Abu Dhabi-listed investment holding company Q Holding has acquired 100 percent of shares of Reem Investments Company as part of its strategy to broaden its portfolio of investment assets. As part of the transaction, 17.33 of the company’s shares will be allocated for each share acquired from Reem Investments’ shareholders, Q Holding said in a […]
Saudi Arabia’s Ministry of Industry and Mineral Resources said it has secured $6 billion for a steel plate mill complex and electric vehicle battery metals plant as part of plans to lure $32 billion of investment into the mining sector. The ministry’s target would fund nine mining projects for midstream minerals and metals, said Industry […]
OPEC member Kuwait has invited five Western companies to bid for preparing a feasibility study for a petrochemical project in the Gulf emirate. The state-owned Petrochemical Industries Company (PIC) has asked the firms to submit their bids on May 17 and invited them for a meeting on May 9 to brief them on the project, […]
Qatar’s military spending last year was 434% higher than in 2010, the last time such data was released by the Gulf state. Last year military spending amounted to $11.6 billion, with 4.8 per cent of its gross domestic product (GDP) used on defence, making Qatar the fifth largest spender in the Middle East. The figures […]
Iraq plans to sign a deal next month to import liquefied natural gas from Qatar in an effort to secure enough of the fuel used for power generation and to diversify its sources of supply. Buying Qatari LNG will help replace some of the gas currently piped from Iran, Iraqi electricity minister Adel Kareem said […]
RIYADH: Mexican global building material company Cemex is to drop its investments in Egypt and UAE by $10 million, according to Carlos Gonzalez, the CEO of Cemex Egypt and UAE. The original plan had been to invest $20 million, but that will now be halved. This is mainly attributed to the supply chain crisis which […]
RIYADH: Instability in the energy sector as a result of skyrocketing prices was exacerbated by Russia’s invasion of Ukraine. Not only is the UK planning to revamp the way it generates electricity, but also it is looking to construct new nuclear power stations to secure independence from Russia and ease the pain on consumers. China […]
JERUSALEM: Israel and the UAE said Friday they had agreed on the terms of a free trade agreement to boost commercial relations following their normalization of ties, AFP is reporting. Israel described as “historic” the deal abolishing customs duties on “95 percent of the products” exchanged between the Jewish state and Gulf Arab country. The […]
RIYADH: The US is playing down a nuclear deal with Iran, the negotiations of which would involve Moscow, in another example of the complications caused by the war between Russia and Ukraine. The conflict is also affecting costs of raw materials which, in return, is impacting costs of electric trucks, solar power, and wind power. […]
US blasts participation of Iran, ‘which is single-handedly threatening maritime stability in the Gulf’
