Trade Cenomi’s Uzbekistan debut a sign of Saudi trade ambitions Saudi retail major Cenomi has announced its debut in Uzbekistan in tandem with the kingdom’s efforts to expand bilateral trade with the Central Asian nation. Uzbekistan is Cenomi’s 11th-largest international market, and it has signed a deal to open eight international brands – including a flagship Zara store – at the newly developed Tashkent City […] March 13, 2024
Analysis Trade Digital economy focus of UAE-Malaysia trade talks The UAE is expected to sign a free trade deal with Malaysia by the end of June as the latter courts more investment to develop its digital economy. Talks on establishing a comprehensive economic partnership agreement (Cepa) began last year and Tengku Zafrul Abdul Aziz, Malaysia’s minister of investment, trade and industry, said the two […] March 13, 2024
Energy Adnoc starts work on ‘green’ LNG plant at Ruwais Early engineering, procurement and construction work has started on Adnoc’s low-carbon liquefied natural gas (LNG) project at Al Ruwais Industrial City in Abu Dhabi. Abu Dhabi’s state oil company has awarded the contract to a joint venture between France’s Technip Energies, Japan’s JGC Corporation and Abu Dhabi’s National Petroleum Construction Company. The final investment decision […] March 13, 2024
Industry Emirates Global Aluminium profit falls with metal prices Emirates Global Aluminium (EGA), the UAE’s largest non-oil industrial company and one of the world’s largest aluminium producers, reported a decline in net profit last year, despite posting record production volumes of alumina, cast and hot metal for 2023. Net profit fell 54 percent year on year to AED3.4 billion ($937 million), against a backdrop […] March 5, 2024
Oil & Gas Opec extends voluntary cuts to support oil market stability Opec+ producers led by Saudi Arabia and Russia have stretched their additional voluntary crude supply cuts for another three months, as the oil bloc strives to support the stability and balance of sluggish markets. Oil prices traded flat Monday morning after a slight spike following the Opec announcement. Brent crude traded around $83.50 per barrel. […] March 4, 2024
Analysis Construction Foreign expertise vital for Saudi construction Saudi Arabia’s construction industry needs more foreign involvement if achieving its Vision 2030 goals is to become a reality, according to attendees of the Big 5 conference in Riyadh. In the first half of 2023 alone $44 billion worth of new projects were awarded in the kingdom’s $140 billion construction sector, according to real estate […] February 29, 2024
Finance Asset manager Offset8 invests in Indonesia carbon project Asset manager Offset8 Capital, which specialises in financing climate mitigation projects, has facilitated an undisclosed early-stage investment in a waste management scheme in Indonesia. The project, run by Singapore-based sustainable waste management company Sawa EcoSolutions and its Indonesian operating arm Legasi Alam Indonesia, is expected to generate around $50 million of carbon credits over the […] February 29, 2024
Industry Olam delays Saudi listing of agriculture unit Olam Group, which has its headquarters in Singapore, has ruled out listing its agricultural unit on the Saudi stock exchange in the first half of 2024. CEO Sunny Verghese said in August that the company was targeting the dual listing in Singapore and Saudi Arabia in the first half of 2024, which could raise up to […] February 28, 2024
Banking & Finance Saudi remittances fall as expats invest domestically Expatriate remittances from Saudi Arabia have fallen over the past two years, despite a rise in the number of overseas workers needed to develop the kingdom’s slate of huge giga-projects. Some experts have predicted the slump in funds sent back home could be as a result of improved investment opportunities inside the kingdom. Yearly remittances […] February 22, 2024
Trade UAE’s Cambodia trade deal sets $1bn non-oil target The UAE’s comprehensive economic partnership agreement (Cepa) with Cambodia has come into force as the countries aim to more than double non-oil trade by the end of the decade. The agreement will remove or reduce tariffs on more than 92 percent of product lines, eliminating barriers to trade and improving market access for service exports. […] February 22, 2024
Markets Saudi stock exchange to hold Hong Kong forum in May The Saudi stock exchange operator Tadawul has chosen Hong Kong for its first capital market forum outside the country, part of a drive to make the Gulf state a global financial centre for attracting foreign capital. “For the first time we’re taking the Saudi Capital Market Forum beyond Saudi borders in collaboration with the Hong […] February 21, 2024
