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    Lebanon’s financial system is over, says economy minister

    scion Industrial Engineering

    The Lebanese Economy Minister on Tuesday admitted his department can do little to stop the country’s steep financial decline, as he discussed the decision to make supermarkets display the rate-to-the-dollar at which goods are priced. Amin Salam said the measure was introduced to guard against rampant price manipulation, as the national currency continues to plummet …

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    Previous PostPrevious Lebanon’s business conditions hit four-month high in February

    Lebanon’s business conditions hit four-month high in February

    Scion Industrial Engineering

    Business conditions in Lebanon’s private sector improved in February to a four-month high, indicating a slower pace of deterioration, amid a relative increase in new orders and output. The country’s Blom purchasing managers’ index (PMI), a measure of the strength of its private sector, rose to 48.8 in February, from 47.7 in January, its highest …

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    Previous PostPrevious What is Lebanon’s Mecattaf case and why is Riad Salameh set to be quizzed?
    Next PostNext Lebanon’s financial system is over, says economy minister

    What is Lebanon’s Mecattaf case and why is Riad Salameh set to be quizzed?

    scion industrial engineering

    Another judicial case involving embattled Central Bank Governor Riad Salameh has recently caught public attention in Lebanon. The Mecattaf money transfer company investigation involves allegations of money laundering, corruption and influence peddling. In the latest development, Mount Lebanon First investigating judge Nicolas Mansour has set hearings on April 3 for Mr Salameh and several others, …

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    Previous PostPrevious How Lebanon’s private sector is thriving amid crisis
    Next PostNext Lebanon’s business conditions hit four-month high in February

    How Lebanon’s private sector is thriving amid crisis

    Scion Industrial Engineering

    Much has been said about Lebanon’s manifold crisis, more specifically the implosion of the country’s economy through an ongoing financial crisis that has been exacerbated by the Beirut port explosion, Covid-19, the impact of the Ukraine war on global food prices, and the country’s ongoing political paralysis. Much more can, and should, be said on …

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    Previous PostPrevious Lebanon’s industry carries falling national economy on its shoulders
    Next PostNext What is Lebanon’s Mecattaf case and why is Riad Salameh set to be quizzed?

    Lebanon’s industry carries falling national economy on its shoulders

    scion industrial engineering pvt. ltd.

    The industrial sector in Lebanon, despite the falling national economy, continues to solider on in order to revive the market and create new business opportunities especially with the increasing demands for Lebanese products. The sector was one of the few offering hard foreign currency in Lebanon, which is still suffering from the decrease in the …

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    Previous PostPrevious Egypt, Lebanon discuss launching ro-ro line to boost trade
    Next PostNext How Lebanon’s private sector is thriving amid crisis

    Egypt, Lebanon discuss launching ro-ro line to boost trade

    Egypt and Lebanon discussed Monday launching a ro-ro (roll-on/roll-off) line with the aim of increasing import/export trade between the two countries. The proposal was tabled during a meeting between Egyptian Minister of Transport Kamel El-Wazir and Lebanese Minister of Public Works and Transport Ali Hamieh on the sideline of the 69th session of the Executive …

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    Previous PostPrevious Al-Asoumi praises Saudi Arabia’s human rights achievements under Vision 2030
    Next PostNext Lebanon’s industry carries falling national economy on its shoulders

    Al-Asoumi praises Saudi Arabia’s human rights achievements under Vision 2030

    scion industrial Engineering

    The Arab Observatory for Human Rights of the Arab Parliament hailed the remarkable achievements made by Saudi Arabia to develop human rights as part of its development vision for 2030. The vision’s main focus is on the citizen and the human being, under the prudent vision of Custodian of the Two Holy Mosques King Salman …

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    Previous PostPrevious Alba’s CEO inaugurates annual Majlis sessions
    Next PostNext Egypt, Lebanon discuss launching ro-ro line to boost trade

    Alba’s CEO inaugurates annual Majlis sessions

    Aluminium Bahrain (Alba) Chief Executive Officer Ali Al Baqali inaugurated the the company’s Annual Majlis for 2023 on Tuesday (January 17) at the Oasis Hall. Attended by Alba’s executives, directors, and managers, the opening session shed the light on the successes Alba celebrated in 2022 as well as lessons learnt as the company journeys in …

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    Previous PostPrevious Asia presents the best investment opportunities: SCB
    Next PostNext Al-Asoumi praises Saudi Arabia’s human rights achievements under Vision 2030

    Asia presents the best investment opportunities: SCB

    scion industrial engineering pvt. ltd.

    Investors need to look to the Asian region for the best investment opportunities in the short and medium term, said Steve Brice, Global Chief Investment Officer at Standard Chartered Bank. Providing his outlook for 2023, Brice said there will be a slowing of global inflation and fewer federal interest rate rises in the first half …

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    Previous PostPrevious Bahrain origin products’ exports jump 24% in 2022
    Next PostNext Alba’s CEO inaugurates annual Majlis sessions

    Bahrain origin products’ exports jump 24% in 2022

    Scion Industrial Engineering

    The value of exports of Bahrain origin products increased 24%, reaching BD4.967 billion ($13.18 billion) during 2022, compared to BD3.994 billion in the previous year. The value of imports into Bahrain increased 10% in 2022, reaching to BD5.842 billion, compared to BD5.316 billion for the previous year, said the foreign trade report of 2022 released …

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    Previous PostPrevious Regional partnership ‘can benefit Bahrain’s manufacturing sector’
    Next PostNext Asia presents the best investment opportunities: SCB

    Regional partnership ‘can benefit Bahrain’s manufacturing sector’

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    Previous PostPrevious BMMI to join Bahrain’s pavilion at Gulfood 2023
    Next PostNext Bahrain origin products’ exports jump 24% in 2022

    BMMI to join Bahrain’s pavilion at Gulfood 2023

    The BMMI Group will be showcasing various products including two of its own brands, Purely and Nature’s Origins, at Gulfood Exhibition at the Dubai World Trade Centre from February 20 to 24. Participating for the first time, BMMI will be part of the Bahrain Pavilion. The Purely brand offers customers with consistent, high-quality, and ethically …

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    Previous PostPrevious BAB collaborates with members to advance financing for SMEs
    Next PostNext Regional partnership ‘can benefit Bahrain’s manufacturing sector’

    BAB collaborates with members to advance financing for SMEs

    Scion Industrial Engineering Pvt. Ltd.

    The Bahrain Association of Banks (BAB) has addressed ways to overcome the challenges facing many small and medium enterprises (SMEs) when applying for financing from banks. “We all know how important SMEs are, which make up more than 95% of the number of enterprises in Bahrain. We seek to help these institutions rise and grow. …

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    Previous PostPrevious Gulf Islamic Investments sets up new company in Bahrain
    Next PostNext BMMI to join Bahrain’s pavilion at Gulfood 2023

    Gulf Islamic Investments sets up new company in Bahrain

    scion industrial engineering pvt. ltd.

    Gulf Islamic Investments (GII) a leading shari’ah-compliant global alternative investment company, with over $3 billion of assets under management in real estate, private equity and venture capital, has announced the opening of its new company, Gulf Ventures Capital, with headquarters in Bahrain. This comes as part of GII’s strategy to expand its footprint in the …

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    Previous PostPrevious Bahrain EDB attracts $1.1bn investments in 2022
    Next PostNext BAB collaborates with members to advance financing for SMEs

    Bahrain EDB attracts $1.1bn investments in 2022

    scion Industrial Engoineering

    Bahrain’s Economic Development Board (EDB) succeeded in attracting investments for 89 projects exceeding BD415 million ($1.1 billion) during 2022, it was revealed at the EDB board meeting on Sunday. The investment will contribute to creating more than 6,000 quality job opportunities for Bahraini citizens over the next three years, said a Bahrain News Agency report. …

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    Previous PostPrevious Bahrain joins industrial partnership for sustainable development
    Next PostNext Gulf Islamic Investments sets up new company in Bahrain

    Bahrain joins industrial partnership for sustainable development

    Scion Industrial Engineering

    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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    Previous PostPrevious Bahrain energy firm signs deal for AI oil drilling technology
    Next PostNext Bahrain EDB attracts $1.1bn investments in 2022

    Bahrain energy firm signs deal for AI oil drilling technology

    Scion Industrial Engineering Pvt. ltd.

    The Bahrain-based Oil and Gas Holding Company (nogaholding) announced a collaboration deal with UAE technology pioneer AIQ to integrate and deploy artificial intelligence (AI) and digital solutions into its upstream operations. Under the collaboration pact, the energy investment specialists will utilise the latest AI technologies provided by AIQ to increase the operational efficiency of Tatweer …

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    Previous PostPrevious Gulf Central Banks hike interest rates following Fed’s increase
    Next PostNext Bahrain joins industrial partnership for sustainable development

    Gulf Central Banks hike interest rates following Fed’s increase

    https://ssrdind.com/

    The UAE Central Bank has raised its benchmark borrowing rate following a similar move by the US Federal Reserve. CBUAE has decided to raise the Base Rate applicable to the Overnight Deposit Facility (ODF) by 50 basis points – from 3.9% to 4.4%, effective from Thursday, 15 December 2022. This decision was taken following the …

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    Previous PostPrevious Crypto exchange giant Binance launches in Bahrain
    Next PostNext Bahrain energy firm signs deal for AI oil drilling technology

    Crypto exchange giant Binance launches in Bahrain

    Global blockchain services giant Binance has launched binance.bh, a new platform that allows users to access Binance’s range of regulated products and services. This includes direct top-ups and withdrawals, in local currencies, the company said in an emailed statement on Monday. All users have to do is link their bank accounts with their binance.bh account. …

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    Previous PostPrevious Dubai diamond major Evermore eyeing UAE, GCC expansions
    Next PostNext Gulf Central Banks hike interest rates following Fed’s increase

    Dubai diamond major Evermore eyeing UAE, GCC expansions

    scion industrial engineering

    Evermore, the popular diamond brand from Dubai-based Siroya ALTR, is eyeing a major expansion in the GCC region, with immediate plans to make foray into Saudi Arabia and Bahrain. The company is also finalising further expansion within the UAE, with plans to open at least three more stores in the coming few months. “We are …

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    Previous PostPrevious Proptech to expand Saudi footprint with its innovative business model
    Next PostNext Crypto exchange giant Binance launches in Bahrain

    Proptech to expand Saudi footprint with its innovative business model

    Scion Industrial ENgineering pvt. Ltd.

    Aiming to reimagine the global living experience through its portfolio of tech-enabled branded residences Stella Stays is planning to become the biggest residential hospitality player in the region, said its co-founder and CEO. Speaking to Arab News in an exclusive interview, Mohannad Zikra said that the Dubai-based proptech startup that is disrupting the global residential …

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    Previous PostPrevious Saudi Arabia, MENA growth outlook bright despite challenges, ministers say
    Next PostNext Dubai diamond major Evermore eyeing UAE, GCC expansions

    Saudi Arabia, MENA growth outlook bright despite challenges, ministers say

    The future looks bright for Saudi Arabia and other Middle East and North African economies, but governments in the region must be wary of geopolitical instability and inflation to sustain growth, ministers told the World Economic Forum on Thursday. Saudi Arabia’s Minister of Economy and Planning Faisal Alibrahim took part in a panel discussion on …

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    Previous PostPrevious Saudi Arabia issues 115 permits for new industrial units with $1bn investments
    Next PostNext Proptech to expand Saudi footprint with its innovative business model

    Saudi Arabia issues 115 permits for new industrial units with $1bn investments

    Scion Industrial Engineering

    Saudi Arabia’s Ministry of Industry and Mineral Resources issued 115 industrial licenses with investments worth SR4 billion ($1.06 billion) in August 2022, official data showed. The data from the ministry revealed that the number of industrial units across the Kingdom reached 10,707, up from 10,685 in July 2022. In August 2021, the number of industrial …

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    Previous PostPrevious Technology-based pension reforms needed in Middle East, expert says
    Next PostNext Saudi Arabia, MENA growth outlook bright despite challenges, ministers say

    Technology-based pension reforms needed in Middle East, expert says

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    Previous PostPrevious Jordanian industrial delegation begins visit to Saudi Arabia
    Next PostNext Saudi Arabia issues 115 permits for new industrial units with $1bn investments

    Jordanian industrial delegation begins visit to Saudi Arabia

    Scion Industrial Engineering

    Jordan and Saudi Arabia will discuss ways to expand economic relations and build joint industrial partnerships during a Jordanian delegation’s visit that started on Saturday. The delegation, led by Amman Chamber of Industry chief Fathi Jaghbir, includes representatives of industrial companies operating in a range of production sectors. The visit has been organized by the …

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    Previous PostPrevious EAD uses drones to plant one million mangrove seeds in Abu Dhabi
    Next PostNext Technology-based pension reforms needed in Middle East, expert says

    EAD uses drones to plant one million mangrove seeds in Abu Dhabi

    scion

    In a remarkable environmental initiative, the Environment Agency – Abu Dhabi (EAD) has shown how modern technology can be used for the greater good when it planted nearly one million mangrove seeds…using drones. This is part of EAD’s plans to work with local, regional and international partners, and establish Abu Dhabi as a global hub …

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    Previous PostPrevious Saudi’s Red Sea floating pod hotel
    Next PostNext Jordanian industrial delegation begins visit to Saudi Arabia

    Saudi’s Red Sea floating pod hotel

    scion Industrial Engineering

    Following announcements of 13 international hotels opening in Saudi Arabia’s mega-project The Red Sea, a new futuristic resort has been announced to open in 2024. The Sheybarah Resort is a ‘hyper-luxury’ hotel located in Sheybarah Island, designed by Dubai-based architectural firm Killa Design. The first batch of 73 prefabricated villas was delivered at the Red …

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    Previous PostPrevious UAE’s new law for virtual assets sector to trigger mass entry of global companies
    Next PostNext EAD uses drones to plant one million mangrove seeds in Abu Dhabi

    UAE’s new law for virtual assets sector to trigger mass entry of global companies

    Scion Industrial Engineering

    The UAE is poised to emerge as the first choice for global companies in the digital asset business for their global expansion, following the Gulf country approving a new regulation to govern virtual assets in the country, sector experts said. The new regulatory framework is also expected to fuel the mainstream adoption of blockchain applications …

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    Previous PostPrevious UAE-Bahrain non-oil trade hits $6.5bn
    Next PostNext Saudi’s Red Sea floating pod hotel

    UAE-Bahrain non-oil trade hits $6.5bn

    scion industrial engineering pvt. ltd.

