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Adnoc has bid for German polymer manufacturer Covestro but its offers €55 and €57 per share were rejected

Adnoc faces hurdles in completing ambitious European deals

Abu Dhabi state oil company Adnoc is facing challenges to a duo of major European deals it is trying to get over the finish line, according to media reports. Talks with Austrian energy group OMV have been put on hold to allow parties to navigate a series of disagreements, the Financial Times reported on Friday. […]

UAE developer to build $2bn project in Egypt’s New Cairo

Egypt’s New Urban Communities Authority and the UAE’s UDC Real Estate Development Company have signed a contract to develop an EGP60 billion ($1.9 billion) urban development project in New Cairo. Named The Crest, the development in the Hadayek Al-Andalus area will be built on a plot spanning 665,000 sq m. It will comprise residential, commercial […]

UAE’s Crescent can help Iraq meet its energy needs, says CEO

Iraq’s energy needs offer great potential for growth for Crescent Petroleum, the oldest private oil and gas company in the UAE, its group chief executive Majid Jafar has told AGBI.  The Sharjah-headquartered company has built an important presence in Iraq, where it has invested nearly $4 billion, mainly in the Kurdistan region. “We operate the […]

Lebanon’s EDL harnesses the power of ‘dollarisation’

Lebanese citizens will soon be able to pay their electricity bills in US dollars as the unofficial “dollarisation” of the nation’s economy continues. The decision by Électricité du Liban (EDL) to allow customers to choose to pay their bills in USD instead of Lebanese lira was ratified by the electricity provider’s board of governors this […]

Tough IPO rules deter UAE tech startups from listing

The UAE’s burgeoning startup sector has helped it become a centre for tech innovation, yet almost none of these fledgling companies have gone public due to stock market regulations. Since 2021 the Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX) have welcomed a flurry of initial public offerings as part-privatised government-related companies diversify […]

UAE latest

FILE PHOTO: United Arab Emirates Minister of State for Foreign Trade Thani Al Zeyoudi gestures during an interview with Reuters in Dubai, United Arab Emirates, June 30, 2022. REUTERS/Abdel Hadi Ramahi/File Photo

UAE and Kenya complete Cepa negotiations

The UAE and Kenya have completed negotiations on a comprehensive economic partnership agreement (Cepa) between the two countries. It is the 12th Cepa deal secured by the UAE and its third in Africa, after agreements were signed last year with Mauritius and the Republic of the Congo (Congo-Brazzaville). “The UAE-Kenya Cepa will not only boost […]

Financial Action Task Force (FATF) president T. Raja Kumar Video length: 01:24

UAE removed from FATF ‘grey list’

The Financial Action Task Force (FATF) said on Friday that it had removed the UAE from its so-called grey list, in recognition of the Gulf state’s efforts to curb illicit financial flows. Experts told AGBI the cleared status is expected to restore the UAE’s correspondent banking ties with institutions which had withdrawn services over the […]

Adnoc has bid for German polymer manufacturer Covestro but its offers €55 and €57 per share were rejected

Adnoc faces hurdles in completing ambitious European deals

Abu Dhabi state oil company Adnoc is facing challenges to a duo of major European deals it is trying to get over the finish line, according to media reports. Talks with Austrian energy group OMV have been put on hold to allow parties to navigate a series of disagreements, the Financial Times reported on Friday. […]

The 450 companies operating at Dubai Science Park include AstraZeneca, and the free zone plans to add 200,000 sq ft of lab and office space

Dubai Science Park reveals expansion plans

Dubai’s biotechnology free zone is adding 60 percent more offices, laboratories and warehouses over the next few years to cater for an influx of new companies, its senior vice-president told AGBI.  Dubai Science Park, part of Dubai-listed Tecom Group, is planning an expansion of 200,000 sq ft of additional storage and logistics facilities at the […]

Indian prime minister Narendra Modi and Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum inaugurate Bharat Mart, a market and trading platform for Indian businesses in Dubai

Dubai introduces multiple-entry visa for Indian nationals

Dubai has introduced a five-year multiple-entry visa for Indian nationals to strengthen economic, tourism and business ties with India, the Dubai Department of Economy and Tourism (DET) has said. The decision follows closely on the heels of prime minister Narendra Modi’s visit to the UAE, marked by significant developments including the opening of the Middle […]

Saudi Arabia latest

PIF governor Yasir Al-Rumayyan said the kingdom has ample funds to foster AI's development

Saudi wealth fund pitches kingdom as global AI centre

The governer of the Saudi sovereign wealth fund, Yasir Al-Rumayyan, expects the kingdom to emerge as a centre for artificial intelligence activities outside the US. “We are fairly well positioned to be an AI hub outside of the US,” Reuters reported, citing the Public Investment Fund governor’s speech at a Miami investment event. The head […]

