducted between the disgruntled workers and Lebanon’s communications minister Johnny Corm, but no …

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Saudi Arabia and Bahrain are set to further enhance their bilateral cooperation in the labour sector and discussed various measures to boost joint efforts in this sector. A meeting between Saudi minister of human resources and social development Ahmed bin Suleiman Al-Rajhi and minister of the Kingdom of Bahrain Jameel bin Mohammed Ali Humaidan in …

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Bahrain is seeing a major uptick in the demand for office space, with a 5.5 percent jump in office space in the first quarter of 2022 over the same year-ago period, fuelled by an improvement in economic sentiment and growth in the non-oil sector, a latest report said. The Grade B and Grade C project …

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Egypt’s engineering exports rose during the first half of 2022 by 27 percent to $1.8 billion, compared to $1.4 billion in the same period of 2021, according to the monthly report of the Export Council for Engineering Industries. Engineering exports witnessed a 4 percent increase in June 2022 compared to the same month 2021, reaching …

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The UAE’s ADNOC Distribution Company, listed on the Abu Dhabi Securities Exchange, announced, Thursday, that it has entered into an agreement to acquire a 50 percent stake in Total Energy Egypt. ADNOC Distribution clarified, in a press release, that it had signed an agreement with “Total Energy Marketing Afrique S.A.S.” to acquire a 50 percent …

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Working on becoming an attractive hub for foreign investments, Egypt offers a variety of incentives and advantages for investors; CEO of Egypt’s Information Technology Industry Development Agency (ITIDA), Amr Mahfouz, reviews three reasons why investors would prefer Egypt to invest in. Mahfouz told the Polish-English business magazine, Focus on Business, that the first and the …

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During the new fiscal year 2022/2023, the government aims to increase production for the petroleum and mineral resources sector at current prices from 671.5 billion pounds in the previous year to about 790.9 billion pounds, an increase of 17.8 percent, according to the economic and social development plan submitted by the Minister of Planning, Dr. …

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AL-Qamzi Developments announced the launch of its new project, SeaZen — which spans 204 feddans — on Sunday, with investments worth EGP 14bn. In a press conference Abdallah Al-Qamzi — Chairperson of Al-Qamzi Emirati Group — said that construction on the project will begin in October and that the first phase will be completed in …

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Banks operating in the Egyptian market and a number of real estate financing companies have injected EGP 46.368bn in financings to about 29,000 customers within the Central Bank of Egypt’s (CBE) initiative to finance real estate for low and middle-income people. The Social Housing and Mortgage Finance Support Fund revealed in a report on Sunday …

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Chairperson of Hegaz Development Ibrahim Ahmed Al-Zawawi said that the company is developing the Sokhna Hills Project in Ain Sokhna on an area of ​​100 feddans and that it will be developed over three phases. Al-Zawawi explained that the project includes residential units, a hotel, a commercial mall, and an athletic area, pointing out that …

Continue reading “Hegaz Development invests EGP 1.2bn in 1st phase of Sokhna Hills Project”

“The second phase of the project comprises unique units in a variety of areas that meet the ambitions and desires of customers by providing a number of commercial units under the ‘franchise system’ to achieve the highest investment return for customers in its project,” said Adel Abdel Moneim — Chairperson of LUD’s Board of Directors. …

Continue reading “Lozan Urban Development launches 2nd phase of Apex Business Mall at NAC”

Oman is set to extend an economic overhaul that has helped to stabilise the finances of the weakest Gulf state, according to its foreign minister. “Our fiscal position is now sound and improving,” Sayyid Badr bin Hamad Albusaidi said in a podcast hosted by Al-Monitor. “This gives us really a solid foundation to make real …

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Barka Desalination Company (BDC) has announced the successful close of the first phase of its IPO for listing on the Muscat Stock Exchange (MSX). Based on the price discovery process completed through book building by large and institutional investors, the allotment price for shares has been determined at 145 baisa at the highest end of …

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The first spot market for electricity in the Middle East has launched in Oman, helping the country in its efforts to lower the cost of power. While competitive electricity and water markets are common in the United States, Europe and parts of Asia, until now, they had not reached the Middle East but that has …

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H2 Industries and Oman’s Public Establishment For Industrial Estates (Madayn) have signed a memorandum of understanding (MoU) to develop a waste-to-hydrogen plant in conjunction with PV solar power plants with base-load capacity in the sultanate of Oman. The proposed $1.4 billion facility will be built on a 200,000 square metre coastal site. The facility will …

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The World Bank has approved US$85 million in financing for the Jordan Support for Industry Development Fund Project, which aims to promote investments and exports in the manufacturing sector through the operationalization of a new Industry Development Fund. The fund is one of the commitments Jordan has made under its Economic Priority Plan 2021–2023. Jordan …

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Jordan’s garment industry did not witness the pandemic’s worst impact, proving to be ‘relatively’ resilient in its adaptability to new trends, according to Better Work Jordan Annual Report 2021, which noted that the economic downturn in the country’s garment industry has only had a 15 per cent reduction in exports and a full rebound is …

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Jordanian Industrial Estates Company recently participated the Annual Investment meeting 2022 in Dubai and presented The Industrial estates with its services, incentives and the discounts on selling and renting standard Lands and Buildings for the new estates which built in (Alsalt – Madaba– Altafilah). Furthermore, COE Dr. Luay Sahwil and The General Manager Mr. Omar …

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The investment package the government has recently endorsed is aimed to enhance the production competitiveness in the Tafileh Industrial Estate, attracting more investments to the estate and creating more jobs in the governorate to address unemployment, Chairman of the Jordan Industrial Estates Corporation (JIEC) Luai Sihweil said on Monday. Sihwil, in a JIEC statement cited …

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Jordan, the United Arab Emirates (UAE) and Egypt have launched the Industrial Partnership for Sustainable Economic Development to implement industrial projects worth $10 billion. Jordan’s state-run Petra news agency reported that under the partnership announced on Sunday during a meeting between the three countries in Abu Dhabi, a fund will be created and managed by …

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A welcoming billboard is seen along the airport road in Lebanon’s capital Beirut on Wednesday following a campaign by the Tourism Ministry to replace the pictures of political figures with images of natural sites as the country is trying to draw more tourists (AFP photo) BEIRUT — Lebanon’s economy should receive a welcome injection of …

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In what is the fourth dual listing on the Abu Dhabi Securities Exchange (ADX), GFH Financial Group B.S.C. announced its secondary listing on the exchange on Tuesday. The listing is set to further expand GFH’s investor base and enhance liquidity in its shares amid increased regional and international participation on the exchange. This is GFH’s …

Continue reading “Bahrain’s GFH successfully lists on Abu Dhabi Securities Exchange”

Bahrain-based Al Waha Fund of Funds announced on Monday its participation in LionBird III, an $85 million digital health-focused fund, floated by Tel Aviv-based venture capital LionBird. Al Waha’s partnership with LionBird will also seek to aid Bahraini and GCC startups in navigating the complex US healthcare market and connecting with the right experts and …

Continue reading “Bahrain’s Al Waha to invest $85mn in Israel-based digital health-focused fund”

Capital values across Bahrain’s residential real estate segment have remained largely stable on a quarterly basis, according to real estate service provider Savills. The capital value index for apartments and villas in the country, when compared annually, however has dropped by an average 1.2 percent and 2.6 percent respectively, Savill’s said in its Q1 2022 …

Continue reading “Bahrain’s residential capital values hold steady during Jan-March”

Saudi stock markets opened higher in early morning trade, as oil prices fluctuated steadily. Oil prices rose on Friday, with Brent crude exiting the week at $119.72 and US West Texas Intermediate settling at $$118.87. The main index, TASI, opened 0.18 percent higher at 12,627, while the parallel market, Nomu, started 0.08 higher at 22,861 …

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DMS is the outcome of Vision 2030’s revolutionary potential in shaking up the fields of mobility and logistics. It is a digital growth engine launched by SAPTCO to explore new possibilities and build innovative startups. DMS is working toward becoming the leading venture builder in the mobility sector; it aims to make it seamless, smart …

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New York is on track to advance with 22 green projects, in line with the state’s climate ambitions. In addition, EU countries will use money from the EU recovery fund to expand liquified natural gas capacity. Meanwhile, Moscow is seeing a jump in profits from energy exports in 2022, despite sanctions from the West. Looking …

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Saudi Arabia has launched a new strategy with the World Economic Forum to promote industrial innovation and advanced manufacturing in the country. Minister of Industry and Mineral Resources and Chairman of the Saudi Industrial Development Fund Bandar bin Ibrahim Al-Khorayef launched the Saudi Advanced Manufacturing Hub, or Saudi AMHUB, strategy, which will look to position …

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The young population in Saudi Arabia is helping the country to achieve the goals of Vision 2030, according to Saad Al-Shahrani, deputy minister at the Saudi Ministry of Investment. While speaking at the Saudi Spanish Investment Forum in Riyadh on Sunday, the minister revealed that the young population in the nation is tackling all the …

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Saudi Arabia issued 260 new industrial licenses during the first quarter of 2022 — up from the 206 handed out in the previous three months, the government has revealed. Figures issued by the Ministry of Industry and Mineral Resources show that while there was a quarter-on-quarter rise, the number approved was down from 308 in …

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Dar Al Arkan, the Saudi-based real estate company, and Oman Tourism Development Company have signed an agreement to develop AIDA, one of the largest mixed-use real estate projects in the sultanate. The project marks Dar Al Arkan’s first entry into Oman and the value of the investment from both parties will reach SR6 billion ($1.6 …

Continue reading “Saudi’s Dar Al Arkan set to make Oman debut with $1.6bn AIDA project”

The construction of new hotels in prime tourism destinations such as Saudi Arabia, Qatar, Oman and the UAE remains substantial despite the pandemic headwinds over the past two years. According to new research commissioned by Arabian Travel Market, Makkah and Doha are both expanding their hotel room inventory by 76 percent, followed by Riyadh, Madinah …

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Diamond Developers, in partnership with the Oman Tourism Development Company (OMRAN Group), has announced the launch of The Sustainable City – Yiti in Muscat, Oman. With an investment value of nearly $1 billion, the city will be built over an area of 1 million square metres and will be developed within the phase one of …

Continue reading “$1bn sustainable city project to be built in Muscat, set for 2025 completion”

Football fans coming to Qatar for the World Cup will not have to shell out huge amounts on accommodation, assured CEO of the FIFA World Cup Qatar 2022, Nasser Al Khater. In comments to The Sun, Al Khater said that Qatar will make this World Cup as affordable as possible for everyone. “We have always …

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Saudi Arabia’s real estate sector has started the year with fragmented performance and activity levels across the Kingdom’s regions. Looking at Saudi Arabia’s office sector figures, visitation to the workplace has since late September 2021 remained above its pre-pandemic baseline and now sits 19.7 percent above the baseline, with the majority of occupier activity continuing …

Continue reading “Fragmented performance across Saudi Arabia’s real estate sector in Q1, 2022”

The Oman Investment Authority has split its assets into local and foreign portfolios, the state news agency said on Sunday. Abdulsalam Al Murshidi head of the Omani Investment Authority said the “Generation Portfolio”, which consists of foreign assets and some local assets in various instruments including public and private markets, in addition to real estate, …

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The manufacturing sector of Qatar is showing a robust growth as 18 new factories were established in the fourth quarter of the last year. According to figures released by the Ministry of Commerce and Industry, the number of new local products registered in the last quarter of 2021 was 81. In the same period, 768 …

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Gulf nations are interested in buying stakes in a fuel-distribution company owned by the Egyptian army, as well as a power plant co-built by Siemens AG, among their multi-billion-dollar investment pledges, according to Ayman Soliman, the CEO of the Sovereign Fund of Egypt (SFE). “Several international investors, including Gulf sovereign wealth funds, have showed interest …

Continue reading “Saudi Arabia, UAE, Qatar vie for stake in Egypt power plant, fuel distribution firm after investment pledges”

Global fashion and lifestyle retail conglomerate Apparel Group has expanded its footprint in Qatar, with the launch of 20 stores at the Place Vendome mall in Lusail City. The 20 new stores includie Charles & Keith, Beverly Hills Polo Club, Rituals, LC Waikiki, Birkenstock, Molten Chocolate & Café, Skechers, R&B, R&B Kids, BBZ, Hema, Crocs, …

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The European Commission – which is the executive branch of the European Union – has taken another positive step towards its goal of implementing visa-free travel for all countries in the GCC. In its latest decision, the European Commission has proposed the waiving of visa requirements for all Qatar and Kuwait nationals. Under this proposal, …

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Halal medicines as a category within the wide universe of pharmaceuticals? Dubai’s Prime Healthcare is definitely hoping this breakthrough happens in the UAE and Gulf markets – and at some point in the near future itself. “Worldwide, halal pharmaceuticals make up 7 per cent of the global pharma market, but many still remain unaware of …

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The UAE is fast emerging as the digital finance capital of the region and a global digital hub, helped by conducive regulations, government leadership and talent inflow. The UAE is driving digital transformation with the adoption of digitization across public and private sectors. The UAE government recently approved a Digital Economy Strategy that aims to …

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Privately owned businesses will now be able directly list shares on the Abu Dhabi Securities Exchange (ADX)’s Growth Market, without the need for an initial public offering (IPO), presenting a path for companies to begin their capital markets journey. To be eligible for inclusion in the Growth Market, companies must convert to a private joint …

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In a move that seeks to align the information and communication technology (ICT) strategies of Dubai’s government entities with the emirate’s digital transformation objectives, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of The Executive Council of Dubai, has issued Executive Council Resolution No. (15) of 2022. According …

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The Red Sea Development Co. is marching ahead with its construction plans as it aims to have its first hotels this year at the site. For this, thousands of workers and staff are mobilizing to the destination, and TRSDC is making sure they are all safe and well. As the UN marks the World Health …