    UAE and Bahrain’s non-oil trade exchange increased by more than 92 percent in the past decade. In 2022 non-oil trade exchange between the two nations totaled $6.5bn (AED23.7bn) compared to $3.3bn (AED12.3bn) in 2012, according to recent data issued by the Federal Competitiveness and Statistics Centre (FCSC). Their total non-oil trade exchange during the same …

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    Previous PostPrevious Egypt says it is not at risk of bankruptcy
    Next PostNext UAE’s new law for virtual assets sector to trigger mass entry of global companies

    Egypt says it is not at risk of bankruptcy

    scion industrial engineering pvt. ltd.

    Egypt’s government has rejected claims that the country is exposed to bankruptcy risk due to its debts and the cost of servicing them during rate rises and inflation. It also cited a report on the performance of the Egyptian economy from June to November. The Cabinet said Egypt’s ratio of external debt to GDP was …

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    Previous PostPrevious ACWA Power signs a $1.5bn agreement with Power China
    Next PostNext UAE-Bahrain non-oil trade hits $6.5bn

    ACWA Power signs a $1.5bn agreement with Power China

    Scion Industrial engineering Pvt. Ltd.

    Saudi Arabia private utility firm ACWA Power has signed a $1.5 billion agreement with Power China, it has been reported by Reuters. No further details were released, and ACWA Power did not respond to Arab News’ request for a comment. The deal comes amid a flurry of Memorandums of Understanding signed by the energy provider …

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    Previous PostPrevious GCC Supreme Council lauds Saudi convening of summits, looks forward to strengthening cooperation with China
    Next PostNext Egypt says it is not at risk of bankruptcy

    GCC Supreme Council lauds Saudi convening of summits, looks forward to strengthening cooperation with China

    On the sidelines of summits in Riyadh on Friday with the visiting president of China, Saudi Arabia’s Crown Prince and Prime Minister Mohammed bin Salman presided over the meeting of the 43rd session of the Supreme Council of the Gulf Cooperation on behalf of King Salman. Lauding Saudi Arabia’s convening of the Riyadh GCC-China Summit …

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    Previous PostPrevious Saudi Arabia issues permits for non-oil industrial projects worth SR4.1bn
    Next PostNext ACWA Power signs a $1.5bn agreement with Power China

    Saudi Arabia issues permits for non-oil industrial projects worth SR4.1bn

    Scion

    Saudi Arabia’s Ministry of Industry and Mineral Resources has announced that the Kingdom issued permits for non-oil industrial projects in August worth an accumulated SR4.1 billion ($1.1 billion), MEED reported. Some 115 licenses were issued for non-oil industrial projects — 20 percent higher than those issued in July. Those issued in August brought the total …

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    Previous PostPrevious Saudi Arabia clears 725 industrial projects worth $265bn in 9 months to build domestic capacity
    Next PostNext GCC Supreme Council lauds Saudi convening of summits, looks forward to strengthening cooperation with China

    Saudi Arabia clears 725 industrial projects worth $265bn in 9 months to build domestic capacity

    Scion Industrial Engineering

    Saudi Arabia has issued permits for 725 industrial projects worth an accumulated SR1.37 trillion ($265 billion) in the first nine months of 2022, according to data from the Ministry of Industry and Mineral Resources. This comes as the Kingdom is pushing to develop domestic industrial and manufacturing sectors as part of its strategy to diversify …

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    Previous PostPrevious Foreign or joint capital constitute 39% of total investments in KSA’s industrial sector, says ministry
    Next PostNext Saudi Arabia issues permits for non-oil industrial projects worth SR4.1bn

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

    scion Industrial Engoineering

    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. …

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    Previous PostPrevious Saudi Arabia’s industrial production rises 15.7% in September: GASTAT
    Next PostNext Saudi Arabia clears 725 industrial projects worth $265bn in 9 months to build domestic capacity

    Saudi Arabia’s industrial production rises 15.7% in September: GASTAT

    Scion Industrial Engineering

    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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    Previous PostPrevious Flydubai flight diverted to Turkey over security alert
    Next PostNext Foreign or joint capital constitute 39% of total investments in KSA’s industrial sector, says ministry

    Flydubai flight diverted to Turkey over security alert

    scion Industrial Engineering

    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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    Previous PostPrevious UAE’s IHC plans billion-dollar IPOs in 2023
    Next PostNext Saudi Arabia’s industrial production rises 15.7% in September: GASTAT

    UAE’s IHC plans billion-dollar IPOs in 2023

    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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    Previous PostPrevious Iran Construction Industry Report 2022
    Next PostNext Flydubai flight diverted to Turkey over security alert

    Iran Construction Industry Report 2022

    Scion

    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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    Previous PostPrevious Oil products export climbs 40% in H1
    Next PostNext UAE’s IHC plans billion-dollar IPOs in 2023

    Oil products export climbs 40% in H1

    scion Industrial Engineering Pvt. Ltd.

    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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    Previous PostPrevious Iraq wants stable energy prices, prime minister says
    Next PostNext Iran Construction Industry Report 2022

    Iraq wants stable energy prices, prime minister says

    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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    Previous PostPrevious World hoped to crucify top oil supplier
    Next PostNext Oil products export climbs 40% in H1

    World hoped to crucify top oil supplier

    Scion Industrial ENgineering

    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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    Previous PostPrevious $1bn sustainable city project to be built in Muscat, set for 2025 completion
    Next PostNext Iraq wants stable energy prices, prime minister says

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

    Scion Industrial ENgineering

    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 …

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    Previous PostPrevious Former yacht club in Muscat to be redeveloped into Four Seasons resort and private residences
    Next PostNext World hoped to crucify top oil supplier

    Former yacht club in Muscat to be redeveloped into Four Seasons resort and private residences

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    Previous PostPrevious Rise in tourism, oil output to lift Saudi economy by 7% in 2022, outpacing other GCC nations
    Next PostNext $1bn sustainable city project to be built in Muscat, set for 2025 completion

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

    Scion

    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 …

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    Previous PostPrevious Petrofac, Oman Hydrogen to collaborate to strengthen renewable energy sector
    Next PostNext Former yacht club in Muscat to be redeveloped into Four Seasons resort and private residences

    Petrofac, Oman Hydrogen to collaborate to strengthen renewable energy sector

    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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    Previous PostPrevious Oman to ban import of plastic bags from 2023
    Next PostNext Rise in tourism, oil output to lift Saudi economy by 7% in 2022, outpacing other GCC nations

    Oman to ban import of plastic bags from 2023

    Scion Industrial ENgineering pvt. Ltd.

    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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    Previous PostPrevious UAE, Oman hold first directors meeting for $3bn railway between Abu Dhabi, Muscat
    Next PostNext Petrofac, Oman Hydrogen to collaborate to strengthen renewable energy sector

    UAE, Oman hold first directors meeting for $3bn railway between Abu Dhabi, Muscat

    Scion Industrial news

    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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    Previous PostPrevious MSX index ends higher
    Next PostNext Oman to ban import of plastic bags from 2023

    MSX index ends higher

    Scion Industrial news

    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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    Previous PostPrevious World oil prices rise by 2% on supply woes
    Next PostNext UAE, Oman hold first directors meeting for $3bn railway between Abu Dhabi, Muscat

    World oil prices rise by 2% on supply woes

    Scion Industrial Engineering Pvt. ltd.

    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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    Previous PostPrevious Oman’s inflation rate hits 2.4% in August
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    Oman’s inflation rate hits 2.4% in August

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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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    Previous PostPrevious Union Minister Piyush Goyal meets with UAE counterpart on sidelines of G20 ministerial meet
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    Union Minister Piyush Goyal meets with UAE counterpart on sidelines of G20 ministerial meet

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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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    Previous PostPrevious GCC financial markets impacted by conflict in eastern Europe
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    GCC financial markets impacted by conflict in eastern Europe

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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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    Previous PostPrevious Oman’s Sohar Port partners with logistics firm to expand cargo space
    Next PostNext Union Minister Piyush Goyal meets with UAE counterpart on sidelines of G20 ministerial meet

    Oman’s Sohar Port partners with logistics firm to expand cargo space

    Scion Industrial Engineering Pvt. Lt.

    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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    Previous PostPrevious Port of Duqm presents business opportunities for oil, gas sector
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    Port of Duqm presents business opportunities for oil, gas sector

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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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    Previous PostPrevious German hospitality group launches new properties in Oman and Qatar
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    German hospitality group launches new properties in Oman and Qatar

    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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    Previous PostPrevious Oman to ban import of plastic bags from 2023
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    Oman to ban import of plastic bags from 2023

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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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    Previous PostPrevious Abraj Energy Services rebrands ahead of possible listing on Muscat Stock Exchange
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    Abraj Energy Services rebrands ahead of possible listing on Muscat Stock Exchange

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    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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    Previous PostPrevious Petrofac, Oman Hydrogen to collaborate to strengthen renewable energy sector
    Next PostNext Oman to ban import of plastic bags from 2023

    Petrofac, Oman Hydrogen to collaborate to strengthen renewable energy sector

    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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    Previous PostPrevious Bahrain opens registration for World Robot Olympiad Training Session
    Next PostNext Abraj Energy Services rebrands ahead of possible listing on Muscat Stock Exchange

    Bahrain opens registration for World Robot Olympiad Training Session

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    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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    Previous PostPrevious Is investing in real estate worth it in Bahrain?
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    Is investing in real estate worth it in Bahrain?

    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 …

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    Previous PostPrevious Bahrain set for maiden FIA World Touring Car Cup races
    Next PostNext Bahrain opens registration for World Robot Olympiad Training Session

    Bahrain set for maiden FIA World Touring Car Cup races

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    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 – …

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    Previous PostPrevious Rain Financial cuts jobs amid crypto sell-off
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    Rain Financial cuts jobs amid crypto sell-off

    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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    Previous PostPrevious WestPoint to invest $9 mn afresh in Bahrain
    Next PostNext Bahrain set for maiden FIA World Touring Car Cup races

    WestPoint to invest $9 mn afresh in Bahrain

    scion Industrial Engineering

    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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    Previous PostPrevious Bahrain Global Sea-to-Air Logistics Hub opens; fastest in the region
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    Bahrain Global Sea-to-Air Logistics Hub opens; fastest in the region

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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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    Previous PostPrevious Bahrain joins industrial partnership for sustainable development
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    Bahrain joins industrial partnership for sustainable development

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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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    Previous PostPrevious Threat of internet outages in Lebanon continue amid Ogero strike
    Next PostNext Bahrain Global Sea-to-Air Logistics Hub opens; fastest in the region

    Threat of internet outages in Lebanon continue amid Ogero strike

    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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    Previous PostPrevious Saudi Arabia, Bahrain to boost bilateral cooperation in labour sector
    Next PostNext Bahrain joins industrial partnership for sustainable development

    Saudi Arabia, Bahrain to boost bilateral cooperation in labour sector

    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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    Previous PostPrevious Bahrain sees uptick in office space demand with 5.5 percent jump in Jan-March this year
    Next PostNext Threat of internet outages in Lebanon continue amid Ogero strike

    Bahrain sees uptick in office space demand with 5.5 percent jump in Jan-March this year

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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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    Previous PostPrevious Egypt’s engineering exports rise to $1.8B in first half of 2022
    Next PostNext Saudi Arabia, Bahrain to boost bilateral cooperation in labour sector

    Egypt’s engineering exports rise to $1.8B in first half of 2022

    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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    Previous PostPrevious ADNOC Distribution acquires 50% of Total Energies in Egypt
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    ADNOC Distribution acquires 50% of Total Energies in Egypt

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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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    Previous PostPrevious 3 reasons why to invest in Egypt, ITIDA’s CEO explains
    Next PostNext Egypt’s engineering exports rise to $1.8B in first half of 2022

    3 reasons why to invest in Egypt, ITIDA’s CEO explains

    Scion Industrial Engineering

    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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    Previous PostPrevious Egypt aims to increase petroleum production to 790 bln during new fiscal year 22/23
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    Egypt aims to increase petroleum production to 790 bln during new fiscal year 22/23

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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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    Previous PostPrevious Al-Qamzi Developments invests EGP 14bn in 204-feddan SeaZen project in North Coast
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    Al-Qamzi Developments invests EGP 14bn in 204-feddan SeaZen project in North Coast

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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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    Previous PostPrevious Banks and companies injected EGP 46.368bn in Egypt under the Real Estate Financing Initiative
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    Banks and companies injected EGP 46.368bn in Egypt under the Real Estate Financing Initiative

    scion Industrial Engoineering

    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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    Previous PostPrevious Hegaz Development invests EGP 1.2bn in 1st phase of Sokhna Hills Project
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    Hegaz Development invests EGP 1.2bn in 1st phase of Sokhna Hills Project

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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 …

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    Previous PostPrevious Lozan Urban Development launches 2nd phase of Apex Business Mall at NAC
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    Lozan Urban Development launches 2nd phase of Apex Business Mall at NAC

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    “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. …

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    Previous PostPrevious Oman set to extend economic reforms as finances stabilise after Covid shock
    Next PostNext Hegaz Development invests EGP 1.2bn in 1st phase of Sokhna Hills Project

    Oman set to extend economic reforms as finances stabilise after Covid shock

    scion Industrial engineering

    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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    Previous PostPrevious Oman desalination major completes first phase of IPO
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    Oman desalination major completes first phase of IPO

    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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    Previous PostPrevious Oman powers through with Middle East’s first electricity spot market
    Next PostNext Oman set to extend economic reforms as finances stabilise after Covid shock

    Oman powers through with Middle East’s first electricity spot market

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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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    Previous PostPrevious H2 Industries, Madayn to develop $1.4 billion waste-to-hydrogen plant in Oman
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    H2 Industries, Madayn to develop $1.4 billion waste-to-hydrogen plant in Oman

    scion Industrial Engineering Pvt. Ltd.

