Oil & Gas Abu Dhabi’s Lunate buys stake in Adnoc’s pipelines US companies Blackrock and KKR have sold their 40 percent stake in Abu Dhabi National Oil Company’s (Adnoc) oil pipeline infrastructure assets to Abu Dhabi alternative investor Lunate. Lunate is backed by Abu Dhabi sovereign wealth fund ADQ and has $105 billion of assets under management. The acquisition was made by one of Lunate’s funds. […] April 3, 2024
Finance Egypt’s Sisi vows continued development in new term Egyptian President Abdel Fattah El-Sisi was sworn in for his third term on Tuesday in the country’s new capital, the largest of the mega-projects that have come to symbolise his rule while stretching the country’s finances. Speaking at the new parliament building, Sisi highlighted the challenges Egypt withstood in recent years while promising continued development, […] April 3, 2024
Finance Egypt’s foreign assets deficit plunges after UAE land sale Egypt’s deficit in net foreign assets (NFAs) shrank by EGP217.1 billion ($7.04 billion) in February, according to central bank data, after a $5 billion payment from the sale of development rights to prime Mediterranean land. Egypt received the initial $5 billion payment from the UAE in its $24 billion deal at Ras El Hekma peninsula west of […] April 2, 2024
Energy Adnoc cuts Upper Zakum exports to fuel its refinery Exports of Upper Zakum crude from the UAE fell sharply in March after Abu Dhabi National Oil Company (Adnoc) diverted more supply to its own refinery and boosted shipments of its lighter Murban oil, according to traders, analysts and shipping data. The swap in oil grades at Adnoc’s Ruwais refinery has tightened medium-sour crude supply […] April 1, 2024
Energy UAE weighs investments in Europe’s nuclear power sector The UAE has approached countries in Europe, including the UK, to gauge their interest in the Middle Eastern state investing in their nuclear power infrastructure, according to three sources familiar with the talks. As part of its outreach, the UAE has discussed the idea of state-owned Emirates Nuclear Energy Company (ENEC) becoming a minority investor […] April 1, 2024
Tech Middle East to drive rebound in smartphone market Global smartphone shipments are expected to rebound three percent this year as easing inflation aids a demand recovery in emerging markets and the integration of generative AI attracts buyers to premium devices, a report by Counterpoint Research said on Thursday. Global shipments had declined more than four percent last year, earlier data from the research firm […] March 29, 2024
Energy Opec+ unlikely to adjust output before June meeting Opec+ is unlikely to make any oil output policy changes until a full ministerial gathering in June, three Opec+ sources told Reuters ahead of next week’s gathering of ministers that is not expected to make any policy recommendations. The Organization of the Petroleum Exporting Countries and allies led by Russia, known as Opec+, will hold […] March 27, 2024
Tech Meta faces legal action in Turkey over data sharing Turkey’s competition authority on Monday imposed an interim measure on Meta Platforms meant to hinder data sharing between the Instagram and Threads platforms as it investigates possible abuse of the company’s dominant market position. In December the authority launched an investigation into Facebook parent Meta over a possible violation of competition law by linking its social media […] March 19, 2024
Tech Sovereign funds must be ‘enablers of progress’ says Mubadala chief Sovereign wealth funds have a responsibility to transform from asset investors to enablers of global progress, the CEO of Abu Dhabi’s Mubadala Investment Company, Khaldoon Al Mubarak, has announced. Al Mubarak told an investor conference in Abu Dhabi: “We are in the business of driving progress and investing in solutions to global challenges.” The government-controlled fund was […] February 29, 2024
Energy Israel’s gas exports to Egypt and Jordan up 25% in 2023 Israel said on Monday that gas supplies to Egypt and Jordan rose by about 25 percent in 2023, despite brief disruptions at the start of the war in Gaza, adding that exports could be expanded further. Israel is positioning itself as a regional energy hub and has committed to supply natural gas to Europe, which […] February 27, 2024
Finance Turkey’s lira flat ahead of quarterly inflation report The Turkish lira was flat against the dollar on Thursday, and hovered near a record low hit earlier this week, as investors kept to the sidelines ahead of a quarterly inflation report in which the central bank is expected to raise its forecast. The lira stood at 30.6050 against the greenback at 05:46 GMT, slightly […] February 8, 2024
