Saudi more than doubles tourism target by 2030, says minister
Riyadh, Saudi Arabia - Saudi Arabia drew 27 million foreign tourists in 2023 and has more than doubled its goal for...Business Tourism
QatarEnergy signs LNG deal with Petronet
QatarEnergy will supply 7.5m tons of LNG per year to Petronet.Company News Business
Masdar to build Georgia’s biggest solar energy plant
Renewable energy company Masdar will be developing Georgia's largest solar power plant, with a capacity of 100 megawatts (MW), jointly...The 100-megawatt plant will be built jointly with Georgian Energy Development Fund (GEDF).
GEDF is a joint-stock company, founded by the Ministry of Economy and Sustainable Development, and wholly state-owned. Georgia.
GCC’s first tire storage and distribution hub coming up in Abu Dhabi
AD Ports Group has signed an agreement with China-based Shandong Port Group, to establish a Tyre Hub at KIZAD for...China's Shandong Port Group and AD Ports Group sign an agreement to set up a hub at KIZAD for the storage and distribution of tires.
AD Ports Group will provide space for an upcoming 150,000 sqm facility in KIZAD under its Industrial Cities and Free Zone Cluster.
Major M&A deals in the UAE in 2021
M&As result in savings in manufacturing and service, increased competitiveness, and increased financial capabilities and efficiency, among other things.Agreements worth $11 billion were signed in the UAE in the first eight months of 2021
M&A are considered a means of resolving crises and encouraging economic growth
Emirates upbeat on growth despite global surge in Covid cases
Aviation giant Emirates said Thursday it expects business to grow next year despite the surge in global coronavirus cases fueled...The carrier said in November it was already on the path to recovery as six-month losses dropped by more than half from a year earlier.
The carrier posted an April-September loss of $1.6 billion, compared with losses of $3.4 billion during the same period in 2020.
EGA repays Al Taweelah loan
The repayment four years and seven years early totaled $361 million.The project finance facilities had been extended by 13 export credit agencies and banks for the development of the company’s Al Taweelah smelter in Abu Dhabi.
EGA’s said its financing has been reduced by over $1 billion in the last two years and now consists of a senior term loan facility of $5.5 billion
NMDC wins $354m contract
The contract is for the Shamal Development marine works.The Shamal Development is part of the Khalifa Port located in Taweelah in Abu Dhabi
It was built on a reclaimed artificial island reaching 4.5 km offshore
2021 recap: UAE startups lead MENA region
As the startup ecosystem takes off in the MENA region, TRENDS helps experts deliver valuable advice for entrepreneurs.International investors are flocking to Saudi enterprises, and the value of investments is likely to increase in 2022
Startups in the UAE, Jordan, and Egypt attracted the most venture-capital funding, accounting for 73 percent of total deal value in November 2021
Samsung eyes Biogen for $42bn
Biogen is known for its Alzheimer’s drug Aduhelm.Biogen is known for medicines to treat multiple sclerosis in addition to Aduhelm
It was founded in 1978 by a team that included Nobel Prize winners Walter Gilbert and Phillip Sharp
Dana Gas receives $39 million payment from Egyptian government
Dana Gas has received a payment of $39 million (AED143 million) from the Egyptian Government in December, the company announced...The payment reduced its receivables in Egypt below $30 million to its lowest levels since commencing operations there in 2007.
Dana Gas has invested over $2 billion since first entering Egypt in 2007 and is currently the fifth-largest gas producer in the country.
Saudi designates China’s NIPA as patent searching and examining authority
The Saudi Authority for Intellectual Property (SAIP) has designated the National Intellectual Property Administration of China (CNIPA) as International Searching...The move allows international patent applicants in the kingdom to select CNIPA to issue international search reports for their applications.
Saudi authorities see the development as an enhancement of cooperation between the two sides in the field of intellectual property.
