Oil & Gas Pakistan weighs revising terms of Qatar LNG deal Pakistan’s liquefied natural gas (LNG) pact with Qatar allows for either party to initiate renegotiation talks next year but no decision has been taken on whether to do this, Pakistan’s petroleum minister told Reuters. Musadik Malik was clarifying comments made to a parliamentary committee on energy, as reported in local newspaper The News, which had […] February 10, 2025
Analysis Trade A 10% tariff on China – and a tricky calculation for the Gulf At one minute past midnight in Washington, the United States’ 10 percent tariff on Chinese imports came into effect. Beijing retaliated moments later, announcing even heavier levies on US goods from next week. Canada and Mexico were granted a temporary reprieve after talks on Monday, but there was no last-minute deal for President Donald Trump […] February 5, 2025
Oil & Gas Saudi Arabia defers Pakistan’s oil dues ahead of IMF review Saudi Arabia has granted Pakistan an oil import financing facility, deferring oil payments of $1.2 billion by one year. The Saudi Fund for Development CEO Sultan Bin Abdul Rehman Al Marshad and Kazim Niaz, secretary of the economic affairs division of Pakistan, signed the agreement in the presence of prime minister Shehbaz Sharif, state-backed Pakistan […] February 4, 2025
Oil & Gas Opec+ to take joint stance on Trump oil policy The Opec+ group of leading oil producers is set to discuss President Donald Trump’s efforts to raise US oil production and take a joint stance on the matter, Kazakhstan said on Wednesday. Trump last week laid out a sweeping plan to help maximise oil and gas production, including by declaring a national energy emergency to speed up permitting […] January 30, 2025
Banking & Finance Adia-backed bidders close in on Malaysia Airports buy-out A $4.2 billion bid to buy out Malaysia Airports backed by the Abu Dhabi Investment Authority (Adia), the emirate’s biggest sovereign wealth fund, has moved a step closer. Shareholder acceptance of the bid is above 95 percent. The offer is by a consortium called the Gateway Development Alliance (GDA), which is led by Malaysia’s sovereign […] January 29, 2025
Banking & Finance Bank of Singapore in Dubai hiring drive Bank of Singapore has made six new appointments in Dubai to enhance its advisory and product services in the region and double its Middle East business. One of Asia’s biggest private banks, Bank of Singapore wants the region to contribute up to 20% of overall revenue and private banking assets over the next three to […] January 27, 2025
Oil & Gas Adnoc Gas strikes $450m LNG supply deal in Japan State-owned Adnoc Gas has signed an AED1.65 billion ($450 million) three-year liquefied natural gas (LNG) supply agreement with Jera Global Markets, an energy trade from Japan. The LNG will be supplied from the 6 million tonnes per annum (mtpa) Das Island liquefaction facility, the world’s third longest-operating LNG plant. The facility has shipped more than […] January 27, 2025
Finance Pakistan agrees to $1bn loan from Middle Eastern banks Pakistan has agreed terms for a $1 billion loan with two Middle Eastern banks at a 6-7 percent interest rate, its finance minister Muhammad Aurangzeb told Reuters on Tuesday, as the South Asian country searches for more financing. “With two institutions we have now gone forward in signing up the term sheet – one bilateral […] January 22, 2025
Energy Fertiglobe’s $1bn blue ammonia bet hinges on Asia Abu Dhabi-listed Fertiglobe will invest $1 billion in expanding its blue ammonia plant capacity if Asian countries commit to buying. The final decision on the investment depends on securing contracts from Japan and South Korea, who have plans to subsidise imports of blue ammonia, CEO Ahmed El-Hoshy told Bloomberg. The increased production will come through the […] January 22, 2025
Telecoms Adia-backed EdgePoint to build 5,000 towers Southeast Asian mobile phone tower company EdgePoint Infrastructure plans to add at least 5,000 towers in the next two to three years. The Singapore-based company, backed by the Abu Dhabi Investment Authority (Adia), is planning to expand in Indonesia, Malaysia and the Philippines, where it already has a presence, and enter new markets such as […] January 21, 2025
