Tourism Hilton says Middle East expansion will add 35,000 jobs Hotel group Hilton’s expansion plans in the Middle East will create 35,000 jobs, its regional head has said. The US company will at least double its size in the region with 130 new properties, its Middle East and Africa president, Guy Hutchinson, said. “We’re seeing this part of the world emerge as a thought and […] November 21, 2024
Aviation British Airways reverses decision to scrap Bahrain flights British Airways has reversed its decision to scrap flights to Bahrain but is still reviewing plans to end direct flights to Kuwait. The UK’s flag carrier announced two weeks ago that it would end its direct flights to Bahrain and Kuwait in the first quarter next year due to delays to the delivery of Rolls […] November 21, 2024
Construction Former Drake & Scull CEO returns to lead growth plans Construction engineering company Drake & Scull International (DSI) has reappointed a former CEO to lead it. The company said it is entering “a new chapter of growth and development” following its debt restructuring earlier this year. Muin Al Saleh, who was CEO between 2017 and 2019, returns to the Dubai contractor in the same position. […] November 21, 2024
Sustainability Governments urged to agree carbon credit rules at Cop29 Experts have said governments need to reach binding agreements on carbon credits at Cop29 underway in Baku, Azerbaijan, to improve transparency, accountability and quality. Among the topics being debated over the two weeks at the UN conference is Article 6 of the Paris Accord, which aims to help set rules on global carbon trade. Countries […] November 21, 2024
Economy UK PM Starmer to visit Saudi Arabia and UAE UK prime minister Sir Keir Starmer is to visit Saudi Arabia and the UAE next month, according to media reports. The trip in December will seek to secure new investment for the UK and strengthen its diplomatic relations in the region, the Financial Times reports, citing people familiar with his plans. It said Saudi Crown […] November 20, 2024
Trade WTO predicts Middle East trade slowdown in 2025 Lower oil prices, the potential for conflicts to escalate and the impact of a Trump presidency are factors supporting the World Trade Organization’s prediction that trade in the Middle East will slow down in 2025, experts have said. In its latest Global Trade Outlook and Statistics report, the WTO said Middle East exports will grow 5 […] November 20, 2024
Finance Jadwa raises $266m for GCC investment fund Saudi Arabia’s Jadwa Investment has announced the first close for its blind pool private equity fund, with total capital commitments of SAR1 billion ($266 million). The fund, called GCC Private Equity Fund 1, will invest in “high-potential private equity opportunities across the GCC”, the company said. A blind pool fund is where investors commit capital without […] November 20, 2024
Finance PIF sells stake in US concert promoter Live Nation Saudi Arabia’s Public Investment Fund has sold its shares in US concert promoter Live Nation Entertainment, according to a US Securities and Exchange Commission filing. The sovereign wealth fund acquired a 5.7 percent stake in Live Nation, worth about $500 million, in April 2020 – just as the pandemic began to affect events and travel. […] November 19, 2024
Aviation Dubai airport reports record passenger numbers Dubai International airport (DXB) has reported record passenger traffic and visitor numbers for 2024. Paul Griffiths, Dubai Airports CEO, said that traffic is expected to grow 5.7 percent in 2024 compared to last year, with more tourists stopping off than ever before. Traffic at DXB is expected to reach 91.9 million passengers this year, up […] November 19, 2024
Analysis Transport Gulf car rentals look forward to constant growth Tourism, surging populations and demand for flexible transportation options are likely to spur a strong rise in demand for car rental in the Gulf region, industry experts have said. The car rental markets in the UAE and Saudi Arabia, in particular, are growing. In 2023 the industry in Saudi Arabia was valued at $2.5 billion, […] November 19, 2024
Transport Saudi ride-hailing enjoys prosperous summer A busy summer for drivers has brought a 41 percent increase from the second quarter to the third in the number of trips facilitated through ride-hailing apps in Saudi Arabia. In the first nine months of the year more than 51.8 million ride-hailing trips were taken, an increase of 12 percent over last year, statistics […] November 14, 2024
