Tag Archives: diversification

The Royal Commission for Riyadh City (RCRC) has denied claims it has not paid contractors building the city’s multi-billion dollar metro project. It follows a Bloomberg report published earlier in the week headlined “Saudi Arabia’s Unpaid Tab With Metro Builders Runs Into Billions.” It said that payments had been made …

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 …

U.S. asset manager BlackRock and Canada’s Brookfield Asset Management Inc are no longer in the race to buy a stake in Saudi oil giant Aramco’s pipeline business, two sources familiar with the deal said. Apollo Global Management and New York-based Global Infrastructure Partners (GIP) are among the bidders still in …

When India’s government last month asked refiners to speed up diversification and reduce dependence on the Middle East – days after OPEC+ said it would maintain production cuts – it sent a message about its clout and foreshadowed changes to the world’s energy maps. It was a move that had …

Aramco Upstream chief Nasir Al-Naimi said oil and gas companies should reduce their CO2 footprint as they continue to provide a majority of the world’s energy for years to come. “While new energy has a role to play, it will be a while before it is ready to shoulder a …

Netflix has struck a five-year exclusive partnership with Saudi Arabian animation studio Myrkott to produce Saudi-focused shows and films along with a similar period first-look option on the company’s upcoming projects. The link-up will entail production of new and exclusive seasons of the “Masameer” cartoon series and related upcoming movies, …

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 …

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 …

SABIC plans to build a chemical plant in Spain fully powered by renewable energy in what is the first project of its kind anywhere in the world. The polycarbonate facility in Cartegena is expected to be fully operational by 2024, powered by a 100MW PV solar plant. The deal will …

In the past four years, the United Arab Emirates has grown a small but rising share of its own organic tomatoes, aiming to shore up food security in an import-dependent desert country. The effort – part of a broader push to produce more home-grown food amid fears climate change could …

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 …

Saudi Arabia began courting Toyota two years ago to build a large car plant as part of Crown Prince Mohammed bin Salman’s grand plan to wean the kingdom off oil revenues and create jobs for young Saudis. But the Japanese carmaker has rebuffed Riyadh’s overtures following talks that dragged on …

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 …

Saudi Arabia’s sovereign wealth fund is in talks that could see it possibly becoming a significant investor in Tesla as part of Elon Musk’s plan to take the electric car maker private, according to a person with direct knowledge of the fund’s plans. The Public Investment Fund, which has built …

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 …

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 …

Energy giants Abu Dhabi National Oil Company (Adnoc) and Saudi Aramco will jointly invest in the development of $44 billion (Dh161 billion) Ratnagiri refinery and petrochemicals complex that is coming up in the western Indian state of Maharashtra. The two firms signed a framework agreement in this regard in New …

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 …

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 …

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 …

Saudi Arabia aims to generate 35 billion to 40 billion riyals ($9 billion to $11 billion) in non-oil revenues from its privatisation programme by 2020 and create up to 12,000 jobs, according to a document published by the official Saudi Press Agency on Tuesday. The initiative targets 14 public-private partnership …

When it comes to the possibility of a Careem IPO, Bassel Al Nahlaoui isn’t saying. “I cannot confirm or deny it,” Al Nahlaoui said straightforwardly. Careem’s managing director for the Gulf region was speaking exclusively to Gulf News the day after reports emerged that suggested the ride-hailing app was preparing …

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 …

The Mohammad Bin Rashid Innovation Fund, MBRIF, a Dh2 billion UAE Federal Government initiative led by the Ministry of Finance, announced yesterday the first disbursement, awarding InternsME.com, the Middle East’s leading internship job portal, as the first recipient. The MBRIF mission is to act as a catalyst for the UAE’s …