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- TAQA Group reports Q1 revenue of $ 3.87bn, up 3.8%
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- Emirates NBD pilots new AI compliance tech to reduce risks, improve payment speed
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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16/05/2025
Abu Dhabi National Energy Company (TAQA), one of the largest listed integrated utilities companies in Europe, the Middle East and Africa, has delivered a 3.8% year-on-year revenue growth, reaching AE
Trade Arabia
16/05/2025
Abraj Energy Services has signed a contract with BP Oman to provide a drilling rig for operations in Block 61, with the rig expected to become operational in the fourth quarter of 2025.
The
Muscat Daily
16/05/2025
Commercial Bank, a leader in innovative digital banking solutions, has unveiled its all-new Corporate Mobile Banking App, setting a new standard for business banking in the region.
This stat
Gulf Times
16/05/2025
Emirates NBD is rolling out a new AI-driven solution to strengthen its compliance checks on payments and trade transactions, as part of a wider effort to improve safety, speed, and transparency in fi
Gulfnews
16/05/2025
In line with its leading and responsible role in the banking industry, National Bank of Kuwait continues to advance confidently towards building a sustainable future by implementing its environmental
Kuwait Times
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