A worker looks out at Riyadh from a tower under construction in the city

PIF explores buying stake in Saudi Binladin Group

Saudi Arabia’s Public Investment Fund (PIF) is planning to acquire a stake in Saudi Binladin Group, one of the biggest construction groups in the kingdom, a media report said.  The sovereign wealth fund is working with US investment bank Morgan Stanley on a potential deal, Bloomberg reported, citing people aware of the matter.  The $700 […]

Neom wellness Elanan

Neom announces ‘ultra-modern’ wellness resort

Saudi Arabia’s mega-city Neom has announced plans for another wellness resort on the Gulf of Aqaba.  The new site, Elanan, will be a wellness resort with architecture that uses “ultra-modern design techniques to form intricate sculptures that merge with the surrounding natural beauty,” Neom said on its website. The website shows images of a futuristic-looking […]

Around the Middle East

Tawoos will develop two towers as part of the Al Khuwair Downtown Project that is intended to transform Muscat

Omani contractor signs tower deal for billion-dollar project 

Omani conglomerate Tawoos Group has signed a deal to build two mixed-use towers within the sultanate’s billion-dollar Al Khuwair Downtown Project. The project in the Muscat governorate has raised $1.3 billion in investments, according to a report from the Oman Observer, and covers an area of 3.6 million square metres. Tawoos Group will be responsible […]

Iraq is planning a rail project to serve the population of Baghdad, which is expected to grow by a million by 2030

Iraq seeks investors for rail projects in Baghdad and beyond

Iraq is seeking investors for two major rail projects including a seven-line metro system to serve Baghdad’s growing population. The National Investment Commission (NIC) has issued International Investment Opportunity documents for Baghdad metro and phase one of a 90km four-station railway linking Najaf International Airport with Karbala city centre. Investors have until April 11 to […]

Oman's Rakiza will partner with Engie, a French utility major, which owns 60% of Tihama Power

Oman’s Rakiza buys 40% of Saudi power company 

Oman’s state-owned infrastructure investor Rakiza has secured the financial close of its first transaction in Saudi Arabia by acquiring 40 percent of Tihama Power Generation Company. Tihama comprises four combined heat and power plants located at Ras Tanura, Ju’aymah, Shedgum and Uthmaniyah in the kingdom’s eastern province. The four plants produce 1,600 megawatts of electrical […]

A view of the financial district in Bahrain's capital Manama. The kingdom's real estate remains more affordable than other Gulf states

Bahrain and UAE sign $4bn real estate deal

A UAE property investment and development company has signed a $4 billion deal to develop real estate across Bahrain. Abu Dhabi’s Eagle Hills International has finalised a joint cooperation agreement to set up Binaa Al-Bahrain, with a focus on residential, commercial and entertainment projects across the kingdom. The new company will work with Edamah, the […]

The amount of cheese sent from the UK to the GCC was up by almost half cheese stall market

UK cheese sales buck trend in F&B exports to the GCC

British cheese continues to grow in popularity with regional consumers, but it could not prevent total food and drink exports from the UK to the GCC declining in 2023. Exports were down by almost 7 percent year on year to £816 million ($1 billion). The UK’s Department for Environment, Food and Rural Affairs attributed the […]

Baghdad South power plant: Iraq generates 80% of its power using fossil fuels

Iraq plans push on solar and green hydrogen projects

Iraq is planning to build solar plants and its first green hydrogen project as part of a strategy to tackle power shortages and reduce its carbon footprint. The country’s cabinet has approved a proposal to install 12 gigawatts (GW) of solar power by 2030, said a National Investment Commission representative, Rahim Al Jaafari. Projects capable […]

Arcapita managing director Muhannad Buhindi and Rikaz CEO Khalid bin Hassan Al-Qahtani at the launch of the new partnership to build a logistics hub in Saudi Arabia

Bahraini-Saudi companies to build logistics hub in Riyadh

A joint venture between Bahrain-headquartered Arcapita Group Holdings and Saudi developer Rikaz will develop a high-end logistics park in Riyadh to attract global and regional companies.   The Node will cover three million sq m of development, with the first phase extending 400,000 sq m of Grade A warehousing facilities. The project is anticipated to generate […]

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Turkey Latest

The venture between Turkey's Progresiva and China’s Harbin will be one of Europe’s largest energy storage facilities

