UAE signs purchase deal of two Airbus military aircrafts for $680m

UAE signs purchase deal of two Airbus military aircrafts for $680m
UAE Ministry of Defence press conference, Dubai Airshow 2021
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Updated 14 November 2021

UAE signs purchase deal of two Airbus military aircrafts for $680m

UAE signs purchase deal of two Airbus military aircrafts for $680m
  • The ministry also signed deals with Thales, and Goodrich Corporation, a spokesperson confirmed

DUBAI: The UAE Ministry of Defense has signed a contract to purchase two Airbus A330 Multi Role Tanker Transport (MRTT) for 2.6 billion dirhams ($680 million). 

The new aerial refuelling tanker aircrafts will add to the ministry’s existing fleet of three A330 MRTTs, it announced in a press conference on Sunday. 

The ministry also signed deals with Thales, and Goodrich Corporation, a spokesperson confirmed, adding the ministry is set to announce more agreements over the next few days at the Dubai Airshow. 

Meanwhile, UAE’s EDGE Group announced it won an 11 billion dirham contract to service UAE Air Force and Air Defence aircrafts. 

The deal sets out EDGE’s role to provide maintenance, repair, and overhaul of UAE military aircrafts, as well as perform specialized support services, the company said in a statement. 


Saudi Arabia advances 10 places in the WEF’s global tourism index 

Saudi Arabia advances 10 places in the WEF’s global tourism index 
Updated 16 sec ago

Saudi Arabia advances 10 places in the WEF’s global tourism index 

Saudi Arabia advances 10 places in the WEF’s global tourism index 

RIYADH: Saudi Arabia has jumped to 33rd place in the World Economic Forum’s Travel & Tourism Development Index 2021, advancing 10 places compared to 2019.

Globally, the Kingdom ranked first in terms of demand pressure and ninth in terms of prioritization of travel and tourism, according to tourism minister Ahmed Al-Khateeb's tweet. 

“We have vision, leadership, commitment and the energy of the Saudi people. Together we are creating a tourism sector that will drive our prosperity,” he said in his tweet. 

Saudi Arabia’s key improvements were in tourist service infrastructure as it advanced 7 places to rank the 40th. In addition to its timelines of tourism data as it jumped to the first place, up from the eighth. 


MENA Project Tracker: Jeddah Central Development appoints Modern Building Leaders for $20bn project

MENA Project Tracker: Jeddah Central Development appoints Modern Building Leaders for $20bn project
Updated 7 min 23 sec ago

MENA Project Tracker: Jeddah Central Development appoints Modern Building Leaders for $20bn project

MENA Project Tracker: Jeddah Central Development appoints Modern Building Leaders for $20bn project

RIYADH: Jeddah Central Development Co. has appointed local Modern Building Leaders for a major real estate project.

Abu Dhabi Investment Office is also partnering with Abu Dhabi Department of Education on the construction of three new schools.

Additionally, Oman’s Salalah Free Zone is collaborating with Salalah Petroleum Co. for a mega petrochemicals plant. The deadline for Libya’s Tobruk terminal upgrade has been extended.

Meanwhile, China’s Longi will supply solar photovoltaic panels to an independent power project in Rabigh, Saudi Arabia.

·      Jeddah Central Development Co., a wholly-owned unit of Saudi Arabia’s sovereign wealth fund Public Investment Fund, has awarded local Modern Building Leaders, the development works contract for the first phase of its major SR 75 billion ($20 billion) Central Jeddah Project, Trade Arabia reported. Under the terms of the contract, MBL will be accountable for the infrastructure, marine works, relocation of water, electricity, and waste management infrastructure services. The project is set to be developed on a 5.7 million square meter area in the Saudi port city of Jeddah.

·      Abu Dhabi Investment Office is partnering with Abu Dhabi Department of Education on the development of three schools in Zayed city, Trade Arabia reported. The project will be led by Belgian construction firm Besix as well as Australian infrastructure investment business Plenary Group. Scope of the work for the project includes the design, construction, finance, and maintenance of three campuses that are capable of accommodating 5,360 students in the city.

·      One of Oman’s most important industrial hubs, the Salalah Free Zone, has signed a protocol with domestic Salalah Petroleum Co. to establish a $88 million petrochemicals production facility, MEED reported. The petrochemicals plant – which will be located within the Salalah Free Zone – will spread over an area of 78,000 square meters. In addition to this, output from the facility is set to be exported via the Port of Salalah. 

