Tourism UAE to fund new luxury hotel near Egypt’s Giza pyramids The UAE will back the development of a five-star hotel near the pyramids in Giza outside the capital Cairo to support Egypt’s tourism, state-run Wam news agency reported. State-backed Abu Dhabi Fund for Development (ADFD), which specialises in development financing at below market rates, will provide AED440 million ($120 million) to build a 302-key Sofitel […] March 14, 2025
Manufacturing Morocco probes alleged dumping of Egyptian and UAE steel wire Morocco has started an investigation into the alleged dumping by Egyptian and Emirati producers of galvanised steel wire used in agriculture and industry, according to local media. The investigation comes after Moroccan companies complained that Egyptian and UAE steel wire is being dumped at below market rates in the Moroccan market, Morocco World News reported. […] March 14, 2025
Oil & Gas Gulf Navigation buys Nasdaq-listed Brooge Energy Dubai-listed Gulf Navigation Holding is building its presence in the midstream oil and gas and logistics sectors following the acquisition of a Nasdaq-listed oil refining and storage company. Shareholders on Thursday approved the buying of assets and companies owned by Brooge Energy Limited, the company said in a statement to the Dubai stock exchange. This […] March 14, 2025
Banking & Finance Aldar’s green sukuk seven times oversubscribed Aldar Properties said the $500 million sukuk (Islamic bond) issued by its subsidiary was oversubscribed more than seven times. The sukuk order book of Aldar Investment Properties reached $3.6 billion, with regional and global investors making up 61 percent and 39 percent of the requests, the developer said in a statement. Sukuk are sharia-compliant bonds […] March 13, 2025
Giga-projects Diriyah secures $1.6bn loan to back cultural destination Diriyah Company has secured a SAR6 billion ($1.6 billion) loan from Banque Saudi Fransi (BSF) to develop Wadi Safar, a 62 sq km cultural and tourism destination west of Riyadh. Wadi Safar is intended as an “exclusive residential development”, a statement read, “that will feature a selection of ultra-luxury hospitality, sports and leisure, and retail assets”. It […] March 13, 2025
Logistics DP World raises 2025 capex to develop global assets Dubai-headquartered DP World intends to increase its capital expenditure this year to upgrade its global assets despite geopolitical challenges. DP World’s Capex reached $2.2 billion in 2024 compared with $2.1 billion in 2023, the state-backed ports operator said in a statement published on Nasdaq Dubai. Capex for 2025 is set at $2.5 billion, primarily targeting […] March 13, 2025
Oil & Gas Turkey ties up with US to develop its shale fields State-backed Turkish Petroleum Corporation and US energy companies Continental Resources and TransAtlantic Petroleum will jointly develop unconventional oil and natural gas resources in the Diyarbakir Basin in the east of Turkey, according to a statement. “This cooperation will greatly contribute to our goal of bringing Turkey’s oil and gas resources to our economy,” energy minister […] March 13, 2025
Sustainability Aramco Ventures invests in global climate tech startups The venture capital arm of Saudi Aramco, the world’s largest listed oil major, has invested in two climate tech startups. Aramco Ventures said it had invested in Ucaneo, a German company that is developing a direct air capture (DAC) demonstration plant expected to be commissioned in the first half of 2026. Ucaneo raised €6.75 million […] March 13, 2025
Transport E-hailing boosts Dubai’s luxury transport sector Trips in Dubai’s upmarket transport sector, mainly limousines, rose by nearly half last year, driven by increasing app usage, the state-run Wam news agency reported, citing the emirate’s Roads and Transport Authority (RTA). The number of trips reached more than 43 million last year, up from 30 million in 2023, driven by so-called e-hailing, or […] March 12, 2025
Banking & Finance First Abu Dhabi Bank to pay highest-ever dividend First Abu Dhabi Bank (FAB), the biggest lender by assets in the UAE, has announced the highest-ever cash dividend on higher annual revenues in 2024, the company said in a statement. The lender will pay AED8.3 billion ($2.3 billion) in cash dividends for 2024, at 75 fils per share, equivalent to 51 percent of group net […] March 12, 2025
Economy IMF releases fourth tranche of loan to Egypt The International Monetary Fund (IMF) has approved the release of funds to Egypt following the fourth review of an emergency loan progamme but has warned the government that “more decisive implementation of reforms will be critical”. This disbursement of $1.2 billion brings Egypt’s total loan to about $3.2 billion under an extended fund facility (EEF) worth $8bn, […] March 12, 2025