Continue reading “As TRSDC advances construction, focus shifts to employees’ physical, mental wellbeing”

The recent Lebanese court order restricting lenders from moving money abroad is the fallout of deep rot long building in the banking sector. This comes on the back of the country’s mounting debt amidst the deteriorating economic condition – the crisis that many blame on Lebanon’s corrupt political class and the government which defaulted on …

Continue reading “Lebanon banking sector crumbles amid a deepening economic crisis”

Saudi Arabia’s construction market may go back to the pre-pandemic levels this year as the Public Investment Fund, or PIF, is pushing for more projects. In 2021, the contracts industry registered a 78 percent rise in activities as compared to 2020 and this upward momentum is expected to continue in 2022, according to the US-Saudi …

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Those in charge of Arab financial institutions should review their work strategies and directions in light of the global changes and the region’s requirements by considering the priorities and needs of the citizens, Saudi Minister of Finance Mohammed Al-Jadaan said on Thursday. Speaking at the inauguration of the annual joint meetings of the Arab financial …

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The International Energy Agency, or IEA, has listed members’ contributions to a 120-million-barrel release of crude and oil products from emergency stockpiles aimed at cooling global oil prices following Russia’s invasion of Ukraine. The release of stocks by the US-allied members of the IEA — which is made up of 31 mostly industrialized countries, but …

Continue reading “IEA details plan to release 120mn barrels of oil to cool prices”

The recent Lebanese court order restricting lenders from moving money abroad is the fallout of deep rot long building in the banking sector. This comes on the back of the country’s mounting debt amidst the deteriorating economic condition – the crisis that many blame on Lebanon’s corrupt political class and the government which defaulted on …

Continue reading “Lebanon banking sector crumbles amid a deepening economic crisis”

Saudi Arabia’s oil chief said markets are going through a “jittery period” and reiterated Tuesday that the kingdom’s ability to ensure energy security is no longer guaranteed. Energy Minister Prince Abdulaziz bin Salman said cross-border attacks have put to question “our ability to supply the world with the necessary energy requirements.” The attacks have been …

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The energy ministers of Saudia Arabia and the United Arab Emirates, key members of OPEC+, said on Tuesday the producers’ group should not engage in politics as pressure mounted on them to take action against Russia over its invasion of Ukraine. Asked by the moderator at an industry event about whether OPEC+ has a moral …

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Tejarah Talks, a new initiative launched by the Ministry of Commerce, Industry & Investment Promotion (MoCIIP) will hold its first event on February 23 at the Civil Aviation Authority Training Centre in Al Hail North. Supported by Sohar Port & Freezone, HSBC and Oman Business Forum, over the coming year Tejarah Talks will bring together …

Continue reading “New initiative unveiled to examine key issues shaping Oman’s business landscape”

In line with the official inauguration of Port of Duqm, Asyad Ports-Duqm is set to commence the operation and management of the general cargo terminal that includes three commercial berths in Port of Duqm, following Asyad Group’s strategy to enhance the competitiveness of Omani ports and maximise their investment and economic returns, as underpinned by …

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Asian shares were mostly lower on Monday after a retreat on Wall Street, as investors watched for developments in Ukraine after Russia rescinded earlier pledges to pull tens of thousands of its troops away from Ukraine’s northern border. Tokyo, Seoul, Hong Kong and Shanghai declined while Sydney advanced. Russia is a major energy producer and …

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The MSX index closed at 4,084.28 points, down by 0.09 per cent from the previous close. The Sharia Index ended up by 0.23 per cent at 496.20 points. Takaful Oman, up 9.52 per cent, was the top gainer while, Phoenix Power, down 6.00 per cent, was the top loser. Shares of United Finance were the …

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Energy investments in the Mena region are expected to continue to grow on the strength of higher oil and gas prices throughout 2022, according to a new report. “The uptick in regional energy investments, which registered a $13 billion increase in Apicorp’s latest five-year outlook issued in the second quarter of 2021, will continue over …

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The Public Establishment for Industrial Estates – Madayn launched the first integrated Omani digital platform (SouqMadayn) for displaying, buying and selling Omani products under the patronage of Dr Said bin Mohammed Al Saqri, Minister of Economy, in the presence of a number of their excellencies at the Knowledge Oasis Muscat. SouqMadayn platform aims at displaying, …

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Shell Oman Marketing Company has launched its first electric vehicle (EV) charging hub in Oman, located at Al Bandar Service Station in Seeb. It has supplemented the existing fuel station with a fast electric charging point, catering to the EV owners in the capital. The new ShellRecharge service will enable customers to charge their EVs …

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The Central Bank of Oman (CBO) raised OMR177 million by way of allotting treasury bills on Wednesday. The treasury bills are for a maturity period of 91 days, from February 23 until May 25, 2022. The average accepted price reached OMR99.822 for every OMR100, and the minimum accepted price arrived at OMR99.820 per OMR100. The …

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The Public Establishment for Industrial Estates – Madayn is promoting the available investment opportunities in its network of industrial cities at Expo 2020 in the UAE. This comes in line with its vision in enhancing the Sultanate’s position as a leading regional centre of manufacturing, ICT, innovation and entrepreneurship excellence, and its mission in attracting …

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The MSX index closed at 4,044.86 points, down by 0.33 per cent from the previous close. The Sharia Index ended down by 1.12 per cent at 489.78 points. Sembcorp Salalah, up 5.19 per cent, was the top gainer while, Al Jazeera Services, down 9.81 per cent, was the top loser. Shares of Vision Insurance were …

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Brent crude prices surged past $100 a barrel for the first time since 2014 amidst report of an impending Russian invasion into Ukraine. The escalating tensions sparked fears of a disruption in critical energy exports. Futures in London jumped almost 3.3% after a news report that Russian President Vladimir Putin has decided to conduct a …

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Tethys Oil’s share of the production, before government, take, from Blocks 3&4 onshore the Sultanate of Oman, in January 2022 amounted to 325,632 barrels of oil, corresponding to 10,504 barrels of oil per day. The Official Selling Price (OSP) for Oman Export Blend Crude Oil for January 2022 was $80.26 per barrel. The OSP, as …

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Construction work has started on five new industrial cities across Oman as the sultanate seeks to establish a total of 40 by 2040. Coinciding with Industry Day in Oman, Hilal bin Hamad Al Hasani, CEO of the Public Establishment for Industrial Estates (Madayn), revealed that new industrial cities are being built in Khasab, Ibri, Thumrait, …

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His Excellency Sheikh Mohammed bin Hamad bin Qassim Al Thani, Minister of Commerce and Industry, met with His Excellency Mr. Abdul Hadi Awang, the Malaysian Prime Minister’s Special Envoy to the Middle East, who is currently visiting Qatar. During the meeting, the officials touched on the bilateral relations between the two countries in the commercial, …

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Oman is set to extend an economic overhaul that has helped to stabilise the finances of the weakest Gulf state, according to its foreign minister. “Our fiscal position is now sound and improving,” Sayyid Badr bin Hamad Albusaidi said in a podcast hosted by Al-Monitor. “This gives us really a solid foundation to make real …

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Oman set to extend economic reforms as finances stabilise after Covid shock Oman is set to extend an economic overhaul that has helped to stabilise the finances of the weakest Gulf state, according to its foreign minister. “Our fiscal position is now sound and improving,” Sayyid Badr bin Hamad Albusaidi said in a podcast hosted …

Continue reading “Boeing said to launch 777X freighter with Qatar Airways plane deal”

Boeing Co. formally launched a freighter version of its 777X jetliner as Qatar Airways struck one of the largest cargo deals on record, giving the US planemaker an edge over longtime rival Airbus SE. The Doha-based carrier placed a firm order for 34 of the 777-8 freighters plus options for an additional 16 jets, the …

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Qatari officials are weighing whether to relax the country’s ban on alcohol at sporting events amid pressure from FIFA and Anheuser-Busch InBev to let fans drink beer in stadiums at the 2022 World Cup, according to people familiar with the matter. Deliberations so far have centered on whether to make Bud Light or another lower-alcohol …

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Direct one way flights from Dubai to Doha, Qatar on November 20 cost $1,089, nearly five times the current airfare of $217 Flights from Dubai to Doha are set to witness a record upsurge in ticket prices, as the state of Qatar prepares to host the FIFA World Cup 2022 in November. Direct one way …

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The economies in the six-member Gulf Cooperation Council will grow at their fastest paces in several years, according to a Reuters poll of economists who cautioned the risk to that outlook was skewed to the downside. Crude oil prices, a major driver for Gulf economies, climbed to their highest since 2014 on Wednesday, driven by …

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Staff at Qatar Airways who vent work worries online say the state carrier is retaliating with legal threats and job cuts – part of a growing corporate trend to monitor and muzzle employees who dare speak out. Advocates say the carrier’s attempts to silence employees and delete critical posts – be it in private or …

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Qatar National Bank QPSC braced for credit losses by boosting the amount of money set aside in provisions and signaled caution over the main international markets where it has a presence. The Middle East’s biggest bank booked 7.1 billion riyals ($1.9 billion) in loan-loss provisions during 2021, up 21 percent from the previous year, according …

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Worries that the current shortage of liquefied natural gas will persist through the middle of the decade are triggering a rush to sign long-term deals, pushing up the price of contracts for the super-chilled fuel. While contracts had been getting cheaper over the last few years due to rising supply from Qatar and end-users favoring …

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Mannai Corp. said its board approved the sale of French information technology services provider Inetum SA, paving the way for a disposal that could fetch upward of $2 billion. Mannai didn’t identify the potential buyer or how much it expects to receive from the sale. The deal is subject to entering definitive transaction documentation and …

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Fans can start applying to buy tickets for the FIFA World Cup in Qatar, with a prime seat for the final priced at 5,850 Qatari riyals ($1,598). Ticket applications opened on Wednesday for the world’s biggest soccer tournament, which starts in November. A seat for a group-stage match starts at 250 riyals for international visitors, …

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At the cramped shop where Kholoud Ahmed sells the traditional Muslim women’s gowns known as abayas, the rainbow of colors is a revelation. In the past, women in Riyadh typically dressed in the same black abaya no matter where they were going. Now, observed Ahmed, 21, there’s a differently colored or styled abaya for every …

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Saudi Arabia said on Sunday it expected to post its first budget surplus in nearly a decade next year, as it plans to restrict public spending despite a surge in oil prices that helped to refill state coffers hammered by the pandemic. After an expected fiscal deficit of 2.7% of gross domestic product this year, …

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Saudi Arabia’s crude oil exports in October rose for a sixth straight month to their highest since April 2020, the Joint Organisation Data Initiative (JODI) said on Thursday. The kingdom’s crude oil exports rose to 6.833 million barrels per day (bpd), up from 6.516 million bpd in September. The world’s largest oil exporter’s total exports …

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Unemployment among Saudi citizens remained at 11.3% in the third quarter, unchanged from the previous three months, official data showed on Monday. The unemployment rate of Saudi Arabia’s working age population, which includes all residents above 15 years old, was 6.6% in the third quarter, data from the General Authority for Statistics showed. That was …

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Saudi Arabia plans to convert its airport operators into holding companies and transfer them to its powerful sovereign wealth fund with a view to eventual privatisation for some, the head of Saudi Arabia General Authority of Civil Aviation said on Monday. Abdulaziz al-Duailej told the Saudi-owned Asharq Al-Awsat newspaper that Abha International Airport is being …

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Saudi Arabia has delayed the launch of a major development strategy for the city of Riyadh up to 2030 until next year due to some “incomplete elements”, the state news agency SPA reported on Tuesday. SPA said the development strategy for the capital is to be “finalised” in 2022. Saudi Arabia is investing $220 billion …

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An influential Saudi cleric who once served for years as head of the kingdom’s Shariah courts and whose ultraconservative views sparked outcry died on Wednesday, leaving behind a legacy that mirrored the kingdom’s decades-long slide toward Wahhabism. His family announced his death on Twitter, saying 90-year-old Sheikh Saleh bin Mohammed al-Luhaidan died after battling an …

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The world’s top oil exporter, Saudi Arabia, has cut February’s official selling price (OSP) for all grades of crude it is selling to Asia by at least $1 a barrel, three sources with knowledge of the matter said on Thursday. State oil giant Saudi Aramco set the February OSP for Arab Light crude at $2.20 …

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Dubai-based Emirates Group has announced it is looking to recruit more than 500 IT professionals as the airline continues to rebound from the impact of the pandemic. The company said it is experiencing strong air travel demand across all areas of the business, and a range of opportunities will be available for skilled IT professionals. …

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Easa Saleh Al Gurg Group (ESAG), one of the largest family business conglomerates operating in the UAE, has announced that staff will adopt a hybrid style working schedule from January 1 in line with the new weekend shift announced by the government last week. ESAG staff, who work across 27 companies, will have a blended …

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Saudi Arabian Military Industries (SAMI), a wholly-owned subsidiary of the Public Investment Fund (PIF), has signed a joint venture agreement to build a high-precision manufacturing facility in the kingdom to produce aircraft components. The deal with France’s FIGEAC AÉRO Group and the Saudi Arabian Industrial Investments Company (Dussur) will establish SAMI FIGEAC AÉRO Manufacturing. The …

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Kuwait Projects Co, the holding company with assets of about $33 billion, has appointed Sheikha Dana Nasser Sabah Al Ahmad as its CEO, in another senior appointment for a woman in the Gulf. Sheikha Dana was previously the CEO of Al Futtooh Holding Co and on Kuwait Projects’ board since 2020, according to a statement. …

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Abu Dhabi Ports and the Manufacturers Association of Israel (MAI) today signed an agreement to enhance trade, investment and technology cooperation between the United Arab Emirates and Israel, in the presence of His Excellency Falah Mohamed Al Ahbabi, Member of the Abu Dhabi Executive Council and Chairman of Abu Dhabi Ports. The Memorandum of Understanding …

