Mubadala posts record $33bn income in 2021 Abu Dhabi state investor Mubadala posted a record income of 122 billion dirhams ($33 billion) in 2021, citing strong investment returns, the monetisation of some assets and new partnerships. “2021 was Mubadala’s strongest financial year in its 20-year history,” Group CEO Khaldoon Khalifa al-Mubarak said in a statement. The 2021 result for so-called total comprehensive […] May 12, 2022
Japan’s Nikkei hits two-month low after Wall Street slides Japan’s Nikkei fell to its lowest in almost two months today as technology heavyweights tracked a sharp decline on Wall Street overnight. The Nikkei share average fell 1.77 percent to 25,748.72, the lowest since March 15. The broader Topix fell 1.19 percent to 1,829.18. “It was hard to bet on Japanese stocks after the Nasdaq’s […] May 12, 2022
Retail Chiara Ferragni reveals investor interest in fashion brand Chiara Ferragni has received various expressions of interest from potential investors in her brand, the Italian Instagram star said in an interview with Milano Finanza. Ferragni, 35, is Italy’s top fashion influencer with 27 million followers on Instagram. In January she mandated BNP Paribas to find an investor to help expand her fashion brand internationally. […] May 12, 2022
Media & Advertising Musk incurs regulators’ wrath with late Twitter stake disclosure US regulators are investigating Elon Musk’s delayed disclosure of his stake in Twitter Inc last month, the Wall Street Journal yesterday, citing people familiar with the matter. Musk disclosed a 9.2 percent stake in Twitter to the US Securities and Exchange Commission (SEC) on April 4, a delay of at least 10 days since surpassing […] May 12, 2022
World Cup 2022 Overworked footballers ‘fatigued’ ahead of Qatar World Cup, says union The fixture demands on the world’s best players has already crossed a red line and is risking their health, the general secretary of the players’ union (FIFPRO) said on Tuesday. Speaking at the Global Sports Week forum in Paris, Jonas Baer-Hoffmann told reporters: “The red line was probably crossed a few years ago to be […] May 11, 2022
Indian media giant signs Dubai blockchain deal Eros Investments, run by India’s Lulla family, plans to develop Web 3.0 and blockchain businesses out of Dubai as part of a partnership deal to operate under Dubai’s new virtual assets regulator, the company said on Tuesday. The deal is part of a push by the United Arab Emirates to become a global hub for […] May 11, 2022
Tourism Dubai sees international visitors surge 214% Dubai hosted 3.97 million overnight international visitors in the first quarter of 2022, up 214 percent from the same period last year, the emirate’s government said on Tuesday. The Expo 2020 Dubai world fair, which ran from October to March and which Dubai looked to as a to boost its economy, saw 24 million visits […] May 11, 2022
Business of Sport PGA Tour bans golfers from taking part in Saudi-backed event The PGA Tour on Tuesday rejected requests from players for authorisation to play the first Saudi-backed LIV Golf Invitational Series event in London next month. The new series, which offers the promise of super-sized prize money, is set to begin June 9 and would conflict with the RBC Canadian Open, a PGA Tour official told […] May 11, 2022
Analysis Aviation Billion dollar battle to begin for planes grounded in Russia Lessors with hundreds of jets stuck in Russia are preparing for what one said would be a “vigorous” pursuit of insurance claims while maintaining discreet contact with some customers after Moscow blocked the jets from leaving. The loss of over 400 leased planes worth almost $10 billion since Western countries sanctioned Russia has led to […] May 11, 2022
Energy Germany and Qatar ‘at odds over LNG deals’ Germany and Qatar’s talks over liquefied natural gas supply deals have run into difficulties, according to three sources familiar with the negotiations. Berlin needs to secure large volumes of LNG to reduce its dependence on Russian gas, but sources said the Germans were reluctant to accept Qatar’s condition that they sign deals lasting at least […] May 10, 2022
Employment Food drivers stage walk-out over pay inspired by Deliveroo Foreign food delivery workers in the United Arab Emirates staged a mass walk-out yesterday, calling for better pay and working conditions in a rare instance of industrial action in the country. The strike follows similar action this month in which foreign workers forced another company to suspend plans to cut pay. In the latest episode, […] May 10, 2022
