Saudi Royal Commission for Jubail and Yanbu has announced that its total investments in the industrial cities hit more than SAR1.5 trillion ($400 billion) by the end of 2025. The country’s flagship industrial hubs, Jubail is focused on petchem and heavy industry while Yanbu serves as the refining and downstream sector.
Saudi-based Al Kuzama Trading Company has announced that it had signed an agreement to acquire a 25% stake in Unique Food Catering Company - a major regional player operating in the restaurant and fast food segments - as part of its strategy to expand in the food and beverage sector.
Qatar's Ministry of Transport (MoT) has announced the full return of maritime navigation for all types of maritime vessels and ships, as of Sunday. The sailing is allowed all day long for maritime vessels licensed for fishing activity, as per its previous announcement, said a report.
Saudi Ministry of Energy has announced that it has successfully restored the full pumping capacity through the East-West pipeline, amounting to 7 million barrels per day (bpd), and recovering the affected volumes from the Manifa field production of 300,000 bpd, said a report.
DIAFA, the Abu Dhabi-based luxury investment platform and a IHC unit, has acquired a majority stake in the hospitality portfolio of British businessman Richard Caring. The deal estimated at $1.8 billion includes some of the UK’s iconic brands such as Ivy restaurants chain and private members’ club Annabel’s.
Airports Council International (ACI) Europe has warned that Europe could see jet fuel shortages if the Strait of Hormuz does not reopen in the next three weeks. The Gulf is a major source of aviation fuel, accounting for about 50% of Europe's imports.
The US military said on Saturday that two of its warships had passed through the Strait of Hormuz and conditions were being set to clear mines, while Iran's state media denied any US ships had transited the waterway.
The World Bank is this week launching a new global initiative - the Water Forward - designed to strengthen water security and scale partnerships that mobilse investment and unlock economic potential. Water underpins 1.7 billion jobs globally across agriculture, industry, energy, and services.
Metso, a leading provider of end-to-end solutions and services for the aggregates, minerals processing and metals refining industries, has launched its new GFF Series flip-flow screens, engineered for efficient fine dry screening of difficult and often moist materials.
Global growth is likely to take a noticeable hit from the ongoing Middle East conflict, even if a ceasefire holds, according to an interview given by World Bank President Ajay Banga to Reuters.
