Aviation Libya’s Berniq buys Airbus jets to expand reach Libya’s Berniq Airways has placed an order with Airbus for six A320neo aircraft to upgrade its fleet and increase its number of routes both regionally and internationally. The airline currently operates six A320s. Waseem Ezzway, chairman of Berniq Airways, said that the investment marks a new chapter for the airline as it continues to modernise […] July 24, 2024
Retail ADIA considers $1bn funding in Nestlé ice cream Abu Dhabi Investment Authority (ADIA) is considering a €1 billion ($1.1 billion) investment in a French company that was set up as a joint venture with Nestlé. The investment would be into Froneri, an ice cream manufacturer that was established in 2016 as a partnership between Nestlé and PAI Partners, a private equity company. The […] July 24, 2024
Energy Adnoc and Borouge explore chemicals complex in China The UAE’s oil giant Adnoc and Borouge, one of its Abu Dhabi-listed subsidiaries, is exploring the potential of developing a speciality thermoplastics complex in China. A consortium, which includes Adnoc, Borouge and Borealis, signed a project collaboration agreement with China’s Wanhua Chemical and Wanrong New Materials (Fujian), a wholly owned subsidiary of Wanhua Chemical. Borealis […] July 24, 2024
Banking & Finance UAE bank to bolster presence in Central Asian economy Abu Dhabi Commercial Bank (ADCB) is bolstering its Islamic banking services in Kazakhstan. The Abu Dhabi-listed bank will establish a sharia-compliant corporate banking services centre to gain a foothold in the $1.8 trillion Central Asian economy. Al Hilal Islamic Bank, a subsidiary of the bank in Kazakhstan, will be rebranded and offer corporate financial products […] July 24, 2024
Aviation Qatar Airways expands Boeing 777 order book Qatar Airways ordered 20 new Boeing 777-9 passenger jets at the Farnborough International Airshow this week after announcing record profits in its 27-year history. Additionally, the carrier has committed to 40 new GE9X engines and spare engines, in addition to a long-term services agreement. The total cost of the deal and delivery schedule of the […] July 24, 2024
Oil & Gas Analysts optimistic on oil but the price stays steady Global hedge funds and money managers have become increasingly optimistic about the short term outlook for oil prices in recent months, despite the oil price remaining flat at around $80 a barrel. The net length held by hedge funds and other money managers in WTI (West Texas Intermediate) futures and options has risen to its […] July 23, 2024
Media & Advertising UAE’s RedBird IMI hopes for speedy sale of The Telegraph Nadhim Zahawi, the former chancellor of the UK, is fronting one of seven bids to buy the Daily Telegraph newspaper and The Spectator magazine, which is owned by RedBird IMI, a US investment group backed by Abu Dhabi’s International Media Investments. The deadline for the first round of bidding was completed on Friday, although more offers […] July 23, 2024
Economy Egypt external debt makes record drop Egypt’s external debt decreased by over $14 billion between December 2023 and May 2024, the steepest drop on record according to its Central Bank (CBE). External debt fell from a record high of $168 billion at the end of December to $154 billion at the end of May, a decrease of 8.4 percent. The drop […] July 23, 2024
Trade UAE to revive EU trade talks before year-end The UAE plans to restart trade talks with the European Union by the end of the year despite a broader agreement with GCC remaining on hold, according to a news report. The UAE has initiated the discussion both through the GCC and bilaterally, Reuters reported, quoting trade minister Dr Thani bin Ahmed Al Zeyoudi. “We are […] July 23, 2024
Transport Adnoc L&S unit awards $2bn contract to Chinese shipyard AW Shipping, a joint venture between Adnoc Logistics & Services and China’s Wanhua Chemical Group, has awarded a $1.9 billion contract to Chinese shipyard Jiangnan to construct “green and low-carbon” ammonia and ethane carriers. The contract for nine very large ethane carriers (VLECs) is priced at $1.4 billion, the Adnoc subsidiary, which trades on the […] July 23, 2024
