Development Australia to invest $164m in critical minerals sector Australia’s resource-rich state of Queensland on Tuesday said it would spend A$245 million ($164 million) to help expand its critical minerals sector, and take steps to lure investments and cut rents on mining exploration leases. Australia has ramped up funding for critical minerals projects, which are essential to smart technology and clean energy. But the […] June 27, 2023
Development Saudi Arabia to invest $320m rebuilding Yemen Saudi Arabia will invest SAR1.2 billion ($320 million) to help rebuild war-battered Yemen, the state-owned Saudi Press Agency announced on Sunday. The kingdom has launched a package of 20 development projects in Yemen’s Hadramawt province, which form part of the kingdom’s “continuous economic and development support for the country,” the Saudi ambassador to Yemen, Mohammed […] June 26, 2023
Economy Saudi execs’ sentiment soars despite Q1 earnings slump Sentiment among senior executives at listed Saudi Arabian corporations hit an all-time high in the first quarter of 2023 despite aggregate profits tumbling by more than one-fifth, studies show. Iridium Advisors, which is headquartered in Dubai, conducted an artificial intelligence-based analysis of 1,495 Q1 2023 company earnings calls across the GCC. Business sentiment is how […] June 2, 2023
Development Iraq launches $17bn ‘development road’ project Iraq has launched a $17 billion project to link a major commodities port on its southern coast by rail and roads to the border with Turkey, in a move designed to transform the country’s economy after decades of war and crisis. The development road aims to tie the Grand Faw Port in Iraq’s oil-rich south […] May 28, 2023
Development 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 […] May 25, 2023
Development 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 […] May 7, 2023
Exclusive Development 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 […] May 5, 2023
Development 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, […] April 26, 2023
EXCLUSIVE Development 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 […] March 21, 2023
Analysis Economy 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 […] March 3, 2023
Development 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 […] February 27, 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
Development 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. […] February 26, 2023
Development 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 […] February 15, 2023
Opinion Development UAE passport power is a critical tool on the road to success Emiratis have few travel restrictions but it's not all rainbows and sunshine February 13, 2023
Development 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 […] February 9, 2023
New academy to help Mena startups tap into Africa As competition within the Middle East’s startup sector intensifies, a new academy is offering free advisory services, especially those looking to scale up in the African market. The DAI Magister Academy, founded last summer by boutique investment bank DAI Magister, has already helped several startups in Africa. It now hopes to develop across the Mena […] February 3, 2023
Development Egypt’s Sisi defends mega-projects while economy is under strain Egyptian President Abdel Fattah Al-Sisi on Monday defended mega-projects undertaken since he took power, saying they were not to blame for economic turmoil that has seen the currency plummet and inflation accelerate. Since Sisi became president in 2014, Egypt has embarked on an infrastructure splurge spearheaded by the military that has included the expansion of […] January 24, 2023
Analysis Tourism Resurgence in Chinese travellers is boon for Gulf tourist traps Gulf markets closed lower on Wednesday over concerns that China’s 2022 economic growth slowed sharply to 3 percent, its second-worst performance since 1976, and its population fell for the first time since 1961. However, the recent easing of travel restrictions by Chinese authorities is expected to result in an influx of tourists from the country […] January 20, 2023
Development UK to deepen alliance on critical minerals with Saudi Arabia The British government has agreed to deepen its collaboration with Saudi Arabia on diversifying sources of critical minerals. Britain’s Business, Energy & Industrial Strategy department said the partnership could see Saudi investment in the UK’s manufacturing and mining finance sectors, and new opportunities for UK mining firms to do business in Saudi Arabia. The British […] January 12, 2023
Analysis Economy Why the Middle East is now a ‘must’ for top UK companies The Middle East’s contribution to revenues of major UK-listed companies is predicted to rise to record levels in 2023 on the back of an acceleration in green energy, industrials and infrastructure sectors. Lumina Capital Advisers report that money generated from the region this year will deliver an additional £1.6 billion ($1.9 billion) to UK Plc […] January 11, 2023
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
