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Brazil exports many of the foods served at Iftar, the meal eaten after sunset during Ramadan

Brazilian exports to Kuwait rise in readiness for Ramadan

With Ramadan around the corner, trade between Kuwait and Brazil has been brisk – the Latin American country plays an important role in supplying the food needed for Iftar, the fast-breaking evening meal that Muslims enjoy during the holy month. Brazilian exports to the Gulf country spiked in November as Muslim importers began to prepare […]

Passengers pay for aviation’s sustainability shortcomings

Penalties imposed on the aviation industry for failing to meet stringent sustainability targets will ultimately lead to higher air fares for passengers, according to an industry expert. “The customer is going to pay the extra cost,” said Wahab Teffaha, secretary general of the Arab Air Carriers’ Organization, speaking at the 11th annual Arab Aviation Summit […]

Abu Dhabi’s $35bn throws Egypt a liquidity lifeline

A $35 billion investment by Abu Dhabi sovereign wealth fund ADQ to develop a resort on Egypt’s north coast could cover the country’s liquidity needs for the next three to four years, analysts have said. Mostafa Madbouly, the Egyptian prime minister, said on Saturday he had signed an agreement with ADQ to develop a site […]

Localisation shields Saudi builders from Red Sea crisis

Houthi attacks in the Red Sea may have been disrupting the construction supply chain into Saudi Arabia but companies, in particular larger ones, are adapting to the challenge.  Since November, the Yemeni militia has launched dozens of attacks on commercial vessels on their way to or from the Suez Canal, forcing many global shippers to […]

Uranium prices rise with demand for nuclear power

Barakah in the UAE, Dabaa in Egypt, Bushehr in Iran and Akkuyu in Turkey. Nuclear energy is now seen by many countries as central to emissions reduction. It is little surprise then that demand for feedstock – mainly uranium – has been spiking. Prices for the mineral, which is critical to the production of nuclear power […]

UAE latest

Etihad Airways is opening new routes to Boston and Nairobi in 2024

ADQ explores potential listing of Etihad Airways

ADQ, the UAE’s sovereign wealth fund, is considering a potential listing of Etihad Airways, making it the first publicly traded airline in the GCC.  The fund has held discussions with banks on a possible floatation deal as soon as this year, Bloomberg reported, citing a source familiar with the deal. ADQ has been weighing the […]

People, Person, Groupshot

e&’s $6bn pledge to advance ‘affordable’ connectivity

The UAE’s e&, the telecommunications company formerly known as Etisalat, has committed $6 billion to improve network connectivity and digital services across its 16 operating countries in Africa, Asia, and the Middle East. The investment pledge was made to the International Telecommunication Union’s (ITU) Partner2Connect Digital Coalition, which will help drive technological advancement, infrastructure development, […]

coffee drinking woman Agthia UAE Egypt Video length: 05:02

Agthia increases stake in Egyptian snack group

Agthia Group has raised its stake in the Egyptian snacks company Auf Group to 70 percent, the latest UAE investment in the North African country. The food and beverages group, which is majority owned by the Abu Dhabi government through the state investor ADQ, acquired a 60 percent stake in Auf Group in 2022.  In […]

Sultan Al Jaber, Adnoc group chief executive

Adnoc buys 25% of Austrian chemical group OMV

Abu Dhabi state oil company Adnoc has formally closed the acquisition of a 25 percent stake in Austrian energy and chemicals group OMV. The energy giant bought the stake from UAE sovereign wealth fund Mubadala Investment Company.  Financial details were not disclosed. Österreichische Beteiligungs AG, an Austrian independent holding company, holds 31 percent in OMV, […]

Saudi Arabia latest

Aramco buys out Chile’s fuel and lubricant retailer

Saudi Aramco, the world’s largest oil producer, has completed the acquisition of a 100 percent stake in Chile’s downstream fuel and lubricant retailer Esmax Distribución SpA (Esmax). The Chilean company owns and operates retail fuel stations, airport operations, fuel distribution terminals and a lubricant blending plant.  The transaction, which was announced in September 2023, is […]

Workers at an Aramco facility. Saipem had annual average orders of $1.6bn from Aramco between 2021 and 2023

Italy’s Saipem expects Aramco orders to drop 20%

Italian energy contractor Saipem is forecasting a 20 percent decline in annual orders from Saudi Aramco to 2027 following the state-backed oil major’s decision to hold its capacity expansion plans. Saipem had annual average orders of around €1.5 billion ($1.6 billion) from the Saudi-listed company between 2021 and 2023. It signed a 12-year deal with […]

