Sustainability Adnoc and Oman’s 44.01 scale up carbon-to-rock project Abu Dhabi National Oil Company (Adnoc) and Omani company 44.01 have announced plans to scale up their carbon-to-rock project in the emirate of Fujairah following the successful completion of a pilot initiative. Muscat-based startup 44.01 – named after the molecule mass for CO2 – uses technology to accelerate a natural process in which carbon dioxide […] November 5, 2024
Analysis Aviation Gulf air traffic rebounds but fares still high Air traffic in the Middle East and North Africa region has rebounded beyond pre-pandemic levels, with Saudi Arabia and the UAE marking the highest gains in volume. Traffic up to the second quarter of 2024 has also surpassed levels seen before 2020, according to a study by Airports Council International (ACI). Bahrain (+24 percent), Qatar […] November 5, 2024
Energy Sabic announces SAR1bn profit in dramatic turnaround Saudi Arabian petrochemical giant Sabic (Saudi Basic Industries Corp) has announced profit in Q3 2024 of SAR1 billion ($266.2 million) in a marked turnaround from the same period last year. In 2023, the company reported a Q3 loss of SAR2.88 billion. Revenues in Q3 2024 were up 3 percent year on year, and the company […] November 4, 2024
Finance UAE’s Aditum pairs with BlackRock to launch funds Aditum Investment Management is to launch five funds for UAE investors, according to reports confirmed by AGBI. The five funds will include one focused on sustainable energy investments and another on health science, Citywire first reported. A representative of Blackrock confirmed to AGBI that the Citywire reports are accurate. Blackrock has registered BlackRock Aditum Dynamic […] October 31, 2024
Finance PIF to back Brookfield Middle East fund Saudi Arabia’s Public Investment Fund (PIF) plans to back Brookfield Asset Management’s new $2 billion Middle East fund, helping the Canadian investment firm pursue deals in the Gulf. The investment platform, known as Brookfield Middle East Partners, will target $2 billion from a range of investors and intends to focus on buyouts and structured solutions, […] October 30, 2024
Leisure & Hospitality Saudi gym chain Leejam pumps up its profits Leejam Sports Co has reported a net profit of SAR355 million ($94.5 million) for the first nine months of 2024, an increase of 56 percent compared with the same period last year. The Riyadh-based company’s revenue grew 18 percent year on year as subscriptions and membership revenue rose 14 percent, and paid programmes revenue climbed […] October 29, 2024
Analysis Retail Diwali gold buyers change their approach as prices rise Dhanteras, the first day of Diwali, is seen as an auspicious time to buy gold by the Gulf’s roughly three million Hindus. But as the price of gold hits record levels consumers are shopping differently, gold traders told AGBI. Gold’s price has surged by 34 percent in the past year alone. This trend is being […] October 29, 2024
Retail Lulu aims to raise $1.4bn from Abu Dhabi IPO listing Lulu Retail Holdings, the largest grocery retailer in the GCC, has announced a price range of between AED1.94 and AED2.04 per share for its much-anticipated IPO on the Abu Dhabi Stock Exchange (ADX). If all the 2.8 billion shares offered, a quarter of the total holding, are sold, the size of the offering will be […] October 28, 2024
Markets Abu Dhabi’s NMDC Group profit up 45% Engineering company NMDC Group’s net profit has increased 45 percent in the year to date compared with the same period last year, the group announced on Sunday. By September 30 NMDC’s net profits increased to AED2.2 billion ($600 million) from AED1.5 billion in the same period in 2023. Revenues rose by 68 percent to AED18.5 […] October 28, 2024
Industry Copper-trading centre in Abu Dhabi planned by UAE’s IRH The UAE’s International Resources Holding (IRH) intends to set up a copper trading hub in Abu Dhabi, as the market looks to forecasts from China on the direction of prices. IRH, an arm of International Holding Company, said it plans to target “over 500,000 tonnes of green copper annually by 2025”. “This initiative will further […] October 25, 2024
Transport Billion-dollar deals signed for upkeep of Kuwait’s roads Kuwait has signed road maintenance contracts worth KWD400 million ($1.3 billion) with 18 local and foreign companies. The three-year contracts aim to improve Kuwait’s 8,400km of roads, which are a persistent source of frustration for residents of the Gulf state. Khaled Al-Osaimi, head of the Public Authority for Roads and Land Transport, said: “This is […] October 24, 2024