    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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    Previous PostPrevious US$85 Million For A New Industry Development Fund To Promote Investments And Exports
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    US$85 Million For A New Industry Development Fund To Promote Investments And Exports

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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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    Previous PostPrevious Jordan’s garment industry showed ‘resilience’ during pandemic
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    Jordan’s garment industry showed ‘resilience’ during pandemic

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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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    Previous PostPrevious Jordanian Industrial Estate is presenting and offering Investment Opportunities in Emirates
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    Jordanian Industrial Estate is presenting and offering Investment Opportunities in Emirates

    Scion Industrial Engineering

    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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    Previous PostPrevious Gov’t incentives to bring more investments to Tafileh Industrial Estate
    Next PostNext Jordan’s garment industry showed ‘resilience’ during pandemic

    Gov’t incentives to bring more investments to Tafileh Industrial Estate

    Scion Industrial Engineering

    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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    Previous PostPrevious Jordan, UAE, Egypt launch industrial partnership for $10 bn projects
    Next PostNext Jordanian Industrial Estate is presenting and offering Investment Opportunities in Emirates

    Jordan, UAE, Egypt launch industrial partnership for $10 bn projects

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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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    Previous PostPrevious Lebanon hopes summer is promising for business
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    Lebanon hopes summer is promising for business

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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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    Previous PostPrevious Bahrain’s GFH successfully lists on Abu Dhabi Securities Exchange
    Next PostNext Jordan, UAE, Egypt launch industrial partnership for $10 bn projects

    Bahrain’s GFH successfully lists on Abu Dhabi Securities Exchange

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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 …

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    Previous PostPrevious Bahrain’s Al Waha to invest $85mn in Israel-based digital health-focused fund
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    Bahrain’s Al Waha to invest $85mn in Israel-based digital health-focused fund

    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 …

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    Previous PostPrevious Bahrain’s residential capital values hold steady during Jan-March
    Next PostNext Bahrain’s GFH successfully lists on Abu Dhabi Securities Exchange

    Bahrain’s residential capital values hold steady during Jan-March

    Scion Industrial Engineering

    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 …

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    Previous PostPrevious Saudi stocks start the week on a positive note
    Next PostNext Bahrain’s Al Waha to invest $85mn in Israel-based digital health-focused fund

    Saudi stocks start the week on a positive note

    Scion Industrial Engineering Pvt. Ltd.

    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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    Previous PostPrevious DMS attracts local and international investors in transportation, logistics and mobility
    Next PostNext Bahrain’s residential capital values hold steady during Jan-March

    DMS attracts local and international investors in transportation, logistics and mobility

    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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    Previous PostPrevious New York to propel 22 renewable energy projects; EU set to boost LNG capacity
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    New York to propel 22 renewable energy projects; EU set to boost LNG capacity

    Scion Industrial Engineering Pvt. ltd.

    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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    Previous PostPrevious Saudi partners with WEF to launch new strategy to boost industrial sector
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    Saudi partners with WEF to launch new strategy to boost industrial sector

    Scion Industrial Engineering

    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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    Previous PostPrevious Young Saudis helping to achieve Vision 2030 goals, says deputy minister
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    Young Saudis helping to achieve Vision 2030 goals, says deputy minister

    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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    Previous PostPrevious Saudi Arabia sees 26% rise in industrial licenses, ministry reveals
    Next PostNext Saudi partners with WEF to launch new strategy to boost industrial sector

    Saudi Arabia sees 26% rise in industrial licenses, ministry reveals

    Scion Industrial Engineering

    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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    Previous PostPrevious Saudi’s Dar Al Arkan set to make Oman debut with $1.6bn AIDA project
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    Saudi’s Dar Al Arkan set to make Oman debut with $1.6bn AIDA project

    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 …

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    Previous PostPrevious New hotels pipeline remains strong as GCC countries defy pandemic impact
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    New hotels pipeline remains strong as GCC countries defy pandemic impact

    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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    Previous PostPrevious $1bn sustainable city project to be built in Muscat, set for 2025 completion
    Next PostNext Saudi’s Dar Al Arkan set to make Oman debut with $1.6bn AIDA project

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

    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 …

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    Previous PostPrevious Qatar 2022 will be an affordable World Cup for fans
    Next PostNext New hotels pipeline remains strong as GCC countries defy pandemic impact

    Qatar 2022 will be an affordable World Cup for fans

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    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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    Previous PostPrevious Fragmented performance across Saudi Arabia’s real estate sector in Q1, 2022
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    Fragmented performance across Saudi Arabia’s real estate sector in Q1, 2022

    Scion Industrial Engineering

    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 …

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    Previous PostPrevious Oman’s sovereign wealth fund splits into two portfolios
    Next PostNext Qatar 2022 will be an affordable World Cup for fans

    Oman’s sovereign wealth fund splits into two portfolios

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    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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    Previous PostPrevious Qatar manufacturing sector sees robust growth
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    Qatar manufacturing sector sees robust growth

    Scion Industrial Engineering

    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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    Previous PostPrevious Saudi Arabia, UAE, Qatar vie for stake in Egypt power plant, fuel distribution firm after investment pledges
    Next PostNext Oman’s sovereign wealth fund splits into two portfolios

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

    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 …

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    Previous PostPrevious Apparel Group expands Qatar footprint with launch of 20 stores at Place Vendôme mall in Lusail City
    Next PostNext Qatar manufacturing sector sees robust growth

    Apparel Group expands Qatar footprint with launch of 20 stores at Place Vendôme mall in Lusail City

    scion industrial Engineering

    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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    Previous PostPrevious European Commission takes step towards visa-free travel for all GCC countries
    Next PostNext Saudi Arabia, UAE, Qatar vie for stake in Egypt power plant, fuel distribution firm after investment pledges

    European Commission takes step towards visa-free travel for all GCC countries

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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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    Previous PostPrevious UAE’s Prime Healthcare wants to make a breakthrough into halal pharmaceuticals
    Next PostNext Apparel Group expands Qatar footprint with launch of 20 stores at Place Vendôme mall in Lusail City

    UAE’s Prime Healthcare wants to make a breakthrough into halal pharmaceuticals

    scion Industrial Engineering

    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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    Previous PostPrevious UAE to emerge as global digital finance hub
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    UAE to emerge as global digital finance hub

    Scion Industrial Engineering

    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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    Previous PostPrevious Private sector companies can list shares on ADX’s Growth Market without the need for an IPO
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    Private sector companies can list shares on ADX’s Growth Market without the need for an IPO

    scion Industrial Engineering

    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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    Previous PostPrevious Dubai Crown Prince issues ICT resolution to develop policies on digital services for the government
    Next PostNext UAE to emerge as global digital finance hub

    Dubai Crown Prince issues ICT resolution to develop policies on digital services for the government

    Scion Industrial Engineering

    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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    Previous PostPrevious As TRSDC advances construction, focus shifts to employees’ physical, mental wellbeing
    Next PostNext Private sector companies can list shares on ADX’s Growth Market without the need for an IPO

    As TRSDC advances construction, focus shifts to employees’ physical, mental wellbeing

    scion Industrial engineering

    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 …

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    Previous PostPrevious Lebanon banking sector crumbles amid a deepening economic crisis
    Next PostNext Dubai Crown Prince issues ICT resolution to develop policies on digital services for the government

    Lebanon banking sector crumbles amid a deepening economic crisis

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    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 …

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    Previous PostPrevious PIF push to propel Saudi construction market to pre-pandemic levels
    Next PostNext As TRSDC advances construction, focus shifts to employees’ physical, mental wellbeing

    PIF push to propel Saudi construction market to pre-pandemic levels

    Scion Industrial Engineering

    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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    Previous PostPrevious Saudi finance minister calls Arab financial institutions to review strategies
    Next PostNext Lebanon banking sector crumbles amid a deepening economic crisis

    Saudi finance minister calls Arab financial institutions to review strategies

    Scion Industrial Engineering

    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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    Previous PostPrevious IEA details plan to release 120mn barrels of oil to cool prices
    Next PostNext PIF push to propel Saudi construction market to pre-pandemic levels

    IEA details plan to release 120mn barrels of oil to cool prices

    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 …

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    Previous PostPrevious Lebanon banking sector crumbles amid a deepening economic crisis
    Next PostNext Saudi finance minister calls Arab financial institutions to review strategies

    Lebanon banking sector crumbles amid a deepening economic crisis

    scion industrial engineering pvt. ltd.

    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 …

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    Previous PostPrevious Saudi oil chief Prince Abdulaziz bin Salman says energy security imperiled by attacks
    Next PostNext IEA details plan to release 120mn barrels of oil to cool prices

    Saudi oil chief Prince Abdulaziz bin Salman says energy security imperiled by attacks

    Scion Industrial Engineering

    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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    Previous PostPrevious UAE, Saudi say OPEC should not play politics
    Next PostNext Lebanon banking sector crumbles amid a deepening economic crisis

    UAE, Saudi say OPEC should not play politics

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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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    Previous PostPrevious New initiative unveiled to examine key issues shaping Oman’s business landscape
    Next PostNext Saudi oil chief Prince Abdulaziz bin Salman says energy security imperiled by attacks

    New initiative unveiled to examine key issues shaping Oman’s business landscape

    Scion Industrial Engineering Pvt. Ltd.

    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 …

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    Previous PostPrevious Asyad Terminals – Duqm to manage and operate 3 berths in Port of Duqm
    Next PostNext UAE, Saudi say OPEC should not play politics

    Asyad Terminals – Duqm to manage and operate 3 berths in Port of Duqm

    Scion Industrial Engineering

    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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    Previous PostPrevious Asian shares end mostly lower as investors eye Ukraine crisis
    Next PostNext New initiative unveiled to examine key issues shaping Oman’s business landscape

    Asian shares end mostly lower as investors eye Ukraine crisis

    scion industrial engineering pvt. ltd.

    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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    Previous PostPrevious MSX index ends marginally lower
    Next PostNext Asyad Terminals – Duqm to manage and operate 3 berths in Port of Duqm

    MSX index ends marginally lower

    Scion Industrial Engineering

    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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    Previous PostPrevious Regional energy investments expected to grow
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    Regional energy investments expected to grow

    Scion Industrial Engineering Pvt. ltd.

    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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    Previous PostPrevious Digital platform for displaying, buying and selling Omani products launched
    Next PostNext MSX index ends marginally lower

    Digital platform for displaying, buying and selling Omani products launched

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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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    Previous PostPrevious Shell launches its first electric vehicle charging hub in Oman
    Next PostNext Regional energy investments expected to grow

    Shell launches its first electric vehicle charging hub in Oman

    Scion Industrial Engineering Pvt. Ltd.

    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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    Previous PostPrevious Al Mouj Muscat drives new financing partnership with United Finance
    Next PostNext Digital platform for displaying, buying and selling Omani products launched

    Al Mouj Muscat drives new financing partnership with United Finance

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    Previous PostPrevious CBO issues treasury bills worth OMR177mn
    Next PostNext Shell launches its first electric vehicle charging hub in Oman

    CBO issues treasury bills worth OMR177mn

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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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    Previous PostPrevious Madayn highlights investment opportunities at Expo 2020
    Next PostNext Al Mouj Muscat drives new financing partnership with United Finance

    Madayn highlights investment opportunities at Expo 2020

    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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    Previous PostPrevious MSX index ends marginally lower
    Next PostNext CBO issues treasury bills worth OMR177mn

    MSX index ends marginally lower

    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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    Previous PostPrevious Brent crude tops $100 a barrel on Russia-Ukraine tensions
    Next PostNext Madayn highlights investment opportunities at Expo 2020

    Brent crude tops $100 a barrel on Russia-Ukraine tensions

    scion Industrial Engineering Pvt. Ltd.

    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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    Previous PostPrevious Delegation of 9th National Defense batch visits Special Economic Zone at Duqm
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    Delegation of 9th National Defense batch visits Special Economic Zone at Duqm

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    Previous PostPrevious Tethys oil production from Oman reaches 325,632 barrels in January
    Next PostNext Brent crude tops $100 a barrel on Russia-Ukraine tensions

    Tethys oil production from Oman reaches 325,632 barrels in January

    Scion Industrial Engineering Pvt. ltd.

    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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    Previous PostPrevious How Oman is planning to supercharge its industrial sector by 2040
    Next PostNext Delegation of 9th National Defense batch visits Special Economic Zone at Duqm

    How Oman is planning to supercharge its industrial sector by 2040

    Scion Industrial Engineering

    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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    Previous PostPrevious H.E. Minister of Commerce and Industry meets Malaysian Prime Minister’s Special Envoy to the Middle East
    Next PostNext Tethys oil production from Oman reaches 325,632 barrels in January

    H.E. Minister of Commerce and Industry meets Malaysian Prime Minister’s Special Envoy to the Middle East

    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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    Previous PostPrevious Oman set to extend economic reforms as finances stabilise after Covid shock
    Next PostNext How Oman is planning to supercharge its industrial sector by 2040

    Oman set to extend economic reforms as finances stabilise after Covid shock

    Scion Industrial Engineering pvt. ltd.