Acwa Power’s board has approved a dividend payment of SAR329 million for 2023

Acwa Power explores renewables projects in China

Saudi renewables major Acwa Power has started due diligence on up to eight projects in China, CEO Marco Arcelli said. “The first one will be announced in the coming few months,” he said in the company’s Q4 2023 financial statement. “2024 will be the first full year of execution for the new growth strategy with […]

Attendees at the Big 5 convention in Riyadh ranked Saudi Arabia among the top three most enticing construction markets in the world alongside China and India

Foreign expertise vital for Saudi construction

Saudi Arabia’s construction industry needs more foreign involvement if achieving its Vision 2030 goals is to become a reality, according to attendees of the Big 5 conference in Riyadh. In the first half of 2023 alone $44 billion worth of new projects were awarded in the kingdom’s $140 billion construction sector, according to real estate […]

Crowd, Person, Adult ATP chief executive officer Massimo Calvelli and PIF head of corporate affairs Kevin Foster sign the sponsorship agreement

Saudi wealth fund becomes sponsor for ATP Tour  

Saudi Arabia’s sovereign wealth fund has become the official naming partner of the ATP rankings, part of its wider sponsorship of men’s tennis governing body. The Public Investment Fund will partner with ATP Tour events in Indian Wells, Miami, Madrid, Beijing and the Nitto ATP Finals, in addition to the Next Gen ATP Finals, hosted […]

Around the Middle East

WTO director general Ngozi Okonjo-Iweala said Iraq and Lebanon both want to resume talks and the organisation will 'try to go as fast as possible'

Iraq and Lebanon face long wait to join WTO

Iraq and Lebanon have indicated a desire to resume talks aimed at joining the World Trade Organization (WTO), but history suggests the two could be in for a long wait. To join the WTO, a government has to bring its economic and trade policies into line with the organisation’s rules and principles and negotiate with […]

Port karachi

Israel’s gas exports to Egypt and Jordan up 25% in 2023

Israel said on Monday that gas supplies to Egypt and Jordan rose by about 25 percent in 2023, despite brief disruptions at the start of the war in Gaza, adding that exports could be expanded further. Israel is positioning itself as a regional energy hub and has committed to supply natural gas to Europe, which […]

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 […]

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Turkey Latest

Technicians working for Otokar, a maker of heavy commercial and military vehicles, on the production line at a factory in Sakarya, Turkey

Turkish manufacturers buoyed by rise in PMI

Turkish producers are cautiously optimistic after the Turkey Production Managers Index (PMI), which measures the outlook of the country’s manufacturing sector, returned to positive territory in February. According to the latest report issued by the Istanbul Chamber of Commerce and Standard and Poor’s, this is the first increase after seven straight months of contraction.  The […]

'National emissions trading systems are essential to create a global carbon price,' said the European Energy Exchange

Turkey and Europe join up to promote carbon trading

The European Energy Exchange (EEX) and Turkish energy bourse Enerji Piyasalari Isletme A.S (Epias) have signed a memorandum of understanding to develop carbon emissions trading in Turkey. “We look forward to working with Epias in creating a robust emissions trading system (ETS) in Turkey by providing our expertise in carbon markets,” said EEX chief executive […]

Ericcson and Turkcell signed the 6G agreement at Mobile World Congress in Barcelona

Ericsson and Turkcell to lead 6G research in Turkey

Swedish telecom company Ericsson and Turkish operator Turkcell will begin advancements on research and development of 6G in Turkey. The sixth-generation wireless network will use higher frequencies than its predecessor 5G and provide substantially higher capacity and much lower latency. The advent of 6G networks holds promise of faster connectivity in various sectors including wireless […]

Dubai's Mashreq is among the GCC banks looking for growth in the US and Europe

GCC banks look to US and Europe

GCC banks may be forced to look overseas to fulfil growth ambitions as home markets become increasingly saturated, experts say. While some banks have already ventured abroad – mainly into Turkey, Egypt and Pakistan, which constitute nearly a half of their presence outside the Gulf – more developed markets such as the US and Europe […]

'We are committed to do whatever it takes to take Turkey out of the grey list' said Turkey's finance minister Mehmet Şimşek