Industry Qatari aluminium maker defies market challenges Qatar Aluminum Manufacturing Company, known as Qamco, increased its profits by 21 percent in the first nine months of 2024, despite the rising cost of source materials. Qamco’s profit hit QR427.7 million ($117.3 million) at the end of September 2024, up from QR353.5 million in the same period last year. Figures issued by the company […] October 24, 2024
Renewable Energy Saudi lender ICD provides $16m for Turkish solar plant The Islamic Corporation for the Development of the Private Sector (ICD) in Saudi Arabia has signed a €15 million ($16.2 million) financing agreement with Turkish company Sampa to support the development and construction of a solar power plant in Turkey. The planned captive solar plant will provide 21 megawatts of energy, reducing Sampa’s energy costs […] October 24, 2024
Manufacturing Anti-drone radar deal signed by Qatar and Italy’s Fincantieri A company owned by Qatar’s Ministry of Defence has signed an agreement with the Italian shipbuilding company Fincantieri for the joint development of a short-range anti-drone radar programme. The deal between Fincantieri and Barzan Holdings is worth about €100 million ($109 million), excluding the support, training and maintenance services linked to the radars, Reuters reported. The […] October 24, 2024
Aviation Qatar Airways partners with Elon Musk’s Starlink Qatar Airways has operated its first flight with internet provided by Elon Musk’s Starlink satellite internet service. The airline says all of its Boeing 777s will have the service within a year. On-board access to Starlink-enabled internet will be completely free of charge, Qatar Airways said. In a video call with Qatar Airways executives, Elon […] October 23, 2024
Artificial Intelligence AI-driven ‘virtual lawyers’ to launch in UAE AI-powered “virtual lawyers” are to be launched in the UAE to help process simple cases. The country’s Ministry of Justice said the aim of the project was to speed up legal proceedings for simple cases, with the AI lawyers assisting with entering pleas, submitting documents, and providing services such as text-to-speech, or helping lawyers interact […] October 22, 2024
Economy Manufacturing and agriculture drive Oman GDP growth Oman’s economy is continuing to expand off the back of strong non-oil sector growth. In the second quarter of 2024, Omani GDP at current prices rose 2.6 percent, while real GDP grew by 1.9 percent. Much of this growth was driven by the country’s non-oil sector, which rose by 4.2 percent, according to statistics released […] October 22, 2024
Analysis Logistics Gulf companies can capitalise on spare supply chain capacity Global supply chains have more spare capacity than at any time in the last 14 months – marking a window of opportunity for the Gulf to increase production and cut costs, experts say. Overall global demand for raw materials and commodities has deteriorated, according to the GEP Global Supply Chain Volatility Index, whereas it has remained […] October 18, 2024
Economy IMF changes debt charges to save Egypt $190m a year Egypt looks set to save up to $190 million a year following changes the International Monetary Fund has made to the charges paid by debtors, an expert has told AGBI. The benefits of this extra cash are likely to be tempered, though, as Egypt faces a significant debt burden and persistent inflation. The IMF announced […] October 17, 2024
Transport Dubai Taxi partners with Bolt to take on Uber Dubai Taxi Company has signed a deal with the Estonian company Bolt to launch its “e-hailing” platform in the emirate, competing with existing operators such as Uber and Careem. The launch of the platform was announced during a signing ceremony between DTC and Bolt at Gitex Global. Mansoor Rahma Alfalasi, CEO of Dubai Taxi, called […] October 16, 2024
Finance Kenya in loan talks with UAE to reduce debt Kenya and the UAE are discussing a commercial loan worth $1.5 billion, according to the Kenyan minister of finance. The loan would have an 8.25 percent interest rate and a seven-year tenor, John Mbadi told a press conference on Wednesday. “This loan is cheaper than the Eurobond we borrowed at 10.7 percent,” Mbadi told the […] October 16, 2024
Development Islamic Development Bank approves $3bn for projects The Islamic Development Bank has approved financing worth more than $3 billion for 20 social and economic development projects in 17 of its member states. The money will be used to boost social and economic development in critical sectors such as transportation, energy, agriculture, water resources, food security, health and social development. In an announcement, […] October 16, 2024