Turkey and China to build $600m energy storage facility

Turkey’s Progresiva Energy Investments has struck a deal with China’s Harbin Electric International to build a $600 million electricity storage facility, according to a media report. The project will be one of Europe’s largest energy storage facilities, Daily Sabah newspaper reported, citing Progresiva’s vice president, Cevdet Yılmaz. He said the initial phase, which will cost […]

Vodafone Turkey CEO Engin Aksoy and Edgnex vice chairman Aqil Ali at the launch of a new data centre in Turkey

Damac and Vodafone to build $100m data centre in Turkey

Edgnex, a data centre subsidiary of Dubai real estate developer Damac, has established a joint venture with Vodafone Turkey to build its first data centre in the Turkish city of Izmir at an estimated cost of $100 million. The six megawatts capacity data centre is expected to be completed next year, as cloud computing gathers […]

A worker watches new ship-to-shore cranes arrive in Antwerp, Belgium. DP World handles 12% of global trade via its ports and logistics business

DP World Trade Finance goes global after $400m debut year 

DP World Trade Finance has revealed plans to expand into Turkey this year before opening in a number of other countries. Working with Etihad Credit Insurance (ECI), the platform, which launched last year in the UAE, India and South Africa, has already financed more than $400 million of non-oil-based trade. Giving borrowers access to finance, […]

Turkey's overall unemployment rate stands at 8.5%, although for women it is 11.3%

Turkey says inflation will fall by second half 0f 2024

Turkey’s measures to curb inflation will prove effective and begin to decline in the second half of this year, Daily Sabah newspaper reported, citing treasury and finance minister Mehmet Şimşek’s speech at the Turkey-Saudi Arabia Investment and Business Forum in Istanbul. “We will not do anything extraordinary to reduce inflation; conventional monetary policies will be […]

Turkish President Tayyip Erdoğan met Saudi Arabia's Crown Prince Mohammed bin Salman in Jeddah last year

Turkey targets $30bn trade with Saudi Arabia

Turkey intends to increase its trade volume with Saudi Arabia to $30 billion, according to a local media report. Bilateral trade between the two countries reached $6.8 billion in 2023, with investments from Saudi companies making up $2 billion of the total, Daily Sabah reported, citing Turkey’s vice president Cevdet Yılmaz. “We believe investments can […]

Egypt Latest

Visitors enjoy the Karnak Temples; the government hopes to entice 30 million tourists to Egypt a year by 2030 tourism egypt

Egypt tourism up 5% in early 2024 despite Gaza conflict

The number of tourists visiting Egypt increased by five percent year on year in the first 40 days of 2024, according to Egypt’s tourism minister, Ahmed Issa. The announcement came after reports in January that visitor numbers for the whole of 2023 reached a record high of 14.9 million, just shy of the 15 million […]

UAE new cairo

UAE developer to build $2bn project in Egypt’s New Cairo

Egypt’s New Urban Communities Authority and the UAE’s UDC Real Estate Development Company have signed a contract to develop an EGP60 billion ($1.9 billion) urban development project in New Cairo. Named The Crest, the development in the Hadayek Al-Andalus area will be built on a plot spanning 665,000 sq m. It will comprise residential, commercial […]

A worker at a BP field. The company aims to capitalise on oil and gas exploration opportunities in Egypt

BP commits $1.5bn to boost Egyptian presence

Global oil major BP is set to invest up to $1.5 billion in exploration activities in Egypt, with potential expansion to nearly $5 billion, said CEO Murray Auchincloss. The company aims to capitalise on the current oil and gas exploration opportunities, the UAE’s state-run Wam news agency reported, citing the CEO. The investments are geared […]

Egypt Kuwait Holding has finalised investment of $120m in a new MDF manufacturing facility in Egypt

Egyptian-Kuwaiti venture powers up new investments

Investment company Egypt-Kuwait Holding is exploring new investment opportunities in Egypt. The company has finalised investment of $120 million in a new medium-density fibreboard (MDF) manufacturing facility and plans to expand into the power sector. “Our investments in Egypt are ongoing, and we are exploring more opportunities through visiting several ministries and presenting our proposals,” […]

Features

Flower, Flower Arrangement, Plant

Modi’s UAE visit ‘adds to execution of deals’

Indian prime minister Narendra Modi deftly blended politics and commerce last week as he opened the Middle East’s largest Hindu temple on a visit to the UAE, a Muslim state that is home to 3.5 million Indian expatriates and a major trading ally.  The temple’s inauguration was widely covered in Indian media, while tens of […]

Experts wonder if Saudi Arabia has enough gas to go around

Saudi Arabia is investing hundreds of billions of dollars in natural gas, but analysts are divided about the chances of the world’s largest oil exporter becoming a gas-exporting powerhouse too. The kingdom’s biggest gas play is the Jafurah basin, located in the Tuwaiq mountains about 185 miles from Dammam and southeast of the massive Ghawar […]

