Tag: Contrinex spare parts Kuwait

Qatar is investing approximately $1.5 billion in Egypt’s industrial sector in 2024, according to Head of the Egyptian Commercial Service, Yahya Al-Wathiq Billah.

This announcement marks the first mention of Qatar’s new investments in Egypt since the agreement between the two nations in March 2022, which outlined investments and partnerships worth a total of nearly $5 billion.

Al-Wathiq Billah’s highlighted a 47% increase in trade volume between the two countries in 2022, although specific figures were not disclosed.

The Qatar Egypt Investment Forum, inaugurated by Minister of Trade and Industry Ahmed Samir, served as a significant platform for fostering economic cooperation and exploring investment opportunities between Qatar and Egypt.

The forum, attended by Qatar’s Minister of Commerce and Industry, Mohammed bin Hamad bin Qassim, showcased Qatar’s commitment to Egypt’s economic growth. Bin Qassim stated that Qatar had already invested over $5.5 billion in Egypt’s financial, real estate, and energy sectors.

During the event, Saud Omar Al Mana, the CEO of the Qatari Al Mana Group, made a notable announcement. Al Mana revealed plans to inject initial investments totaling approximately $60 million into the Egyptian market throughout 2024.

The investments from Qatar are expected to have a substantial impact on Egypt’s industrial sector, promoting growth and creating new job opportunities.

Source:https://www.egypttoday.com/Article/3/128511/Qatar-commits-1-5-billion-investment-in-Egypt%E2%80%99s-industrial-sector

“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.

Lozan Urban Development (LUD) announced the launch of the second phase of its Apex Business Complex in the Downtown area of the New Administrative Capital (NAC).

“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.

Abdel Moneim added that the new phase includes a variety of facilities and flexible payment systems provided by the company to its customers in accordance with their different needs.

He explained that the mixed-use project comprises administrative, commercial, and medical units on an area of 2,600 sqm with investments of approximately EGP 700m.

The project also includes a ground floor and 12 storeys with a variety of units, with areas starting from 35 metres up to 100 sqm.

The chairperson added that the company offers payment plans with 5% down payment and payment periods up to 12 years, and that it expects to fully deliver the project within four years of construction.

He also noted that LUD has contracted engineering consultant office HAFEZ Consultants for the project’s engineering designs, in addition to CAD — a business management company — as a management and operating consultant to ensure the operation and management of the Apex Business Mall.

LUD has succeeded in developing a number of various projects in Abu Dhabi, UAE, with investments that exceeded AED 250m, in addition to its strategic partnership with a number of companies operating in the NAC with investments of up to EGP 300m.

Moreover, the company is currently working on a number of administrative, commercial, residential, and tourism projects in the Delta’s governorates with investments amounting to EGP 350m.

https://dailynewsegypt.com/2022/07/25/lozan-urban-development-launches-2nd-phase-of-apex-business-mall-at-nac/

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 published by Sultanate of Oman’s Ministry of Energy and Minerals, is the benchmark price for Tethys Oil’s monthly oil sales excluding trading and quality adjustments.

Tethys Oil, through its wholly-owned subsidiary Tethys Oil Block 3 & 4, has a 30 per cent interest in Blocks 3&4. Partners are Mitsui E&P Middle East B.V. with 20 per cent and the operator CC Energy Development (Oman branch) holding the remaining 50 per cent.
Tethys Oil is a Swedish oil company with a focus on onshore areas with known oil discoveries.

The company’s core area is Oman, where it holds interests in Blocks 3&4, Block 49, Block 56 and Block 58. Tethys Oil has net working interest 2P reserves of 26.2 million barrels of oil (mmbo) and net working interest 2C Contingent Resources of 15.6 mmbo and had an average oil production of 11,136 barrels per day from Blocks 3&4 during 2021.

source:https://timesofoman.com/article/113727-tethys-oil-production-from-oman-reaches-325632-barrels-in-january

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.

She holds board positions in Gulf Insurance Group, OSN and Kamco Invest and her Her appointment is effective January 1.

In neighbouring Saudi Arabia, Sarah Al-Suhaimi became the first woman to chair the Saudi Arabian stock exchange, known as Tadawul (pictured above), in 2017.

The kingdom’s sovereign wealth fund has also appointed Rania Nashar as head of compliance and governance, making her one of the most senior women at the kingdom’s $450 billion Public Investment Fund.

Kuwait Projects, also known as Kipco, said Faisal Al Ayyar will retire as an executive after more than 30 years with the company. He will, however, continue to be the vice chairman.

Source:https://www.arabianbusiness.com/gcc/kuwait/kuwait-politics-economics/kuwaits-33bn-holding-company-appoints-female-ceo

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, Baker Hughes and Siemens, a press release said.

The world’s top oil exporter and largest Arab economy in February said it would give foreign firms until the end of 2023 to set up headquarters in the country or risk losing out on government contracts.

The move, part of efforts by Crown Prince Mohammed bin Salman to wean the economy off oil by creating new industries that also generate jobs for Saudis, has put the kingdom in competition with regional business hub the United Arab Emirates.

The new headquarter establishments would add 67 billion riyals ($18 billion) to the economy and provide around 30,000 job opportunities by 2030, the President of the Royal Commission for Riyadh City, Fahd al-Rasheed, said in a statement.

Rasheed told Reuters he expects the 44 firms to move to Riyadh within a year, adding that some had already done so. He said the target was for 480 companies by 2030.

The kingdom earlier this year said that 24 companies had signed agreements to establish main regional offices – including PepsiCo, Schlumberger, Deloitte, PwC and Bechtel – rather than oversee operations remotely from the UAE’s Dubai emirate.

European law firm DWF Group said on Wednesday that Riyadh would become its regional headquarters for business services.

Rasheed has said the move is not aimed at dismantling corporate operations elsewhere.

“We are simply saying – you need to have your regional headquarter here because this is not simply a contract economy that you come in and come out. We want to see you with us for the long term,” he told Reuters on Monday.

UNCERTAINTIES LINGER
Rasheed defined regional headquarters as housing all major decision-making functions, but it was unclear how all firms themselves are defining Saudi headquarters.

Some people in the business community say companies are unlikely to shut operations in the UAE and may simply shift some operations to Saudi.

Danish wind turbine maker Vestas, not among the list of 44 firms, told Reuters in a statement that it was moving its Middle East sales h ..

Saudi Arabia has launched economic and social reforms aimed at making the kingdom an easier place to live and work in and has cut the red tape that long deterred companies.

source:Saudi Arabia has launched economic and social reforms aimed at making the kingdom an easier place to live and work in and has cut the red tape that long deterred companies.

Source:
https://economictimes.indiatimes.com/news/international/saudi-arabia/saudi-arabia-licenses-44-companies-to-open-regional-headquarters-in-riyadh/articleshow/87304648.cms