Browsing: Business

A broad selection of US stocks was purchased by Saudi Arabia’s Public Investment Fund (PIF), bringing its investment portfolio’s value to about $40.8 billion at the end of the second quarter. According to a US Securities and Exchange Commission filing, the PIF acquired 213,000 class A shares in Alphabet, 4.7 million in Zoom, and 1.8 million in Microsoft. In addition, PIF purchased shares in JPMorgan and BlackRock, investing in 3.9 million shares and 741,693 shares, respectively. Additionally, the fund purchased shares of Adobe Systems, Advanced Micro Devices, Salesforce, Home Depot, Costco, Freeport-McMoRan, Datadog, and NextEra Energy. With $620 billion in…

By handling 188,578 TEUs during June 2022, the King Abdulaziz Port in Dammam, managed and operated by Saudi Global Ports (SGP), broke its own record set in 2015. In line with the National Transport and Logistics Strategy (NTLS)’s objectives of increasing logistics output and container throughput in Saudi ports, the port’s performance was record-breaking due to soaring import and export volumes, which boosted its productivity and reaffirmed its operational and logistical prowess. The port’s strategic location on the Arabian Gulf lends it a distinct status as a trade gateway to the Kingdom’s Eastern and Central regions, making it an excellent…

In order to achieve the current financial year’s agro export target of over $23 billion, the Indian Commerce and Industry Ministry has developed an outreach strategy for agro exports. Three hundred events will be organized under the plan to boost exports. An outreach strategy will be developed to establish strong and regular connections with exporters, farmers, agripreneurs, food processors, logistics providers, and foreign exchange management companies. A variety of mainstream publications, electronic channels, and prominent social media platforms will be used to connect with stakeholders. The Ministry stressed that working in line with Prime Minister Narendra Modi’s clarion call towards…

In the first half of 2022, Abu Dhabi’s non-oil foreign trade totaled about AED124 billion, an increase of 12% over AED110 billion and 313 million recorded in the same period in 2020 according to Abu Dhabi Customs. Exports increased by 26% in the first half of this year to AED49 billion and 479 million, up from AED39 billion and 193 million in 2021. Re-export activities increased to 6% at a value of AED23 billion and 43 million, up from AED21 billion and 689 million last year, while UAE exports increased 4%, reaching about AED51 billion and 475 million, up from…

Through its subsidiary International Energy Holding, International Holding Company (IHC) has acquired a 50% stake in Turkish clean energy market leader Kalyon Enerji for AED1.8 billion. The Turkish company Kalyon Enerji is owned by Kalyon Holding, which operates in the construction, energy, and aviation sectors. As part of this transaction, IHC’s subsidiary, International Energy Holding, will own 50% of Kalyon Enerji, adding to IHC Group’s international growth prospects. The AED1.8 billion deal included the photovoltaic power plant project with an installed capacity of 1,347.734 MWp / 1,000 MWe in the Karapinar Region in Konya, located in Ankara, the wind Project…

In order to drive offshore operational efficiency and expand crude oil production capacity to five million barrels per day (mmbpd) by 2030, Abu Dhabi National Oil Company (ADNOC) has agreed to pay $1.17 billion (AED4.3 billion) for the hiring of 13 self-propelled jack-up barges. The five-year contract was awarded by ADNOC Offshore to ADNOC Logistics & Services (ADNOC L&S) and highlights ADNOC’s world-class capabilities. Under ADNOC’s In-Country Value (ICV) programme, 80 percent of the award value will flow back into the UAE’s economy. With ADNOC L&S’s single-point responsibility, the 13 self-propelled jack-up barges enable rig-less operations and maintenance, enabling enhanced…

Egypt’s planning ministry announced on Wednesday that the Saudi Egyptian Investment Company (SEIC), established by the Saudi Arabian Public Investment Fund (PIF), has purchased minority stakes in four Egyptian companies valued at approximately $1.3 billion. Among these four companies are Abu Qir Fertilizers and Chemical Industries ABUK.CA, Misr Fertilizers Production Company MFPC.CA, Alexandria Container and Cargo Handling ALCN.CA, and E-Finance for Financial and Digital Investments EFIH.CA. As a global impactful investor, the Public Investment Fund (PIF) has a world-class investment portfolio with a focus on sustainable investments, both domestically and internationally. PIF has established 54 companies in 13 strategic sectors,…

In response to Nigerian President Muhammadu Buhari’s approval of the $1.28 billion sale of shares in Exxon Mobil’s Nigerian unit to Seplat, Nigeria’s petroleum regulator said it stood by its refusal to approve the deal. Under a newly enacted petroleum law passed last year, the petroleum minister can only approve such an acquisition upon recommendation from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Reports by Reuters indicate that Buhari also holds the position of petroleum minister. This is purely a regulatory issue, and the commission has communicated to ExxonMobil the decline of ministerial consent in this regard. Therefore, the status…

A definitive agreement has been reached between Mubadala Capital, an asset management subsidiary of Mubadala Investment Company, and Canada Cartage, a leading logistics company. To some of Canada’s largest blue-chip companies in grocery, food, retail, and e-commerce, Canada Cartage provides dedicated national fleet solutions, general freight services, managed transportation, fulfillment, and distribution, as well as home delivery services. With 33 facilities across Canada, Canada Cartage operates two business segments, Dedicated Transportation and Logistics. In the Dedicated Transportation business, customers are able to achieve cost efficiency and reallocate resources to their core operations by having their transportation needs expertly managed. This…

According to Ministry of Finance statistics, Abu Dhabi’s public spending in the first quarter of 2022 totaled AED87.4 billion, an increase of 19.6 percent and equivalent to AED14.34 billion over the same period last year. Moreover, the figures showed that the country’s public spending in the first quarter of 2022 included some AED28.7 billion for employee compensation payments, as compared to AED24.6 billion in 2021, an increase of 16.6 percent and equivalent to AED4.1 billion. In addition, public spending included AED30.9 billion in goods and services, AED14.1 billion in social benefits, AED6.4 billion in financial aid, AED1.7 billion in interest,…