Energy Sharp oil rise swings Oman budget into the black Oman’s budget recorded a surplus of 357 million rials ($929.7 million) by the end of the first quarter, boosted by a more than 70 percent rise in oil revenue as output and prices surged, finance ministry data showed. That compared with a deficit of 751 million rials in the same period a year earlier, the […] May 10, 2022
Energy Lack of investment to blame for fuel price surge, says minister The gap between crude prices and prices for jet fuel, diesel and gasoline was around 60 percent in some cases due to lack of investment in refining capacity, Saudi Arabia’s energy minister Prince Abdulaziz bin Salman said yesterday. The prince, speaking at an aviation summit in Riyadh, said the world needed to look at energy […] May 10, 2022
Tourism 70 million tourists to visit Saudi Arabia this year Saudi Arabia aims to exceed 70 million tourist visits this year, up eight million on the year before. The kingdom has in recent years started to promote leisure travel as part of a strategy aimed at diversifying the economy away from oil, spearheaded by Crown Prince Mohammed bin Salman. Visits were up 130 percent in […] May 10, 2022
Energy EU ‘may offer sweeteners to get its ban on Russian oil’ The European Commission is considering offering landlocked eastern European Union states more money to upgrade oil infrastructure in a bid to convince them to agree to an embargo on Russian oil, according to an EU source. The measures are part of a package of new sanctions against Russia for its invasion of Ukraine, but an […] May 9, 2022
Tourism Air travel makes quick recovery from Covid-19 The head of the world’s biggest airline trade body said today passenger traffic was recovering faster than expected and that, on average, the industry could now see those figures return to pre-pandemic levels in 2023, a year earlier than expected. The easing of coronavirus related restrictions around the world has released demand pent up over […] May 9, 2022
Aviation Leasing giant AerCap says Boeing will ‘bounce back’ The head of the world’s largest aircraft leasing company threw his weight behind Boeing on Monday, saying the jetmaker would overcome a spate of industrial and certification problems. “I think Boeing will bounce back. There are a few scenes in this movie to be played out yet,” Aengus Kelly, AerCap’s chief executive, told the Airline […] May 9, 2022
UAE to offer unemployment insurance in bid to retain workers "The intention is to strengthen labour market competitiveness, provide a social umbrella for workers and establish a stable working environment for all," said Sheikh Mohammed Bin Rashid Al-Maktoum. May 9, 2022
Banking and Finance Dubai sets up office to manage $49.4bn sovereign debt The Dubai government has established a debt management office and appointed Rashid Ali bin Obood Al-Falasi as its chief executive, it announced on Monday. The office – which analysts say will streamline debt issuance and improve transparency – will manage the sovereign debt portfolio and be responsible for meeting the government’s financing requirements, the Dubai […] May 9, 2022
Qatar’s emir to visit Iran and Europe to aid Iran nuclear pact Qatar’s emir will visit Iran, Germany, Britain and other European states starting this week on a trip expected to discuss efforts to revive Iran’s 2015 nuclear deal and energy security in Europe, a source briefed on the visit said on Sunday. Emir Sheikh Tamim bin Hamad al-Thani, ruler of one of the world’s top natural […] May 9, 2022
Retail Mashreq puts $10m into Cashew, buy now, pay later start-up United Arab Emirates buy now, pay later platform Cashew announced on Monday it had secured up to $10 million in debt and equity financing from local lender Mashreqbank PSC which would now help it expand faster. The deal is the latest investment in the Gulf’s growing buy now, pay later sector that has drawn interest […] May 9, 2022
Growth in Saudi non-oil private sector still robust in April Saudi Arabia’s non-oil private sector continued to see robust growth in April, albeit at a slower pace than in March as fears over inflation began to weigh on demand, a survey showed on Monday. The headline seasonally adjusted S&P Global Saudi Arabia Purchasing Managers’ Index (PMI) for the whole economy fell to 55.7 in April […] May 9, 2022
