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Singrobo-Ahouaty Hydroelectric power project in Côte d’Ivoire to benefit from US$ 29.6M loan

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The Singrobo-Ahouaty hydroelectric power project and associated infrastructure, which will be constructed on the Bandama River, in Côte d’Ivoire, approximately 23 km downstream of the existing Taabo dam and upstream of the confluence of the Nzi river, is set to benefit from a US$ 29.6M loan.The loan, which is repayable over 18 years, will be granted to Ivoire Hydro Energy (IHE), the Singrobo-Ahouaty hydroelectric power project development company, by the Emerging Africa Infrastructure Fund (EAIF), a company of the Private Infrastructure Development Group (PIDG) that is managed by Ninety One.This loan follows on other financings for the project mobilized from the African Development Bank (AfDB), the African Finance Corporation (AFC), and the German Investment Company (DEG), which is the group subsidiary of Kreditanstalt für Wiederaufbau (KfW).These investors will provide 75% of the funds necessary for the implementation of the hydroelectric project while the remaining 25% will be funded by equity from the IHE shareholders i.e. Neo Themis, the AFC, and IHE Holding.Financial close for the project according to IHE is expected in the third quarter of this year.Scope of the ProjectWith Eiffage S.A., a French civil engineering construction company as the contractor, the Singrobo-Ahouaty Hydroelectric power project includes the construction of a rockfill...

Top US diplomat visits Kuwait to boost ties with key ally

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DUBAI, United Arab Emirates (AP) — The top diplomat of the United States on Thursday began a visit to Kuwait, where he was set to hold talks with high-ranking officials in the Gulf Arab sheikhdom that has long been a staunch U.S. ally in a turbulent region.U.S. Secretary of State Antony Blinken addressed a group of American diplomats and headed to the royal palace to meet with Kuwait's ruling emir, Sheikh Nawaf Al Ahmad Al Sabah. The State Department said Blinken would advance discussions with tiny oil-rich Kuwait on military cooperation, regional security and investment during his short visit.Blinken arrived in Kuwait City late Wednesday from India, where he sought to strengthen a regional front against Beijing’s assertiveness in the Indo-Pacific and boost cooperation in Afghanistan. American forces are completing their withdrawal from war-scarred Afghanistan after a 20-year military campaign, a drawdown that's rippling through the wider region. The nation of Kuwait, home to 4.1 million people, is slightly smaller than the U.S. state of New Jersey and sits on the world’s sixth-largest known oil reserves. It has been a critical U.S. partner since the 1991 Gulf War expelled the occupying Iraqi forces of Saddam Hussein.The...

New Tax And Investment Plan Opens Idyllic Zanzibar Island To The World

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Pennyroyal Ltd, the developer of Blue Amber Zanzibar, is the first real estate project to be awarded strategic investment status by Zanzibar’s government. The government of Zanzibar, one of Africa’s most prized travel destinations, has announced a new tax and residency program for foreigners seeking to live and invest in the island. The game-changing measure comes on the back of significant infrastructure and tourism-friendly initiatives that allowed the idyllic Tanzanian region to weather much of the storm brought by the Covid-19 pandemic in 2020. Until now, the Investments Act of 2018 provided procedures and criteria for Strategic Investment Status (SIS) projects with incentives and allowances to real estate developers, but not offered to those interested to buy property. The result has been that Zanzibar has not been able to attract any notable real estate development, where countries like Mauritius, Dubai, Oman, Singapore and others have thrived by implementing this strategy. With the introduction of the new investor programme, announced by the Government on 1st July 2021, foreign buyers will now be afforded the opportunity to enjoy a number of benefits, thereby luring investment and boosting Zanzibar as well as the broader Tanzania’s economy. A real estate investor is now able to acquire...

Who is the Egyptian young man who was congratulated by the ruler of Dubai?

