Latest news with #UAE-based
Express Tribune
4 hours ago
- Business
- Express Tribune
PTCL to present $1b investment plan at hearing
Listen to article Amid controversy over swelling losses, Pakistan Telecommunication Company Limited (PTCL) is set to convince the regulator about its $1 billion investment plan in a bid to get approval for merger with Telenor. A team of PTCL will present the company's case at a hearing to be held at the Competition Commission of Pakistan (CCP) on Wednesday. According to PTCL officials, the telecom firm had submitted an investment plan worth $1 billion to the CCP to pave the way for its merger with Telenor. However, according to the officials, the regulator raised questions about the investment plan and a PTCL team will respond to the queries at the hearing. PTCL may get approval for the merger if it is able to convince the regulator about its settlement plan linked with $1 billion worth of investment. The merger application has been pending for the past almost one year as the PTCL management has yet to provide relevant documents to address queries. The CCP has sought timelines and details of areas where PTCL will make the proposed investment. IT minister earlier stated that the CCP was an independent institution and it would decide about the merger deal. A senior IT ministry official pointed out that the issue of outstanding privatisation payments of $800 million had also remained unresolved. Though a settlement was reached between the previous government and the PTCL management for releasing $640 million, the company has not even provided that amount. There has been a dispute between the government of Pakistan and UAE-based Etisalat – the buyer of PTCL – over pieces of land. PTCL has started selling prime land, which it owns in Pakistan, despite no resolution of the row. In a meeting held on Monday, the National Assembly Standing Committee on IT expressed dismay over the statements given by PTCL officials and warned them of action over the sale of land. During the second phase of the review of merger application, the CCP sought details of PTCL's market position from the Pakistan Telecommunication Authority (PTA) to determine that the merger would not reduce competition or strengthen the dominant position of the parties concerned. The documents submitted by the PTA showed that instead of responding to the objections made by the telecom regulator, the PTCL management challenged notices in the Sindh High Court. PTCL submitted an application for merger with Telenor Pakistan to the CCP on February 29, 2024 but there were flaws, which were rectified on March 6. According to the biannual (July-December FY25) performance report released by the Central Monitoring Unit of the Ministry of Finance, PTCL registered a loss of Rs7.2 billion during the period, which took its accumulated losses to Rs43.6 billion. The report noted that PTCL had moved up the ranking of loss-making state-owned enterprises (SOEs), rising from 10th position in the first half of FY24 to seventh place in FY25. The finance ministry warned that the proposed acquisition of Telenor by PTCL could further destabilise the group's finances, if not carefully managed. It added that the move could also result in hindering PTCL's digital transformation goals and limit its ability to invest in core growth areas over the coming years. It also highlighted PTCL's outstanding pension liabilities of Rs42.84 billion. PTCL had posted a net profit of Rs20.78 billion in 2005-06 – the financial year when its management control was handed over to Etisalat. The UAE-based firm acquired a 26% stake whereas the government of Pakistan kept 62% shareholding. The remaining 12% shares are held by public investors through the stock market.
Iraq Business
8 hours ago
- Business
- Iraq Business
GE-Led Consortium Wins 750MW Mansuriya Power Contract
By John Lee. GE Verona, in consortium with GE Global, General Electric Global Services, Ontex Trading, and Calik Enerji, has been awarded the contract for the expansion of the Mansuriya gas power plant. The project involves adding two gas turbines and a combined-cycle system, with a total capacity of 750 megawatts (MW). The Iraqi Cabinet approved the contract on the condition that GE: Fixes the total contract value; Ensures operation of the plant using gas from the Khasham al-Ahmar [Khashim Ahmer-Injana] field at no additional cost; Commits to covering the cost of the environmental impact assessment. The expansion is part of the government's strategy to develop Iraq's electricity generation sector and increase reliance on domestic gas sources. The Khasham Al-Ahmar field in Diyala was awarded to UAE-based Crescent Petroleum, as part of Iraq's fifth licensing round. (Source: PMO) Tags: Calik Enerji, cg, Electricity In Iraq, energy, featured, GE, GE Verona, General Electric, Khasham Al-Ahmar, Khashim Ahmer-Injana, Mansouriya, Mansuriyah Power Station, Ontex, Turkey, Turkiye
Al Etihad
11 hours ago
- Entertainment
- Al Etihad
Abu Dhabi Art unveils three new talents for Beyond Emerging Artists 2025 exhibition
