Manufacturing PIF-owned Lucid raises new funds to repay debt US electric vehicle maker Lucid Motors, majority-owned by Saudi Arabia’s Public Investment Fund (PIF), has raised $1.1 billion in new funding to repay existing debt. The EV maker has received $1.1 billion through convertible senior notes, debt which can be converted into shares, due in 2030, according to a company statement. Lucid will use $936 […] April 10, 2025
Markets IPOs planned for five Egyptian companies owned by military Egypt has finalised plans to offer stakes in five military-affiliated companies for listing on the local stock exchange in initial public offerings (IPOs). The companies to be listed are the National Company for Producing and Bottling Water (Safi), Wataniya Petroleum, fuel station operator Chillout, food production company Silo Foods and the National Company for Roads […] April 10, 2025
Oil & Gas Oil prices retreat despite Trump’s pause on tariffs Oil prices fell on Thursday, despite early gains late on Wednesday following the announcement by Donald Trump that he would delay implementation of individual new tariffs on 75 countries for 90 days. US West Texas Intermediate (WTI) crude initially rose 4.88 percent to $62.49 a barrel following the announcement but in early trading on Thursday […] April 10, 2025
Opinion Tax To get tech giants to pay their fair share, the taxman needs AI too It's not easy for governments to track the activities of digital businesses. AI-powered tools can help April 9, 2025
Trade Gulf countries start free trade talks with Turkey The Saudi-led Gulf Cooperation Council (GCC) and Turkey have begun talks towards a free trade agreement, the UAE’s state-run Wam news agency reported. Ankara has already signed free trade agreements with the UAE and Qatar, Wam said, citing Turkish trade minister Ömer Bolat. The UAE, Qatar, Kuwait, Oman and Bahrain are all members of the […] April 9, 2025
Oil & Gas Oil demand growth to halve in wake of Trump tariffs Global growth in demand for oil this year may be as much as 40 percent less than forecast before last week’s announcement by Donald Trump of a near tripling in effective tariff rates on US imports to their highest in a century, S&P and other oil analysts have said. On average, demand for oil was […] April 9, 2025
Banking & Finance HSBC dominates as Mena investment banking fees soar Investment banking fee revenue in the Middle East and North Africa soared during the first quarter thanks to record debt arrangements, increased mergers and acquisitions and more initial public offerings. The industry’s regional earnings underline the growing importance of the Mena region to international banks, although the revenue from fees remains a fraction of those […] April 9, 2025
Banking & Finance Judge in Lebanon paves way for ex-central bank chief indictment A judge in Lebanon has published a court decision in the embezzlement charges against the country’s former central bank chief, Riad Salameh, paving the way for an indictment. Judge Bilal Halawi published a “presumptive decision” concluding that Salameh, who served as central bank governor for 30 years before his term ended in disgrace in July 2023, had engaged […] April 9, 2025
Energy Gulf partners will have many questions for US energy secretary US energy secretary Chris Wright arrives in the Gulf today at an especially turbulent time in the global economy and as oil prices plunge to more than four-year lows. Wright’s two-week visit to Saudi Arabia – the world’s second-largest oil producer – the UAE and Qatar may be in preparation for Donald Trump’s own trip […] April 9, 2025
Trade Cepa aims to double UAE trade with Republic of the Congo The signing of a comprehensive economic partnership agreement (Cepa) between the UAE and the Republic of the Congo is projected to more than double non-oil trade between the two nations. Non-oil trade will grow to $7.2 billion by 2032 from $3.1 billion in 2024, the UAE state-run Wam news agency reported. The Cepa will eliminate […] April 9, 2025
Infrastructure Egypt secures France and EU funds to build infrastructure Egypt has signed agreements with France and the European Union (EU) worth €262 million ($290 million) to support its infrastructure projects. The agreements were signed this week during the visit of French President Emmanuel Macron to Egypt, local media reported. Cairo signed €132 million financing and grant agreements with the EU and the French Development […] April 9, 2025
Analysis Entrepreneurs Turkish startups scaling up, despite political unrest Turkey’s startups bucked global trends in 2024, posting significant increases in the number of transactions and volumes. Despite the current political turmoil, further growth is forecast for the year ahead. There were 331 transactions recorded last year, compared with 297 in 2023, according to a recent report by financial services firm KPMG. Value increased by […] April 9, 2025
Markets Middle East stocks close up as markets recalibrate Middle Eastern stocks closed trading higher on Tuesday following days of turmoil. Saudi Arabian stocks were up for the second day in a row on Tuesday, making a 1 percent gain. On Sunday the Saudi index dropped 6.8 percent, its largest one-day fall since the Covid-19 pandemic. Kuwait’s stock exchange registered a 3.08 percent gain […] April 8, 2025
Opinion Trade Gulf states brace for global trade upheaval US tariffs may dampen GCC growth but could also accelerate regional industrial ambitions April 8, 2025
Petrochemicals Borouge hikes dividend despite economic turmoil Emirati petrochemicals company Borouge will launch a share buyback programme and increase its dividend payout as it pushes ahead with global expansion, despite mounting trade tensions and sluggish demand. Shareholders at the company’s annual general meeting on Monday approved a final dividend of $650 million for 2024, bringing the full-year total to $1.3 billion, or […] April 8, 2025
Banking & Finance Oman’s Sohar International Bank targets rival Ahli Sohar International Bank, Oman’s second-biggest bank by assets, has expressed an interest in buying smaller rival Ahli Bank as it seeks to compete with its bigger competitor, Bank Muscat, and others. Sohar International has sent a letter of intent to Ahli, one of the smaller banks in the country. Ahli, which was set up in 2007, […] April 8, 2025
Analysis Trade US levies render Middle East trade deals worthless, say analysts US president Donald Trump’s global tariff policy has bulldozed through dozens of free-trade agreements, including a handful in the Middle East. The impact on the rules of international commerce could be severe, according to industry watchers. “To take such an abrupt and quick decision from one side, where you have more than 20 years of […] April 8, 2025
Banking & Finance Iraq starts banking sector restructuring plan Iraq announced this week the start of a much-awaited post-war project to restructure its banking system with the help of the US consultancy company Oliver Wyman. The Central Bank of Iraq said restructuring would be implemented in stages. “Iraqi banks have gone a long way in developing their services but they are required to take […] April 8, 2025
Banking & Finance PIF unit backs Brazilian beef exporter’s capital top-up Salic International Investment Company, a subsidiary of Saudi Arabia’s Public Investment Fund, and Brazil’s VDQ Holdings have committed to a rights issue by Minerva, a beef exporter seeking to raise new capital. As part of the deal, the two companies, which own stakes in Minerva, have guaranteed a minimum 1 billion reais ($169 million) to […] April 8, 2025
Opinion Economy Trump’s tariffs bring that sinking Lehman feeling The world is in for a wild ride which will change everything, mostly for the worse April 8, 2025
