EXCLUSIVE Energy Oracle Energy looks to the Gulf after Pakistan hydrogen project Oracle Energy – a joint venture between UK-listed Oracle Power and an investment vehicle of Dubai royal Sheikh Ahmed Dalmook Al Maktoum – is “open” to developing clean energy projects in the Gulf. With its debut green hydrogen plant planned in Pakistan, Oracle Energy co-founder Naheed Memon told AGBI: “Expanding in the Middle East is […] March 8, 2023
Real Estate China to guard against risks among property developers Warning that risks remain in the property market, China’s government said in a report released at its parliament’s annual opening that it would promote the sector’s stable development and prevent disorderly expansion by developers. Premier Li Keqiang made guarding against risks to top property developers one of the government’s priorities this year, amid still cautious […] March 6, 2023
Economy China’s factory activity expands with fastest growth in a decade China’s manufacturing activity expanded at the fastest pace in more than a decade in February, an official index showed on Wednesday, smashing expectations as production zoomed after the lifting of Covid-19 restrictions late last year. The manufacturing purchasing managers’ index (PMI) shot up to 52.6 from 50.1 in January, according to China’s National Bureau of […] March 1, 2023
Manufacturing It’s a date as UAE food firms target $35bn Indian market A food producer in Dubai has announced a joint venture to take its brand to India as experts say the market offers “growth potential” to many food exporters in the UAE. Al Barakah Dates said it will process and export over 30,000 tonnes of bulk raw material from its factory in Dubai Industrial City to […] February 28, 2023
Banking and Finance Investcorp looks East with office opening in Japan Investcorp has opened an office in Tokyo as it looks to capitalise on Japanese investment opportunities. The Middle East’s biggest alternative asset manager, which managed $50 billion in assets as of December 2022, will provide global alternative investment solutions in Japan. It will also set the groundwork for it to direct private equity and real […] February 27, 2023
Energy Masdar enters geothermal market with stake in Indonesia business Clean energy powerhouse Masdar has announced its first investment in the geothermal energy sector. The Abu Dhabi state-owned business has invested in Pertamina Geothermal Energy, based in Jakarta. PGE is one of the biggest companies in Indonesia’s geothermal energy sector, which is the second largest in the world (behind the US). Geothermal energy harnesses the […] February 27, 2023
Manufacturing Japanese automaker Nissan raises global EV targets Nissan Motor Company Limited on Monday raised its electrified car sales goals and said it will increase power train production in the United States, as it looks to catch up in a segment dominated by newer automakers such as Tesla Inc. The Japanese automaker was a pioneer in electric vehicles (EVs) with its all-battery-powered Leaf […] February 27, 2023
Banking and Finance UAE reviewing status of Russian bank MTS The central bank of the United Arab Emirates (CBUAE) has said it is assessing the status of MTS, a Russian bank to which it gave a licence only weeks previously. Marking the first anniversary of the Russian invasion of Ukraine, the US Treasury and the British foreign office said that they were sanctioning MTS Bank, […] February 24, 2023
Banking and Finance China calls for ‘joint action’ in debt settlements at G20 China called on the G20 to conduct a fair, objective and in-depth analysis of the causes of global debt issues and to resolve the problem in a comprehensive and effective manner, at a meeting of the bloc’s finance ministers and central bank chiefs on Friday. Liu Kun, China’s finance minister, joined the meeting in Bengaluru […] February 24, 2023
Banking and Finance New Bank of Japan chief says current low rates appropriate Incoming Bank of Japan (BOJ) governor Kazuo Ueda said on Friday the central bank must maintain ultra-low interest rates to support the fragile economy, warning of the dangers of responding to cost-driven inflation with monetary tightening. While signalling the chance of tweaking the BOJ’s bond yield curve control (YCC) in the future, Ueda said the […] February 24, 2023
