Renewable Energy Hydrogen taxis to hit the road in Saudi Arabian trial Saudi Arabia has announced a trial operation of its first hydrogen powered taxi. The Transport General Authority (TGA) said the pilot phase will use Toyota Mirai vehicles, as it seeks to reduce carbon emissions and reduce reliance on internal combustion engine vehicles. The emission-free Toyota Mirai car has a range of 350 kilometres and the […] October 24, 2024
Markets UAE investors snap up AI stocks after price drop UAE investors poured money into artificial intelligence stocks during the third quarter, capitalising on underperforming shares, data from retail trading platform eToro indicates. Blockchain and AI dominated the investments made during the three-month period, as buyers seemingly looked for long-term potential, despite short-term challenges. The value of CrowdStrike Holdings plummeted more than 40 percent in […] October 24, 2024
Media & Advertising Abu Dhabi increases rebate to attract more TV and film Abu Dhabi has increased the rebate available to TV and film production companies as regional competition hots up. In a bid to entice further production from Hollywood, Bollywood and the Arab world to shoot in the emirate, Abu Dhabi Film Commission (ADFC) announced that from 2025 productions can apply for a 35 percent rebate, up […] October 23, 2024
Industry Morocco plans to increase its military spending in budget Morocco is planning to increase its military spending by 6 percent next year, as it looks to improve national security and modernise its local capabilities. The defence budget in Morocco’s 2025 Finance Law will be MAD133 billion ($13.4 billion), an increase on the MAD124 billion in the current year’s budget. The Minister of Economy and […] October 23, 2024
Oil & Gas Qatar faces rising competition for LNG exports to Asia Qatar is facing increasing competition for liquefied natural gas exports to Japan and South Korea because of inflexibility on contract terms, reports suggest. The Gulf country is the third-largest exporter of natural gas behind the US and Australia and is traditionally the largest supplier of LNG to Asian nations. However, competition from the US, the […] October 22, 2024
Finance Saudi financial services operator to list 30% on Tadawul United Electronics Company (eXtra) has announced plans to list a 30 percent stake of its financial unit, United International Holding Company (UIHC), on the main market of the Saudi Exchange (Tadawul). UIHC is the parent company of Tasheel Finance, an Islamic consumer finance operator, and Procco Financial Services, which provides payment and loyalty services to the financial […] October 21, 2024
Banking & Finance Saudi Central Bank says loans at 18-month high Saudi Arabia’s bank loans reached their highest level in 18 months, according to the latest data from the Saudi Central Bank (Sama). Figures released for August show loans reached SAR2.82 trillion ($753 billion), a 12 percent increase from the previous year. The monthly bulletin said personal loans made up 46 percent of the market total, […] October 21, 2024
Logistics More freighters on order at Emirates Emirates, Dubai’s flagship airline, has ordered more freighters in a push to expand its cargo operations, reports in local and international media said. The airline has ordered five Boeing 777 freighters, which are due to be delivered from 2025/2026 and brings the total number of 777 freighters on order to 14. “Demand for Emirates’ air […] October 21, 2024
Analysis Construction UAE warehousing attracts new institutional investors A lack of suitable warehousing across Dubai and Abu Dhabi is providing opportunity for institutional investors to get into industrial real estate. Non-industrial developers are also poised to take advantage of the gap. Strong demand for facilities in ecommerce and logistics, and the expansion of oil and gas companies in Abu Dhabi in particular, has led […] October 21, 2024
Giga-projects PIF launches company to build worker accommodation Saudi Arabia’s Public Investment Fund (PIF) has established a company to develop and operate accommodation for workers employed on major projects in the kingdom. Smart Accommodation for Residential Complexes Company (Sarcc) will build workers’ accommodation for both public and private sector developers who are working on projects across the country. Sarcc will also seek opportunities […] October 21, 2024
Markets Neom-backed robotaxi operator Pony Ai files for US IPO Pony AI, a Chinese autonomous driving company backed by an investment arm of Saudi giga-project Neom, has filed for an initial public offering in the US. The Guangzhou-based company applied to be listed on the Nasdaq stock exchange but did not reveal the size of the offering. Pony AI operates a fleet of more than […] October 18, 2024
