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SUSTAINABLE GLOBAL ENERGY HUB
Spark-Hutchison JV to operate Saudi dry port, logistics zone
King Salman Energy Park (Spark) has reached an agreement with Hutchison Ports to set up a joint venture that will manage and operate a 3-sq-km dry port and bonded logistics zone within the sustainable energy hub in Saudi Arabia’s Eastern Province.
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GLOBAL EXPANSION STRATEGY
Vertiv to buy E&I Engineering, Powerbar Gulf for $1.8bn
Vertiv, a global provider of critical digital infrastructure, has reached an agreement to acquire E&I Engineering Ireland and its UAE-based affiliate, Powerbar Gulf, for $1.8 billion in upfront consideration plus the potential for $200 million in cash.
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CHINA RETAINS TOP PARTNER RANK
UAE’s non-oil foreign trade surges to $382 billion in 2020
The value of the UAE’s non-oil foreign trade surged to AED1.403 trillion ($382 billion) in 2020, reflecting the robust business momentum of the country’s trade exchanges despite the pandemic's fallout, a report said.
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FOCUS
What makes UAE the region’s fastest-growing investment destination?
The UAE has been able to create a modern, dynamic and diverse economy in only 50 years. It is the desire to keep pushing forward, to keep extending the nation’s horizons, that has ensured the UAE remains a global investment destination.
Top Trade News
 | Industry Sectors |
Union Properties breaks ground on Phase I of $598m Motor City
Dubai developer Union Properties has broken ground on the first phase of its AED2.2 billion ($598 million) Motor City Developments. UAE-based Airolink is the EPC contractor for the first of the proposed phased developments featuring 880 residences.
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Home Box opens its first all-female team retail outlet in KSA
Home Box, the region’s largest value furniture and homeware group, has opened its first-of-its-kind retail outlet at Jeddah Park Mall in Saudi Arabia that will be exclusively managed by an all-female crew. This is its 21st retail outlet in the kingdom.
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Nawah connects second nuclear unit to UAE’s grid
Emirates Nuclear Energy Corporation has announced that following the start-up of Unit 2 of Barakah plant, its key unit Nawah Energy has now connected it to the UAE grid, thus delivering the first megawatts of carbon-free electricity from the unit.
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Adex raises 2021 budget up 33.3% to $200m
Abu Dhabi Exports Office (Adex), the UAE-wide export financing entity, allocated AED735 million ($200 million) to overseas buyers to finance their procurement of UAE goods and services in 2021, a 33.3 per cent increase compared to 2020.
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Growth likely to slow to 4.5% in 2022, says report
Global economic growth is set to slow to 4.5% next year, as opposed to 6.2% this year, marking a considerable drop, but still a bit stronger than the years leading up to Covid, said Barclays in a new report.
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Honeywell, Aramco ink digital technology solutions deal
Honeywell has teamed up with energy giant Saudi Aramco to explore the co-development and commercialisation of next-generation digital technology solutions designed to help improve productivity and sustainability of industrial firms on a global scale.
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Gulf Air marks 5000th flight from Bahrain’s new terminal
Bahrain's national carrier Gulf Air today celebrated the 5000th flight departure from Bahrain International Airport’s new terminal with flight GF003 to London Heathrow marking the operational milestone.
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TII launches first motion capture facility outside US
Technology Innovation Institute (TII) has announced that its Secure Systems Research Centre (SSRC) is pioneering a first-in-the-region Motion Capture (Mocap) facility.
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Taqeef launches new range of inverter-ducted split ACs
Taqeef has announced the launch of its new range of inverter-ducted split air-conditioning units for the region. The O General model, available in 1.5 to 5 tonne range, is seen as a leader in cooling capacity, power consumption and low-noise capability.
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Aramco, P1 Racing Fuels seal FIA World Rally deal
Saudi Aramco has signed a pact with P1 Racing Fuels and WRC Promoter, the commercial rights owner of FIA World Rally Championship (WRC), to support the global motorsport series in its purpose-driven transition towards sustainable motorsport and mobility.
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ADQ to acquire Swiss-based pharmaceutical Acino
ADQ, one of the region's largest holding companies, has entered into a definitive agreement to acquire Swiss-based Acino, a leading provider of high-quality pharmaceuticals.
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Abu Dhabi's twofour54 to sell mobile gaming studio for $205m
Media and entertainment hub twofour54 Abu Dhabi said it has reached an agreement with Stillfront Group to sell its mobile gaming studio Jawaker for AED753 million ($205 million), thus representing a key milestone in its regional expansion plan.
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Birmingham University, Siemens to set up world's smartest campus
University of Birmingham has teamed up with Siemens to transform its UK and Dubai facilities into the world's 'smartest university campuses' through a combination of digital sensor, analytic technologies, AI and decentralised energy generation.
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Expo 2020 introduces Rising Flavours dining hall
Expo 2020 Dubai is set to serve up a new culinary experience for visitors with the Rising Flavours Food Hall, shining a light on the GCC’s cultures and cuisines. The three-storey dining hall will highlight the range of the Gulf region’s food scene.
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