Saudi Arabia received offers to supply solar electricity for the cheapest prices ever recorded, marking the start of a $50 billion program to diversify the oil producer’s domestic energy supplies away from fossil fuels, says Bloomberg.
Investors who bought contracts that entitle them to participate in Dubai construction company Arabtec Holding PJSC’s rights issue were left with a 33 percent loss at the end of the security’s single week of trading, reports Bloomberg.
ACWA Power International will bid to build a solar energy project in Saudi Arabia, part of the kingdom’s $50 billion push to temper domestic oil use, according to Bloomberg.
Samena Capital, an investment firm managing about $650 million, plans to raise as much as $700 million for a special situations fund to invest in the Indian subcontinent and Asia, says Bloomberg.
Donald Trump Jr. traveled to Dubai and met a billionaire business partner in the city-state, discussing “new ideas” as the Emirati’s real estate firm still lists possible plans for future joint projects while Trump’s father is in the White House, according to Bloomberg.
Investors in United Arab Emirates construction stocks can remember the good days — when oil above $100 a barrel encouraged a seemingly endless stream of lucrative projects. Now, with crude priced at half that, companies are trying to rebuild their balance sheets, reports Bloomberg.
Dubai Holding LLC named Edris Alrafi chief executive officer as the investment company owned by the emirate’s ruler seeks to grow after years of restructuring, according to Bloomberg.
GEMS Education, one of the biggest private school operators, is merging two of its Dubai campuses amid increased competition, according to Bloomberg
Dubai’s government-owned utility completed a 200-megawatt power plant one month ahead of schedule as part of a plan to build the world’s largest solar energy park by 2030, according to Bloomberg
“We’re very proud of that partnership. It adds value to us,” Chief Financial Officer Adil Mohammed Hassan Taqi said in an interview with Bloomberg TV