16 July 2025 00:35 Abu Dhabi (ALETIHAD)Abu Dhabi Art has announced the artists participating in the annual 'Beyond Emerging Artists' programme, which commissions new work by up-and-coming UAE-based artists to exhibit at the fair each year's edition will be curated by internationally renowned artist Issam Kourbaj, who has invited Alla Abdunabi, Salmah Almansoori and Maktoum Marwan Al Maktoum to develop new commissions to be exhibited at the Abu Dhabi Art Fair, which will take place on November 19 to 23 at Manarat Al Saadiyat. The new works will also be exhibited internationally after the fair ends. Beyond Emerging Artists seeks to give UAE-based artists exposure, enabling them to benefit from a mentorship programme offered by the guest selected artists will share artwork that spans installation, sculpture and conceptual storytelling, exploring themes of identity, memory, materiality and the layered histories of place. Curator Kourbaj commented on the selection: 'It was challenging to select just three participants for the programme from amongst so many exciting emerging artists put forward. Like many creatives around the world, young artists in the region are directing their gaze toward excavating the present and engaging with urgent matters of our time, whether environmental, social or historical. 'I very much look forward to working with the three selected artists and guiding their visual voices as they develop a body of work inspired by Al Ain, both as a source and a canvas for new ideas.' Alla Abdunabi Abdunabi is a visual artist working in sculpture and installation. Her practice explores the afterlives of objects through storytelling that merges historical, personal and fictional narratives. She reflects on shifting histories and the material memory of place.'I'm honoured to be part of Beyond Emerging Artists this year,' said Abdunabi. 'With the support of Abu Dhabi Art and curated by Issam Kourbaj, I'll be exploring object histories in my presentation at the fair. In addition, through the Al Ain commission, I look forward to creating a site-specific work that listens to the buried histories of the land.'Marwan Al MaktoumAl Maktoum is a multi-disciplinary artist whose work explores the human condition through themes such as value, time, belief systems and the psyche. His practice is influenced by lived experience, folklore, storytelling, surrealism, language and metaphor.'I am honoured to have been selected as part of the Beyond Emerging Artists programme,' he said. 'I especially look forward to the mentorship of Issam Kourbaj and continuing the world-building approach of my work within the context of an art fair, as well as investigating the archaeological histories of our country in sites such as the ones found in Al Ain.' Salmah Almansoori Almansoori is a multi-disciplinary artist, whose practice spans painting, sculpture and installation. Her work documents what is being erased - abandoned places, forgotten objects and fading traditions. By collecting fragments from these sites and transforming them into abstract yet intimate narratives, she explores themes of displacement, identity and emotional inheritance.'I'm grateful to be part of Beyond Emerging Artists this year. This opportunity allows me to deepen my exploration of memory and place, and to share stories from my hometown that are often overlooked. With the guidance of Issam Kourbaj, I look forward to developing a new body of work that reflects on transformation, loss and belonging.' she Emerging Artists is sponsored by Abu Dhabi Art's global partner HSBC and supported by Friends of Abu Dhabi Art, a group of philanthropists committed to supporting the art ecosystem in the UAE and chaired by Asma Seddiq Al-Mutawa. Hong Kong Exhibition Abu Dhabi Art's global partner HSBC has announced that it will present works by the 2024 cohort of Beyond Emerging Artists in Hong Kong and London this year. The international exhibitions will feature works by the artists Fatma Al Ali, Dina Nazmi Khorchid, and Simrin Mehra Agarwal in a group show first curated by Lorenzo Fiaschi for Abu Dhabi Art last year. The exhibition will take place at Sotheby's Maison in Hong Kong from July 15 to 27 and afterwards in London. Spanning sculpture, sound, and textiles, the works reflect transformation, memory and the emotional connection between people and place. The travelling exhibition marks the Beyond programme's sixth international presentation and its first in East Asia. Afra Almteiri, Acting Abu Dhabi Art Programmes Unit Head, said: 'We are proud to present the 2025 edition of Beyond Emerging Artists in Hong Kong for the very first time, marking an exciting milestone in the programme's journey. 'With the generous support of HSBC, this exhibition not only showcases the creativity and vision of emerging UAE-based artists but also builds a vital cultural bridge between the UAE and Hong Kong. It reflects our commitment to fostering dialogue, discovery, and the global reach of contemporary art from our region.'
