Economy UAE’s $100m leads climate disaster fund Cop28 pledges Negotiators at Cop28 in Dubai struck the first deal of the summit on Thursday evening, officially agreeing to set up a fund to help vulnerable countries recover from damage caused by climate change. The plan to create a United Nations-led “loss and damage” fund was hailed as a breakthrough for negotiations at Cop27 in Egypt […] November 30, 2023
EXCLUSIVE Sustainability Opec Fund piles up financing for wheat, wind and water The Opec Fund for International Development is on track to meet its pledges to increase grants and loans to climate-related projects, its Middle East and North Africa head has told AGBI. Musab Alomar, the fund’s director of public sector operations for Mena, said climate financing made up 33 percent of all Opec Fund approvals in […] November 30, 2023
Opinion Sustainability Africa should be a prime focus for Cop28 policymakers The continent's climate needs mean it should be seen as a special case November 27, 2023
Video length: 06:55 Development Foreign investment flows to Saudi Arabia suffer drop Foreign direct investment to Saudi Arabia in the second quarter of 2023 stood at SAR6.2 billion ($1.65 billion), 21 percent down from the previous year and at a three-year low, a report said this week. The figures, published by Saudi business news site Argaam and based on ministry of investment data, showed investment down from […] November 22, 2023
Development Saudi Arabia to invest $500m in African development Saudi Arabia is to sign agreements worth more than SAR2 billion ($533 million) with African nations to invest in development projects and help boost “Africa’s voice” in international affairs. “Today we’ll witness the signing of agreements between the Saudi Fund for Development and a number of African countries for projects exceeding 2 billion riyals,” the […] November 9, 2023
Opinion Sustainability Loss, damage and Cop28’s multi-trillion-dollar challenge There is a body of opinion in the Middle East that the loss and damage concept is not fit for purpose November 6, 2023
Economy China injects $956m into Egypt’s central bank The China Development Bank (CDB) has injected ¥7 billion ($956 million) into Egypt’s central bank to help finance projects agreed upon during the third Belt and Road Initiative (BRI) summit last month. The funds are part of a loan agreement signed during the summit in Beijing, as well as the nine programmes outlined in 2021’s […] November 3, 2023
Construction Appeal court green lights Drake & Scull restructure Dubai’s court of appeal has approved a plan to restructure the troubled Dubai construction contractor Drake & Scull International (DSI). In what has been a lengthy battle through the courts, a previous verdict had called for the company to be placed into liquidation. This has now been overruled, and the court has given DSI one […] November 2, 2023
Finance Rich nations can’t pay for entire world, says hedge fund guru The founder of the world’s largest hedge fund has told a UN investment conference that the governments of developed countries cannot be expected to take care of the rest of the world. Ray Dalio of Bridgewater Associates, the US-based fund with $124 billion of assets under management, said those nations’ financial burdens were too big […] October 17, 2023
Development Saudi Arabia to begin preparing Vision 2040 Saudi Arabia is to begin working on the next phase of its economic diversification plan known as Vision 2030 and hopes to unveil its Vision 2040 as early as 2027, Crown Prince Mohammed bin Salman said in an interview this week. “Today we’re trying to close a few things, we’re aiming to close in the […] September 22, 2023
Analysis Trade New Middle East members expand Brics reach Four Middle East countries are to join the Brics bloc of developing countries, bridging regional political divides and signaling increased Chinese influence around the world. The new memberships of Saudi Arabia, Iran, the United Arab Emirates and Egypt, as well as those of Argentina and Ethiopia, will be effective from 2024. The decision to add […] August 24, 2023
Development Russia says expansion will strengthen Brics Russia said on Thursday that the Brics group of countries would be strengthened by adding new members, in its most explicit endorsement yet of the idea of expansion. The Brics group of emerging economies currently comprises Brazil, Russia, India, China and South Africa. Moscow sees the group as an increasingly important and influential counterweight in […] August 4, 2023
Development Qatar’s Ooredoo profit rises 26% to $228m in Q2 Qatari telecom company Ooredoo reported a net profit of QAR831 million ($228 million) in the second quarter of 2023. This is an increase of 26 percent compared to a year earlier. Revenue for the second quarter rose four percent year on year to QAR5.77 billion, the telecom company said in a statement. The net profit […] July 31, 2023
Development Saudi venture buys 10% of world’s largest copper maker Manara Minerals, a joint venture between Saudi Arabian Mining Co (Ma’aden) and the sovereign Public Investment Fund (PIF), will acquire a stake in Brazilian miner Vale’s subsidiary. Manara Minerals will buy 10 percent of Vale Base Metals Limited (VBM), while US investment firm Engine No. 1 will acquire three percent. The two agreements are worth […] July 28, 2023
Banking & Finance PIF seeks $5bn investments in Oman Saudi Arabia’s sovereign wealth fund, PIF, has signed a memorandum of understanding with its Omani counterpart to seek out investments in Oman worth $5 billion. The agreement aims to support the expansion of investment and cooperation between PIF and its portfolio companies with the Oman Investment Authority (OIA), said a PIF announcement on Thursday. The […] July 27, 2023
Development Global firms tour new Saudi mining sites A group of local and global companies took part in a tour to explore the geological potential of a number of sites in Saudi Arabia, ahead of the next round of bids for new mining licenses. The kingdom’s ministry of industry and mineral resources said it expects to receive proposals from qualified bidders for the […] July 20, 2023
Video length: 03:19 VIDEO Employment 60% of young Arabs want to emigrate, survey finds High unemployment rates, conflict and lack of strong government policies in North Africa and the Levant are making young Arabs want to emigrate, the latest edition of the Arab Youth Survey has found. At 26 percent, the region has the highest unemployment rate in the world. As a result, 60 percent of young Arabs want […] July 19, 2023
Exclusive Development Dubai arbitration centre aims high as caseloads surge Dubai International Arbitration Centre (DIAC) aims to become the top global destination for settling corporate disputes after the revamped institution reported a six-fold rise in the value of cases filed there last year. Before the creation of DIAC in 2004, arbitration in the emirate was conducted mostly through a division of Dubai Chamber of Commerce […] July 18, 2023
Development Egypt explores plans for new free zones Egypt is weighing plans to build three new free zones to stimulate foreign direct investments, according to Prime Minister Mostafa Madbouly. The new free zones will be established in Alexandria, the 10th of Ramadan and the 6th of October cities, Ahram Online reported, citing an official statement. No project or cost details were given on […] July 17, 2023
Development Saudi Arabia awards new gold exploration licence Saudi Arabia’s ministry of industry and mineral resources has awarded a gold exploration licence to Almasane Alkobra Mining Company (Amak). The licence, which is valid until May 19 2028, covers an area of 78 sq km in Najran province in the south of the country, the Saudi Exchange-listed mining firm said in a statement. The […] July 14, 2023
Development Saudi special economic zone plot sold for $98m The master developer of King Abdullah Economic City has announced a land sale worth SAR367 million ($98 million) as Saudi Arabia presses on with plans to create further economic zones in the kingdom. Emaar The Economic City, which is listed on Tadawul, said in a filing to the Saudi stock exchange that it has sold […] July 3, 2023
Development Oman signs concession pact for potash ore mining Oman’s ministry of energy and minerals has signed a concession agreement for the exploration and mining of potash ore with local firm Sinbad Mining Resources Company. The concession area (No. 53-A) is located in the swamp area of Umm Assameem, state-owned Oman News Agency reported. The ministry announced in March that it is working on […] June 28, 2023
