Defence UAE agrees $6bn in military equipment contracts The UAE signed contracts worth more than AED23 billion ($6.3 billion) for military equipment and defence this week, wrapping up the Middle East’s largest defence exhibition in Abu Dhabi. It also further expanded its supplier base beyond its traditional US partners and encouraged local manufacturing. Though no contracts were signed with Israel – with which […] February 21, 2025
Sustainability Turkey receives climate funding from Beijing agency Turkey has secured a $5 billion investment commitment from the Asian Infrastructure Investment Bank (AIIB), a Beijing-based multilateral funding agency, to support its long-term climate strategy. Turkish finance minister Mehmet Simsek and AIIB president Jin Liqun signed a memorandum of understanding for the investment programme, at a conference in Saudi Arabia, the bank said. The programme […] February 18, 2025
Aviation UAE begins mapping corridors for air taxis and cargo drones The UAE has started mapping air corridors and preparing the regulatory framework to allow piloted and autonomous air taxis and cargo drones to take to the skies. The General Civil Aviation Authority and two entities from the Advanced Technology Research Council – Technology Innovation Institute and Aspire – will map out the routes and rules […] February 14, 2025
Economy Spending pushes Saudi fiscal deficit to $31bn in 2024 Saudi Arabia’s fiscal deficit reached SAR116 billion ($31 billion) in 2024, driven by a 6 percent rise in expenditure, according to the ministry of finance. The deficit was in line with revised predictions made in September but roughly 50 percent higher than the SAR79 billion ($21 billion) projected at the start of the fiscal year. […] February 14, 2025
Trade Turkey and Pakistan target $5bn bilateral trade Turkey and Pakistan plan to increase bilateral trade to TL180.5 billion ($5 billion) after it rose 30 percent year on year to $1.4 billion in 2024. “The bilateral trade volume between Turkey and Pakistan reached its highest level in 2024,” Daily Sabah newspaper reported, quoting President Tayyip Erdoğan’s speech at a business forum in Islamabad. […] February 14, 2025
Aviation Abu Dhabi-backed Archer to develop hybrid defence aircraft Archer Aviation, the California-based air taxi operator, has raised $300 million in a new funding round that involved institutional investors including funds and accounts managed by BlackRock. Archer, which describes itself as an electric vertical take-off and landing (eVTOL) developer, said the capital raise will accelerate the development of its aircraft and a new defence […] February 13, 2025
Manufacturing Top Turkish defence firm to build drones in Indonesia Baykar, a leading defence supplier based in Turkey, has signed a deal with the Jakarta-based defence company Republikorp to build a drone manufacturing plant in Indonesia, according to a local newspaper. The deal was among several agreements signed during President Tayyip Erdoğan’s visit to Indonesia, media reports said. Baykar, a private Turkish defence company chaired […] February 13, 2025
Trade Edge Group invests in Israeli defence supplier UAE state-owned defence conglomerate Edge Group has bought a 30 percent stake in Israeli military supplier Thirdeye Systems for $10 million. The deal is a rare public investment by an Emirati company in Israel since the Gaza war began 15 months ago. Edge will also put an additional $12 million into a new, majority Edge-owned […] January 29, 2025
Economy Saudi Arabia in talks for $6bn Turkish arms deal Turkey expects to strike a $6 billion agreement with Saudi Arabia for the sale of warships, tanks and missiles. The deal may include Saudi Arabia joining Turkey’s fighter jet development project, which could be signed during the visit of President Tayyip Erdoğan to the kingdom in March, Bloomberg reported, citing unnamed officials. Ankara aims to […] January 28, 2025
Giga-projects Italian insurer guarantees $3bn Saudi giga-project loan Sace, an Italian state-owned insurance company, has guaranteed a multi-currency loan of $3 billion provided by nine international banks to support projects in Neom, Saudi Arabia’s $500 billion giga-project. The announcement coincided with an official visit by Italian prime minister Giorgia Meloni to Saudi Arabia, where she and Crown Prince Mohammed bin Salman signed an […] January 27, 2025
Economy Opec oil cuts add to economy decline in Kuwait The economy of Kuwait shrank by about 4 percent year on year in the third quarter of 2024 because of Opec oil production cuts and under-performance in parts of the non-oil sector. However, the economy is expected to rebound through 2025, a report by the Kuwait Statistical Bureau said. Lower production caused the oil sector […] January 17, 2025
