Petrochemicals Borouge proposes share buyback after merger stock slide Abu Dhabi petrochemicals company Borouge will seek shareholder approval to buy back up to 2.5 percent of its shares, it said on Monday, after its share price plunged on this month’s news of its merger deal with Austria’s Borealis. Borouge’s majority shareholder Abu Dhabi National Oil Company (Adnoc) and Austria’s OMV said they had agreed to merge […] March 17, 2025
Oil & Gas Turkey imports crude from Brazil after Russian oil ban Turkey’s largest oil refiner Tupras is set to receive a cargo of Itapu crude early next month, its first such purchase from Brazil, according to a source, and ship tracking data. Tupras last month said it had stopped buying Russian crude after the US announced new sanctions on Russia’s oil industry on January 10. The cargo of […] March 17, 2025
Manufacturing UAE aluminium exports to US jump ahead of tariffs The UAE’s exports of aluminium to the US jumped in the first 11 days of March, data from the US Department of Commerce showed, as buyers stocked up on shipments from their second-biggest supplier before the US tariffs took effect on Wednesday. So far in March, the UAE exported 68,560.29 metric tonnes of aluminium to the […] March 14, 2025
Oil & Gas Chinese demand for Saudi crude to drop 13% in April Shipments of crude oil by Saudi Arabian to its biggest customer, China, are expected to drop in April to their lowest in more than a year, trade sources said on Thursday, partly due to maintenance at Chinese refineries owned by Sinopec. Saudi Arabia allocated about 35.5 million barrels of oil in April to its Chinese […] March 14, 2025
Gaming ‘Pokémon Go’ maker to sell game division to Scopely Niantic Labs has said it would sell its video game division to Saudi Arabia-owned Scopely for $3.5 billion as the US augmented reality company shifts focus to geospatial technology after failing to recreate the success of its 2016 smash hit Pokémon Go. The deal, announced on Wednesday, also advances Saudi Arabia’s ambitions to become the “ultimate […] March 13, 2025
Oil & Gas Production resumes at Libya’s Mabruk oilfield after a decade Libya has resumed production at the Mabruk oilfield after a decade-long shutdown, the Tripoli-based Government of National Unity said on Wednesday. Production under Mabruk Oil Operations officially restarted on Sunday at an initial rate of 5,000 barrels per day, according to a government statement, with plans for an increase to 7,000 bpd by the end […] March 13, 2025
Employment Deutsche Bank ups benefits to retain Middle East staff Deutsche Bank has raised the parental leave entitlement in its Middle East and Africa regional offices in a bid to offer attractive benefits to employees in an increasingly competitive environment. The new policy, effective since the start of the year, gives primary caregivers of newborns or newly-adopted children up to 26 weeks of fully-paid leave, the […] March 12, 2025
Oil & Gas Adnoc to ramp up investments in US gas sector The international investment arm of UAE state oil company Adnoc will soon make a significant investment in US natural gas, Adnoc CEO Sultan Al Jaber said on Tuesday. The UAE is a member of the Opec+ producer group and one of the world’s top oil producers. Adnoc’s wholly-owned international investment arm XRG has about $80 billion in assets and […] March 12, 2025
Economy Egypt’s headline inflation nearly halves in February Egypt’s annual urban consumer price inflation plunged to 12.8 percent in February from 24 percent in January, decelerating even faster than analysts had expected, official data showed on Monday. The drop was amplified by a statistical base effect, as exceptionally fast price increases of the past two years were no longer reflected in the statistics, […] March 11, 2025
Oil & Gas Oil prices slip below $70 as US recession fears linger Oil prices fell for a second day on Tuesday, as concerns mounted over a potential US recession, the impact of tariffs on global growth and as Opec+ sets its sight on ramping up supply. Brent futures fell 6 cents, or 0.1 percent, to $69.22 a barrel at 04:02 GMT, while US West Texas Intermediate crude […] March 11, 2025
Oil & Gas Adnoc targets foreign listing of investment arm XRG Abu Dhabi National Oil Company (Adnoc) is considering listing its international investment arm XRG on an exchange outside of the UAE, three people with knowledge of the matter said. This could potentially create one of the largest listed energy companies in the world. The discussions to list a minority stake of XRG, which was established late […] March 10, 2025