    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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    Previous PostPrevious Boeing said to launch 777X freighter with Qatar Airways plane deal
    Next PostNext H.E. Minister of Commerce and Industry meets Malaysian Prime Minister’s Special Envoy to the Middle East

    Boeing said to launch 777X freighter with Qatar Airways plane deal

    Scion Industrial Engineering

    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 …

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    Previous PostPrevious Boeing wins huge Qatar Airways deal in blow to Airbus
    Next PostNext Oman set to extend economic reforms as finances stabilise after Covid shock

    Boeing wins huge Qatar Airways deal in blow to Airbus

    Scion Industrial Engineering

    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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    Previous PostPrevious Qatar weighs alcohol sales in stadiums at 2022 World Cup
    Next PostNext Boeing said to launch 777X freighter with Qatar Airways plane deal

    Qatar weighs alcohol sales in stadiums at 2022 World Cup

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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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    Previous PostPrevious Dubai-Doha fares to skyrocket in five-fold increase for FIFA World Cup in Qatar
    Next PostNext Boeing wins huge Qatar Airways deal in blow to Airbus

    Dubai-Doha fares to skyrocket in five-fold increase for FIFA World Cup in Qatar

    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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    Previous PostPrevious Gulf economies to grow faster in 2022, oil price fall biggest threat
    Next PostNext Qatar weighs alcohol sales in stadiums at 2022 World Cup

    Gulf economies to grow faster in 2022, oil price fall biggest threat

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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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    Previous PostPrevious Pilots say Qatar Airways monitors and muzzles staff online
    Next PostNext Dubai-Doha fares to skyrocket in five-fold increase for FIFA World Cup in Qatar

    Pilots say Qatar Airways monitors and muzzles staff online

    scion Industrial Engineering

    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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    Previous PostPrevious Qatar National Bank raised provisions and remains on alert
    Next PostNext Gulf economies to grow faster in 2022, oil price fall biggest threat

    Qatar National Bank raised provisions and remains on alert

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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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    Previous PostPrevious Gas crunch pushes anxious buyers to pay more for contracts
    Next PostNext Pilots say Qatar Airways monitors and muzzles staff online

    Gas crunch pushes anxious buyers to pay more for contracts

    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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    Previous PostPrevious Mannai weighs Inetum sale in deal that may fetch over $2 billion
    Next PostNext Qatar National Bank raised provisions and remains on alert

    Mannai weighs Inetum sale in deal that may fetch over $2 billion

    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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    Previous PostPrevious Qatar opens World Cup ticket sales with top seats costing $1,598
    Next PostNext Gas crunch pushes anxious buyers to pay more for contracts

    Qatar opens World Cup ticket sales with top seats costing $1,598

    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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    Previous PostPrevious Porsche Middle East’s order book bulges to highest in a decade
    Next PostNext Mannai weighs Inetum sale in deal that may fetch over $2 billion

    Porsche Middle East’s order book bulges to highest in a decade

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    Previous PostPrevious Progress for Saudi women is uneven, despite cultural changes and more jobs
    Next PostNext Qatar opens World Cup ticket sales with top seats costing $1,598

    Progress for Saudi women is uneven, despite cultural changes and more jobs

    Scion

    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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    Previous PostPrevious Saudi Arabia expects 2022 budget surplus after years of deficit
    Next PostNext Porsche Middle East’s order book bulges to highest in a decade

    Saudi Arabia expects 2022 budget surplus after years of deficit

    Scion Industrial Engineering

    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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    Previous PostPrevious Saudi Arabia’s October crude oil exports hit 18-month high
    Next PostNext Progress for Saudi women is uneven, despite cultural changes and more jobs

    Saudi Arabia’s October crude oil exports hit 18-month high

    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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    Previous PostPrevious Saudi unemployment unchanged at 11.3% in Q3
    Next PostNext Saudi Arabia expects 2022 budget surplus after years of deficit

    Saudi unemployment unchanged at 11.3% in Q3

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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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    Previous PostPrevious Saudi Arabia plans airport takeovers and privatisations
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    Saudi Arabia plans airport takeovers and privatisations

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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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    Previous PostPrevious Saudi Arabia to finalise Riyadh 2030 strategy next year
    Next PostNext Saudi unemployment unchanged at 11.3% in Q3

    Saudi Arabia to finalise Riyadh 2030 strategy next year

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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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    Previous PostPrevious Top influential conservative Saudi cleric who once headed judiciary dies
    Next PostNext Saudi Arabia plans airport takeovers and privatisations

    Top influential conservative Saudi cleric who once headed judiciary dies

    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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    Previous PostPrevious Saudi Arabia cuts February crude prices to Asia -sources
    Next PostNext Saudi Arabia to finalise Riyadh 2030 strategy next year

    Saudi Arabia cuts February crude prices to Asia -sources

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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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    Previous PostPrevious Emirates to embark on IT hiring spree as travel rules ease after Covid shock
    Next PostNext Top influential conservative Saudi cleric who once headed judiciary dies

    Emirates to embark on IT hiring spree as travel rules ease after Covid shock

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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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    Previous PostPrevious Dubai business major announces hybrid working week amid UAE’s weekend reforms
    Next PostNext Saudi Arabia cuts February crude prices to Asia -sources

    Dubai business major announces hybrid working week amid UAE’s weekend reforms

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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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    Previous PostPrevious Saudi, French firms ink deal to set up aircraft parts manufacturing hub
    Next PostNext Emirates to embark on IT hiring spree as travel rules ease after Covid shock

    Saudi, French firms ink deal to set up aircraft parts manufacturing hub

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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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    Previous PostPrevious Kuwait’s $33bn holding company appoints female CEO
    Next PostNext Dubai business major announces hybrid working week amid UAE’s weekend reforms

    Kuwait’s $33bn holding company appoints female CEO

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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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    Previous PostPrevious Abu Dhabi Ports and Manufacturers’ Association of Israel to Cooperate on Trade Enhancement, Tech Development, R&D
    Next PostNext Saudi, French firms ink deal to set up aircraft parts manufacturing hub

    Abu Dhabi Ports and Manufacturers’ Association of Israel to Cooperate on Trade Enhancement, Tech Development, R&D

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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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    Previous PostPrevious AED3.67 bn ‘Helios Industry’ Plant to Export Green Ammonia from Abu Dhabi
    Next PostNext Kuwait’s $33bn holding company appoints female CEO

    AED3.67 bn ‘Helios Industry’ Plant to Export Green Ammonia from Abu Dhabi

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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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    Previous PostPrevious UDC’s The Pearl and Gewan Islands win 11 accolades
    Next PostNext Abu Dhabi Ports and Manufacturers’ Association of Israel to Cooperate on Trade Enhancement, Tech Development, R&D

    UDC’s The Pearl and Gewan Islands win 11 accolades

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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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    Previous PostPrevious US remains Qatar’s largest foreign direct investor
    Next PostNext AED3.67 bn ‘Helios Industry’ Plant to Export Green Ammonia from Abu Dhabi

    US remains Qatar’s largest foreign direct investor

    Scion Industrial engineering Pvt. Ltd.

    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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    Previous PostPrevious Realty trading volume exceeds QR373m last week
    Next PostNext UDC’s The Pearl and Gewan Islands win 11 accolades

    Realty trading volume exceeds QR373m last week

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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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    Previous PostPrevious Saudi’s Dar Al Arkan inks deal for first Qatar real estate project
    Next PostNext US remains Qatar’s largest foreign direct investor

    Saudi’s Dar Al Arkan inks deal for first Qatar real estate project

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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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    Previous PostPrevious As COP26 negotiations conclude, call for urgent climate action in Iraq is louder than ever
    Next PostNext Realty trading volume exceeds QR373m last week

    As COP26 negotiations conclude, call for urgent climate action in Iraq is louder than ever

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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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    Previous PostPrevious Chevron’s Latest Oil Deal With Iraq Is One To Watch
    Next PostNext Saudi’s Dar Al Arkan inks deal for first Qatar real estate project

    Chevron’s Latest Oil Deal With Iraq Is One To Watch

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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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    Previous PostPrevious Qatar manufacturing sector remains buoyant in March
    Next PostNext As COP26 negotiations conclude, call for urgent climate action in Iraq is louder than ever

    Qatar manufacturing sector remains buoyant in March

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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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    Previous PostPrevious Newly awarded projects during Q3 total QR2.9bn: Ministry of Finance
    Next PostNext Chevron’s Latest Oil Deal With Iraq Is One To Watch

    Newly awarded projects during Q3 total QR2.9bn: Ministry of Finance

    scion industrial engineering pvt. ltd.

    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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    Previous PostPrevious MoCI undersecretary opens Hospitality Qatar 2021
    Next PostNext Qatar manufacturing sector remains buoyant in March

    MoCI undersecretary opens Hospitality Qatar 2021

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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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    Previous PostPrevious Gov’t vows action to resolve investors’ challenges in industrial estates
    Next PostNext Newly awarded projects during Q3 total QR2.9bn: Ministry of Finance

    Gov’t vows action to resolve investors’ challenges in industrial estates

    Scion Industrial Engineering

    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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    Previous PostPrevious Ministerial follow-up committee checks on Al Hassan Industrial Estate, Irbid Development Zone
    Next PostNext MoCI undersecretary opens Hospitality Qatar 2021

    Ministerial follow-up committee checks on Al Hassan Industrial Estate, Irbid Development Zone

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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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    Previous PostPrevious Investments in industrial estates increased by 2% in first half of 2021
    Next PostNext Gov’t vows action to resolve investors’ challenges in industrial estates

    Investments in industrial estates increased by 2% in first half of 2021

    Scion Industrial engineering

    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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    Previous PostPrevious Oil-rich UAE to burn waste to make power
    Next PostNext Ministerial follow-up committee checks on Al Hassan Industrial Estate, Irbid Development Zone

    Oil-rich UAE to burn waste to make power

    Scion Industrial Engineering Pvt. Ltd.

    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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    Previous PostPrevious The UAE’s Ministry of Finance has successfully closed its offering of a $4 billion US dollar-denominated multi-tranche sovereign bond package.
    Next PostNext Investments in industrial estates increased by 2% in first half of 2021

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

    scion industrial engineering pvt. ltd.

    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 …

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    Previous PostPrevious Kuwaiti aircraft leasing major secures $75m financing deal
    Next PostNext Oil-rich UAE to burn waste to make power

    Kuwaiti aircraft leasing major secures $75m financing deal

    scion Industrial Engineering

    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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    Previous PostPrevious Major oil producer Saudi Arabia announces net-zero by 2060
    Next PostNext The UAE’s Ministry of Finance has successfully closed its offering of a $4 billion US dollar-denominated multi-tranche sovereign bond package.

    Major oil producer Saudi Arabia announces net-zero by 2060

    Scion Industrial engineering Pvt. Ltd.

    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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    Previous PostPrevious Saudi Arabia launches national infrastructure fund with BlackRock
    Next PostNext Kuwaiti aircraft leasing major secures $75m financing deal

    Saudi Arabia launches national infrastructure fund with BlackRock

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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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    Previous PostPrevious Saudi Arabia licenses 44 companies to open regional headquarters in Riyadh
    Next PostNext Major oil producer Saudi Arabia announces net-zero by 2060

    Saudi Arabia licenses 44 companies to open regional headquarters in Riyadh

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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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    Previous PostPrevious Saudi Arabia could go carbon-neutral before 2060, says Prince Abdulaziz bin Salman
    Next PostNext Saudi Arabia launches national infrastructure fund with BlackRock

    Saudi Arabia could go carbon-neutral before 2060, says Prince Abdulaziz bin Salman

    scion Industrial Engineering Pvt. Ltd.

    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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    Previous PostPrevious Saudi Arabia, 20 years after 9/11: ‘A country in the making’
    Next PostNext Saudi Arabia licenses 44 companies to open regional headquarters in Riyadh

    Saudi Arabia, 20 years after 9/11: ‘A country in the making’

    Scion Industrial Engineering

    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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    Previous PostPrevious Saudi economy grows 1.8% in Q2 but non-oil sector loses steam
    Next PostNext Saudi Arabia could go carbon-neutral before 2060, says Prince Abdulaziz bin Salman

    Saudi economy grows 1.8% in Q2 but non-oil sector loses steam

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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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    Previous PostPrevious Saudi imports from UAE drop 33% in July after new trade rules
    Next PostNext Saudi Arabia, 20 years after 9/11: ‘A country in the making’

    Saudi imports from UAE drop 33% in July after new trade rules

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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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    Previous PostPrevious Saudis triumph in oil market with comeback from the coronavirus crisis
    Next PostNext Saudi economy grows 1.8% in Q2 but non-oil sector loses steam

    Saudis triumph in oil market with comeback from the coronavirus crisis

    scion Industrial Engineering

    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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    Previous PostPrevious Saudi Aramco’s once again a $2trn company as oil soars
    Next PostNext Saudi imports from UAE drop 33% in July after new trade rules

    Saudi Aramco’s once again a $2trn company as oil soars

    Scion Industrial Engineering Pvt. Ltd.

