Aramco, Baoshan Iron & Steel Co., and the Public Investment Fund (PIF) have signed an agreement to establish an integrated steel plate manufacturing complex in Saudi Arabia. Subject to customary regulatory approvals and closing conditions, the joint venture complex is expected to be located in Ras al-Khair Industrial City, one of the four new Special […]
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UAE Eid Al Adha: 6-day weekend expected
UAE residents are expected to get a long break on account of Eid Al Adha 2023, with a prospective six-week weekend, Arabian Business reported. Expected dates have been announced to give residents a chance to plan ahead. Eid Al Adha 2023 dates Arafat Day is expected to fall on Tuesday, June 27. With the Eid […]
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Middle East’s largest oil and gas discoveries: Everything you need to know
Contrary to popular belief, the first oil well in the Middle East was not discovered in Saudi Arabia. That came later. Oil was first discovered in Persia, now known as Iran, thanks to William Knox D’Arcy, a British national, who had got a 60-year concession from the Iranian government. D’Arcy funded the operation, which started in 1903, […]
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Abu Dhabi to build Middle East’s first electric aircraft facility
Abu Dhabi-based manufacturer Monarch Holding and Chinese company EHang Holdings have signed an agreement to establish the first facility in the Middle East and North Africa to manufacture and operate sustainable, electric-powered aircraft and drones for passengers and cargo transportation in Abu Dhabi. The announcement is in line with Abu Dhabi Industrial Strategy’s initiatives, including […]
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US-based KBR secures deal for Iraq’s mega projects
KBR will initially sign a three-year agreement with scope of extension
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Samsung Engineering posts $1.9 billion record revenue amid stable overseas contracts
Samsung Engineering, one of the world’s leading engineering, procurement, construction, and project management companies announced today that it recorded $1.9 billion revenue in the first quarter of 2023. The company claims that it continued to create solid results based on stable performance, such as in major overseas projects in Mexico, Malaysia, and Saudi Arabia, but also simultaneously […]
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Angry shareholders slam BP’s climate plans
Energy giant BP on Thursday faced heavy criticism from shareholders over its decision to slow its energy transition, with activist investors promising to block the re-election of the head of the board of directors. Some of Britain’s biggest pension funds have warned that they will oppose the renewal of Helge Lund’s mandate at the annual […]
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