Trade Clouds clear as DP World seals London Gateway deal UAE port operator DP World has announced that it will go ahead with a £1 billion ($1.3 billion) investment in the UK after days of uncertainty, but the episode should be viewed as a “warning”, an expert has told AGBI. The expansion of DP World’s London Gateway port is intended to make it Britain’s largest […] October 14, 2024
Transport Turkish contractor to build Uganda-Kenya rail link Turkish construction company Yapi Merkezi has signed a deal with the Ugandan government to build a rail line linking Uganda to Kenya, Ugandan officials announced Monday. Yapi Merkezi will build 272km of a planned 1,700km electric line in a contract worth $3 billion. Construction will start in November, Uganda’s Standard Gauge Railway project coordinator, Perez […] October 14, 2024
Banking and Finance Saudi Exim Bank agrees $50 million credit facility with DL Hudson Saudi Exim Bank has signed a $50 million credit facility with metal and energy trading company DL Hudson to promote Saudi Arabia’s non-oil exports. The deal will help to connect exporters in the kingdom with international buyers in 22 markets around the world. Under the agreement Saudi Exim Bank will provide financing to UK-based DL […] October 14, 2024
Analysis Banking and Finance Adia’s Thames Water write-off could discourage UK FDI Abu Dhabi’s decision to write off its investment in Thames Water will make international investors more cautious about backing UK projects, despite efforts by the UK government to make its water sector more attractive. The Abu Dhabi Investment Authority (Adia) owned 9.9 percent of the UK’s largest water supplier, but according to reports citing accounts […] October 10, 2024
Finance ‘Serious money laundering shortcomings in Kuwait’, says watchdog Kuwait faces “serious shortcomings” in delivering effective measures to combat money laundering and terrorist financing, the world anti-money laundering watchdog has warned. The Paris-based Financial Action Taskforce (FATF) is a global body dedicated to setting standards to prevent money laundering and terrorist financing. On Tuesday it said: “Kuwait has an adequate legal and supervisory framework […] October 10, 2024
Business of Sport Riyadh Air signs stadium naming deal with Atlético Madrid The new Saudi Arabian carrier Riyadh Air has agreed a deal with the Spanish football club Atlético Madrid to rename the team’s stadium after the Gulf state airline. Atlético Madrid’s stadium, the Estadio Metropolitano, opened in 2017, will now be called the Riyadh Air Metropolitano. The stadium sponsorship deal is scheduled to run until 2033, […] October 9, 2024
Economy UAE announces largest-ever budget for 2025 The UAE has approved its largest-ever national budget for the fiscal year 2025, with spending set to hit AED71.5 billion ($19.5 billion), after capital expenditure increased by nearly half in the early part of this year. The government expects to match the 2025 expenditure with AED71.5 billion in revenues over the same period. Social Development […] October 8, 2024
Food & Drink Gulf’s taste for chicken boosts Brazilian exports Saudi Arabia and the UAE has helped Brazil record the second-highest volume of chicken meat exports in a single month. Shipments of chicken from Brazil in September increased 17.6 percent to the United Arab Emirates and 5.9 percent to Saudi Arabia. Brazil, the world’s largest supplier of chicken meat, exported 485,000 tonnes in total last […] October 8, 2024
Oil & Gas BP seeking new investments in Iraq and Kuwait BP is in talks for new investments in Iraq and Kuwait as the company refocuses on oil and gas. The British energy giant is in discussions to invest in three new projects in Iraq, including one in the Majnoon field near Basra, sources have told Reuters. In August BP signed an agreement with the Iraqi […] October 8, 2024
Food & Drink World’s largest chocolatier plans factory in Egypt The world’s largest producer of chocolate has said it plans to build a $30 million factory in Egypt. Switzerland’s Barry Callebaut is the world’s largest manufacturer of chocolate, with about a 40 percent market share in volume terms, and is the largest processor of cocoa beans with about 20 percent market share. Vamsi Mohan Thati, […] October 7, 2024
Food & Drink Spinneys to build processing unit in Food Tech Valley The UAE supermarket chain Spinneys has signed a deal to build a 500,000 square foot food processing unit in Dubai’s Food Tech Valley as part of the plan to increase its locally sourced produce. The deal, which will last for 27 years, is intended to foster innovation in food processing as part of the wider […] October 7, 2024
