Arabian Drilling Co. gets approval to IPO 30% stake on Saudi stock market

Arabian Drilling Co. gets approval to IPO 30% stake on Saudi stock market
Arabian Drilling Co. gets approval to IPO 30% stake on Saudi stock market

Thank you for reading the news about Arabian Drilling Co. gets approval to IPO 30% stake on Saudi stock market and now with the details

Jeddah - Yasmine El Tohamy - MENA Project Tracker: KSA launches Arts Valley project in AlUla; Honeywell, Anchorage to build $2bn petrochemical complex in Egypt 

RIYADH: The Royal Commission of AlUla, also known as RCU, has announced the launch of an Arts Valley as Saudi Arabia moves steadily to become a top global tourist destination, a goal outlined in Vision 2030. 

The Arts Valley, which spreads over 65 sq. km, is touted as a cultural asset of the “The Journey Through Time” masterplan launched in April, Trade Arabia reported. 

Noorah Al-Double, the CEO of the General Directorate for Arts and Innovative Industries said that these projects will transform AlUla into a pioneering international destination for arts, heritage, culture and nature by 2030. 

Honeywell and Anchorage to work on Egypt’s $2 billion Suez Canal project

US-based multinational conglomerate Honeywell and Anchorage Investments have signed a memorandum of understanding to construct the $2 billion Anchor Benitoite Petrochemicals Complex in Egypt’s Suez Canal Economic Zone, according to a MEED report.

The agreement entails that Honeywell Process Solutions will be hired as the Integrated Main Automation Contractor. 

HPS also will supply sufficient technologies to ensure operational safety and security to Anchorage Investments. 

Dana Gas halts Iraq oil field project following rocket attack

UAE’s Dana Gas has just pressed pause on its KM 250 oilfield expansion project following 3 rocket attacks near its Khor Mor Block in Iraq’s Kurdistan region, MEED reported. 

Citing a company statement to Abu Dhabi Securities Exchange, Meed reported that two rockets landed very close to the Khor Mor Block on June 24 and 25. 

The report further added that there were no injuries following the attack. 

The Khor Mor 250A project is an asset to Iraqi oil production, as it has shown immense yearly growth of 552 million cubic feet of gas a day in production in comparison to its average of 450 million cubic feet of gas a day. 

Upon talks with the Kurdistan Regional Government and the Iraqi Government, more forces have been deployed to protect the facilities. 

Damac awards $168m contract to Pivot

UAE-based property development company Damac has awarded the $168.2 million construction contract for the Costa Brava cluster within its Damac Lagoons development to Pivot Engineering and General Contracting Co., MEED reported.

According to the report, the scope of work under this contract includes the construction of 976 townhouses for the project.

The project includes villas, townhouses, artificial beaches, and community facilities. 

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