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The Greenstone Review The Greenstone Review Regional Edition December 2016 Regional Headlines – Gulf Economies Driving for Diversification Kuwait Petroleum to invest in Oman Oil’s Duqm refinery Oman Oil Company (OOC), the Sultanates investment arm in the energy and energy related sectors, and Kuwait Petroleum International Ltd. (KPI), the international subsidiary of Kuwait Petroleum Corp. (KPC), have signed a memorandum of understanding (MOU) to cooperate in the development of Duqm Refinery and Petrochemical Complex in the Duqm Special Economic Zone (SEZ) in Oman’s Al Wusta Governorate. This strategic partnership is part of the efforts being made to seek further investment opportunities that open doors to develop major industrial projects in Duqm. Duqm Refinery project is located in the special economic zone in Al Duqm, in the South East Al Wusta Governorate of the Sultanate of Oman. This gives the project a strategic maritime location and a competitive advantage being in the path of international shipping Saudi Arabia is trying to build the Amazon lines in the Indian Ocean and the Arabian Sea thus easing the process of transport in and of the Middle East out of the region. (Read More...) (Hydrocarbon Processing) Saudi Arabia’s Public Investment Fund Pecsa JV wins $900 million Saudi hotel project contract emerged on Sunday as the anchor investor in Pecsa, a joint venture between South Korea's Posco Engineering & Construction Company Noon, a soon-to-launch online retailer that and Saudi Public Investment Fund (PIF), said it has been awarded a $900 million contract aims to replicate from a Middle Eastern base to build five hotel towers in the Madinah region of the kingdom. the success of e-commerce giants Alibaba These four-star hotel towers, with a combined total of 3,070 rooms, will come up on a Group Holding and Amazon.com. The PIF will 350,000-sq-m area as part of a commercial and residential project being developed by contribute $500 million to the venture, with Saudi Company for Real Estate Development & Investment (Dar Alhijrah). another $500 million coming from other The hotel complex will partly accommodate tens of thousands of pilgrims to the holy investors in the region. mosque in Madinah each year, said Mohammed Almazyad, the chairman of the foundation and supervision committee of Dar Alhijrah and Deputy Minister at the Ministry of Finance, With oil prices down more than 50 percent after signing the deal with Myungju Choi, the chief executive of Pecsa. (Read More..) since mid-2014, Saudi Arabia, in efforts led by (Trade Arabia) Deputy Crown Prince Mohammed bin Salman, is jockeying to become a premier technology Saudi sovereign wealth fund PIF to invest in Alabbar-Led company investor as it seeks to wean its economy off Saudi Arabia’s sovereign-wealth fund PIF (Public Investment Fund) said that it will acquire a hydrocarbon revenue. Central to Prince 50% stake in Adeptio, the Gulf-based investment firm which controls Kuwait Food Co Mohammed’s plan is the PIF, a state holding (Americana) led by Emirati businessman Mohamed Alabbar. The deal comes after Adeptio company with about $100 billion in local assets AD Investments SPC Ltd. completed the purchase of a majority stake in Kuwait’s that he repurposed earlier this year to invest Americana, one of the Middle East’s largest operators of fast-food chains including KFC, abroad and hopes to turn into the world’s TGI Friday’s Inc. and Pizza Hut. biggest sovereign wealth fund and an engine The Public Investment Fund said the transaction is part of a plan to “increase investment in for economic growth and diversification. non-oil sectors and build a portfolio that has greater geographical and asset class diversification.”(Read More…) (The Wall Street Journal) In October the PIF came out as the lead investor behind a new technology investment ASAAS signs agreement with CNBC Arabia to promote Oman as an investment hub fund proposed by the Japanese Muscat National Development & Investment Company (ASAAS) has signed an agreement telecommunications giant SoftBank Group with CNBC Arabia to air “Eye on Oman”, a program that will focus on promoting investment Corp. The SoftBank Vision Fund, as it is prospects and key national projects in the Sultanate. The show will also highlight important called, will invest globally in the tech sector business events in the country as well as host expert panels about the economy and its and could top $100 billion, with the PIF opportunities. potentially committing as much as $45 billion “Eye on Oman” will highlight important financial and economic organizations in the over the next five years. Sultanate by showcasing their various projects and initiatives. In addition, the program will shed light on local investment and development companies such ASAAS and how they are Noon, which will be based in Riyadh and increasing the economic contributions of the non-oil and gas sectors by identifying new launch initially in Saudi Arabia and the United opportunities and generating sustainable socio-economic returns through the integrated Arab Emirates, is the brainchild of Emirati development of core sector supply chains. (Read More…) (Zawya) entrepreneur Mohamed Alabbar, who chairs Emaar Properties, the real estate developer Uber Mideast rival Careem said near to $300 million funding behind the Dubai Mall, the world’s largest Careem Networks FZ, which competes with Uber Technologies Inc. in the Middle East, is shopping center and the Burj Khalifa, the close to raising about $300 million in its first round of funding, according to two people with world’s tallest building. The Gulf region is on knowledge of the matter. The Dubai-based ride-hailing company plans additional funding the brink of becoming the fastest-growing e- rounds, the people said, asking not to be identified because the information is private. commerce market anywhere, according to Careem is seeking cash from a group of prominent financial and strategic investors, one of consulting firm A.T. Kearney, though the the people said, without providing names. No final agreements have been reached and sector currently represents a relatively small, talks may falter, the people said. (Read More…) (Bloomberg) 0.4 percent share of gross domestic product. (Read More…) (Business Insider) Contact Us Boulevard Plaza Tower II, 27th Floor Downtown Dubai P.O. Box 73994 Dubai, United Arab Emirates T: +971 (4) 382 7600 www.gsequity.com .
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