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
Energy UAE’s fourth nuclear reactor to start operations in March The fourth and final reactor at the UAE’s Barakah Nuclear Energy Plant in Abu Dhabi will start operating next month. Hamad Al Kaabi, the UAE’s permanent representative to the International Atomic Energy Agency, made the announcement on the sidelines of the World Government Summit in Dubai on Tuesday. Work on the fourth reactor was completed […] February 13, 2024
Analysis Trade $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 […] February 12, 2024
Media & Advertising Tihama board member rebels as group’s losses exceed $37m A board member at troubled Saudi Arabian media group Tihama has rebelled over the company’s decision not to appeal against a court ruling that blocks its rescue plan. Sultan Abdul Latif Nuqli, a non-executive director, has filed a unilateral request to appeal against the Riyadh Commercial Court decision to reject Tihama’s restructuring proposal. The move […] February 12, 2024
Exclusive Retail Asia’s largest beauty retailer plans GCC expansion Watsons, Asia’s largest health and beauty retailer, is to launch in two more GCC markets after recording sales growth of 53 percent in the region last year. The company has 18 stores in the UAE, Saudi Arabia and Qatar through a franchise deal with AI Futtaim Group. It is targeting expansion into Bahrain and Kuwait […] February 9, 2024
Analysis Manufacturing Saudi deal ‘unlikely to cure Iraq’s pharma problems’ Iraq has turned to Saudi Arabia to help it improve its healthcare industry and increase pharmaceutical manufacturing. The ministries of health for both countries are collaborating to boost private healthcare in Iraq and foster partnerships to speed up the establishment of local pharmaceutical factories. However analysts say the impact of the partnership will be limited […] February 8, 2024
Analysis Trade Middle East revenues hit record high for top UK firms Middle East revenues as a proportion of global sales for top UK companies have climbed to a new high, analysts have announced. Companies listed on the FTSE 100 and FTSE 250 indexes (the top 100 and the top 101st to 350th companies by market cap on the London Stock Exchange) saw their Middle East revenues […] February 6, 2024
Trade UAE’s Invictus seeks takeover of Moroccan grain trader Invictus Investment Company is planning to acquire a majority stake in one of the largest grain traders in Morocco as it seeks to expand operations across Africa. The UAE commodities house, which is listed on the Abu Dhabi bourse, is aiming to buy a 60 percent stake in Graderco from Zalar Holding. The deal is […] February 6, 2024
Aviation UAE’s Ghitha invests $220m in Turkish cargo airline Ghitha Holding, a subsidiary of Abu Dhabi conglomerate International Holding Company (IHC), has announced an investment of more than $220 million in Turkish cargo airline MNG. The company said it has entered into a share purchase agreement to buy a 44 percent stake in MNG Havayollari ve Tasimacilik. The deal was made through its wholly […] February 6, 2024
Trade AD Ports deal to transform Jordan’s Aqaba Abu Dhabi is to play a key role in transforming operations at Aqaba Port, Jordan’s primary trade hub. A joint venture company comprising a subsidiary of Abu Dhabi Ports Group and the Aqaba Development Corporation (ADC) aims to “revolutionise” the port by digitalising operations within a year. The UAE wants to build on bilateral trade […] February 6, 2024
Energy Abu Dhabi and UK partner plan green hydrogen complex Abu Dhabi has linked up with Hycap, an asset manager that funds net zero projects, to develop an industrial complex for green hydrogen. The facility will include an electrolysis plant, hydrogen storage and tankers for transport. The partnership between Abu Dhabi Department of Economic Development (ADDED) and UK business Hycap hopes to attract international companies […] February 6, 2024
Food & Drink Air corridor for Abu Dhabi aims to support food security Abu Dhabi is planning to establish an air corridor for perishable goods in a bid to develop new trade routes and support the UAE’s food security efforts. Etihad Cargo, Abu Dhabi Airports and Abu Dhabi Food Hub – Kezad have signed a tri-party memorandum of understanding. Abu Dhabi Food Hub is the country’s first dedicated […] February 5, 2024
Analysis Trade Saudi-US trade banks sign deal despite kingdom’s China links The export-import banks of Saudi Arabia and the US have signed a new agreement that seeks to build on bilateral trade of SAR130 billion ($34.7 billion) between the two countries in 2022. Saudi Exim Bank said the deal with US Exim will focus on facilitating more trade financing, supporting exports, and promoting investment opportunities in […] February 2, 2024
Analysis Oil & Gas Oil output to shield Libya from $1.8bn flooding bill Libya’s economy will be largely shielded from the multi-billion-dollar costs of catastrophic flooding by an increase in oil production, a report has predicted. The cost of reconstruction and recovery is estimated at nearly $1.8 billion, according to research from the World Bank, United Nations and European Union. Damage and economic losses are said to total […] February 1, 2024
Construction Five Holdings plans ultra-luxury Pacha Ibiza residences Dubai developer Five Holdings plans to build ultra-luxury residences in Ibiza following the completion of a $57 million hotel and land deal. The UAE real estate and hospitality group has acquired El Hotel Pacha and an adjacent land plot where it plans to build Pacha Residences, using the branding of the Balearic island’s most famous […] January 31, 2024
Manufacturing US commercial EV company to launch UAE factory Californian commercial electric vehicle manufacturer HummingbirdEV has announced plans to establish a micro-factory in the UAE. The highly automated manufacturing facility aims to accelerate adoption of commercial electric vehicles (EV) in the Middle East and North Africa, southeast Asia and India. HummingbirdEV said the factory will produce commercial EVs for an existing e-commerce customer as […] January 31, 2024
Analysis Agriculture UAE in talks to buy more African land to aid food security The UAE has 14 land acquisition deals in the pipeline, mainly in Africa, as it looks to keep food security high on its policy agenda. It has already signed 56 land agreements, with the first completed more than 50 years ago in Sudan. The 14 deals are subject to either an expression of interest, a […] January 31, 2024
Analysis Aviation Flying taxis ‘within a decade’ says Saudi Arabia Saudi Arabia has published a plan to launch advanced air transport, such as flying taxis, within the next 10 years. However, experts have played down the kingdom’s impact on the fledgling industry globally. The kingdom’s General Authority of Civil Aviation (Gaca) said it wanted to revolutionise the aviation sector by supporting technologies such as unmanned […] January 31, 2024