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Khalifa Industrial Zone Abu Dhabi (KIZAD), a subsidiary of Abu Dhabi Ports, today announced the formation of a green ammonia production facility, targeting regional and international markets. Helios Industry, a privately-owned special project vehicle company (SPV), plans to invest over AED3.67 billion (USD1 billion) in the construction of the facility over several years, which it …

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United Development Company (UDC), a leading Qatari public shareholding company and the master developer of The Pearl and Gewan Islands, recently won 11 accolades in the 2021 Arabian Property Awards. The Pearl Island awards include Mixed Use Development award, Leisure Development award for Corinthia Yacht Club, Leisure Architecture award for Corinthia Yacht Club, Retail Architecture …

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Qatar and United States offer growth opportunities to businesses. The bilateral trade volume between the two countries is set to rise further as economies come out of coro-navirus pandemic, said a senior US official during a webinar. Natalie Baker, Chargé d’Affaires, US Embassy in Qatar discussed the key policy areas that play a role in …

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The total value of real estate transactions in the sales contracts registered with the Real Estate Registration Department of the Ministry of Justice from November 7 to 11, reached QR373,507,402. The types of real estate traded included vacant lands, houses, residential buildings, a com-mercial building and multi-purpose buildings. Most of the trading took place in …

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Leading Saudi real estate outfit Dar Al Arkan will mark its first foray into Qatar with the development of a “premium project” on Qetaifan Island North. The move comes following a deal struck between Dar Al Arkan and Qetaifan Projects, a leading Qatari real estate development company owned by Katara Hospitality. The project will include …

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The United Nations in Iraq has welcomed commitments made at COP26 in Glasgow but stresses the need for urgent action on these promises to limit climate change’s adverse impacts on human rights and sustainable development in Iraq. Commitments made at the UN Framework Convention on Climate Change (UNFCC) conference – attended by a Government of …

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The newly resuscitated Iraq National Oil Company (INOC) has been authorised by the government in Baghdad to directly negotiate with U.S. oil giant, Chevron, for it to develop the long-delayed Nasiriyah oil field in the southern DhiQar province, according to several domestic news sources. The idea of developing the 4.36 billion-barrel Nasiriyah oilfield has been …

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A robust month-on-month double-digit jump – particularly in printing as well as in the production of food, beverages and cement – led Qatar’s manufacturing sector to expand in March 2021, according to the Planning and Statistics Authority (PSA). The country’s Industrial Production Index (IPI) saw a 1.4% monthly increase this March despite the reintroduction of …

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The outlay provided for various projects in the third quarter are: infrastructure and roads (QR2.62bn), sewer and drainage (QR166.9mn), parks and green areas (QR71.7mn) and miscellaneous (QR84.7mn). According to the Ministry of Finance, the projects to be completed this year are Food Security Project, Doha Old Port and Lusail Light Rail Transit. The work on …

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Ahead of the 2022 FIFA World Cup, the hospitality and tourism sector are expected to further stimulate economic activities and open new windows of opportunities to bolster the market, which is projected to grow at a compound annual growth rate of 12.1% between 2019 and 2022 to reach $1.4bn. This was revealed on the occasion …

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Deputy Prime Minister and Minister of Local Administration Tawfiq Kreishan on Saturday called for resolving all issues related King Abdullah II and Muwaqqar industrial estates that are home to 505 investment companies, providing 19,600 jobs. The prime minister after his visit to Mafraq Governorate, 80km northeast of Amman, has decided to form a ministerial committee …

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The ministerial committee for following up on the performance of the free and development zones on Saturday checked on Al Hassan Industrial Estate (HIE) and Irbid Development Zone (IDZ). Deputy Prime Minister and Minister of Local Administration Tawfiq Kreishan during his meeting with a number of investors at the HIE and the IDZ, said that …

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The volume of new investments in industrial estates for the first six months of 2021 increased by 2 per cent to JD73 million compared with JD71.3 million during the same period last year, the Jordan Industrial Estates Company (JIEC) said on Monday. The JIEC, since the beginning of the year, has signed 82 contracts with …

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With rubbish piling up in the desert, the United Arab Emirates has found a new way to get rid of its trash — incinerators that will turn it into electricity. The UAE, one of the world’s top oil NSE -1.70 % exporters, is building the Gulf region’s first waste-to-power plants to ease its chronic trash …

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The bonds, which is comprised of medium and long-term tranches, captured the demand of international and regional investors. Global books peaked at over $22.5 billion, a statement said. The announcement was made during a virtual media briefing where Younis Haji Al Khoori, Undersecretary of Ministry of Finance previewed the results of the subscription to the …

Continue reading “The UAE’s Ministry of Finance has successfully closed its offering of a $4 billion US dollar-denominated multi-tranche sovereign bond package.”

Kuwait-based ALAFCO Aviation Lease and Finance Company has signed a financing agreement worth $75 million to strengthen its operations as the travel industry looks to rebound from the global coronavirus pandemic. The Islamic Corporation for the Development of the Private Sector (ICD) and ALAFCO signed the four-year syndicated secured financing agreement with $50 million from …

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One of the world’s largest oil NSE -0.99 % producers, Saudi Arabia, announced Saturday it aims to reach “net zero” greenhouse gas emissions by 2060, joining more than 100 countries in a global effort to try and curb man-made climate change. The announcement, made by Crown Prince Mohammed bin Salman in brief scripted remarks at …

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Saudi Arabia, advised by the world’s largest fund manager BlackRock, has launched a national infrastructure fund to support up to 200 billion riyals ($53.32 billion) in projects over the next decade, state news agency SPA said on Monday. The National Infrastructure Fund will invest in areas such as water, transportation, energy, and health, contributing to …

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Saudi Arabia said on Wednesday it had licensed 44 international companies to set up regional headquarters in the capital Riyadh under the kingdom’s push to become a regional commercial hub and vie for foreign capital and talent. Among the 44 companies are multinationals in sectors including technology, food and beverages, consulting and construction including Unilever, …

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Saudi Arabia could go carbon neutral before its 2060 target if technology evolves quickly enough, its energy minister said on Wednesday, days before the COP26 climate summit. Prince Abdulaziz bin Salman said new processes enabling the “circular carbon economy” — a concept where waste carbon is captured and repurposed — were key to the world’s …

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The Saudi Arabia of today is far different from the Saudi Arabia of Sept. 11, 2001. All but four of the 19 hijackers on 9/11 were Saudi citizens, and the Saudi kingdom was the birthplace of Osama bin Laden, the head of al-Qaida and mastermind of the attack 20 years ago. In the two decades …

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Saudi Arabia’s economy posted a 1.8% annual growth in the second quarter, according to official gross domestic product (GDP) estimates, but the non-oil sector of the world’s largest oil exporter lost steam. The figures, published on Monday by the General Authority for Statistics, revised upwards earlier estimates of a 1.5% overall growth in the second …

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The value of Saudi Arabia’s imports from the United Arab Emirates (UAE) in July fell by 33% month on month, official data showed on Wednesday, after the kingdom imposed new rules in July on imports from other Gulf countries. Imports from neighbouring UAE fell to 3.1 billion riyals ($827 million) in July from 4.6 billion …

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When the OPEC+ alliance of oil producers gathers next week, group leader Saudi Arabia can savor a moment of triumph. Eighteen months after slashing crude production during the pandemic, Riyadh is set to pump at almost pre-Covid levels of 9.8 million barrels a day this month as a recovering global economy clamours for energy supplies. …

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A Saudi court on Sunday issued a final order on the restructuring of the Algosaibi family’s conglomerate AHAB, putting a formal end to one of Saudi Arabia’s largest and longest debt disputes. AHAB filed for a financial restructuring in 2019 under the framework of Saudi Arabia’s bankruptcy law, introduced the previous year to make the …

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Kuwait-based logistics giant Agility confirmed on Tuesday that it applied for a licence to establish a digital bank. The move is part of the company’s “ongoing focus on digital initiatives”, according to vice chairman and chief executive Tarek Al Essa in a statement to the Dubai Financial Market. However he said the application is in …

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The Global Portable Ventilators Market is estimated to be USD 770.5 Mn in 2021 and is expected to reach USD 1,080.8 Mn by 2026, growing at a CAGR of 7%. The factors fueling the growth of the portable ventilator market are increasing incidences of breathing diseases and respiratory problems among the growing population. Additionally, the …

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Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced that Scott Rowe, president and chief executive officer, will present at the 2021 RBC Capital Markets Global Industrials Virtual Conference on September 9, 2021 at 12:20 – 12:50 CDT. A webcast of Mr. Rowe’s presentation …

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CEMEX has a steadfast commitment to be a leader in climate action and provide low-carbon and net-zero CO2 products. The Framework further aligns CEMEX’s corporate sustainability commitments to its financing strategy, as part of its Future in Action program. The Framework establishes CEMEX’s guiding principles when issuing new sustainability-linked financing instruments, including public bonds, private …

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Small scale manufacturing plants in Kuwait produce petrochemicals, fertilizers, ammonia etc. The growth of the manufacturing sector in Kuwait has not been ideal, as it was hard hit firstly, by the Iraqi invasion and then, the recession. The contribution of the manufacturing sector towards the GDP of Kuwait has ranged between 5-6% for the past …

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Online logistics marketplace Zipaworld has partnered with the Middle East-based ASYAD Group for expanding its business in Oman and the GCC region. Under the tie-up, the two companies will launch a pilot project with ASYAD Express for express courier services and door-to-door shipments in India and the GCC region. The Riyadh-headquartered Gulf Cooperation Council (GCC) …

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Saudi Arabia is considering developing an industrial zone in Oman and the two Gulf states have discussed the possibility in investment talks, the Saudi state news agency SPA reported. Saudi and Omani officials met earlier in the month to discuss investment opportunities and discussions this week were around “prospects for cooperation and integration opportunities in …

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Saudi Arabia is considering developing an industrial zone in Oman and the two Gulf states have discussed the possibility in investment talks, the Saudi state news agency SPA reported. Saudi and Omani officials met earlier in the month to discuss investment opportunities and discussions this week were around “prospects for cooperation and integration opportunities in …

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The agreement was signed with The Public Authority for Special Economic Zones and Free Zones, a Government authority of Oman, an official statement said. In March 2021, The Oman Company for the Development of the Special Economic Zone at Duqm (Tatweer) and ACME Group signed a memorandum of understanding (MoU) to set up a large …

Continue reading “ACME Group signs land deal for green ammonia project in Oman”

Oman’s Capital Market Authority (CMA) announced its approval of licensing crowdfunding platforms, which will allow a new financing option for SMEs in the Sultanate. The CMA’s board of directors agreed on Sunday to amend the existing capital market legislation to allow for crowdfunding platforms to be established in the country. In a statement released by …

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Egypt’s economy will grow 5.0% in the fiscal year that ends in June next year, a Reuters survey predicted on Monday, unchanged from analysts’ expectations in a similar poll three months ago and slightly below the government’s target of 5.4%. Gross domestic product (GDP) of the Arab world’s most populous country was seen growing 5.5% …

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Egypt’s strategic Suze Canal Economic Zone (SCZone) is poised to see more success as more foreign investment pours in, experts said. “The industrial and specialized investment parks are one of the mechanisms for luring foreign investment, especially in the industrial field, an essential factor for improving the competitiveness in Egypt,” said Waleed Gaballah, professor of …

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While the pace of the transition varies wildly from country to country, the tide of thought is gradually turning in favor of Central Bank digital currencies (CBDCs). In our latest insight piece, we examine what is motivating central banks to take this step, and the potential implications of CBDC adoption for the economy. The tiny …

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The Cairo facility will serve increasing demand in the fast-growing markets of Egypt, Turkey, the Middle East and Africa. US-based adhesives manufacturer HB Fuller has announced plans to build a production facility in Cairo, Egypt. Scheduled to begin full production next year, the two-storey facility will serve as a regional supply hub and centre of …

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With the effects of Covid-19 still being felt in Egypt, industrial exports are shaping up to be a key driver of the country’s economic recovery. Highlighting the importance of outward shipments, on March 20 Nevin Gamea, the minister of trade and industry, told media that Egypt planned to increase its exports to $100bn over the …

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Egypt’s economy will grow 5.0% in the fiscal year that ends in June next year, a Reuters survey predicted on Monday, unchanged from analysts’ expectations in a similar poll three months ago and slightly below the government’s target of 5.4%. Gross domestic product (GDP) of the Arab world’s most populous country was seen growing 5.5% …

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Egypt was one of the few countries that recorded during the crisis an economic growth of about 3.57 percent during 2019/2020,” Minister of Trade and Industry, Nevine Gamea, said. Gamea explained in a statement, Thursday, that the industrial sector is the locomotive of economic growth in Egypt and contributed about 17.1 percent to the GDP …

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German construction group Hochtief AG has signed an agreement with Bahrain Airport Company (BAC) to set up a joint venture, which will provide facility management at Bahrain International Airport. The new entity, Hochtief Facility Management Bahrain Airport, will be set up at a cost of euros 85 million ($115 million). Hochtief AG said the contract …

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The GCC integrated electricity grid will be fully operational by later next year or early 2012 linking all the Gulf countries, the GCC Interconnection Authority (GCCIA). The $1.2 billion project linking Bahrain, Qatar, Saudi Arabia and Kuwait, will make more than 1,200 megawatts of additional power available. The GCCIA meeting was attended by representatives of …

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The Middle East could be producing more than 10 per cent of the world’s aluminium in less than a decade, according to industry experts. Over the past 10 years, GCC states have begun implementing long-term strategies that aim to develop the region’s aluminium industry, and the region is now well positioned to be one of …