Industry Turkey’s drone maker starts building Ukraine plant Turkish defence company Baykar has started building a factory near Kyiv that will employ around 500 people, where it will manufacture either its TB2 or TB3 drone models, the company’s chief executive told Reuters. Turkish-made Bayraktar drones have gained prominence globally after being used by Ukraine’s military to thwart Russian forces by destroying armoured vehicles […] February 7, 2024
Energy Aramco keeps Asia-bound flagship crude price stable Top oil exporter Saudi Arabia unexpectedly kept the March price of its flagship Arab Light crude to Asia unchanged at a more than two-year low, an Aramco statement showed on Tuesday, as the Opec leader strives to maintain its market share. Aramco set the official selling price (OSP) for March-loading Arab Light to Asia at […] February 6, 2024
Finance Iraq bans eight local banks from US dollar transactions Iraq has banned eight local commercial banks from engaging in US dollar transactions, taking action to reduce fraud, money laundering and other illegal uses of US currency, days after a visit by a top US treasury official. The banks are banned from accessing the Iraqi central bank’s daily dollar auction, a main source of hard […] February 5, 2024
Finance Lebanon passes 2024 budget without crucial reforms Lebanon’s parliament passed an amended budget for 2024 that experts said neglected to include crucial reforms that would help the country emerge from a financial meltdown that has gutted the public sector for nearly five years. The draft was passed late on Friday after three days of drawn-out disputes, including several heated exchanges in parliament’s […] January 29, 2024
Energy Work starts on Egypt’s $30bn nuclear plant Russian President Vladimir Putin and Egypt’s Abdel Fattah Al-Sisi on Tuesday inaugurated the construction of a new unit at Egypt’s Dabaa nuclear power plant via video link, as Moscow moves ahead with its global nuclear ambitions. The power plant is being built by the Russian state corporation Rosatom at a reported cost of $30 billion, […] January 24, 2024
Oil & Gas Adnoc raises decarbonisation budget to $23bn Adnoc is to allocate $23 billion for decarbonisation and lower-carbon projects, it said on Monday, up from a previous target of $15 billion. The state oil company made the announcement at its annual board meeting, which was chaired by Sheikh Mohamed bin Zayed Al Nahyan, the president of the UAE. “The increased allocation will include investments […] January 22, 2024
Kuwait forms first government under new emir Kuwait has formed a government headed by Prime Minister Sheikh Mohammed Sabah al-Salem al-Sabah, the state news agency said, the country’s first cabinet after the death of its previous ruler, Sheikh Nawaf al-Ahmad al-Sabah. Sheikh Mohammed appointed new ministers for oil, finance and foreign affairs in the first cabinet formed under Kuwait’s new Emir Sheikh […] January 17, 2024
Energy Egypt says hike in power prices will cut losses to $2.4bn Egyptian Prime Minister Mostafa Madbouly said on Wednesday that raising electricity prices will reduce the sector’s annual losses to EGP75 billion ($2.43 billion) from EGP90 billion. Earlier this month, Egypt hiked the prices of several services including metro tickets, telecommunication services and electricity, as it tries to contain a budget deficit. Electricity prices for households […] January 4, 2024
Energy Saudi may cut crude price premium to one-year low Saudi Arabia may slash price premiums on all crude grades it sells to Asia in February to one-year-lows despite the escalation of tensions in the Red Sea, as concerns intensify that supply may outpace demand. The world’s top oil exporter could cut the official selling price (OSP) for its flagship Arab Light crude over Oman/Dubai […] January 3, 2024
Finance Turkey’s minimum wage hike may elevate inflation further Turkey’s larger-than-expected minimum wage hike, which impacts some seven million workers, is expected to push already elevated inflation even higher in the coming months, economists and sector officials said. Labour Minister Vedat Isikhan said on Wednesday the monthly minimum wage will be TL17,002 ($578) in 2024, a 49 percent increase from the level determined in […] December 29, 2023
Sustainability Egypt firm to defend its water after dam talks fail Egypt said on Tuesday that the latest talks over the Grand Ethiopian Renaissance Dam (Gerd) have failed, but it will closely monitor the process of filling and operating the dam and reserve the right to defend its water. “Egypt reserves its right, in accordance with international charters and accords, to defend its water and national […] December 21, 2023
