ADQ, Orion to establish JV
The partners commit to deploying $1.2bn in the next four years.Company News Business
‘Middle East is a promising area with a lot of initiatives going on in the UAE, Saudi Arabia’
Beyond AI, new technologies will leverage artificial intelligence to drive the next phase of the Fourth Industrial Revolution, Alphaeus Hanson,...Business Economy
MENA awards $101 billion construction projects in first half
Dubai, UAE -- Despite global economic uncertainties, the construction industry in the Middle East and North Africa (MENA) awarded a...The lion's share of these projects, approximately 67 percent, hailed from Saudi Arabia, contributing $44 billion, and the United Arab Emirates (UAE), accounting for $23 billion.
The collective estimated value of the project pipeline in the MENA region surpassed $3 trillion, with Egypt, Saudi Arabia, and the UAE owning more than 60 percent of it.
Silal acquires stake in SAFCO
SAFCO Group is a food and beverage distributor in the UAE.Last year, Silal, in collaboration with Hoogendoorn, one of the world’s innovators in horticulture, launched the Digital Agronomy Service.
The Service saw deployment of IoT sensors in 100 farms over the course of 2022.
Zest Equity raises $3.8m seed round to digitize private market transactions
Abu Dhabi, UAE – Zest Equity, a venture-backed technology company offering digital infrastructure for private market transactions, has closed a...The Hub71 startup will use these funds to drive the company's ambition to expand its product offering in the MENA region
Zest Equity has raised a total of $5.7 million with early backers including DFDF, 500 Sanabil, Nuwa Capital, and a significant group of regional angel investors
Qatar signs 27-year gas supply deal with France’s Total: state energy firm
Doha, Qatar - Qatar has agreed to supply France's TotalEnergies with natural gas for 27 years, its state energy company announced on...Qatar will supply 3.5 million tonnes of gas a year under the deal, QatarEnergy said, following two agreements with Total
Total signed a $1.5 billion deal with QatarEnergy in September last year giving it a 9.3 percent stake in Qatar's North Field South project
Abu Dhabi’s Mubadala to invest $1 billion a year in Brazil
New York, United States - Mubadala Capital, the investment arm of Abu Dhabi’s sovereign wealth fund, plans to invest more...The firm’s second fund in the country, Brazil Special Opportunities Fund II (BSOF II), has raised over $710 million in commitments
Mubadala Capital was the first sovereign wealth fund to manage capital on behalf of third-party institutional investors
Samsung profits plunge
The company expects Q3 profits to fall nearly 80% to US$1.8bn.The company said in a statement that its operating profits for the July-September period will fall 77.9 percent to $1.8 billion
Led by Samsung, South Korean chipmakers have enjoyed record profits in recent years as prices for their products soared
First wind turbines reach Saudi green hydrogen plant, says CEO
RIYADH, SAUDI ARABIA - The first wind turbines have arrived at what Saudi officials bill as the world's biggest green hydrogen...Around 30 turbines are expected to be delivered by the end of the year along with the project's first solar panels.
The $8.4 billion NEOM green hydrogen plant is expected to reach full production by the end of 2026.
PIF sets up Tasaru Mobility Investments
The firm will drive strategic investments and partnershipsThe company will focus on developing local supply chain capabilities for the automotive and mobility industry in Saudi Arabia.
PIF has invested in the future of mobility, including establishing Saudi Arabia’s first national electric vehicle brand, Ceer, in partnership with Foxconn.
Belt and Road Initiative generated $2 trillion in contracts: China
Beijing said Tuesday the value of signed construction contracts with partners now totaled two trillion dollars -- roughly the size...China is hailing this month the 10th anniversary of its Belt and Road Initiative (BRI), which has seen Beijing pour a trillion dollars into projects globally
Beijing's Silk Road Fund, established to help fund BRI projects, has "signed agreements on 75 projects with committed investment of about $22 billion"
Major equity markets up, oil dips after surge on Israel-Hamas conflict
"Equity markets are bouncing back on Tuesday after a risk-averse start to the week, buoyed... by some promising Fed commentary,"...Europe's main stock markets jumped more than 1.5 percent approaching the half-way stage, and after a largely upbeat session in Asia and overnight on Wall Street
Oil prices dropped, having soared Monday after Hamas launched a deadly attack on Israel, stoking fear of spreading unrest in the crude-rich Middle East
