Latest news with #Zawya
Zawya
2 days ago
- Business
- Zawya
VIDEO: Saudi MSME financing surges 28% to $93bln
The value of credit facilities provided to MSMEs reached around SAR 351.7 billion ($93.7 billion) during the last quarter of 2024, rising by 28% from a year earlier. Watch the Zawya video here:
Zawya
3 days ago
- Business
- Zawya
EGX Chairman expects to launch a Treasury Bills Index this year
The Egyptian Exchange (EGX) is expected to launch a Treasury Bills Index this year, Ahmed El Sheikh, the chairman of the bourse told Zawya in an interview. El Sheikh's statement came on the sidelines of the annual conference of the Arab Federation of Capital Markets that was held in Tunisia in the middle of this month, in which several African and Arab stock exchanges participated. "Within a short period, we hope to issue a Treasury Bills Index... this year, God willing," El Sheikh said. El Sheikh had announced in a previous interview with Zawya last February the Exchange's intention to develop three indices, the Treasury Bills Index, a Low Volatility Stocks Index, and an index that combines sustainability and Shariah-compliant standards. In his interview with Zawya in Tunisia, El Sheikh said that work is underway on the other two indices and that they might be launched this year as well after the Treasury Bills one. Behind the headline While the EGX is seeking to attract government offerings to support private sector initial public offerings (IPOs), it is also working with the Financial Regulatory Authority (FRA) to curb the delisting of companies from the market. "We saw two companies delisting from the Exchange as a result of an investor acquiring them through the (offering) program... in coordination with FRA and relevant entities in Egypt, we are trying to ensure that whoever buys a (listed) company or acquires a public share (in it), should buy up to 90% and leave a minimum percentage of free float on the stock exchange," El Sheikh said. According to the listing rules on the EGX, free float shares must not be below 10% for both the main market and the small- and medium-sized enterprises market. In 2023, a government entity sold a majority stake in the Paints and Chemical Industries Company (Pachin) to the UAE-based National Paints company as part of the government's IPO program. Pachin was subsequently delisted from the stock exchange. In the same year, government institutions, including Banque Misr, the country's second-largest state-owned bank, divested from Al Ezz Dekheila Steel Co. - Alexandria, a subsidiary of Ezz Steel Group. Al Ezz Dekheila Steel Co. delisted from the stock exchange after that. Click here for the Arabic article.
Yahoo
16-05-2025
- Business
- Yahoo
UAE-US collaborate to develop 15GW of clean energy projects by 2035
The United Arab Emirates (UAE) and the US are bolstering their strategic energy partnership, focusing on clean and renewable energy technologies to support global energy security and assist emerging economies. A flagship initiative, the UAE-US Partnership for Accelerating Clean Energy (PACE), launched in November 2022, aims to mobilise $100bn to deploy 100GW of clean energy by 2035, according to a report by Zawya. In January 2023, the two nations committed $20bn to establish 15GW of clean energy projects across the US by 2035, as part of the partnership, with Masdar spearheading this initiative alongside US private-sector investors. Additionally, Abu Dhabi National Oil Company (Adnoc) has acquired a 35% stake in ExxonMobil's blue hydrogen project in Texas. The site will produce up to one billion cubic feet (bcf) daily of blue hydrogen and more than one million tonnes per annum (mtpa) of low-carbon ammonia. The Abu Dhabi Department of Energy is fostering innovation through agreements with the University of Arizona and the International Renewable Energy Agency to explore cutting-edge clean energy technologies. These include solar power in space and tools to accelerate climate action. Masdar has a strong presence in the US, aiming for a 25GW clean energy portfolio within ten years. Its US investments, which began in January 2019, include wind, solar, and battery storage projects in multiple states. The company's partnership with EDF Renewables North America and the acquisition of a 50% stake in Terra-Gen have significantly expanded its US operations. The Terra-Gen acquisition added 3.7GW of operating capacity and a 12GW development pipeline of wind, solar, and battery storage projects. Masdar's US portfolio now exceeds 5GW, with a focus on California and Texas. In January 2025, the UAE also launched a pioneering energy storage project in Abu Dhabi, combining solar power and battery storage to enable round-the-clock renewable energy dispatch. This project will feature the world's largest solar and battery energy storage system (BESS), with a 5.2GW solar photovoltaic plant and a 19GWh BESS. "UAE-US collaborate to develop 15GW of clean energy projects by 2035" was originally created and published by Energy Monitor, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Zawya
16-05-2025
- Business
- Zawya
VIDEO: Oman's debt market to slow down in 2025-2026
Total DCM issuance stood at $10.3 billion last year, up by 61.4%, while the first quarter of the year recorded issuance worth $1.5 billion. Watch the Zawya video here:
Miami Herald
15-05-2025
- Business
- Miami Herald
Satellite Images Show Desert Ski Resort Emerge at World's Biggest Construction Site
New satellite imagery reveals advancing work at a mountain ski resort in Saudi Arabia as part of the ambitious Neom project, the world's biggest construction site. Newsweek has reached out to Neom's team for comment on the latest development shown by photos from Planet Labs and provided exclusively to Newsweek. The outdoor ski resort in a desert country known for being one of the hottest in the world symbolises the ambition of the megaproject of Crown Prince Mohamed bin Salman at Neom. Most of the snow will be artificial. The images show the advances on the site in the absence of official updates and with some critics questioning how far work is progressing and questioning whether it has been affected by setbacks. Trojena, on the mountain of Jebel al Lawz in the northwest of Saudi Arabia, rises to more than 8,500 feet above sea level, according to the project's description on Neom's website. The project—envisioned as the world's first "vertical ski village"—extends over an area of nearly 870 square miles and is set to include about 18 miles of ski slopes, in addition to a dozen hotels and tens of thousands of shops and restaurants. It also includes a giant man-made lake that would take up to 15 billion gallons of water, according to Trojena's Instagram account. Philip Gullett, Trojena's Executive Director at Neom, called the project's progress "a military operation," citing the challenge of building infrastructure in remote mountains, speaking this week at the Saudi Giga Projects Summit, according to Zawya platform. Neom, the flagship element of Vision 2030, Crown Prince Mohamed bin Salman's strategy to diversify its economy away from oil dependence, has been accused of having an unrealistic scope and ambitious timeline, with other concerns pertaining to the project's effects on climate change and the kingdom's human rights abuse allegations. "You're changing a natural ecosystem which can have compounding impacts," said climate consultant Ahmed el-Droubi, currently the global campaigns manager at Climate Action Network International, according to Euro News in 2022. Saudi Arabia's advances were hailed by U.S. President Donald Trump during a visit to the country this week which culminated in a $600 billion investment deal. Philip Gullett, Executive Director and Region Head of Trojena, quoted on Neom's website: "From up there you can look over to the Gulf of Aqaba too. And over to Egypt as well as the whole NEOM region." Richard Scott, Senior Development Manager at Trojena: "Most of the snow in Trojena will be machine-made snow." The ski resort is due to be completed for the Asian Winter Games in 2029 to be hosted in Saudi Arabia. Related Articles NASA Images Reveal Texan Conditions Not Seen Since 1936Satellite Images Show Progress on Egypt's Vast New CapitalSatellite Image Shows Iran Reinforcing Nuclear ComplexSatellite Images May Show North Korea's Biggest Warship Ever 2025 NEWSWEEK DIGITAL LLC.
