People & Lifestyle Cairo has most billionaires in Africa, but wealthy are leaving Cairo is home to more billionaires than any other African city, but Egypt is facing an exodus of its wealthiest citizens. The international wealth advisory firm Henley & Partners said Cairo is home to four billionaires, and 30 centi-millionaires – those worth $100 million or more. Most reside in affluent parts of Greater Cairo, including […] April 25, 2024
Tech Shareholders to vote on merger to create UAE space giant Shareholders of two Abu Dhabi technology companies will vote on Thursday on a proposed merger to create a $4 billion space organisation. Bayanat AI and Al Yah Satellite Communications Company, better known as Yahsat, will hold their general assembly meetings simultaneously. The proposed merger will create Space42, an AI-powered space technology champion for the Middle […] April 24, 2024
Infrastructure AD Ports commits $250m to Angola port upgrade Abu Dhabi Ports Group is investing more than $250 million in a project to upgrade the port terminal at Luanda in Angola. The company said it hd secured a 20-year concession agreement, extendable by another 10 years, with the Luanda Port Authority for operating and modernising the terminal. In agreements with the Angolan logistics companies […] April 24, 2024
Markets Saudi water major Miahona plans IPO A water and wastewater infrastructure operator that pioneered the public-private partnership model in Saudi Arabia is planning an IPO that will put 30 percent of its shares on the market. Miahona Company intends to list on the main market of the Saudi Exchange after receiving approval from the Capital Market Authority last month. The company […] April 24, 2024
Transport Gulf to collaborate on $17bn Suez Canal road and rail rival The $17 billion “Development Road” project is moving ahead after the UAE, Iraq, Qatar and Turkey signed a quadrilateral cooperation agreement. The road and rail collaboration aims to tie the Al-Faw Grand Port in Iraq’s oil-rich south to Turkey, thereby shortening travel time between Asia and Europe in a bid to rival the Suez Canal. […] April 23, 2024
Agriculture Agricultural robotics centre planned for the UAE Khalifa University of Science and Technology and agri-food giant Silal plan to create a centre of excellence for farming robotics in the UAE. The proposed research centre, to be located at Silal’s Innovation Oasis site in Al Ain, Abu Dhabi, will feature a dedicated autonomous greenhouse equipped with various robotic platforms, sensors and Internet of […] April 23, 2024
Finance Oman’s sultan in UAE to push for rebound in trade Sultan Haitham bin Tariq of Oman will arrive in the UAE on Monday for a state visit as he looks to cement ties with his country’s biggest trade partner. During the visit the Omani ruler will meet UAE President Sheikh Mohamed bin Zayed Al Nahyan to discuss bilateral relations which were worth more than $14 […] April 22, 2024
Banking & Finance Acwa Power takes China bank loan in first for Saudi Arabia Saudi energy major Acwa Power has secured an $80 million loan from the Bank of China as the appeal of the Chinese Renminbi as a trade currency gains traction in the GCC. Acwa Power, the world’s largest private water desalination company and a first mover into green hydrogen, has received the equity bridge loan to […] April 19, 2024
Sustainability Aluminium decarbonisation alliance takes shape in UAE Emirates Global Aluminium, the UAE’s largest non-oil industrial company, has formed an alliance with state renewable energy company Masdar to work on decarbonisation projects. The two companies will explore the joint development of renewable energy projects such as battery storage and the production and storage of green hydrogen. They will also work together internationally to […] April 18, 2024
Analysis Banking & Finance Iraq shapes up as a destination for UAE investors Emirati investors may be increasingly tempted to look at Iraq after additional safeguards are introduced under a new bilateral investment treaty, observers believe. The treaty between Iraq and the UAE was signed in October 2021 and ratified by both states last year. All that is left now is for the instruments of ratification to be […] April 18, 2024
Renewable Energy Developers sought for Abu Dhabi’s Khazna solar plant Emirates Water and Electricity Company (Ewec) is seeking developers to build a 1,500 megawatt solar power facility in Abu Dhabi as the emirate ramps up its green energy drive. The utility has issued a request for proposals to qualified companies that have expressed interest in developing the Khazna Solar Photovoltaic project. A total of 27 […] April 17, 2024
