Economy Kuwait renews $2bn deposit with Central Bank of Egypt Kuwait has renewed a $2 billion deposit with Egypt for an additional year, the Central Bank of Egypt (CBE) said in its latest external report. The deposit, scheduled to be due in April 2024, will now mature in April 2025. The Gulf nation currently holds $4 billion in deposits with the CBE. While one tranche […] December 4, 2024
Oil & Gas Adnoc Gas awards contract for processing project Abu Dhabi National Oil Company (Adnoc) subsidiary Adnoc Gas has awarded an engineering and design contract for its new gas processing facilities at Bab Gas Cap (BGC) to Australia’s Worley Engineering. Part of the UAE’s gas self-sufficiency drive, the new facilities will increase Adnoc Gas’s current processing capacity by 20 percent or 1.8 billion standard […] December 4, 2024
Tech PIF buys Airbus’ earth observation digital platform A subsidiary of Saudi Arabia’s Public Investment Fund (PIF) is to acquire Airbus Defence and Space’s earth observation digital platform. Riyadh-based Neo Space Group (NSG) was set up in May this year by PIF to lead efforts to develop the space industry in Saudi Arabia. It is to acquire Berlin-headquartered UP42, which was launched by […] December 4, 2024
Sustainability Saudi and French companies link up for green projects Saudi Arabia and France have signed commercial agreements to push the development of renewables and green fuel production in the kingdom. The agreements were signed at the Saudi-French Investment Forum, attended by French president Emmanuel Macron in Riyadh. Saudi Aramco, Saudi Investment Recycling Company (SIRC), a subsidiary of the Public Investment Fund (PIF), and France’s […] December 4, 2024
Economy Tunisia seeks $2.2bn from central bank to repay debts Tunisia’s central bank will provide $2.2 billion to the government to help repay debts next year, according to news reports. The funding follows the parliamentary approval of a budget law amendment that allows the government to borrow directly from the central bank. This marks the second instance within a year of the government tapping the central […] December 3, 2024
Tourism Jumeirah enters Africa to expand hotel portfolio Jumeirah, a member of Dubai Holding, has partnered with South Africa’s Thanda Group to expand the luxury brand into Africa, as it aims to diversify its portfolio of destinations. The companies have launched a private island and safari reserve. The Jumeirah Thanda Island, a villa retreat, is located on a remote island in a protected […] December 3, 2024
Oil & Gas QatarEnergy to supply LNG to China from next year QatarEnergy has signed a long-term agreement with Singapore-based Shell to supply three million tonnes per annum (mtpa) of liquefied natural gas (LNG) to China. The LNG deliveries will commence in January 2025. No financial details were given. The agreement underscores the continued growth of China’s LNG market, which is expected to become the largest globally. […] December 3, 2024
Petrochemicals Adnoc’s XRG to take over Germany’s Covestro XRG, the low-carbon and chemicals investment company founded by Abu Dhabi National Oil Company (Adnoc), is to become a major shareholder of German chemicals producer Covestro. The $16.3 billion takeover offer from Adnoc International Germany Holding, a wholly owned indirect subsidiary of XRG, has exceeded the minimum acceptance threshold, reaching 69.94 percent as of November […] December 3, 2024
Gaming PIF continues to trim stake in Japan’s Nintendo The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, has further reduced its holding Japanese gaming company Nintendo. In the latest move, PIF cut its holding to 5.26 percent from 6.3 percent, the second reduction this month. The fund lowered its stake to 6.3 percent from 7.5 percent on November 13. The news comes despite comments […] December 3, 2024
Economy GCC growth to surge to 4.2% in 2025-26 says World Bank Economic growth in the GCC region is forecast to accelerate to 4.2 percent in 2025-26, but will remain subdued at 1.6 percent in 2024, as the Omani and Kuwaiti economies contract, the World Bank has said. Growth is being driven by the non-oil sector, which has shown robust growth of 3.7 percent thanks to the […] December 2, 2024
Renewable Energy Turkey aims to invest $100bn in renewable energy by 2035 Turkey is committing to a $100 billion investment in renewable energy by 2035, in a bid to become a carbon-neutral economy within the next three decades, energy minister Alparslan Bayraktar said. The country has a roadmap to expand wind and solar energy capacity from 31,000 megawatts (MW) to 120,000MW by 2035, Hürriyet Daily newspaper reported, citing […] December 2, 2024