Economy Egypt gets $231m loan from Japan to back private sector Egypt has secured $231 million in concessional financing from the state-backed Japan International Cooperation Agency to support its private sector development. The facility will support economic diversification toward the transition to a green economy through budget support for policy reforms. It will bolster economic competitiveness and diversify the economy toward a green economy, promoting economic […] January 20, 2025
Mining Ma’aden signs $1bn contracts to develop industrial cities Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] January 16, 2025
Mining Saudi development fund might invest $100m in Pakistan mining Saudi Arabia might invest more than $100 million in Pakistan’s mining infrastructure through its development fund to scale up operations to meet demand. Minister of industry and mineral resources Bandar Alkhorayef also confirmed that mining company Manara Minerals, a joint venture between Saudi sovereign wealth fund the Public Investment Fund and miner Ma’aden, is interested in investing […] January 16, 2025
Oil & Gas Adia to help fund $1bn Malaysian oil and gas firm Abu Dhabi Investment Company (Adia) is to invest in an oil and gas equipment-making unit in Malaysia. Adia is participating in the $1 billion funding round for Yinson Holdings’ equipment-maker alongside Asian investment firm RRJ Capital and British Columbia Investment Management. The funding, expected to close in the first quarter of 2025, will primarily support […] January 15, 2025
Oil & Gas Shell to relocate Madrid gas trading team to Dubai Shell plans to close its Madrid gas trading operations for tax reasons, Spanish newspaper Cinco Dias has reported. Citing unnamed sources, the report said Shell planned to relocate its gas trading staff of 50 people to Dubai, London and Singapore. The staff includes a team handling commercial activities. The Madrid operations were originally part of […] January 15, 2025
Trade Cepa aims to grow UAE and Malaysia trade by 60% The UAE and Malaysia have signed a comprehensive economic partnership agreement (Cepa) that is expected to be a catalyst for a 60 percent increase in trade between the two nations over the next five years. The countries concluded negotiations for a Cepa deal in October, which will reduce or eliminate tariffs, streamline trade procedures and […] January 15, 2025
Opinion Manufacturing How China won over the car market in the UAE Japanese, American and Korean brands retreated following the pandemic January 14, 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
Aviation Adia-backed bid for Malaysia Airports nears threshold A takeover offer for Malaysia Airports Holdings by a consortium that includes the Abu Dhabi Investment Authority (Adia) has edged closer to the threshold required to take it private. The group, which includes Malaysian sovereign wealth fund Khazanah, BlackRock’s Global Infrastructure Partners and Malaysia’s Employees Provident Fund, said it has secured an 84.1 percent stake […] January 9, 2025
Real Estate Qatari investment company to help Indonesia build 1m homes The Qatari investment company Qilaa International Group has signed an agreement with Indonesia’s government to build one million affordable homes. Sheikh Abdulaziz bin Abdulrahman Al Thani, chairman of Qilaa International Group, signed the memorandum of understanding at Indonesia’s presidential palace alongside the country’s housing minister Maruarar Sirait. Qilaa International Group will finance and manage the […] January 9, 2025
Infrastructure UAE’s NMDC Energy bags $1.1bn projects in Taiwan NMDC Energy, an engineering, procurement and construction contractor for energy projects, has won a subsea gas pipeline and power project contract from the state-owned Taiwan Power Company (Taipower) valued at $1.14 billion. The wholly-owned energy subsidiary of NMDC Group will design, construct and install marine pipelines extending between Taichung and Tung-Hsiao on Taiwan’s west coast. […] January 9, 2025
Finance UAE rolls over $2bn payment due from Pakistan The UAE has agreed to roll over the payment of $2 billion due from Pakistan in January, Pakistan’s prime minister Shehbaz Sharif has said. Speaking at a press conference, Sharif said that the Emirati president extended the $2 billion repayment due this month in a one-on-one meeting during the UAE leader’s visit to Pakistan on […] January 8, 2025