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A massive new housing development boasting more than 1,000 homes is on the way in Hamala, Bahrain. The BD500 million ($1.32 billion) Janayen Al Hamala Housing Project got the go-ahead from the Northern Municipal Council. It will have 1,200 homes, three private schools, two private hospitals and a petrol station. The Bahrain-based Kanaz Group is …

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Global industrial services and engineered products company Harsco Corporation has announced three multi year contract awards for onsite steel mill services from new customers in Bahrain, Sweden and Chile totaling more than USD 135 million in projected revenues. The contracts include the first steel mill to be built in Bahrain, the all new United Steel …

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Mumbai-based JBF won a USD200 million contract from Bahraini Ministry of Industry and Commerce to set up a polyester film plant in Salman Industrial City, Arabian Business reported. Under the agreement JBF will carry out the construction works of the plant on a 65,000sqm site, expected to start early next year. The new plant is …

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Saudi Arabia’s sovereign wealth fund PIF will become an anchor investor in an infrastructure fund being launched by Bahrain’s Investcorp and Aberdeen Standard Investments. Aberdeen Standard Investcorp Infrastructure Partners (ASIIP) received a capital commitment from the $430 billion PIF for up to 20% of the total size of the fund ahead of its anticipated first …

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Bahrain-based Investcorp has made more than 20 investments in the food and beverage industry over three decades across the US, Europe, Middle East and North Africa and Asia. And its 21st investment in the space is marked by its backing of Heritage Foods, a buy-and-build platform established in 2015 that makes condiments and sauces, with …

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The UAE satellite equipment company Al Yah Satellite Communications Co. is going for an IPO by offering nearly 30 per cent of its issued share capital to the public. The offer price is to be determined through a book-building process. This near 30 per cent is is currently held by Mamoura Diversified Global Holding, a …

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Abu Dhabi state-owned ADQ said on Wednesday it submitted an offer to Abu Dhabi National Hotels Company (ADNH) to combine Abu Dhabi National Exhibitions Company (ADNEC) with the hotel firm. The combination would “create one of the largest hospitality, events, and catering powerhouses in the region,” the holding company said in a statement via email. …

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The Dubai government has injected $3.1 billion into Emirates since the onset of the pandemic, the airline group said in its annual report. It disclosed a $2 billion equity injection last year. Emirates airline made a 20.28 billion dirham ($5.52 billion) loss for the year, while the group recorded an annual loss of 22.1 billion …

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Abu Dhabi sovereign wealth fund Mubadala Investment Co. on Wednesday announced it has acquired a 60% stake in healthcare provider United Eastern Medical Services (UEMedical), which operates in Saudi Arabia and the United Arab Emirates. The state fund’s health unit bought the majority stake from United Eastern Group and Saudi investment firm Jadwa Investment, according …

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Some members of Abu Dhabi’s ruling family are participating in a trial administering China’s Sinopharm COVID-19 vaccine to children aged 3-17, the emirate’s media office said. The trial will monitor the immune response of 900 children “in preparation to vaccinate children in the near future”, Abu Dhabi Media Office said in a Twitter post on …

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Dubai’s state airport operator is hoping for a “flood” of travelers as the coronavirus pandemic eases, targeting passenger traffic through Dubai International Airport to grow 8% to 28 million this year as demand rebuilds. Terminal 1 is reopening this Thursday after a 15-month closure. Operations were consolidated through Terminals 2 and 3 last year as …

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Tencent Cloud, the cloud business of Tencent, today announced its collaboration with the Bahrain Economic Development Board (EDB) – the Kingdom of Bahrain’s Investment promotion agency. The two parties signed a Memorandum of Understanding (MoU), with the aim to drive the Kingdom of Bahrain’s Internet Data Centre (IDC) development and support its rapid emergence as …

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The Bahrain Economic Development Board (EDB) today announced the signing of a memorandum of understanding (MoU) with Foundation Holdings to invest US$30 million into launching its affiliate companies, in Bahrain including a new state of the art medical centre focused on specialised healthcare and non communicable diseases. This investment into the Kingdom will support Foundation …

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Bahrain has topped the globally-recognised AIRINC Global 150 Cities Index financial attractiveness ranking for the third straight year, leading impressive rankings for MENA capitals – with seven leading MENA cities in the top 16 places. Aside from the capital of Bahrain in first place, others cities ranked included Riyadh, Kuwait City, Amman and Abu Dhabi. …

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Bahrain’s capital Manama has been rated number one in the world in the AIRINC Global 150 Cities Index in terms of financial attractiveness. It is the third year in a row that the kingdom’s capital has topped the particular rankings, finishing ahead of George Town in the Cayman Islands and Swiss giants Geneva and Zurich. …

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The Kingdom of Bahrain’s capital Manama has been named as the fifth globally amongst all-sized cities and first amongst small and mid-sized cities for FDI strategy in the 2021 Global cities of the Future index produced by the Financial Times’ fDi Magazine. Both Abu Dhabi and Dubai similarly ranked in the top 10, with Abu …

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The real estate market in the Kingdom of Bahrain is gaining pace despite the challenges faced by the pandemic, with a series of major projects and initiatives driving sector growth. The rebound of Bahrain’s real estate sector fuelled a 14% and 20% rise in real estate deals in the third and fourth quarter of 2020 …

Continue reading “Bahrain real estate sector deals valued at US$ 1.9 billion in 2020”

Bahrain-based GFH Financial Group has announced that its subsidiary, Roebuck Asset Management, has concluded the off-market sale of a UK logistics centre for $123 million. The sale of Accolade Park to Tritax Big Box REIT marks the end of a successful hold period for Roebuck, who acquired the asset for $84 million in May 2017 …

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The national carriers of Bahrain and Saudi Arabia are set to establish a codeshare agreement as they seek closer commercial ties. Gulf Air and Saudi Arabian Airlines (Saudia), the first two airlines that started operations in the Gulf region, said they will cooperate to expand their footprints regionally and internationally by sharing their codes. Under …

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By Humam Miscone, for The Iraqi Economists Network (IEN). Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. World Bank’s Assessment Is Flawed – Manufacturing Is Viable in Iraq. Additional Reflections on Iraq’s Industry. These additional reflections are prompted the article of Dr. Amer Hirmis …

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KAPITA, in partnership with Iraqi Angel Investor Jafar Musawi (CEO of Atlas Plast), have opened up a new co-working space in Baghdad that aims to support the growing entrepreneurship and small business sector in Iraq. The newly opened space ‘CoWork’, is a dedicated co-working space for companies, freelancers, startups and creatives who need a flexible …

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Siemens Energy and the Ministry of Electricity of the Republic of Iraq signed a contract to construct Iraq’s West Mosul 400-kilovolt (kV) super grid station, which will provide reliable and efficient power supply to around 700,000 Iraqi citizens in northern Iraq, particularly the Nineveh province. The construction of the Mosul station, which was destroyed in …

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The United States on Friday condemned the drone strike on a Saudi oil refinery claimed by Yemen’s Huthi rebels, calling it an attempt to “disrupt global energy supplies.” “We strongly condemn today’s drone attacks against Saudi Aramco facilities,” State Department deputy spokeswoman Jalina Porter told reporters of the dawn attack, the second major assault this …

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Global oil prices will climb above $70 per barrel around mid-2021 as improved supply and demand fundamentals beginning May lead to substantial stock draws through to August, according to S&P Global Platts. The research firm said while large oil consuming countries such as India may crank up the volume over their displeasure and many OPEC+ …

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Saudi Arabia is celebrating one of the biggest foreign-investment windfalls in its history after netting more than $12 billion by selling off a stake in the oil pipelines that traverse the desert kingdom. But the country may also be facing an uncomfortable reality as a result. As carefully cultivated relationships with firms such as BlackRock …

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EIG Global Energy Partners will lead a yet-unnamed consortium to issue billions of dollars in bonds across two or three transactions to replace bank debt backing an investment in Saudi Aramco’s oil pipeline assets, two sources said. The Washington, D.C.-based firm’s consortium will issue bonds to replace $10.5 billion in so-called staple financing that was …

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Kuwait Integrated Petroleum Industries Company (Kipic), the company behind Kuwait’s $27bn (KWD8.2bn) Al Zour refinery has picked Honeywell Process Solutions (HPS) as the main automation contractor for its new Petrochemicals and Refinery Integration Al Zour Project (Prize). As part of the contract, HPS will deliver front-end engineering design (Feed) and advanced process control technology for …

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The joint venture of New York Stock Exchange-listed global engineering, procurement, fabrication, construction and maintenance firm Flour with Daewoo Engineering & Construction (E&C), and Hyundai Heavy Industries (FDH JV) has successfully started up two boilers that began generating steam in the new Al-Zour Refinery. The refinery is a part of the Kuwait Integrated Petrochemicals Industrial …

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Small scale manufacturing plants in Kuwait produce petrochemicals, fertilizers, ammonia etc. The growth of the manufacturing sector in Kuwait has not been ideal, as it was hard hit firstly, by the Iraqi invasion and then, the recession. The contribution of the manufacturing sector towards the GDP of Kuwait has ranged between 5-6% for the past …

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Stocks in Jordan snapped a three-day advance, bucking gains in most Middle East markets, after several arrests were made following what may have been an attempt to destabilize the current government. The Amman Stock Exchange General Index fell as much as 0.6 percent Sunday, reversing an increase of 0.5 percent last week. Jordan Petroleum Refinery …

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Kitopi, the Dubai-based cloud kitchen platform, is set to enter Bahrain and Qatar this quarter as part of its planned expansions into the wider GCC market. The company is also gearing up to enter the Southeast Asian market between July and September. The food tech start-up, which is reportedly planning another round of fundraising, however, …

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Saudi Arabia has agreed a deal with Lamor Corporation for a project that will provide rapid response operations to combat oil spills and leaks of other harmful substances in the Red Sea. Abdulrahman bin Abdulmohsen Al-Fadhli, the minister of environment, water and agriculture and chairman of the board of directors of the National Center for …

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Investcorp Holdings has raised about $1 billion for its first private equity fund focused on North American assets, according to people familiar the matter. The biggest private equity and alternative asset manager in the Middle East is set to complete a first close on the fund soon, and aims to eventually raise about $2 billion, …

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Shops and industrial enterprises in Bahrain can open from Thursday while restaurants will stay closed to in-house diners, the Health Ministry said, as the Gulf state eases restrictions designed to stop the spread of the new coronavirus. Bahrain shuttered non-essential shops and businesses in late March and barred entry of foreign visitors, but did not …

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The Securities Clearing Center Company (Muqassa) announced on Sunday the commencement of its operations, post the announcements of its establishment in 2018 and its license earlier this year. Muqassa is responsible, as an independent clearinghouse, for developing clearing services and guaranteeing the settlement for all trades executed on the Saudi Stock Exchange (Tadawul) and over …

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Qatar Industrial Manufacturing Company (QIMC) has appointed Colliers International as real estate advisory services consultant for Phase I of its proposed new $137mn (QR:498mn) headquarters, QIMC Towers on the Doha corniche. Under the agreement, Colliers International will initially conduct market research, a design critique, feasibility study and provide recommendations to QIMC on the planned 58,000m2 …

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Cheval Residences is entering the Gulf market for the first time. Qatar Industrial Manufacturing Company (QIMC) has announced signing an agreement with Cheval Residences for the opening of luxury serviced apartments in Doha, in 2020. Abdul Rahman Al-Ansari, CEO of QIMC, said: “We are delighted to welcome Cheval to Qatar and to bring the Cheval …

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Liquefied Natural Gas (LNG) distributor Atlantic Gulf & Pacific Co of Manila Inc (AG&P) announced it has signed an agreement with ADNOC Logistics and Services (ADNOC L&S) for conversion, supply, operations and maintenance of a Floating Storage Unit (FSU) at AG&P’s new LNG import facility to be set up at Karaikal Port in Puducherry. “AG&P …

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Credit rating agency Fitch said it has downgraded Bahrain’s long-term foreign-currency issuer default rating to ‘B+’ from ‘BB-‘, with the cut reflecting the combined impact of lower oil prices and the coronavirus outbreak on the country. Bahrain’s outlook is stable, Fitch Ratings said in a statement on Friday. The pandemic and the lower oil prices …

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Gulf Air, the national carrier of Bahrain, announced on Tuesday that it plans to move its entire operations for inbound and outbound flights to the new Bahrain International Airport terminal later this month. The airline said the move from January 28 to the new airport terminal will open a “new chapter in the kingdom’s journey …

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Dubai-listed Ithmaar Holding has announced that its advisors have started preparations for the potential sale of the Bahrain operations of its banking unit. Bank of Bahrain and Kuwait (BBK), one of the largest commercial banks in Bahrain, has entered into talks with Ithmaar Holding to acquire the Bahrain operations of Ithmaar Bank. In a filing …

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The construction industry, although one of the largest contributors to the UAE economy, is particularly vulnerable to economic cycles. The pandemic has disrupted an industry that faces challenges around the globe and has a history of being slow to change and resistant to adopting technology. A 2020 McKinsey report found construction is the biggest industry …

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The UAE’s decision to resume trade ties with Qatar is seen markedly improving investment prospects between the two countries, with investor optimism rising as stocks gained in both markets. Major Gulf stock markets ended the first trading week of the New Year on a high and logged weekly gains as regional markets benefited from a …

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The reopening of land, air and sea borders between the UAE and Qatar is expected to see a surge in businesses between the two nations while the ending of a three-year standoff between Qatar and its immediate neighbours will benefit Qatar and GCC economies in the medium term, according to analysts. “The reopening of borders …

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Bitcoin just notched one of its best weeks on record, surging about 40 per cent over the seven days through Friday. Anyone expecting the notoriously volatile digital currency to take a breather this weekend had better buckle up. It’s on Saturdays and Sundays, when most other assets barely budge, that Bitcoin tends to go particularly …