Business of Sport QIA buys minority stake in Audi Formula 1 team The Qatar Investment Authority (QIA) has agreed to acquire a “significant minority” stake in Audi’s Formula 1 team, becoming a long-term investor and strategic partner. This sovereign wealth fund’s investment will provide a substantial capital injection to support infrastructure and team buildout, aligning with QIA’s strategy of focusing on investments with long-term growth potential. Audi […] December 1, 2024
Transport Etihad to double routes and flights to Africa in 2025 Etihad Airways will double its routes and frequencies to Africa next year as part of its global expansion plan. The Abu Dhabi-headquartered airline has launched three new African routes in the past two months. The national carrier serves four African destinations: Johannesburg, South Africa; Cairo, Egypt; Mahe, Seychelles; and Casablanca, Morocco. It will also resume […] December 1, 2024
Aviation Australia gives interim nod to Qatar Airways-Virgin deal The Australian Competition and Consumer Commission (ACCC) has granted interim approval for a partnership between Qatar Airways and Virgin Australia, which allows them to sell long-haul return flights starting in June 2025. The temporary approval will allow Virgin Australia to fly 28 weekly return flights between Doha and Brisbane, Melbourne, Perth and Sydney. The Australia-Doha […] November 29, 2024
Markets Talabat to raise $2bn from IPO as price is finalised Germany’s Delivery Hero has set the price for the initial public offering (IPO) of Talabat, its Mena-based food delivery company, at the top of the range. The final IPO price was set at AED 1.60 ($0.44) per share, enabling the company to raise AED7.5 billion ($2 billion). Following strong investor demand, Talabat increased its IPO […] November 29, 2024
Telecoms STC allowed to raise holding in Spain’s Telefonica Saudi Arabia’s STC Group has received the green light from the Spanish government to increase its stake in telecoms group Telefonica. The approval allows the Saudi telecom to raise its holding from 4.97 percent to 9.97 percent and appoint a board member, the company said in a statement to the Saudi bourse on Thursday. The […] November 29, 2024
Renewable Energy Masdar takes majority stake in Greek clean energy player Abu Dhabi’s Masdar has acquired a majority stake in Greek clean energy company Terna Energy to propel its European expansion. The UAE renewables major purchased a 70 percent stake in the Greek company from Gek Terna and other shareholders at €20 per share, valuing Terna Energy at €3.2 billion ($3.4 billion). Following the transaction’s closing, Masdar will […] November 29, 2024
Economy Bahrain’s economy to grow 3.5% next year says IMF Bahrain’s economy is projected to remain at 3 percent growth in 2024 but accelerate to 3.5 percent growth in 2025, supported by manufacturing and private sector credit expansion, the International Monetary Fund (IMF) has said. The medium-term real GDP growth is projected at around 3 percent, driven by non-hydrocarbon GDP, which will account for close […] November 28, 2024
Education Amanat hires SNB Capital for education business IPO Amanat Holdings, a Dubai-listed investment company, has appointed SNB Capital to manage the proposed sale of a 30 percent stake in its education business through an initial public offering (IPO) in Saudi Arabia next year. The listing is anticipated in the first half of 2025, which will raise $300 million, Reuters reported, citing unnamed sources. […] November 28, 2024
Real Estate Egypt and Qatar to explore ‘major’ real-estate project Egypt will collaborate with Qatar on a “major real estate project” in the North Coast region, prime minister Mostafa Madbouly said. The Gulf country has sought investment opportunities in the tourism and hospitality sectors, local media reported, citing the prime minister, who met his Qatari counterpart Sheikh Mohammed bin Abdulrahman Al-Thani in Egypt. No other […] November 28, 2024
Sustainability Adnoc launches $80bn unit for low-carbon transition State-backed energy major Abu Dhabi National Oil Company (Adnoc) has launched a new global lower-carbon energy and chemicals investment company valued at more than $80 billion. XRG will aim to more than double its asset value over the next decade by capitalising on the demand for low-carbon energy and chemicals. The three factors driving demand […] November 28, 2024
Economy Saudi Arabia forecasts 2025 fiscal deficit of $27bn Saudi Arabia has approved its 2025 state budget, which estimates total revenues at SAR1.18 trillion ($314 billion) and expenditures at SAR1.28 trillion – resulting in a fiscal deficit of SAR101 billion ($26.9 billion). The finance ministry said this would represent 2.3 percent of gross domestic product, which is lower than the 3 percent of GDP […] November 27, 2024
