Friday 28 February 2025

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FINAL OFFER PRICE SET
Saudi PIF-backed developer draws $126bn in IPO orders

Umm Al Qura, a leading developer backed by Saudi sovereign wealth fund PIF, has announced SAR15 ($4) as the final offer price for its IPO. The institutional offering was 241 times oversubscribed with its total orders hitting SAR473 billion ($126 billion).

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PLANS ALSO FOR MRO SERVICES
EDGE unit eyes Regent Craft JV for e-seaglider production in UAE

Abu Dhabi-based EDGE Group has announced that its key unit, Strategic Development Fund, has signed a deal with Regent Craft, a major US manufacturer of all-electric seagliders, for setting up a joint venture to manufacture its branded seagliders in UAE.

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FIVE MEGA DESTINATIONS
Saudi Arabia launches Phase I of Sports Boulevard project

Saudi Arabia's Sports Boulevard Foundation (SBF) has opened Phase I of its ambitious project in Riyadh featuring five mega destinations. With this, the total completed length of Sports Boulevard now stands at 83 km with overall progress reaching 40%.

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ANALYSIS
Stone and marble: Role of smart procurement in KSA

Saudi Arabia’s construction sector is undergoing an unprecedented transformation, with over 5,200 projects currently underway, including Diriyah, Qiddiya, and NEOM.

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INSIGHT
75% UAE residents expect bonus this year: survey

A record 75% of residents in the UAE are expecting a bonus in 2025, according to a new survey by YouGov commissioned by Zurich International Life Limited.

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Top Trade News

icondown

Industry Sectors

Construction & Real Estate

Dewa launches tender for Phase VII of MBR Solar park

Dubai Electricity and Water Authority (Dewa) has launched a tender for the construction of Phase VII of Mohammed Bin Rashid Al Maktoum Solar Park, the world’s largest single-site solar park being implemented under the IPP model.

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Retail & Wholesale

Axor hosts exclusive event for Russian architects in Dubai

Axor, a major brand from leading German sanitary fittings group Hansgrohe, hosted an exclusive event for 60 Russian-speaking designers and architects in Dubai. The 'From Schiltach with Love' evening saw Axor’s wide-ranging collections on display.

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Energy, Oil & Gas

KBR secures PMC contract for $2bn Angola fertilizer plant

KBR, a leading provider of engineering and technology solutions, has secured a project management consultancy (PMC) services contract from Angolan group Amufert to support the development of its $2 billion project coming up in the country's Soyo region.

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Finance & Capital Market

Saudi national debt unit completes €2.25bn bond issuance

Saudi Arabia's National Debt Management Center (NDMC) has announced the successful completion of €2.25 billion investor orders for its euro-denominated bonds under the kingdom's Global Medium-Term Note Issuance Programme (GMTN).

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Analysis, Interviews, Opinions

75% UAE residents expect bonus this year: survey

A record 75% of residents in the UAE are expecting a bonus in 2025, according to a new survey by YouGov commissioned by Zurich International Life Limited.

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Industry, Logistics & Shipping

Emsteel launches new programme to expand product portfolio

Emsteel, a key steel and building materials manufacturer in the region, has announced the launch of its strategic initiative with a CapEx of AED625 million ($170 million) designed to enhance production capabilities and introduce advanced steel solutions.

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Travel, Tourism & Hospitality

Air transport safety performance stays strong: IATA

The air transport industry delivered another year of strong overall performance in on safety including showing improvements on the five-year average for several key parameters, IATA's 2024 Annual Safety Report said.

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IT & Telecommunications

stc Group posts robust growth for 2024; revenue soars to $20bn

Leading Saudi telEcom group and digital enabler stc has delivered solid results for FY 2024 with a 85% jump in its net profit which soared to hit SAR24.7 billion ($6.6 billion) and a revenue of SAR75.8 billion ($20 billion) for the 12-month period.

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Lifestyle

Palma unveils $1.36bn upscale residential community in Dubai

UAE developer Palma has announced the launch of Serenia District, a AED5 billion ($1.36 billion) upscale residential community in Jumeirah Islands. Spanning 600,000 sq ft area, it features six integrated towers, centred around six unique lifestyle zones.

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Health & Environment

TWMA breaks ground on Abu Dhabi drilling waste management facility

TWMA, a global leader in drilling waste management, has officially broken ground on its latest facility in Habshan, Abu Dhabi. Scheduled for completion later this year, the cutting-edge facility is expected to be operational by summer 2025.

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Media & Promotion

Alba wins six major US safety council awards

Aluminium Bahrain (Alba), the world’s largest smelter on one site, has snapped up six major awards from the National Safety Council (NSC) – USA for 2025. Alba’s haul includes: Million Work Hours Award, OSHE, Safety Leadership Award and Improvement Award.

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Education, HR & Training

Bahrain EDB hosts high-level French business delegation

The Bahrain Economic Development Board (Bahrain EDB) hosted a high-level business delegation from France as part of a two-day visit organised by the investment promotion agency in collaboration with MEDEF, the first network for entrepreneurs in France.

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Miscellaneous

Bisconni to set up $30m factory in Kezad

Kezad Group, the largest operator of integrated and purpose-built economic zones, and Bisconni Middle East Manufacturing have signed a land lease agreement for the establishment of a state-of-the-art manufacturing facility in Kezad A.

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