Browsing: Business

Saudi Arabia has been diversifying its economy, embracing digital transformation, and creating reforms aligned with its Vision 2030. These changes are spurring the growth of the construction industry. The government’s investment in infrastructure and housing development has generated more construction projects, causing construction firms to invest more in technology to meet the demands and complete efficient projects. The Kingdom of Saudi Arabia has completed some impressive projects. This list includes Neom, the Red Sea Project, King Abdullah Petroleum Studies and Research Center (KAPSARC) and Jeddah Tower. To ensure the success of these projects, technologies such as building information modeling (BIM),…

The Abu Dhabi National Oil Company (ADNOC) announced today the discovery of natural gas resources offshore of the Emirate of Abu Dhabi. Interim results from the first exploration well in Abu Dhabi’s Offshore Block 2 Exploration Concession operated by Eni, indicate between 1.5 to 2 trillion standard cubic feet (TSCF) of raw gas in place. This discovery marks the first from Abu Dhabi’s offshore exploration concessions, highlighting the continued success of ADNOC’s block bid rounds and its expanded approach to strategic partnerships. A consortium led by Eni and PTT Exploration and Production Public Company Limited (PTTEP) were awarded the exploration…

Aldar Properties PJSC (Aldar), through its Aldar Investment business, has made its first investment in Ras Al Khaimah, acquiring the 27,000 sqm Al Hamra Mall developed by Al Hamra, a Ras Al Khaimah based real estate development and investment company, for a total consideration of AED410 million. The transaction adds further scale and diversification to Aldar Investment, which manages more than AED22 billion of income-generating residential, retail, commercial, hospitality and education assets.Aldar Investment plans to invest to reconfigure the mall, broaden its offerings, introduce more high-quality brands, and enhance the customer experience to drive sales and footfall growth. As part…

The Ministry of Finance has announced that the UAE will introduce a federal corporate tax on business profits that will be effective for financial years starting on or after 1st June 2023. Businesses will become subject to UAE corporate tax from the beginning of their first financial year that starts on or after 1st June 2023.The UAE corporate tax regime has been designed to incorporate best practices globally and minimize the compliance burden on businesses. Corporate tax will be payable on the profits of UAE businesses as reported in their financial statements prepared in accordance with internationally acceptable accounting standards,…

Arada, a Sharjah-based development company, has purchased the last remaining beachfront land plot on the Crescent of the world-famous, award-winning Palm Jumeirah, marking the fast-growing developer’s first project outside Sharjah and its entry into the Dubai property market.Valued at AED240 million, the plot has been bought from Nakheel, the master developer behind Palm Jumeirah. Located on The Palm’s East Crescent, the 20,500 square metre plot is located with views of the Burj Khalifa and Burj Al Arab to the east and the rest of the Palm and Dubai Marina to the south and west. The site is also close to…

The Abu Dhabi National Exhibitions Company (ADNEC) has finalized its preparations to host the World Future Energy Summit 2022 (WFES) and its co-located events including WFES Energy, WFES Water, WFES Solar, ecoWASTE Exhibition and Forum, WFES Smart Cities, and WFES Climate and Environment, at the Abu Dhabi National Exhibition Centre (ADNEC) from January 17 to 19. For this edition, WFES will explore the key themes of sustainability and the global transition to clean energy, in addition to showcasing technologies and innovations from around the world. The event will also hold industry forums discussing the latest trends and best practices, reinforcing the…

India’s Agricultural and Processed Food Products Export Development Authority (APEDA) is mounting a drive to promote its honey exports to the UAE and Saudi Arabia. The drive is part of efforts to diversify export markets for Indian honey. At present, India’s natural honey exports are majorly dependent on one market, the United States, which accounts for more than 80 per cent of such exports,” according to an APEDA brief on the beekeeping industry released here.”We are working in close collaboration with state governments, farmers and other stakeholders in the value chain to boost exports to other countries and regions,” Dr…

Masdar, one of the world’s leading renewable energy companies, has signed an agreement with the Georgian Energy Development Fund (GEDF) to develop a solar photovoltaic (PV) power project in the country, with a capacity of as much as 100 megawatts (MW). The project, which will be jointly developed with the GEDF, will be Georgia’s largest solar power plant.The joint development agreement (JDA) was signed in the presence of Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Natela Turnava, Minister of Economy and Sustainable Development for Georgia, in a ceremony yesterday at the Leadership Pavilion at…

Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi National Energy Company (TAQA) announced a $3.6 billion (AED13.22 billion) strategic project to significantly decarbonise ADNOC’s offshore production operations, further strengthening their position in driving and leading sustainability efforts and supporting the UAE Net-Zero by 2050 Strategic Initiative.The innovative project will see the development and operation of a first-of-its-kind high-voltage, direct current (HVDC-VSC) subsea transmission system in the Middle East and North Africa (MENA) region. It will power ADNOC’s offshore production operations with cleaner and more efficient energy, delivered through the Abu Dhabi onshore power grid, owned and operated by TAQA’s…

ENOC Group, the Official Integrated Energy Partner of Expo 2020 Dubai, and the exclusive host of the Middle East’s first LPG Week, together with Emirates Gas, a subsidiary of ENOC Group and a leading player in the UAE’s gas industry concluded the very first edition of the World LPG Association’s (WLPGA) flagship event, LPG Week 2021, including the 33rd edition of the World LPG Forum. The five-day event saw over 450 exhibitors and almost 2,000 participants from all over the world.The hybrid event took place under the patronage of H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil…