UAE’s Sky Abu Dhabi plans $950m Egypt investment in next two years

UAE’s Sky Abu Dhabi plans $950m Egypt investment in next two years
Saleh Mohammed Bin Nasra, Owner of Diamond Group and Abdelrahman Agami CEO of Diamond Group and Sky Abu Dhabi Development. (Supplied)
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Updated 03 February 2021

UAE’s Sky Abu Dhabi plans $950m Egypt investment in next two years

UAE’s Sky Abu Dhabi plans $950m Egypt investment in next two years
  • The company plans to spend 300 million Egyptian pounds on construction of the project this year

CAIRO: Sky Abu Dhabi, the real estate subsidiary of the UAE-based Emirati Diamond Group, will invest 15 billion Egyptian pounds ($950 million) in the Egyptian real estate market over the next two years.

Abdel Rahman Agamy, CEO of Emirati Diamond Company and Sky Abu Dhabi, said the company’s first project will be a 4 billion Egyptian pound investment in Egypt’s New Administrative Capital development.

He told a press conference to announce the start of the company’s business in Egypt that the project extends over an area of 24 acres and includes the establishment of an integrated urban community consisting of around 1,000 housing units.

The company plans to spend 300 million Egyptian pounds on construction of the project this year, while aiming for sales of 1.5 billion Egyptian pounds in 2021, the CEO said.

Agamy said that the value of the land on which the project is based is estimated at 650 million Egyptian pounds due to the distinctive location.

The CEO said the make-up of the company’s project was in line with the wider masterplan for the New Administrative Capital, with 80 percent of the project consisting of residential units and the remaining 20 percent for commercial use.

Sky Abu Dhabi’s portfolio of projects includes 17 projects in the UAE market.


EV Metals partners with Yanbu Royal commission to build $900m battery chemicals complex

EV Metals partners with Yanbu Royal commission to build $900m battery chemicals complex
Updated 28 September 2021

EV Metals partners with Yanbu Royal commission to build $900m battery chemicals complex

EV Metals partners with Yanbu Royal commission to build $900m battery chemicals complex

RIYADH: The Royal Commission in Yanbu on Wednesday signed a $900 million investment agreement with EV Metals to establish and operate a factory for the production of electric battery chemicals.

The facility will be spread over 127 hectares and the investment volume is approximately SR3,375 million. The project is expected to create 494 jobs.


OPEC's Barkindo expects oil demand to continue upward pace beyond 2021

OPEC's Barkindo expects oil demand to continue upward pace beyond 2021
Updated 29 min 58 sec ago

OPEC's Barkindo expects oil demand to continue upward pace beyond 2021

OPEC's Barkindo expects oil demand to continue upward pace beyond 2021

RIYADH: The secretary-general of the Organization of the Petroleum Exporting Countries, Mohammed Barkindo, is bullish on oil recovery and sees demand to pick up over the next few years.

“Energy and oil demand have picked up significantly in 2021, after the massive drop in 2020, and continued expansion is forecast for the longer-term,” Barkindo wrote today in the group’s World Oil Outlook.

“Non-OPEC liquids supply is projected to rise from 62.9 mb/d in 2020 to 70.4 mb/d in 2026, the key contributors to growth are the US, Brazil, Russia, Guyana, Canada, Kazakhstan, Norway and Qatar,” OPEC’s chief said in a virtual press conference.

Non-OPEC liquids output is set to decline from a peak of 71 mb/d around 2030 to 65.5 mb/d in 2045.

The WOO report says that more electric vehicles on the road for alternative energy will decline the demand for oil in rich countries.

Internal combustion engine vehicles are set to retain the largest market share at over 76 percent by 2045. Oil demand in the transportation sector is expected to stay around 46 mb/d after 2025.

Indian Minister of Petroleum and Natural Gas Shri Puri said: “OPEC should move toward reliable pricing globally as cost of prices plays a crucial role in global interest.” 

Dr. Ayed Al-Qahtani, director of research at OPEC, said that short-term investment is of paramount importance to prevent a potential hike in prices.

Brent oil dipped on Tuesday after topping $80 per barrel for the first time in nearly three years, as a five-day rally ran out of steam with investors locking in profits.

Oil benchmark prices have been on a tear, with fuel demand growing and traders expecting major oil-producing nations will decide to keep supplies tight when OPEC meets next week.

Brent dipped 75 cents, or 0.9 percent, to $78.78 a barrel at 12:37 a.m. EDT (1637 GMT), after reaching its highest level since October 2018 at $80.75.

US West Texas Intermediate crude fell 60 cents, or 0.8 percent, to $74.85 a barrel, after hitting a session high of $76.67, highest since July.


Ma'aden adds four new vessels to its fleet to ship ammonia

Ma'aden adds four new vessels to its fleet to ship ammonia
Updated 28 September 2021

Ma'aden adds four new vessels to its fleet to ship ammonia

Ma'aden adds four new vessels to its fleet to ship ammonia

RIYADH: Saudi Arabian Mining Company (Ma’aden), has signed agreements with Thenamaris LNG Inc. and Exmar Marine NV to hire a total of four vessels to transport ammonia produced by the company.


Saudi Tourism Development Fund signs financing agreements to develop Jeddah projects

Saudi Tourism Development Fund signs financing agreements to develop Jeddah projects
Updated 28 September 2021

Saudi Tourism Development Fund signs financing agreements to develop Jeddah projects

Saudi Tourism Development Fund signs financing agreements to develop Jeddah projects

RIYADH: Saudi Arabia's Tourism Development Fund (TDF) signed two financing agreements with Dallah Al-Baraka Group and Dallah Real Estate Company, to develop a tourism project at the Durrat Al-Arous resort in Jeddah, accordign to an emailed statement.

Saudi Arabia’s Tourism Development Fund signed two financing agreements with Dallah Al-Baraka Group and Dallah Real Estate Company, to develop a tourism project at the Durrat Al-Arous resort in Jeddah, accordign to an emailed statement.

Under the deal, the tourism fund provide funds for the development of “Durrat Lagoon,” which will be operated by Hotel Indigo.

“The financing and support services provided by the Tourism Development Fund contribute significantly to enhancing the experiences of investors and the value of their projects, as well as boosting the Kingdom’s ability to attract tourists from around the world,” Mohiuddin Saleh Kamel, vice chairman of Dallah Al-Baraka Group, said.

The second agreement was signed with 17Sixty to provide a variety of recreational activities enabling visitors of Durrat Al-Arous resort to safely explore the depths of the Red Sea.

“TDF is focused on providing innovative solutions that link investors to the abundant opportunities in the Saudi tourism sector, contributing to achieving the objectives of the National Tourism Strategy and consolidating the Kingdom’s position as a tourist destination that attracts visitors from all over the world,” the fund’s CEO, Qusai Al-Fakhri, said.


Saudi net foreign assets fall to $437bn in August, central bank data shows

Saudi net foreign assets fall to $437bn in August, central bank data shows
Updated 28 September 2021

Saudi net foreign assets fall to $437bn in August, central bank data shows

Saudi net foreign assets fall to $437bn in August, central bank data shows

Saudi Arabia’s net foreign assets dropped over 0.1 percent in August, according to newly-released figures.

Data from the Saudi Central Bank (SAMA) showed the assets, which measures its ability to support its dollar-pegged assets, falling to 1.64 trillion riyals in August from the month before.

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