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Emirates airline’s recent introduction of ‘premium economy’ seats is indicative of shrewd long-term decision making, according to experts. The Dubai-owned airline announced on January 3 that it would deploy its latest flagship A380 aircraft featuring new premium economy seats and enhancements across all cabins to London Heathrow. While the seats are not yet bookable, passengers …

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The CEO of UAE-based Rotana Hotels has said the Qatar accord will serve to accelerate the recovery of UAE’s hospitality industry as it gets back to its feet in the wake of the coronavirus pandemic. The positive impact is likely to echo across several tourism-related sectors including aviation, retail, and hospitality, industry experts agreed. “Following …

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Saudi Arabia’s Minister of Investment Khalid al-Falih said on Saturday foreign direct investment (FDI) increased by 12% in the first half of 2020 compared with the same period last year. The Saudi government, which is hosting this year’s G20 summit, has made attracting greater foreign investment a cornerstone of its Vision 2030 plan to diversify …

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Yemen’s Houthi rebels said they struck a Saudi oil facility in the port city of Jiddah on Monday with a new cruise missile, just hours after the kingdom finished hosting its virtual Group of 20 leaders summit. The kingdom did not immediately acknowledge any attack as videos on social media suggested a fire at an …

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Saudi Aramco said that the terrorist attack on its petroleum products distribution terminal in the port city of Jeddah had no effect on the company’s fuel supplies. During a media visit to its oil facility in northern Jeddah, Aramco on Tuesday told reporters that the tank fire caused by the attack was put out in …

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Top oil exporter Saudi Arabia is expected to raise its official selling prices (OSPs) for Asian buyers in January, tracking stronger benchmark prices as some refiners increase output to meet higher winter demand, a Reuters survey showed. Six sources at Asian refiners expect the January OSP for Saudi flagship crude grade Arab Light to rise …

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Oil giant Saudi Aramco and energy services company Baker Hughes have formed a 50/50 joint venture, Novel, to develop a broad range of non-metallic products for multiple applications in the energy sector. Novel’s new plant is being constructed at Saudi Arabia’s King Salman Energy Park (SPARK), a 50 sq km energy city aimed at making …

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Business activity in Saudi Arabia grew at the fastest pace since the beginning of the year in November, fuelled by a sharp rise in sales and strengthening sentiment. Non-oil private sector activity in the kingdom rose to the highest level since January, according to IHS Markit’s Purchasing Managers’ Index. The gauge was well above the …

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Saudi Arabia raised oil pricing for customers in its main market of Asia after optimism over coronavirus vaccines caused crude prices to rise to an eight-month high last week. The increase, the biggest in five months, indicates the world’s largest oil exporter is confident global energy demand is strong enough to absorb a small boost …

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France-based Idemia, a global firm developing augmented identity, has expanded its footprint in the Middle East through the acquisition of Saudi Arabia’s most prominent card personalisation bureau. Strengthened by PCard’s capabilities, Idemia said it will offer an expanded range of card payment services and solutions to the kingdom’s banking and payment ecosystem. International Smart Card …

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An explosion rocked a Singapore-flagged oil tanker off the Saudi port city of Jeddah Monday, the vessel’s owner said, in the latest in a series of attacks on energy infrastructure in the kingdom. No group has so far claimed responsibility for the blast on the tanker BW Rhine, but it comes as Iran-backed Huthi rebels …

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Winter is historically an ominous time for relations between the world’s only remaining super power and the world’s biggest Shia republic. The remaining days of 2020 and the snowy months of early 2021 are turning out to be no different. The assassination of Iran’s nuclear scientist Mohsen Fakhrizadeh on November 27, ensured that the chill …

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Strata Manufacturing, the advanced composite aero-structures manufacturing company wholly owned by Mubadala Investment Company, and Leonardo have extended their 10-year association by signing a memorandum of understanding to collaborate on the development and fabrication of composite aero-structure components for major OEM programmes. The agreement will see Strata and Leonardo work to expand their presence in …

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It will be built around six guiding principles and raise profile of industrial sector Abu Dhabi: The UAE Cabinet has approved the policy for advanced industries to spread the “Fourth Industrial Revolution” across sectors. The policy was approved by the Cabinet chaired by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister …

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Shareholders of UAE-based food major Agthia Group have approved a proposed merger with Al Foah Company, the world’s largest date processing and packaging company. The backing was given at Agthia’s 15th general assembly meeting, a statement said. Agthia said the combined group will have the “scale, ambition, and strong capabilities across the value chain to …

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A group of Arabtec shareholders are making a last-ditch attempt to save the construction giant from liquidation and have added new items to the agenda of the company’s general assembly meeting to be held later on Monday. According to a filing on the Dubai Financial Market, shareholders representing more than 5 percent of the capital …

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Boursa Kuwait on Monday hailed an “important” step onto the global investment map with its inclusion inclusion into the MSCI Emerging Markets Indices. A total of seven listed companies – the National Bank of Kuwait (NBK), Kuwait Finance House (KFH), Zain, Agility, Boubyan Bank, Mabanee and Gulf Bank – were included. The inclusion brought in …

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The central banks of the UAE (CBUAE) and Saudi Arabia (SAMA) have officially launched a project for a common digital currency. A final report on the Aber project follows ongoing experiments and research into the initiative which is considered one of the first of its kind internationally at the level of central banks. It aims …

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The Heart of Europe, the $5 billion (Dh18.3 billion) luxury tourism destination off the Dubai coastline, will start handing over private villas and beach palaces to investors in December, it was announced on Monday. Developer Kleindienst said the handovers will be part of its phased delivery of about 2,000 residential and hospitality units in phase …

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It was announced on Thursday that Israel and the United Arab Emirates had reached a deal that will lead to full normalization of diplomatic relations between the two sides. The deal came after a phone call between United States President Donald Trump, Israeli Prime Minister Benjamin Netanyahu, and Sheikh Mohammed bin Zayed Al Nahyan, crown …

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According to the Deputy Head of ISIPO Ali Asqar Mosaheb, Industry, Mining and Trade Ministry plans to revive 2,000 idle production units by the end of the current Iranian calendar year (March 20, 2020) of which 1400 units are Small and Medium-sized Enterprises (SME). “Considering the project’s progress, we are expected to reach the target …

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Making the remarks during a visit to the northwestern East Azarbaijan Province, Mohsen Salehinia said 1500 inactive production units are set to be revived in the current Iranian calendar year (started on March 20), of which 90 units will be in East Azarbaijan. Underlining the importance of domestic production, the official said: “In the current …

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Agritourism is a relatively new branch of the travel industry in which tourists stay with local people in rural areas. Farm/ranch recreation refers to activities conducted on private agricultural lands, which might include fee-hunting and fishing, overnight stays, educational activities, etc. The meeting aims at promoting this new branch of tourism as well as discussing …

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The shipment includes medical equipment including ventilators, thermometers, pulse oximeters, PCR tests, and kits for EIA testing, IRNA reported. Iran’s humanitarian aid confirms the warm fraternal relations between the two countries based on mutual support. Iran delivered its first shipment of humanitarian aid to the Kyrgyz authorities in May, according to Kyrgyzstan’s foreign ministry announcement. …

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Due to severe erosion and the collapse of parts of the Safavid- era (1501–1736) fortress, it was in serious danger of destruction and damage, Mahmud Madanian said on Saturday, CHTN reported. A budget of 2 billion rials (about $50,000) has been allocated to the restoration project, which aims to repair and strengthen the fortress, the …

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Nezamieh minarets date from 8th century AH (1299 CE – 1397 CE) and they stand tall in the ancient town of Abarkuh, Yazd province, central Iran. “An urgent restoration plan was commenced on Nezamieh minarets in Tir (the Iranian month started on June 21) and it is now complete by 75 percent,” Abarkuh tourism chief …

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This amount of investment led to the creation of 19,862 jobs in the industrial parks and zones, IRNA reported. According to the Industry Ministry, over 1,100 exporting industrial units are operating in the country’s industrial parks and zones whose annual export reaches up to $12.64 billion. Based on the report, 62 export management companies (EMC) …

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Overview of best prospect sectors, major infrastructure projects, significant government procurements and business opportunities. Brunei has an open economy favorable to foreign trade and FDI as it continues to diversify its economy away from its long-term reliance on oil and gas exports. Investment opportunities in Brunei are driven both by government planning and consumer demand. …

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Oklahoma’s Department of Commerce (ODOC) reached out to Mint Turbines, a 30 year old company who specializes in engine MRO services and engine repair/maintenance, to inform them that due to their industry sector, they can qualify for a grant from the Manufacturing Reboot Program that Governor Kevin Stitt rolled out. Under the Reboot Program, companies …

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One of the positive points to come from the global coronavirus pandemic has been the ingenuity of some businesses to keep operations going throughout what could be described as the ultimate stress test. The need for social distancing and the resulting widespread supply chain disruption often means turning to technologies which may not have previously …

Continue reading “Giving the Service Sector a Virtual Helping Hand”

Recovering prices, strong demand from the transportation industry and modern developments of oil and gas exploration and production activities are some of the factors driving Brunei oil and gas market growth. Increasing exports and imports of oil and gas on the account of surged demand across the world are fuelling the market growth. Global oil …

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The leadership of the World Tourism Organization (UNWTO) is on its first official visit to a Member State since restrictions on travel were introduced in response to COVID-19. The four-day trip to Italy (1-5 July) comes as the United Nations specialized agency for tourism guides the sector’s restart and destinations across the Schengen Zone open …

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Business activities formally begin today, the first day of ATF 2020 TRAVEX, between top travel and tourism suppliers across all 10 ASEAN destinations – Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Viet Nam – plus India, and global buyers. Held in conjunction with official meetings by ASEAN NTO, ministerial delegates, …

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Turkey’s industrial production increased by 3.6 percent year-on-year in December 2019, data from the Turkish Statistics Institute (TÜİK) showed on Feb. 13. In the month, all the three main sub-indices — mining and quarrying, manufacturing, and the electricity, gas, steam and air conditioning — rose by 9.8 percent, 9.1 percent and 0.3 percent, respectively. Industrial …

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It is critical for Turkey and the United Kingdom to sign a trade deal by the end of this year in order to avoid any negative implication on the two countries’ trade volume after Brexit, said Osman Okyay, the chairman of the Turkey-U.K. Business Council. The cooperation in the defense industry will grow independent of …

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Turkey will unveil measures to reduce the economic impact of the coronavirus outbreak this week, the treasury and finance minister said on March 16. “President Recep Tayyip Erdoğan will announce steps to be taken this week,” Berat Albayrak said on Twitter. Albayrak stressed that the country prioritized being prepared for the effects of coronavirus outbreak …

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Turkey will not let the weakening of the Turkish industry due to the pandemic as the country will implement policies to keep it alive, the industry and technology minister said on May 7. The country fights the economic, social and psychological impacts of the novel coronavirus while trying to protect citizens’ health, Mustafa Varank stressed …

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Turkish manufacturing industry used 75.5 percent of its capacity in January, the country’s Central Bank revealed on Jan. 27. The capacity utilization rate (CUR) of the sector fell 1.5 percentage points from last month, the bank survey said. The CUR figures are based on the responses given to its business tendency survey by local units …

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Turkey’s manufacturing industry used 77.2% of its capacity in November, its highest level in the last 15 months, the country’s Central Bank announced on Nov. 25. The capacity utilization rate (CUR) of the Turkish manufacturing industry rose 0.8 percentage points from last month, compared to 76.4% in October, the bank survey said. The figure in …

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In Turkey, Purchasing Managers’ Index (PMI) for the manufacturing sector posted the strongest reading of the last two years in February. According to the Istanbul Chamber of Industry PMI Manufacturing Index report, prepared in cooperation with London-based global data firm IHS Markit, the index rose to 52.4 last month thanks to solid rises in both …

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Last week, the only thing Turks were talking about was Idlib. The coronavirus, dubbed COVID-19, was an exotic news story from distant lands. Since the outbreak has been classified as a pandemic and taken over the global news cycle, our object of existential anxiety has shifted overnight. Turkey has proven itself ready so far, with …

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Overview of best prospect sectors, major infrastructure projects, significant government procurements and business opportunities. Brunei has an open economy favorable to foreign trade and FDI as it continues to diversify its economy away from its long-term reliance on oil and gas exports. Investment opportunities in Brunei are driven both by government planning and consumer demand. …

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Oklahoma’s Department of Commerce (ODOC) reached out to Mint Turbines, a 30 year old company who specializes in engine MRO services and engine repair/maintenance, to inform them that due to their industry sector, they can qualify for a grant from the Manufacturing Reboot Program that Governor Kevin Stitt rolled out. Under the Reboot Program, companies …

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One of the positive points to come from the global coronavirus pandemic has been the ingenuity of some businesses to keep operations going throughout what could be described as the ultimate stress test. The need for social distancing and the resulting widespread supply chain disruption often means turning to technologies which may not have previously …

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Recovering prices, strong demand from the transportation industry and modern developments of oil and gas exploration and production activities are some of the factors driving Brunei oil and gas market growth. Increasing exports and imports of oil and gas on the account of surged demand across the world are fuelling the market growth. Global oil …

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The leadership of the World Tourism Organization (UNWTO) is on its first official visit to a Member State since restrictions on travel were introduced in response to COVID-19. The four-day trip to Italy (1-5 July) comes as the United Nations specialized agency for tourism guides the sector’s restart and destinations across the Schengen Zone open …

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Business activities formally begin today, the first day of ATF 2020 TRAVEX, between top travel and tourism suppliers across all 10 ASEAN destinations – Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Viet Nam – plus India, and global buyers. Held in conjunction with official meetings by ASEAN NTO, ministerial delegates, …

