Saturday 20 July 2019

ADFD's overseas projects funding soars to $25bn

Abu Dhabi Fund for Development (ADFD), a leading Emirati national entity for international development aid, has announced that it has allocated about Dh92 billion ($25 billion) in development funding and investments to 90 beneficiary countries. Since its inception on July 15, 197


Utico to buy 88pc stake in Singapore’s Hyflux for $394m

UAE-based utility firm Utico said it has reached an agreement with top Singaporean group Hyflux to buy an 88 per cent stake in the company for S$535 million ($394 million), thus setting the stage for the company's restructuring. Utico pointed out that the deal, which is subje


Saudi Arabia likely to see surge in M&A activity

Saudi Arabia is expected to witness a leap in merger and acquisition (M&A) activities during the current year, as local and foreign investors have gained confidence due to the positive fundamentals and continued growth of the economy, said a top official. "Confidence is


UAE residents back nuke energy programme: poll

UAE residents are in favour of, and have a strong understanding of the UAE Peaceful Nuclear Energy Programme, a new national poll on nuclear energy has shown. The poll revealed some of the highest favourability rates for nuclear energy in the world –higher than any other nu


Schneider Electric seals partnership deal with Nigerian group

Schneider Electric, a leader in digital transformation of energy management and automation, has signed an agreement with EM-One Energy Solutions, a Nigerian sustainable energy engineering company, to help create an African mini-grid industry. The mini-grid industry will involve d


Mena needs $209bn in power spend over 5 years, says study

Over the next five years, the Middle East and North Africa (Mena) region will need to invest $209 billion in the power sector, according to the latest Mena Power Investment Outlook 2019-2023 report issued by the Arab Petroleum Investments Corporation (Apicorp), a multilateral development fina


Golden Gate seals key Arabian Business Community deal

Golden Gate, a major real estate development company in Bahrain, is the latest organisation to join the rapidly growing Arabian Business Community (ABC) Bahrain portal, securing one of the most sought-after positions on the site.   The company has agreed to spon


UAE opens solar water pumping station in Yemen

The UAE has opened an integrated solar-powered water pumping station in the district of Naseeb in the Shabwa Governorate of Yemen. The unit will supply water to residents of Dar'aa and Mouriba areas and neighbouring villages.   Hamid Rashid Al Shamsi, the Em


Abu Dhabi energy unit launches instant licensing system

The Abu Dhabi Department of Energy (DoE), in cooperation with Abu Dhabi Digital Authority (ADDA), has announced the launch of instant licensing services through the Abu Dhabi Government Services System,Tamm.    The mutual venture aims to facilitate fast and


Royal Boskalis in Iraq offshore oil export installation deal

Leading Dutch maritime services company Royal Boskalis Westminster NV (Boskalis) said Iraq's government has authorised the oil ministry to sign an initial agreement with the group to build an offshore oil export installation.   A major player in the region,

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