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UAE's ADQ Consortium to Invest $35 Bn in Egypt

Officials sign the Ras El-Hekma project agreements in the presence of Egyptian Prime Minister Mostafa Madbouly. (WAM)
Officials sign the Ras El-Hekma project agreements in the presence of Egyptian Prime Minister Mostafa Madbouly. (WAM)
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UAE's ADQ Consortium to Invest $35 Bn in Egypt

Officials sign the Ras El-Hekma project agreements in the presence of Egyptian Prime Minister Mostafa Madbouly. (WAM)
Officials sign the Ras El-Hekma project agreements in the presence of Egyptian Prime Minister Mostafa Madbouly. (WAM)

ADQ, an Abu Dhabi-based investment and holding company, has unveiled plans to invest $35 billion in Egypt.  

ADQ will acquire the development rights for Ras El-Hekma for $24 billion to develop the region into one of the most significant new city developments by a private consortium.  

ADQ will also convert $11 billion of deposits that will be utilized for investment in prime projects across Egypt to support its economic growth and development.  

Ras El-Hekma is a coastal region in Egypt located approximately 350 kilometers northwest of Cairo, spanning over 170 million square meters.

The significant investment marks a pivotal step towards establishing Ras El-Hekma as a leading first-of-its-kind Mediterranean holiday destination, financial center, and free zone equipped with world-class infrastructure to strengthen Egypt's economic and tourism growth potential.  

The Egyptian government will retain a 35% stake in the Ras El-Hekma development.  

Ras El-Hekma will be a next-generation city comprising mainly of tourism amenities, a free zone, and an investment zone combining, among others, residential, commercial, and recreational spaces with seamless connectivity domestically and internationally.  

ADQ is leveraging its expansive portfolio and partners, aiming to unlock the appeal of Ras El-Hekma as a premium international financial and tourism destination, adopting the latest cutting-edge digital and technological smart city solutions.  

The Holding Company will also benefit from Egyptian and international partners to support its development and investment plans.  

ADQ's experience in providing fully integrated infrastructure solutions across a broad range of services promises to bring significant benefits to the new development and Egypt's economy and is expected to attract over $150 billion in investments.  

ADQ CEO Mohamed al-Suwaidi said the company is a long-standing investment partner in Egypt and has demonstrated its ability to select opportunities aligned with its investment framework and benefit the Egyptian economy.  

"The investment underscores our commitment to developing Ras El-Hekma into one of Egypt's most attractive coastal destinations through the enablement of mega-infrastructure and development projects," Suwaidi was quoted by the UAE state news agency (WAM).  

He explained that the company will work with partners such as Modon Properties and Talaat Moustafa Group to deliver value across multiple sectors of Egypt's vibrant economy.

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Business

Acwa-WTCO Consortium Holds Preparatory Meeting in Syria to Launch Water Partnership Studies

The Saudi and Syrian delegations meet in Damascus on Monday. (SPA)
The Saudi and Syrian delegations meet in Damascus on Monday. (SPA)
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Acwa-WTCO Consortium Holds Preparatory Meeting in Syria to Launch Water Partnership Studies

The Saudi and Syrian delegations meet in Damascus on Monday. (SPA)
The Saudi and Syrian delegations meet in Damascus on Monday. (SPA)

The consortium comprising the Water Transmission Company (WTCO) and Acwa Power held on Monday a preparatory meeting in Damascus on the tripartite agreement concluded with the Syrian Ministry of Energy.

The meeting aimed to activate the agreement's provisions and develop an implementation plan to support and develop water sector projects in Syria.

The agreement aims to prepare preliminary feasibility studies based on an assessment of Syria's current water resources, determine current and future water needs, and examine the optimal mix of seawater desalination and the use of surface and groundwater resources.

This will pave the way for the development of integrated water desalination and transmission projects with production and transmission capacities of up to 1.2 million cubic meters per day, with transmission networks extending approximately 400 kilometers.

The meeting reviewed the work plan and reaffirmed the agreement's objectives and implementation timeline. It also covered the allocation of tasks and mechanisms for communication and joint work among the consortium parties and the consulting and implementing entities.

