Logistics Saudi shipping company signs $1bn tankers deal National Shipping Company of Saudi Arabia (Bahri) has announced a SAR3.75 billion ($1 billion) deal to buy nine tankers from Greek company Capital Maritime and Trading Corporation. The very large crude carriers (VLCCs) will be used by Bahri to deliver crude cargoes for its customers. VLCCs are a crucial part of the global maritime logistics […] August 20, 2024
Energy Heat blackouts blamed on Kuwait’s fuel supply issues Rolling power cuts that have beset oil-rich Kuwait over the last two days have been blamed on technical issues experienced in fuel supplies. Several residential neighbourhoods experienced rolling blackouts over the weekend due to “a fuel supply disruption”, according to a statement from state-run Kuna news agency. The cuts also closed down desalination plants and […] August 19, 2024
Business of Sport Saudi Arabia adds soccer in North America to sports portfolio Saudi Arabia has added the Confederation of North, Central America and Caribbean Association Football (Concacaf) to its squad of sporting investments. The kingdom’s sovereign wealth fund has partnered with the regional governing body for soccer “to support the growth of the sport at all levels”. The Public Investment Fund will sponsor football development initiatives, with […] August 16, 2024
Banking and Finance More mergers likely in GCC Islamic insurance market More consolidation is likely among small and medium-sized Islamic insurers in the UAE and Saudi Arabia for the rest of the year, as they continue to struggle with weak earnings, according to analysts. One in five Islamic insurers in Saudi Arabia and one in three of those in the UAE merged in recent years, in […] August 15, 2024
Banking and Finance Mena startup funding trebles with fintech leading the way Technology entrepreneurs across the Middle East and North Africa led a recovery in startup investments in July despite ongoing economic and geopolitical uncertainties. The value of investments in the Mena region hit $355 million last month across 38 startups, an increase of 206 percent on the previous month and 260 percent year on year. NewsletterGet […] August 13, 2024
Energy Adnoc Gas finance chief bullish on future demand Adnoc Gas is aiming to increase capacity by one-fifth by 2028 to cope with increasing demand. “That’s a combination of us making the most of what we already have, really utilising those assets, plus building new capacity,” chief financial officer Peter Van Driel said on Monday. The company supplies nearly two-thirds of the UAE’s gas […] August 12, 2024
Banking and Finance Riyadh revamps investment law as it seeks giga-project cash Saudi Arabia has updated its investment laws as it looks to attract more private sector funding for giga-projects. The update, announced on Sunday, pulls together Vision 2030 reforms and the National Investment Strategy under one framework. It aims to provide investors with “greater transparency, flexibility and confidence”, according to a government statement. Saudi Arabia has […] August 12, 2024
Finance Gold refineries suspended in UAE The UAE has temporarily suspended operations at 32 gold refineries in the country which were found to be in breach of anti-money laundering regulations. The suspension was backdated to begin on July 24 and runs until October 24, the emirate’s national news agency said. The refineries make up 5 percent of the gold sector in […] August 9, 2024
Economy Partnerships prove central as ADIA looks to India and beyond Abu Dhabi Investment Authority, the UAE’s largest sovereign wealth fund, is increasingly forming consortiums to make its deals – and focusing on purchases in India. After a string of acquisitions in Asia, ADIA is now leading a consortium with CVC Advisers with a view to bidding for UK investment platform Hargreaves Lansdown. In June the […] August 7, 2024
Real Estate UAE real estate companies rebound after market turmoil Real estate companies bore the brunt of Monday’s stock sell-off in the GCC, although prices showed significant signs of recovery on Tuesday. Dubai Financial Market closed on Monday down 4.5 percent, while Saudi Arabia’s Tadawul exchange was down 2.1 percent. Kuwait’s bourse was showing a negative of 2.13 percent on a day when $6.4 trillion […] August 7, 2024
Finance UAE insurers will need two years to clear flood losses Insurance premiums for properties in the UAE increased by as much as 30 percent in the second quarter of the year as the sector reeled from hundreds of millions of dollars worth of losses stemming from the record-breaking April floods. Manik Kak, from professional services firm Marsh McLennan, told AGBI it would take at least […] August 7, 2024
