Banking & Finance Morocco signs $109m loan deal with African bank Morocco has received a loan worth €100 million ($109 million) from the African Development Bank to fund new investment and sustainable infrastructure projects across the country. The loan agreement was signed with Fonds d’Equipement Communal, a bank dedicated to financing investment projects and development programmes in Morocco. Funds will be used to improve public services, […] March 19, 2024
Construction Gulf funds investing in Cyprus ‘only a question of time’ Three sovereign wealth funds from the Gulf are in discussions to invest in real estate projects in Cyprus, according to one of the island’s biggest developers. “It’s only a question of time that it is going to happen,” said Pantelis Leptos, co-president of the developer Leptos Estates, without giving further details on the wealth funds […] March 19, 2024
Tech Hong Kong most likely for IPO listing of Dubai’s Telegram Telegram, the Dubai-based messaging app known for its encryption features and large group chats, is most likely to target Hong Kong for its potential listing, experts have said. This preference stems from the challenges its founder, Pavel Durov, might face in Western markets due to his Russian nationality. Durov said in a Financial Times interview […] March 18, 2024
Transport Saudi sovereign fund in talks to buy national airline Saudi Arabia’s Public Investment Fund is in discussions to acquire the kingdom’s national airline, reports released on Monday indicate. The $940 billion sovereign fund is looking to add Saudia, formerly known as Saudi Arabian Airlines, to its portfolio and a deal could be completed as soon as next year, according to a report by Bloomberg, […] March 18, 2024
People & Lifestyle Art trumps diamonds when it comes to luxury investment For Middle East investors, works of art are worth hanging on to. Artworks have more than doubled in value over the past decade, the latest edition of the Knight Frank Global Wealth Report reveals. It was a mixed year for luxury investments last year. Whisky, cars, handbags, furniture and wine lost value. Diamonds, coins and […] March 15, 2024
Trade UK and Turkey open fresh trade negotiations The UK and Turkey have launched fresh trade talks targeting the services sector as part of any new deal. The two countries are planning to enhance their current trade deal, which was negotiated back in the 1990s and has remained despite the UK leaving the European Union in 2020. Bilateral trade stood at £26 billion […] March 15, 2024
Retail Currency concerns hit Majid Al Futtaim’s retail revenue Dubai conglomerate Majid Al Futtaim recorded a slight increase in revenues over the past year but the company’s retail business was hamstrung by geopolitical tensions and currency concerns across several countries. Overall revenue was up by a single percentage point to AED34.5 billion ($9.4 billion) for 2023, with profit rising 12 percent to AED2.7 billion. […] March 14, 2024
Economy UAE government surplus hit $6.8bn in last quarter UAE government revenues reached AED156 billion ($42 billion) for the fourth quarter in 2023, resulting in the Gulf state recording a federal surplus of AED25 billion ($6.8 billion) over the period, according to data from the Ministry of Finance. Expenditure over the three-month period hit AED131 billion. It was made up of investment in non-financial […] March 14, 2024
Trade UAE developer wins $6bn Budapest contract An Emirati developer has finalised a €5.5 billion ($6 billion) deal to transform a rundown area of Budapest in the same week that the UAE and Hungary signed an economic cooperation agreement aimed at improving bilateral trade and investment. Eagle Hills International, which is based in Abu Dhabi, has partnered with the Hungarian government to […] March 14, 2024
Energy Adnoc and BP suspend bid for Israel’s NewMed Energy Abu Dhabi state oil company Adnoc and BP have suspended a proposed $2 billion bid to buy a major stake in Israel’s NewMed Energy as a result of the ongoing conflict in Gaza. The Tel Aviv Stock Exchange-listed natural gas operator, part of the Israeli conglomerate Delek Group, said on Wednesday that the deal was […] March 13, 2024
Renewable Energy XLinks reaffirms UK is priority for Morocco power project British renewable power company Xlinks is “100 percent committed to the UK” despite reports suggesting it was refocusing its attention on Germany. Xlinks is overseeing the $22 billion Morocco-UK renewables project, which involves building solar panel and wind farms in the desert of the North African country. Via the installation of high-voltage direct current (HVDC) […] March 13, 2024
