Dubai to Proceed With Al Maktoum Airport’s (DWC) $35B Expansion Plan - Bloomberg
Dubai is proceeding with building a new passenger terminal at Al Maktoum International Airport in anticipation of a spike in visitors, after halting the project for years.
The emirate’s ruler Sheikh Mohammed bin Rashid Al Maktoum approved the designs for the terminal on Sunday, expected to cost 128 billion dirhams ($34.8 billion), according to the Dubai government’s statement. The airport, which hosts the biennial Dubai Air Show, has emerged as a hub for cargo planes and private jets.
Dubai Airports plans to encourage more airlines to move their operations to the new terminal in the next few years, Paul Griffiths, chief executive officer of the airport operator, told Bloomberg earlier this year.
Dubai World Central (DWC), as the airport is also called, “will be five times the size of the current Dubai International Airport, and all operations at Dubai International Airport will be transferred to it in the coming years.” Dubai Media Office said in a post on X.
Dubai, one of the world’s busiest long-haul hubs, has seen traffic surge past pre-pandemic levels as visitor numbers to the city swell and long-haul connecting traffic rebounds. The city’s flag carrier, Emirates, posted record half-year profit through September 2023, and has been pushing for an expansion of DWC to accommodate its growth plans and expanding fleet.
Work on Dubai’s Al Maktoum airport was put on hold in 2019 when the Gulf economies were faltering, Bloomberg reported. The airport is designed to be one of the world’s biggest with an annual capacity of more than 260 million passengers, according to its operator.
Sunday 28 April 2024
#SaudiArabia's NEOM secures $2.7 billion new financing facility | Reuters
Saudi Arabia's NEOM secures $2.7 billion new financing facility | Reuters
NEOM, a unit of the kingdom’s sovereign wealth fund, secured a new revolving credit facility (RCF) worth 10 billion riyals ($2.67 billion) from local lenders, according to a NEOM statement seen by Reuters on Sunday.
Saudi National Bank, Riyad Bank, and Saudi Awwal Bank acted as the lead arrangers on the new facility while other participant banks are Al Rajhi Bank, Alinma Bank, Arab National Bank, Bank Albilad, The Saudi Investment Bank, and Bank AlJazira, the press release shows.
The new facility will be used to support NEOM’s short-term financing requirements as it moves forward in the development of major projects.
NEOM, a unit of the kingdom’s sovereign wealth fund, secured a new revolving credit facility (RCF) worth 10 billion riyals ($2.67 billion) from local lenders, according to a NEOM statement seen by Reuters on Sunday.
Saudi National Bank, Riyad Bank, and Saudi Awwal Bank acted as the lead arrangers on the new facility while other participant banks are Al Rajhi Bank, Alinma Bank, Arab National Bank, Bank Albilad, The Saudi Investment Bank, and Bank AlJazira, the press release shows.
The new facility will be used to support NEOM’s short-term financing requirements as it moves forward in the development of major projects.
Gulf bourses end mixed; Egypt extends decline | Reuters
Gulf bourses end mixed; Egypt extends decline | Reuters
Stock markets in the Gulf put in a mixed performance on Sunday amid rising oil prices and receding hopes of rapid interest rate cuts by the U.S. Federal Reserve after a series of inflation readings.
The oil price - a catalyst for the Gulf's financial markets- settled higher on Friday, drawing support from tensions in the Middle East.
The Qatari benchmark index (.QSI), opens new tab was up after two straight sessions of losses and ended 0.3% higher with all sectors in positive territory.
Qatar Islamic Bank (QISB.QA), opens new tab and Masraf Al Rayan (MARK.QA), opens new tab gained 0.9% and 0.7%, respectively, while Industries Qatar (IQCD.QA), opens new tab added 0.3%.
Saudi Arabia's benchmark index (.TASI), opens new tab was down for a fifth straight session and shed 0.2%, with almost all sectors in the red. ACWA Power (2082.SE), opens new tab fell 5.7% and Middle East Pharmaceutical Industries (4016.SE), opens new tab, slid 2.1%.
However, Arab National Bank (1080.SE), opens new tab advanced 1.9% after the lender reported a 15.7% rise in quarterly net profit.
