Saudi, Dubai Fuel Firms Vie With Adnoc for Egyptian Army Company
Jun 04 2021, 1:31 AM
June 03 2021, 3:53 PM
June 04 2021, 1:31 AM
(Bloomberg)
(Bloomberg)
Dubaiâs state energy firm and Petromin Corp. of Saudi Arabia are taking on the likes of Abu Dhabi National Oil Co. by entering the bidding race for the first Egyptian army company being offered to investors, according to people familiar with the matter.
Whichever company wins would partner with Egyptâs sovereign wealth fund in taking joint full ownership of Wataniya Petroleum, a fuel distribution firm that has more than 200 filling stations and is run by the North African nationâs military.
RIYADH: Saudi Arabia is a waterless and barren land, covered by vast deserts and rugged mountains and therefore unsuited to anything but growing dates. Right? Actually, wrong.
The Saudi environment is dry, no doubt. But surprisingly, the Kingdom is an agricultural powerhouse, on the path to achieving a considerable measure of food security, while becoming a major exporter of agricultural products.
This trend has been given further urgency with the implementation of Vision 2030, which defines agriculture as one of five main strategic sectors, alongside aerospace/defense, automotive, transport/logistics, and construction.
So, how is this possible?
First off, Saudi Arabia is more water-rich than it may appear at first glance. While the Kingdom has no permanent rivers, and one of the lowest rainfall rates in the world at only four inches per annum, it possesses huge underground water reserves.
ISLAMABAD: Pakistan has taken “serious exception” to an Israeli far-right politician’s use of an image of a hospital in the capital city Islamabad, claiming it was a Hamas headquarters and “the largest medical complex in Gaza,” foreign office spokesperson Zahid Hafeez Chaudhri said. “We have seen the statement by Israel’s former war minister and we believe that it is casual
DUBAI: Saudi food giant Almarai has agreed to acquire a drinks factory in the UAE from Binghatti Beverages Manufacturing for 215 million dirhams ($58.5 million). "This acquisition will enhance Almarai’s ability to serve its customers by expanding the range of beverage products in the region," Almarai said in a Saudi stock exchange filing on Wednesday. The deal will be fully