    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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    Previous PostPrevious Kuwaiti logistics giant Agility applies for licence to run digital bank
    Next PostNext Saudis triumph in oil market with comeback from the coronavirus crisis

    Kuwaiti logistics giant Agility applies for licence to run digital bank

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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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    Previous PostPrevious Global Portable Ventilators Markets Report 2021-2026
    Next PostNext Saudi Aramco’s once again a $2trn company as oil soars

    Global Portable Ventilators Markets Report 2021-2026

    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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    Previous PostPrevious Flowserve Chief Executive Officer Scott Rowe to Present at RBC Capital Markets Global Industrials Conference
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    Flowserve Chief Executive Officer Scott Rowe to Present at RBC Capital Markets Global Industrials Conference

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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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    Previous PostPrevious CEMEX Reinforces Leadership in Green Financing, Presenting Sustainability-Linked Financing Framework
    Next PostNext Global Portable Ventilators Markets Report 2021-2026

    CEMEX Reinforces Leadership in Green Financing, Presenting Sustainability-Linked Financing Framework

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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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    Previous PostPrevious KUWAIT MANUFACTURING INDUSTRY SECTOR – GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2021 – 2026)
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    KUWAIT MANUFACTURING INDUSTRY SECTOR – GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2021 – 2026)

    Scion Industrial Engineering

    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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    Previous PostPrevious Expats struggle to get vaccines in Kuwait, citizens come 1st
    Next PostNext CEMEX Reinforces Leadership in Green Financing, Presenting Sustainability-Linked Financing Framework

    Expats struggle to get vaccines in Kuwait, citizens come 1st

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    Previous PostPrevious Zipaworld partners with ASYAD Group to expand business in Oman, GCC region
    Next PostNext KUWAIT MANUFACTURING INDUSTRY SECTOR – GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2021 – 2026)

    Zipaworld partners with ASYAD Group to expand business in Oman, GCC region

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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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    Previous PostPrevious Saudi Arabia considers developing industrial zone in Oman
    Next PostNext Expats struggle to get vaccines in Kuwait, citizens come 1st

    Saudi Arabia considers developing industrial zone in Oman

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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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    Previous PostPrevious Saudi Arabia considers developing industrial zone in Oman
    Next PostNext Zipaworld partners with ASYAD Group to expand business in Oman, GCC region

    Saudi Arabia considers developing industrial zone in Oman

    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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    Previous PostPrevious ACME Group signs land deal for green ammonia project in Oman
    Next PostNext Saudi Arabia considers developing industrial zone in Oman

    ACME Group signs land deal for green ammonia project in Oman

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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 …

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    Previous PostPrevious Oman’s Capital Market Authority approves licensing for crowdfunding
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    Oman’s Capital Market Authority approves licensing for crowdfunding

    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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    Previous PostPrevious Egypt’s economy to grow 5% in 2021-22 as rebound continues
    Next PostNext ACME Group signs land deal for green ammonia project in Oman

    Egypt’s economy to grow 5% in 2021-22 as rebound continues

    Scion Industrial Engineering

    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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    Previous PostPrevious Egypt’s strategic economic zone to bring more success with more foreign investment
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    Egypt’s strategic economic zone to bring more success with more foreign investment

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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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    Previous PostPrevious Egypt generated electricity to Libya, seeks to achieve power linkage with Europe
    Next PostNext Egypt’s economy to grow 5% in 2021-22 as rebound continues

    Egypt generated electricity to Libya, seeks to achieve power linkage with Europe

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    Previous PostPrevious Central Bank digital currencies: The future of money?
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    Central Bank digital currencies: The future of money?

    Scion Industrial Engineering

    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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    Previous PostPrevious HB Fuller to build adhesive manufacturing facility in Egypt
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    HB Fuller to build adhesive manufacturing facility in Egypt

    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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    Previous PostPrevious Boosting industrial exports: the key to Egypt’s Covid-19 recovery?
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    Boosting industrial exports: the key to Egypt’s Covid-19 recovery?

    Scion Industrial Engineering

    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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    Previous PostPrevious Egypt’s economy to grow 5% in 2021-22 as rebound continues
    Next PostNext HB Fuller to build adhesive manufacturing facility in Egypt

    Egypt’s economy to grow 5% in 2021-22 as rebound continues

    Scion Industrial Engineering pvt. Ltd.

    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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    Previous PostPrevious Industrial sector is largest contributor to growth of the Egyptian economy
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    Industrial sector is largest contributor to growth of the Egyptian economy

    Scion Industrial Engineering

    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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    Previous PostPrevious Hochtief has sign a agreement JV with Bahrain Airport Company
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    Hochtief has sign a agreement JV with Bahrain Airport Company

    scion Industrial ENgineering

    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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    Previous PostPrevious GCC electricity grid plans to set up a transmission project
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    GCC electricity grid plans to set up a transmission project

    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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    Previous PostPrevious Middle East aluminium output to expand
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    Middle East aluminium output to expand

    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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    Previous PostPrevious Bahrain plans to develop new housing project
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    Bahrain plans to develop new housing project

    scion Industrial Engineering

    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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    Previous PostPrevious Global industrial services to execute Bharain steel mill
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    Global industrial services to execute Bharain steel mill

    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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    Previous PostPrevious Bahraini Ministry of Industry and Commerce to set up a polyester film plant in Salman
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    Bahraini Ministry of Industry and Commerce to set up a polyester film plant in Salman

    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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    Previous PostPrevious Saudi sovereign fund PIF to invest in Investcorp-Aberdeen infrastructure fund
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    Saudi sovereign fund PIF to invest in Investcorp-Aberdeen infrastructure fund

    Scion Industrial engineering Pvt. Ltd.

    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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    Previous PostPrevious Bahrain-based Investcorp backs Asia’s Heritage Foods
    Next PostNext Bahraini Ministry of Industry and Commerce to set up a polyester film plant in Salman

    Bahrain-based Investcorp backs Asia’s Heritage Foods

    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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    Previous PostPrevious UAE satellite company Yahsat to go in for IPO, list on Abu Dhabi Stock Exchange
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    UAE satellite company Yahsat to go in for IPO, list on Abu Dhabi Stock Exchange

    Scion Industrial Engineering

    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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    Previous PostPrevious Abu Dhabi’s ADQ offers to combine exhibitions company with ADNH
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    Abu Dhabi’s ADQ offers to combine exhibitions company with ADNH

    Scion Industrial Engineering pvt. ltd.

    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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    Previous PostPrevious Emirates got $3.1 bn from Dubai govt as Covid-19 pandemic drove losses
    Next PostNext UAE satellite company Yahsat to go in for IPO, list on Abu Dhabi Stock Exchange

    Emirates got $3.1 bn from Dubai govt as Covid-19 pandemic drove losses

    https://ssrdind.com/

    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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    Previous PostPrevious Abu Dhabi’s Mubadala acquires 60% stake in Saudi, UAE healthcare provider
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    Abu Dhabi’s Mubadala acquires 60% stake in Saudi, UAE healthcare provider

    scion industrial engineering pvt. ltd.

    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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    Previous PostPrevious UAE launches Sinopharm vaccine trial for children under 18
    Next PostNext Emirates got $3.1 bn from Dubai govt as Covid-19 pandemic drove losses

    UAE launches Sinopharm vaccine trial for children under 18

    Scion

    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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    Previous PostPrevious Dubai airport targets 28 million passengers this year
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    Dubai airport targets 28 million passengers this year

    scion Industrial Engineering

    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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    Previous PostPrevious Tencent Cloud Deploys its First MENA Region Internet Data Centre Hub in Bahrain
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    Tencent Cloud Deploys its First MENA Region Internet Data Centre Hub in Bahrain

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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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    Previous PostPrevious Bahrain tops GCC rankings as best place for expats to live
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    Bahrain tops GCC rankings as best place for expats to live

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    Previous PostPrevious Foundation Holdings to invest $30m in healthcare and education in Bahrain
    Next PostNext Tencent Cloud Deploys its First MENA Region Internet Data Centre Hub in Bahrain

    Foundation Holdings to invest $30m in healthcare and education in Bahrain

    Scion Industrial Engineering

    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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    Previous PostPrevious Bahrain tops global financial attractiveness rankings for 3rd consecutive year
    Next PostNext Bahrain tops GCC rankings as best place for expats to live

    Bahrain tops global financial attractiveness rankings for 3rd consecutive year

    Scion Industrial Engineering pvt. ltd.

    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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    Previous PostPrevious Bahrain tops global financial attractiveness rankings for third consecutive year
    Next PostNext Foundation Holdings to invest $30m in healthcare and education in Bahrain

    Bahrain tops global financial attractiveness rankings for third consecutive year

    scion industrial engineering pvt. ltd.

    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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    Previous PostPrevious Manama listed in the top 5 globally for FDI strategy in latest fDi Magazine ranking
    Next PostNext Bahrain tops global financial attractiveness rankings for 3rd consecutive year

    Manama listed in the top 5 globally for FDI strategy in latest fDi Magazine ranking

    Scion Industrial Engineering

    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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    Previous PostPrevious Bahrain real estate sector deals valued at US$ 1.9 billion in 2020
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    Bahrain real estate sector deals valued at US$ 1.9 billion in 2020

    Scion

    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 …

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    Previous PostPrevious Unit of Bahrain’s GFH sells UK logistics hub for $123m
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    Unit of Bahrain’s GFH sells UK logistics hub for $123m

    Scion Industrial Engineering

    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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    Previous PostPrevious Bahrain, Saudi national carriers set to launch codeshare deal
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    Bahrain, Saudi national carriers set to launch codeshare deal

    scion Industrial ENgineering

    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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    Previous PostPrevious Humam Miscone: Reflections on Iraq’s Manufacturing Industry
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    Humam Miscone: Reflections on Iraq’s Manufacturing Industry

    Scion Industrial Engineering

    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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    Previous PostPrevious KAPITA launches New Co-Working Space in Baghdad
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    KAPITA launches New Co-Working Space in Baghdad

    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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    Previous PostPrevious Siemens to rebuild West Mosul’s Super-Grid Station
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    Siemens to rebuild West Mosul’s Super-Grid Station

    scion industrial engineering pvt. ltd.

    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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    Previous PostPrevious US slams Huthi attack on Saudi refinery as bid to ‘disrupt global energy supplies’
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    US slams Huthi attack on Saudi refinery as bid to ‘disrupt global energy supplies’

    Scion Industrial Engineering Pvt. ltd.

    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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    Previous PostPrevious Global oil prices to climb above $70 per barrel by mid-2021
    Next PostNext Siemens to rebuild West Mosul’s Super-Grid Station

    Global oil prices to climb above $70 per barrel by mid-2021

    scion Industrial Engineering Pvt. Ltd.

    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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    Previous PostPrevious A $12.5 billion deal shows Saudi oil still eclipses all else
    Next PostNext US slams Huthi attack on Saudi refinery as bid to ‘disrupt global energy supplies’

    A $12.5 billion deal shows Saudi oil still eclipses all else

    Scion Industrial Engineering Pvt. Ltd.

    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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    Previous PostPrevious Aramco pipeline investors to refinance loan with bonds next year
    Next PostNext Global oil prices to climb above $70 per barrel by mid-2021

    Aramco pipeline investors to refinance loan with bonds next year

    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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    Previous PostPrevious Kuwait’s Kipic picks Honeywell as automation contractor for Prize
    Next PostNext A $12.5 billion deal shows Saudi oil still eclipses all else

    Kuwait’s Kipic picks Honeywell as automation contractor for Prize

    Scion Industrial Engineering

    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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    Previous PostPrevious Fluor, Daewoo, Hyundai JV start up boilers at KIPIC’s Al Zour Refinery
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    Fluor, Daewoo, Hyundai JV start up boilers at KIPIC’s Al Zour Refinery

    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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    Previous PostPrevious KUWAIT MANUFACTURING INDUSTRY SECTOR – GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2021 – 2026)
    Next PostNext Kuwait’s Kipic picks Honeywell as automation contractor for Prize

    KUWAIT MANUFACTURING INDUSTRY SECTOR – GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2021 – 2026)

    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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    Previous PostPrevious Jordanian shares slip, bucking gains in Mideast peers
    Next PostNext Fluor, Daewoo, Hyundai JV start up boilers at KIPIC’s Al Zour Refinery

    Jordanian shares slip, bucking gains in Mideast peers

    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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    Previous PostPrevious Dubai-based Kitopi set to enter Bahrain, Qatar markets this quarter
    Next PostNext KUWAIT MANUFACTURING INDUSTRY SECTOR – GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2021 – 2026)

    Dubai-based Kitopi set to enter Bahrain, Qatar markets this quarter

    Scion Industrial engineering Pvt. Ltd.

