Development Saudi foreign minister signs $400m aid deal with Ukraine Saudi Arabia and Ukraine signed aid deals worth $400 million during a surprise visit to Kyiv by Saudi Arabia’s foreign minister Prince Faisal bin Farhan on Sunday. The memorandum of understanding includes the financing of oil derivatives worth $300 million as a grant submitted by the government of Saudi Arabia through the Saudi Fund for […] February 27, 2023
Trade Bahrain, Egypt, Jordan and UAE sign $2bn of industrial deals Businesses from the UAE, Egypt, Jordan and Bahrain have signed industrial deals valued at more than $2 billion at a government-backed gathering in Amman. The meeting of the Higher Committee of the Industrial Partnership for Sustainable Economic Development, held on Sunday, brought together CEOs and the industry ministers of the four countries. Twelve agreements were […] February 27, 2023
Development UAE launches free zone for military and security sector The UAE has announced the establishment of a new free zone dedicated to the military and security sector, just days after the Gulf state signed deals worth AED23.34 billion ($6.36 billion) at a major defence expo in Abu Dhabi. The free zone will be located within the Tawazun Industrial Park in Abu Dhabi and will […] February 27, 2023
Opinion Development UAE passport power is a critical tool on the road to success Emiratis have few travel restrictions but it's not all rainbows and sunshine February 13, 2023
New marriage laws set to boost Dubai’s wedding industry Dubai hotels and wedding planners are preparing for an influx of new work following last week’s announcement that non-Muslim couples can marry in civil ceremonies run by local courts for the first time in the emirate’s history. Industry representatives told AGBI that, contrary to international reports, the new service is unlikely to open the door […] February 9, 2023
Opinion Banking & Finance Crypto will emerge stronger from recent challenges The latest milestones for digital assets will define the ultimate success of the cryptocurrency ecosystem February 3, 2023
Energy GCC ‘must impose carbon tax’, says clean energy chief GCC countries should introduce a carbon tax and reduce subsidies for fossil fuels as part of the fight against climate change, Dr Nasser Saidi, chairman of the Clean Energy Business Council (CEBC), has said. Speaking at the 10th annual CEBC summit, Dr Saidi said: “Subsidies in our part of the world are among the highest […] February 3, 2023
Opinion Next New Zealand PM must prioritise trade with Middle East New Zealand businesses in the region hope Jacinda Ardern's successor will focus on Middle East trade relations January 20, 2023
Energy UAE-UK Business Council unveils blueprint for energy transition The UAE and UK must step up co-operation on clean energy if they are to meet their decarbonisation targets, the UAE-UK Business Council has said. The council’s energy transition white paper, published on January 17, said there was “an untapped commercial opportunity to be exploited from closer collaboration between both countries in terms of developing […] January 17, 2023
Sustainability $100bn ‘a drop in the ocean’ for climate action, says Cop27 host The world still urgently needs to address the “elephant in the room” in the climate crisis, which is financing action for vulnerable developing countries, officials from Cop27 host nation Egypt said. In 2020 combined adaptation and mitigation finance flows fell at least $17 billion short of the $100 billion pledged annually to developing countries, according […] January 17, 2023
Opinion Economy Unravelling the Gulf’s energy conundrum The region gained wealth and political clout last year. Now, as the UAE prepares to host Cop28, it will be expected to find – and fund – climate solutions January 16, 2023
Economy Oman-UK trade dips but optimism remains UK trade with Oman saw a drop of 5.5 percent through the first 10 months of 2022, compared to the corresponding period the previous year, despite an overall uptick in the UK’s global trade. Latest figures available from UNComtrade, the UN Statistics Agency, up to October 2022 show total trade between the two countries reached […] January 13, 2023
Construction Top UAE university launches tender to house students Companies have been invited to bid for a new public private partnership tender to deliver the accommodation and associated facilities for 3,250 students in Abu Dhabi. The Abu Dhabi Investment Office (Adio), in collaboration with Khalifa University, launched the tender as part of a framework for expanding the role of the private sector in delivering […] January 11, 2023
EXCLUSIVE Development Emirati partners in demand despite easing of company laws The UAE’s move to introduce 100 percent company ownership has not dented demand among international companies for local Emirati partners. Before the publication of UAE Federal Decree-Law No. 26 of 2020, foreign companies could only own up to 49 percent of a UAE business, with the majority 51 percent held by a local Emirati partner. […] January 9, 2023
Opinion Sustainability Green for go as UK and UAE count down to Cop28 The environment will be a key theme as the UK and UAE look to commercialise innovations in sustainability December 26, 2022
Economy UK-GCC trade talks set to enter third phase in Riyadh A third round of negotiations for a free trade agreement between the UK and the GCC is set to take place in the Saudi capital Riyadh early next year. The talks will follow a second round of negotiations that took place in London between December 5 and 9, the UK government has revealed in a […] December 20, 2022
Infrastructure French consortium given Abu Dhabi road lighting LED project A French consortium has been selected to deliver a public private partnership project in Abu Dhabi as the region continues to mature as a hub for PPPs. The Abu Dhabi Investment Office (Adio), in collaboration with the Department of Municipalities and Transport, has selected EDF (Eléctricité de France) and Engie to deliver phase 2 of […] December 19, 2022
Opinion Development Goodbye 2022: Lessons to be learnt from a year of challenges From the coronavirus pandemic to the Russian invasion of Ukraine, the immense challenges of 2022 inform hopes and fears for the future December 16, 2022
Economy Oil and gas lift Qatar’s budget surplus past $8bn in Q3 Qatar posted a budget surplus of QR30 billion ($8.2 billion) in the third quarter of 2022, according to its Ministry of Finance. Revenues for the quarter stood at QR81.8 billion and 93 percent of the total – QR76.3 billion – came from oil and gas, the ministry announced on Tuesday, via the state-run Qatar News […] December 13, 2022
Construction Sheikh Mohammed reveals phase 2 of Dubai 2040 plan Agricultural industry, heritage preservation and the “20-minute city” concept are key planks of the second phase of the Dubai 2040 Urban Master Plan, the government said on Monday. The plan – whose first phase was published in March 2021 – sets out a strategy for Dubai’s urban development over the next two decades. It is […] December 13, 2022
Economy China signed ‘$50bn of deals’ with Gulf nations in three days China signed investment deals worth an estimated $50 billion with Gulf nations during President Xi Jinping’s three-day visit to Saudi Arabia last week. The $50 billion figure was reported by Bloomberg, citing the Saudi investment minister Khalid Bin Abdulaziz Al Falih, but details of the agreements struck during the first Arab-China summit have not been […] December 12, 2022
Opinion Energy Blame White House and Wall Street for global energy crunch The influence of radical environmentalism on the US Democrat administration and Wall Street bankers is damaging the global energy industry December 12, 2022