Economy Saudi Arabia estimates 2025 budget funding at $37bn Saudi Arabia will need estimated funding of SAR139 billion ($37.02 billion) in 2025 to cover the potential budget deficit. Finance minister Mohammed Al Jadaan has approved the borrowing plan, the National Debt Management Cente said in a statement. The ministry anticipates a budget deficit of SAR101 billion for the year, with nearly SAR38 billion of […] January 6, 2025
Analysis Oil & Gas Assad’s fall spurs calls to revive Iraq-Syria oil pipeline The overthrow of the former Syrian president, Bashar Al-Assad, has brought calls for the revival of the now-defunct pipeline that once carried crude oil from Iraq to a Syrian port on the Mediterranean. Several Iraqi experts have urged their government to consider rebuilding the facility as an outlet for the Opec member’s oil exports to […] January 3, 2025
Oil & Gas Conflict hampering Mediterranean operations, says Chevron CEO US energy major Chevron has struggled to keep natural gas production online in the Eastern Mediterranean during the conflict in the Middle East, according to its chairman and chief executive Mike Wirth. Chevron is the largest producer of natural gas for Israel, in particular through two “large” offshore platforms, Tamar and Leviathan, that also supply […] December 12, 2024
Trade UAE expected to sign trade deal with Mercosur bloc next year The UAE is expected to sign a comprehensive economic partnership agreement with the Mercosur bloc of South American countries next year, senior officials have said. The UAE and Brazil announced that talks about a Cepa were progressing, following a third round of negotiations last month in Uruguay. The talks started late last year and continued […] December 11, 2024
Manufacturing Turkish arms exports up 19% year on year Turkish defence companies have posted another record-breaking year for exports, with a 19 percent increase year on year and sales to 178 countries. Sales from January to November this year have already eclipsed 2023’s total of arms and equipment shipments to overseas clients, reflecting the arms industry’s technical developments and broader product range. Defence and […] December 5, 2024
Finance IHC stands by Adani investments despite US indictment Abu Dhabi’s International Holding Company (IHC) is standing firm on its outlook for investments in the Adani Group despite an indictment against its billionaire owner Gautam Adani and seven others in the US. The conglomerate, led by its chair and the UAE’s national security adviser Sheikh Tahnoon bin Zayed Al Nahyan, has been one of […] November 28, 2024
Construction US charges billionaire Gautam Adani in $265m bribery case US prosecutors have indicted Indian billionaire Gautam Adani and seven others, including his nephew Sagar Adani, in connection with an alleged $265 million bribery scheme tied to India’s largest solar power project. Adani has extensive business interests in the Arabian Gulf. The indictment, unsealed in New York on Wednesday, accuses the Adanis and Vneet Jaain, […] November 21, 2024
Manufacturing Anti-drone radar deal signed by Qatar and Italy’s Fincantieri A company owned by Qatar’s Ministry of Defence has signed an agreement with the Italian shipbuilding company Fincantieri for the joint development of a short-range anti-drone radar programme. The deal between Fincantieri and Barzan Holdings is worth about €100 million ($109 million), excluding the support, training and maintenance services linked to the radars, Reuters reported. The […] October 24, 2024
Industry Morocco plans to increase its military spending in budget Morocco is planning to increase its military spending by 6 percent next year, as it looks to improve national security and modernise its local capabilities. The defence budget in Morocco’s 2025 Finance Law will be MAD133 billion ($13.4 billion), an increase on the MAD124 billion in the current year’s budget. The Minister of Economy and […] October 23, 2024
Economy Turkey ramps up taxes to spend on defence tech Turkey’s government has proposed a raft of taxes on everything from credit cards to watches in order to fund increased spending on defence research and development. The ruling Justice and Development Party tabled draft legislation for the levies with parliament’s finance committee on October 11. In recent years Turkey has made a priority of developing its […] October 15, 2024
Manufacturing Tata signs deal with Morocco to build armoured vehicles Morocco’s Department of Defence and India’s Tata Group have signed an agreement to build armoured combat vehicles in the North African country. Under the agreement, Tata Advanced Systems, a subsidiary of the Indian conglomerate, will produce Tata’s WhAP 8×8 wheeled amphibious armoured platform in Morocco. The project is expected to create 90 direct jobs and […] October 1, 2024