Look to lab-grown diamonds, says Bollywood’s Vivek Oberoi

When you google the word “lab”, among the top three predictions in the search bar is likely to be “lab-grown diamonds”. Gen Z are driving the sales and demand of lab-grown diamonds, which are surging as the fastest growing segment within the jewellery sector.  Being 40 to 50 percent cheaper than natural diamonds, the gems […]

Gunfights on the streets in Lebanon’s electricity Wild West

A video is doing the rounds in Lebanon. The clip is not easy to find on social media, but it is being sent from friend to friend – and it’s got people talking since emerging last month. It shows an argument in a Beirut suburb turning ugly when a man pulls a gun on another […]

Gulf steel has a keen edge on Chinese and Indian rivals

While the Gulf is currently a minor player on the global steel-making stage, economic diversification and the energy transition may be about to change all that. As the world seeks to decarbonise, Gulf steel makers have a head start, already producing lower-carbon steel than global sector leaders China and India. The region’s ample supplies of […]

People & Lifestyle

Hive Coliv co-living

Millennial ‘co-living’ concept gains momentum in Gulf

The appetite for “co-living”, a form of communal housing that offers private rooms and shared spaces, is on the rise in the GCC, and more investors are entering the sector.  Co-living as a sub-segment of residential property has gained in popularity in markets such as the UK and the US, as developers seek to provide […]

Pacha has been central to Ibiza's club scene since the 1970s

Five Holdings plans ultra-luxury Pacha Ibiza residences

Dubai developer Five Holdings plans to build ultra-luxury residences in Ibiza following the completion of a $57 million hotel and land deal. The UAE real estate and hospitality group has acquired El Hotel Pacha and an adjacent land plot where it plans to build Pacha Residences, using the branding of the Balearic island’s most famous […]

Oman hotel restrictions Omani women enjoy the sea view from a hotel lobby in the newly developed property, Al Mouj Muscat

Oman hotel licence limits signal ‘desire to enhance quality’

The decision by Oman to impose restrictions on new hotel developments across the sultanate demonstrates a focus on quality over quantity, an industry analyst says. From February 1, Oman’s Ministry of Heritage and Tourism will not accept any requests for new hotels in the Muscat governorate, aside from Quriyat and Al Amerat. Applications for hotel […]

Vikas Chadha jumbo, dubai shops

Dubai is building bricks-and-mortar appeal, says Jumbo CEO

Dubai will remain a stronghold for bricks-and-mortar shopping despite the increased competition from online retailers, according to the chief executive officer of the UAE conglomerate Jumbo Group. “The city’s unique market dynamics, such as demand for luxurious goods, coupled with a significant tourist influx contribute to the continued relevance of physical stores,” Vikas Chadha told […]

Heading to the same store or somewhere new? UAE consumers believe companies should offer tangible rewards for their loyalty

The perks and pitfalls of the UAE’s retail loyalty sector

When customers consistently fly with Emirates or buy their daily coffee at Tim Hortons, the chances are high that they are members of a loyalty programme – and companies deploy them to ensure they return to the brand. But UAE consumers are increasingly discerning about the brands and products with which they interact.  “The direct […]

Around the world

Dimitris Papastergiou and Mohamed Hassan Alsuwaidi signed a deal to create a framework for investments in digital infrastructure, including data centres in Greece

Digital economy central to UAE-Greece partnership

The UAE’s Ministry of Investment and Greece’s Ministry of Digital Governance have signed an agreement to create a framework for investments in digital infrastructure.  The UAE government is keen to invest in data centres and become a technological leader in south-east Europe. Data centres to be developed under the deal will reach a total capacity […]

Turkey's stall at the India International Trade Fair in New Delhi: trade and investment opportunities between India and the region are increasing, says HSBC

$112bn of trade with India ‘ready to be tapped’

Untapped trade opportunities between India and the Middle East, North Africa and Turkey could be worth more than $112 billion, research has found. An HSBC report, which analyses data from the UN/WTO International Trade Centre, estimates that there is a $61 billion export gap for Indian companies in the key markets of the UAE, Saudi […]

The global economy has shown 'real resilience' said OECD secretary-general Mathias Cormann

OECD predicts modest growth but conflict risk remains

Global growth is holding up and inflation is falling, but conflict in the Middle East represents a significant near-term risk, the Organisation for Economic Cooperation and Development (OECD) has said. In its interim outlook published on Monday, the Paris-based organisation projected that GDP expansion worldwide would remain moderate at around 3 percent in 2024-2025. Energy […]