UAE ministry of defense, Masdar to set up solar plants in Abu Dhabi
Abu Dhabi, UAE--The UAE Ministry of Defence and Masdar have signed an agreement to develop multi-solar plants across Abu Dhabi....
Economy
Business
Egypt looks to raise US$5bn from offloading stake in state-owned companies
Cairo, Egypt--Egypt is looking to raise $5 billion from the offering of power plants and state-owned companies from October 2023...
- The country will offload stake in the Siemens Beni Suef power plant, Gabal El-Zeit wind power plant, and Zafarana wind farm
- Between March 2022 and July 2023, the Egyptian government raised $5 billion from offering stakes in 13 companies
Business
Egypt to drill 45 exploratory gas wells with investment of US$1.9bn
Cairo, Egypt--The Egyptian government plans to drill 45 natural exploratory gas wells in the Mediterranean and the Nile Delta with...
- Between July 2022 and June 2023, Egypt drilled nearly 10 wells that yielded huge disovery in the Nargis Offshore Area Concession, adding reserves of 2.5 trillion cubic feet
- Tarek El-Molla, Egypt's Minister of Petroleum and Mineral Resources, said that until 2025, a total of 35 exploratory wells will be drilled with $1.5 billion in investments
Economy
Saudi Arabia’s banks post 9.6% rise in aggregate profits in July to US$1.71bn
Riyadh, Saudi Arabia-- Banks in Saudi Arabia have reported a 9.6 percent increase in aggregate profit to $1.71 billion in...
- The central bank said the aggregate assets of the banks jumped 8.84 percent year-on-year in July to $1.02 trillion
- The bank also revealed that loans disbursed to the private sector increased 9.97 percent year-on-year in July to $648 billion
Business
Sharjah to host Gulf-Iraq business forum to ramp up economic ties
Sharjah, UAE--Sharjah will host the first-ever Gulf-Iraq Business Forum on 26th and 27th September to boost economic ties between the...
- The business forum will look into boosting investment and trade ties between the GCC countries and business groups within Iraq
- Iraq has been an old business and trading partner for the countries in the GCC region and the forum will seek to consolidate the cooperation
Geostrategy
Bahrain and US review partnership in political, economic and security fields
Manama, Bahrain--Bahrain and the United States have reviewed joint cooperation, partnership and strategic dialogue in the political, economic and security...
- Both officials lay stress on continuing efforts to prevent the proliferation of weapons of mass destruction and ensure cyber security
- The Bahraini official underscored the importance of exchaning expertise on the use of modern technologies and AI in space affairs
Economy
Saudi Arabia and Turkey to boost ties in industrial, mining sectors
The two countries signed a memorandum of understanding (MoU to boost mining cooperation in critical minerals needed in new technologies...
- The two countries desire to ramp up mutual investments in the manufacturing sector
- Turkish companies would attempt to obtain more shares of Saudi Arabia's projects
Economy
Oman and South Korea sign agreement on green energy transition
Muscat, Oman--Oman has signed a memorandum of understanding (MoU) with South Korea in the field of green energy transition. The...
- The agreement underscores keenness in both countries to consolidate cooperation in green transition as the relations deepen
- The two countries will devise green transition policies and programs and develop technologies for environment conservation
Economy
Red Sea Global launches ‘Tamala’ to transform agricultural economy in Tabuk
Riyadh, Saudi Arabia--Red Sea Global (RSG) has announced the launch of the Red Sea Farms Cooperative (Tamala), established through integrated...
- Tamala intends to develop a model entity in order to boost the role of cooperatives in the agricultural sector in the kingdom
- It plans to provide agricultural inputs to farmers which contribute to improving agricultural production and farmers' quality of life
Geostrategy
Iran-Russia military ties not subject to US dictates: Russia deputy FM
Tehran, Iran--Iran and Russia are independent countries whose military cooperation is not subject to the dictates of the United States...
- The Russian minister said that Iran and Russia were independent countries and not subject to the dictates of the US and its allies
- He termed the military cooperation with Iran as completely legal and fully consistent with the international obligations of Russia and Iran
Economy
Bahrain to partner with private sector to ramp up investments in oil projects
Manama, Bahrain--Bahrain has indicated its keenness to encourage investments in the kingdom's oil and environmental projects through partnerships with the...
- The oil minister said that investments can be made in partnership with the private sector, especially banks providing the necessary support
- He made the remarks in a meeting with Abdulfattah Sharaf, HSBC Bank Middle East Board of Directors Chairman, and the accompanying delegation
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IPT Energy floats new firm in Sharjah
It will engage in the import and trading of oil products.
Business
SABIC to build petrochemical plant in China
The Saudi giant will develop the US$6.4bn plant in Fujian.
Business
Qatar Chamber discusses ways to boost ties with Korean companies
Doha, Qatar--The Qatar Chamber (QC) discussed ways to enhance cooperation and exchange expertise with Korean companies in agriculture and food...
Business
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Economy
Bahrain and Slovakia to ramp up cooperation in urban planning
Manama, Bahrain-- Bahrain and Slovakia are looking to ramp up the ongoing cooperation in urban planning and sustainable development. In...
- The CEO of UPDA lay emphasis on the need for exchanging expertise and technologies in the field of urban development
- Al Khayat apprised the delegation about UPDA’s role in overseeing the policy of sustainable urban planning in the kingdom
Business
Google to invest US$1bn in UK data centre
It will meet growing demand for internet services in the region.
- The site for the centre, bought by Google in 2020, will be located in the town of Waltham Cross, about 15 miles north of central London
- The UK government pushing for investment to help fund new infrastructure, termed Google's investment as a "huge vote of confidence"
Business
Dubai World Trade Centre to host Japan trade exhibition next week
Dubai, UAE--The first edition of the Japan Kyoto Trade Exhibition 2024 is all set to kick off this Monday, 22nd...
- The event is expected to attract around 20,000 visitors, and more than 100 Japanese exhibitors
- The exhibitors will represent a diverse range of industrial sectors, like technology and animation