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Abu Dhabi makes pitch to private sector in multi-billion dollar investment drive – CNBC

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5 years ago

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Abu Dhabi city skyline, United Arab Emirates.

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The Abu Dhabi Government is turning to the private sector for the next phase of its multi-year, 50 billion dirham ($13.6 billion) economic stimulus plan known as Ghadan 21.

The stimulus package is aimed at future-proofing and diversifying the Arab world’s second-largest economy, with demand for its lucrative hydrocarbon exports likely to peak in the next two decades and rising external risks challenging its growth outlook.

“It’s important to bring in the private sector,” Mohammed Al Shorafa, chairman of the Abu Dhabi Department of Economic Development, told CNBC’s “Capital Connection” in an exclusive interview on Wednesday.

Abu Dhabi, the capital of the United Arab Emirates, said it will seek to procure approximately 10 billion dirhams worth of infrastructure projects across a range of sectors under its public-private partnership model. 

The model also aims to provide the private sector with more certainty and transparency around the development and procurement of major infrastructure projects.

“We believe as a government, and as the leadership in Abu Dhabi, that the private sector is an important partner in this,” Al Shorafa added, saying the projects will cast a wide net, focusing on the social, municipal and transportation sectors.

Ghadan 21 has launched more than 50 proposals in its first year and officials say further plans will be rolled out in 2020 and 2021 to build on the reform momentum.

It comes after the International Monetary Fund warned last year that achieving sustainable, private-sector-led growth will require Abu Dhabi to capitalize on new growth drivers that are decoupled from oil prices.

“The government and the leadership have taken the direction of trying to reduce dependency on hydrocarbon revenues,” Al-Shorafa said. “We have to be as diversified as possible,” he added.

Measures also include incentive packages, new licenses and increased funding opportunities for businesses and small to medium-sized businesses; grants and access to resources for innovators within the start-up ecosystem, and a deep social spend that will see new investment in public parks and greenspaces.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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2 weeks ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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2 weeks ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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