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- Smaller manufacturers across China look to catch the automation wave
- Commercial Bank launches Qatar's 'first-ever' Metaverse Auto Marketplace on CBQ Mobile App
- Oman's telecommunications sector achieves record figures that accelerate digital transformation
- MSX reports 100% ESG disclosure compliance by listed companies
- Bank Nizwa names Deputy Chief Executive Officer
- Bank ABC named 'Transaction Bank of the Year' at UK event
- NDF seals $1.6bn deals to power Saudi Arabia's sustainable development
- Dar Al Majd to build three premium residential projects in Riyadh
- Taiba unit in deal to build 159-key hotel project in Riyadh
- Alkhorayef secures key Saudi wastewater network maintenance contract
04/06/2017 00:28 AST
Phoenix Power Company SAOG, which owns and operates the giant 2,000 MW Independent Power Project (IPP) in Sur, has announced that it has agreed to pay $11.8 million to South Korean engineering contractor Daewoo Engineering & Construction Co Ltd in settlement of a claim raised by the latter.
Daewoo, the engineering-procurement-construction (EPC) contractor for the project, had launched legal action against Phoenix Power over a disputed payment. "The settlement agreement obliges the Company to pay a settlement sum of $11.8 million to the EPC contractor," said Phoenix Power in a filing to the Capital Market Authority (CMA). "The company clarifies that in settling the claim, the company's ability to pay dividends to shareholders will be impacted from January 2018. The settlement is not likely to have an adverse impact on the Company's profit and loss statement for 2017 and onwards," it added.
Oman Daily Observer
22/06/2015
Shares of Phoenix Power, which floated an initial public offering (IPO) of OMR56.3 million, will be listed on the Muscat Securities Market on Monday.
The company has allotted a minimum of
Times of Oman
14/06/2015
The flotation of Phoenix Power Co, owner of Oman's largest power plant, has been heavily oversubscribed, attracting over RO1 billion ($2.6 billion) of bids from investors, the state-run Oman News Age
Reuters
09/06/2015
Heavy oversubscription is seen in Phoenix Power Company's initial public offering (IPO), which closed its one-month subscription on Monday.
The shares have been priced at 110 baisas per s
Times of Oman
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15/12/2025
Commercial Bank has launched Qatar's first Metaverse-enabled 'Auto Marketplace' on the CBQ Mobile App.
Through this innovation, customers can now explore a fully interactive, virtual showroo
Gulf Times
15/12/2025
Bank Nizwa, a leading Islamic bank in the Sultanate of Oman, has announced the appointment of Tariq bin Atiq as its new Deputy Chief Executive Officer and Chief Operations Officer, in line with its o
Trade Arabia
15/12/2025
Bank ABC, a leading player in the region's banking industry, said it has once again been named 'Transaction Bank of the Year - Middle East in 2025' by The Banker (Financial Times), marking the third
Trade Arabia
15/12/2025
Dar Al Majd Real Estate Company (Al Majdiah) has announced that it has signed an agreement with the Jadwa Al Manzel Real Estate Fund for the development of three residential projects worth SAR265 mil
Trade Arabia
15/12/2025
Saudi-based Taiba Investments Company has announced that one of its key subsidiaries, Smart Hotel Zone Company, had signed a construction contract with Al Saad Contracting Company for a key hotel pro
Trade Arabia
Financial Information Co.
Saudi Arabia