Saudi Arabia’s oil reserves, which have allowed it to build up huge financial buffers, will support short-term government spending. Also the longer-term growth will be driven by government reforms under its Vision 2030, which aims to reduce its dependence on oil export revenues and boost the private sector.
Saudi Arabia’s ACWA Power has announced it is adopting the cryptocurrency SolarCoin,
a move that will reward the Riyadh-based utility company for producing solar energy. SolarCoin is a blockchain-based digital currency that’s designed to accelerate the transition to clean energy technology by incentivizing global solar energy production. Through a rewards system, verified solar electricity producers can earn SolarCoins for free by simply producing solar energy. The digital coins are disbursed at a rate of 1 SolarCoin (SLR) per 1 megawatt hour of solar energy produced.
Dubai’s Union Properties Buys Stake in Egyptian Developer
Dubai’s Union Properties has acquired a strategic stake of 5.68% in Egypt’s Palm Hills Development, a move that comes as part of the real estate developer’s plans to diversify its revenue streams and expand its business into new markets. Union Properties acquired the stake through its fully-owned investment arm UPP Capital Investment.The deal to acquire a stake in Palm Hills Development came a day after Union Properties announced it is in the final stages of selling its entire stake in Dubai-based Emicool, a district cooling service provider.
China State Construction and Engineering Corporation Bags $135 Million Mall Deal in Ajman Ajman, one of the U.A.E. norther emirates, is set to get one of its first malls with an atrium roof of 7,900 square meters and it is to be developed by Chinese construction giant China State Construction and Engineering Corporation (CSCEC).Mirkaaz Mall, launched by Ajman Holdings, will be developed by CSCEC. The two companies signed an agreement, where the construction of the mall will begin in January 2018 and expects a completion by Q4 of 2019.The mall deal adds on to CSCEC ME’s expanding project portfolio in the region.
Kuwait’s KNPC Inks $51.25 Million Deal For 10 New Gas Stations Kuwait National Petroleum Company (KNPC) signed a contract with Combined Group Contracting Company (CGC) to build 10 new gas stations across the country.The deal, worth $51.25 million, was signed by Mohammed Al-Mutairi, CEO of KNPC and Raad Al-Abdullah, Vice-chairman of CGC on January 8, 2018.The 10 new gas stations are a part of KNPC’s 19 new petrol stations that were to be built in early 2018 whereas the rest of the nine stations will be scheduled to be built at a later date, according to Basem Al-Issa Deputy CEO of Kuwait National Petroleum Company.
Saudi Arabia’s Move To Up Foreign Investment Limit Gets Regulatory Nod Saudi Arabia’s market watchdog Capital Market Authority (CMA) has approved a resolution that will allow foreign investors to own up to 49% of shares or debt in listed companies. The CMA has also relaxed the rules required to invest in the Kingdom’s stock markets.The move comes as the world’s top oil exporter aims to shore up foreign investment to offset a fall in petrodollars, which was previously one of the significant sources of public income.The relaxation of rules will also help in further developing and expanding the scope of the capital markets as the government prioritizes diversification.
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