Opinion Finance Trump would do well to look to UAE for crypto guidance Incoming US policy will boost blockchain innovation and, in turn, cryptocurrencies January 16, 2025
Trade Blinken says Saudi-Israeli deal ‘much closer’ in final speech The long sought-after normalisation of bilateral relationships between Saudi Arabia and Israel remains within reach and is the best path toward a stable Middle East, Antony Blinken said yesterday in his final speech as US secretary of state. “Much of the heavy lifting for normalisation is complete, including negotiations on complex US-Saudi elements of an […] January 15, 2025
Oil & Gas Oil may hit $90 on Russia curbs and Iran output cut Brent crude oil prices could rise above $85 a barrel in the short-term if the latest round of US sanctions against Moscow leads to lower Russian oil output, Goldman Sachs said on Sunday. Prices could touch $90 a barrel if the decline in Russian output coincides with a reduction in Iranian production, the bank said. US president Joe Biden imposed the broadest package of sanctions so […] January 13, 2025
Construction Damac to tokenise $1bn in real estate Damac Group, the Dubai property company, has partnered with the Hong Kong-based blockchain platform Mantra to tokenise assets worth at least $1 billion. The project will use blockchain technology to create digital tokens representing ownership or rights to Damac’s assets, allowing them to be traded online. Tokenisation is intended to lower barriers to investment by […] January 10, 2025
Trade Trump tariffs: Middle East braces for pain after gain Middle East exporters to the US are likely to see a short-term increase in business ahead of the much talked about trade tariffs which are expected to be announced when Donald Trump returns to the White House this month. The US president-elect campaigned on a protectionist America-first agenda, promising to introduce sweeping tariffs globally. Trump […] January 10, 2025
Trade Turkey hopes trade deals will protect it from Trump’s tariffs Turkey’s network of trade agreements, combined with its pivotal role as a major regional logistics and services provider, should help it weather any trade policy shifts by Washington in the coming years, according to the country’s finance minister. Speaking at a meeting hosted by the Independent Industrialists and Businessmen’s Association in Istanbul on January 8, […] January 9, 2025
Economy Trump tariffs could hit foreign investment, Oman warns Oman’s buoyant non-oil sector will help the sultanate’s economy expand this year at nearly twice the rate of 2024, its sovereign wealth fund has forecast. However, the fund warned that US president-elect Donald Trump’s plans to implement tariffs on its trading partners could hamper ambitions by the sultanate to increase foreign direct investment and reduce […] January 9, 2025
Oil & Gas Iran seeks to free 25m barrels of oil stuck in Chinese ports Iran is pushing to free 25 million barrels of the country’s oil that has been stuck for six years in Chinese ports because of sanctions imposed by Donald Trump during his first presidency, sources have said. Trump is expected by analysts to tighten sanctions again on Iranian oil exports tolimit Tehran’s income when he returns […] January 8, 2025
Tech Trump reveals $20bn from Sajwani for US data centres Incoming US president Donald Trump and Hussain Sajwani, the billionaire chairman of Damac Properties, announced on Tuesday that the emirati will invest “at least” $20 billion in data centres across the US. The move represents the official entry of EDGNEX, Damac’s specialised subsidiary, into the American market as demand for cloud computing and artificial intelligence […] January 8, 2025
Finance UAE’s Phoenix Group opens US crypto mining facility Phoenix Group, an Abu Dhabi Securities Exchange-listed company and one of the world’s leading bitcoin miners, has launched its 50 megawatt (MW) cryptocurrency mining facility in North Dakota, US. The opening of the site is part of the company’s bid to expand its capabilities and investments in the US. The company said that the facility, […] January 6, 2025
Trade Turkey hikes tariffs on Chinese cars to boost investment Turkey has accelerated its policy of targeted tariffs on Chinese vehicles, increasing levies on gasoline and hybrid model imports. Industry insiders believe the move is designed to protect local manufacturers and encourage Chinese investors to set up in the country, even though it is likely to further anger Beijing. The Ankara government announced that tariffs […] January 3, 2025
