Economy Turkey signs $50bn deals with UAE to revive economy The UAE and Turkey have signed deals estimated at $50.7 billion during a visit by President Tayyip Erdoğan to Abu Dhabi. Erdoğan and UAE President Mohamed Bin Zayed Al Nahyan attended the signing ceremony of the agreements, including an extradition accord, energy and natural resources development, space and defence cooperation, the UAE state-run Wam news […] July 20, 2023
Trade Saudi and Turkey strengthen energy and defence ties Saudi Arabia and Turkey have signed energy and defence agreements with plans to boost direct investments and build on bilateral trade worth over $6 billion last year. Turkey’s President Tayyip Erdoğan and Saudi Crown Prince Mohammed bin Salman were present as the agreements were signed, state-run Saudi Press Agency reported. The deals included two contracts […] July 18, 2023
Analysis Trade Defence giant leads UAE charge into Latin America UAE defence conglomerate Edge has partnered with the Brazilian navy to develop long-range anti-ship missiles, weeks after opening a new regional office in the federal capital, Brasilia. The deal, described as a “significant milestone” by Mansour AlMulla, managing director and CEO of Edge, was signed during the visit of a delegation led by Reem bint […] July 10, 2023
Tech Saudi Arabia makes move on Estonia’s tech industry Saudi Arabia has signed multiple deals with companies in Estonia as it tries to tap into the European country’s tech industry. Five memoranda of understanding and cooperation agreements across trade, technology and entrepreneurship have been negotiated by Saudi’s Ministry of Investment. A Saudi-Estonian business council is also planned under an agreement between the Federation of […] July 5, 2023
Banking & Finance Gulf sees potential in Turkish energy and defence Saudi Arabia and the UAE will invest in the Turkish defence and energy sectors, new reports citing identified sources suggest. If the Reuters report is accurate, the expected investments reflect a growing closeness between Turkey and the longstanding Gulf allies. Gulf support could be vital for Turkey, which is struggling with soaring inflation, a collapse […] June 22, 2023
Transport Airbus to build helicopters in Saudi Arabia Saudi Arabia has signed a $6.7 billion deal with European aviation giant Airbus to manufacture civilian and military helicopters in the kingdom. In its latest step to develop a homegrown defence industry, state-owned military contractor Scopa and Airbus will build a Saudi factory to make the aircraft, Reuters and Bloomberg reported, citing a television interview […] June 19, 2023
Tech UAE’s Edge buys majority stake in Jordan robotics firm UAE’s technology and defence firm Edge Group has acquired an 80 percent stake in Mars Robotics, an autonomous robotics services provider in Jordan. Mars Robotics will work with Edge’s advanced concepts, focusing on design, development, and deployment of advanced and innovative technologies. Mansour Al Mulla, managing director and CEO of Edge, said: “As we rapidly […] May 24, 2023
Economy UAE cancels $880m Airbus H225M helicopter deal The UAE has cancelled an €800 million ($880.6 million) contract to procure 12 H225M caracal multirole helicopters. “We recently terminated a contract with Airbus Helicopters to purchase H225 helicopters,” Muammar Abdulla Abushehab, sector chief, defence and security industrial affairs of Tawazun Council, UAE’s defence and security acquisitions authority told Breaking Defense magazine. The official said the cancellation was based on […] May 10, 2023
Analysis Manufacturing UAE and Saudi Arabia race to develop defence industries Saudi Arabia and the UAE are spending big to develop homegrown defence industries. The two governments aim to reduce their reliance on foreign arms and equipment manufacturers by partnering with some of their own top suppliers to nurture local expertise and capabilities. Relative to the size of their economies, Middle Eastern countries are among the […] May 1, 2023
Analysis Economy Middle East military spend shoots up after Saudi splurge A surprise hike in Saudi Arabia’s defence budget combined with higher spending by Qatar and the UAE contributed to an increase in total military spending in the Middle East in 2022, after years of contraction. Two specialist think tanks that made this observation believe the trend is set to persist as steady oil prices support […] April 27, 2023
Tech Brazil now has the Edge in defence technology Technology and defence giant Edge Group is opening a new regional office in Brazil’s federal capital, Brasilia. The office is part of Abu Dhabi-based Edge’s plans to take advantage of opportunities in local markets as experts expect defence spending in Brazil to increase to nearly $25 billion this year. The announcement was made at LAAD […] April 12, 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
