UAE moves up in FDI ranking
THE United Nations Conference on Trade and Development’s (UNCTAD) World Investment Report 2019 has ranked the UAE 27th globally in terms of attracting foreign direct investment (FDI), three positions up from 2017.
According to the report, the UAE attracted $10.4 billion FDI in 2018, ranking first in the Arab world and accounting for 36 per cent of the total of FDI flows to the Arab countries. The country ranks the second in West Asia, accounting for around 33.4 per cent of total FDI inflows to this region, added the report. Engineer Sultan bin Saeed Al Mansoori, UAE Minister of Economy, said that the UAE’s progress in the rankings confirms the global investor confidence in the quality and efficiency of the country’s business environment, and its leading position as a regional destination for investments.
Tenaris rebrands SSP
TENARIS, a leading supplier of tubes and related services for the world’s energy industry and other industrial applications, has announced that it will rebrand Saudi Steel Pipes (SSP), a welded pipe producer in Saudi Arabia, to TenarisSaudiSteelPipes. The decision follows the integration of SSP into the global commercial and industrial network of Tenaris, after the latter announced the closing of its acquisition of 47.79 per cent of the shares in SSP on January 21.
Mariano Armengol, managing director and chief executive officer of TenarisSaudiSteelPipes, said: “The rebranding symbolises the official integration of Saudi Steel Pipe with Tenaris, marking an important step in our commitment to further expand our footprint and capabilities in the kingdom.”
Duqm to increase depth
OMAN’S Special Economic Zone Authority of Duqm (Sezad) recently revealed that it has decided to increase the depth of the fishing harbour to10 m instead of 6 m in order to prepare the port to attract large fishing vessels operating on high seas, said a report.
This will in turn increase the economic value of the port, which will become the first port in the sultanate to reach that depth, added the Oman News Agency (ONA) report.