Banking & Finance Sukuk takes bigger slice of Oman’s shrinking debt market Oman’s total debt capital market contracted by 7 percent to $44 billion last year as the government took advantage of its budget surplus from higher oil and gas prices to make early payments. The energy boon helped its budget surplus total $2.4 billion. Despite the shrinking debt market Fitch Ratings said sukuk issuance in Oman […] April 16, 2024
Construction UAE wealth fund ADQ buys stake in Abu Dhabi builder UAE sovereign wealth fund ADQ is acquiring a stake in the construction company building the Guggenheim and Zayed National museums in Abu Dhabi. Alpha Dhabi Holding (ADH), an investment holding company, announced in a filing to the Abu Dhabi Stock Exchange on Tuesday that it will divest 49 percent of its subsidiary Alpha Dhabi Construction […] April 16, 2024
Logistics Transportation costs fall as Suez disruption eases Global transportation costs fell last month to their lowest level since December as the diminishing impact of Suez Canal disruption led container rates to decline. Latest data shows no discernible impact on supplies from either the Red Sea attacks or from reduced capacity on the Panama Canal, with businesses adjusting to longer delivery schedules. The […] April 16, 2024
Analysis Renewable Energy Middle East renewable capacity doubles but the region is lagging Renewable energy capacity in the Middle East has more than doubled in the past decade, with Iran and the UAE leading the way – but the region remains a bit-part player globally. New figures released by the International Renewable Energy Agency (Irena) show that regional capacity rose from just under 16 gigawatts to more than […] April 8, 2024
Analysis Finance China and US vie for FDI supremacy in Gulf’s biggest economies China and the United States invested more than $23 billion in projects in the Gulf’s two biggest economies last year. The US more than doubled its “greenfield” foreign direct investment in the UAE to nearly $4 billion, while China’s commitment to Saudi Arabia rose 10-fold to almost $17 billion. Greenfield FDI involves a foreign entity […] April 5, 2024
Banking & Finance Fitch affirms AA rating for Emirates Development Bank Fitch has affirmed the credit rating of Emirates Development Bank after the lender’s contribution to the UAE’s economy rose by 80 percent to more than AED4 billion ($1.1 billion) last year. The agency’s AA rating came with a stable outlook, indicating confidence in the bank’s long-term ability to maintain its financial stability. In its report, […] April 3, 2024
Retail Cenomi Retail to divest more brands in turnaround plan Franchiser Cenomi Retail has announced another round of brand divestments as it seeks to tackle rising losses. The Saudi company closed more than 200 stores last year and sold 16 brands in the first quarter of 2024. On Wednesday Cenomi Retail said its board of directors had approved the third phase of the sell-off. The […] April 3, 2024
Manufacturing Abu Dhabi’s non-oil growth spurred by manufacturing Abu Dhabi’s non-oil sector expanded by more than 9 percent last year with manufacturing and construction leading the way, according to new figures. The Statistics Centre Abu Dhabi issued preliminary GDP estimates for 2023, revealing non-oil growth of 9.1 percent – slightly down from 9.2 percent in 2022 – as the emirate’s overall economy improved […] April 3, 2024
Tourism Turkey secures more funds for Antalya airport expansion An additional $463 million financing has been secured to help upgrade and expand Turkey’s second busiest airport, Antalya. Antalya served more than 35 million passengers in 2023 which went some way towards Turkey recording record tourism receipts. The first phase of development will include the expansion of Terminal 2 and the construction of new general […] April 3, 2024
Infrastructure DP World teams up with Rumo for new Brazilian port terminal DP World and the Brazilian railway operator Rumo are to build a new terminal at the port of Santos in São Paulo, to handle 12.5 million tonnes of grain and fertiliser a year. The project is intended to make the port Brazil’s primary gateway, and central to trade for South America. Rumo estimates the total […] April 2, 2024
Health Abu Dhabi puts together global life sciences contender A new company to help establish Abu Dhabi as a major global player in life sciences has been announced by the emirate’s sovereign wealth fund ADQ. The new concern, called Arcera, will act as an umbrella entity for ADQ’s shareholdings in the Swiss pharmaceutical company Acino, Birgi Mefar Group of Turkey and Egypt’s Amoun. Arcera […] April 2, 2024
