Trade UAE and Australia to hold Cepa talks The UAE and Australia have agreed to hold talks on a comprehensive economic partnership agreement. Once concluded, the Cepa would be Australia’s first with a country in the Middle East and Africa. The UAE is Australia’s biggest trade partner in the Middle East. Bilateral non-oil trade between Australia and the UAE was worth $4.5 billion […] December 12, 2023
Trade Saudi Arabia and China sign $25bn of deals Deals worth more than $25 billion have been signed at the Saudi-China Investment Conference in Beijing. More than 60 agreements and memoranda of understanding were completed at Tuesday’s meeting, the Saudi Ministry of Investment said in a statement. The deals covered sectors including energy, agriculture, tourism, mining, financial services, logistics, infrastructure, technology and healthcare. About […] December 12, 2023
Trade UAE and Morocco train sights on further trade with rail deal Leaders from the UAE and Morocco have signed a declaration aimed at boosting bilateral trade, including a commitment to invest in high-speed trains in the North African country. President Sheikh Mohamed bin Zayed Al Nahyan and King Mohammed VI met during a state visit to Abu Dhabi last week. No specifics were disclosed about the […] December 12, 2023
Media & Advertising Saudi’s MBC Group prices IPO at top of the range Strong investor demand has led Saudi media company MBC Group to price its initial public offering (IPO) at SAR25 per share, the top of a range published earlier this month. The price implies a market capitalisation of SAR8.3 billion ($2.2 billion) at listing, said IPO manager HSBC in a filing to the Saudi Stock Exchange […] December 12, 2023
Construction Zamil wins $153m deal to build Saudi defence complex A Dammam construction company has won a SAR575 million ($153 million) contract to build a defence manufacturing complex in Al Kharj, central Saudi Arabia. Zamil Steel Construction Company agreed the deal with Saudi Arabian Military Industries (Sami), a Public Investment Fund company set up to lead the development of the kingdom’s defence industry. The Al […] December 11, 2023
Analysis Trade Saudi leaders gather in Beijing to boost $106bn trade Saudi Arabia’s investment minister Khalid Al Falih is leading a delegation in Beijing this week as the kingdom looks to tighten ties with its largest trade partner. Government and private sector leaders will participate in the China-Saudi Investment Conference on Tuesday, as part of Al Falih’s six-day visit. China-Saudi trade stood at $106 billion in […] December 11, 2023
Analysis Tourism Oman-RAK tourism tie-up could spur more alliances Oman and Ras Al Khaimah are drawing up plans to jointly promote tourism, with ambitions to become a destination for adventure holidays. Ras Al Khaimah Tourism Development Authority (Raktda) and Oman Tourism Development Company (Omran) said the deal was a “first of its kind”. Officials described the partnership as a natural fit, with just a […] December 8, 2023
Logistics Saudi port operator to develop Bangladesh terminal Saudi company Red Sea Gateway Terminal International Limited (RSGTI) has signed a 22-year concession to develop a container terminal at Bangladesh’s primary port in a deal worth $170 million. RSGTI, a subsidiary of the Sustained Infrastructure Holding Company (Sisco), signed the deal with the Chittagong Port Authority to develop Patenga Container Terminal. In a filing […] December 7, 2023
Analysis Trade UAE and Kazakhstan launch trade investment platform The UAE and Kazakhstan have announced the launch of a new investment vehicle focused on high-growth sectors. The countries are planning $1 billion in annual bilateral trade. Abu Dhabi’s ADQ and the Qazaqstan Investment Corporation (QIC), the main driver of direct investment into Kazakhstan, said the focus will be on food and agriculture, mobility, healthcare, […] December 7, 2023
Transport UAE motorcycle rental firm invests in EV chargers Easy Lease Motor Cycle Rental has acquired 60 percent of electric vehicle charger manufacturer, supplier and installer Fully Charged. Since 2020 Dubai-based Fully Charged has installed more than 5,000 charging devices across the UAE for businesses including Damac, Dubai Holding and Emirates. Easy Lease, listed on Abu Dhabi’s secondary market, wanta to double that number […] December 6, 2023
Analysis Trade UAE-Russia trade grows as Putin arrives in Gulf President Vladimir Putin will be hoping to build on Russia’s $9 billion of trade with the UAE as he visits the Gulf this week. Putin arrived in Abu Dhabi on Wednesday and is also expected to travel to Saudi Arabia for talks with Crown Prince Mohammed bin Salman. Trade between Russia and the UAE increased […] December 6, 2023
