Economy Arab Monetary Fund gives Somalia $307m of debt relief The Abu Dhabi-based Arab Monetary Fund (AMF) has signed a $307 million debt relief agreement with Somalia to support the African country’s economic reform programme. The agreement covers the restructuring of the debt owed by Somalia to the AMF, the 22-nation-backed fund said in a statement, without giving any further details. Somalia’s finance minister Bihi […] April 10, 2025
Oil & Gas Turkey steps up oil exploration in Pakistan Energy-poor Turkey is expanding into international oil and gas exploration with a focus on Pakistan, a senior government official has said. “Turkish firms are now turning their focus to international opportunities,” Alparslan Bayraktar, the energy and natural resources minister, said in a speech in Pakistan, according to Daily Sabah newspaper. This week, state-run Turkish Petroleum […] April 10, 2025
Finance Sanabil leads $110m funding for Saudi-Bangladesh startup Sanabil Investments, a venture capital arm of Saudi Arabia’s Public Investment Fund, has made its first investment in South Asia. The PIF unit and the US venture capital fund Valar Ventures, which was co-founded by Peter Thiel, the co-founder of Paypal, are jointly leading the $110 million funding round for SILQ Group, a new e-commerce platform, […] April 10, 2025
Manufacturing PIF-owned Lucid raises new funds to repay debt US electric vehicle maker Lucid Motors, majority-owned by Saudi Arabia’s Public Investment Fund (PIF), has raised $1.1 billion in new funding to repay existing debt. The EV maker has received $1.1 billion through convertible senior notes, debt which can be converted into shares, due in 2030, according to a company statement. Lucid will use $936 […] April 10, 2025
Oil & Gas Saudi Aramco discovers 14 new oil and gas fields Saudi Aramco, the state-controlled oil major, has discovered 14 oil and natural gas fields and reservoirs in the Eastern Region and the Empty Quarter, according to Prince Abdulaziz bin Salman, the energy minister. The discoveries include six fields and two reservoirs of oil, as well as two fields and four reservoirs of natural gas, state-run SPA news […] April 10, 2025
Markets IPOs planned for five Egyptian companies owned by military Egypt has finalised plans to offer stakes in five military-affiliated companies for listing on the local stock exchange in initial public offerings (IPOs). The companies to be listed are the National Company for Producing and Bottling Water (Safi), Wataniya Petroleum, fuel station operator Chillout, food production company Silo Foods and the National Company for Roads […] April 10, 2025
Trade Gulf countries start free trade talks with Turkey The Saudi-led Gulf Cooperation Council (GCC) and Turkey have begun talks towards a free trade agreement, the UAE’s state-run Wam news agency reported. Ankara has already signed free trade agreements with the UAE and Qatar, Wam said, citing Turkish trade minister Ömer Bolat. The UAE, Qatar, Kuwait, Oman and Bahrain are all members of the […] April 9, 2025
Oil & Gas Aramco and Sinopec move ahead with petrochemical expansion Saudi Aramco says it has signed an agreement to move forward with expanding a petrochemical complex on the west coast of Saudi Arabia. The oil major, which trades on the Saudi stock exchange, has signed a venture framework agreement with China Petroleum & Chemical Corporation (Sinopec) and Yanbu Aramco Sinopec Refining Company (Yasref) to carry out engineering […] April 9, 2025
Trade Cepa aims to double UAE trade with Republic of the Congo The signing of a comprehensive economic partnership agreement (Cepa) between the UAE and the Republic of the Congo is projected to more than double non-oil trade between the two nations. Non-oil trade will grow to $7.2 billion by 2032 from $3.1 billion in 2024, the UAE state-run Wam news agency reported. The Cepa will eliminate […] April 9, 2025
Infrastructure Egypt secures France and EU funds to build infrastructure Egypt has signed agreements with France and the European Union (EU) worth €262 million ($290 million) to support its infrastructure projects. The agreements were signed this week during the visit of French President Emmanuel Macron to Egypt, local media reported. Cairo signed €132 million financing and grant agreements with the EU and the French Development […] April 9, 2025
Oil & Gas Aramco finalises 20-year LNG supply from the US Saudi Aramco has signed a 20-year liquefied natural gas (LNG) purchase agreement with Houston-headquartered producer NextDecade. The Saudi energy major will purchase 1.2 million tonnes per annum (mtpa) of LNG on a free-on-board basis from NextDecade’s Rio Grande facility at the Port of Brownsville, Texas, the US company said in a statement. The Rio Grande facility […] April 9, 2025