U.S. monthly inflation rose moderately in March, but stubbornly higher costs for housing and utilities suggested the Federal Reserve could keep interest rates elevated for a while.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy changes are usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab extended its decline to a fourth straight session and lost 4.9% to 24,640, its lowest level in four months.
Talaat Mostafa Group (TMGH.CA), opens new tab and Egypt Kuwait Holding (EKHO.CA), opens new tab slumped 9.7% and 6.9% respectively, while Commercial International Bank (COMI.CA), opens new tab dropped 4.8%.
Meanwhile, Egypt has committed to addressing its recourse to central bank overdraft facilities and off-budget public sector activity, practices that have contributed to pressure on the currency and the exchange rate, the IMF said on Friday.
Stock markets in the Gulf put in a mixed performance on Sunday amid rising oil prices and receding hopes of rapid interest rate cuts by the U.S. Federal Reserve after a series of inflation readings.
The oil price - a catalyst for the Gulf's financial markets- settled higher on Friday, drawing support from tensions in the Middle East.
The Qatari benchmark index (.QSI), opens new tab was up after two straight sessions of losses and ended 0.3% higher with all sectors in positive territory.
Qatar Islamic Bank (QISB.QA), opens new tab and Masraf Al Rayan (MARK.QA), opens new tab gained 0.9% and 0.7%, respectively, while Industries Qatar (IQCD.QA), opens new tab added 0.3%.
Saudi Arabia's benchmark index (.TASI), opens new tab was down for a fifth straight session and shed 0.2%, with almost all sectors in the red. ACWA Power (2082.SE), opens new tab fell 5.7% and Middle East Pharmaceutical Industries (4016.SE), opens new tab, slid 2.1%.
However, Arab National Bank (1080.SE), opens new tab advanced 1.9% after the lender reported a 15.7% rise in quarterly net profit.
U.S. monthly inflation rose moderately in March, but stubbornly higher costs for housing and utilities suggested the Federal Reserve could keep interest rates elevated for a while.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy changes are usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab extended its decline to a fourth straight session and lost 4.9% to 24,640, its lowest level in four months.
Talaat Mostafa Group (TMGH.CA), opens new tab and Egypt Kuwait Holding (EKHO.CA), opens new tab slumped 9.7% and 6.9% respectively, while Commercial International Bank (COMI.CA), opens new tab dropped 4.8%.
Meanwhile, Egypt has committed to addressing its recourse to central bank overdraft facilities and off-budget public sector activity, practices that have contributed to pressure on the currency and the exchange rate, the IMF said on Friday.
Why Wealthiest Gulf Powers Like #UAE Are Snapping Up Prime Property in Egypt - Bloomberg
Why Wealthiest Gulf Powers Like UAE Are Snapping Up Prime Property in Egypt - Bloomberg
On a sweltering late-summer evening last year in southern Egypt, the country’s most storied hotel was bustling once again, hosting personalities with ambitions of shaping the world. In the more than a century since it opened, Aswan’s Old Cataract, perched on a rocky outcrop on the Nile River’s eastern bank, has welcomed the likes of Winston Churchill, Jimmy Carter and Tsar Nicholas II. For Agatha Christie, in whose former suite you can now stay for upwards of $8,000 a night, it was the inspiration for one of her most famous works of detective fiction, Death on the Nile.
The guests were more circumspect. More than a dozen high-level officials from the United Arab Emirates wearing flowing white robes arrived for a private dinner, led by a security detail that cordoned off the restaurant, according to four people who were there and requested anonymity to discuss a private gathering. Outdoor air-conditioning units were set up on the terrace so the elite diners could take in the nighttime Nile views in comfort as they sampled grilled meats and sipped tea. After about two hours, they left.
Months later, in January, the purpose of the visit became clear: Abu Dhabi wealth fund ADQ bought a 40.5% interest, valued at $882.5 million, in an Egyptian firm that in turn purchased stakes from the cash-strapped government in seven hotels—including Aswan’s Old Cataract, the Winter Palace in Luxor, Mena House in Cairo and the Cecil Hotel in Alexandria—seen as the crown jewels of the North African nation’s hospitality sector. The UAE had indirectly become part-owners of a slice of Egypt’s touristic legacy.
