Suez Canal Economic Zone signs $2.6bn petchem deal

Suez Canal Economic Zone signs $2.6bn petchem deal
Egypt expects an 11 percent hike in the revenues from Suez Canal during the first half of 2022. (Shutterstock)
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Updated 22 December 2021

Suez Canal Economic Zone signs $2.6bn petchem deal

Suez Canal Economic Zone signs $2.6bn petchem deal
  • The complex aims to export all of this, in line with Egypt’s plan to increase exports of petrochemical products

RIYADH: The Suez Canal Economic Zone has signed a $2.6 billion contract to build an international methanol and ammonia production complex in Ain Sukhna in Egypt, on the western shore of the Red Sea.

The project will be implemented in two phases, with the first ending in 2025 at a cost of about $1.6 billion.  The second, at an estimated cost of $1 billion, will do so over three years. 

The production capacity of the first phase is estimated at 1 million tons of methanol and 400,000 tons of ammonia annually, according to a statement.

The complex aims to export all of this, in line with Egypt’s plan to increase exports of petrochemical products, the head of the economic zone, Yahya Zaki, said.

The complex will provide about 1,200 direct and indirect job opportunities, Zaki added.

Canal revenues

Egypt expects an 11 percent hike in the revenues from the Suez Canal during the first half of 2022, Lt. Gen. Osama Rabie said in a TV interview on Monday.

The chairman and the managing director of the Suez Canal Authority said he expects a commercial boom in the coming period with demand for the channel growing by 11 percent during the next six months.

Rabie said the canal’s revenues during 2021 until the first half of December reached $6 billion, a 13 percent increase as compared with the previous year.


Techies in Dubai boast top-dollar salaries 

Techies in Dubai boast top-dollar salaries 
Updated 53 min 2 sec ago

Techies in Dubai boast top-dollar salaries 

Techies in Dubai boast top-dollar salaries 
  • Software engineers in Dubai earn nearly 30% more than workers in London, Amsterdam and Berlin

LONDON: Software engineers in Dubai with at least three years of experience earn the third highest salaries in the world compared to other global technology hubs, according to global consulting firm Mercer.

When compared to other global tech hubs such as London, Amsterdam, and Berlin, software engineers in Dubai earn nearly 30 percent more.

This reaffirms the UAE’s ambition to attract top digital talent and become a global tech talent magnet that fuels the digital economy’s growth.

Mercer’s Cost of Living 2022 survey also revealed that while Dubai ranked as the 31st most expensive city to live and work in for expatriates this year, its cost of living remains significantly lower than most tech hubs, including London (seventh), Singapore (eighth), New York (11th), San Francisco (19th), and Amsterdam (25th).

Almost 60 percent of UAE employers provide flexible working, reducing employees’ transportation costs. Dubai is also less expensive in terms of housing and rental costs, which accounts for a significant portion of the cost of living in a city.

“Dubai’s status as a global business hub, coupled with its income tax-free environment, world-class infrastructure, safety, and high quality of life make the emirate a very attractive market for talent,” said Vladimir Vrzhovski, workforce mobility leader at Mercer Middle East.

He added: “The demand for tech talent, in particular, will continue to grow in the UAE given the nation’s drive to be a global capital of the digital economy. Above all, a key incentive for tech talent is the opportunity for a significant uplift in salary when compared to other tech hubs, where the cost of living is higher in terms of transportation and housing.

“While inflation and rising fuel costs are a pressure on the cost of living around the globe, Dubai is building a nurturing and highly competitive tech ecosystem that pays highly competitive salaries — creating an environment that promises to attract and retain the best talent globally.

“Over the years, the UAE has also implemented several initiatives that make it easier for talent to live, work and stay in the country. The launch of the Golden Visa program in addition to Dubai’s recently announced Talent Pass aims to attract global professionals in the fields of technology amongst other key areas.

“National initiatives, such as the National Program for Coders launched last year, is designed to attract 100,000 coders from around the globe and set up 1,000 digital companies by 2026.”


Ben & Jerry’s sues parent Unilever to block sale of Israeli business

Ben & Jerry’s sues parent Unilever to block sale of Israeli business
Updated 56 min 44 sec ago

Ben & Jerry’s sues parent Unilever to block sale of Israeli business

Ben & Jerry’s sues parent Unilever to block sale of Israeli business

NEW YORK: Ben & Jerry’s on Tuesday sued its parent Unilever Plc to block the sale of its Israeli business to a local licensee, saying it was inconsistent with its values to sell its ice cream in the occupied West Bank, according to Reuters.

The complaint filed in the US District Court in Manhattan said the sale announced on June 29 threatened to undermine the integrity of the Ben & Jerry’s brand, which Ben & Jerry’s board retained independence to protect when Unilever acquired the company in 2000.

An injunction against transferring the business and related trademarks to Avi Zinger, who runs American Quality Products Ltd, was essential to “protect the brand and social integrity Ben & Jerry’s has spent decades building,” the complaint said.

Ben & Jerry’s said its board voted 5-2 to sue, with the two Unilever appointees dissenting.