Banking & Finance International growth continues to boost First Abu Dhabi profits First Abu Dhabi, the UAE’s largest bank by assets, has reported a 5 percent increase in net profit for the third quarter this year, boosted by “increased client activity” and continued growth in its international operations. Net profit rose by over AED200 million in the three months ending September 30, FAB said on Friday, up […] October 18, 2024
Manufacturing PIF-backed Lucid shares tumble on anticipated Q3 losses Shares of Saudi-backed US luxury electric vehicle maker Lucid fell more than 12 percent in pre-market trading on Thursday. The drop came after the company announced it anticipates reporting a larger-than-expected loss for the third quarter and a public offering of more than 262 million shares. Saudi Arabia’s Public Investment Fund, already a majority shareholder […] October 17, 2024
Trade Tech startups drive rise in Ireland’s exports to UAE Exports from Ireland to the UAE rose by 21 percent last year, driven by Irish technology and healthcare companies. The trade agency Enterprise Ireland says exports to the GCC increased 13 percent last year, reaching €532.5 million ($580 million). Qatar had the region’s fastest growth in exports from Ireland last year, with a rise of […] October 16, 2024
Tourism Las Vegas’s giant Sphere entertainment centre coming to Abu Dhabi A twin of the $2.5 billion 111-metre-tall Sphere entertainment centre in Las Vegas is to be built in Abu Dhabi. Abu Dhabi’s Department of Culture and Tourism (DCT) has signed an agreement with US company Sphere Entertainment to build the venue at an as yet unnamed “prime spot” in Abu Dhabi that will echo the […] October 16, 2024
Tourism US and European visitors behind Qatar tourism surge Qatar has reported a 25 percent year-on-year rise in visitors during August, a figure largely attributed to a significant increase in travellers from the US, Europe and Africa. The country welcomed 328,000 visitors, with 41 percent of those coming from GCC countries, an 18 percent increase on 2023, according to data from the National Planning […] October 15, 2024
Aviation Boeing 777X delay ‘highly expensive for us’, says Emirates Planemaker Boeing’s announcement of more delays in the delivery of its 777X aircraft to customers has had a “significant and highly expensive” impact on Emirates’ fleet programme, the Dubai carrier said this week. Emirates has already spent an extra $3 billion for a massive cabin refurbishment programme on 191 of its existing planes, 110 A380 […] October 15, 2024
Transport Plans agreed for Dubai’s skyborne transport system Dubai’s latest transport initiative aims to move people around the city at speeds of up to 120 kilometres an hour, with the intention of automating a quarter of all trips by 2030 and removing thousands of cars from the roads in the process. Plans for Dubai’s Suspended Transport Systems Project were approved earlier this month […] October 15, 2024
Trade Saudi Arabia to establish economic zone with China King Salman International Airport Development Company (KSIADC) has signed an agreement with EWPartners, an investment company backed by Saudi Arabia’s Public Investment Fund, to establish a special economic zone to increase trade with China. The KSA-Sino Logistics Zone will be located at the King Salman International Airport in Riyadh, which is expected to be one of […] October 14, 2024
Health Mubadala pharma subsidiary makes four acquisitions from Yas Mubadala Investment Company’s newly acquired subsidiary, Kelix Bio, has bought four pharma assets from Yas Holdings’ healthcare unit, GlobalOne Healthcare Holdings. Kelix Bio purchased Bioventure, Bioventure Healthcare, Gulf Inject and Wellpharma, the Abu Dhabi sovereign wealth fund Mubadala said on Monday. The value of the deal was not disclosed. Mubadala said the four acquisitions would […] October 14, 2024
Finance Qatar to reduce stake in UK supermarket Sainsbury’s Qatar’s sovereign wealth fund is selling part of its 15 percent stake in the British supermarket Sainsbury’s as the fund pushes ahead with expansion in the United States and Asia, particularly China and India. Qatar Investment Authority (QIA), the biggest shareholder in Sainsbury’s, is selling £306 million ($399 million) worth of shares in the retailer, […] October 11, 2024
Economy Kuwait needs to push reforms for economic growth, says IMF Kuwait must accelerate the introduction of fiscal and structural reforms that are needed to increase private sector-led growth and diversify its economy away from hydrocarbons, the International Monetary Fund said on Friday. Kuwait’s economy will contract by 3.2 percent this year because of an Opec+ oil production cut, but will grow by 2.8 percent in 2025 […] October 11, 2024
