Saudi BNPL platform Tamara expands to UAE

Users in the UAE will be able to enjoy paying in installments with zero interest in stores like Namshi, Shein, Styli, and Swarovski. (Supplied)
Users in the UAE will be able to enjoy paying in installments with zero interest in stores like Namshi, Shein, Styli, and Swarovski. (Supplied)
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Updated 02 July 2022

Saudi BNPL platform Tamara expands to UAE

Saudi BNPL platform Tamara expands to UAE

RIYADH: Saudi-based buy-now-pay-later platform, Tamara, is set to launch its services in the UAE, according to a report.

The expansion comes after a research conducted by Tamara’s main investor, Checkout.com, indicated that the UAE BNPL usage will increase by up to 31 percent in the next 12 months, Jawlah reported.

Users in the UAE will be able to enjoy paying in installments with zero interest in stores like Namshi, Shein, Styli, and Swarovski.


MENA Project Tracker — Oman tenders bids on roadworks in Duqm; Penspen wins 7 contracts in Mideast

MENA Project Tracker — Oman tenders bids on roadworks in Duqm; Penspen wins 7 contracts in Mideast
Updated 9 sec ago

MENA Project Tracker — Oman tenders bids on roadworks in Duqm; Penspen wins 7 contracts in Mideast

MENA Project Tracker — Oman tenders bids on roadworks in Duqm; Penspen wins 7 contracts in Mideast

CAIRO: Khatib & Alami— an engineering consultant headquartered in Singapore — submitted the lowest bid of 1.53 million Bahraini dinar ($4 million) for a feasibility study contract to provide engineering services on the Bahrain Northern Link Road.

The bids were tendered by Bahrain’s Works, Municipalities Affairs and Urban Planning Ministry in March as part of a public-private partnership project.

The road will connect to the King Hamad Causeway— which is a road that is currently being constructed to link Bahrain and Saudi Arabia, reported MEED.

Oman invites bids on Duqm roadworks

Oman’s Public Authority for Special Economic Zones and Free Zones has tendered  bids for a contract to construct coastal roadworks in Duqm.

Eleven companies will be joining the price bid opening on the 11th of September.

The project’s work includes building 14 kilometers of roadways, extending an existing service road, four roundabouts and other connections, reported MEED.

Penspen secures seven contract in Mideast 

UK-based Penspen  has announced its work on seven new contracts in the Middle East during the second quarter of 2022.

Although the engineering company wasn’t specific about its partners, it disclosed the scope of work which included project management consultancy, engineering services, and asset integrity, reported MEED.

Nass group to construct The Avenue extension

The Avenues Co.—a subsidiary of Al-Sorouh Management Co.—has announced the selection of Nass Group for the main contract of the Bahrain Phase II expansion project.

The project will stretch The Avenues 41,200 sq. meter along the west of Manama’s coastline, allowing the construction of 224 additional units of housing. ,  

In addition to that, the extra space will allow for more recreational activities, and basic amenities., disclosed Trade Arabia.

The Avenues project will be completed by the first quarter of 2024, whereafter it will become the largest shopping and entertainment area residing by the sea.

 

 


NRG Matters — UAE’s Tadweer signs gas-to-energy project deal with KEO; Electric cars charging industry sees $4.8bn investment this year

NRG Matters — UAE’s Tadweer signs gas-to-energy project deal with KEO; Electric cars charging industry sees $4.8bn investment this year
Updated 10 min 32 sec ago

NRG Matters — UAE’s Tadweer signs gas-to-energy project deal with KEO; Electric cars charging industry sees $4.8bn investment this year

NRG Matters — UAE’s Tadweer signs gas-to-energy project deal with KEO; Electric cars charging industry sees $4.8bn investment this year

RIYADH: Abu Dhabi Waste Management Center, Known as Tadweer, has signed a consultancy agreement with KEO International Consultants to conduct a feasibility study for extracting greenhouse gases from Al-Dhafra landfill and converting them into green energy. 

This is in line with the centre's plan to achieve an efficient waste management system and use the best methods for processing and handling waste, according to Trade Arabia. 

Solar power

UK’s renewable energy developer TuNur is planning to invest $1.5 billion in building an export-oriented solar power plant in Tunisia with a capacity of 500 MW.

The plan was announced by the company's CEO Daniel Rich during a meeting with Tunisia’s Minister of Economy and Planning Samir Saied,  Reuters reported citing the Tunisian state news agency TAP.

Electric car-charging industry

Investment in the electric car-charging industry has grown this year, with over $4.8 billion in roll-out announcements, investment, debt financing and acquisitions.

This has been driven by the fast growth and huge availability of government funds, Bloomberg reported. 