Aviation Price talks rumble on between Turkish Airlines and Boeing Turkish Airlines will not announce a deal with Boeing at the Farnborough Airshow this week as negotiations over the engine price continue, chairman Ahmet Bolat has said. “We are not going to announce anything in Farnborough,” he said, adding talks were being held with engine supplier GE on Monday. “I think we are close, but the […] July 23, 2024
Oil & Gas Aramco to make $2bn gas expansion at Jafurah Saudi Aramco is planning to build three new gas compression plants at the Jafurah field for $2.2 billion as part of its strategic gas program expansion. The world’s largest oil producer has signed a letter of intent with a joint venture owned 60 percent by Spanish contractor Técnicas Reunidas and 40 percent by China’s state-owned Sinopec. The deal […] July 23, 2024
Media & Advertising Du quarterly profit jumps 46% as subscribers rise Emirates Integrated Telecommunications Company (EITC), which operates the Du and Virgin mobile brands in the UAE, reported a 46 percent jump year on year in net profit to AED581 million ($158 million) as subscriber numbers increased. Revenue grew 7 percent to AED3.6 billion in the April to June period, compared to AED3.3 billion a year […] July 23, 2024
Giga-projects Neom to create ‘bridge’ hotel US hospitality company Equinox Hotels will open its first hotel in Magna, a lifestyle coastal destination within the Neom giga project. Equinox Resort Treyam will be designed as a 450m long bridge-like structure that will appear to float 40m above a lagoon. The hotel will feature guest rooms and suites, a 450m pool, new culinary […] July 23, 2024
Finance Signs of US recovery prompt Saudi Arabia to buy treasury bonds Saudi Arabia’s holdings of US bonds rose by 22 percent year on year in May, as the kingdom banked on an economic recovery in the United States. The May figure of $136.3 billion, released by the US Department of the Treasury, is the highest level of Saudi bond holdings since January 2022. The kingdom is […] July 23, 2024
Tourism Rising costs and fewer visitors hit Turkey tourism Turkey’s tourism industry is contending with rising costs and a slowing of the domestic economy which is affecting the plans of local holidaymakers. There are also concerns that high prices could hit foreign arrivals as the country sheds its reputation as a cheap holiday destination. Some parts of the industry are nonetheless enjoying a strong […] July 23, 2024
Economy Mena economic data The latest indicators for the largest Middle East and North Africa economies outside the GCC, including Egypt, Iran and Turkey July 22, 2024
Economy GCC economic data The latest economic indicators for the Gulf Co-operation Council countries: the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain July 22, 2024
Development Morocco to get $657m from African Development Bank Four financing agreements worth MAD6.45 billion ($657 million) and covering areas from forestation to a new university have been signed between Morocco and the African Development Bank. The Guercif-Nador highway project, which will connect the new Nador West Med port to Morocco’s existing road network, will receive MAD2.14 billion in AfDB funding. The highway is […] July 22, 2024
Economy Moody’s upgrades Turkey’s credit rating by two notches Turkey’s efforts to improve its economic credentials and attract investment have been given a boost by the credit ratings agency Moody’s, after what the agency said was a return to a more balanced economic policy programme. In a statement on July 19, Moody’s said it had upgraded Turkey’s long-term foreign and domestic currency issuer and […] July 22, 2024
Energy Gas flaring to end in next five years, says Iraq Iraq has confirmed it will halt all gas flaring activities in the next five years. Investment is being made through several projects in the southern region of Basra, where production capacities have been increased, the state-run Iraqi News Agency reported, quoting the assistant director general for technical affairs for the Southern Gas Company, Majid Al-Shawaf. […] July 22, 2024
Finance SMEs in Oman to get emergency fund loans The Oman government has set up an emergency fund to support small and medium enterprises after the impact of a tropical cyclone last October. The loan fund is intended to ensure the continued and sustainable operation of SMEs and aid in overcoming any emergency situations, the state-run Oman News Agency reported, quoting the Authority for […] July 22, 2024