    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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    Previous PostPrevious Egypt, Jordan, Iraq to implement commercial, industrial integration
    Next PostNext Jordanian shares slip, bucking gains in Mideast peers

    Egypt, Jordan, Iraq to implement commercial, industrial integration

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    Previous PostPrevious Saudi Arabia signs deal for rapid response to environmental threats in Red Sea
    Next PostNext Dubai-based Kitopi set to enter Bahrain, Qatar markets this quarter

    Saudi Arabia signs deal for rapid response to environmental threats in Red Sea

    Scion Industrial ENgineering

    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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    Previous PostPrevious PIF’s Saudi Real Estate Refinance Company issues $1.07bn sukuk
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    PIF’s Saudi Real Estate Refinance Company issues $1.07bn sukuk

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    Previous PostPrevious Bahrain’s Investcorp said to raise $1bn for North American deals
    Next PostNext Saudi Arabia signs deal for rapid response to environmental threats in Red Sea

    Bahrain’s Investcorp said to raise $1bn for North American deals

    Scion

    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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    Previous PostPrevious Bahrain eases coronavirus restrictions, shops, industries to open
    Next PostNext PIF’s Saudi Real Estate Refinance Company issues $1.07bn sukuk

    Bahrain eases coronavirus restrictions, shops, industries to open

    Scion Industrial Engineering

    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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    Previous PostPrevious Saudi Muqassa commences operations
    Next PostNext Bahrain’s Investcorp said to raise $1bn for North American deals

    Saudi Muqassa commences operations

    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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    Previous PostPrevious QMIC appoints Colliers to $137mn Doha tower
    Next PostNext Bahrain eases coronavirus restrictions, shops, industries to open

    QMIC appoints Colliers to $137mn Doha tower

    Scion Industrial Engineering

    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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    Previous PostPrevious QIMC inks agreement with Cheval for Qatar project
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    QIMC inks agreement with Cheval for Qatar project

    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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    Previous PostPrevious AG&P, ADNOC sign agreement for long-term charter of storage unit for LNG terminal
    Next PostNext QMIC appoints Colliers to $137mn Doha tower

    AG&P, ADNOC sign agreement for long-term charter of storage unit for LNG terminal

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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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    Previous PostPrevious Fitch cuts Bahrain rating on combined impact of lower oil prices, coronavirus
    Next PostNext QIMC inks agreement with Cheval for Qatar project

    Fitch cuts Bahrain rating on combined impact of lower oil prices, coronavirus

    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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    Previous PostPrevious Gulf Air set to transfer operations to new Bahrain International Airport terminal
    Next PostNext AG&P, ADNOC sign agreement for long-term charter of storage unit for LNG terminal

    Gulf Air set to transfer operations to new Bahrain International Airport terminal

    scion Industrial Engineering

    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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    Previous PostPrevious Ithmaar says advisors start work on sale of Bahrain banking ops to BBK
    Next PostNext Fitch cuts Bahrain rating on combined impact of lower oil prices, coronavirus

    Ithmaar says advisors start work on sale of Bahrain banking ops to BBK

    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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    Previous PostPrevious Here’s why UAE’s construction industry needs to pick up pace of change
    Next PostNext Gulf Air set to transfer operations to new Bahrain International Airport terminal

    Here’s why UAE’s construction industry needs to pick up pace of change

    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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    Previous PostPrevious Lifting of UAE-Qatar restrictions brighten stock market prospects
    Next PostNext Ithmaar says advisors start work on sale of Bahrain banking ops to BBK

    Lifting of UAE-Qatar restrictions brighten stock market prospects

    scion Industrial Engoineering

    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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    Previous PostPrevious UAE-Qatar ties: Reopening of borders to benefit UAE and GCC economies
    Next PostNext Here’s why UAE’s construction industry needs to pick up pace of change

    UAE-Qatar ties: Reopening of borders to benefit UAE and GCC economies

    Scion

    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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    Previous PostPrevious Bitcoin’s wild weekends turn efficient market theory inside out
    Next PostNext Lifting of UAE-Qatar restrictions brighten stock market prospects

    Bitcoin’s wild weekends turn efficient market theory inside out

    scion Industrial engineering

    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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    Previous PostPrevious Emirates A380 premium economy debut is well timed, say experts
    Next PostNext UAE-Qatar ties: Reopening of borders to benefit UAE and GCC economies

    Emirates A380 premium economy debut is well timed, say experts

    scion Industrial Engineering

    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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    Previous PostPrevious UAE hotel group boss sees tourism positives in new Qatar agreement
    Next PostNext Bitcoin’s wild weekends turn efficient market theory inside out

    UAE hotel group boss sees tourism positives in new Qatar agreement

    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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    Previous PostPrevious How the coronavirus pandemic impacted salaries in the Gulf in 2020
    Next PostNext Emirates A380 premium economy debut is well timed, say experts

    How the coronavirus pandemic impacted salaries in the Gulf in 2020

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    Previous PostPrevious Gulf tourism losses due to coronavirus could reach $60bn
    Next PostNext UAE hotel group boss sees tourism positives in new Qatar agreement

    Gulf tourism losses due to coronavirus could reach $60bn

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    Previous PostPrevious Saudi Arabia FDI up in first half of 2020 as economy shows resilience
    Next PostNext How the coronavirus pandemic impacted salaries in the Gulf in 2020

    Saudi Arabia FDI up in first half of 2020 as economy shows resilience

    scion industrial engineering pvt. ltd.

    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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    Previous PostPrevious Yemen rebels claim attack on Saudi oil facility in Jiddah
    Next PostNext Gulf tourism losses due to coronavirus could reach $60bn

    Yemen rebels claim attack on Saudi oil facility in Jiddah

    Scion Industrial ENgineering

    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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    Previous PostPrevious Fuel supplies not affected by oil facility attack in Jeddah
    Next PostNext Saudi Arabia FDI up in first half of 2020 as economy shows resilience

    Fuel supplies not affected by oil facility attack in Jeddah

    Scion Industrial Engineering Pvt. ltd.

    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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    Previous PostPrevious Saudi Arabia may raise Asia crude prices in January – survey
    Next PostNext Yemen rebels claim attack on Saudi oil facility in Jiddah

    Saudi Arabia may raise Asia crude prices in January – survey

    scion Industrial Engineering Pvt. Ltd.

    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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    Previous PostPrevious Saudi Aramco and Baker Hughes JV to develop non-metallic products
    Next PostNext Fuel supplies not affected by oil facility attack in Jeddah

    Saudi Aramco and Baker Hughes JV to develop non-metallic products

    Scion

    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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    Previous PostPrevious Saudi private sector rebounds in November as growth rate hits 2020 high
    Next PostNext Saudi Arabia may raise Asia crude prices in January – survey

    Saudi private sector rebounds in November as growth rate hits 2020 high

    Scion Industrial Engineering

    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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    Previous PostPrevious Saudis raise crude price to Asia as coronavirus vaccines buoy oil market
    Next PostNext Saudi Aramco and Baker Hughes JV to develop non-metallic products

    Saudis raise crude price to Asia as coronavirus vaccines buoy oil market

    Scion Industrial Engineering

    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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    Previous PostPrevious France’s Idemia buys Saudi bank card services firm amid cashless payments boom
    Next PostNext Saudi private sector rebounds in November as growth rate hits 2020 high

    France’s Idemia buys Saudi bank card services firm amid cashless payments boom

    Scion Industrial Engineering

    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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    Previous PostPrevious Explosion rocks Singapore-flagged tanker off Saudi port
    Next PostNext Saudis raise crude price to Asia as coronavirus vaccines buoy oil market

    Explosion rocks Singapore-flagged tanker off Saudi port

    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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    Previous PostPrevious Fears allayed over expat exodus from Gulf countries
    Next PostNext France’s Idemia buys Saudi bank card services firm amid cashless payments boom

    Fears allayed over expat exodus from Gulf countries

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    Previous PostPrevious Winter Has Come On US-Iran Ties
    Next PostNext Explosion rocks Singapore-flagged tanker off Saudi port

    Winter Has Come On US-Iran Ties

    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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    Previous PostPrevious Mubadala’s Strata, Leonardo extend partnership
    Next PostNext Fears allayed over expat exodus from Gulf countries

    Mubadala’s Strata, Leonardo extend partnership

    Scion Industrial Engineering

    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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    Previous PostPrevious UAE approves policy for advanced industry
    Next PostNext Winter Has Come On US-Iran Ties

    UAE approves policy for advanced industry

    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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    Previous PostPrevious Agthia shareholders approve merger plan with dates giant Al Foah
    Next PostNext Mubadala’s Strata, Leonardo extend partnership

    Agthia shareholders approve merger plan with dates giant Al Foah

    Scion Industrial Engineering

    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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    Previous PostPrevious Arabtec shareholders launch last-ditch bid to save construction giant
    Next PostNext UAE approves policy for advanced industry

    Arabtec shareholders launch last-ditch bid to save construction giant

    Scion

    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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    Previous PostPrevious Boursa Kuwait sees $3.1bn inflows after MSCI upgrade
    Next PostNext Agthia shareholders approve merger plan with dates giant Al Foah

    Boursa Kuwait sees $3.1bn inflows after MSCI upgrade

    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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    Previous PostPrevious UAE, Saudi Arabia progress with common digital currency for central banks
    Next PostNext Arabtec shareholders launch last-ditch bid to save construction giant

    UAE, Saudi Arabia progress with common digital currency for central banks

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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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    Previous PostPrevious Heart of Europe developer says property handovers to start in December
    Next PostNext Boursa Kuwait sees $3.1bn inflows after MSCI upgrade

    Heart of Europe developer says property handovers to start in December

    scion Industrial Engineering

    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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    Previous PostPrevious UAE and S. Arabia are part of the Zionist project in West Asia: Saudi analyst
    Next PostNext UAE, Saudi Arabia progress with common digital currency for central banks

    UAE and S. Arabia are part of the Zionist project in West Asia: Saudi analyst

    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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    Previous PostPrevious Jafar Sarqeini appointed new acting minister of industry, mining, trade
    Next PostNext Heart of Europe developer says property handovers to start in December

    Jafar Sarqeini appointed new acting minister of industry, mining, trade

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    Previous PostPrevious 4-month banana imports stand at $113.6m
    Next PostNext UAE and S. Arabia are part of the Zionist project in West Asia: Saudi analyst

    4-month banana imports stand at $113.6m

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    Previous PostPrevious ISIPO revives 600 idle production units
    Next PostNext Jafar Sarqeini appointed new acting minister of industry, mining, trade

    ISIPO revives 600 idle production units

    Scion Industrial Engineering

    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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    Previous PostPrevious ‘Industrial parks should improve infrastructure capacities for surge in production’
    Next PostNext 4-month banana imports stand at $113.6m

    ‘Industrial parks should improve infrastructure capacities for surge in production’

    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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    Previous PostPrevious Archaeological survey sheds new light on ancient societies in southeast Iran
    Next PostNext ISIPO revives 600 idle production units

    Archaeological survey sheds new light on ancient societies in southeast Iran

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    Previous PostPrevious Tehran to host online meeting on agritourism
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    Tehran to host online meeting on agritourism

    Scion

    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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    Previous PostPrevious Iran delivers second shipment of anti-corona aid to Kyrgyzstan
    Next PostNext Archaeological survey sheds new light on ancient societies in southeast Iran

    Iran delivers second shipment of anti-corona aid to Kyrgyzstan

    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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    Previous PostPrevious Safavid-era fortress in central Iran undergoes restoration
    Next PostNext Tehran to host online meeting on agritourism

    Safavid-era fortress in central Iran undergoes restoration

    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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    Previous PostPrevious Restoration of Nezamieh minarets complete by 75 percent
    Next PostNext Iran delivers second shipment of anti-corona aid to Kyrgyzstan

    Restoration of Nezamieh minarets complete by 75 percent

    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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    Previous PostPrevious Industrial parks attract $2.1b of foreign investment
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    Industrial parks attract $2.1b of foreign investment

    Scion Industrial Engineering

    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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    Previous PostPrevious Brunei – Market Opportunities
    Next PostNext Restoration of Nezamieh minarets complete by 75 percent

    Brunei – Market Opportunities

    scion Industrial engineering

    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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    Previous PostPrevious Mint Turbines Awarded Grant for Equipment and Workforce
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    Mint Turbines Awarded Grant for Equipment and Workforce

    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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    Previous PostPrevious Giving the Service Sector a Virtual Helping Hand
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    Giving the Service Sector a Virtual Helping Hand

    Scion Industrial Engineering

    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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    Previous PostPrevious Brunei Oil and Gas Market, Size, Share, Outlook and Growth Opportunities Report 2020-2026
    Next PostNext Mint Turbines Awarded Grant for Equipment and Workforce

    Brunei Oil and Gas Market, Size, Share, Outlook and Growth Opportunities Report 2020-2026

    Scion Industrial Engineering Pvt. ltd.

    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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    Previous PostPrevious UNWTO and Italy look ahead as official visit marks restart of European tourism
    Next PostNext Giving the Service Sector a Virtual Helping Hand

    UNWTO and Italy look ahead as official visit marks restart of European tourism

    Scion Industrial Engineering Pvt. Ltd.

    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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    Previous PostPrevious ATF TRAVEX 2020 opens for business in Brunei Darussalam
    Next PostNext Brunei Oil and Gas Market, Size, Share, Outlook and Growth Opportunities Report 2020-2026

    ATF TRAVEX 2020 opens for business in Brunei Darussalam

    Scion Industrial Engineering pvt. ltd.

    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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    Previous PostPrevious Industrial output rises 8.6 pct in December
    Next PostNext UNWTO and Italy look ahead as official visit marks restart of European tourism

    Industrial output rises 8.6 pct in December

    Scion Industrial Engineering

    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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    Previous PostPrevious Turkey-UK defense cooperation ‘to grow’ after Brexit completed
    Next PostNext ATF TRAVEX 2020 opens for business in Brunei Darussalam

    Turkey-UK defense cooperation ‘to grow’ after Brexit completed

    Scion Industrial Engineering

    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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    Previous PostPrevious Turkey to unveil economic measures against coronavirus
    Next PostNext Industrial output rises 8.6 pct in December

    Turkey to unveil economic measures against coronavirus

    Scion

    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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    Previous PostPrevious Turkey to keep industry alive: Industry minister
    Next PostNext Turkey-UK defense cooperation ‘to grow’ after Brexit completed

    Turkey to keep industry alive: Industry minister

    Scion Industrial Engineering

    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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    Previous PostPrevious Turkey’s manufacturing capacity use stands at 75.5 pct
    Next PostNext Turkey to unveil economic measures against coronavirus

    Turkey’s manufacturing capacity use stands at 75.5 pct

    Scion Industrial Engineering

    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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    Previous PostPrevious Manufacturing capacity use hits 15-month high
    Next PostNext Turkey to keep industry alive: Industry minister

    Manufacturing capacity use hits 15-month high

    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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    Previous PostPrevious February’s manufacturing PMI strongest in last two years
    Next PostNext Turkey’s manufacturing capacity use stands at 75.5 pct

    February’s manufacturing PMI strongest in last two years

    Scion Industrial Engineering

    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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    Previous PostPrevious Just how bad is COVID-19 for Turkey’s economy?
    Next PostNext Manufacturing capacity use hits 15-month high

    Just how bad is COVID-19 for Turkey’s economy?

