Meena - Business News - December 25, 2024 - Vol (81)
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As a part of our services we provide through Meena Business Consultancy Services, Our team in here are dedicated to delivering customized market insights, business intelligence, and updates on tenders and business opportunities from prominent regions such as Iraq, Kingdom of Saudi Arabia, UAE, Qatar and Pakistan. Additionally, we provide an updated list of fairs and exhibitions in these countries to facilitate our partners in making well-informed strategic decisions.
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IRAQ:
BP and Iraq Finalize Technical Terms for Kirkuk Oil Fields Redevelopment
BP announced an agreement with the Iraqi government on the technical terms for redeveloping the Kirkuk oil and gas fields. This redevelopment plan includes the construction of power plants and solar capacity. The new agreements offer a more favorable profit-sharing model for foreign companies compared to previous contracts. BP estimates the Kirkuk field to contain about 9 billion barrels of recoverable oil and expects to finalize negotiations by early 2025
Central Bank of Iraq Expands Foreign Currency Transfer Options
The Central Bank of Iraq (CBI) announced an expansion of foreign currency transfer options for local banks, adding the Jordanian Dinar and Saudi Riyal to the list. Iraqi banks are now also permitted to fund trade with Turkey in Euros, previously restricted to transactions with EU countries. These changes aim to enhance financial transactions and attract foreign investment.
Kindly review this list of fairs and exhibitions. Schedule appointments and promote your business effectively.
KINGDOM of SAUDI ARABIA
King Salman airport seeks contractors for new runway
The King Salman International Airport (KSIA) project in Riyadh covers 57 square kilometers and will feature six parallel runways, including the existing terminals at King Khalid International Airport. Backed by Saudi Arabia’s Public Investment Fund, the development aims to accommodate 120 million passengers by 2030 and 185 million by 2050. The project includes multiple phases, such as a new terminal, private aviation facilities, and extensive real estate, with significant involvement from international firms like Foster + Partners, Jacobs, and Mace. Saudi Arabia plans to invest $100 billion in its aviation sector to boost passenger and cargo traffic.
Acwa Power applies for $1.9bn capital increase
Acwa Power has applied to raise additional capital through a rights issue offering worth SR7.125 billion ($1.9bn) to the Capital Market Authority, as part of its strategy to support investments in renewable energy infrastructure. This move aligns with the company's goal to double its annual investment commitments, aiming to invest $2bn to $2.5bn annually from 2024 to 2030. Despite a recent $25bn loss in market value, Acwa Power plans to scale its operations to meet its financial targets.
Kindly review this list of fairs and exhibitions. Schedule appointments and promote your business effectively.
UNITED ARAB EMIRATES:
Abu Dhabi to tender Mid Island Parkway phase two in 2025
The second phase of the Mid Island Parkway Project (MIPP) in Abu Dhabi involves the construction of an 11-kilometre highway connecting key islands to Khalifa City and the E10 highway. It includes building a mix of three-lane, four-lane, and five-lane roads, along with three interchanges (E20, E10, and Dumbbell) on Al-Sammaliyyah Island. Major structures include cast-in-place bridges, causeways, and tunnels linking various islands. The project is part of Abu Dhabi's Capital Urban Evolution programme, and the main construction tender is expected to be issued in the first quarter of 2025.
Dubai focuses on infrastructure
Dubai's infrastructure is facing increasing strain due to rapid growth and population expansion. To address this, the UAE government announced a 9% increase in the 2025 budget, allocating significant funds for construction and infrastructure projects, including roads, transportation systems, and renewable energy. Traffic congestion, a major challenge, is being tackled with projects like the AED16bn Main Roads Development Plan and significant upgrades to key roads and bridges. In addition, Dubai is expanding its airport capacity with a new $35bn airport project and improving its drainage and sewage systems to accommodate the growing population and infrastructure needs.
Kindly review this list of fairs and exhibitions. Schedule appointments and promote your business effectively.
QATAR:
Bill amending provisions of Income Tax Law applies exclusively to international companies with revenues above QR3bn: GTA
The Shura Council of Qatar has approved a draft law amending provisions of the Income Tax Law to apply a 15% global minimum corporate tax rate on international multinational companies with annual revenues exceeding QR 3 billion, including Qatari companies with foreign branches. This amendment aims to create tax equality between local and international companies, protecting Qatari firms from paying higher taxes abroad while retaining tax revenues within Qatar. It also supports global efforts to combat tax base erosion and ensures compliance with OECD and G20 guidelines, offering economic benefits and enhancing investment confidence in Qatar.
Qatar advancing towards innovative technologies
Qatar is making significant investments in innovation, digitisation, and AI as part of its strategy to diversify into a knowledge-based economy, aligned with Qatar National Vision 2030. Dr. Mohamed Y Eltabakh of Qatar Computing Research Institute (QCRI) emphasized Qatar's focus on AI technologies, including the development of the Arabic AI Large Language Model, Fanar, to preserve the Arabic language and culture. The country aims to leverage AI to enhance sectors like education, health, and government, while attracting global talent to contribute to these advancements.
Kindly review this list of fairs and exhibitions. Schedule appointments and promote your business effectively.
PAKISTAN:
PIA to Add Eight More Aircraft by Next Year, Says CEO
Pakistan International Airlines (PIA) will add eight aircraft to its fleet next year, its CEO has told a Senate committee. The meeting of the Senate Standing Committee on Aviation, chaired by MNA Nawabzada Iftikhar Ahmed Khan Babar, was held on Monday at the Islamabad International Airport, said a press release.
International Finance Corporation to Fund Tyre Facility in Sindh
The International Finance Corporation (IFC) has joined a consortium of local banks in providing up to $50.2 million in financing to support a private sector enterprise in developing a greenfield tyre manufacturing facility in Sindh to boost local production. The consortium comprising Habib Bank Ltd, Meezan Bank, Bank Alfalah and Habib Metropolitan Bank would arrange the financing, including a $25 million loan from the IFC and up to $25.2m equivalent investment in Pakistani rupees.
Kindly review this list of fairs and exhibitions. Schedule appointments and promote your business effectively.
Meena - Business News delivers timely updates on investments, business trends, tender information, fair listings, and risk analysis in IRAQ, KSA, UAE, QATAR, and Pakistan.
We emphasize the abundant opportunities available and stand ready to support your business development endeavors in these potential countries.
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December 25, 2024