Energy Masdar signs $16bn alliance with Spain’s renewables giant Green energy companies Iberdrola and Masdar announced a €15 billion ($16.3 billion) partnership agreement on Tuesday to explore joint offshore wind and green hydrogen projects across the world. After a co-investment in Baltic Eagle wind farm in Germany, the two parties will invest in the 1,400MW UK East Anglia 3 offshore wind project. The deal, […] December 5, 2023
Infrastructure Gulf telcos sign deal to create $2bn tower company Telecom operators Ooredoo and Zain Group on Tuesday said agreements have been signed to create the largest tower company in the Middle East and North Africa. The cash and share deal, which also involves Dubai-based Tasc Towers Holding, will establish a company comprising 30,000 telecom towers in Qatar, Kuwait, Jordan, Iraq, Algeria and Tunisia, with […] December 5, 2023
SPECIAL REPORT Construction Qatar and Saudi Arabia poles apart on construction growth Qatar and Saudi Arabia may share an 87km border, but the performances of their construction markets are poles apart. While activity in Saudi Arabia reaches record levels, buoyed by work on giga-projects such as Neom and Diriyah, work in Qatar has dried up after the completion of contracts signed before the 2022 Fifa World Cup. […] December 5, 2023
SPECIAL REPORT Giga-projects Giga-projects gobble up building supplies and talent Saudi Arabia’s enormous building programme is luring workers from other GCC countries and placing a strain on the supply of raw materials, construction executives have warned. Builders in the UAE in particular are concerned about the resources demanded by the Saudi market, which posted record growth in construction activity during the third quarter. The latest […] December 5, 2023
Construction Saudi cement maker Al Jouf plans to sue over $36m loss A Saudi cement producer is planning to sue three of its former board members for their role in an investment that resulted in a SAR136 million ($36.3 million) loss. Al Jouf Cement Company said in a filing to the Saudi Stock Exchange it was seeking authorisation from its general assembly for the liability lawsuit, which […] December 5, 2023
Renewable Energy Oman plans green-hydrogen corridor to Europe Oman’s plans to make the world’s first commercial-scale liquid hydrogen corridor are a step closer after the sultanate signed a deal with the fourth largest port in Western Europe. Oman’s Ministry of Energy and Minerals and Hydrogen Oman, better known as Hydrom, have signed an agreement with Port of Amsterdam, Zenith Energy Terminals and GasLog. […] December 5, 2023
Manufacturing Saudi Cable financial woes laid bare in delayed results Saudi Cable Company has revealed the crisis it is facing after the manufacturer belatedly published its financial results for 2022. The company, which owns manufacturing facilities in Saudi Arabia, Bahrain and Turkey, posted a net loss of SAR585 million ($156 million) for the year, a 200 percent increase compared with 2021. Saudi Cable said in […] December 4, 2023
Analysis Trade Coffee fuels growth plans for UAE-Colombia trade The UAE finalised the terms of a trade deal with Colombia on Saturday as a Dubai free zone is also targeting growth with the commodities-rich nation. The comprehensive economic partnership agreement (Cepa) is the first bilateral trade deal between the Gulf and South America. Dubai Multi-Commodities Centre (DMCC) brought its Made for Trade Live roadshow […] December 4, 2023
Agriculture RedSea to dig further into Egypt’s agricultural market RedSea, an agtech business based in Saudi Arabia, is prioritising Egypt to transform the North African nation’s agricultural industry. The company has also announced the appointment of Bruno De Oliveira as vice president of Egypt and East Africa as a result of increasing customer demand for its products. RedSea has already installed heat-blocking roofing materials […] November 30, 2023
Finance Kingdom Holding ups stake in Citigroup with Alwaleed deal Kingdom Holding Company has increased its investment in Citigroup after buying a $450 million stake from its Saudi Arabian billionaire chairman, Prince Alwaleed Bin Talal. The deal has raised Kingdom’s stake to 2.2 percent from 1.63 percent, according to a filing on the Saudi Stock Exchange on Wednesday. The company did not disclose any further […] November 29, 2023
Banking & Finance Strong upsurge in UAE green sukuk ahead of Cop28 The UAE has witnessed a strong push for sukuk to finance green projects, according to data released by Fitch Ratings. Sukuk are sharia-compliant bonds that were developed as an alternative to conventional bonds, which are not considered permissible by many Muslims as they pay interest, and also may finance businesses involved in activities not allowed […] November 29, 2023
