(MENAFN) A partnership between Saudi Islamic Corporation for the Development of the Private Sector (ICD) and Morocco-based Al Ajial Funds has been signed to invest jointly in Morocco's private sector, Arabian Business reported. ICD chief executive said: Joining our forces to accompany the development of Morocco's private sector is an important milestone for ICD's investment strategy in the kingdom." The ICD supports its 51 member countries by financing private sector projects which follow Islamic principles. The ICD provides financing for various projects, but also made direct investments to establish Islamic financial institutions including banks and takaful insurers on the African continent.
(MENAFN) Bahrain has re-asserted itself as a regional powerhouse in the oil & gas as well as power & water sectors, Saudi Gazette reported. The country has USD14 billion worth of oil, gas power and water projects either planned or already underway. The upcoming Bahrain Energy Forum 2014 organized by MEED will be held to discuss the details of the project opportunities in the kingdom. Chairman of MEED Events said: "Bahrain Energy Forum 2014 will provide a comprehensive update of the exciting plans and associated project opportunities to reaffirm Bahrain's historic position as the energy hub of the Gulf and the wider Middle East."
(MENAFN) Al Futtaim Carillion announced that it has won a contract by Meraas in the UAE, Arabian Business reported. The USD250.66 million contract is for the construction of the Avenue Phase 2 City Walk development in Dubai. The contract includes the construction, commissioning, testing and completion of the estimated 1 million square foot second phase of "a high-quality family entertainment and retail development". Al Futtaim Carillion is a joint venture consisted by UK-based Carillion and UAE's Al Futtaim.
(MENAFN) Hilton Worldwide is planning to expand in Qatar with the signing of a management agreement with First Qatar Real Estate Development Company, The Peninsula Qatar. The management agreement is for the launch of a 445-room hotel named 'Hilton Doha The Pearl Residences'. The new hotel, expected to open in 2017, is to be located at the exclusive man-made island The Pearl-Qatar surrounded by upscale and stylish cafes, shops and restaurants. Global head of Hilton Hotels & Resorts said: "We're tremendously excited to introduce our first property to the fashionable and popular, The Pearl-Qatar island and welcome the opportunity to become part of its thriving community."
(MENAFN) Dubai-based fuel retailer Emirates National Oil Company (Enoc) intends to register an inorganic growth this year, said a senior company official, according to the Emirates 24/7. Enoc Chief Executive Officer Saeed Khoory, said: "We will continue to work with the government to serve as the energy partner "behind every successful journey". The support of the Government in providing fuel at subsidised rates will continue to be relevant." Khoory added: "Our strategic priority for 2014 is to explore new opportunities for inorganic growth led by our expansion to new geographies and developing compelling initiatives to bolster all-round growth. We aim to leverage the positive macroeconomic conditions in Dubai and other key markets to aggressively grow market share and increase product volumes." Eroc plans to increase profitability through its capital investment program and driving fast execution of critical projects.
(MENAFN) UAE-based Arab National Company said it will invest as much as USD2.5 billion in Pakistan to launch two coal power plants, according to the Emirates 24/7. ANC has signed a memorandum of understanding with the Private Power and Infrastructure Board (PPIB) to launch power plants that are expected to produce 660 megawatts in Gaddani, Baluchistan. Through the new power plants, Pakistan will be able to overcome the energy crisis. Pakistan is suffering the disability of covering power requirements in the country by resorting to tapping different sources of energy.
(MENAFN) Islamic Corporation for the Development of the Private Sector (ICD) has signed a memorandum of understanding with Al-Ajial Funds (Al-Ajial), according to Arab News. The two parties signed the MoU to set up an investment in Morocco in the G8 Deauville Partnership Investment Conference in Skhirat, Morocco. Under the agreement, ICD and Al-Ajial Funds will establish a framework of cooperation in order to co-invest in potential projects within Morocco"s private sectors. ICD CEO Khaled Al-Aboodi said: "ICD is particularly interested in Al-Ajial Funds" experience in supporting Morocco"s private sector and its strong record of successful accomplishments."