Banking & Finance Mubadala part of $1.95bn deal for stake in US insurance giant Mubadala Investment Company has partnered with co-investors to buy a stake in the sixth-largest insurance broker in the US. The Abu Dhabi sovereign investor announced on Tuesday that it has partnered with primary investor Stone Point Capital and other investors to purchase a 20 percent stake for $1.95 billion in Truist Insurance Holdings, a subsidiary […] March 7, 2023
Economy UAE and Italy elevate trade status in bid to grow $7bn relationship The UAE and Italy have elevated relations to the level of a strategic partnership as the countries aim to build on growing trade figures seen last year. The announcement came after a meeting held on Saturday between President Sheikh Mohamed bin Zayed Al Nahyan and Italy’s Prime Minister Giorgia Meloni in Abu Dhabi during her […] March 7, 2023
Dubai firms head to Central Asia to build trade relationships A delegation of business leaders from Dubai will be heading to Central Asia next week to build on a non-oil trade relationship worth more than $2.4 billion. Dubai International Chamber said the first New Horizons trade mission – a new initiative to drive international expansion of its members to new markets – will focus on […] March 6, 2023
Logistics DP World opens Somaliland hub as it seeks trade boost in Africa DP World has set up an economic zone in Somaliland as part of its plan to build a major trade hub in the Horn of Africa. The Berbera Economic Zone was inaugurated on Friday by the Dubai-based port operator and the government of Somaliland, a self-declared republic in east Africa. The project is also supported […] March 6, 2023
Analysis Economy Growing female workforce helps drive Saudi economy Saudi Arabia’s non-oil economy is forecast to grow by more than 5 percent this year, driven in part by an influx of women joining the country’s workforce. Expansion of the female labour force has been described as “one of the stand-out successes” of the kingdom’s Vision 2030 programme and shows no signs of slowing. The […] March 3, 2023
Aviation Flydubai in huge recruitment drive amid record profits The biggest recruitment drive in the history of Flydubai is continuing as the low-cost airline looks to build on record profit growth in 2022. A total of 1,300 employees joined Flydubai last year, 80 percent of whom are cabin crew, engineers or pilots, aided by the “desire of top talent to relocate to Dubai and […] March 1, 2023
Energy $8.5bn funding deals signed for Saudi green hydrogen project Agreements have been finalised and signed to fund the world’s largest green hydrogen production facility, which will be built in Saudi Arabia with a total investment of $8.5 billion. Acwa Power announced on Wednesday in a filing to the Saudi Stock Exchange that the Neom Green Hydrogen Project will be funded by a combination of […] March 1, 2023
Real Estate Bloom CEO plans to double number of its UAE homes The CEO of Bloom Holding expects Abu Dhabi’s property market to continue to grow this year as the company progresses plans to double the number of homes it builds in the UAE. Although in the shadow of the double-digit growth of its neighbour Dubai, average prices in the UAE capital rose by up to 3 […] March 1, 2023
Banking & Finance London FX firm launches Dubai ops to seize Mena opportunities DKK Partners, an emerging markets foreign exchange liquidity provider, has launched operations in Dubai as part of a major expansion into the Middle East. The London-based fintech company has opened an office in Dubai and plans to follow that with three more in the region as it sees the GCC developing into a “financial hub […] February 28, 2023
Manufacturing It’s a date as UAE food firms target $35bn Indian market A food producer in Dubai has announced a joint venture to take its brand to India as experts say the market offers “growth potential” to many food exporters in the UAE. Al Barakah Dates said it will process and export over 30,000 tonnes of bulk raw material from its factory in Dubai Industrial City to […] February 28, 2023
Energy Masdar enters geothermal market with stake in Indonesia business Clean energy powerhouse Masdar has announced its first investment in the geothermal energy sector. The Abu Dhabi state-owned business has invested in Pertamina Geothermal Energy, based in Jakarta. PGE is one of the biggest companies in Indonesia’s geothermal energy sector, which is the second largest in the world (behind the US). Geothermal energy harnesses the […] February 27, 2023
