A new company has been carved out of Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), to target multi-billion investments across industries in Iraq. With a staggering capital of $3bn, the newly formed Saudi-Iraqi Investment Company is part of PIF’s ambitious strategy to expand its investments in the Middle East and North Africa. […]
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ENGIE expects financial close on $800 million water project soon
International water and power developer ENGIE expects to achieve financial close for the Mirfa 2 seawater desalination project in the coming weeks, a senior company executive has revealed. ENGIE recently won a tender to develop and operate the Mirfa 2 Project, valued at $800 million and with a daily water production capacity of 20 million […]
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ADNOC Drilling allocates $75 million for six additional hybrid-power land rigs
ADNOC Drilling Company has signed a $75 million agreement for the purchase of six newbuild hybrid power land rigs, the company revealed in a statement. Honghua Golden Coast will build the rigs and will progressively enter the fleet from the second quarter of 2024, with partial revenue and EBITDA contribution from 2024 and full year […]
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Lower crude prices drags down Saudi Arabia’s total exports by 25% in March
The world’s largest energy exporter, Saudi Arabia, has experienced a significant decline in its total exports, encompassing both oil and non-oil exports, according to media reports. Saudi Arabia has witnessed a 25% year-on-year decrease, with total exports amounting to $28 billion compared to $37 billion in the same period last year, online portal Zawya said […]
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Saudi Aramco to partner with Iraq for major gas project
Saudi Aramco is set to develop a major onshore gas field in Iraq, stepping up its investments in hydrocarbon projects outside the kingdom. Iraq is in discussions with Saudi companies, including Aramco, to invest in its oil and gas sector but a final agreement has not yet been reached, the Iraqi Oil Ministry said on […]
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EPC contractors lining up for ADNOC’s multi-billion Hail & Ghasha megaproject
Firms have expressed interest in the new EPC tendering round for the Hail & Ghasha onshore facilities project after agreements were canceled last month, according to data from DMS Projects. The list of participating contractors is yet to be announced. ADNOC recently terminated two key contracts for onshore and offshore work on the Hail and […]
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UAE commits $275 million for landmark nuclear energy initiative
UAE has pledged its support, along with partners from the US, Japan, and South Korea, to invest up to $275 million in nuclear energy project in Romania. The UAE’s contribution, facilitated by the Emirates Nuclear Energy Corporation (ENEC), will be directed towards the deployment of a NuScale Small Modular Reactor (SMR) in Romania. Leveraging its […]
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