Finance Mubadala sells stake in UK smart meter provider Calisen Abu Dhabi’s sovereign wealth fund Mubadala Investment Company has completed the sale of its indirect stake in Calisen, a UK supplier of energy smart meters. Private equity infrastructure investors EQT and Singaporean sovereign wealth fund GIC will buy Calisen in a deal that values the company at around $5 billion. Mubadala, BlackRock and Goldman Sachs […] March 10, 2025
Opinion Aviation Schedule shift signals a busy summer for Middle East airlines As airlines prepare to switch timetables, the Gulf looks set for growth, new routes and cautious optimism 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
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
Aviation Qatar Airways strives to avoid Etihad’s mistakes Like Etihad before it, Qatar Airways is expanding by buying stakes in other airlines. The Abu Dhabi carrier’s acquisition strategy ended badly, however. Three airlines in which it invested went bust and it lost $1.87 billion in one year alone in 2016. Qatar Airways may have better luck, analysts say. The state-owned carrier, which started […] March 10, 2025
Telecoms Abu Dhabi’s Thuraya enters satellite smartphone market Thuraya Mobile Satellite Communications Company, a unit of Abu Dhabi’s Space42, is moving into the smartphone market, hoping to access a global satellite-capable smartphone business that could be worth as much as $15 billion within a decade. Led by the emirate of Abu Dhabi, the UAE federation is investing in its capabilities in space. Combined, […] March 7, 2025
EXCLUSIVE Banking and Finance Citigroup hiring to tap the Gulf family office market Citigroup says it is expanding its presence in the UAE, the second-largest Arab economy, as it competes to manage more of the assets of wealthy Gulf merchant families. $1 trillion of these assets are expected to shift to the next generation by the end of this decade. To boost its capabilities, the US bank says […] March 7, 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
Trade GCC exports to Japan slump by more than $10bn in 2024 Exports by wealthy Gulf nations to Japan, a major economic partner, plunged by $10 billion in 2024 following a decline in oil prices, according to a trade organisation. The decline combined with an increase in Japan’s exports to the six-nation Gulf Cooperation Council (GCC) to depress the Gulf group’s trade surplus by nearly $11 billion. […] March 6, 2025
Banking and 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
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
Finance UAE companies raise prices for a second month Companies in the UAE raised prices for a second consecutive month in February as they passed on higher input costs for materials, maintenance and technology. It was also the biggest price increase since September. Staffing costs also rose, adding to the price rises, according to S&P’s purchasing managers’ index (PMI), a monthly survey of economic […] March 5, 2025
Analysis Banking and Finance Mashreq and First Abu Dhabi winning bank efficiency race Dubai’s Mashreq bank, the UAE’s fifth-largest by assets, slashed its cost-to-income ratio, an important banking metric, last year thanks to the partial sale of a subsidiary and more customers switching to non-interest-bearing accounts. The cost-to-income ratio shows the relation between income and the cost of acquiring that income. A declining ratio suggests that a bank […] March 5, 2025
Aviation Airbus weighs production of military aircraft parts in UAE European planemaker Airbus is exploring the possibility of manufacturing components and setting up a maintenance facility for the A400M, a military transport aircraft, in the UAE. The plan includes integrating local entities – including EPI, part of defence company Edge Group, and Strata, a subsidiary of Abu Dhabi investment vehicle Mubadala – into the A400M’s global aerospace […] March 5, 2025
Aviation Etihad Airways delays $1bn IPO launch to next month Abu Dhabi’s Etihad Airways will push back its planned $1 billion initial public offering (IPO) until at least next month, after the Eid Al Fitr holiday, two people with knowledge of the matter said. Etihad had not officially announced a date for its IPO, but sources had told Reuters that the airline would make an announcement […] March 5, 2025
Manufacturing China’s BYD makes mark on UAE supercar market BYD Group, China’s largest electric vehicle maker, is taking on luxury rivals in the UAE with its premium and supercar brands, marking a sharp shift from its mass market, budget-friendly origins. Other Chinese automakers are also making inroads into the UAE’s high-end segment, long dominated by European brands and typically priced above AED200,000 ($55,000) Their […] March 4, 2025
Finance UAE interest in crypto jumps after Trump’s ‘strategic reserve’ call Interest in cryptocurrencies has accelerated in the UAE after a rally in prices that followed President Donald Trump’s announcement of plans to create a so-called crypto strategic reserve. Online searches for bitcoin prices in the UAE more than doubled following Trump’s announcement on his Truth Social platform at the weekend, data from Google Trends showed. […] March 4, 2025
Aviation Falcon to invest $100m in Dubai aviation repair facility The Dubai-based aviation company Falcon will invest $100 million to upgrade its aircraft maintenance, repair and overhaul facility in Mohammed Bin Rashid Aerospace Hub, a free zone in Dubai South. The investment will be spread over the next five years, which includes building a new private jet terminal. In 2024, the company received approval from […] March 4, 2025
