Infrastructure Sweden’s Abu Dhabi truck deal to drive bilateral trade The UAE’s deal for Swedish tech company Einride to help to build the Abu Dhabi portion of the Falcon Rise Grid electrified road freight system could portend more business between the two countries. Einride will deploy 1,000 electric heavy duty trucks and 100 autonomous vehicles across Abu Dhabi and Al Ain, and install charging infrastructure. […] March 5, 2024
Food & Drink Egyptian food producer plans European expansion An Egyptian food producer is planning to expand into European markets on the back of a significant rise in US sales. City Farm, a frozen fruits and vegetables processor, intends to open representative offices in Germany, Belgium and the Netherlands first. CEO Mahmoud Lamei said the plan followed “remarkable success” in the United States and […] March 4, 2024
Trade 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 […] March 1, 2024
Analysis Manufacturing Make it in the Emirates ‘needs more SMEs’ More than AED120 billion ($33 billion) has been invested by UAE-based companies to develop hundreds of new product lines under the country’s “Make it in the Emirates” (MIITE) campaign. As the Ministry of Industry and Advanced Technology prepares to host its third forum on local manufacturing, latest statistics show that the number of MIITE products […] February 29, 2024
Banking & Finance First Abu Dhabi makes China expansion a priority First Abu Dhabi, the UAE’s largest bank by assets, plans to triple revenue from its operations in China by 2026. FAB is the only fully licensed UAE-based bank in mainland China and considers growth in the country a “priority” after revenue rose by 50 percent last year to about AED100 million ($27 million). Group CEO […] February 29, 2024
Analysis Banking & Finance 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 […] February 28, 2024
Renewable Energy DP World and Masdar link up for project to decarbonise ports Two of the UAE’s biggest companies have formed a partnership that aims to decarbonise ports in the Middle East and Africa. Logistics group DP World has signed a three-year agreement with clean energy giant Masdar. Their initial focus will be on ports in Saudi Arabia, Senegal and Egypt. The companies will identify the best sites […] February 27, 2024
Energy Adnoc Distribution reveals plans for Egypt and Saudi Arabia Adnoc Distribution, the UAE’s largest fuel and convenience retailer, plans to increase revenues from international operations in Saudi Arabia and Egypt. The company is listed on the Abu Dhabi Securities Exchange and made the announcement during a presentation to investors on Monday when its share price fell slightly. CEO Bader Saeed Al Lamki said it […] February 26, 2024
Sustainability Climate transition galvanises ties between UAE and France Climate transition is becoming a central focus of economic cooperation between the UAE and France as the countries agreed to establish a “Bilateral Climate Investment Platform”. The platform aims to accelerate joint projects and investments in clean energy sectors, with a particular focus on advancing the decarbonisation of industries such as steel, cement and petrochemicals. […] February 22, 2024
Infrastructure 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 […] February 22, 2024
Trade UAE’s Cambodia trade deal sets $1bn non-oil target The UAE’s comprehensive economic partnership agreement (Cepa) with Cambodia has come into force as the countries aim to more than double non-oil trade by the end of the decade. The agreement will remove or reduce tariffs on more than 92 percent of product lines, eliminating barriers to trade and improving market access for service exports. […] February 22, 2024
Analysis Transport Abu Dhabi signs hydrogen transport deal with Shenzhen Abu Dhabi has signed a partnership with Shenzhen, one of the largest cities in China, to develop a green hydrogen complex to power buses and cars by 2025. The deal will look at collaboration on projects including green mobility, technology, autonomous solutions, sustainability and urban development, officials said. The agreement was signed by Mohamed Ali […] February 21, 2024
Trade Telegraph scrutiny unlikely to deter Gulf investors in UK Gulf investment in the UK is unlikely to be affected by the British government’s probe into an Abu Dhabi-backed plan to buy the Telegraph newspaper, a leading official has said. Oliver Christian, UK trade commissioner for the Middle East and Pakistan, told AGBI that Emirati investments into the UK to date have exceeded £16-17 billion […] February 21, 2024
Tech US-Saudi venture will use AI to analyse space data A US-Saudi joint venture has been launched in the kingdom to use satellite imagery to monitor infrastructure development, traffic congestion and carbon sequestration, the natural process of CO2 storage in the atmosphere. Front End Limited Company, based in Alkobar, the Eastern Province of Saudi Arabia, and SpaceKnow, a New York technology company dedicated to transforming […] February 20, 2024
Trade Rising US exports to the UAE support 125,000 jobs Exports from the United States to the UAE rose by nearly a fifth last year as bilateral trade increased to more than $31 billion. Figures released by the US Department of Commerce Census Bureau show that US exports to the UAE totalled nearly $25 billion in 2023. For the 15th year in a row the UAE was […] February 20, 2024
Real Estate Lottoland founder bets on Dubai’s ultra-luxury property market The founder of a global lottery gambling platform has bet $136 million on the launch of his latest venture, an ultra-luxury property development company initially focused on Dubai’s Palm Jumeirah. David von Rosen, who set up Lottoland in 2013, said he has now invested heavily in 25 Degrees, named after Dubai’s latitude, alongside a Dubai-based […] February 19, 2024
Analysis Infrastructure 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 […] February 15, 2024
Banking & Finance Emirates NBD wins first UAE green bond fee waiver Emirates NBD has become the first financial institution to benefit from a fee waiver intended to boost sustainability-related debt security issuances in the UAE. The Dubai Financial Services Authority, which announced the green bond fee waiver during the Cop28 summit last year, said more financial institutions were submitting applications to benefit from the scheme. However, […] February 15, 2024
Trade Modi’s visit to Abu Dhabi deepens UAE-India trade ties Top-level talks between the UAE and India have taken place in Abu Dhabi, on the back of a deal to strengthen their ties and a 16 percent rise in bilateral trade. Sheikh Mohamed bin Zayed Al Nahyan, the president of the UAE, and Narendra Modi, India’s prime minister, met on Tuesday to review progress since […] February 14, 2024
Tourism Wellness resort leads Egypt’s medical tourism push Plans for Egypt’s first wellness resort have been revealed as experts forecast an increase in the number of medical visitors to the country. Maxim Group has signed an agreement with the General Authority for Investment and Free Zones to establish Naya Wellness Resort in Al-Saf, Giza. About $48 million is being invested in the resort, part […] February 14, 2024
Manufacturing Abu Dhabi plans lithium plant to support EV growth A $1.4 billion lithium processing plant is being planned in Abu Dhabi by Kezad Group and Titan Lithium, a UAE-based company, to support the region’s fledgling electric vehicle (EV) industry. Kezad (Khalifa Economic Zones Abu Dhabi) and Titan have signed a 50-year land lease agreement for the AED5 billion plant. The plant, to be developed […] February 14, 2024
Trade Maharashtra plans food security corridor with UAE The central Indian state of Maharashtra is working to develop a food security corridor with the UAE. The government of Maharashtra, which has 11 million farmers, has linked up with US fund manager Pegasus Capital Advisors for the food trade project. Under their agreement, the Maharashtra authorities will share an operational plan within three months, […] February 14, 2024