Industry Investcorp Capital earns 40% profit on sale of US industrial assets Abu Dhabi-listed Investcorp Capital has sold its US industrial real estate portfolio, generating a high return on investment. The US National I portfolio, spanning six investments across six states and 2.3 million square feet, was sold for $360 million, a 40 percent gain over its initial purchase price of $262 million less than four years […] April 8, 2025
Renewable Energy Egypt and France sign $7bn green hydrogen deal Egypt and France will jointly develop, finance and operate a €7 billion ($7.7 billion) green hydrogen facility at Ras Shokair on Egypt’s Gulf of Suez coast. Egypt’s state-run Red Sea Ports Authority and the New & Renewable Energy Authority will partner with Green Fuel Alliance, which comprises France’s EDF Renewables and Egyptian-Emirati company Zero Waste, […] April 8, 2025
Aviation PIF-backed AviLease agrees Turkish Airlines rentals Saudi Arabia’s Aircraft Leasing Company (AviLease) has signed long-term leases with state-owned Turkish Airlines for Airbus A320neo aircraft. Two of the aircraft have already been delivered, with the remaining six scheduled for delivery throughout 2025, the airline said in a statement. Riyadh-based AviLease’s CEO Edward O’Byrne, said these aircraft will support Turkish Airlines’ growth plans and […] April 8, 2025
Banking & Finance PIF unit backs Brazilian beef exporter’s capital top-up Salic International Investment Company, a subsidiary of Saudi Arabia’s Public Investment Fund, and Brazil’s VDQ Holdings have committed to a rights issue by Minerva, a beef exporter seeking to raise new capital. As part of the deal, the two companies, which own stakes in Minerva, have guaranteed a minimum 1 billion reais ($169 million) to […] April 8, 2025
Tourism High occupancy rates push UAE hotel revenues to $12bn UAE hotel revenues reached AED45 billion ($12.3 billion) in 2024, an increase of 3 percent year on year, according to the chairman of the Emirates Tourism Council. Hotel occupancy rates climbed to 78 percent last year, ranking among the highest regionally and globally, state-run Wam news agency reported, citing Abdulla bin Touq Al Marri, the […] April 8, 2025
Oil & Gas Libya to offer 22 oil exploration blocks Libya is to offer 22 oil exploration blocks in its first bidding round in more than 17 years, the state-owned National Oil Corporation (NOC) has said. The round includes 11 onshore and 11 offshore blocks, The Libya Observer newspaper reported. The decision was confirmed during the 11th meeting of the Supreme Council of Energy and Water Affairs held last week, which is […] April 7, 2025
Employment GCC hiring gains pace as non-oil sector expands Employment levels picked up in Saudi Arabia, Kuwait and Qatar as the non-oil private sector expanded in March, according to the latest monthly business sentiment surveys by S&P Global. Saudi Arabia recorded its best quarter for job creation in more than 12 years as hiring activity was driven by a demand upturn and output expansion. […] April 7, 2025
Logistics AD Ports moves ahead with Angolan port upgrade State-controlled Abu Dhabi ports operator AD Ports Group is to upgrade Angola’s largest port as it expands its reach in Africa, the company said in a statement. The company has appointed UAE-based Mar Construction Civil & Obras Publicas to design and build the port’s infrastructure, the statement said. Additionally, the company has engaged Lebanon-based Dar Al […] April 7, 2025
Economy Jordan’s 2024 economic growth beats initial forecast Jordan’s gross domestic product (GDP) expanded 2.7 percent year on year in the fourth quarter of 2024, beating a consensus forecast of 2.5 percent, according to official government data. Full-year growth reached 2.5 percent, surpassing the initial forecast of 2.3 percent despite regional headwinds, state-run Jordan News Agency reported citing data from the statistics department. […] April 7, 2025
Trade Turkey favours trade boost with US despite tariffs Turkey aims to increase bilateral trade with the US to $100 billion, despite facing a 10 percent traffic from the Trump administration, according to a news report. Ankara is working towards removing the new tariffs imposed by Washington, Hurriet Daily News an English daily, reported citing trade minister Ömer Bolat. The country is ramping up trade […] April 7, 2025
Aviation Saudi Arabia clears Riyadh Air for takeoff Saudi Arabia’s aviation watchdog has granted official permission to Riyadh Air to commence flights to and from airports across the kingdom. The General Authority of Civil Aviation (GACA) chairman Saleh Al-Jasser handed the air operator certificate to Riyadh Air CEO Tony Douglas, state-run SPA news agency reported. The certificate follows the Public Investment Fund-backed airline’s completion […] April 7, 2025
