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Debt-for-nature swaps may give $100bn boost to climate fight

Debt-for-nature swaps, where poorer countries have debt written off in return for protecting ecosystems such as barrier reefs or rainforests, could provide $100 billion for the fight against climate change, a new report has calculated. The UK-based, non-profit International Institute for Environment and Development (IIED) based the estimate on the possibility of debt swaps in […]

Egypt’s inflation eases to 33.3% in March

Egypt’s annual urban consumer price inflation rate slowed to a lower-than-expected 33.3 percent in March from 35.7 percent in February, data from the country’s statistics agency Capmas showed on Monday. Month-on-month, prices rose by one percent in March, down from 11.4 percent in February. A poll of 12 analysts had expected annual inflation to climb to a […]

Aramco and Shell near final stage of Pavilion Energy talks

Saudi Aramco and Shell, which are competing to buy the assets of Singapore’s Temasek-owned liquefied natural gas (LNG) trading firm Pavilion Energy, are now locked in price negotiations after completing the due diligence process, three sources with knowledge of the matter said. The potential sale comes a decade after the Singapore state investment firm set up Pavilion […]

Adnoc Oil Pipelines was set up in 2019 to lease Adnoc's ownership interests in 22 pipelines

Abu Dhabi’s Lunate buys stake in Adnoc’s pipelines

US companies Blackrock and KKR have sold their 40 percent stake in Abu Dhabi National Oil Company’s (Adnoc) oil pipeline infrastructure assets to Abu Dhabi alternative investor Lunate. Lunate is backed by Abu Dhabi sovereign wealth fund ADQ and has $105 billion of assets under management. The acquisition was made by one of Lunate’s funds. […]

Egypt’s Sisi vows continued development in new term

Egyptian President Abdel Fattah El-Sisi was sworn in for his third term on Tuesday in the country’s new capital, the largest of the mega-projects that have come to symbolise his rule while stretching the country’s finances. Speaking at the new parliament building, Sisi highlighted the challenges Egypt withstood in recent years while promising continued development, […]

The value of the Egyptian pound has halved since 2022, leading to reduced investment

Egypt’s foreign assets deficit plunges after UAE land sale

Egypt’s deficit in net foreign assets (NFAs) shrank by EGP217.1 billion ($7.04 billion) in February, according to central bank data, after a $5 billion payment from the sale of development rights to prime Mediterranean land. Egypt received the initial $5 billion payment from the UAE in its $24 billion deal at Ras El Hekma peninsula west of […]

The project is expected to reduce water injection-related energy consumption by up to 30% at Adnoc's Bab and Bu Hasa oil and gas fields

Adnoc cuts Upper Zakum exports to fuel its refinery

Exports of Upper Zakum crude from the UAE fell sharply in March after Abu Dhabi National Oil Company (Adnoc) diverted more supply to its own refinery and boosted shipments of its lighter Murban oil, according to traders, analysts and shipping data. The swap in oil grades at Adnoc’s Ruwais refinery has tightened medium-sour crude supply […]

When all four reactors are online the $32bn Barakah plant is set to generate 5.6GW of power

UAE weighs investments in Europe’s nuclear power sector

The UAE has approached countries in Europe, including the UK, to gauge their interest in the Middle Eastern state investing in their nuclear power infrastructure, according to three sources familiar with the talks. As part of its outreach, the UAE has discussed the idea of state-owned Emirates Nuclear Energy Company (ENEC) becoming a minority investor […]

Middle East to drive rebound in smartphone market

Global smartphone shipments are expected to rebound three percent this year as easing inflation aids a demand recovery in emerging markets and the integration of generative AI attracts buyers to premium devices, a report by Counterpoint Research said on Thursday. Global shipments had declined more than four percent last year, earlier data from the research firm […]

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

Opec+ unlikely to adjust output before June meeting

Opec+ is unlikely to make any oil output policy changes until a full ministerial gathering in June, three Opec+ sources told Reuters ahead of next week’s gathering of ministers that is not expected to make any policy recommendations. The Organization of the Petroleum Exporting Countries and allies led by Russia, known as Opec+, will hold […]

Turkish authorities are concerned about the connection between Meta's Instagram and Threads platforms

Meta faces legal action in Turkey over data sharing

Turkey’s competition authority on Monday imposed an interim measure on Meta Platforms meant to hinder data sharing between the Instagram and Threads platforms as it investigates possible abuse of the company’s dominant market position. In December the authority launched an investigation into Facebook parent Meta over a possible violation of competition law by linking its social media […]