Unilever, in a statement, said it does not discuss pending litigation, but that it had the right to sell the disputed business and the transaction had already closed.

“It’s a done deal,” Zinger’s lawyer Alyza Lewin said in a separate statement. The sale resolved Zinger’s own lawsuit in March against Ben & Jerry’s for refusing to renew his license.

The dispute highlights challenges facing consumer brands taking a stand on Israeli settlements in the occupied West Bank.

Most countries consider the settlements illegal. In April 2019, Airbnb Inc. reversed a five-month-old decision to stop listing properties in the settlements.

Last July, Ben & Jerry’s said it would end sales in the occupied West Bank and parts of East Jerusalem, and sever its three-decade relationship with Zinger.

Israel condemned the move, and some Jewish groups accused Ben & Jerry’s of anti-Semitism. Some investors, including at least seven US states, divested their Unilever holdings.

Unilever has more than 400 brands including Dove soap, Hellmann’s mayonnaise, Knorr soup and Vaseline skin lotion.

Ben & Jerry’s was founded in a renovated gas station in 1978 by Ben Cohen and Jerry Greenfield.

No longer involved in Ben & Jerry’s operations, they wrote in the New York Times last July that they supported Israel but opposed its “illegal occupation” of the West Bank. 

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Former champion Simona Halep back in Wimbledon semifinals

Former champion Simona Halep back in Wimbledon semifinals
Updated 55 min ago

Former champion Simona Halep back in Wimbledon semifinals

Former champion Simona Halep back in Wimbledon semifinals
  • The 16th-seeded Romanian reached the semifinals and stretched her winning streak at the All England Club to 12 matches
  • “I struggled a lot last year,” Halep said, “and now I’m just trying to build my confidence back”

WIMBLEDON, England: Simona Halep’s first appearance at Wimbledon since winning the title three years is going just as good as it did the last time.
The 16th-seeded Romanian reached the semifinals and stretched her winning streak at the All England Club to 12 matches by beating Amanda Anisimova 6-2, 6-4 on Wednesday on Center Court.
Halep missed the chance to defend her title at Wimbledon twice, first in 2020 when the tournament was canceled because of the coronavirus pandemic and then again in 2021 when she had to sit out with a left calf injury.
“I struggled a lot last year,” Halep said, “and now I’m just trying to build my confidence back.”
In the semifinals, Halep will face Elena Rybakina. The 17th-seeded Rybakina beat Ajla Tomljanovic 4-6, 6-2, 6-3 on No. 1 Court.
Rybakina, a 23-year-old Kazakh, is playing at Wimbledon for only the second time in her career. She lost in the fourth round last year.
In the men’s quarterfinals, two-time champion Rafael Nadal was to play Taylor Fritz on Center Court while Nick Kyrgios was to face Cristian Garin on No. 1 Court.
Halep is making her 10th appearance at Wimbledon and has reached the semifinals for the third time. She is the only Grand Slam champion left in the women’s tournament.
“I’m very emotional right now, because it means a lot to be back in the semis,” Halep said.
The match against Anisimova appeared to be as straightforward as her first four victories at this year’s tournament — all came in straight sets. But the 20th-seeded American broke Halep when she was serving for the match at 5-2.
Anisimova then had three more break points when Halep again served for the match at 5-4, but the Romanian won five straight points to finish the match.
“She could crush the ball in the end, and I didn’t know, actually, what to do,” Halep said. “But I just believed in myself. I said that I have to stay there, strong on my legs.”
Halep injured her calf more than a year ago, forcing her to withdraw from the French Open and Wimbledon. She started working with Patrick Mouratoglou, the former coach of Serena Williams, in April.


Kuwait Lender KFH to acquire Bahrain's Ahli United for $12bn

Kuwait Lender KFH to acquire Bahrain's Ahli United for $12bn
Updated 59 min 56 sec ago

Kuwait Lender KFH to acquire Bahrain's Ahli United for $12bn

Kuwait Lender KFH to acquire Bahrain's Ahli United for $12bn

RIYADH: Kuwait Finance House has agreed to fully acquire Ahli United Bank for $11.6 billion.

KFH plans to offer one share per 2.695 shares of Ahli United, implying a $1.04 offer price, according to Bloomberg.

Through the merger, the Gulf will have its seventh-largest lender worth $115 billion, a rare cross-border acquisition.


Saudi developer Jabal Omar plans $1.4bn capital hike through debt conversion

Saudi developer Jabal Omar plans $1.4bn capital hike through debt conversion
Updated 06 July 2022

Saudi developer Jabal Omar plans $1.4bn capital hike through debt conversion

Saudi developer Jabal Omar plans $1.4bn capital hike through debt conversion

RIYADH: Saudi developer Jabal Omar Development Co. has received approval from the Capital Market Authority to increase its capital by SR5.3 billion ($1.4 billion).

The listed company will finance the capital plan by converting debt, according to a statement by CMA.

The move is subject to approval from the company’s shareholders as well as completing the required regulatory procedures.

The Makkah-based developer’s losses narrowed by 47 percent and revenues surged 408 percent in the first quarter of 2022, due to improved post-pandemic business operations.