Digging out of its worst economic crisis in decades, Egypt is putting prized assets up for sale, and the rising powers of the Gulf region are taking out their checkbooks. Over the past nine months, high-profile visitors from Saudi Arabia and Qatar, as well as the UAE, have been sighted up and down the Nile and on the Mediterranean and Red Sea coasts. Their coffers flush with oil and gas revenue, the delegations have been scoping out the investment deals of a century.
On Feb. 23, ADQ also announced a $35 billion investment in Egypt that includes development rights for Ras El-Hekma, a Mediterranean coastal headland about three times the size of Manhattan. It was the biggest deal in Egypt’s history, and Cairo began receiving the cash within days, likely saving the economy. The financing gave Egypt enough firepower to enact a long-awaited—but painful and politically sensitive—currency devaluation, seen as key to restoring investor confidence and drawing more funds. An $8 billion International Monetary Fund loan and World Bank and European Union financing followed.
On a sweltering late-summer evening last year in southern Egypt, the country’s most storied hotel was bustling once again, hosting personalities with ambitions of shaping the world. In the more than a century since it opened, Aswan’s Old Cataract, perched on a rocky outcrop on the Nile River’s eastern bank, has welcomed the likes of Winston Churchill, Jimmy Carter and Tsar Nicholas II. For Agatha Christie, in whose former suite you can now stay for upwards of $8,000 a night, it was the inspiration for one of her most famous works of detective fiction, Death on the Nile.
The guests were more circumspect. More than a dozen high-level officials from the United Arab Emirates wearing flowing white robes arrived for a private dinner, led by a security detail that cordoned off the restaurant, according to four people who were there and requested anonymity to discuss a private gathering. Outdoor air-conditioning units were set up on the terrace so the elite diners could take in the nighttime Nile views in comfort as they sampled grilled meats and sipped tea. After about two hours, they left.
Months later, in January, the purpose of the visit became clear: Abu Dhabi wealth fund ADQ bought a 40.5% interest, valued at $882.5 million, in an Egyptian firm that in turn purchased stakes from the cash-strapped government in seven hotels—including Aswan’s Old Cataract, the Winter Palace in Luxor, Mena House in Cairo and the Cecil Hotel in Alexandria—seen as the crown jewels of the North African nation’s hospitality sector. The UAE had indirectly become part-owners of a slice of Egypt’s touristic legacy.
Digging out of its worst economic crisis in decades, Egypt is putting prized assets up for sale, and the rising powers of the Gulf region are taking out their checkbooks. Over the past nine months, high-profile visitors from Saudi Arabia and Qatar, as well as the UAE, have been sighted up and down the Nile and on the Mediterranean and Red Sea coasts. Their coffers flush with oil and gas revenue, the delegations have been scoping out the investment deals of a century.
On Feb. 23, ADQ also announced a $35 billion investment in Egypt that includes development rights for Ras El-Hekma, a Mediterranean coastal headland about three times the size of Manhattan. It was the biggest deal in Egypt’s history, and Cairo began receiving the cash within days, likely saving the economy. The financing gave Egypt enough firepower to enact a long-awaited—but painful and politically sensitive—currency devaluation, seen as key to restoring investor confidence and drawing more funds. An $8 billion International Monetary Fund loan and World Bank and European Union financing followed.
#Dubai ruler approves new $35 bln airport terminal | Reuters
Dubai ruler approves new $35 bln airport terminal | Reuters
Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum on Sunday approved a new passenger terminal in Al Maktoum International airport worth 128 billion AED ($34.85 billion), he said in a post on X.
The Al Maktoum International Airport will be the largest in the world with a capacity of up to 260 million passengers, and five times the size of Dubai International Airport, he added, saying that all operations at Dubai airport would be transferred to Al Maktoum in the coming years.
The Al Maktoum airport will also include 400 terminal gates and five runways, he said.
Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum on Sunday approved a new passenger terminal in Al Maktoum International airport worth 128 billion AED ($34.85 billion), he said in a post on X.
The Al Maktoum International Airport will be the largest in the world with a capacity of up to 260 million passengers, and five times the size of Dubai International Airport, he added, saying that all operations at Dubai airport would be transferred to Al Maktoum in the coming years.
The Al Maktoum airport will also include 400 terminal gates and five runways, he said.