Agriculture GCC companies vie for stake in Brazilian grain trader Brazilian grain trader Agribrasil has held talks with suitors interested in buying a stake in the company, according to two sources familiar with the matter speaking on condition of anonymity because the discussions are private, and GCC companies are reported in the mix. Two sources named Solaris Commodities, an independent commodity trader headquartered in Dubai, […] March 10, 2025
Oil & Gas UAE and Saudi Arabia cut prices of flagship crude State-owned oil companies in the UAE and Saudi Arabia have lowered their benchmark crude oil prices. Saudi Aramco, the world’s top oil exporter, lowered crude oil prices for Asian buyers in April for the first time in three months, in line with market expectations and after Opec+ agreed to gradually increase supply in the same […] March 10, 2025
Economy UK lifts sanctions on Syrian central bank and oil companies The UK unfroze the assets of Syria’s central bank and 23 other entities, including banks and oil companies, on Thursday, reversing sanctions imposed during Bashar al-Assad’s presidency. The West is rethinking its approach to Syria after insurgent forces led by the Islamist Hayat Tahrir al-Sham ousted Assad as president in December after more than 13 years […] March 7, 2025
Aviation PIF plans major investment in Malaysia’s AirAsia Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, is to invest $100 million in Malaysia’s Capital A-owned budget airline AirAsia, Bloomberg News reported on Thursday, citing people familiar with the matter. The Middle East investment forms the majority of AirAsia’s approximately one billion ringgit ($225 million) fundraising target, with the company also in discussions […] March 7, 2025
Trade Trump plans Saudi Arabia visit to reach $1trn deal US President Donald Trump said on Thursday he is likely to make his first trip abroad to Saudi Arabia to seal an agreement for Riyadh to invest upwards of $1 trillion in the US economy, including purchases of military equipment. Talking to reporters in the Oval Office, Trump said he would probably travel there in […] March 7, 2025
Oil & Gas Oil set for biggest weekly drop since October Oil prices were little changed on Friday but were set for their biggest weekly decline since October as the uncertainty around US tariff policy creates concerns about demand growth when major producers are set to increase output. Brent futures rose 13 cents, or 0.19 percent, to $69.59 a barrel by 02:17 GMT. US West Texas Intermediate (WTI) crude futures rose 8 cents, […] March 7, 2025
Banking & Finance First Abu Dhabi Bank plans major restructuring First Abu Dhabi Bank (FAB) is planning to split its operations into four new divisions in a bid to strengthen its business in the Gulf and boost shareholder returns, two sources familiar with the matter said. As part of the reorganisation, FAB is to hire Citi dealmaking veteran Linos Lekkas as its new head of […] March 6, 2025
Oil & Gas Aramco explores potential bid for BP’s Castrol unit Saudi Aramco is in the early stages of considering a potential bid for BP’s lubricant business Castrol, according to a person with knowledge of the matter. BP has been exploring all options around its Castrol business, including a possible sale, as part of a strategic review. The business would be expected to be worth around $6 billion to […] March 6, 2025
Aviation Emirates to spend $5bn on refitting 220 aircraft UAE flag carrier Emirates will spend around $5 billion on refitting 220 of its aircraft in order to sustain its network, president Tim Clark said on Wednesday, as the industry struggles with delivery delays for newer jets. “We have no choice,” Clark told reporters. “This one is the only way we could sustain the network, grow the network.” […] March 6, 2025
Business of Sport PIF unit considers investment in World Athletics arm A Saudi Arabia-backed sports fund is considering investing in a new body that World Athletics may potentially set up to manage the sport’s commercial rights, two people with knowledge of the matter said. The sport’s governing body has been considering establishing a new company to manage rights and bring in cash from a new investor, the people said. […] March 5, 2025
Trade PIF signs $3bn deal with Italy’s export credit agency Saudi Arabia’s Public Investment Fund said on Wednesday it had signed a memorandum of understanding worth $3 billion with Italy’s export credit agency, SACE. The sovereign wealth fund is working to boost finances to fund the country’s giga-projects. “The MoU focuses on providing financing support for co-operation between Italian companies in the private sector and […] March 5, 2025