    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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    Previous PostPrevious Brunei – Market Opportunities
    Next PostNext February’s manufacturing PMI strongest in last two years

    Brunei – Market Opportunities

    Scion Industrial news

    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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    Previous PostPrevious Mint Turbines Awarded Grant for Equipment and Workforce
    Next PostNext Just how bad is COVID-19 for Turkey’s economy?

    Mint Turbines Awarded Grant for Equipment and Workforce

    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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    Previous PostPrevious Giving the Service Sector a Virtual Helping Hand
    Next PostNext Brunei – Market Opportunities

    Giving the Service Sector a Virtual Helping Hand

    Scion Industrial Engineering

    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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    Previous PostPrevious Brunei Oil and Gas Market, Size, Share, Outlook and Growth Opportunities Report 2020-2026
    Next PostNext Mint Turbines Awarded Grant for Equipment and Workforce

    Brunei Oil and Gas Market, Size, Share, Outlook and Growth Opportunities Report 2020-2026

    Scion Industrial Engineering Pvt. ltd.

    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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    Previous PostPrevious UNWTO and Italy look ahead as official visit marks restart of European tourism
    Next PostNext Giving the Service Sector a Virtual Helping Hand

    UNWTO and Italy look ahead as official visit marks restart of European tourism

    Scion Industrial Engineering

    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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    Previous PostPrevious ATF TRAVEX 2020 opens for business in Brunei Darussalam
    Next PostNext Brunei Oil and Gas Market, Size, Share, Outlook and Growth Opportunities Report 2020-2026

    ATF TRAVEX 2020 opens for business in Brunei Darussalam

    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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    Previous PostPrevious Consumer prices fall sharply year-on-year in April
    Next PostNext UNWTO and Italy look ahead as official visit marks restart of European tourism

    Consumer prices fall sharply year-on-year in April

    Scion

    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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    Previous PostPrevious GDP growth eases to five-year low in Q1
    Next PostNext ATF TRAVEX 2020 opens for business in Brunei Darussalam

    GDP growth eases to five-year low in Q1

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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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    Previous PostPrevious Industrial production falls at sharpest rate in over six years in March
    Next PostNext Consumer prices fall sharply year-on-year in April

    Industrial production falls at sharpest rate in over six years in March

    Scion Industrial Engineering

    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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    Previous PostPrevious Economy loses notable steam in the first quarter
    Next PostNext GDP growth eases to five-year low in Q1

    Economy loses notable steam in the first quarter

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    Previous PostPrevious Consumer prices fall again year-on-year in May
    Next PostNext Industrial production falls at sharpest rate in over six years in March

    Consumer prices fall again year-on-year in May

    scion industrial engineering

    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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    Previous PostPrevious Industrial output shrinks at the turn of 2020
    Next PostNext Economy loses notable steam in the first quarter

    Industrial output shrinks at the turn of 2020

    Scion Industrial engineering

    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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    Previous PostPrevious Uzbekistan increases Iranian cement imports to the exclusion of other countries
    Next PostNext Consumer prices fall again year-on-year in May

    Uzbekistan increases Iranian cement imports to the exclusion of other countries

    Scion Industrial Engineering

    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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    Previous PostPrevious Import duties to continue in Armenia
    Next PostNext Industrial output shrinks at the turn of 2020

    Import duties to continue in Armenia

    Scion Industrial Engineering

    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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    Previous PostPrevious Armenia resumes cement production
    Next PostNext Uzbekistan increases Iranian cement imports to the exclusion of other countries

    Armenia resumes cement production

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    Previous PostPrevious Lebanon’s Parliament endorses $300m aid package
    Next PostNext Import duties to continue in Armenia

    Lebanon’s Parliament endorses $300m aid package

    Scion Industrial Engineering

    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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    Previous PostPrevious Lebanon eyes tourism with international airport reopening by July
    Next PostNext Armenia resumes cement production

    Lebanon eyes tourism with international airport reopening by July

    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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    Previous PostPrevious Iran restaurant industry hit hard by COVID-19
    Next PostNext Lebanon’s Parliament endorses $300m aid package

    Iran restaurant industry hit hard by COVID-19

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    Previous PostPrevious Akkord Cement increases cement volumes by 20% so far in 2020
    Next PostNext Lebanon eyes tourism with international airport reopening by July

    Akkord Cement increases cement volumes by 20% so far in 2020

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    Previous PostPrevious Lebanon set to legalise medical, industrial cannabis cultivation
    Next PostNext Iran restaurant industry hit hard by COVID-19

    Lebanon set to legalise medical, industrial cannabis cultivation

    Scion Industrial Engineering Pvt. Ltd.

    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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    Previous PostPrevious Undocumented in Lebanon: No papers, no coronavirus test
    Next PostNext Akkord Cement increases cement volumes by 20% so far in 2020

    Undocumented in Lebanon: No papers, no coronavirus test

    Scion

    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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    Previous PostPrevious Lebanon prisons hit by unrest amid coronavirus fears
    Next PostNext Lebanon set to legalise medical, industrial cannabis cultivation

    Lebanon prisons hit by unrest amid coronavirus fears

    scion industrial engineering pvt. ltd.

    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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    Previous PostPrevious Lebanon arrests central bank official over currency manipulation
    Next PostNext Undocumented in Lebanon: No papers, no coronavirus test

    Lebanon arrests central bank official over currency manipulation

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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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    Previous PostPrevious Long marginalised, migrant workers in Lebanon strike over pay
    Next PostNext Lebanon prisons hit by unrest amid coronavirus fears

    Long marginalised, migrant workers in Lebanon strike over pay

    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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    Previous PostPrevious Ghosn escape mystery close to being solved as two US men arrested
    Next PostNext Lebanon arrests central bank official over currency manipulation

    Ghosn escape mystery close to being solved as two US men arrested

    Scion Industrial Engineering Pvt. Ltd.

    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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    Previous PostPrevious Lebanon’s industry sector on verge of collapse: official
    Next PostNext Long marginalised, migrant workers in Lebanon strike over pay

    Lebanon’s industry sector on verge of collapse: official

    Scion Industrial Engineering

    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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    Previous PostPrevious UN launch anti-coronavirus guide for Lebanon’s industry sector
    Next PostNext Ghosn escape mystery close to being solved as two US men arrested

    UN launch anti-coronavirus guide for Lebanon’s industry sector

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    Previous PostPrevious Oman allows exchange houses to open as Covid-19 restrictions ease
    Next PostNext Lebanon’s industry sector on verge of collapse: official

    Oman allows exchange houses to open as Covid-19 restrictions ease

    Scion Industrial Engineering

    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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    Previous PostPrevious Rare oil-price dislocation gives Asia a profitable arbitrage
    Next PostNext UN launch anti-coronavirus guide for Lebanon’s industry sector

    Rare oil-price dislocation gives Asia a profitable arbitrage

    scion industrial engineering pvt. ltd.

    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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    Previous PostPrevious Oman orders state-owned companies to speed up replacing foreigners with citizens
    Next PostNext Oman allows exchange houses to open as Covid-19 restrictions ease

    Oman orders state-owned companies to speed up replacing foreigners with citizens

    Scion

    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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    Previous PostPrevious Jordanian govt urged to cover garment, leather under sops
    Next PostNext Rare oil-price dislocation gives Asia a profitable arbitrage

    Jordanian govt urged to cover garment, leather under sops

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    Previous PostPrevious Qatar Petroleum plans job and cost cuts amid market downturn
    Next PostNext Oman orders state-owned companies to speed up replacing foreigners with citizens

    Qatar Petroleum plans job and cost cuts amid market downturn

    Scion Industrial Engineering Pvt. Ltd.

    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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    Previous PostPrevious Gas found off Lebanon not commercially viable
    Next PostNext Jordanian govt urged to cover garment, leather under sops

    Gas found off Lebanon not commercially viable

    Scion Industrial Engineering

    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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    Previous PostPrevious Lebanon to develop industrial zones to stimulate economic growth
    Next PostNext Qatar Petroleum plans job and cost cuts amid market downturn

    Lebanon to develop industrial zones to stimulate economic growth

    Scion Industrial Engineering

    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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    Previous PostPrevious Lebanon’s industry sector on verge of collapse
    Next PostNext Gas found off Lebanon not commercially viable

    Lebanon’s industry sector on verge of collapse

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    Previous PostPrevious Coronavirus: Over 600 expats repatriated from Kuwait
    Next PostNext Lebanon to develop industrial zones to stimulate economic growth

    Coronavirus: Over 600 expats repatriated from Kuwait

    scion Industrial engineering

    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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    Previous PostPrevious Nine expats arrested in Kuwait for breaking coronavirus curfew
    Next PostNext Lebanon’s industry sector on verge of collapse

    Nine expats arrested in Kuwait for breaking coronavirus curfew

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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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    Previous PostPrevious Kuwait’s wealth fund on standby as oil price, virus hit finances
    Next PostNext Coronavirus: Over 600 expats repatriated from Kuwait

    Kuwait’s wealth fund on standby as oil price, virus hit finances

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    Previous PostPrevious Kuwait announces 78 more cases of coronavirus
    Next PostNext Nine expats arrested in Kuwait for breaking coronavirus curfew

    Kuwait announces 78 more cases of coronavirus

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    Previous PostPrevious Oil producers intend to cut 10-15 mn barrels: Kuwait
    Next PostNext Kuwait’s wealth fund on standby as oil price, virus hit finances

    Oil producers intend to cut 10-15 mn barrels: Kuwait

    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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    Previous PostPrevious Kuwait to resume outbound flights for expat repatriation
    Next PostNext Kuwait announces 78 more cases of coronavirus

    Kuwait to resume outbound flights for expat repatriation

    scion Industrial Engineering

    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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    Previous PostPrevious Coronavirus: Kuwait reports second death as confirmed cases reach 1,300
    Next PostNext Oil producers intend to cut 10-15 mn barrels: Kuwait

    Coronavirus: Kuwait reports second death as confirmed cases reach 1,300

    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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    Previous PostPrevious Dubai’s aviation leasing firm mulls deferral requests amid Covid-19 pandemic
    Next PostNext Kuwait to resume outbound flights for expat repatriation

    Dubai’s aviation leasing firm mulls deferral requests amid Covid-19 pandemic

    Scion Industrial Engineering

    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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    Previous PostPrevious Coronavirus: Remote working could be a thing of the future, long after Covid-19
    Next PostNext Coronavirus: Kuwait reports second death as confirmed cases reach 1,300

    Coronavirus: Remote working could be a thing of the future, long after Covid-19

    scion industrial engineering

    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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    Previous PostPrevious NMC lenders tally losses as ADCB taps Lazard to recover funds
    Next PostNext Dubai’s aviation leasing firm mulls deferral requests amid Covid-19 pandemic

    NMC lenders tally losses as ADCB taps Lazard to recover funds

    Scion Industrial Engineering

    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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    Previous PostPrevious Survey reveals UAE thoughts on coronavirus
    Next PostNext Coronavirus: Remote working could be a thing of the future, long after Covid-19

    Survey reveals UAE thoughts on coronavirus

    Scion Industrial Engineering

    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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    Previous PostPrevious Dubai map shows benefits of social distancing amid coronavirus
    Next PostNext NMC lenders tally losses as ADCB taps Lazard to recover funds

    Dubai map shows benefits of social distancing amid coronavirus

    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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    Previous PostPrevious Fadi Ghandour to headline first online Step event
    Next PostNext Survey reveals UAE thoughts on coronavirus

    Fadi Ghandour to headline first online Step event

    scion industrial engineering pvt. ltd.

    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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    Previous PostPrevious Dubai taxis to deliver online shopping orders
    Next PostNext Dubai map shows benefits of social distancing amid coronavirus

    Dubai taxis to deliver online shopping orders

    Scion Industrial ENgineering

    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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    Previous PostPrevious Marketing without backlash: 4 tips on how businesses can re-engage customers during Covid-19
    Next PostNext Fadi Ghandour to headline first online Step event

    Marketing without backlash: 4 tips on how businesses can re-engage customers during Covid-19

    Scion

    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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    Previous PostPrevious Saudi Arabia goes on tanker shopping spree amid oil output surge
    Next PostNext Dubai taxis to deliver online shopping orders

    Saudi Arabia goes on tanker shopping spree amid oil output surge

    scion

    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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    Previous PostPrevious Saudi Aramco plans to cut spending in 2020, as oil plunges and profit slips
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    Saudi Aramco plans to cut spending in 2020, as oil plunges and profit slips

    scion

    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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    Previous PostPrevious Liquidity in Saudi banks ‘very good’, says SAMA governor
    Next PostNext Saudi Arabia goes on tanker shopping spree amid oil output surge

    Liquidity in Saudi banks ‘very good’, says SAMA governor

    Scion Industrial Engineering

    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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    Previous PostPrevious Saudi Aramco likely to maintain high production through May – CEO
    Next PostNext Saudi Aramco plans to cut spending in 2020, as oil plunges and profit slips

    Saudi Aramco likely to maintain high production through May – CEO

    Scion Industrial Engineering

    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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    Previous PostPrevious Saudi Aramco to keep $75bn dividend promise despite oil slump
    Next PostNext Liquidity in Saudi banks ‘very good’, says SAMA governor

    Saudi Aramco to keep $75bn dividend promise despite oil slump

    Scion Industrial Engineering

    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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    Previous PostPrevious Saudi Arabia detains 298 gov’t employees in corruption probe
    Next PostNext Saudi Aramco likely to maintain high production through May – CEO

    Saudi Arabia detains 298 gov’t employees in corruption probe

    Scion Industrial Engineering

    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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    Previous PostPrevious Saudi travel giant expects Covid-19 to hit 2020 performance
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    Saudi travel giant expects Covid-19 to hit 2020 performance