Analysis Southeast Asian investors flocking to Gulf to deploy capital A growing number of businesses from the Association of Southeast Asian Nations (Asean) are investing and expected to set up operations in the GCC to capitalise on deepening trade links. Freddie Neve, senior Middle East associate at UK-based think tank Asia House, said that rapidly expanding ties between the Gulf and emerging economies in Asia […] February 22, 2023
Markets Indian jeweller Joyalukkas withdraws $278m IPO India’s Joyalukkas has withdrawn its 23 billion rupee ($278 million) initial public offering (IPO), with the jewellery retailer saying it needed more time to incorporate substantial changes to its financial results. The company plans to refile its IPO documents “at the earliest, subject to market conditions,” CEO Baby George told Reuters on Tuesday, without elaborating […] February 22, 2023
Tech Chinese EV maker to build 1,000 battery-swap stations in 2023 Chinese electric vehicle (EV) startup Nio Inc plans to build 1,000 battery-swapping stations in China in 2023 to bring the total number of such facilities to 2,300 by year-end, its founder and chairman William Li said on Tuesday. Nio will build 400 battery-swapping stations along highways and 600 in urban areas with a focus on […] February 21, 2023
Economy US and UK financial entities join talks at new debt roundtable US-based investment firm BlackRock is joining a new sovereign debt roundtable set up to accelerate progress on stalled relief efforts for distressed countries, with Britain’s Standard Chartered also joining, according to sources. The Global Sovereign Debt Roundtable, chaired by the International Monetary Fund (IMF), the World Bank and India – this year’s leader of the […] February 19, 2023
Opinion Energy Russian sanctions have rejuvenated the world’s ‘ghost’ oil market Moscow says it will not comply with an oil price cap, but may have little choice if it wants to continue selling February 17, 2023
Banking and Finance Saudi dominates Chinese BRI investment in GCC Chinese engagement in the GCC through the Belt and Road Initiative (BRI) increased by 244 percent in 2022 to $9.3 billion – and over half of the total amount of funding was secured by Saudi Arabia. The increase came despite overall spending by the BRI falling year-on-year by just over 1.3 percent to $67.78 billion, […] February 17, 2023
Opinion Esports should be in your investment portfolio The global mobile gaming market is expected to grow to $209.12bn in 2026 February 16, 2023
Analysis Energy Masdar could look East for investment opportunities Masdar may look to capitalise on investments in the East as it continues to increase its global footprint. Abu Dhabi’s renewable energy giant has committed more than $30 billion in projects in over 40 countries, powering in excess of 14gw of clean energy. It has also indicated plans to grow that by 10gw by the […] February 16, 2023
Energy Clean energy powers boost to UAE and Kyrgyzstan trade Abu Dhabi’s Masdar is looking to develop a pipeline of renewable energy projects in Kyrgyzstan as part of the former Soviet republic’s plans to reduce its greenhouse gas emissions by as much as 44 percent by 2030. A deal signed with the Ministry of Energy of the Kyrgyz Republic last month will begin with a […] February 16, 2023
Manufacturing Gulf fragrance market strikes the right note Some of the Middle East’s biggest perfume makers, including Chalhoub Group and Ajmal Perfumes, are ramping up global growth plans as traditional Arabic scents gain in popularity abroad. Luxury brands franchisee and distributor Chalhoub is close to striking deals to export its own fragrance brand, Ghawali, to countries including the UK and France. The first […] February 14, 2023
Economy Singapore downgrades growth in Q4, but sticks with 2023 forecast Singapore’s economy grew slightly less than estimated in the fourth quarter, official data has showed, but the government has kept its forecast for annual growth in 2023 at 0.5 to 2.5 percent. Gross domestic product grew 2.1 percent year-on-year in the fourth quarter, the Ministry of Trade and Industry said on Monday, slightly lower than […] February 13, 2023
EXCLUSIVE Interviews UAE’s centre stage in Bollywood blockbusters The UAE is set to become a major post-production and financing hub for the Bollywood film industry. Acclaimed filmmaker Shekhar Kapur told AGBI: “Infrastructure for filmmaking is coming up in Abu Dhabi and Dubai, and more Indian filmmakers will come to the UAE to make their films. There are very good studio facilities in Dubai […] February 13, 2023
