Wednesday, August 10, 2022

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Arab News

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Emirates announces third daily flight to Mauritius

DUBAI: Emirates has announced plans to add a third-daily flight to Mauritius starting Oct. 1, 2022, a statement on state-run news agency WAM said. The plans to increase the frequency of flights to Mauritius by adding an evening flight is in response to increased travel demand to and from the country and will boost connectivity to the island nation.Emirates’ third-daily flight to Mauritius will boost seat capacity on the routes by approximately 35 percent, catering to the surge in demand and providing added support to the tourism industry during one of the busiest travel seasons. The added frequency supplements the existing double-daily Airbus A380 services. Emirates started operations to Mauritius in September 2002 with three weekly flights.  The airline is currently in its 20th year of operations to the island nation.  Mauritius is a very popular leisure destination, and continues to experience consistent growth post-pandemic.

PIF-owned SEIC acquires majority stakes in 4 Egyptian companies for $1.3bn

RIYADH: The Saudi Egyptian Investment Co., a company wholly owned by the Public Investment Fund, announced the acquisition of majority stakes in four publicly listed Egyptian companies. The value of the deal is estimated at about $1.3 billion, the Egyptian Ministry of Planning and Economic Development tweeted.  The SEIC will own shares in Abu Qir Fertilizers and Chemicals Industries Co., Misr Fertilizers Production Co., Alexandria Container and Cargo Handling Co. and E-Finance for Digital and Financial Investments SAE.  These companies operate across promising sectors including fintech, logistics, and fertilizer. Meanwhile, SEIC aims to support PIF’s efforts to explore new investment opportunities in the Middle East and North Africa region that support the creation of long-term strategic economic partnerships to achieve sustainable returns.

Mining and quarrying drives Saudi Industrial Production Index up 21% in June

RIYADH: Saudi Arabia’s Industrial Production Index increased by 20.8 percent from a year ago, according to the General Authority for Statistics. The Saudi IPI saw an extensive period of negative growth rates in 2019 and 2020, which was in part an effect of the global pandemic, showed the GASTAT report. In May 2021 the IPI growth flipped to positive and has been accelerating from January through April this year to record a high of 26.7 percent year-on-year.  Growth slowed to 24 percent in May and a further 20.8 percent in June. “The IPI continued to show positive growth rates due to the high production in mining and quarrying, and manufacturing activity,” GASTAT said. The weight of the mining and quarrying sector alone stood at 74.5 percent, showing a dominating effect on the IPI. “In June 2022 mining and quarrying grew by 19.2 percent compared to June 2021 as Saudi Arabia increased its oil production to its highest level by more than 10 million barrels per day in June 2022,” stated the GASTAT report. The annual growth in mining and quarrying index has slowed for the second consecutive month from April when it peaked at 28.3 percent, according to data compiled by Arab News. Although mining and quarrying is the main contributor to the headline IPI with a weight of almost three-thirds, its share contribution declined by almost 7 percentage points compared to April. The rate of annual growth in manufacturing has been accelerating for the past eight months from 4 percent to 29.3 percent in June, the highest on record, GASTAT data showed. Given its 22.6 weight in the general index, its share contribution increased by almost a full percentage point in June compared to April. When compared to October 2021, the increase recorded was almost 6 percentage points, showed the report.  

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