UAE economy to grow 10% over the next decade, says Minister

UAE economy to grow 10% over the next decade, says Minister
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Updated 06 September 2021

UAE economy to grow 10% over the next decade, says Minister

UAE economy to grow 10% over the next decade, says Minister
  • The UAE economy, built over a period of 50 years, has the potential for growth of more than 10 percent in the next ten years
  • New legislation in the last stage include 100 percent foreign ownership to attract foreign investments and open foreign horizons

RIYADH: The UAE economy, built over a period of 50 years, has the potential for growth of more than 10 percent in the next ten years, Minister of Economy Abdulla bin Touq said.

The country "provided investors with flexible legislation, proactive steps and stimulus packages that amounted to 100 billion Emirati dirhams ($27.2 billion), in addition to addressing the situation to attract investment," bin Touq said.

"There are legislations launched in the last stage, such as 100 percent foreign ownership to attract foreign investments and open foreign horizons for the UAE's exports to the world," he said during an interview with Al Arabiya.

Among the most prominent efforts "presented by the UAE were commercial transactions and the Companies Law, which approved 100 percent foreign ownership of companies," he explained.


The UAE's hosting of the Future Investments Summit will bring together minds from government agencies, businessmen, investment funds and academics to focus on what are the future investments in the next fifty years, he added.


Indian CARS24 raises $20m from the Commercial Bank of Dubai

Indian CARS24 raises $20m from the Commercial Bank of Dubai
Image: Shutterstock
Updated 13 sec ago

Indian CARS24 raises $20m from the Commercial Bank of Dubai

Indian CARS24 raises $20m from the Commercial Bank of Dubai
  • The funding came following CARS24 's $450 million funding round last September

RIYADH: India-based automotive e-commerce platform CARS24 raised 75 million dirham ($20 million) in local debt funding from the Commercial Bank of Dubai.

The debt funding fuels the company’s operational expansion in the UAE and provides it with significant funding flexibility, Wamda reported. 

The funding came following CARS24 's $450 million funding round last September, and its announcement of further investing $23 million in the UAE and other GCC countries to expand its presence.

“Since last year, there has been a huge increase in the number of online2offline businesses, partially due to the recent global pandemic.  We see a clear need to back these businesses and provide them with the funds they require to scale up and expand,” 

 CBD chief Bernd van Linder said. 

Founded in 2015, CARS24 launched its operations in the UAE market in May 2021 with a presence in Australia, Saudi Arabia, Thailand, allowing its customers to buy and sell pre-owned vehicles online.


Industry leaders to attend Riyadh mineral summit in 2022

Industry leaders to attend Riyadh mineral summit in 2022
Updated 2 min 48 sec ago

Industry leaders to attend Riyadh mineral summit in 2022

Industry leaders to attend Riyadh mineral summit in 2022

RIYADH: Industry leaders from around the world will attend the Future Minerals Summit, which will be held next year from Jan. 11 to 13 in Riyadh, the Saudi Press Agency reported.

Prominent organizations include ACWA Power, Lucid Motor, Barrick Gold Corp., Ivanhoe Mines, the World Bank, the World Gold Council, and the International Council on Mining and Metals. 

The event aims to showcase investment opportunities in the Kingdom’s mining sector.

More than 50 international speakers will attend the summit. Ministers from over 25 Asian and African countries will also hold a meeting, the Saudi Industry Ministry has confirmed.

Speakers will highlight the existing opportunities in the fast-developing mining sector in Saudi Arabia and the rest of the Middle East, Central Asia and Africa, said Khalid Al-Mudaifer, vice minister for mining affairs at the Saudi Ministry of Industry and Mineral Resources.


UAE’s DEWA selects banks for multi-billion dollar IPO

UAE’s DEWA selects banks for multi-billion dollar IPO
Updated 7 min 8 sec ago

UAE’s DEWA selects banks for multi-billion dollar IPO

UAE’s DEWA selects banks for multi-billion dollar IPO

RIYADH: Dubai’s main supplier of water and electricity, DEWA, has selected Citigroup, HSBC Holdings, Emirates NBD Bank to lead its initial public offering, Bloomberg reported.

