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
Tech Defence and tech at forefront of UAE leader’s historic US visit Defence and technology were among the key topics of discussion during UAE President Sheikh Mohamed bin Zayed Al Nahyan’s official visit to the US this week. “The strategic and enduring partnership that unites our countries is unwavering,” said Sheikh Mohamed, after what was the first meeting between sitting UAE and US presidents on American soil […] September 25, 2024
Trade Turkey and Egypt mend relationship with state visit Turkey and Egypt have moved closer to rapprochement after a decade of strained ties. Turkey’s president Recep Tayyip Erdoğan and Egypt’s president Abdel Fattah Al-Sisi signed 17 memorandums of understanding during the latter’s one-day visit to Ankara on Wednesday. Among the agreements signed were commitments to boost cooperation in finance, energy, defence and tourism. NewsletterGet […] September 5, 2024
Analysis Finance Saudi Arabia’s PIF is focused on the home advantage The value of Saudi Arabia’s sovereign wealth fund’s domestic assets under management have doubled year on year in further evidence of a strategy to focus investments in the kingdom. The AuM, referred to in the fund’s annual report as “Saudi sector development (SSD)” increased from 21 percent to 33 percent last year. The investments are […] August 20, 2024
Energy Saudi Arabia signs IAEA protocol as nuclear plans advance Saudi Arabia has inched closer to obtaining US help to develop a nuclear energy programme by signing a protocol that ensures the International Atomic Energy Agency (IAEA) has legal rights to operate inside the kingdom. However an agreement to the inspection of nuclear facilities by the Vienna-based supervisory body, including a protocol that would allow […] August 9, 2024
Trade Oil export dip fails to dent Saudi trade with China China is holding up as Saudi Arabia’s main trading partner – even after a fall in crude oil exports in the first half of the year that led to an Aramco price cut, which takes effect this month. The latest international trade bulletin from the General Authority for Statistics says China accounted for 16.6 percent […] July 1, 2024
Aviation Brazil’s Embraer woos Saudi Arabia for military plane deal Saudi Arabia is in “early engagement” with Brazilian planemaker Embraer over a deal to replace its ageing fleet of military transport aircraft. Embraer is touting its C-390 Millennium transport plane as the ideal replacement for the kingdom’s Lockheed Martin C-130 Hercules aircraft. Embraer Defense & Security’s CEO João Bosco da Costa Junior told reporters: “They […] June 19, 2024
Tech Yahsat appoints Airbus to build $1.1bn new satellites Al Yah Satellite Communications Company, known as Yahsat, has appointed a unit of US-headquartered Airbus Group to manufacture its two new geostationary telecommunications satellites. The company initially authorised Airbus Defence and Space to commence activities on the Al Yah 4 (AY4) and Al Yah 5 (AY5) satellite programme in the second quarter of 2023. NewsletterGet the Best […] June 10, 2024
Aviation Chinese planemaker banned by US woos Saudi airlines The boss of a leading Chinese planemaker arrived in Saudi Arabia this week to pitch his aircraft just as the United States said it was close to finalising a defence agreement with Riyadh that is meant to limit its trade links with China. Dongfeng He, chairman of Comac, the Commercial Aircraft Corporation of China, wants […] May 24, 2024
Trade Saudi Arabia ‘close’ to US defence pact and arms deal Saudi Arabia could be close to a security pact with the United States that would enable the kingdom to buy arms, potentially including the sought-after F-35 fighter jet, and obtain some form of US defence guarantee, White House officials said this week. John Kirby, the president’s national security spokesperson, said on May 20 that the […] May 23, 2024
Manufacturing UAE-Italian venture wins $434m deal for naval vessels A joint venture between UAE’s state-owned defence company Edge Group and Italy’s Fincantieri will build a shipbuilding facility for advanced naval vessels in Abu Dhabi. The new venture, Maestral, has secured a large order from the UAE Coast Guard Forces for 10 advanced 51-metre offshore patrol vessels (OPVs) worth €400 million ($434 million). NewsletterGet the Best […] May 21, 2024