Business of Sport More Saudi-backed mega-deals likely as sports push intensifies Saudi Arabia is likely to follow up its acquisition of Premier League football club Newcastle United with more headline-grabbing deals abroad as the kingdom sees investments soar in its fledgling sports sector, say experts. Investment deals in Saudi Arabia’s sports sector reached SR1 billion ($270 million) last year and are expected to create 1,500 new […] February 26, 2023
Finance $5bn of trade on the table as Abu Dhabi and Israel grow ever closer A top level delegation of 10 Abu Dhabi entities has returned from Tel Aviv as experts predict bilateral trade between the UAE and Israel could reach $5 billion by 2025. Led by the Abu Dhabi Investment Office (Adio), the delegation included Abu Dhabi Global Market, Abu Dhabi Residents Office, Hub71, Abu Dhabi IPO Fund, Masdar […] February 23, 2023
Ireland’s Middle East exports grow with ‘new’ economy The Republic of Ireland is targeting the UAE and the wider Middle East as a “major growth market”, with innovation at the heart of the economic relationship. Opportunities for closer collaboration between Irish and UAE firms have been identified in the “new” economy including AI, space, fintech and entrepreneurship. Healthcare, and medtech in particular, is […] February 22, 2023
UK and Qatar renew commitment to deepen collaboration The UK and Qatar governments have renewed their commitment to deepen collaboration with investments in key sectors including clean technologies, life sciences, biotech, agtech and electric vehicles. Sheikh Mohammed bin Abdulrahman Al-Thani,Qatar’s deputy prime minister and minister of foreign affairs, and James Cleverly, the UK’s foreign secretary, signed a memorandum of understanding on Tuesday to […] February 22, 2023
Energy UAE’s Crescent Petroleum signs oil and gas deals in Iraq Crescent Petroleum, the UAE’s privately owned upstream oil and gas company, has signed three 20-year agreements to develop new oil and gas fields in Iraq. The deal with Iraq’s Ministry of Oil will see the company appraise, develop and produce oil and gas from two blocks in Diyala governorate and one in Basra governorate. The […] February 21, 2023
Aviation Emirates invests $135m as Middle East airline pilot shortage looms Emirates has announced plans to invest $135 million in a new airline pilots training facility in Dubai as experts warn the Middle East’s aviation sector is facing a serious shortage of talent. The UAE airline said it will build an advanced training facility to accommodate six full flight simulator bays for its future Airbus A350 […] February 21, 2023
Agriculture Ukraine poultry giant signs deal to boost Saudi food security A Ukrainian poultry business and a Saudi food group have signed an agreement that aims to improve the kingdom’s food security. MHP, one of Europe’s largest exporters of chicken, has entered into a memorandum of understanding with Tanmiah Food Company. The agreement is the first step in establishing a joint venture between Tanmiah’s subsidiary, Desert […] February 21, 2023
Economy Saudi Crown Prince unveils strategy for Northern Borders Crown Prince Mohammed bin Salman has unveiled a plan to drive economic expansion in Saudi’s Northern Borders region. The strategic office for the Northern Borders, announced on Monday, aims to increase development across the region, which is an emerging metals and chemicals hub, and take advantage of its location next to Jordan and Iraq. The […] February 20, 2023
Exclusive Food & Drink Chef Jason Atherton sees Dubai as hotspot for restaurant openings When British restaurateur and celebrity chef Jason Atherton was searching for the location of his latest business venture, Dubai was a no-brainer. He met and married his wife Irha in the emirate and is quick to describe Dubai as “like a second home to me”. The launch of City Social, which opened its doors earlier […] February 20, 2023
Energy Qatar trade patterns shift as UK fills gas shortfall The trade relationship between the UK and Qatar is being transformed as the Gulf state helps to fill a gap left by a British government ban on Russian gas imports following Vladimir Putin’s war in Ukraine. Latest figures from the UK’s Department for International Trade reveal a 196 percent increase in goods and services to […] February 17, 2023
Energy Clean energy powers boost to UAE and Kyrgyzstan trade Abu Dhabi’s Masdar is looking to develop a pipeline of renewable energy projects in Kyrgyzstan as part of the former Soviet republic’s plans to reduce its greenhouse gas emissions by as much as 44 percent by 2030. A deal signed with the Ministry of Energy of the Kyrgyz Republic last month will begin with a […] February 16, 2023
