Innovative building codes transform MENA construction
Two emerging construction processes gaining popularity, especially in the MENA region, are 3D printing of concrete structures and offsite construction....
Opinion
Business
AD Ports Group revenue grows 22% to US$760mn in 2021
AD Ports Group signed several partnerships to accelerate trade and the development of industry in the UAE and beyond, including...
- AD Ports Group closed 2021 with the signing of a number of strategic agreements with the Aqaba Development Corporation
- The Group received global interest in its issuance of a US$1 billion bond and subsequent listing on the ADX and the LSE
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.
Business
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.
Business
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
Business
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.
Business
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
Business
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
Interview
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
Business
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
Business
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.
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Innovative building codes transform MENA construction
Two emerging construction processes gaining popularity, especially in the MENA region, are 3D printing of concrete structures and offsite construction....
Opinion
Company News
Meeza to offer 50% shares in IPO
Business
Latest News
India cricket board earns nearly $300 million from 2022 IPL
New Delhi, India -- India's cricket board banked nearly $300 million from last year's iteration of its Indian Premier League,...
Business
Chinese property giant Evergrande files for bankruptcy in US
Evergrande, once China's top property developer, was found in 2021 to be struggling with more than $300 billion in liabilities,...
Business
China’s investment rises 23% in BRI countries in Jan-July 2023
BEIJING, CHINA - Between January and July 2023, Chinese enterprises made non-financial direct investments totaling US$13.69 billion (RMB95.34 billion) in...
Business
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Elon Musk arrives in Japan for first visit since 2014
In 2014, the CEO of Tesla and SpaceX visited Japan for a ceremony marking his electric car-making company's full-scale entry...
- On Friday, Musk posted videos of what appeared to be an exhibition by prominent Japanese art collective teamLab
- Users on X posted comments asking why Musk was in Japan, with some speculating he had come to see musician Grimes
Business
Business travel in MEA likely to bounce back by 2024
Business travel spending hit $23bn in 2022, nearing pre-pandemic levels as post-pandemic business trips get longer, supported by UAE's digital...
- Business travel spending hit $23bn in 2022, nearing pre-Covid levels as post-pandemic business trips get longer, supported by UAE's digital nomad and freelancer programs
- The UAE's technological advancements and evolving legal framework make it more appealing and open to business travelers, says Ali Haider, Regional Director of Nomadic
Business
BAE to acquire Ball Aerospace
The value of the acquisition was reported to be $5.55bn.
- The British firm BAE said it hoped to complete the acquisition of the aerospace firm in the first half of 2024.
- The proposed deal will be funded by a combination of new external debt and existing cash resources, it added.