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Tag Archives: diversification

Japan cooperates with Saudi on hydrogen

Economy, Trade and Industry Minister KAJIYAMA Hiroshi says Japan recognizes that Saudi Arabia and other Middle Eastern countries are important partners in creating a hydrogen-based society. “The large-scale and inexpensive hydrogen supply is indispensable,” Kajiyama said at a press conference on Friday. “To achieve our goal, it is important to …

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UAE investing across the board in UK

The UK Office for Investment and the United Arab Emirate’s (UAE) Mubadala Investment Company are expected to sign an expansion of the Sovereign Investment Partnership (SIP) on Thursday, British PM Boris Johnson’s press office said in a statement. The deal will promote investments across Britain in life sciences, technology, energy transition and …

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UAE second nuclear unit on line

The second unit of United Arab Emirates’ only nuclear power plant has started operations, UAE leaders announced on Twitter on Friday. “Operations started at Unit 2 at the Barakah nuclear energy plant,” said Sheikh Hamdan bin Zayed, the Ruler’s representative in the western region of Abu Dhabi. “This is a …

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Egypt pursuing hydrogen future with Siemens

Egypt is working with global company Siemens Energy to develop the country’s hydrogen industry, kicking it off with 200 megawatt (MW) of electrolyzer capacity. The pilot project is part of a long-term partnership between Siemens and the Egyptian Electricity Holding Company (HECC), the pair said in a statement.  It is …

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Saudi needs $55 billion for privatization plan

Saudi Arabia is seeking to raise $55 billion from a privatization plan, the Kingdom’s finance minister said on Thursday.Mohammed Al-Jadaan said the Kingdom had recently announced a privatization plan that includes identifying 160 projects in 16 sectors, including asset sales and public-private partnerships. “Our goal is to secure about $55 …

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7 new solar projects opened in Saudi

Saudi Arabia’s Crown Prince Mohammed bin Salman announced the opening of the Sakaka solar power plant on Thursday. The crown prince also said agreements have been signed for seven new solar power projects across the country. The projects as part of a push towards renewable energy under the Kingdom’s Vision …

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UAE begins producing nuclear power

The United Arab Emirates has begun start-up operations in the initial unit of its first nuclear power plant, the Emirates Nuclear Energy Corporation (ENEC) said on Saturday. The Barakah nuclear power plant in Abu Dhabi, a major oil producer, is being built by Korea Electric Power Corporation (KEPCO). The plant …

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Saudi Aramco listing surpassed by Apple

Apple Inc’s (AAPL.O) surged over 10% to a record high on Friday after reporting blockbuster quarterly results, helping the iPhone maker eclipse Saudi Aramco to become the world’s most valuable publicly listed company. Apple’s stock ended the session at $425.04, putting its market capitalization at $1.82 trillion, according to the …

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Saudi moving into facebook minority stake

Saudi Arabia’s sovereign wealth fund has bought minority stakes in major American companies including Boeing (BA.N), Facebook (FB.O) and Citigroup (C.N), according to a U.S. regulatory filing. The $300 billion Public Investment Fund (PIF) has been buying minority stakes in companies across the world, taking advantage of market weakness in …

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Adnoc CEO: Diversification is the name of the game

Dr Sultan Bin Ahmad Sultan Al Jaber, Minister of State and Group CEO of the Abu Dhabi National Oil Company (Adnoc) participated in the second annual ‘Future Investment Initiative Conference’, held in Riyadh, Saudi Arabia, on Tuesday. The conference sees global leaders from both the public and private sectors convene …

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Dubai private sector maintains strong growth in June

Dubai’s non-oil private sector activity in June continued to surge with both output and new orders increasing at a sharp rate, indicating strong demand across the three key sectors such as travel and tourism, wholesale and retail and construction. The headline Dubai Economy Tracker Index (DET) eased to 56 in …

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UAE’s non-oil private sector growth spikes

The UAE’s non-oil private sector output and new orders in June rose at their fastest pace this year, indicating a strong improvement in the overall health of the economy, according to the Emirates NBD Purchasing Managers’ Index (PMI). The PMI for June rose to a 2018 high of 57.1, up …

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Stimulus package will aid in diversification

The new economic stimulus package will accelerate the local economy, further promote economic diversification and build a long-term future for its people, heads of Abu Dhabi’s top industrial firms said. “At the heart of this announcement are initiatives that will attract more innovative talent and across all economic sectors, including …

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On the road to Silicon Valley

We’d be lying if we said travelling to cover technology wasn’t part of the fun. Over the years Gulf News reporters have traveled to North America, Europe, Asia and Africa to cover technology trends or the latest gadget launch. But it’s rare for a tech company to actually hold a …

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Dubai gets record 4.7m foreign tourists in Q1

Dubai welcomed a record 4.7 million foreign tourists in the first quarter this calendar signalling strong growth momentum for the economy, the Department of Tourism and Commerce Marketing (Dubai Tourism) said in a statement on Friday. “Welcoming 4.7 million international overnight tourists from January-March 2018, the emirate posted a stable …

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Emirati-owned SMEs bagged Dh1.5b in contracts in 2017

The total value of contracts awarded to Emirati-owned small-to-medium-sized enterprises (SMEs) within the emirate since the Government Procurement Programme was begun in 2002 is Dh5 billion, Dubai SME has said. The total value of contracts awarded in 2017 was Dh1.5 billion — the first time the scheme has generated contracts …

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