Trade Maharashtra plans food security corridor with UAE The central Indian state of Maharashtra is working to develop a food security corridor with the UAE. The government of Maharashtra, which has 11 million farmers, has linked up with US fund manager Pegasus Capital Advisors for the food trade project. Under their agreement, the Maharashtra authorities will share an operational plan within three months, […] February 14, 2024
Trade Saudi Arabia buys South Korean missile system Saudi Arabia has signed a $3.2 billion deal to buy a mid-range surface-to-air missile defence system from South Korean company LIG Nex1, South Korea’s Ministry of National Defence said this week. The agreement was made in November but finalised via a memorandum of understanding signed on February 6 by Saudi defence minister Khalid bin Salman […] February 7, 2024
Economy OECD predicts modest growth but conflict risk remains Global growth is holding up and inflation is falling, but conflict in the Middle East represents a significant near-term risk, the Organisation for Economic Cooperation and Development (OECD) has said. In its interim outlook published on Monday, the Paris-based organisation projected that GDP expansion worldwide would remain moderate at around 3 percent in 2024-2025. Energy […] February 7, 2024
Trade Saudi Arabia signs defence deal with South Korea Saudi Arabia has signed an agreement on defence cooperation with South Korea under which Seoul could sell weapons to Riyadh. It could also help Saudi Arabia to develop its own armaments industry. The memorandum of understanding was signed on February 4 by Saudi Arabian minister of defence Prince Khalid bin Salman bin Abdulaziz and South […] February 5, 2024
Logistics AD Ports to invest $150m to upgrade Karachi cargo port The UAE’s AD Ports Group has signed an agreement for bulk and general cargo operations with the Pakistani-government-backed Karachi Port Trust (KPT), allocating $150 million for the port expansion. Under the terms of the 25-year concession agreement, Karachi Gateway Terminal Multipurpose Limited (KGTML), a joint venture between AD Ports Group, a majority shareholder, and UAE-based […] February 5, 2024
Opinion Sustainability Baku gets planning for Cop29 – with a little help from the UAE Azerbaijan to underline the role of petrostates in climate change policy January 30, 2024
Finance Egypt turns to Asia to secure low-cost funding Egypt is ready to explore the Asian financial market to diversify funding sources and reduce financing costs, according to the country’s finance minister. “We are expanding our green, sustainable, and low-cost blue financing, with the aim of directing it towards funding projects in sustainable public transportation, health, education, agriculture, food, and other socially impactful projects,” […] January 25, 2024
Video length: 06:59 Employment UAE diversity law causing visa issues for businesses UAE businesses are encountering difficulties getting work visas for new employees of South Asian nationalities following the enforcement of a government directive to boost diversity in the workforce. Abeer Al Husseini, a Dubai-based partner at immigration law practice Fragomen, told AGBI that the Ministry of Human Resources and Emiratisation has “reinstated” its demographic diversification regulation. […] January 19, 2024
Infrastructure DP World to develop new projects in Pakistan Global ports operator DP World and Pakistan government entities have agreed to build a freight corridor and economic zone near Karachi. The freight corridor is planned to run from Karachi Port on the Arabian Sea, passing through Karachi, Pakistan’s most populous city, to the Pipri Marshalling Yard, nearly 45 km away, the UAE state-run Wam […] January 19, 2024
Opinion Oil & Gas Houthi strikes have little impact in a world awash with oil Oil prices are sticking at $75-80 despite rising security risks January 15, 2024
Infrastructure ADIA unit invests in Indonesian toll roads system A wholly owned subsidiary of Abu Dhabi Investment Authority (ADIA) has invested in Indonesia’s Trans Java Toll Roads, partnering with Dutch pension fund APG Asset Management and Indonesia’s sovereign wealth fund Indonesia Investment Authority (INA). APG said the deal is part of Indonesia’s bid to raise up to $2.75 billion in investment in its toll […] January 11, 2024