Khaldoon Khalifa Al Mubarak, group chief executive officer of Mubadala

Sovereign funds must be ‘enablers of progress’ says Mubadala chief

Sovereign wealth funds have a responsibility to transform from asset investors to enablers of global progress, the CEO of Abu Dhabi’s Mubadala Investment Company, Khaldoon Al Mubarak, has announced. Al Mubarak told an investor conference in Abu Dhabi: “We are in the business of driving progress and investing in solutions to global challenges.” The government-controlled fund was […]

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 […]

Turkish lira

Turkey’s lira flat ahead of quarterly inflation report

The Turkish lira was flat against the dollar on Thursday, and hovered near a record low hit earlier this week, as investors kept to the sidelines ahead of a quarterly inflation report in which the central bank is expected to raise its forecast. The lira stood at 30.6050 against the greenback at 05:46 GMT, slightly […]

Haluk Bayraktar, CEO of Turkish drone-maker Baykar

Turkey’s drone maker starts building Ukraine plant

Turkish defence company Baykar has started building a factory near Kyiv that will employ around 500 people, where it will manufacture either its TB2 or TB3 drone models, the company’s chief executive told Reuters. Turkish-made Bayraktar drones have gained prominence globally after being used by Ukraine’s military to thwart Russian forces by destroying armoured vehicles […]

Aramco's storage facility. Oil revenue reached SAR505.4bn in the first nine months of 2023, falling 24 percent year on year

Aramco keeps Asia-bound flagship crude price stable

Top oil exporter Saudi Arabia unexpectedly kept the March price of its flagship Arab Light crude to Asia unchanged at a more than two-year low, an Aramco statement showed on Tuesday, as the Opec leader strives to maintain its market share. Aramco set the official selling price (OSP) for March-loading Arab Light to Asia at […]

Total Gulf deposits with Egypt's central bank stood at $29.9 billion as of March 2023

Iraq bans eight local banks from US dollar transactions

Iraq has banned eight local commercial banks from engaging in US dollar transactions, taking action to reduce fraud, money laundering and other illegal uses of US currency, days after a visit by a top US treasury official. The banks are banned from accessing the Iraqi central bank’s daily dollar auction, a main source of hard […]

Lebanese pound

Lebanon passes 2024 budget without crucial reforms

Lebanon’s parliament passed an amended budget for 2024 that experts said neglected to include crucial reforms that would help the country emerge from a financial meltdown that has gutted the public sector for nearly five years. The draft was passed late on Friday after three days of drawn-out disputes, including several heated exchanges in parliament’s […]

Electronics, Screen, Computer Hardware

Work starts on Egypt’s $30bn nuclear plant

Russian President Vladimir Putin and Egypt’s Abdel Fattah Al-Sisi on Tuesday inaugurated the construction of a new unit at Egypt’s Dabaa nuclear power plant via video link, as Moscow moves ahead with its global nuclear ambitions. The power plant is being built by the Russian state corporation Rosatom at a reported cost of $30 billion, […]

Sheikh Mohamed bin Zayed Al Nahyan chaired the Adnoc meeting

Adnoc raises decarbonisation budget to $23bn

Adnoc is to allocate $23 billion for decarbonisation and lower-carbon projects, it said on Monday, up from a previous target of $15 billion. The state oil company made the announcement at its annual board meeting, which was chaired by Sheikh Mohamed bin Zayed Al Nahyan, the president of the UAE. “The increased allocation will include investments […]

Electricity prices for Egyptian households were raised by between 7.8 and 20.8 percent, depending on the usage bracket

Egypt says hike in power prices will cut losses to $2.4bn

Egyptian Prime Minister Mostafa Madbouly said on Wednesday that raising electricity prices will reduce the sector’s annual losses to EGP75 billion ($2.43 billion) from EGP90 billion. Earlier this month, Egypt hiked the prices of several services including metro tickets, telecommunication services and electricity, as it tries to contain a budget deficit. Electricity prices for households […]

Aramco's storage facility. Oil revenue reached SAR505.4bn in the first nine months of 2023, falling 24 percent year on year

Saudi may cut crude price premium to one-year low

Saudi Arabia may slash price premiums on all crude grades it sells to Asia in February to one-year-lows despite the escalation of tensions in the Red Sea, as concerns intensify that supply may outpace demand. The world’s top oil exporter could cut the official selling price (OSP) for its flagship Arab Light crude over Oman/Dubai […]