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Outdoors, Water, Waterfront

France’s Engie sees UAE investments grow to $12bn

French energy company Engie has invested $12 billion (AED44 billion) in energy, water desalination and green hydrogen projects in the UAE. The investments are across several strategic projects, Frederic Claux, managing director flexible generation and retail, Africa Middle East Asia at Engie, told the UAE state-run WAM news agency. The projects include Al Ajban solar PV, water […]

Saudi Italy GCC

Italy woos Saudi and other Gulf nations in trade drive

Italy is courting Saudi Arabia to invest in a new fund, as the European country increasingly turns to the GCC to boost trade and investment volumes. Industry minister Adolfo Urso said Saudi was ready for further investments following a video call with the kingdom’s investment minister, Khalid Al Falih. Italy’s prime minister Giorgia Meloni plans […]

UAE finance minister Abdullah bin Touq Al Marri held talks with Moroccan officials including investment minister Mohcine Jazouli

UAE and Morocco form taskforce to double trade by 2030

The UAE and Morocco are aiming to double bilateral trade and investment volumes over the next seven years. The two countries are forming a taskforce to build on their AED3.6 billion ($991 million) non-oil foreign trade last year, which was up 16 percent from 2021 and more than two-thirds higher than 2020. The UAE is […]

Zain Sudan

Zain Sudan faces revenue hit amid worsening civil unrest  

Zain Sudan, the country’s leading mobile operator, has suffered a hit to its revenue as a result of the spiralling conflict in Africa’s third-largest country, a spokesman told AGBI on Thursday. Internecine fighting between two factions of Sudan’s military began in mid-April. More than 500 people have been killed and nearly 440,000 people displaced, the […]

Sudan telco network still up despite escalating conflict

Despite electricity outages and fuel shortages in heavily contested parts of Sudan, the telecom network of the country’s top mobile operator remains functional in most areas, a spokesman for the company’s parent firm told AGBI. Zain Sudan, which is wholly owned by Kuwait’s Zain group, had 16.4 million subscribers and a 48 percent market share […]

Architecture, Building, Office Building

Abu Dhabi free zone sees two-fold jump in leases

Abu Dhabi Airports Free Zone (ADAFZ), a subsidiary of Abu Dhabi Airports, registered a two-fold increase in leased-out spaces and properties in 2022. The free zone signed contracts for 163,580 sq m of space across Abu Dhabi International, Al Ain International and Al Bateen Executive airports, state-run WAM news agency reported. Properties included commercial spaces, […]

Saudi King Salman bin Abdulaziz has been invited to visit Iran

Iran invites Saudi king to visit Tehran

Iran has invited Saudi Arabia’s king to visit the country after the regional rivals agreed to end years of hostility following a China-brokered agreement in March. King Salman bin Abdulaziz Al Saud was officially invited to Tehran, the Iranian Foreign Ministry said in a TV news conference, Reuters reported. The talks in Beijing followed by […]

Mining, Person, Outdoors

Saudi Arabia shortlists 13 bidders for two mining sites 

Saudi Arabia’s Ministry of Industry and Mineral Resources has shortlisted 13 local and international companies for the second licensing stage of the Muhaddad and Ar Ridaniyah exploration sites.  The Muhaddad exploration site, located in Bisha within the Asir geological terrane, covers 139 sq km and includes copper, zinc and lead ores deposits, the ministry said in a […]

People, Person, Man

Gulf donors contribute a third of non-profit Spark’s funding

GCC donors account for more than one-third of funding for Spark, a non-profit international development organisation that supports startups in fragile and conflict-affected countries in Mena.  “The GCC is our second-largest source of funds owing to a mix of state donors, philanthropic foundations, charitable organisations and Zakat,” Spark’s founder and CEO, Yannick du Pont, told […]

terminal, boats, sea, cranes

PIF-backed Oman infrastructure fund raises $1 billion

Omani infrastructure investor Rakiza, which is backed by Saudi Arabia’s PIF, has closed its first fund, raising more than $1 billion from participants.  Rakiza has already spent a quarter of this money in buying three Omani assets – a 30 percent stake in a telecom tower portfolio, 31 percent of a Port Sohar container terminal […]

GCC metro push could bring a $700bn economic boost

Investing an extra $220 billion into GCC metro systems could lead to $700 billion worth of benefits over 20 years, according to experts, as the region seeks transport solutions to meet demand from rising populations. Growing populations, ambitious economic growth goals, new expectations for commute times and plans to improve quality of life are all […]

Abu Dhabi sets up new company to develop transport systems

Abu Dhabi will set up a new company to develop and operate transport systems in its rural and urban areas. Abu Dhabi Transport Company will develop rail systems and all other related services and operations. It will provide integrated transport services, including the rental of vehicles and buses, the UAE’s state-run WAM news agency reported. […]

Road, Cliff, Nature

Oman to spend $2.6bn to build road infrastructure

The estimated cost of road projects in Oman stands at OR1 billion ($2.6 billion) for 2023, its minister of transport, communications and information technology Said bin Hamoud Al Maawali has said. The ministry will focus on completing and constructing strategic road projects, boosting road efficiency and rehabilitation. Khamis bin Mohammed Al Shamakhi, under-secretary for transport, […]

Saudi women entering the workforce tend to have higher educational qualifications than their male counterparts, suggesting they may secure well-paid jobs

Growing female workforce helps drive Saudi economy

Saudi Arabia’s non-oil economy is forecast to grow by more than 5 percent this year, driven in part by an influx of women joining the country’s workforce. Expansion of the female labour force has been described as “one of the stand-out successes” of the kingdom’s Vision 2030 programme and shows no signs of slowing.  The […]

Ukraine Saudi

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 […]

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 […]

Turkey begins to rebuild homes following devastating quakes

Turkey has begun work to rebuild homes following this month’s devastating earthquakes, a government official said on Friday, as the combined death count in Turkey and Syria surpassed 50,000. More than 160,000 buildings containing 520,000 apartments collapsed or were severely damaged in the February 6 earthquakes that killed tens of thousands in Turkey and neighbouring Syria. […]

Factory, Building, Architecture

Southeast Asian investors flocking to Gulf to deploy capital

A growing number of businesses from the Association of Southeast Asian Nations (Asean) are investing and expected to set up operations in the GCC to capitalise on deepening trade links. Freddie Neve, senior Middle East associate at UK-based think tank Asia House, said that rapidly expanding ties between the Gulf and emerging economies in Asia […]

Mohamed Saif Al Suwaidi, director general of the Abu Dhabi fund, visits an agricultural business in KIZAD

Abu Dhabi and World Bank unit to invest $1.5bn in emerging markets

Abu Dhabi and a World Bank subsidiary have agreed to invest up to $1.5 billion in sustainable private sector-led projects in emerging markets. Under the memorandum of co-operation, which was signed at the World Government Summit in Dubai on Tuesday, the Abu Dhabi Fund for Development and the World Bank’s IFC (International Finance Corporation) will […]

Flare, Light, Factory

Iran seeks global investors for $200bn worth of projects

Iran is undertaking projects worth $200 billion and seeking the participation of global investors, Ahmad Asadzadeh, Iran’s deputy minister for international affairs, said at the India Energy Week conference on Wednesday. He said many of the projects were related to climate change issues, such as gas flaring, as well as improving oil recovery and security […]