Industry Philippines rules out import on ample sugar stocks The Philippines has plentiful stocks of sugar as it enters a new crop year this month and thus has no immediate plans to import any additional volume, the chief of the industry regulator said on Thursday. “At this very moment, as the milling season starts, we have very ample two-month buffer stocks. For crop year […] September 7, 2023
Finance Pakistan reveals Saudi investment of $25 billion Saudi Arabia will invest up to $25 billion over two years in Pakistan, according to a statement from Pakistan’s caretaker prime minister Anwaar-ul-Haq Kakar. The announcement was made to journalists at Mr Kakar’s residence in Islamabad, citing mining, agriculture and information technology as the main sectors to benefit. There was no Saudi statement about the […] September 5, 2023
Opinion Oil & Gas Saudi Arabia and Russia’s marriage of convenience There have been some bumps in the road, but oil price continues to bind the countries together September 4, 2023
Opinion Aviation Central Asia airline investments: a sprat to catch a mackerel The region is one of the world's fastest growing airline markets August 30, 2023
Sustainability Arab nations and China to launch drought research centre Representatives from Arab countries, China and a string of UN agencies on Tuesday agreed to establish a research centre for drought and desertification. The China-Arab International Research Centre for Drought, Desertification and Land Degradation will be built in an as yet unnamed location by China’s National Forestry and Grassland Administration and the Secretariat of the […] August 29, 2023
Energy China’s Sinopec profit falls 20% on lower oil prices Chinese refining giant Sinopec Corp plans to maintain steady refinery output during the second half of 2023 as domestic fuel demand recovers, after reporting a 20 percent decline in interim profit because of lower crude oil prices. Sinopec, the world’s largest refiner by capacity, plans 127 million metric tonnes of crude throughput, about 5.04 million […] August 28, 2023
Food & Drink HeroGo steps up fight against ‘ugly’ food waste HeroGo, an online delivery service for “ugly” or surplus produce, is planning to cut food waste beyond the UAE via partnerships with supermarkets and hotels, its founder reveals. “To have the biggest impact we need to be in multiple markets, so we’re in talks to expand in the near term,” HeroGo’s Daniel Solomon tells AGBI. […] August 28, 2023
Trade Exeed joins Chinese push to corner UAE EV market Another brand name is about to join the growing list of Chinese electric vehicles available in the UAE, with premium sports utility vehicle Exeed ready to enter the market in the next two years. AG Auto, an automobile subsidiary of Dubai-based family conglomerate Al Ghurair Investment, is the exclusive distributor for Exeed in the UAE. […] August 24, 2023
Finance India’s banks asked to settle trades in rupee and dirham India’s central bank is nudging local banks to ask their clients to settle trade between the UAE and India using the dirham or Indian rupee to reduce US-dollar-based transactions. The move is part of the Reserve Bank of India’s broader aim of promoting settlement in local currencies with countries with which India has a trade […] August 22, 2023
Opinion Economy What China’s economic challenges mean for the Gulf Reducing dependence would be a big macro-economic policy risk August 21, 2023
Finance Japan’s foreign minister to visit Saudi Arabia Japan plans to hold a foreign ministers’ meeting with the six member states of the GCC in Saudi Arabia in early September. A free trade deal with the bloc is high on the agenda, said Kyodo news agency, citing diplomatic sources. Japan is aiming to strengthen relations with oil producers in the Middle East to […] August 21, 2023
Energy Russia remains China’s top crude supplier in July Russia remained China’s largest crude supplier in July, Chinese government data showed on Sunday, even as Russian shipments fall from all-time highs on narrower discounts and rising domestic demand crimps Russian exports. Arrivals from Russia were up 13 percent from the same month last year to 8.06 million metric tonnes in July, or 1.9 million […] August 20, 2023
Transport DP World’s profits drop despite revenue rise Port operator DP World has reported a drop in profits for the first six months of the year by almost 10 percent, despite revenues increasing by 14 percent. Profit attributable to the UAE multinational logistics group in H1 was down 9.7 percent at $651 million from the same period in 2022, when it posted a […] August 17, 2023
Transport Dubai company to invest $500m in Chinese EV maker UAE company NWTN has announced a deal to invest $500 million in the Chinese manufacturer of electric vehicles including the Hengchi brand. The investment in China Evergrande New Energy Vehicle Group aims to accelerate NWTN’s development in the EV space as it establishes an assembly plant in UAE capital Abu Dhabi. Headquartered in Dubai, the eco-conscious […] August 16, 2023
Construction Saudi Arabia first choice for China’s BRI investment Saudi Arabia remains one of China’s strongest global trade partners, leading Chinese engagement in the construction sector during the first half of 2023, according to the latest Belt and Road Initiative investment report issued by a leading think tank. Of 45 countries receiving Chinese financing and investment in the first six months of 2023, Saudi […] August 16, 2023
Logistics DP World reveals expansion plans at critical ports Port operator DP World has announced plans to expand capacity across critical global markets as it responds to growing demand. The Dubai-based company expects to add 3 million 20-foot equivalent units (TEUs) of new container handling capacity by the end of the year. DP World – which manages 9 percent of the world’s handling capacity, […] August 16, 2023
Banking & Finance Cop28 tipped to feed appetite for green sukuk The Cop28 climate conference in the UAE is expected to boost interest in green sukuk as the market gathers momentum in the GCC, Malaysia and Turkey. Environmental, social, and governance (ESG) sukuk – sharia-compliant instruments used to fund renewable energy and other green projects – are set to be a central issuance theme for the remainder […] August 15, 2023
Opinion Manufacturing Global EV manufacturers rev up for Gulf race There is a way to go before electric vehicles overtake fossil fuel cars August 14, 2023
Oil & Gas Aramco to supply full oil volumes to Asia next month Saudi Aramco has informed customers in North Asia that they will receive the full volumes of crude oil they requested for September, multiple sources said on Friday, even as the unilateral voluntary output cut by the kingdom has been extended. The world’s top oil exporter announced last week that it would prolong the 1 million […] August 11, 2023
Analysis Oil & Gas Adnoc gas deal fires up UAE-Azerbaijan ties Abu Dhabi National Oil Company (Adnoc) is to acquire a 30 percent equity stake in the Absheron gas and condensate field off the coast of Azerbaijan, as part of a plan to grow its international gas business. The deal will allow the state-owned company to facilitate a route into global markets for gas in Europe […] August 8, 2023
Industry Kazakhstan in talks with AD Ports on agricultural exports Kazakhstan is in talks with Abu Dhabi Ports to set up a joint venture that would help ship Kazakh agricultural exports via Iran and then Gulf ports. The Central Asian nation, a significant exporter of agricultural commodities such as grains and oilseeds, wants to ship cargoes to Iran via the Caspian Sea and have them […] August 8, 2023
Manufacturing Foxconn EV venture targets India and Thailand Foxconn’s venture attempting to build a standardised electric vehicle (EV) platform is targeting India or Thailand for the production of a small battery-powered car under development, the unit’s chief executive said. The Taiwanese company’s EV platform unit Mobility in Harmony (MIH) would be willing to work with its parent or another company to build the […] August 1, 2023