Daily News Egypt
12 hours ago
- Business
- Daily News Egypt
Sky AD. Developments launches EGP 80bn Sky North project in Ras El Hekma
Sky AD. Developments, the real estate arm of the UAE-based Diamond Group, has launched Sky North, a major coastal development located at kilometer 246 in the Ras El Hekma area. Spanning 430 feddans, the project comes with a total investment of EGP 80bn, targeting sales of around EGP 240bn. As the company's fifth project in Egypt, Sky North reflects Sky AD.'s ongoing strategy to diversify its portfolio and expand into high-potential investment areas. Following earlier successes in the New Administrative Capital and New Cairo, this latest development marks a significant move into Egypt's North Coast, in line with national plans to transform Ras El Hekma into a global tourism and investment destination. Saleh Mohammed Bin Nasra Al Ameri, owner of Diamond Group and Sky AD. Developments, described Sky North as a key milestone in the company's regional growth strategy. He noted that the group's entry into the Egyptian market in 2021 was a deliberate and confident step, driven by strong belief in the long-term potential of the country's real estate sector. He added that Sky North is envisioned as a fully integrated urban and tourism destination aligned with Egypt's broader development goals. Abdelrahman Agami, CEO and Managing Director of Sky AD. Developments, emphasized the strategic importance of Ras El Hekma, citing its prime location and exceptional natural beauty. He explained that the masterplan was developed in collaboration with WATG London, one of the world's leading architectural firms, with only 13 percent of the total land allocated for buildings. Nearly 80% of the units will offer direct sea views, while the remainder will overlook expansive green spaces and swimmable crystal lagoons. Sky North will include approximately 5,500 residential units, ranging from standalone villas — including single-story options — to twin houses, townhouses, chalets, and cabins. All villas, twin houses, and townhouses will enjoy uninterrupted sea views. The units will be delivered with high-end finishes and equipped with integrated air conditioning systems. The project also features a wide array of amenities designed to enhance both residential life and tourism appeal. These include an international hotel to support Egypt's efforts to increase hotel capacity, along with a commercial area hosting global brands and fine dining outlets. Several clubhouses, fully equipped sports facilities, and swimmable crystal lagoons covering 50 feddans will be integrated throughout the development. A beachfront clubhouse, managed by a globally recognized beach operator, will anchor the seaside experience. The beach is scheduled to open in the summer of 2026. With the launch of Sky North, Sky AD. Developments continues to strengthen its position as one of Egypt's leading real estate players, reaffirming its commitment to creating sustainable, integrated communities that support national development priorities and elevate the standard of living and tourism experiences on the North Coast.
Business Recorder
a day ago
- Business
- Business Recorder
Pakistan's Zarea sets up subsidiary in Dubai to drive global expansion
Zarea Limited, one of Pakistan's largest commodities B2B platforms, has taken a key step towards global expansion with the successful incorporation of a wholly owned subsidiary in Dubai, United Arab Emirates (UAE). The listed company disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday. 'We are pleased to inform you that pursuant to the approval of the Board of Directors of Zarea Limited the company has successfully incorporated a wholly owned subsidiary in the UAE under the name ZAREA COMMERCE FZCO,' read the notice. Zarea said the incorporation of this UAE-based entity marks a major milestone in the company's global expansion strategy. 'With the launch of our regional headquarters in Dubai, Zarea is now well-positioned to expand into international markets and strengthen its role in technology-driven B2B trade. 'This initiative is a cornerstone of our long-term growth strategy—expanding our global footprint, strengthening overseas operations, accelerating export-led growth, digitising trade, and unlocking new markets worldwide,' it said. Zarea remains confident that the strategic investment will accelerate its long-term growth trajectory and generate sustained value for its shareholders. Earlier this year, the B2B commerce platform raised Rs1.03 billion by selling 62.5 million shares in the 2025 first initial public offering (IPO) at the PSX. Back then, Zarea said that the IPO proceeds would be strategically deployed to drive its continued expansion and operational efficiency. A significant portion of the working capital will be invested in Agri Biomass, a rapidly growing sector as businesses increasingly adopt renewable and sustainable energy solutions. Additionally, 24% of the proceeds will be utilised to establish an in-house logistics model, allowing Zarea to transition away from third-party logistics providers. Furthermore, 12% of the proceeds will be directed toward technology upgrades to ensure scalability and enhance the customer experience. The remaining funds will be allocated to marketing, human resources, and office expansion.