Video length: 03:59 VIDEO Finance Investors wary of inflation as Trump pursues ‘America first’ policy When Donald Trump returns to the White House his “America First” policy is likely to increase inflation and global economic fragmentation, according to analysts. “We [the Middle East] need to be much more picky about particular geographies, asset classes and even themes that we favour,” said Ben Powell, chief investment strategist at BlackRock’s Investment Institute, […] December 31, 2024
Tourism Abu Dhabi records 26% rise in international visitors Abu Dhabi welcomed almost five million guests to its hotels in the year through to October. The latest figures from the Department of Culture and Tourism (DCT) Abu Dhabi show that the number of international guests was up 26 percent year on year over the 10-month period. Visitors mainly came from India, China, Russia, the […] December 27, 2024
Oil & Gas Qatar threatens LNG halt over EU due diligence law Qatar has threatened to cease liquefied natural gas (LNG) shipments to the European Union (EU) if the bloc enforces a corporate sustainability due diligence directive, according to a news report. The directive, set to take effect in 2027, imposes penalties for companies failing to meet stringent standards on environmental protection and forced labour in supply […] December 23, 2024
Finance Kushner’s Affinity raises new capital from QIA and Lunate US investment firm Affinity Partners, founded by Jared Kushner, has secured an additional $1.5 billion from the Qatar Investment Authority (QIA) and Lunate, an Abu Dhabi-based alternative investment fund. Talks about raising additional capital began in February and concluded before the US election, Bloomberg reported, quoting Kushner on a podcast episode of Invest Like The […] December 22, 2024
EXCLUSIVE Real Estate Damac secures rights to build Trump Tower Abu Dhabi The Dubai luxury developer Damac Properties has secured the rights to build a Trump Tower in Abu Dhabi, sources familiar with the matter have told AGBI, as the Trump Organisation expands its footprint in the Gulf. Damac has an established relationship with the Trump Organisation, the family business of US President-elect Donald Trump, with a […] December 21, 2024
Tax More taxes could shield GCC from protectionism, says IMF GCC countries should consider new taxation options to shore up their public finances and shield their economies from rising global protectionism, according to the International Monetary Fund. That means regional governments need to continue diversifying away from fossil fuels and boost the role of the private sector, all the while identifying new tax revenues and […] December 20, 2024
Finance Gulf central banks follow US Fed with rate cuts Key Gulf central banks lowered interest rates in line with the US Federal Reserve’s benchmark rate reduction by 25 basis points (bps) on Wednesday. The Central Bank of the UAE reduced the base rate on its overnight deposit facility by 25 bps to 4.4 percent from 4.65 percent, effective from Thursday. Saudi Arabia cut repurchase (repo) […] December 19, 2024
Oil & Gas Opec+ wary of rise in US oil output under Trump Opec+ members are contemplating a renewed rise in US oil output when Donald Trump returns to the White House, delegates from the group said. More US oil would further erode Opec+ market share and hamper the producer group’s efforts to support prices. Opec+ pumps about half of the world’s oil and earlier this month delayed […] December 18, 2024
Finance Brics currency branded ‘fantasy’ as Trump threatens tariffs Suggestions that the UAE would drop its dollar peg in favour of a Brics currency have been described as “fantasy” by the head economist at Standard Chartered bank. The UAE, along with Iran, Egypt and Ethiopia, joined the non-Western-aligned Brics group – named for its earliest members Brazil, Russia, India, China and South Africa – […] December 16, 2024
Real Estate Trump Towers proposed for Saudi and UAE capitals The Trump Organization intends to build Trump Towers in Riyadh and Abu Dhabi, marking its expansion across the Gulf region. The projects will be developed in partnership with Dar Global, the global development arm of Saudi-listed Dar Al Arkan, Eric Trump, the US president-elect’s son, told Reuters. The Abu Dhabi project is scheduled for launch next year, he said. Ziad El […] December 13, 2024
Oil & Gas Conflict hampering Mediterranean operations, says Chevron CEO US energy major Chevron has struggled to keep natural gas production online in the Eastern Mediterranean during the conflict in the Middle East, according to its chairman and chief executive Mike Wirth. Chevron is the largest producer of natural gas for Israel, in particular through two “large” offshore platforms, Tamar and Leviathan, that also supply […] December 12, 2024