UAE defence giant buys stake in Estonian robotics firm Technology and defence giant Edge Group has bought a majority stake in Estonia’s Milrem Robotics, a leading European developer of autonomous systems. The transaction is the largest foreign investment in Estonia’s growing defence industry and will see Milrem Robotics join Abu Dhabi-based Edge as a new entity within its platforms and systems cluster. Established in […] February 15, 2023
Tech Venture fund to invest in Israel’s ‘new space’ industry Earth & Beyond Ventures, a new early-stage venture fund investing in Israel’s emerging commercial space ecosystem, has launched with commitments of $125 million to leverage Israel’s expertise in deeptech, aerospace, and satellite engineering. The fund is backed by manufacturer and Nasa supplier Corning Inc, Japanese electronics giant Kyocera Corp, Israeli satellite firm SpaceCom and Samtec, […] February 10, 2023
Analysis Korea prospects high as President Yoon courts GCC free trade deal Negotiations are continuing on a free trade deal with GCC countries which will make “enormous contributions” to expanding relations, South Korea’s President Yoon Suk Yeol has said. “I hope that the Korea-GCC FTA will become a forward-looking agreement that contributes to our two countries’ joint endeavours of responding to new challenges including climate change, supply […] January 24, 2023
Analysis Manufacturing UK deal targets bigger share of $130bn Saudi defence spend The UK has signed a new agreement with Saudi Arabia to enhance bilateral defence and security cooperation as it looks to rebound from falling export sales in 2021. Ben Wallace, secretary of state for defence met Prince Khalid Bin Salman, the minister for defence of Saudi Arabia, in London on Tuesday and welcomed the signing […] December 15, 2022
Energy UAE fuel prices rise nearly 10% in November 2022 Fuel prices have increased in the UAE this month (November 2022), state-owned Emirates General Petroleum (Emarat) said in a tweet. Prices of Super 98 rose 9.6 percent to AED3.32 ($0.90) from AED3.03 in October. Special 95 jumped 9.6 percent to AED3.20 from AED2.92, while E-plus 91 increased nearly 10 percent to AED3.13 from AED2.85 in October. Diesel prices edged up 6.6 percent […] November 1, 2022
Analysis Energy Emerging ‘consequences’ of the US-Gulf fallout over OPEC’s cuts OPEC+’s announcement last week of a two million barrel per day (bpd) production cut from November has rocked already fragile US-Gulf relations. Joe Biden pledged that “there will be consequences” for Saudi Arabia in the same week that the UAE president flew to Moscow to meet Vladimir Putin. In response to Biden’s threat of retaliation, […] October 13, 2022
Economy Saudi Crown Prince Mohammed bin Salman named prime minister Saudi King Salman has appointed Crown Prince Mohammed bin Salman as prime minister as part of a cabinet reshuffle, state-owned SPA news agency reported. As part of the reshuffle, Prince Khalid bin Salman will become defence minister, while Yousef bin Abdullah Al-Bunyan was named education minister. The ministers retaining their positions are the energy minister Prince […] September 28, 2022
Aviation Russian flight prices to Dubai soar as Putin orders army call-up One-way ticket prices to Dubai from Russia have skyrocketed after President Vladimir Putin ordered the immediate call-up of 300,000 reservists. Flights to Dubai cost more than 300,000 roubles ($5,000), nearly five times the average monthly wage, Reuters reported. Direct flights from Moscow to Istanbul, Turkey and Yerevan, Armenia, which allow visa-free entry, were sold out […] September 22, 2022
Analysis Biden Middle East The road from Jeddah: US and Saudi set out their 19 priorities Clean energy, investment deals and space exploration are at the heart of the Jeddah communiqué – the partnership agreement issued by the US and Saudi governments after President Joe Biden’s meeting with King Salman and Crown Prince Mohammed bin Salman. Among the agreements reached during the president’s visit on July 15 and 16 was a […] July 18, 2022
Analysis People & Lifestyle Security is what MbS wants most of all from Washington As the architect of Saudi Vision 2030, Crown Prince Mohammed bin Salman quickly won plaudits the world over as a great moderniser and the face of reform in the kingdom. But the killing of Washington Post columnist Jamal Khashoggi in 2018 complicated matters. Shunned by many leaders – both political and business – MbS has […] July 8, 2022
