Development Ma’aden pairs with PIF to invest in mining assets abroad Saudi Arabian Mining Co, Ma’aden, the Gulf’s largest miner, said on Wednesday it has agreed to form a joint venture with the kingdom’s sovereign wealth fund to invest in mining assets globally. Ma’aden will own 51 percent in the venture while the Public Investment Fund (PIF) will own 49 percent. The new company’s initial paid-up […] January 11, 2023
EXCLUSIVE Development Emirati partners in demand despite easing of company laws The UAE’s move to introduce 100 percent company ownership has not dented demand among international companies for local Emirati partners. Before the publication of UAE Federal Decree-Law No. 26 of 2020, foreign companies could only own up to 49 percent of a UAE business, with the majority 51 percent held by a local Emirati partner. […] January 9, 2023
Saudi courts world’s universities to meet rising demand Rapid population growth, changing workforce needs and a preference for citizens to study in their own country is fuelling demand for higher education places in Saudi Arabia. A total of 2.8 million seats are needed by 2030, according to research by consultancy Colliers. The figure represents a 42 percent increase, or 900,000 additional places over […] December 30, 2022
Development Italy PM Meloni to bring Expo 2030 world fair to Rome Italian Prime Minister Giorgia Meloni has said she would do her best to ensure that the Expo 2030 world fair is held in Rome, even though she had little time to work on the project launched by her predecessor. “As an Italian and a Roman, I think it would be a great opportunity” to host […] December 30, 2022
Analysis Economy Less dramatic year ahead for Middle East post-Covid and oil boom era After the sugar rush of 2022, Gulf states will have to get used to less dramatic rates of growth in 2023, as economies stabilise following the immediate post-Covid period that coincided with the spillover effects from the Ukraine crisis. GCC growth averaged 6.5 percent in 2022, according to International Monetary Fund (IMF) estimates, and the […] December 28, 2022
Analysis Development 10 events that shaped the Gulf’s economies in 2022 This last year has been book-ended by two of the largest events the Gulf has ever seen: Expo 2020 Dubai and the Fifa football World Cup in Qatar, helping the region throw off the shackles of the coronavirus pandemic. Many events share a common theme, according to Andreas Krieg, associate professor at King’s College London. […] December 27, 2022
Opinion Development Roxana Mohammadian-Molina: Signposts on Saudi’s road to 2030 For UK companies doing business in Saudi Arabia and the ones that want to join them, the next year is all about Vision 2030 December 23, 2022
Analysis Sustainability Mining for profits increases foreign investment in Oman Oman is emerging as a hub for industrial minerals with dozens of mining sites covering an area of 2,000 sq km. But experts believe the sector’s true potential will be realised over the next decade. Mining is one of the Omani government’s focuses under its economic diversification programme. It has attracted interest from both foreign […] December 21, 2022
Opinion Development Creating a more even playing field for women entrepreneurs In their regular column Cherie Blair and Pembe Al Mazrouei discuss gender equality for business startups in the UAE, looking at the problems, the progress and the people December 19, 2022
Opinion Development Goodbye 2022: Lessons to be learnt from a year of challenges From the coronavirus pandemic to the Russian invasion of Ukraine, the immense challenges of 2022 inform hopes and fears for the future December 16, 2022
Development UAE group in $6bn deal to build economic zone in Sudan Sudan on Tuesday signed a preliminary agreement with a group led by the UAE’s AD Ports Group and Invictus Investment to build and operate the Abu Amama port and economic zone on the Red Sea with a $6-billion investment. The project, located about 200 km north of Port Sudan, would include an economic zone, an […] December 14, 2022
Development Bill Gates hails UAE president’s action on Covid and polio Bill Gates has praised his foundation’s partnership with Sheikh Mohamed Bin Zayed Al Nahyan, the UAE’s president, for its progress in tackling Covid-19 and polio. The philanthropist and Microsoft co-founder told an event in Abu Dhabi on Sunday: “We’ve worked with the [UAE] president on a number of things – he has been very generous […] December 13, 2022
Construction Sheikh Mohammed reveals phase 2 of Dubai 2040 plan Agricultural industry, heritage preservation and the “20-minute city” concept are key planks of the second phase of the Dubai 2040 Urban Master Plan, the government said on Monday. The plan – whose first phase was published in March 2021 – sets out a strategy for Dubai’s urban development over the next two decades. It is […] December 13, 2022
Energy Morocco mulls hydrogen energy deal with Asia’s richest man Morocco is ramping up plans to become a major producer and exporter of green hydrogen, and the investment deals reportedly on the table include with Indian billionaire Gautam Adani. Named as Asia’s richest person, Adani is the chairman and founder of Adani Group, a multinational conglomerate with interests spanning the port development, industrial, logistics, and […] December 8, 2022
Analysis Development UAE developer picks Albania for ‘Monaco of the Adriatic’ project An Abu Dhabi-based developer is playing a major role in the transformation of Albania from one of the poorest countries in Europe to a modern open market economy by creating a $2.5 billion marina. Thirty-two years after mass demonstrations by students led to the fall of communism in Albania, Eagle Hills Properties has announced the […] December 2, 2022
Development UK launches £4bn finance support to boost trade with Morocco Moroccan importers can access up to £4 billion ($4.85 billion) in trade finance to help buy goods and services from the United Kingdom, British officials announced this week. To be eligible for support from UK Export Finance (UKEF) at least 20 percent of the overall contract value for a project must be sourced from British […] November 25, 2022
Development Saudi Arabia to invest $703m to develop Darin and Tarout island Saudi Crown Prince and Prime Minister Mohammed bin Salman has approved the setting up of the Darin and Tarout Island Development Corporation with an estimated budget of SAR 2.64 billion ($702.6 million), the state-owned SPA news agency reported. The development plan for the 32-square-kilometre island in the Arabian Gulf, which is home to 120,000 people, […] November 25, 2022
Analysis Development ‘Second wave’ of wealthy Europeans moving to UAE An influx of wealthy Europeans are investing in and moving to the UAE as they face economic and political uncertainty at home, according to leading industry experts. “We’re seeing a new wave of wealthy entrepreneurs moving here,” Dubai-based Arnaud Leclercq, partner holding privé and head of new markets at Lombard Odier, told AGBI. Leclercq said […] November 24, 2022
Development Egypt awards $500m contract to build new container terminal Egypt’s Suez Canal Economic Zone (SCZONE) has signed a $500 million contract with the Suez Canal Container Company (SCCT) to establish a second container handling terminal in East Port Said, it said in a statement. The project aims to expand the existing SCCT’s container terminal at Port Said East Port, with extra length of 955 […] November 16, 2022
Opinion Development Female founder seeking an investor? Try the sisterhood Women who start their own businesses often find it difficult to attract funding from the male-dominated venture capital industry. There's another resource they can tap: other women November 15, 2022
Analysis Development Ooredoo’s PIF deal is the latest in the ‘big telco tower sell-off’ State-owned Qatari telecoms firm Ooredoo’s planned sale of nearly 20,000 towers has attracted bids from some of the biggest names in the business. American Tower Corp, IHS Holding, Helios Towers and Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), are all competing for the acquisition, according to reports by Bloomberg. The newswire cited […] November 15, 2022
Exclusive Development Cherie Blair ‘optimistic’ for Middle East entrepreneurial equality Nearly 20 years ago, Cherie Blair CBE, leading King’s Counsel and committed campaigner for women’s rights, predicted that the UAE would lead the Middle East’s drive on gender equality. Her first visit to the GCC region – during her husband Tony’s 10-year stint as British Prime Minister – was promptly followed by the appointment of […] November 14, 2022
