Latest news with #AnoopMenon
Zawya
18 hours ago
- Business
- Zawya
Saudi awards 92 industrial permits in April
Saudi Arabia issued permits for 92 industrial units in April while 80 new factories started operations during the same month, according to official data. The new licensed factories involve investment of around 3 billion Saudi riyals ($800 million) and provide over 1,400 jobs, the Industry and Mineral Resources Ministry said. It said in a report that investments in the factories that were commissioned in April exceeded SAR900 million ($240 million). The new licenses in April boosted the total number of factories in the world's dominant oil exporter to nearly 11,400, the report showed. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
6 days ago
- Business
- Zawya
Oman invites bids for new oil sites
Petroleum Development Oman (PDO), Oman's the largest producer of oil and gas has invited Expressions of Interest (EoIs) from local and international operators in the development of a potentially hydrocarbon-rich field within its sprawling Block 6 license. The majority state-owned national oil company announced in a post on Thursday that a 130 square kilometre (sq km) land, dubbed Area A, is being offered for investment and development in the Qarn Alam Cluster, within the prolific Ghaba Basin in northern Oman. 'This represents a strategic opportunity to access a discovered resource with more than 1 billion barrels of STOIIP (stock tank oil initially in place), located within Area-A, which spans over 130 sq km. The area offers proximity to existing infrastructure and holds significant development potential,' PDO said in its post. Operators interested in the exploration, appraisal and development of Area-A have been invited to submit a letter confirming their willingness to participate in a competitive process, along with supporting documents to demonstrate their relevant experience. The deadline for submission of EoIs is June 5, 2025. The move is in line with PDO's broader strategy of engaging specialised operators to manage specific assets within its portfolio. (Writing by Nadim Kawach; Editing by Anoop Menon) ( Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
Zawya
7 days ago
- Business
- Zawya
Dubai's TownX to build residential community in Arjan
Dubai- based developer TownX plans to build a residential community on the 400,000 square feet land plot in Arjan. The land was acquired for 110 million UAE dirhams ($29.95 million), TownX , which has an AED4 billion project portfolio, said in a statement on Thursday. The plot will host residential units, landscaped gardens, and community-centric facilities. No further details on the project were given. TownX has developed 1.04 million square feet of residential space, delivering more than 967 units to date. It is currently constructing 2,125 apartments. The company's completed portfolio includes Easy18, Easy19, Luma21 and Luma22 in Jumeirah Village Circle (JVC). The ongoing projects are 11 Hills Park at Dubai Science Park and Luma Park Views in JVC, the statement said. (Writing by P Deol; Editing by Anoop Menon) (
Zawya
21-05-2025
- Business
- Zawya
Saudi cement prices at 12-year high
Strong domestic demand boosted cement prices in Saudi Arabia in April to its highest level in nearly 12 years, press reports showed on Wednesday. The price of a 50kg cement bag increased by around one percent year-on-year in April amidst an increase in the prices of other building materials, the Arabic language daily Aleqtisadia said, citing industry sources. 'The increase last month meant that cement prices reached their highest level in 12 years due to a number of reasons, mainly strong demand,' the paper said. 'Other factors include the rise in production costs which affected the price to consumers and the end of a long-standing price war among manufacturers,' it added. The report showed the price of a 50kg cement bag averaged around 14.5 Saudi riyals ($3.8) and that local demand surged by about 43 percent in April and nearly 13 percent since the start of 2025. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
20-05-2025
- Business
- Zawya
SCZONE signs $17mln deal with China's Hightex for fabric plant
Egypt's Suez Canal Economic Zone (SCZONE) has signed an agreement with China-based Hightex to set up a fully export-oriented decorative fabrics manufacturing facility in Qantara West Industrial Zone at an investment of 851.7 million Egyptian pounds ($17 million). The facility, which is entirely self-financed, will occupy a 65,000-square-metre plot, and produce over 20 million metres of decorative fabrics annually for export, SCZONE said in a press statement. The project is expected to create around 300 direct job opportunities, the statement said, adding that new project takes the total number of contracted projects in Qantara West to 20, representing cumulative investments of $596.5 million and generating over 27,600 direct jobs. Founded in 1990 in Hangzhou, Hightex is a major supplier of decorative fabrics with a presence in domestic and global markets. The company maintains research and sales centres in the US and operates furniture factories in both Vietnam and China. (Writing by Eman Hamed; Editing by Anoop Menon)
