Browsing: Business

In order to drive offshore operational efficiency and expand crude oil production capacity to five million barrels per day (mmbpd) by 2030, Abu Dhabi National Oil Company (ADNOC) has agreed to pay $1.17 billion (AED4.3 billion) for the hiring of 13 self-propelled jack-up barges. The five-year contract was awarded by ADNOC Offshore to ADNOC Logistics & Services (ADNOC L&S) and highlights ADNOC’s world-class capabilities. Under ADNOC’s In-Country Value (ICV) programme, 80 percent of the award value will flow back into the UAE’s economy. With ADNOC L&S’s single-point responsibility, the 13 self-propelled jack-up barges enable rig-less operations and maintenance, enabling enhanced…

Egypt’s planning ministry announced on Wednesday that the Saudi Egyptian Investment Company (SEIC), established by the Saudi Arabian Public Investment Fund (PIF), has purchased minority stakes in four Egyptian companies valued at approximately $1.3 billion. Among these four companies are Abu Qir Fertilizers and Chemical Industries ABUK.CA, Misr Fertilizers Production Company MFPC.CA, Alexandria Container and Cargo Handling ALCN.CA, and E-Finance for Financial and Digital Investments EFIH.CA. As a global impactful investor, the Public Investment Fund (PIF) has a world-class investment portfolio with a focus on sustainable investments, both domestically and internationally. PIF has established 54 companies in 13 strategic sectors,…

In response to Nigerian President Muhammadu Buhari’s approval of the $1.28 billion sale of shares in Exxon Mobil’s Nigerian unit to Seplat, Nigeria’s petroleum regulator said it stood by its refusal to approve the deal. Under a newly enacted petroleum law passed last year, the petroleum minister can only approve such an acquisition upon recommendation from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Reports by Reuters indicate that Buhari also holds the position of petroleum minister. This is purely a regulatory issue, and the commission has communicated to ExxonMobil the decline of ministerial consent in this regard. Therefore, the status…

A definitive agreement has been reached between Mubadala Capital, an asset management subsidiary of Mubadala Investment Company, and Canada Cartage, a leading logistics company. To some of Canada’s largest blue-chip companies in grocery, food, retail, and e-commerce, Canada Cartage provides dedicated national fleet solutions, general freight services, managed transportation, fulfillment, and distribution, as well as home delivery services. With 33 facilities across Canada, Canada Cartage operates two business segments, Dedicated Transportation and Logistics. In the Dedicated Transportation business, customers are able to achieve cost efficiency and reallocate resources to their core operations by having their transportation needs expertly managed. This…

According to Ministry of Finance statistics, Abu Dhabi’s public spending in the first quarter of 2022 totaled AED87.4 billion, an increase of 19.6 percent and equivalent to AED14.34 billion over the same period last year. Moreover, the figures showed that the country’s public spending in the first quarter of 2022 included some AED28.7 billion for employee compensation payments, as compared to AED24.6 billion in 2021, an increase of 16.6 percent and equivalent to AED4.1 billion. In addition, public spending included AED30.9 billion in goods and services, AED14.1 billion in social benefits, AED6.4 billion in financial aid, AED1.7 billion in interest,…

An international buyer-seller meet in Ladakh attended by buyers from Dubai and Oman and buyer-seller meetings in the UAE on agricultural and food products with registered geographical indications (GIs) tags, as well as a mango festival in Bahrain, resulted in India exporting these items by 31 percent between April and June. From April to June 2022, the export of agricultural and food products in India increased by US$7,408 million from $5,663 million in the previous fiscal year, according to data released by the Directorate General of Commercial Intelligence and Statistics (DGCI&S). This quarter’s export target was $5,890 million, which was…

In the wake of the developments in Ukraine, food prices fell for the fourth consecutive month in July, according to the Food and Agricultural Organization (FAO). As expected, the UN agency has published its latest Food Price Index, a barometer that tracks changes in prices of five food commodities: cereals, vegetable oils, dairy products, meat, and sugar. In July, the index averaged 140.9 points, down 8.6 points from June. As a result of the UN-brokered agreement on Ukrainian grain exports, vegetable oils and cereals experienced double-digit percentage drops in price. “Especially from a food access perspective, the decline in food…

A joint development agreement between Masdar and Tanzania Electric Supply Company Ltd. (TANESCO) has been signed regarding the development of renewable energy projects up to 2 gigawatts (GW). The signing was attended by Hon. January Makamba, Minister for Energy for Tanzania, and the Joint Development Agreement (JDA) was signed by Abdulla Zayed, Head of Business Development & Investment at Masdar, and Maharage Chande, Managing Director of TANESCO, on the sidelines of the Tanzania Energy Congress. As part of the JDA, the two organizations will establish a co-owned joint venture company (JV). The two companies intend to develop solar photovoltaic (PV)…

Under Prime Minister Narendra Modi, India has planned to build and operationalize 220 airports, heliports, and water aerodromes over the next five years. In a written reply to a question in the Rajya Sabha, Union Minister for Civil Aviation Jyotiraditya Scindia informed that till 2014, there were 74 airports operating in the country, and at present, there are 141. It nearly doubles the number developed by the Congress government over the past several decades, illustrating their inefficiency. According to him, increasing airport capacity is a continuous process and is undertaken by the Airports Authority of India (AAI) and the concerned…

The revenue from the Suez Canal for Egypt in July amounted to $704 million, according to the chairman of the Suez Canal Authority, Osama Rabea, on Tuesday. According to Rabea, the Canal has reached its highest transit rate of 2,103 vessels per month. It has also reached its highest net tonnage of 125.1 million tonnes per month. In the financial year to June 30, Egypt’s Suez Canal revenue hit a record high of $7 billion, up 20.7% from the previous year. In a statement, the authority attributed the increase to an increase in vessel numbers and cargoes. This resulted in…