The state-owned company is expected to become the biggest listing in the emirate, and is planning to seek a valuation of around $20 billion to $25 billion.

DEWA has also picked other banks for minor roles.

While Dubai requires companies to sell at least 25 percent of their shares in IPO, the state-owned utility may opt for a smaller amount at first.

The company caters to all Dubai residents and operated 12.3 gigawatts of power capacity last year.

 


UAE’s ADNOC to invest $127bn in 2022-26 as oil, gas reserves rise

UAE’s ADNOC to invest $127bn in 2022-26 as oil, gas reserves rise
Image: Shutterstock
Updated 16 min 12 sec ago

UAE’s ADNOC to invest $127bn in 2022-26 as oil, gas reserves rise

UAE’s ADNOC to invest $127bn in 2022-26 as oil, gas reserves rise
  • ADNOC said that reinforced the UAE’s position as number six in the world for oil reserves and number seven for gas reserves

Abu Dhabi National Oil Company announced on Wednesday a $127 billion capital spending plan for 2022-2026, as it reported an increase in the United Arab Emirates’ oil and natural gas reserves.


The state-owned company said national reserves had risen by 4 billion stock tank barrels, stb, of oil and 16 trillion standard cubic feet, scf, of natural gas, taking the totals to 111 billion stb and 289 trillion scf respectively.


ADNOC said that reinforced the UAE’s position as number six in the world for oil reserves and number seven for gas reserves.


Abu Dhabi Crown Prince Sheikh Moahmmed bin Zayed chaired the company’s annual board meeting, which approved capital spending of 466 billion dirhams ($127 billion) for 2022-2026, up from $122 billion for 2021-25.


The investment will expand upstream production capacity, the company’s downstream portfolio, plus low carbon and clean energy businesses, it said, without giving details.


ADNOC said that since the launch of its so-called in-country value program in 2018, it had driven 105 billion dirhams back into the UAE economy and created over 3,000 jobs in the private sector, including over 1,000 this year.


It aims to drive over 160 billion dirhams back into the UAE economy across 2022-2026 through the same program, it added.


The ADNOC board also approved a “New Energies Strategy” aimed at reducing its carbon footprint and capitalizing on opportunities in renewable energy, hydrogen and other lower carbon fuels.


Separately, the government announced a global clean energy powerhouse intended to spearhead the drive to net-zero carbon by 2050.

Consolidating their combined efforts in renewable energy and green hydrogen, Abu Dhabi National Energy Company PJSC (TAQA), Mubadala Investment Co. and ADNOC will partner under the Abu Dhabi Future Energy Company (Masdar) brand.


The partnership will have a combined current, committed, and exclusive capacity of over 23 gigawatts (GW) of renewable energy, with the expectation of reaching well over 50 GW total capacity by 2030, TAQA said in a separate statement.


TAQA will take the leading role with a 43 percent shareholding in Masdar’s renewable energy business, with Mubadala holding 33 percent and ADNOC 24 percent.


Meanwhile, ADNOC will take the leading role with a 43 percent shareholding in Masdar’s green hydrogen business, with Mubadala holding 33 percent and TAQA 24 percent, it said.


Egyptian startup Klickit completes its first funding round 

Egyptian startup Klickit completes its first funding round 
Updated 30 min 28 sec ago

Egyptian startup Klickit completes its first funding round 

Egyptian startup Klickit completes its first funding round 

RIYADH: Egypt-based fintech Klickit has completed its first investment round, led by EFG Finance and Camel Ventures, the venture capital arm of dfin Holdings, Wanda reported. 

The amount of the funding is not disclosed.

The investment seeks to solidify the startup’s technology stack and implement value-added services to sell new services to the company’s wide network of schools and universities. 

Founded in 2017, Klickit is a payment management and digital collection platform that aims to digitize payment services. 

Klickit currently serves over 55,000 Egyptian public schools, and more than 25 million students, under the Ministry of Education.  

It has processed over 500 million Egyptian pounds ($32 million) in different kinds of payment transactions for educational entities since its inception.