Turkey close to removal from FATF ‘grey list’ says minister

Turkey has successfully concluded technical studies aimed at removal from the Financial Action Task Force’s (FATF) grey list, treasury and finance minister Mehmet Şimşek has said. The final step involves an on-site assessment scheduled for June, Hurriyet Daily News, a Turkish English daily, reported, citing the minister’s post on social messaging site X. “We are […]

Egypt Latest

coffee drinking woman Agthia UAE Egypt Video length: 05:02

Agthia increases stake in Egyptian snack group

Agthia Group has raised its stake in the Egyptian snacks company Auf Group to 70 percent, the latest UAE investment in the North African country. The food and beverages group, which is majority owned by the Abu Dhabi government through the state investor ADQ, acquired a 60 percent stake in Auf Group in 2022.  In […]

The Maersk Discoverer rig drilling for BP offshore Egypt. The company could invest up to $6.5bn in gas and oil projects in the country

BP invests $1.5bn in gas projects in Egypt

BP Plc will invest $1.5 billion to develop gas projects and drilling in Egypt over the next three to four years. It was revealed two weeks ago that UK-based BP and Abu Dhabi National Oil Company (Adnoc) agreed to pursue a natural gas joint venture in Egypt.  The venture, reported by Bloomberg on Wednesday, citing […]

Investment of nearly $12bn is expected for a pilot phase said Egypt's planning minister Hala El-Said

Egypt signs $40bn deals to develop green energy sector

Egypt has signed seven agreements with global companies to develop green hydrogen and renewable energy projects in the Suez Canal Economic Zone, with expected investments worth $40 billion over 10 years. Investment of nearly $12 billion is expected for a pilot phase, followed by another $29 billion for the first phase, the government’s information department […]

Asked about reports the IMF loan could rise to $12bn, managing director Kristalina Georgieva said: 'There is nothing wrong in thinking big'

IMF expects bigger loan deal for Egypt within weeks

The International Monetary Fund expects a financing package for Egypt to be finalised within weeks, its chief said on Tuesday – while also entertaining speculation that the loan could rise to $12 billion. Speaking on the sidelines of a G20 finance meeting in Brazil, IMF managing director Kristalina Georgieva told Reuters that issues delaying the […]

Dubai's Mashreq is among the GCC banks looking for growth in the US and Europe

GCC banks look to US and Europe

GCC banks may be forced to look overseas to fulfil growth ambitions as home markets become increasingly saturated, experts say. While some banks have already ventured abroad – mainly into Turkey, Egypt and Pakistan, which constitute nearly a half of their presence outside the Gulf – more developed markets such as the US and Europe […]

Features

A cafe in Dubai Mall. Consumers' tastes are changing, according to food producer Agthia Video length: 05:02

Made in UAE: consumers turn to local food brands

UAE consumers are increasingly turning to locally produced products, according to the head of a multi-billion-dirham food and beverage conglomerate.  Consumption patterns in the region are changing rapidly, prioritising healthy lifestyles, time-saving and convenience while maintaining authentic tastes.  “If you can produce something locally, give them good value for money, they are much more open […]

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 […]

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 […]

People & Lifestyle

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 […]

Workers in Bangladesh wait to travel to Saudi Arabia. Migrant workers have been sending remittances in smaller amounts.

Saudi remittances fall as expats invest domestically

Expatriate remittances from Saudi Arabia have fallen over the past two years, despite a rise in the number of overseas workers needed to develop the kingdom’s slate of huge giga-projects. Some experts have predicted the slump in funds sent back home could be as a result of improved investment opportunities inside the kingdom.  Yearly remittances […]

The Big Time fund will be used to support pan-Arab cinema and production facilities have already been developed at AlUla

Saudi Arabia sets up Big Time film investment fund

Saudi Arabia’s General Entertainment Authority has set up the Big Time investment fund to support pan-Arab cinema, in Riyadh’s latest push to develop soft power through sports and culture. The authority’s head Turki Alalshikh said during a visit to Cairo that the entertainment authority would act as the Big Time fund’s main sponsor along with […]

RedBird IMI All3Media Call the Midwife

Abu Dhabi-backed venture buys UK TV production giant 

RedBird IMI, partly owned by Abu Dhabi’s International Media Investments, is buying Britain’s largest independent television producer All3Media in a deal worth £1.15 billion ($1.45 billion). A joint venture between International Media Investments and New York private equity firm RedBird Capital Partners, RedBird IMI is also currently bidding for the UK’s Daily Telegraph newspaper All3Media […]

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 […]

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 […]

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 […]