Video length: 07:34 Finance Distressed companies on rise in Saudi Arabia and UAE, study says The number of distressed companies in the UAE and Saudi Arabia has increased by almost 9 percent in the past year, with the sectors most at risk including chemicals, commodities and specialised retail. Concerns also surround the consumer-facing food and beverage industry in both countries, according to a report from consultancy Alvarez & Marsal. A&M […] August 7, 2024
Sustainability Lucid taps PIF backer for $1.5bn cash injection Saudi-backed US electric vehicle maker Lucid is to receive a cash injection of $1.5 billion from its majority stockholder Ayar Third Investment Company, an affiliate of Saudi Arabia’s Public Investment Fund. “The additional $1.5 billion commitment by an affiliate of the PIF announced today is expected to provide sufficient liquidity into at least the fourth […] August 6, 2024
Industry Emirates Steel Arkan asks UAE to curb cheap Chinese imports Emirates Steel Arkan is liaising with the UAE government to explore ways to reduce the impact of China exporting its excess steel at knockdown prices. A slowdown in China’s property sector has led to a sharp decline in domestic demand for steel, forcing Chinese producers to sell surplus stock cheaply to international markets. US president […] August 4, 2024
Media & Advertising Abu Dhabi-backed Redbird IMI set to sell The Spectator Redbird IMI, a US investment group backed by Abu Dhabi’s International Media Investments, is understood to be selling The Spectator magazine to hedge fund boss Paul Marshall. It is understood a deal with Marshall, through his Queen Street Ventures fund, would value the magazine in the region of £90 million ($114 million) to £120 million […] August 2, 2024
Sidara given ‘put up or shut up deadline’ for John Wood takeover The deadline for Dubai engineering and consulting company Sidara’s long-running multi-billion-dollar plan to take over the UK’s John Wood Group has been extended for a third time. Sidara, which has had three previous bids for the Scottish company rejected, upped its original offer to 230 pence sterling per share in May. This gave Wood a […] August 1, 2024
Logistics DP World hits out at Djibouti after latest court victory DP World has described the government of Djibouti as “bad for business” and said companies should “think twice” about investing in the country, following the latest ruling in their long-running legal dispute. A US court ruled in favour of the Dubai-based global ports operator this week in its battle over the Doraleh container terminal in […] July 31, 2024
Finance US forms bulk of growing Mena M&A activity Middle East and North Africa merger and acquisition deals over the first half of this year were focused in the US. In the opening six months of 2024, 321 deals worth $49 billion were completed in the Mena region, a 1 percent year-on-year increase in volume and 12 percent rise in value, the EY Mena […] July 31, 2024
Trade Chile deal marks UAE’s latest trade agreement A trade deal signed between the UAE and Chile is expected to more than double non-oil bilateral trade and add $73 million to the UAE’s economy by 2031. Non-oil trade between the two countries is forecast to grow from $305 million in 2023 to $750 million by 2030 as a result of the latest comprehensive […] July 30, 2024
Markets Alef Education profits rise but share price struggles Alef Education has reported pre-tax profits of AED249 million ($68 million) for the first half of 2024. However, the company’s share price continues to struggle. At noon on Tuesday the share price was AED1.18, down 12.6 percent on its debut IPO price in June. Alef was the first education technology business to list on a […] July 30, 2024
Food & Drink Americana scales back fast-food openings as profit drops again Americana Restaurants International, the Mena franchise owner for KFC, Pizza Hut and Hardee’s, has scaled back its growth plans for this year after another drop in profits. The Saudi-UAE company reported a 41 percent slump in net profit to $52 million for the second quarter of the year, as Mena diners turn their backs on […] July 30, 2024
Analysis Tourism Corporate travel rising as Dubai plays perfect host Dubai has won 175 deals so far this year that will boost the emirate’s corporate and business travel sector over the next four years. The events, representing an increase of almost a quarter year on year, include international conferences, congresses and meetings. They’re expected to bring more than 92,000 delegates to the city, according to […] July 29, 2024
