Transport Hyperloop One hits the buffers Hyperloop One, the high-speed transportation company backed by DP World, has ground to a halt, according to reports. The company, which claims to be developing technology that will allow passengers to travel at more than 700 miles per hour in a floating pod that is thrust through giant low-pressure vacuum tubes, was founded in 2014. […] December 22, 2023
Finance UAE growth forecast revised upward to 5.7% in 2024 The Central Bank of the UAE has revised its forecast for economic growth next year to 5.7 percent, up from an earlier projection of 4.3 percent. The overall GDP is forecast to grow by 3.1 percent in 2023, the UAE state-run Wam news agency reported, citing the central bank report. Non-oil GDP will grow 5.9 […] December 22, 2023
Analysis Industry Middle East craves a copper-bottomed future While recent weeks have seen some major ups and downs in the price of copper, for many old hands in the sector this is nothing new. “The one sure thing in copper,” Carlos Risopatron, director of economics and environment at the International Copper Study Group, tells AGBI, “is that you can always rely on volatility.” […] December 22, 2023
Aviation Wizz Air to add more routes after strong year Wizz Air Abu Dhabi has reported a 150 percent rise in passengers this year. The company, a joint venture between Hungary’s Wizz Air and Abu Dhabi state holding company ADQ, carried 3 million passengers in 2023, up from 1.2 million in the previous 12 months, Johan Eidhagen, the managing director, told AGBI. It also doubled […] December 21, 2023
Transport UAE’s daily air traffic hit all-time high on first day of Cop28 The UAE’s airports witnessed a 15 percent increase in air traffic during the Cop28 summit, held at Expo City Dubai from November 30 to December 12. Al Maktoum International Airport recorded the highest number of scheduled and unscheduled flights, such as private and business jets, on the first day of the conference, Saif Al Suwaidi, […] December 21, 2023
Finance UAE’s new federal authority to combat financial corruption The UAE has established a federal accountability authority that will set up a supreme policy to combat financial and administrative corruption. The new entity replaces the supreme audit institution, after a decree issued by President Sheikh Mohamed bin Zayed Al Nahyan, the UAE’s state-owned Wam news agency reported. The authority’s functions include reviewing and auditing […] December 21, 2023
Markets Shares in Abu Dhabi’s Pure Health surge on bourse debut Shares in Abu Dhabi’s Pure Health gained more than 70 percent on its debut on the UAE capital’s bourse on Wednesday. The healthcare provider, part-owned by Abu Dhabi sovereign fund ADQ, sold 10 percent of its stock at AED 3.26 ($0.89) per share in an initial public offering that raised AED 3.62 billion ($986 million) […] December 20, 2023
Tech Abu Dhabi’s Ethmar unit to buy 100 Chinese air taxis Wings Logistics Hub, the technology arm of the Abu Dhabi-based Ethmar International Holding, intends to buy up to 100 air taxis from the Chinese drone maker EHang Holdings. The initial deliveries of EH216 series electric vertical takeoff and landing (eVTOL) vehicles are due to commence in the first quarter of 2024, the UAE state-run Wam […] December 20, 2023
Energy Mubadala Energy makes gas discovery offshore Indonesia Mubadala Energy, the wholly-owned subsidiary of Abu Dhabi’s Mubadala Investment Company, has discovered a significant deep-sea gas reserve in Indonesia’s South Andaman Block. The discovery at the Layaran-1 exploration well, located 100 km off northern Sumatra, has more than 6 trillion cubic feet (tcf) of gas, or about 170 billion cubic metres. The well, drilled […] December 20, 2023
Video length: 06:37 Retail Margins tighten for UAE retailers ahead of holiday season In the run-up to the holiday season, the UAE’s retailers are enjoying a healthy rise in new business and stocking up on inventory to meet demand. While a busy period is expected, costs continue to increase. To remain competitive, businesses are not increasing prices, meaning margins are being squeezed even further. The latest S&P Global […] December 20, 2023
Video length: 04:59 Transport Gulf’s cheap petrol slows take-up of electric bikes Almost 20 percent of the new cars sold this year are electric, according to the International Energy Agency, while e-bikes are becoming a familiar sight in cities around the world. The Middle East is behind China, the US and Europe on mass adoption, despite the lower operating costs and lower emissions of electric vehicles (EVs). […] December 20, 2023
Energy Fourth nuclear reactor at Barakah in UAE completed Work on the fourth and final reactor at the Barakah Nuclear Energy Plant in Abu Dhabi has been completed, its operator said on Tuesday. Nawah Energy Company announced it has completed the process of loading fuel assemblies into Unit 4 at Barakah, just weeks after the Federal Authority for Nuclear Regulation issued the operating licence. […] December 19, 2023
Analysis Trade UAE-US trade relations defy region’s pivot to the east The trade relationship between the UAE and the US remains strong even while GCC countries increasingly look east for opportunities. In October 2023, the US trade balance with the UAE stood at $1.63 billion, while US exports grew 28 percent year on year to reach $2.3 billion the same month. Martina Strong, the US ambassador […] December 19, 2023
Tech Merger to create astronomic UAE space company Two Abu Dhabi technology companies are planning a merger to create a $4 billion space organisation for the region. The boards of Bayanat and Yahsat have voted to recommend a merger to shareholders, a filing to the Abu Dhabi Stock Exchange on Tuesday revealed. The proposal will create a company with an implied market capitalisation […] December 19, 2023
Opinion Oil & Gas Cops in Baku and Belem bode well for Global South Azerbaijan and Brazil can bring their own perspectives on climate change December 19, 2023
Sustainability BlackRock to invest $400m in Dubai decarbonisation firm BlackRock, one of the largest fund managers in the world, has agreed to invest up to $400 million in the Dubai-based decarbonisation business Positive Zero through a diversified infrastructure fund. The investment will help Positive Zero boost energy transition projects in Gulf countries to aid in reducing carbon emissions and limit global temperature rise to […] December 19, 2023
Energy Adnoc to raise takeover bid for German chemicals maker The state-owned Abu Dhabi National Oil Co (Adnoc) is gearing up for a renewed offer of €60 ($65.53) per share for the German plastics and chemicals maker Covestro, a media report said. The bid could value the German company at close to €11.3 billion, Bloomberg reported, citing informed sources. Adnoc aims to present the revised […] December 19, 2023
Industry Abu Dhabi’s Kezad to house new $204m aluminium facility Kings Aluminium Industries has started construction on a AED750 million ($204 million) aluminium manufacturing and recycling facility in Khalifa Economic Zones Abu Dhabi (Kezad). The facility will be built on 100,000 sq m of land leased from Kezad Group for 50 years, the UAE state-owned Wam news agency reported. The company will source its raw […] December 19, 2023
Renewable Energy Digital platform targets Gulf green energy deal-making A new digital platform aims to facilitate deal-making between institutional investors and deal sponsors as Gulf states ramp up investment in green energy projects both at home and abroad. “When executives announce a pledge of X billion investment, and then start thinking, ‘Okay, how do we actually put that to work?’, they can go onto […] December 18, 2023
Trade ADQ and Azerbaijan invest in $1bn joint venture Abu Dhabi-based ADQ has announced a $1 billion joint venture with Azerbaijan’s sovereign wealth fund to invest in major sectors. The JV with Azerbaijan Investment Holding will focus on agriculture, technology, pharmaceuticals and energy infrastructure. Investments will primarily be concentrated in Azerbaijan, the UAE and Central Asia, with the potential to expand to other countries, […] December 18, 2023
