Sustainability Fertiglobe to supply renewable ammonia to Europe Abu Dhabi-listed fertiliser maker Fertiglobe has won the first global bid to supply renewable ammonia to the European Union (EU) as the trade bloc ramps up decarbonisation efforts. The company, a partnership between UAE oil giant Adnoc and Netherlands-based OCI, will supply 19,500 tonnes of renewable ammonia in 2027, with volumes potentially rising to 397,000 tonnes by 2033 […] July 12, 2024
Opinion Economy Macron gambled and lost. Now bond markets will have their say The election result puts France on a collision course with global capital markets and the EU July 9, 2024
Manufacturing Chinese EV maker Byd to open $1bn plant in Turkey Chinese electric vehicle (EV) manufacturer Byd will construct a $1 billion plant in Turkey, according to a news report. The agreement was signed between the Chinese company and Turkey’s industry and technology ministry on Monday in the presence of Turkey’s president Tayyip Erdogan. Bloomberg reported citing officials that the announcement planned on Monday. The electric […] July 8, 2024
Trade Deals between European and Egyptian companies worth $43bn European companies are signing more than €40 billion ($43 billion) worth of deals with Egyptian companies across a range of sectors, European Commission president Ursula von der Leyen has said. “We have companies in sectors ranging from hydrogen to water management, from construction to chemicals, from shipping to aviation and to automotive,” she said at […] July 1, 2024
Finance EU woos Emirati investors while keeping UAE on ‘grey list’ The European Union is intensifying efforts to attract investment from the UAE despite keeping the Emirates on its “grey list”, a marker of heightened scrutiny and potential obstacles for investors. An EU delegation visited Abu Dhabi last week to promote the bloc’s Capital Markets Union (CMU) plan. A single market for capital, harmonising exchange regulations […] June 11, 2024
Trade Qatar explores gas, port and Gaza aid deals with Cyprus Qatar is looking at investing in ports, banking and energy in Cyprus, including expanding its ExxonMobil partnership in oil and gas exploration, the Associated Press news agency reported. Sheikh Tamim bin Hamad Al Thani, the emir of Qatar, visited the Mediterranean country this week and held talks on investment issues with Cypriot president Nikos Christodoulides. […] May 30, 2024
Real Estate Abu Dhabi developer spots opportunity in Latvia Abu Dhabi developer Eagle Hills Properties announced a €3 billion ($3.25 billion) investment in the Latvian capital city of Riga, as the UAE continues its investment drive into Europe. Eagle Hills’ Riga Waterfront, which was unveiled on Thursday, will ultimately encompass 8,000 luxury homes for 30,000 residents on a redeveloped site along 5 kilometres at […] May 23, 2024
Business of Sport LIV Golf chief says rugby next in line for Gulf funds Talks are taking place with sovereign wealth funds and private equity entities about potential Gulf investment in rugby, according to Mark Foster, senior vice president of finance operations at Saudi-backed LIV Golf Investments. Foster, a former Gloucester and Exeter Chiefs professional rugby player, told The Good the Bad & the Rugby podcast that discussions have […] May 17, 2024
Economy Egyptian businesses yet to feel effect of $60bn new funding The close to $60 billion in new funding announced for Egypt in recent months has yet to trickle down to average business people in the country, according to the results of a new monthly survey. Difficult market conditions in Egypt continued in April as the monthly S&P Global Purchasing Managers Index (PMI) slid from 47.6 […] May 9, 2024
Trade EU looks for alternatives as trade talks with GCC stall The European Union is actively seeking alternative “avenues” for economic cooperation with the GCC following a deadlock in free trade agreement talks, said Johannes Hahn, the EU commissioner for budget and administration. “We would be interested, of course, to get an agreement [with the GCC], but we have not made a lot of progress,” Hahn […] May 8, 2024
Video length: 02:46 Opinion Economy Davos really comes to the desert as the WEF arrives in Riyadh There were elephants – and camels – in the room at the World Economic Forum event April 29, 2024
Finance EU reveals total aid to North Africa to combat migration The European Union provided €673 million ($718 million) in funding to four North African countries from 2021-23 to help the quartet reduce what it calls irregular migration to the 27-member bloc, official data shows. Last year about 270,000 “irregular migrants” arrived in the EU via sea crossings, 64 percent more than in 2022. Crossings from […] April 28, 2024
Opinion Economy Shanghai’s enterprising spirit is China’s best hope Returning to the city 20 years after his first visit, our columnist is still bowled over by its dynamism April 22, 2024
Economy EU to provide ‘urgent’ $1bn short-term aid to Egypt The European Union (EU) will provide €1 billion ($1.1 billion) in urgent short-term financial aid to support Egypt’s economy. The funding is part of the larger €5 billion macro-financial assistance package. The remaining €4 billion will be released as longer-term assistance over 2024-2027 but is yet to be cleared by the 27-member bloc. The aid […] April 15, 2024
Industry Turkish steel in the black but EU rules rankle Turkey’s steel industry has rebounded strongly from a weak 2023, despite facing new emissions standards and competition for important markets. Crude steel output rose 25 percent year on year to 3.2 million tonnes in January, with domestic consumption of finished steel reaching 3.5 million tonnes, a 20 percent increase. Exports were also up, increasing 23 […] April 14, 2024
Economy Egypt to get $20bn loan from global funders says minister The expanded loan facility from the International Monetary Fund (IMF) will allow Egypt to receive more than $20 billion in additional funding from global financial institutions. The additional funding is expected from the World Bank, the European Union (EU), the African Development Bank, the Arab Monetary Fund and others, finance minister Mohamed Maait told a […] March 11, 2024
Economy EU throws Tunisia a financial lifeline with $163m grant The European Union has handed Tunisia a €150 million ($163 million) grant to support economic reforms and fiscal stability as the North African country attempts to fend off a financial crisis. Almost $4 billion in external debts are due for repayment this year, up 40 percent on 2023. Although Tunisia managed to pay an €850 […] March 5, 2024
Food & Drink Egyptian food producer plans European expansion An Egyptian food producer is planning to expand into European markets on the back of a significant rise in US sales. City Farm, a frozen fruits and vegetables processor, intends to open representative offices in Germany, Belgium and the Netherlands first. CEO Mahmoud Lamei said the plan followed “remarkable success” in the United States and […] March 4, 2024
Opinion Economy GCC can emerge as ‘Middle Powers’ in second Cold War Three factors will enable the GCC to benefit from the fragmentation January 9, 2024
Finance Moroccan pharma company gets $37m European funding The European Bank for Reconstruction and Development (EBRD) is to provide MAD380 million ($37.1 million) in funding to support Morocco’s pharmaceutical private sector. The loan will be given to Dislog Group, a distributor of consumer goods covering more than 70,000 retailers across the country, which is owned by Moroccan conglomerate H&S Holding. Founded in 2005, […] September 26, 2023
Opinion Trade Meanwhile, on the G20 sidelines, history in the making The proposed India-Middle East-Europe Economic Corridor could become a 'green and digital bridge across continents and civilisations' September 11, 2023
Finance Abu Dhabi fund buys share of hotel group in Spain Coral Reef, a subsidiary of Abu Dhabi Investment Authority, and Melia Hotels International have received approval to acquire a portfolio of 17 hotels from Equity Inmuebles in Spain and the Canary Islands. Financial details around the acquisition were not revealed. The deal was given the green light by the European Commission under EU merger regulations. […] August 22, 2023