Logistics ADQ takes majority stake in Dubai-listed Aramex ADQ, the third-largest of Abu Dhabi’s sovereign wealth funds, has become a majority shareholder in Dubai-listed logistics company Aramex. The fund now owns 58 percent in Aramex following a voluntary tender offer, which includes 23 percent owned by its subsidiary, AD Ports Group, and 35 percent bought from previous shareholders, ADQ said in a statement on Tuesday. […] March 11, 2025
Economy UAE aims to double FDI flows by 2031 The UAE is seeking to double annual flows of foreign direct investment in six years and to triple its total FDI stock, vice president and prime minister Sheikh Mohammed bin Rashid Al Maktoum has said, according to the Dubai Media Office. The Dubai ruler and prime minister of the seven-member UAE said that the cabinet […] March 11, 2025
Retail PIF launches Saudi Arabia’s first duty-free retailer The Public Investment Fund (PIF) has launched Saudi Arabia’s first duty-free operator as the kingdom targets 150 million annual visitors by the end of the decade, according to a statement. Al Waha Duty-Free Company (Al Waha), a wholly owned unit of the sovereign fund, aims to secure a “large” share of passenger spending to boost […] March 11, 2025
Finance Mubadala-Alpha Dhabi JV raises credit target by 150% A joint venture between Mubadala Investment Company, one of Abu Dhabi’s sovereign wealth funds, and the holding company Alpha Dhabi Holding has raised its target for deploying funds into private credit by 150 percent. The joint venture said it wanted to invest up to $2.5 billion in credit by 2028, after reaching $1 billion since […] March 11, 2025
Economy Jordan’s economy on growth track as tourism recovers Jordan’s economy is forecast to grow by 2.7 percent in 2025 as tourism recovers and trade with Syria and Iraq starts to rise gradually, S&P Global said. Tourism contributes an estimated 15 percent to Jordan’s GDP, with about three-quarters of it sourced from Arab visitors, including Jordanians living abroad. “We expect the number of Arab […] March 10, 2025
Aviation AirAsia raises $226m but stays quiet on PIF The parent company of Malaysian budget airline AirAsia has raised 1 billion ringgit ($226 million) to complete its reorganisation plan, according to a news report. “We have a 1 billion (ringgit) placement,” Capital A group CEO Tony Fernandes said at a press conference. “Don’t ask me questions on PIF’s placement order book – we are not […] March 10, 2025
Trade UAE and Central African Republic target $1bn trade Trade between the UAE and the Central African Republic is estimated to surpass AED3.7 billion ($1 billion) following the signing of a comprehensive economic partnership agreement (Cepa) last week. Cepa will create further growth and business opportunities in both countries, boosting bilateral trade over the next five to seven years, UAE minister of state for […] March 10, 2025
Infrastructure Dubai seeks consultant for new metro Gold Line Dubai’s Roads & Transport Authority (RTA) is seeking a lead consultant for its Dubai Metro Gold Line project, according to a news report. The RTA has issued a request for proposals for the consultancy role, Dubai-based Middle East Economic Digest (Meed) reported. Potential bidders are US-based Aecom, Jacobs and Parsons, Canada’s AtkinsRealis, UK-based Mott MacDonald […] March 10, 2025
Renewable Energy Dewa seeks developers for new phase of solar project Dubai Electricity and Water Authority (Dewa), which trades on the Dubai stock exchange, is seeking global companies to develop the 1,600 megawatt (MW) seventh phase of the Mohammed bin Rashid Al Maktoum Solar Park, according to the national news agency Wam. The phase, which is expandable to 2,000 MW, sufficient to power about 1.6 million homes, […] March 7, 2025
Renewable Energy Gulf companies win slice of $32bn Morocco hydrogen projects The Moroccan government has selected companies from the UAE and Saudi Arabia to help develop hydrogen projects worth MAD319 billion ($32 billion) in the country’s southern province, the prime minister’s office has announced. A government committee finalised five local and global investors to build six projects, said a statement from the office of Aziz Akhannouch, […] March 7, 2025
Economy Egypt’s private sector alliance targets UAE for growth A new entity comprising 41 Egyptian private companies will be set up to boost exports across the Arab countries to support economic growth, a news report said. The process of setting up Arab Alliance for Industrial Investment is expected to be completed next week, Ashraq Business reported, citing Mohamed El-Bahi, a board member of the […] March 6, 2025