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In a tweet to him on his Twitter account, the Vice President of the UAE, Prime Minister and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, congratulated the young Egyptian Mustafa Qandil, who founded a company from Dubai, whose value exceeded one billion and 500 million dollars, It was listed, on Wednesday evening, on the Nasdaq Dubai stock exchange. Sheikh Mohammed bin Rashid tweeted: “Mustafa Qandil, a 28-year-old Arab youth, was able to build a company from Dubai worth more than one and a half billion dollars, which was listed on the Nasdaq Stock Exchange. The (SWVL) company for smart solutions for mass transportation, which operates in many Countries.. Congratulations, Mustafa.. Dubai will remain a platform for all Arab youth who aspire to universality. Mustafa Kandil..a 28-year-old Arab young man..He managed to build a company from Dubai worth more than one and a half billion dollars. It was listed today on the Nasdaq Stock Exchange..SWVL for smart solutions for mass transportation, which operates in many countries.. Congratulations, Mustafa. Dubai will remain a platform for all Arab youth who aspire to globality — HH Sheikh Mohammed (@HHShkMohd) July 28, 2021 Who is this Egyptian young man? The 28-year-old co-founded the Swvl...

Emirates Mars mission ‘Double Moon’ bags award at Cannes Lions 2021

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Emirates Mars mission ‘Double Moon’ bagged award at Cannes Lions 2021. The ‘Double Moon’ campaign, which was organized in the run-up to Hope Probe’s arrival to Mars, bagged an Outdoor Silver Lion at the prestigious Cannes Lions International Festival of Creativity.The campaign, which brought Mars’ twin moons Phobos and Deimos to the skies of Dubai earlier in February using new technologies for the first time in the Middle East, was selected from 29,000 entries across 90 countries by a jury panel of leading advertising and media professionals.Organized by the UAE Government Media Office, the creative campaign aimed to engage UAE citizens and residents and generate excitement a few days ahead of Hope Probe’s historic entry to the Red Planet’s orbit. The sight of rare two moons in Dubai’s skies was widely shared on social media by onlookers astonished at the scene.HE Saeed Al Eter, Chairman of the UAE Government Media Office, said “in our media campaigns and activations, we integrate between traditional and modern media platforms to involve different target audiences in UAE’s projects and bring them together in celebration of the country’s inspiring projects that aim to build a better life for future generations.”Alia Al Hammadi, Vice Chairperson of the...

Emirates targets 1Q24 for B777X deliveries, mulls B787 swap

Emirates (EK, Dubai Int'l) does not expect to take delivery of its first B777-9 earlier than the first quarter of 2024, despite Boeing's target...

Economic, commercial activities in UAE c ..

ABU DHABI, (Pakistan Point News - 16th Feb, 2021) Economic and commercial activities in the UAE continued their positive run in the first half...

Rotana is searching for the UAE’s Best Amateur Barbecue Master

Rotana is calling amateur barbecue enthusiasts and chefs across the UAE to partake in its new Smoke and Flames campaign to find the UAE’s...

Dubai gets fresh supplies of Pfizer-BioNTech vaccine

Dubai has received fresh supplies of the Pfizer-BioNTech vaccine, officials said on Tuesday. Dubai Health Authority distributed the new batch across DHA health centres,...

Al-Futtaim Lexus Reveals Six Finalists for Lexus Design Award 2021

Al-Futtaim Automotive, the official distributor of Lexus in the UAE, has announced that Lexus International has recently revealed the six finalists for the Lexus...

New Hilton Abu Dhabi Yas Island to open its doors

Miral Asset Management LLC announced the opening of the Hilton Abu Dhabi Yas Island Hotel on February 18....

Emirates airline expects travel demand to pick up from May

Emirates airline now operates to 100 destinations around the world as compared to 140 cities prior to the Covid-19 pandemic and expects travel demand...

UAE’s Ministry of Energy and Infrastructure implements 129 development projects worth $3.2bln

DUBAI - The Ministry of Energy and Infrastructure has revealed that it is implementing 129 development projects worth approximately AED11.8 billion, as part of...

Emirates Investment Bank turns to losses in 2020

Dubai – Mubasher: Emirates Investment Bank has incurred annual net losses of AED 29.315 million in 2020, versus net profits of AED 8.851 million...

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