    Scion Industrial Engineering

    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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    Previous PostPrevious UAE’s Ministry of Health calls on citizens, residents to avoid travel amid coronavirus outbreak
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    UAE’s Ministry of Health calls on citizens, residents to avoid travel amid coronavirus outbreak

    scion Industrial engineering

    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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    Previous PostPrevious Emirates NBD announces reduction in bank charges
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    Emirates NBD announces reduction in bank charges

    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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    Previous PostPrevious Gulf investors said to have big appetite for overseas office deals
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    Gulf investors said to have big appetite for overseas office deals

    scion Industrial Engineering

    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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    Previous PostPrevious Etihad Airways losses narrow amid fall in operating costs
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    Etihad Airways losses narrow amid fall in operating costs

    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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    Previous PostPrevious Abu Dhabi Ports inks deal to develop first autonomous tugboats
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    Abu Dhabi Ports inks deal to develop first autonomous tugboats

    Scion Industrial Engineering

    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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    Previous PostPrevious Developer Ellington says to fast-track new Dubai residential project
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    Developer Ellington says to fast-track new Dubai residential project

    Scion Industrial Engineering

    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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    Previous PostPrevious Dubai set to add 48,500 new homes before Expo 2020
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    Dubai set to add 48,500 new homes before Expo 2020

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    Previous PostPrevious Dubai Launches Innovation Attraction Programme
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    Dubai Launches Innovation Attraction Programme

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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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    Previous PostPrevious Majid Al Futtaim’s New Environment-Friendly Initiatives: Recycle Plastic Bottles, Stop Using Plastic Bags
    Next PostNext Dubai set to add 48,500 new homes before Expo 2020

    Majid Al Futtaim’s New Environment-Friendly Initiatives: Recycle Plastic Bottles, Stop Using Plastic Bags

    Scion Industrial Engineering

    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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    Previous PostPrevious Dubai Exports and Dubai Free Zones Council Sign MoU to Boost Exports
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    Dubai Exports and Dubai Free Zones Council Sign MoU to Boost Exports

    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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    Previous PostPrevious UAE to Support World Economic Forum in Developing Skills and Education of a Billion People Worldwide
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    UAE to Support World Economic Forum in Developing Skills and Education of a Billion People Worldwide

    Scion Industrial Engineering

    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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    Previous PostPrevious Al Tayer signs on with Tejari.com
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    Al Tayer signs on with Tejari.com

    Scion Industrial Engineering

    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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    Previous PostPrevious Dubai’s Wamda leads $3.5m funding in games developer Tamatem
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    Dubai’s Wamda leads $3.5m funding in games developer Tamatem

    scion Industrial Engineering pvt. ltd.

    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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    Previous PostPrevious Global plant-based food giant eyes expansion in Gulf region
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    Global plant-based food giant eyes expansion in Gulf region

    scion industrial engineering pvt. ltd.

    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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    Previous PostPrevious Italian luxury jeweller reveals Gulf growth plan
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    Italian luxury jeweller reveals Gulf growth plan

    scion Industrial Engoineering

    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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    Previous PostPrevious ‘Made in Iraq’ labels headed for USA
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    ‘Made in Iraq’ labels headed for USA

    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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    Previous PostPrevious Kurdistan to develop Vision 2030 supported by UNDP
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    Kurdistan to develop Vision 2030 supported by UNDP

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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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    Previous PostPrevious Duhok to Establish First Solar Energy Park
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    Duhok to Establish First Solar Energy Park

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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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    Previous PostPrevious Reflections on Investments in Iraq’s Tech Ecosystem
    Next PostNext Kurdistan to develop Vision 2030 supported by UNDP

    Reflections on Investments in Iraq’s Tech Ecosystem

    Scion Industrial Engineering

    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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    Previous PostPrevious IBBC Meetings and Dinner in Baghdad
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    IBBC Meetings and Dinner in Baghdad

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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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    Previous PostPrevious Bahrain announces 1.6% economic growth in Q3 2019
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    Bahrain announces 1.6% economic growth in Q3 2019

    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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    Previous PostPrevious Bahrain Fintech Bay announces new CEO
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    Bahrain Fintech Bay announces new CEO

    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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    Previous PostPrevious Expansion of Bahrain’s only oil refinery nears 40% completion, says oil minister
    Next PostNext Bahrain announces 1.6% economic growth in Q3 2019

    Expansion of Bahrain’s only oil refinery nears 40% completion, says oil minister

    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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    Previous PostPrevious Saudi luxury project Amaala signs deal to protect marine environment
    Next PostNext Bahrain Fintech Bay announces new CEO

    Saudi luxury project Amaala signs deal to protect marine environment

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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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    Previous PostPrevious Etihad Rail chief launches construction of stage 2 of UAE-wide railway
    Next PostNext Expansion of Bahrain’s only oil refinery nears 40% completion, says oil minister

    Etihad Rail chief launches construction of stage 2 of UAE-wide railway

    Scion Industrial Engineering

    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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    Previous PostPrevious Qatar Industrial Manufacturing profit drops 2.7% in 2018; dividends proposed
    Next PostNext Saudi luxury project Amaala signs deal to protect marine environment

    Qatar Industrial Manufacturing profit drops 2.7% in 2018; dividends proposed

    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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    Previous PostPrevious Lulu Hypermarket opens new venue at Dubai Festival City
    Next PostNext Etihad Rail chief launches construction of stage 2 of UAE-wide railway

    Lulu Hypermarket opens new venue at Dubai Festival City

    Scion Industrial Engineering pvt. ltd.

    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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    Previous PostPrevious Bahrain to pilot toolkit for central bank digital currency
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    Bahrain to pilot toolkit for central bank digital currency

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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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    Previous PostPrevious Which industries in the Middle East are recruiting
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    Which industries in the Middle East are recruiting

    scion industrial engineering pvt. ltd.

    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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    Previous PostPrevious Bahrain slashes visa fees in bid to attract more foreign visitors
    Next PostNext Bahrain to pilot toolkit for central bank digital currency

    Bahrain slashes visa fees in bid to attract more foreign visitors

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    Previous PostPrevious Profits of QSE industrial sector hike 22% in Q3 – Survey
    Next PostNext Which industries in the Middle East are recruiting

    Profits of QSE industrial sector hike 22% in Q3 – Survey

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    Previous PostPrevious Kuwait reveals $3.2bn direct investment over four-year period
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    Kuwait reveals $3.2bn direct investment over four-year period

    Scion Industrial Engineering

    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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    Previous PostPrevious Jeddah’s new airport set to be fully operational by Ramadan
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    Jeddah’s new airport set to be fully operational by Ramadan

    scion Industrial ENgineering

    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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    Previous PostPrevious Revamp of Bahrain’s Sheikh Zayed Highway progressing well, officials say
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    Revamp of Bahrain’s Sheikh Zayed Highway progressing well, officials say

    Scion Industrial Engineering

    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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    Previous PostPrevious Dubai’s DP World set to invest $500m in Jeddah port upgrade
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    Dubai’s DP World set to invest $500m in Jeddah port upgrade

    Scion Industrial Engineering pvt. ltd.

    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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    Previous PostPrevious Dubai Duty Free sells more than $57m worth of goods over three-day anniversary event
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    Dubai Duty Free sells more than $57m worth of goods over three-day anniversary event

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    Previous PostPrevious Saudi gifts retailer secures $5.6m funding for expansion
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    Saudi gifts retailer secures $5.6m funding for expansion

    Scion Industrial Engineering

    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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    Previous PostPrevious Saudi Aramco completes $1.2bn deal for Hyundai Oilbank stake
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    Saudi Aramco completes $1.2bn deal for Hyundai Oilbank stake

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    Previous PostPrevious DAFZA Company Setup Regulations
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    DAFZA Company Setup Regulations

    scion Industrial Engineering

    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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    Previous PostPrevious Saudi Arabia set to begin issuing instant work visas
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    Saudi Arabia set to begin issuing instant work visas

    scion Industrial engineering

    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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    Previous PostPrevious Saudi Arabia, UAE silent over plan to deepen OPEC+ cuts
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    Saudi Arabia, UAE silent over plan to deepen OPEC+ cuts

    SCION Industrial Engineering

    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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    Previous PostPrevious Aramco IPO: from Saudi Arabia to the world
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    Aramco IPO: from Saudi Arabia to the world

    Scion Industrial ENgineering

    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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    Previous PostPrevious Bahrain’s bankruptcy law one year on: an untested revolution
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    Bahrain’s bankruptcy law one year on: an untested revolution

    Scion Industrial Engineering

    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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    Previous PostPrevious New $50m Bahrain, China fund to target technology investments
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    New $50m Bahrain, China fund to target technology investments

    scion industrial engineering pvt. ltd.

    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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    Previous PostPrevious Jordan signs 6 new industrial investment deals
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    Jordan signs 6 new industrial investment deals

    Scion Industrial Engineering

    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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    Previous PostPrevious Fuel for rockets, Zeppelins points toward green heat solution
    Next PostNext New $50m Bahrain, China fund to target technology investments

    Fuel for rockets, Zeppelins points toward green heat solution

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    Previous PostPrevious SAA faces regulator inquiry over sale plan
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    SAA faces regulator inquiry over sale plan

    Scion Industrial Engineering

    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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    Previous PostPrevious SA’s Gina to lead trade and investment mission to Mozambique
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    SA’s Gina to lead trade and investment mission to Mozambique

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    Previous PostPrevious Transport union slams PRASA over escalating railway infrastructure vandalism
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    Transport union slams PRASA over escalating railway infrastructure vandalism

    Scion Industrial Engineering Pvt. Ltd.

    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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    Previous PostPrevious EPP advocates for real estate investment policy in Poland
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    EPP advocates for real estate investment policy in Poland

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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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    Previous PostPrevious Packaging solution proves successful
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    Packaging solution proves successful

    scion industrial engineering pvt. ltd.

    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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    Previous PostPrevious Trio makes for steely supply
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    Trio makes for steely supply

    scion industrial engineering

    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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    Previous PostPrevious New membership structure set for stainless steel sector
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    New membership structure set for stainless steel sector

    scion industrial engineering

    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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    Previous PostPrevious Medium-term investment buoying stainless steel industry
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    Medium-term investment buoying stainless steel industry

    Scion Industrial Engineering

    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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    Previous PostPrevious Correct use of consumables makes a good weld
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    Correct use of consumables makes a good weld

    Scion Industrial Engineering

    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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    Previous PostPrevious P&G invests R300m in manufacturing facility in South Africa
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    P&G invests R300m in manufacturing facility in South Africa

    scion industrial engineering pvt. ltd.

    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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    Previous PostPrevious Facing slowing growth and credit downgrades, South Africa’s economy is stuck in the mire
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    Facing slowing growth and credit downgrades, South Africa’s economy is stuck in the mire

    scion industrial engineering pvt. ltd.

    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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    Previous PostPrevious South Africa’s economic growth compared to BRICS peers
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    South Africa’s economic growth compared to BRICS peers

    scion industrial Engineering

    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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    Previous PostPrevious Oman’s SalamAir expects to be profitable in 2020
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    Oman’s SalamAir expects to be profitable in 2020

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    Previous PostPrevious Main contractor hired for Oman mixed-use project
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    Main contractor hired for Oman mixed-use project

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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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    Previous PostPrevious Closure of iconic Muscat hotel sparks frenzied buyers
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    Closure of iconic Muscat hotel sparks frenzied buyers

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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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    Previous PostPrevious Oman officials investigating e-commerce store over suspected fraud
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    Oman officials investigating e-commerce store over suspected fraud

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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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    Previous PostPrevious Oman’s SalamAir expects to be profitable in 2020
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    Oman’s SalamAir expects to be profitable in 2020

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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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    Previous PostPrevious Oman to introduce new bankruptcy regulations in 2020
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    Oman to introduce new bankruptcy regulations in 2020

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    Previous PostPrevious Ratings agency S&P forecasts negative outlook for Oman
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    Ratings agency S&P forecasts negative outlook for Oman

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    Previous PostPrevious Pesticides and veterinary medicines employ 400 workers, with volume investment of JD 36 million in Al Hassan Industrial Estate
    Next PostNext Oman to introduce new bankruptcy regulations in 2020

    Pesticides and veterinary medicines employ 400 workers, with volume investment of JD 36 million in Al Hassan Industrial Estate

    Scion Industrial Engineering

    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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    Previous PostPrevious JIEC signs 6 investment deals after lowering prices in 3 industrial estates
    Next PostNext Ratings agency S&P forecasts negative outlook for Oman

    JIEC signs 6 investment deals after lowering prices in 3 industrial estates

    Scion Industrial Engineering

    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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    Previous PostPrevious JIEC, China ink deal to enhance cooperation
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    JIEC, China ink deal to enhance cooperation

    Scion Industrial Engineering pvt. ltd.

    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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    Previous PostPrevious Chairman of Jordan Investment Commission meets Al-Hassan Industrial Estate investors
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    Chairman of Jordan Investment Commission meets Al-Hassan Industrial Estate investors

    Scion Industrial Engineering

    (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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    Previous PostPrevious Opinion: From legislation to implementation
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    Opinion: From legislation to implementation

    scion industrial engineering pvt. ltd.

    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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    Previous PostPrevious Dubai plans fireworks, concerts for Saudi National Day
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    Dubai plans fireworks, concerts for Saudi National Day

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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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    Previous PostPrevious Currency conversion now available at Emirates NBD ATMs
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    Currency conversion now available at Emirates NBD ATMs

    scion Industrial engineering

    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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    Previous PostPrevious SIDPEC chooses Honeywell technology for Egyptian plant
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    SIDPEC chooses Honeywell technology for Egyptian plant

    Scion Industrial Engineering

    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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