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Consumer prices fell 1.5% from the previous month in April, following March’s 0.1% month-on-month uptick. According to the Statistical Service of Cyprus (CYSTAT), the drop mainly reflected a sharp decline in prices for transport, and housing and utilities. Consumer prices dipped 1.2% on an annual basis in April, after inflation had come in at 0.7% …

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Activity softened markedly in the first quarter as Covid-19 started to bite, with GDP expanding 0.9% on an annual basis in the first quarter (Q4 2019: +3.4% year-on-year)—the worst reading since Q1 2015. According to the preliminary release by the Statistical Service of Cyprus (CYSTAT), the slowdown chiefly reflected the impact of the preventive measures …

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Industrial output plummeted 12.7% year-on-year in March (February: +3.8% yoy), marking the steepest drop since November 2013. March’s plunge was primarily driven by heavy drops in manufacturing and water supply production. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 1.1% in March, down from February’s 2.2%. FocusEconomics …

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Consumer prices fell 0.1% from the previous month in May, following April’s 1.5% drop. May’s dip was mainly driven by lower prices for housing and utilities, and transport. Consumer prices declined 1.5% on an annual basis in May, after they had dropped 1.2% in April—marking the lowest reading since June 2016. Meanwhile, the annual average …

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Industrial production slid 1.4% year-on-year in January, contrasting December’s 2.6% expansion and marking the first fall since June 2019. January’s downturn was primarily driven by sharper contractions of the water and electricity supply sectors, and a moderation in manufacturing output compared to the previous month. Meanwhile, the annual average growth in industrial production dipped to …

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Uzbekistan imported 3.27Mt of cement in 2019, down by 6.8% year-on-year from 3.51Mt in 2018. The value of cement imported fell by 13% to US$154m from US$176m. Trend newspaper has reported that cement imports from Kazakhstan fell by 32% to 0.97Mt from 1.43Mt. Imports from Tajikistan and Turkmenistan also fell, but rose by 85% from …

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The Armenian government has announced that it plans to extend the duration of state duties on cement imported from Iran and several other countries until 1 July 2020. The decision was made on the basis of analysis that confirmed an extension of the customs duties was appropriate. The government said that it would continue to …

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Lebanon’s Parliament on Thursday ratified a 1.2 trillion Lebanese pound ($300m) aid package for low-income families and vital sectors including agriculture and industry, as the government attempts to stave off an economic collapse exacerbated by the coronavirus pandemic. The spending package aims to create a social safety net to support struggling families through the end …

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Lebanon’s only international airport will reopen to passenger traffic by early July at the latest, the country’s transport minister told Al Jazeera on Tuesday, as the economically ravaged nation seeks to jump-start its tourism sector for the all-important summer season. Transport Minister Michel Najjar told Al Jazeera that Beirut-Rafic Hariri International Airport is slated to …

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Lebanon’s parliament is set to vote on a law that would legalise the cultivation of cannabis for medical and industrial use in an effort to boost its crippled economy and curb illicit production of the psychoactive plant. The draft law, which has been endorsed by parliamentary committees and is now headed for a final vote, …

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Hospitals on the front lines of Lebanon’s coronavirus outbreak have either turned away undocumented people or are setting prohibitively high costs for tests, leading them to fear for their health and wellbeing. Al Jazeera spoke with two former domestic workers of Ethiopian origin who sought testing at Beirut’s Rafik Hariri University Hospital (RHUH), the main …

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A fiery prison riot broke out in the northern Lebanese city of Tripoli on Tuesday, a day after security forces thwarted a potential escape attempt that inmates’ relatives said was tied to fears over the spread of the new coronavirus. The riot at Tripoli’s Qoubbeh Prison left at least four inmates wounded when security forces …

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Lebanon’s financial prosecutor has ordered the arrest of the head of monetary operations at the central bank amid a widening probe into manipulation of the country’s volatile currency. The arrest of Mazen Hamdan late on Thursday marked the first such move against an official at the increasingly embattled institution since Lebanon’s currency crisis began last …

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Rafi, a migrant worker in Lebanon’s waste sector, has a wife and two young daughters back home in Bangladesh who depend on his monthly remittances to pay for school, food and other needs. But for the past five months, Rafi says he has been unable to send any money back home, because the private waste-management …

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United States authorities on Wednesday arrested a former Special Forces soldier and another man wanted by Japan on charges that they enabled the escape of former Nissan Motor Co boss Carlos Ghosn out of the country. Federal prosecutors in Massachusetts said that former US Green Beret Michael Taylor, 59, and his son, Peter Taylor, 27, …

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Fadi Gemayel, head of the Association of Lebanese Industrialists (ALI), warned on Tuesday of the collapse of Lebanon’s industry sector if banks fail to secure needed liquidity for the import of the raw materials. “If banks fail to adopt a proper mechanism to secure the needed liquidity, the Lebanese market will soon face an absence …

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Establishments that are allowed to operate on a limited basis include vehicle and fishing boat repair shops, electronics outlets, car rental offices, office suppliers and printing shops Oman allows exchange houses to open as Covid-19 restrictions ease To date, there have been 2,131 cases of Covid-19 in the Sultanate, including 10 fatalities. Oman’s government has …

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China’s head-start on the path to recovery in oil demand is giving traders a rare opportunity to profit as coronavirus lockdowns continue to depress consumption in other parts of the world. With Chinese refineries ramping up processing to pre-virus levels as the country’s economy re-opens, oil prices on Shanghai’s INE futures exchange are near the …

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Oman has ordered state-owned companies to accelerate the process of replacing foreign staff with Omani nationals, especially in senior positions, to create more jobs for its citizens. The finance ministry gave public sector companies until July 2021 to draw up timetables to appoint Omanis in the place of foreign staff, including in managerial positions. The …

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Qatar Petroleum, one of the world’s biggest energy companies, plans a new wave of job cuts and spending reductions to cope with the slump in oil and gas demand which has hit global economies, two sources familiar with the matter said. Economic lockdowns brought on by the coronavirus pandemic look set to cut global energy …

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Beirut: Drilling off the Lebanese coast has shown some traces of gas but no commercially viable reserves, Energy Minister Raymond Ghajar said on Monday. “Initial drilling results showed the presence of gas at different depths in the geological layers” of block 4, he told reporters at a news conference. But around two months after drilling …

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The United Nations Industrial Development Organization (UNIDO) and the Ministry of Industry of Lebanon today launched a new project to develop industrial zones in the country. The project, funded by the Government of Italy, will focus on helping solve problems relating to business infrastructure, attract investment, foster skilled manpower, and facilitate the growth of local …

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Kuwait Interior Ministry has announced that 611 expats have been repatriated to their native country. The expats included 342 Egyptians and 254 Filipinos, all over left in the midst of the coronavirus outbreak. In addition, Kuwait flew 306 citizens back to the country on board three planes coming from Lebanon, Egypt and Bahrain as part …

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Kuwait arrested nine expatriates on Monday for violating the country’s newly implemented curfew. In a statement, the Ministry of Interior’s public relations and security media department, said the nine, who were caught in the Farwaniyah area, will be deported immediately. The curfew was called on Sunday, ordering citizens to stay indoors between 5pm and 4am, …

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Top oil producers meeting later Thursday intend to cut production by between 10 and 15 million barrels per day, Kuwait’s Oil Minister Khaled al-Fadhel reportedly said. The talks between OPEC and other major producers come as oil languishes at near-two decade lows, with Russia and Saudi Arabia’s price war compounding slack demand caused by the …

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Airlines have been given the green light to operate outbound flights for expatriates from Kuwait. The Directorate General of Civil Aviation (DGCA) announced on Saturday that the suspension of flights would be lifted in order to accommodate members of the expat community who wished to return to their native countries. The country announced a complete …

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A second person in Kuwait has died of coronavirus and 66 new cases have been reported in the last 24 hours, bringing the total number of confirmed cases to 1,300. Kuwaiti Ministry of Health spokesperson Dr. Abdullah Al-Sanad said that 26 patients were currently in intensive care. According to a report on the Kuwait News …

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Dubai Aerospace Enterprise (DAE) has received over 50 rent deferral requests from airlines around the world amid the ongoing coronavirus pandemic, 11 of which have been granted, the leasing firm said in a business update. Outlining its current position, DAE said it sold or novated 15 aircraft and acquired four more during the first quarter …

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Remote working and virtual collaboration are likely to remain long after the days of lockdowns and once coronavirus is eventually consigned to the history books. According to Jeff Youssef, partner – Public Sector, at Oliver Wyman, remote working could be adopted more widely in the economic recovery period and even on a sustained basis, as …

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UAE Exchange, set up by the founder of the embattled hospital operator, defaulted on a loan of about $300 million, to a group that includes Goldman Sachs Group Inc., JPMorgan Chase & Co., Barclays Plc and Commercial Bank of Dubai PSC, according to people familiar with the matter. At the same time, it emerged that …

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Ten percent of people who took part in a recent study in the UAE by research agency Kantar, believed that eating excessive non-vegetarian food could cause Covid-19. The survey was conducted to understand how behaviours and lifestyles are changing in light of the global coronavirus pandemic. Results showed that between 60 and 70 percent of …

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Russian local search and digital guides company 2GIS has unveiled an interactive map of Dubai that shows the important of social distancing amid the ongoing coronavirus pandemic. To illustrate the value of social distancing, the company used two models of how a virus spreads in an urban environment. In both cases, sick people transmit the …

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Leading technology festival Step has announced its first online event on April 14, featuring Wamda Group executive chairman Fadi Ghandour and Bayt.com CEO Rabea Ataya. The free event will see the duo speak about how start-ups can survive during times of economic crisis triggered by the spread of Covid-19. They will offer advice on fundraising …

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Dubai taxis will now help deliver online shopping orders to the city’s residents in response to growing e-commerce demands during quarantine time amid the coronavirus pandemic. The Roads and Transport Authority (RTA) announced it has joined forces with online shopping platforms to help speed up the delivery of orders to the public through Dubai Taxi …

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Most people know Kellogg’s – but what you may not know is that Kellogg’s became a household name during the economic recession of the 1920s, because it did the unthinkable. While the market leader for cereal, ‘Post’ took the expected course of action and cut back on advertising to lower costs, Kellogg’s doubled its advertising …

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Saudi Arabia is snapping up more and more oil tankers as the kingdom prepares to flood the world with crude causing a surge in the cost of transporting crude. The world’s largest exporter, which began hiring extra ships almost as soon as a pact with Russia to limit oil supplies fell apart, has now provisionally …

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Saudi Aramco is cutting planned spending this year, in the first sign that the oil-price war the kingdom unleashed is hitting home. Capital expenditure will be between $25 billion and $30 billion in 2020 and the spending plans for next year and beyond are being reviewed, Aramco said. The oil giant is lowering that range …

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Saudi Arabian Monetary Authority (SAMA) governor Ahmed al-Kholifey has stressed there is no need at the moment to intervene in order to ensure liquidity in the kingdom’s economy. On Saturday, Saudi Arabia’s central bank unveiled a 50-billion riyal ($13.3 billion) package to support private businesses. In an interview with state-owned Al Arabiya TV, al-Kholifey said …

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Saudi Aramco is likely to sustain April’s higher oil output through May, with the oil giant saying it is “very comfortable” with a $30 per barrel price level. Last week, Aramco announced it would raise April’s output to a record 12.3 million barrels per day as part of a struggle with Russia for market share. …

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Even with oil prices having slumped, Saudi Aramco said it still intends to give at least $75 billion to shareholders this year. The world’s biggest company by market value, which listed in the Saudi Arabian capital of Riyadh in December, will pay the dividends on a quarterly basis, it said in its 2019 financial results …

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Saudi authorities have detained 298 government employees, including military officers, and will indict them on crimes, including abuse of power, bribery, money laundering and corruption, according to an anti-corruption body called Nazaha. The total sum of misused funds amounted to 379 million riyals ($101 million), Nazaha said in a series of tweets on Sunday. Those …

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Seera Group, the Saudi-based travel and tourism company, said on Thursday it expects its 2020 financial performance to be impacted by the spread of the new coronavirus. Abdullah Aldawood, CEO of Seera Group, said the company, which recorded a record gross booking value of SR10.8 billion last year, will “be taking prudent precautions to manage …

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The UAE Ministry of Health has advised citizens and residents to avoid travelling abroad unless it is absolutely necessary, in light of ongoing coronavirus outbreak. According to a report by the WAM state news agency, those who do travel will be subject to follow-up checks on their return and may be kept in quarantine at …

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Emirates NBD has reduced its bank charges in a bid to support business in the UAE. In line with recent government and UAE Central Bank initiative, the bank’s ‘Transaction Banking’ unit has announced reduced tariff offers over the next three months. In particular, it applies to customers using its revamped ‘Smarttrade’ platform, which replaces the …

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Gulf-based real estate investors have the biggest appetite for targeting overseas commercial property, according to a new report. Knight Frank’s Wealth Report 2020 revealed that private capital was responsible for $333 billion of commercial real estate purchases in 2019, up 5 percent on the previous year. It also showed that nearly a third (32 percent) …

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Etihad Airways losses narrowed in 2019, with the company reporting revenues of $5.6 billion driven by a reduction in operating costs and a fall in fuel prices, the company announced on Thursday. According to a statement from the airline, losses were reduced to $0.87 billion, $1.28 billion less than the company’s 2018 revenue of $5.9 …

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Abu Dhabi Ports has announced its collaboration with Robert Allan Ltd to develop the world’s first fully unmanned autonomous commercial marine tugs. Once developed, the tugs will join Safeen, Abu Dhabi Ports’ maritime service arm, which maintains an expanding fleet of world-class service vessels. The autonomous vessels will be able to operate in far more …

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Ellington Properties has announced it is accelerating the development of Belgravia III, a trendy residential destination in Jumeirah Village Circle through its partnership with construction firm Dutco. With all approvals secured already, resources have already been mobilised on-site and work will commence shortly to fast-track the project, the developer said in a statement. Belgravia III …