Tech Oman to acquire its first national satellite Oman is in the process of acquiring its first national satellite, the head of the country’s space programme has revealed. As part of the sultanate’s national development plan, Vision 2040, it aims to have the information and communication technology sector, which includes space technology, contribute 10 percent to the overall GDP by 2040. “Oman is […] October 7, 2024
Banking and Finance Largest caterer in UAE gears up for IPO ADNH Catering, which claims to be the UAE’s largest provider of food services, has announced details of a float on the Abu Dhabi Securities Exchange (ADX) that could raise up to $235 million. Abu Dhabi National Hotels Company, the owner of ADNH Catering, will make available 900 million of its shares in the catering company, […] October 7, 2024
Aviation Conflict risk leads Gulf airlines to cancel regional routes Gulf airlines are among airlines that have cancelled and rerouted flights across the Middle East as the conflict between Iran and Israel escalates. They are avoiding Iranian airspace and many have cancelled routes entirely following a major missile attack by Iran against Israel on Tuesday. Immediately after the attacks about 80 flights operated by carriers […] October 4, 2024
Education Dubai school operator Taaleem increases profit by 55% Dubai school operator Taaleem has reported revenue of AED945.2 million ($257.3 million) for its 2023-24 financial year – a 15.5 percent year-on-year increase. More student enrolments and the opening of new schools helped Taaleem to increase net profit before tax by 55 percent, to AED182 million, in the financial year ending August. Taaleem’s shares were […] October 4, 2024
Banking and Finance Mubadala-backed Shein courts investors before London IPO Chinese fashion retailer Shein, which is backed by the Abu Dhabi sovereign wealth fund Mubadala, is courting European investors before an initial public offering on the London Stock Exchange. Shein is due to hold informal meetings to answer questions and test the investment appetite of major investors in the coming weeks, before its planned IPO […] October 4, 2024
Tech Four-fold boost to Saudi data centres planned Saudi Arabia plans to boost its data centre capacity four-fold to more than 1,000 megawatts over the next five years, according to one of the country’s leading data centre providers. The current capacity in the kingdom is approximately 250-300MW. Abdullah Al Ghamdi, CEO of Al Moammar Information Systems (MIS), revealed the target in an interview […] October 4, 2024
Mining Saudi-backed Vale plans to increase copper output Brazilian miner Vale, which is backed by Saudi Arabia’s Public Investment Fund (PIF), aims to increase copper production after conceding that it had lost ground to competitors in its output of the key metal. Vale is a top global iron ore producer but also operates base metal projects including copper and nickel. In his first […] October 4, 2024
Economy UAE non-oil growth weakens while Gulf neighbours improve Growth in the UAE’s non-oil sector has slowed to its weakest point in three years, but activity in the Gulf countries continues to be the bright spot among survey results for economies in the Middle East. The UAE purchasing managers’ index (PMI) from S&P Global signalled the emirate’s slowest expansion in non-oil business activity for […] October 3, 2024
Telecoms Chinese brands gain ground as Mena smartphone sales surge Economic stability and rising populations have fuelled a 20 percent year-on-year surge in the sale of smartphones in the Middle East and North Africa. Chinese brands have made significant gains on other, more established manufacturers. Smartphone shipments in the Middle East reached 11.5 million units in the second quarter of 2024. That was a 20 […] August 20, 2024
Trade India pushes for more rupee-dirham payment in UAE trade India’s central bank has told lenders dealing with the UAE to settle at least part of their trade payments directly using the rupee and dirham. The Reserve Bank of India (RBI) has not provided specifics of the targets, but has asked banks to report back the extent of rupee or dirham-denominated payments, Reuters reported, citing […] August 19, 2024
Analysis Telecoms UAE broadband users pay dearly for lack of competition Telcos may have generated nearly AED94 billion ($25 billion) in revenue for the UAE government, but a lack of competition and steep costs means that residents have been hit with the highest broadband bills in the Gulf. With an average price of $142.65 per month, people in the UAE are paying more than double than […] August 18, 2024