Business

Saudi Arabia, Australia Discuss Climate Cooperation Opportunities

Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz and Australian Minister for Climate Change and Energy Chris Bowen meet in Jeddah. (SPA)
Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz and Australian Minister for Climate Change and Energy Chris Bowen meet in Jeddah. (SPA)
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Saudi Arabia, Australia Discuss Climate Cooperation Opportunities

Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz and Australian Minister for Climate Change and Energy Chris Bowen meet in Jeddah. (SPA)
Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz and Australian Minister for Climate Change and Energy Chris Bowen meet in Jeddah. (SPA)

Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz met in Jeddah on Monday with Australian Minister for Climate Change and Energy Chris Bowen.

They discussed opportunities for cooperation on climate action and joint efforts in connection with the 31st Conference of the Parties to the United Nations Framework Convention on Climate Change (COP31), scheduled to be held in Türkiye in November this year.

Talks focused on advancing the objectives and principles of the United Nations Framework Convention on Climate Change and the Paris Agreement, with a view to achieving inclusive, balanced and practical outcomes that take into account the national circumstances of member states.

They reviewed Saudi Arabia’s initiatives and efforts to address the impacts of climate change, including the deployment of renewable energy, emissions management, reduction and removal, the Saudi Green Initiative, as well as the implementation of the Circular Carbon Economy approach and its technologies and other national and regional programs and initiatives.

Bowen toured the Shuaibah Solar Power Project, one of the largest projects under Saudi Arabia’s National Renewable Energy Program.

His visit also included a tour of Historic Jeddah, one of the Kingdom’s leading cultural and tourism destinations, as well as a visit to King Abdullah University of Science and Technology (KAUST), where he was briefed on the university’s research environment and academic programs in science, engineering and biotechnology.

Business

Mideast Oil Exports Rebound to 12.8 Million Barrels Per Day

Vessels in the Strait of Hormuz near the beach of Bandar Abbas, Iran, September 28, 2026. Amirhosein Khorgooi/ISNA/via WANA (West Asia News Agency) via Reuters
Vessels in the Strait of Hormuz near the beach of Bandar Abbas, Iran, September 28, 2026. Amirhosein Khorgooi/ISNA/via WANA (West Asia News Agency) via Reuters
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Mideast Oil Exports Rebound to 12.8 Million Barrels Per Day

Vessels in the Strait of Hormuz near the beach of Bandar Abbas, Iran, September 28, 2026. Amirhosein Khorgooi/ISNA/via WANA (West Asia News Agency) via Reuters
Vessels in the Strait of Hormuz near the beach of Bandar Abbas, Iran, September 28, 2026. Amirhosein Khorgooi/ISNA/via WANA (West Asia News Agency) via Reuters

Crude oil exports from key Middle East producers rebounded in September to 12.8 million barrels per day, the highest since the US-Israeli war with Iran started in February, data from Kpler showed on Monday, as Saudi Arabia and the United Arab Emirates boosted exports.

The rebound came following a recovery in exports via the Strait of Hormuz, ⁠which were set ⁠to hit about 7.4 million bpd this month, as Saudi Arabia diverted oil exports from the Red Sea port of Yanbu following attacks that damaged its East-West pipeline, the preliminary data showed.

While exports from the region - which includes Saudi Arabia, the United Arab Emirates, Iraq, Oman, ⁠Qatar, Kuwait, Iran - have rebounded, they were still about 6 million bpd down from 18.8 million bpd in February, according to Kpler.

The region's top exporter Saudi Arabia was on track to ship about 5.4 million bpd this month, rebounding from 2.446 million bpd in August, the data showed, according to Reuters.

September shipments from the Ras Tanura port in the Gulf jumped to about 3.6 million bpd, from 929,000 bpd in August, but still lower than the 6.411 million bpd ⁠recorded in ⁠February, according to the data.

A total of 19 very large crude carriers, carrying 2 million barrels of Saudi oil each, exited the Strait of Hormuz last week, Kpler data showed.

The figures exclude any vessels that might have crossed the strait with their Automatic Identification System transponders turned off to avoid detection.

Before the Iran war started on February 28, the strait typically handled about 125 large commercial vessels per day, including tankers, gas carriers, bulkers and container vessels, accounting for some 20% of the world’s daily crude oil and liquefied natural gas supply.