Aviation Air taxi makers promise Dubai-Abu Dhabi commute in 30 minutes Flying cars could cut the commute between Dubai and Abu Dhabi to 30 minutes next year after a deal between Archer Aviation of the US and the UAE’s Falcon Aviation. Under the agreement, the two will develop air taxi vertiports at the Falcon heliport at Atlantis the Palm in Dubai and the Marina Mall heliport […] March 12, 2024
Renewable Energy Oman closer to solar goal with new Sohar factory United Solar Polysilicon has started work on a $1.3 billion polysilicon factory in Oman’s Sohar Port and Freezone, believed to be the first of its kind in the Middle East. Polysilicon, a high-purity form of silicon, is a key raw material in the production of solar photovoltaic (PV) panels. Operations at the 160,000-square-metre Sohar factory […] March 12, 2024
Aviation Hotels and airports profit from Oman’s rise in visitors Revenues for hotel operators in Oman rose by 17 percent to OR25 million ($64 million) in January as passenger numbers through the sultanate’s airports increased by more than one-fifth. Oman welcomed more than 1.4 million people through its main airports in Muscat, Salalah, Sohar and Duqm, according to data from the National Centre for Statistics […] March 12, 2024
Business of Sport Oman Air and Chelsea FC ‘terminate sponsorship deal’ A sponsorship deal between Oman Air and English Premier League club Chelsea FC has reportedly been terminated less than a year after it was signed. The three-year agreement was believed to be worth about £2 million ($2.5 million) a year and was announced last July. The partnership, which made the flag carrier the club’s global […] March 11, 2024
Economy Dubai’s non-oil economic growth at five-year high Dubai’s non-oil economy has recorded its highest growth since before the pandemic, according to the latest business sentiment survey for the emirate. At 58.5 in February, the S&P Global Dubai Purchasing Managers’ Index (PMI) increased from January’s 56.6 to the highest seen since May 2019. The number is well above the 50.0 mark which separates […] March 11, 2024
Banking & Finance India is top Asian target for Middle East investors India is more than twice as important as China as a target for Middle East investment, an industry report has revealed. Since 2020, private capital deal value from the Middle East into Asia has soared more than sixfold, from $14 billion between 2016 and 2019 to $83 billion since 2020, data from the Global Private […] March 11, 2024
Banking & Finance Dubai ends double taxation for foreign banks Foreign banks including HSBC, Banque Misr and Arab Bank operating in Dubai will no longer face double taxation after a change in the emirate’s banking laws. A 9 percent corporate tax, introduced in June last year for corporations and businesses that have a taxable profit above AED375,000 ($100,000) was being applied on top of the […] March 8, 2024
Analysis Business of Sport Saudi Arabia gives boxing a chance to reinvent itself World heavyweight champion Tyson Fury is no stranger to hyperbole. Thus only a few eyebrows were raised when he boldly claimed that boxing would be “dead” if it wasn’t for Saudi Arabia. The sport was looking decidedly punch-drunk before Saudi Arabia entered the ring almost six years ago. The first boxing card in Jeddah that […] March 7, 2024
Markets Drake & Scull gains approval to resume trading on Dubai bourse Drake & Scull International has been given the green light to resume trading on the Dubai Financial Market, after an absence of more than five years. The decision from the Securities and Commodities Authority follows the Dubai contractor agreeing to increase its share capital by up to AED600 million ($163 million), as part of a […] March 6, 2024
Business of Sport Baseball United to launch Saudi franchises Professional baseball teams are to be launched in Riyadh, Jeddah and Dammam as part of plans by Baseball United to expand into Saudi Arabia. Baseball United was unveiled in August last year with ambitious proposals to launch the first professional baseball league in the Middle East, focusing initially on matches in the UAE, then Qatar, […] March 6, 2024
Economy EU throws Tunisia a financial lifeline with $163m grant The European Union has handed Tunisia a €150 million ($163 million) grant to support economic reforms and fiscal stability as the North African country attempts to fend off a financial crisis. Almost $4 billion in external debts are due for repayment this year, up 40 percent on 2023. Although Tunisia managed to pay an €850 […] March 5, 2024