GASCO mulls JV to set up composite cylinder factory with UK’s Aburi Composites

GASCO mulls JV to set up composite cylinder factory with UK’s Aburi Composites
Updated 17 August 2022

GASCO mulls JV to set up composite cylinder factory with UK’s Aburi Composites

GASCO mulls JV to set up composite cylinder factory with UK’s Aburi Composites

RIYADH: National Gas and Industrialization Co., or GASCO, is studying the feasibility of partnering with UK’s Aburi Composites and Saudi-based Front End Co. to operate a joint cylinder factory.

Once the deal is finalized, the joint factory will be specialized in manufacturing composite cylinders, Nomu-listed GASCO said in a bourse filing.

This aligns with its strategy and experience in the gas supply chain, strengthening its investments in gas supply chains and enhancing localization opportunities.

UK-based Aburi Composites is a leading supplier of composite fiberglass cylinders, while Front End provides advisory services to support the expansion of international companies.


Macro Snapshot — UK inflation tops 10%, Dutch economy grows 2.6 percent in Q2

Macro Snapshot — UK inflation tops 10%, Dutch economy grows 2.6 percent in Q2
Updated 17 August 2022

Macro Snapshot — UK inflation tops 10%, Dutch economy grows 2.6 percent in Q2

Macro Snapshot — UK inflation tops 10%, Dutch economy grows 2.6 percent in Q2

CAIRO: UK’s inflation topped 10 percent recording its highest rate since 1982.

British consumer price inflation jumped to 10.1 percent in July, its highest since February 1982, up from an annual rate of 9.4 percent in June, intensifying the squeeze on households, official figures showed on Wednesday.

The increase was above all economists’ forecasts in a Reuters poll for inflation to rise to 9.8 percent in July, and will do nothing to ease the Bank of England’s concerns that price pressures may become entrenched. 

Spain’s public debt-to-GDP ratio

Spain’s public debt ended the second quarter at the equivalent of 116.8 percent of gross domestic product, the Bank of Spain said on Wednesday.

Spain’s debt-to-GDP ratio at the end of June was lower than the 117.7 percent registered in March and below the 118.7 percent at the end of 2021, the central bank said.

Dutch economy grows 

Economic growth in the Netherlands surprisingly jumped to 2.6 percent in the second quarter compared with the previous three months, as household spending boomed despite soaring inflation and companies increased their investments.

The strong expansion confounded expectations among economists that growth would remain at roughly the same 0.5 percent pace seen in the first quarter of 2022.

“These numbers show that, despite recent worries, a recession is not yet in sight,” Statistics Netherlands chief economist Peter Hein van Mulligen said.

US retail sales flat 

US retail sales were unchanged in July as declining gasoline prices weighed on receipts at service stations, but consumer spending appeared to holding up, which could further assuage fears that the economy was already in recession.

The Commerce Department on Wednesday said that retail sales’ flat reading last month followed a downwardly revised 0.8 percent increase in June. Retail sales in June were previously reported to have advanced 1.0 percent.

Economists polled by Reuters had forecast that sales would gain 0.1 percent, with estimates ranging from as low as a 0.3 percent decline to as high as a 0.9 percent increase. Retail sales are mostly goods and are not adjusted for inflation.

(With input from Reuters) 


Egypt In-Focus — Central bank reluctant to hike interest rates; beverage industry by 30%

Egypt In-Focus —  Central bank reluctant to hike interest rates; beverage industry by 30%
Updated 17 August 2022

Egypt In-Focus — Central bank reluctant to hike interest rates; beverage industry by 30%

Egypt In-Focus —  Central bank reluctant to hike interest rates; beverage industry by 30%

CAIRO: Despite pressure from investors, Egypt’s central bank is hesitant to raise interest rates, reported Bloomberg.

Although the Egyptian pound was devalued five months ago, investors still believe that the currency needs another devaluation to reflect its true value.

Speculations about the weakening of the pound had already been circulating when Egypt requested another loan from the International Monetary Fund in March.

 “The recent communication from the IMF hinted at a clear unhappiness with the lack of FX flexibility ahead of any potential new loan program,” stated Paul Greer, a London-based money manager at Fidelity International.

“To that end, we are expecting the Egyptians to continue to weaken their currency,” he added.

The central bank’s next monetary policy meeting is scheduled for Aug. 18, and after its decision to keep rates unchanged in June, investors have no idea what to expect.

Industrial growth 

Egypt’s beverage industry surged by 30.2 percent month-on-month in May with the beginning of the summer season, according to data from the Central Agency for Public Mobilization and Statistics.

Moreover, the manufacturing and extractive industries saw a 3.91 percent month-on-month rise in May.

Also, the food industry witnessed a similar monthly increase of 3.26 percent that month.

Suez Canal Bank 

The growth of the retail banking sector in Egypt had positive effects on profits, bank deposit growth, and lending portfolios in the Suez Canal Bank, according to Hussein Al-Refai, Chairman and Managing Director of the Egyptian Suez Canal Bank.

Its profits grew by 11.2 percent reaching 268 million Egyptian pounds in the first half of 2022, and it induced 1.7 billion Egyptian pounds in investments and assets volume, he added in an interview with CNBC Arabia.