·      The deadline to submit the prequalification documents for Libya’s $300 million Tobruk Oil terminal modernization program has been pushed to June 7, from 21 of March previously, MEED reported. This is mainly attributed to political and security instability in the African country. A subsidiary of the country’s National Oil Corporation, Brega Petroleum Marketing Co. is the client working on the project.

·      Chinese photovoltaic company Longi has been awarded a contract to supply solar photovoltaic panels to South Rabigh Renewable Energy CO.’s solar photovoltaic independent power project in Saudi Arabia, MEED reported. The panel cells are forecasted to entail a capacity of up to 400 MW alternating current.


Commodities Update — Gold falls; Silver down; Grains ease

Commodities Update — Gold falls; Silver down; Grains ease
Updated 17 min 17 sec ago

Commodities Update — Gold falls; Silver down; Grains ease

Commodities Update — Gold falls; Silver down; Grains ease

RIYADH: Gold prices slipped on Wednesday, pressured by a firmer dollar as investors look to minutes from the US Federal Reserve’s May policy meeting due later in the day for cues on its policy tightening path.

Spot gold fell 0.6 percent to $1,855.03 per ounce by 1134 GMT, on track to snap a five-day winning streak. US gold futures dropped 0.6 percent to $1,853.40.

Silver down

Spot silver fell 1.5 percent to $21.76 per ounce, while platinum shed 1.4 percent to $940.89. 

Palladium was 0.7 percent lower at $1,992.37. 

Wheat heads lower

US wheat futures fell on Wednesday following reports that Russia was ready to provide humanitarian corridors for food shipments, while corn hovered near a six-week low as US planting picked up and China allowed Brazilian corn imports.

The most-active wheat contract on the Chicago Board of Trade was down 2.8 percent at $11.22 a bushel by 1023 GMT.

Corn eased 1.2 percent to $7.62-1/4 a bushel after falling 1.8 percent on Tuesday while soybeans edged 0.4 percent lower to $16.86-1/4 a bushel.

(With input from Reuters) 


TASI ends higher as investor worries recede: Closing bell

TASI ends higher as investor worries recede: Closing bell
Updated 17 min 32 sec ago

TASI ends higher as investor worries recede: Closing bell

TASI ends higher as investor worries recede: Closing bell

RIYADH: Saudi Arabia’s main index closed higher today, boosted by optimism from investors as earnings season concluded on a positive note, after listed companies reported 73 percent profit growth in the first quarter.

As of Wednesday’s closing bell, TASI gained 2.34 percent to reach 12,588, while the parallel market, Nomu, slipped 1.04 percent to 22,020.

In the financial sector, Riyad Bank rose 8.25 percent to lead the gainers, while Rajhi and Alinma Bank climbed 3.18 percent and 5.40 percent, respectively.

Saudi Industrial Export Co. fell 5.48 percent to lead the laggards, despite leading the market in early trade.

Among the gainers on the list, Saudi Electricity Co. rose 6.22 percent, and Almarai Co. increased 6.01 percent.

Telecom giants stc and Zain KSA were both up by 0.77 percent and 0.93 percent respectively.

In the pharma sector, Aldawaa Medical Services Co. increased 1.04 percent, while Nahdi Medical Co. added 0.39 percent.

Saudi Aramco, the largest player on the Saudi oil market, opened today’s trading up 2.12 percent.

On the energy market, Brent crude traded at $114.70 per barrel and West Texas Intermediate crude traded at $111.07 per barrel, as of 3:39 p.m. Saudi time.


National Bank of Kuwait stops operations in Jordan

National Bank of Kuwait stops operations in Jordan
Updated 47 min 23 sec ago

National Bank of Kuwait stops operations in Jordan

National Bank of Kuwait stops operations in Jordan

RIYADH: Following the sale of its banking business to the Arab Jordan Investment Bank, the National Bank of Kuwait has halted its operations in Jordan.

The bank said in a statement that all assets and liabilities will be transferred to the Arab Jordan Investment Bank, as of May 25, including accounts balances, deposits and loans.

Meanwhile, the Central Bank of Jordan terminated the license of the National Bank of Kuwait as of Wednesday.