Industry UAE’s Edge Group buys stake in tear gas manufacturer The UAE’s state-owned defence company Edge Group has acquired 51 percent of a Brazilian company which specialises in the manufacture of non-lethal technologies (NLT) such as tear gas and rubber bullets. Condor Non-Lethal Technologies (Condor) has presence in more than 85 countries and is the world’s largest producer of tear gas and related products for […] May 2, 2024
Trade UAE-Estonia trade grows around tech collaboration The digital economy is expected to be at the forefront of trade between the UAE and Estonia as the former Soviet state positions itself to become a European centre for deep tech projects. Officials from both countries met on Saturday in Abu Dhabi, with artificial intelligence and health tech highlighted as areas for greater collaboration. […] April 30, 2024
Economy Saudi Arabia world’s fifth biggest arms buyer in 2023 Saudi Arabia remains the world’s fifth largest arms buyer, according to the Stockholm International Peace Research Institute. The think tank’s latest report said that Saudi Arabia spent $76 billion on arms in 2023, a 4 percent increase on the previous year, making it the biggest spender after the US, China, Russia and India. The kingdom’s […] April 23, 2024
Trade Israel’s trade with Arab countries up 16% in 2023 Trade between Israel and the seven Arab countries that have normalised relations with the Jewish state broke records in 2023, exceeding $4 billion, up 16 percent from 2022, according to a report. Bilateral trade among the nations decreased by only 4 percent following the outbreak of the war in Gaza in October, from $937 million […] April 5, 2024
Tech Abu Dhabi’s E7 signs international security contracts An Abu Dhabi printing and security provider has signed contracts to supply identity cards and driving licences to three countries in Africa and Latin America. E7 Group said in an ADX bourse filing on March 26 that it had signed contracts valued at AED 13 million ($3.5 million) to manufacture and supply the identification cards […] March 26, 2024
Trade US approves $2bn military order for Bahrain The US has approved a $2 billion order from Bahrain for advanced battle tanks and other military equipment as the kingdom continues to ramp up its defence spending. Although the deal is still to be ratified by Congress, the US State Department revealed it is ready to sell 50 M1A2 Abrams tanks to Bahrain, which […] March 22, 2024
Energy Masdar to build solar plants for UAE defence ministry Abu Dhabi’s clean energy giant Masdar and the UAE defence ministry have agreed to develop multi-solar plants across Abu Dhabi. Emerge, a joint venture between Masdar and France’s EDF Group, will provide a full turnkey solution for the projects for 25 years, including finance, design, procurement, construction, operations, and maintenance. No other project details were […] March 8, 2024
Industry UAE’s Edge sets up venture with Italian shipbuilder The UAE’s state-owned defence company Edge Group and the Italian shipbuilding company Fincantieri have agreed to launch a new venture to manufacture naval vessels. Edge will hold a 51 percent stake in the venture, which has a commercial pipeline worth nearly €30 billion ($32 billion). Fincantieri will manage the new entity. The Abu Dhabi-based joint venture […] February 22, 2024
Trade Turkey targets $30bn trade with Saudi Arabia Turkey intends to increase its trade volume with Saudi Arabia to $30 billion, according to a local media report. Bilateral trade between the two countries reached $6.8 billion in 2023, with investments from Saudi companies making up $2 billion of the total, Daily Sabah reported, citing Turkey’s vice president Cevdet Yılmaz. “We believe investments can […] February 16, 2024
Manufacturing China and Russia beaten by South Korea at Riyadh arms show China and Russia displayed their wares and Iranian officials toured the exhibits, but South Korea took the top prize at the Riyadh arms show. Saudi Arabia’s second World Defense Show, held in Riyadh this week, was a stark indicator of a military procurement strategy that is not only relying more on local manufacture, but also […] February 9, 2024