Aviation Etihad profit soars on passenger and cargo volumes Etihad Airways has reported a 66 percent increase in nine-month profit built on higher passenger and cargo revenue. The Abu Dhabi carrier said profit after tax for the period reached $381 million (AED1.4 billion), up from $222 million a year earlier. Total revenue was up 21 percent to $5 billion, which the airline said was […] November 14, 2024
Agriculture Arizona to prosecute Saudi company over water use The attorney general of the US state of Arizona is set to launch legal proceeding in the next two weeks against the Saudi dairy company Almarai over groundwater pumping on two farms in the state. Fondomonte, an Almarai subsidiary, grows alfalfa for animal feed on 6,000 acres in Butler Valley, La Paz County, Arizona, which […] November 14, 2024
Trade Nigeria nears trade deal with Saudi Arabia Nigeria is looking to finalise a $5 billion bilateral trade facility with Saudi Arabia, it said, following a meeting between its president, Bola Tinubu, and Crown Prince Mohammed bin Salman in Riyadh. The pair met on the sidelines of the joint Arab-Islamic Summit, which was convened to discuss the ongoing Israel-Hamas conflict. Following the meeting, […] November 13, 2024
Manufacturing Weaker demand pushes profit down at RAK Ceramics RAK Ceramics, one of the world’s largest producers of ceramic products from tableware to sanitation, has reported a 29 percent drop in third-quarter net profit, caused by weaker demand and supply chain disruptions. Net profit attributable to the owners of the company, based in Ras al Khaimah in the UAE, for the three months to […] November 13, 2024
Sustainability Saudi Arabia’s carbon market to finance climate projects Saudi Arabia has launched a carbon trading market that will help provide financing for climate projects. The Regional Voluntary Carbon Market Company’s (RVCMC) voluntary carbon market exchange platform has more than 2.5 million tonnes of carbon credits for auction, it said in a statement. Buyers can obtain carbon credits from 17 climate projects from around […] November 12, 2024
Finance Saudi finance firm UIHC’s IPO 132 times oversubscribed United International Holding Company (UIHC) has received orders worth SAR131 billion ($34.8 billion) for its upcoming initial public offering on the Tadawul, the company announced on Tuesday. The Saudi Arabian financial services firm’s IPO was oversubscribed 132 times. The final price was set at SAR132 per share, implying a market capitalisation of SAR3,300 million at […] November 12, 2024
Oil & Gas QatarEnergy to acquire stake in Egyptian exploration basin State-backed QatarEnergy has announced plans to buy a 23 percent stake in an offshore exploration block in Egypt from US oil company Chevron. Chevron will retain a 40 percent interest in the concession agreement for the North El-Dabaa (H4) Block in the Mediterranean Sea. The other partners in the block, which is about 10km offshore […] November 12, 2024
Logistics DP World to acquire Australia’s Silk Logistics DP World Australia has announced plans to acquire the freight and logistics service provider Silk Logistics Holdings, in a deal worth A$174.5 million ($114.9 million). The Australian subsidiary of Dubai’s DP World will buy Silk Logistics at a price of A$2.14 ($1.40) per share. The transaction is subject to shareholder approval and regulatory approvals, and is […] November 11, 2024
Oil & Gas Adnoc signs 15-year supply deal for Ruwais LNG Adnoc, the Abu Dhabi state oil company, has signed its first long-term sales and purchase agreement for the lower-carbon Ruwais liquefied natural gas (LNG) project. The 15-year, 1 million tonnes per annum (mtpa) agreement was signed with Sefe Marketing and Trading Singapore, a subsidiary of Germany’s Sefe – Securing Energy For Europe – at the […] November 8, 2024
Manufacturing Lucid reports higher revenue but steeper losses Saudi-backed US luxury electric vehicle maker Lucid reported a larger net loss than last year in the third quarter, but said revenue rose 45 percent, slightly ahead of Wall Street expectations. The company’s losses of $992.5 million in Q3 compared with $630.9 million in 2023. Revenue reached $200 million, narrowly beating estimates of $198 million. Lucid […] November 8, 2024
Food & Drink Talabat profits soar ahead of planned IPO Food delivery company Talabat reported a 46 percent increase in third-quarter profits ahead of its planned IPO. Delivery Hero, the Berlin-headquartered parent company of the business, said net income reached $98 million in the three months, up from $67 million the previous year. It said the increased profit was due to improved logistics efficiency, continued […] November 8, 2024