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Dubai SME has launched Innovation Attraction Programme (IAP) to attract thousands of innovators and startups from around the globe and accelerate Dubai’s transformation into a knowledge economy. The new programme, announced during Dubai SME’s StartUp Night, seeks to attract foreign startups and give an international platform to local startups. It will reach out to around …

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UAE retail conglomerate Majid Al Futtaim (MAF) has launched new environment-friendly initiatives for a plastic-free future. The company announced this week that it intends to eliminate single-use plastic from its operations by 2025. In line with this sustainable strategy, the company has launched a special recycling initiative at Mall of the Emirates. Through this pilot …

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Dubai Exports and the Dubai Free Zones Council (DFZC) have signed a memorandum of understanding (MoU) to increase business opportunities and boost the value and volume of exports, reinforcing Dubai’s position as a global trade hub. CEO Dubai Exports, Engineer Saed Alawadi and Deputy to the Secretary General DFZC, Dr Juma Al Matrooshi signed the …

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The UAE Government has announced its support for a programme launched by the World Economic Forum (WEF) in Davos on Friday to develop the skills, education and jobs for a billion people worldwide by 2030. Several UAE officials, including Member of the Abu Dhabi Executive Council and Chairman of the Abu Dhabi Executive Office, Shaikh …

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The Al Tayer Group has become the latest business in the region to sign up with B2B portal Tejari.com. The trading company will join Tejari to sell its broad range of goods, including, luxury items such as perfume and jewellery to cars and automobile parts. It will also use Tejari for procurement of general office …

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Dubai-based start-up investor Wamda has led a $3.5 million funding round in games developer Tamatem. The round also included Saudi Arabia’s Modern Electronics and the UK’s North Base Media, Wamda said in a statement. Founded in 2013 by Hussam Hammo, Jordan-based Tamatem initially focused on developing mobile games and has since grown to become the …

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Upfield, the world’s largest plant-based consumer packaged goods company, is targeting growth in the Gulf region as demand grows, driven by a more health-conscious population. The Netherlands-based company behind brands like Flora and I Can’t Believe It’s Not Butter!, will use its participation at Gulfood 2020 in Dubai next week to showcase its range of …

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Luxury Italian jeweller Damiani, which is set to unveil its second boutique in Dubai next week, is planning to open two more stores in the Gulf within six months and an outlet in Abu Dhabi next year, the president and CEO of Damiani Group has revealed. Guido Damiani said Damiani’s boutique in BurJuman Centre had …

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BAGHDAD — U.S. shoppers will soon see “Made in Iraq” on clothing sold in American stores. Shelmar, a 51-store retail chain based in Memphis, became the first American retailer to place an order with an Iraqi factory last month. About 2,000 tracksuits and boys shirts are expected to be on store shelves by early October, …

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The United Nations Development Programme (UNDP) signed a Memorandum of Understanding (MoU) with the Kurdistan Region of Iraq’s Ministry of Planning, in order to provide strategic guidance and technical support for the development of KRG Vision 2030. Held in Erbil on 03 February 2020, the signing reaffirms the Region’s commitment to achieve the Sustainable Development …

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Duhok will soon have its first solar energy park in a major step towards becoming a low-carbon governorate, setting an example on sustainable renewable energy to follow in Iraq. On 04 February 2020, the United Nations Development Programme (UNDP) signed a letter of agreement with the Governorate of Duhok to establish a pilot solar park …

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2019 showed an exciting development for Iraq’s entrepreneurial ecosystem: the investments in two Iraqi tech startups – e-commerce company Miswag, which received investment from Iraq Tech Ventures, and Lezzoo, the first Iraqi startup to join Silicon Valley’s premier accelerator Y Combinator. In October 2019 Five One Labs hosted its second delegation of regional and international …

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On Wednesday, 5 February, Christophe Michels, Managing Director, Iraq Britain Business Council (IBBC) and Rasmi Al Jabri, Deputy Chairman, IBBC met with Dr Salar Ameen Acting Chairman of National Investment Commission (NIC). They discussed the longstanding cooperation between the NIC and IBBC and how to deepen it and made plans for a joint Baghdad conference …

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According to the Q3 2019 Bahrain Economic Quarterly report from the Ministry of Finance and National Economy, the private sector grew by 1.6 percent in the third quarter of 2019 from a (revised) 0.3 percent in Q2, while the oil sector contracted by 0.1 percent as production held steady. The transportation and communication sector, supported …

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Bahrain Fintech Bay (BFB) on Tuesday announced changes to its leadership team, with Khalid Dannish being promoted to the role of CEO, effective from February 1. The appointment follows the departure of founding CEO Khalid Saad who will be leaving to pursue his own Fintech ventures that aim to further support the ecosystem, a statement …

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Construction work on the multi-billion dollar expansion project at Bahrain Petroleum Company (Bapco)’s Sitra oil refinery has reached 40 percent completion and is set to be commissioned by 2022, Bahrain’s Minister of Oil told Arabian Business’ sister website ConstructionWeekOnline in an exclusive interview. HE Sheikh Mohammed Bin Khalifa Al Khalifa, said the expansion is being …

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AMAALA, the ultra-luxury development situated along Saudi Arabia’s Red Sea coast, which is focused on integrated wellness and healthy living, has signed a partnership agreement with The Prince Albert II of Monaco Foundation, the Centre Scientifique de Monaco and Oceanographic Institute. The VIP Signing Ceremony took place at the Oceanographic Institute on the final evening …

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Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, chairman of Etihad Rail, has launched the construction works of Package A of stage two of the pan-UAE railway network. Package A will run for 139km from Ghuweifat on the UAE border with Saudi Arabia to Ruwais, where it connects with stage one of the network. He …

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Qatar Industrial Manufacturing Company (QIMC) reported a 30.3% year-on-year profit decline in the fourth quarter of 2018. During the October-December period of 2018, QIMC’s profits amounted to QAR 29.7 million ($8.2 million), compared to QAR 42.6 million ($11.7 million) in the corresponding period in 2017, according to the Qatar-based firm’s statement to the Qatar Stock …

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A new concept Lulu Hypermarket has opened in Dubai’s Festival City, it was announced on Tuesday. The new outlet includes 56,000 square feet of space, of which 85 percent is allocated to groceries and fresh foods. The Festival Plaza hypermarket also marks the first time that Lulu customers can sit and eat their freshly prepared …

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Bahrain Central Bank governor says it will trial a new toolkit developed by the World Economic Forum Bahrain’s Central Bank is to pilot a new toolkit developed by the World Economic Forum to evaluate the impact of digital currencies on the economy. Blockchain and academic experts from around the world have contributed to the design …

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Top candidates looking to move jobs are commanding double digit salary increases, according to the Michael Page Salary & Skills Guide 2020. Pierre-Emmanuel Dupil, senior managing director, PageGroup, Middle East & Africa, said: “High demand in the Saudi market and competition between major projects to attract talent obviously triggers that trend.” The report revealed the …

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Kuwait attracted around $3.2 billion in direct investment between January 2015 and the end of March 2019. In its annual report for the fiscal year, between April 2019 and March 2019, the Kuwait Direct Investment Promotion Authority (KDIPA) revealed investment over the period totalled almost KD156 million ($514m). According to the report, the investments were …

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Jeddah’s new King Abdulaziz International Airport is likely to become fully operational by Ramadan, according to local media reports. According to an Okaz report that quoted General Authority for Civil Aviation (GACA) spokesman Ibrahim Al-Ruasa, the number of departing and arriving flights has reached 4,900, with 654,000 passengers on board. Since the airport’s Terminal One …

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Revamp of Bahrain’s Sheikh Zayed Highway progressing well, officials say Construction work on Bahrain’s $62 million Sheikh Zayed Highway Development Project is progressing as planned, according to the state-run Bahrain News Agency (BNA). Huda Abdulla Fakhro, the undersecretary for roads at Bahrain’s Ministry of Works, Municipalities Affairs and Urban Planning, said that the expansion of …

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Dubai-based DP World has been awarded a 30-year concession by the Saudi Ports Authority (Mawani) for the management and development of the Jeddah South Container Terminal at Jeddah Islamic Port. Under the build-operate-transfer (BOT) agreement, DP World will invest up to $500 million to modernise the port, including major infrastructure development to enable it to …

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Dokkan Afkar, a Saudi-based e-commerce marketplace dedicated to selling homegrown and innovative gadgets, gizmos and gifts, has closed a SR19 million ($5.6m) Series B funding round, led by the Business Incubators and Accelerators Company (BIAC). The Series B funding round was joined by existing investors – Riyad TAQNIA Fund, the Saudi Venture Capital Company (SVC) …

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As detailed on the free zone’s website, DAFZA company setup regulations are as follows: “The laws applicable to Dubai Airport Free Zone are set out in Dubai Law No 25 of 2009 (Concerning Dubai International Airport Free Zone). These rules and regulations state that every business in Dubai must have a legitimate formation and be …

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Saudi Arabia is to launch an instant work-visa service from next month, according to the Saudi Press Agency (SPA). The service will be available through the country’s Qiwa platform, which is designed specifically to help small businesses. Ahmed Al-Rajhi made the announcement during a meeting with entrepreneurs from Hail Chamber of Commerce and Industry, where …

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Saudi Arabia and the UAE remained silent over Iraq’s proposal to deepen OPEC+ production cuts, leaving the market to speculate about the group’s plans before crucial talks in Vienna this week. Iraq, which has the worst record among major producers of implementing the group’s current supply deal, is nevertheless pushing for steeper cutbacks. Oil Minister …

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Does the Saudi Aramco IPO in Riyadh suggest a future international listing? Saudi Aramco’s domestic IPO may still serve as a bridge towards an international listing despite what some analysts term a “mid-decline” oil market, according to experts. Aramco has said there are no plans for an international listing, suggesting that the long-stated aim of …

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The Kingdom of Bahrain enacted a new bankruptcy law in December 2018, sweeping away its previous legislation and replacing it with a thoroughly modern toolkit. The law is a revolutionary improvement compared to what existed before, said lawyers polled by Debtwire. The financial crisis of a decade ago pushed various GCC countries to reconsider their …

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Al Salam Bank-Bahrain (ASBB) has partnered with China-based MSA Capital to launch Al Salam-MSA Bahrain Fund I, a $50 million venture capital fund which will target investment opportunities that put innovative Chinese technologies and business models to work within the MENA region using Bahrain as a gateway into the region’s $1.5 trillion economy. MEC Ventures …

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Jordan on Sunday announced the signing of six agreements for investment in the industrial sector, the official Petra news agency reported. The Jordan Industrial Estates Company said that it signed deals to attract industrial investment in Salt and Madaba areas in the country. At the signing ceremony, Jordan’s Minister of Industry and Trade Tariq Hammouri …

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South African Airways (SAA) officials will be summoned to a meeting with regulators next month to disclose details about talks with potential equity partners and give assurances that any deal won’t violate foreign-ownership laws. Under the Air Services Licensing Act of 1990, airlines must be at least three-quarters owned by South Africans to operate a …

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The decision by the Passenger Rail Agency of South Africa (PRASA) to terminate contracts of 20 private security companies at the end of October has left railway infrastructure vulnerable to vandalism, says the United National Transport Union (Untu). In a statement on Friday by Untu spokesperson Sonja Carstens, the union lays all manner of accusations …

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JSE-listed EPP has urged the Polish government to introduce real estate investment trust (Reit) legislation for the country to make it more open for investment. COO Rafał Kwiatkowski believes the Polish property sector could be an excellent avenue for creating wealth and would be a good vehicle for people to invest their retirement savings. EPP …

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Since polymer supplier Vesconite Bearings introduced a minimum of two layers of corrugated cardboard packaging around each of its dispatched polymer bushings and rods, the company has had no returns from breakages, owing to transportation. The company instituted this as a packaging standard after a complaint by a customer led it to investigate its packaging …

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Three of South Africa’s most prominent companies in the stainless steel supply chain are completing a substantial supply to a gold mine in the Southern African Development Community. The project entails the supply of 250 t of grade 2 304 stainless steel for the manufacture of ten tanks – the largest of which measures 12 …

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The Southern Africa Stainless Steel Development Association (Sassda) is at a turning point in its history as it gears up for the future with the introduction of a new tiered membership model that will launch in March 2020, says Sassda acting executive director Michel Basson. As opposed to a standard flat-rate-type membership fee, which Sassda’s …

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Despite a marked downturn in the global stainless steel industry, there are a few medium-term developments on the horizon for Southern Africa, notes research institute Afriforesight Commodities chief commodity economist Nathan Musson. “There are glimmers of hope in terms of investment in Southern Africa’s stainless steel industry.” There are four noteworthy investments in this regard. …

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Branded welding supplier Unique Welding has significantly upgraded its range of stainless steel consumables to improve weld performance to combat a market flooded with low-quality imported stainless steel welding consumables, Unique Welding CEO Nazmi Adams tells Engineering News. In addition, Unique Welding has partnered with renowned welding expert John du Plessis from welding and metallurgical …

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United States consumer goods company Procter & Gamble (P&G) said on Monday it had delivered on a commitment announced last year by investing R300-million in a manufacturing facility in South Africa. It said the investment in the Kempton Park site had increased employment at the facility by 30% and included upgrades to P&G’s Pampers production …

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South Africa looks increasingly likely to miss its projections for GDP (gross domestic product) growth and faces a potential “junk” credit rating from all three major ratings agencies, as domestic and international pressures weigh on Africa’s second-largest economy. The World Bank has cut South Africa’s growth forecast for 2019 through to 2021, citing weak investor …

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In today’s blog we take a look at South Africa’s economic performance over the last couple of years compared to their BRICS peers and certain developed economies. The graphic below looks at the economic growth rates of South Africa, UK, USA, Japan, Brazil, China, India and Russia. What is concern to see is that all …

