https://arab.news/cu4j7

DUBAI: India’s National Investment and Infrastructure Fund has broadened its existing partnership with UAE’s DP World by investing around $300 million to acquire around 22.5 percent in Hindustan Ports Private Ltd., a wholly owned subsidiary of DP World, according to a statement. 

“With this transaction, which is also the Master Fund’s single largest investment, NIIF’s investment under this partnership will reach around $500 million,” the companies said in a statement. 

The statement added that the transaction is subjected to customary completion conditions, and is expected to close by the first quarter of 2023.

The latest investment from the NIIF Master Fund extends the already existing DP World and NIIF partnership, which was formed in 2018 through the creation of Hindustan Infralog Private Ltd. 

HPPL is one of India’s leading container terminal platforms. It operates five container terminals managing more than five million twenty-foot equivalent units, also known as TEU, of capacity, representing a national market share of over 20 percent. 

“The broadening of our partnership with NIIF to include our flagship India ports platform is a natural extension of our existing relationship and aligns both parties to focus on delivering end-to-end supply chain solutions,” said Sultan Ahmed bin Sulayem, group chairman and CEO of DP World. 

RIYADH: Italian multinational oilfield services company Saipem has been awarded onshore and offshore contracts worth $1.25 billion in the Middle East, the firm said in a statement.

According to the statement, the first group of contracts is associated with the extension of onshore drilling contracts in the Middle East for an overall amount of approximately $600 million.

This group is related to the ten-year extension of existing contracts regarding four land rigs located in the Middle East. 

It includes the deployment of land rigs for exploration and production activities in various oil and gas fields that are already under operation.

Apart from these existing contracts, Sapiem was also awarded four new contracts in the Middle East with a combined value of $650 million.

The scope of these includes engineering, procurement, construction and installation of several offshore jackets, decks, subsea pipelines, subsea composite cables, umbilicals, fiber optic cables and brownfield modifications.

DUBAI: To mark the two-day DIFC Fintech Week, Amazon Payment Services offered new businesses signing up for the service zero percent transaction fees up to 200,000 dirhams ($54,451).

According to a statement, the offer also included expedited onboarding of new clients with assistance from in-house account managers.

APS also hosted the “Startup Pitch Competition” during the event, which saw entrepreneurs and innovators present their business ideas to their executive panel. 

The winning team was given the chance to explore potential business opportunities with the company’s team, the statement added.

APS executives engaged in discussions with fintech leaders, innovators, enterprises, investors, and policymakers throughout the event. 

There was a focus on how digital currencies can be safely and effectively integrated into payment options available in the region to increase efficiency and give customers and businesses more options.

During the Tech Talk session, Mohamad Imtiyaz, APS’ head of business development, outlined how innovation in payment services will lead to digital payments. 

Srinath Hariharan, head of the company’s product management, spoke on a panel about the 'Buy now, pay later' option and its implications for businesses and consumers.

APS’ latest initiative is Amazon Fintech Lab, a center for digital innovation located within Dubai’s financial district. It will engage with, and foster, the fintech, online retail, and wider business communities across the Middle East and North Africa.

RIYADH: UAE-based agritech Pure Harvest Smart Farms raised $180.5 million in its latest funding round by global investors including venture capital firm, IMM Investment Corp, and Saudi-based billionaire group, Olayan Group.

The company will use its acquired funding to invest in research and development as well as expand into the Gulf Cooperation Council and Asia markets, Wamda reported.

“I believe this funding will allow them to unleash significant potential, and to meet growing food demands in many new markets,” an Olayan Group spokesperson said in a statement.

Founded in 2016, the company uses hydroponic technology to grow fruits and vegetables in harsh environments and has raised a total funding of over $387 million.

MUMBAI: Indian shares posted modest gains on Thursday led by conglomerate Reliance Industries after billionaire Mukesh Ambani set the stage for a leadership transition at its key units.

The NSE Nifty 50 index was up 0.28 percent at 15,843.65, as of 0400 GMT, and the S&P BSE Sensex advanced 0.33 percent to 53,201.1.

The rupee stepped back from record lows hit the previous day and was trading at 78.93 per dollar, with the market headed into the final session of the first quarter,

Reliance Industries, India’s most valuable company, provided the biggest boost to the blue-chip indexes with a 1.4 percent jump. 

India allows local oil producers to sell to private companies

India’s cabinet on Wednesday approved a plan that would allow local crude producers to sell oil to private companies, a move that would help raise the revenue of state-run producers such as ONGC and Oil India.

The decision would be effective from Oct. 1, and existing conditions to sell crude oil to the government-run companies would be waived, the government said in a statement, adding that exports will not be permitted.

“Companies will now be free to sell crude oil from their fields in the domestic market. Government revenues will continue to be calculated on a uniform basis across all contracts,” the government said.

Ambani hands Reliance telco unit to son 

Indian billionaire Mukesh Ambani has stepped down from the telecoms arm of Reliance Industries, handing the reins to his son Akash and setting the stage for a leadership transition at his energy-to-retail conglomerate.

Mukesh’s 30-year-old son Akash has been appointed chairman of the board of Reliance Jio Infocomm Ltd, the company said in a regulatory filing on Tuesday. Akash was already a non-executive director at the telecoms arm.

Mukesh Ambani, who ranked tenth on the Forbes global billionaire’s list, signaled last year his children would have significant roles in the company, which has grown sixfold in the past decade into a $218 billion empire.

RIYADH: Saudi Arabia has identified 50 mining sites to be offered to investors, Asharq Al-Awsat reported citing Minister of Industry and Mineral Resources Bandar Alkhorayef.

Saudi Arabia expects its mineral wealth to exceed earlier estimates of $1.3 trillion as the Kingdom plans to triple spending on the exploration of metals over the next three years.

The value of the global mining market is expected to increase to $206 trillion in 2022 and to $335 trillion in 2026, up from $184 trillion in 2021, constituting a rise fueled by post-pandemic surge in commodity prices, MEED reported. 

The Middle East’s $16 billion mining market, with the Kingdom representing 38 percent of it, is expected to witness a fraction of the growth, according to MEED.

Mining is increasingly a key element of Saudi Arabia’s economic development, after energy and petrochemicals, as the Kingdom seeks to wean its economy off oil production and exports.

The Kingdom’s mining industry has already attracted a number of foreign investors, most notably global giants Barrick Gold and Alcoa.