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Main contractor hired for Oman mixed-use project A main contractor has been appointed to work on a new mixed-use project near Muscat international Airport. Real estate developer Tasmim has named Unique Contracting as main contractor for its Habitat project in Al Khuwair, which is expected to complete by December 2021. Construction works have already commenced …

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Closure of iconic Muscat hotel sparks frenzied buyers The closure of Oman’s iconic Golden Tulip Al Seeb has sparked a frenzy after its owners announced that the entire contents of bedrooms were on sale for as little as OMR 200 ($519), according to local media reports. According to a report in the Times of Oman, …

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Officials in Oman are investigating an alleged scam by a popular e-commerce store, which stands accused of selling counterfeit goods and electronic gadgets. The store in question, which cannot be named until all legal matters are concluded, reportedly sold a vast array of items, including electronic gadgets that were considerably lower than their market price. …

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Oman low cost carrier SalamAir is close to breaking even this year and could turn a profit in 2020, thanks largely to low fuel prices and rivals dropping capacity on certain routes, according to company CEO Mohamed Ahmed. Speaking at an aviation conference in Dubai, Ahmed revealed that the airline was sitting at around 85 …

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Al Hassan Industrial Estate is recognized as the platform for the Jordanians companies manufacturing Pesticides and veterinary medicines and agricultural fertilizers, which have made their way to enter the world markets due its quality and conformity to international standards. The statistics and figures of the Jordanian Industrial Estates Company, reveals more than ten industrial companies …

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Following a Cabinet decision to lower prices and rent in Tafileh, Madaba and Salt industrial estates under certain conditions, the Jordan Industrial Estates Company (JIEC) was able to attract six industrial investments in Salt and Madaba within less than a month of implementing the decision. JIEC signed six investment agreements with two Jordanian investors, one …

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Jordan Industrial Estates Corporation (JIEC) and the Arab Businessmen Forum in China on Tuesday signed a Memorandum of Understanding (MoU) to enhance cooperation between the two countries and promote Jordan’s investment environment. The MoU, signed by JIEC CEO Omar Jwaid and the forum’s head Arafat Harahsheh, seeks to underpin the promotional efforts of Jordanian industrial …

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(JIC) Jordan Investment Commission announced its plan to issue electric cards for the investors so as to facilitate the procedures for them, regarding the importance of industrial investment in Jordan, regarding Dr. Khalid Alwazany Chairman of the Commission Dr. Alwazany said during a meeting with Al-Hassan Industrial Estate investors that (JIC) will launch in cooperation …

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The UAE legislators have initiated the fundamental step for implementing UAE Federal Law Number 19 of 2018 on Foreign Direct Investment (FDI Law). The FDI Law introduces a framework for the UAE Cabinet to permit foreign shareholders to own up to 100 percent of onshore UAE companies in certain designated sectors. On July 2, 2019, …

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Dubai will host a number of fireworks events and concerts for Saudi Arabia’s 89th National Day, officials have announced. At the Point on the Palm Jumeirah, a three-minute fireworks show will begin at 8:30 PM on September 23, with dining deals and children’s activities available until the end of the day. Other fireworks events will …

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Visitors to the UAE will now have the option of choosing to carry out dynamic currency conversion of their cash withdrawals when using their Visa card at any Emirates NBD ATM across the country. The initiative follows a successful pilot by Emirates NBD in partnership with Network International, Visa and technology provider Planet. Non-UAE Visa …

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Sidi Kerir Petrochemicals Co. (SIDPEC) has chosen Honeywell UOP’s C3 Oleflex technology to produce 500,000 metric tons per year of on-purpose propylene at SIDPEC’s refinery in Amerya, near Alexandria, Egypt. With this, Honeywell UOP’s Oleflex technology has been selected for 52 out of 64 propane and isobutane dehydrogenation projects globally since 2011. Honeywell will also …

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The International Cotton Advisory Committee (ICAC) has announced that the World Cotton Research Conference (WCRC) will be held from October 3-7, 2020 in Sharm-el-Sheikh, Egypt. The WCRC is organised by the ICAC under the auspices of the International Cotton Researchers Association (ICRA). It brings together the top researchers and cotton specialists from across the globe. …

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Agility Public Warehousing Co, a Kuwait-based logistics company operating in more than 100 countries, is stepping up plans to develop so-called warehouse parks across Africa at a cost of about $200 million each. The company, which has annual revenue of about, $5.5 billion, has set up one at the Ghanaian port city of Tema, about …

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The Kuwait Capital Market Authority will start next month a public offering of its 50 percent stake in the local stock exchange. Only Kuwaiti citizens will be eligible to buy the shares, according to a press release on Sunday. The subscription period will run from Oct. 1 to Dec. 1, with the offering price set …

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Kuwait-based JustClean has revealed expansion plans for the GCC and further afield. Established three years ago by Kuwaiti brothers Athbi and Nouri Al-Enezi, JustCean has signed up more than 100 laundry businesses in the UAE since its marketplace app was introduced to the country in 2018. Athbi Al-Enezi said: “We’re looking to sign up at …

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Bahrain has lost its title as the world’s best destination for expats after falling six places in the latest Expat Insider survey. After topping the InterNations list in 2018 and 2017, Bahrain fell to seventh out of 64 countries analysed, as concerns over working hours and job security weighed. Kuwait was named the worst country …

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It is no secret shopping centers play an important role in the development of the retail sector, hence the economy of a country. This certainly applies to a developing country like Turkey as well. The number of shopping centers which have gradually turned into living spaces in this country have exceeded 400 and is expected …

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Centers to provide information, technology, consulting services to both Turkish and Syrian investors. Three new technology innovation centers are to be opened in western and southern Turkey to support the country’s high-tech production, an official said Thursday.”We plan to activate these centers by the end of 2020,” Kadir Aydin, general manager of the Cukurova Technology …

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Boyko Borissov speaks in Varna in front of the participants at the 12th Summer University of GERB Youth Structure.Prime Minister Boyko Borisov said on Sunday that a gas pipeline contract from Turkey through Bulgaria, Serbia, Hungary and Austria is expected to be signed on September 5th. He said at the 12th Summer University of GERB …

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A Dubai-based start-up plans to launch electric motorcycles next month that could save delivery drivers almost $7,000 a year. Adam Ridgway, CEO of One Moto, who describes the company as “to electric motorcycles what Tesla is to cars”, revealed the electric scooters – the Electa (AED16,450/$4,479) and Byka (AED14,950/$4,000) – will be available from September …

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Dubai Silicon Oasis (DSO) apartments offer the best gross rental returns in Dubai at 9.5 percent, according to the latest Property Finder Trends report. The average rental yield in global property hotspots such as London (2.7 percent), Hong Kong (2.4 percent), New York (2.9 percent) and Singapore (2.5 percent) hover in the low single digits …

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Over the past decade, the United Arab Emirates (UAE) has made significant strides in empowering women and ensuring they play an increasingly important role in the workplace. The UAE government and non-governmental organizations (NGOs) have been crucial in this regard, deploying a variety of tools to better integrate women into the economy. Yet while a …

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Kuwait’s deputy foreign minister said countries in the Gulf have strengthened coordination to provide oil to global markets amid increased regional tensions. “It is normal amid this escalation that Kuwait and the Gulf Cooperation Council (GCC) countries take these steps,” Khalid al-Jarallah told reporters late Sunday on the sidelines of a Ramadan sit-down organised by …

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Kuwait’s Central Agency for Public Tenders has all-but approved a potential $160 million contract with South Korean construction conglomerate Hyundai for operating and maintaining the Jaber Al-Ahmed bridge. The Ministry of Public Labour said in a statement that the five-year contract is worth 29-$32m (KD9-10) per year, according to a report by the Kuwait News …

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Kuwait said it’s working with Saudi Arabia to resume oil production in the neutral zone between them that has been shuttered for at least four years. Saudi Minister of State for Energy Prince Abdulaziz Bin Salman visited Kuwait Wednesday. The two sides will discuss a resumption after the “completion of all technical issues required,” Tareq …

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Kamco Investment Company and Global Investment House, two firms operating in the Kuwaiti asset management and investment banking industry, have announced they have secured regulatory approval for a proposed merger. The companies said they have received the Capital Markets Authority’s approval on the draft merger contract in which Kamco will be the merging company and …

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Kuwait and Iraq have signed a contract with the British energy advisory firm ERC Equipoise to prepare a study for the development of joint oil fields on the border between the two countries. The deal will see the British advisory firm prepare studies of the joint productive border fields, Safwan-Al-Abdali and South Rumaila-Ratqa, paving the …

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Ithmaar Holding, a Bahrain-based company that is licenced and regulated as an investment firm by the Central Bank of Bahrain, has announced plans to voluntarily delist from Boursa Kuwait. The company said it will continue to list on the Bahrain Bourse and Dubai Financial Market. The announcement, by Ithmaar Holding chairman Prince Amr Al Faisal …

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Kuwait-based logistics giant Agility has reported second-quarter net profit of KD21.6 million, an increase of 8.1 percent over the same period in 2018. Half-year net profit of KD41.9 million was up 7.7 percent while revenue was KD775 million, an increase of 2.5 percent over the year-earlier period. Tarek Sultan, Agility vice chairman and CEO, said: …

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Shoppers in Dubai have even more time to find that greatest gift, perfect present or bargain buy during Eid al Adha, with malls extending opening hours for up to 10 days. Majid Al Futtaim malls, which includes Mall of the Emirates, City Centre Deira and City Centre Mirdif, will all stay open until 1am. The …

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Damac Properties has waived all registration fees for external vendors and contractors and maintenance companies, although it plans to continue with the registration process, according to a company spokesperson. In late July, owners and residents of properties managed by Damac or Loams – the Luxury Owner Association Management Services – properties were informed of the …

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Emirates Airline offered a first glimpse at its future Boeing 777X on Monday with a tweet showing the airplane in production at the planemaker’s US factory in Everett, Washington. “We’re proud to see the UAE flag for the first time on the Emirates Boeing 777X,” the Emirates tweet said. “Currently in production, the 777X combines …

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Abu Dhabi’s freehold law which was introduced in April this year will result in “more bankable” property projects, according to Tariq Imam, Partner and Head of Real Estate in Middle East at London-based law firm Clifford Chance. The new law allows foreigners investors to own land and property on a freehold lease in the following …

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Fashion franchise retailer Fawaz Abdulaziz Alhokair & Co has announced that it will acquire the Saudi franchise rights for 10 international food and beverage brands from Food and Entertainment Company Ltd. The deal will see an exchange of non-core receivables valued at SR340 million ($90.5 million) with the current operator, it said in a statement. …

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A measure of activity in Saudi Arabia’s non-oil private sector dropped in July for the first time this year, hitting a five-month low in a sign that economic growth was losing momentum at the start of the third quarter. The IHS Markit Purchasing Managers’ Index fell to 56.6 after reaching a 19-month high of 57.4 …

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Twenty-six China A shares will be added to the MSCI China Index, while 30 equities from Saudi Arabia and eight Argentine securities are set to join the MSCI’s emerging-market stocks benchmarks, in steps that could potentially draw billions of dollars of investor inflows. MSCI, which announced the additions of Saudi Arabia and Argentina last June, …

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Traders taking profit from Kuwait’s longest-winning streak since at least 2016 sent the nation’s main stock index falling by the most in the Middle East. The gauge declined 0.4%, led by Kuwait Finance House and Mobile Telecommunications Co. While a favourable deposit shift for lenders in the country may boost second quarter margins from lows …

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Kuwait’s Central Agency for Public Tenders has all-but approved a potential $160 million contract with South Korean construction conglomerate Hyundai for operating and maintaining the Jaber Al-Ahmed bridge. The Ministry of Public Labour said in a statement that the five-year contract is worth 29-$32m (KD9-10) per year, according to a report by the Kuwait News …

Continue reading “Kuwait gives initial approval for $160m Jaber Al-Ahmed bridge contract”

Kuwait said it’s working with Saudi Arabia to resume oil production in the neutral zone between them that has been shuttered for at least four years. Saudi Minister of State for Energy Prince Abdulaziz Bin Salman visited Kuwait Wednesday. The two sides will discuss a resumption after the “completion of all technical issues required,” Tareq …

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Kuwait Projects Company (KIPCO) has revealed that it has raised $312.3 million in equity from its latest rights issue. The board of directors approved the capital increase in January, with the aim of growing KIPCO’s businesses through continuing to invest in its core portfolio companies, which include Qurain Petrochemical Industries Company, Kamco, Kuwait Hotels Company, …

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A consortium of EDF Renewables and Abu Dhabi Future Energy Company (Masdar) has completed the financing of the Dumat Al Jandal utility-scale wind project in Saudi Arabia, with the backing of Saudi and international banks. With an installed capacity of 400 megawatts (MW), the Dumat Al Jandal project will be Saudi Arabia’s first wind farm …

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A consortium of EDF Renewables and Abu Dhabi Future Energy Company (Masdar) has completed the financing of the Dumat Al Jandal utility-scale wind project in Saudi Arabia, with the backing of Saudi and international banks. With an installed capacity of 400 megawatts (MW), the Dumat Al Jandal project will be Saudi Arabia’s first wind farm …

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Saudi Aramco has invited analysts and investors to join its first investor earnings call next month as it prepares an initial public offering, according to an Aramco email seen by Reuters. In the July 21 email, Aramco investor relations said that “Saudi Aramco will be holding its first investor earnings call in August to coincide …

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Construction projects worth more than $494 billion are currently active in Kuwait, according to new research by ProTenders. Of these, projects worth $15.5 billion (3.1 percent) are on hold, the consultancy said in a statement. Projects in the design stage are valued at $243.5 billion (49.3 percent) while another $63 billion (12.8 percent) are in …

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