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The event industry in Dubai was worth over AED165 billion ($45 billion) in 2023 and is forecast to grow at a compound annual growth rate (CAGR) of 25 percent through to 2027

Corporate travel rising as Dubai plays perfect host

Dubai has won 175 deals so far this year that will boost the emirate’s corporate and business travel sector over the next four years. The events, representing an increase of almost a quarter year on year, include international conferences, congresses and meetings. They’re expected to bring more than 92,000 delegates to the city, according to […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]

Dr. Sultan Ahmed Al Jaber, group CEO of Adnoc and chairman of Borouge (centre) at the signing ceremony in Beijing

Adnoc and Borouge explore chemicals complex in China

The UAE’s oil giant Adnoc and Borouge, one of its Abu Dhabi-listed subsidiaries, is exploring the potential of developing a speciality thermoplastics complex in China. A consortium, which includes Adnoc, Borouge and Borealis, signed a project collaboration agreement with China’s Wanhua Chemical and Wanrong New Materials (Fujian), a wholly owned subsidiary of Wanhua Chemical. Borealis […]

Despite optimism from hedge funds and traders, oil prices remain relatively stable

Analysts optimistic on oil but the price stays steady

Global hedge funds and money managers have become increasingly optimistic about the short term outlook for oil prices in recent months, despite the oil price remaining flat at around $80 a barrel. The net length held by hedge funds and other money managers in WTI (West Texas Intermediate) futures and options has risen to its […]

Freighter, Ship, Transportation A view of a vessel docked at a port. The new vessels of AW Shipping will be among the world’s largest ethane and ammonia carriers

Adnoc L&S unit awards $2bn contract to Chinese shipyard

AW Shipping, a joint venture between Adnoc Logistics & Services and China’s Wanhua Chemical Group, has awarded a $1.9 billion contract to Chinese shipyard Jiangnan to construct “green and low-carbon” ammonia and ethane carriers. The contract for nine very large ethane carriers (VLECs) is priced at $1.4 billion, the Adnoc subsidiary, which trades on the […]

Acwa China

Acwa Power gets Chinese partner for Uzbek green projects

The Saudi renewable energy company Acwa Power has divested a 35 percent stake in two subsidiaries to a state-backed power grid contractor in China for SAR596 million ($159 million). Acwa Power signed sale and purchase agreements for the stake in Acwa Power Bash Wind Project Holding and Acwa Power Uzbekistan Wind Project Holding to China […]

Iraqi Airways is seeking to expand its international reach. The airline has been working to modernise its fleet and improve its service standards,

Iraq given boost in plan to lift European flight ban

Iraq has moved a step closer to returning its flag carrier to European skies after receiving the support of the International Air Transport Association (IATA). Iraqi Airways was originally banned from Europe in 1991 due to safety concerns. Restrictions were briefly lifted in 2009 but enforced again in 2015 as the airline failed to meet […]

A rendering of Nasiriyah International Airport in Iraq. Bilateral trade between China and Iraq amounted to nearly $50 billion in 2023

Iraq signs deals to advance new civil airport project

Iraq has signed two contracts for the construction of Nasiriyah International Airport in Southern Iraq. The Iraqi transport ministry this week signed an addendum to the construction contract with China State Construction Engineering Corporation (CSCEC) and the consulting contract with Turkey’s Kiklop Design Hertz Insaat, the state-run Iraqi News Agency reported. The Turkish company will […]

The new agreements will contribute to localising the production of 75% of the components in Saudi Arabia’s renewable projects by 2030

PIF ties up with China to meet renewable energy targets

Saudi Arabia’s Public Investment Fund (PIF) is swiftly moving towards localising renewable energy components to achieve its 2030 targets. The Renewable Energy Localization Company (RELC), a unit of the sovereign fund, has signed three joint venture agreements with Chinese companies to support the kingdom’s clean energy needs. RELC works to build partnerships between global manufacturers […]

Before 2022 only UAE and GCC nationals had the right to own freehold property in Sharjah

Sharjah to quadruple FDI to $10bn

Sharjah is aiming to quadruple the level of foreign direct investment into the emirate over the next five years. The third largest of the seven emirates in the UAE, behind Dubai and Abu Dhabi, Sharjah reported a 140 percent jump in FDI between 2022 and 2023, to $2.75 billion, with 19 new greenfield projects launched.  […]

China State Construction Engineering, Diriyah Group and El Seif Engineering Contracting sign the contract

Saudi-Chinese partnership wins $2bn Diriyah deal

Work will begin on a new mixed district at the Saudi giga-project Diriyah in the third quarter of 2024 after a SAR7.8 billion ($2 billion) construction contract, the largest yet, was awarded to a Chinese-Saudi partnership. Saudi contractor El Seif Engineering and China State Construction Engineering will build the district, which will contain educational institutions, […]

Iraqi Airways will run two direct flights to and from China a week

Iraqi Airways resumes direct flights to Beijing

Iraqi Airways has resumed direct flights from Baghdad to Beijing, ending a hiatus that lasted several years, with hopes of increased business travel and tourism. The Ministry of Transport announced that the first flight departed from Baghdad International Airport in Iraq to Beijing Daxing International Airport in China this week. “In line with the directives […]

People walk past an advertisement for Shein in London. The company says it is investing in textile recycling startups in the UK

Mubadala-backed Shein to invest $271m in Europe

Chinese fashion retailer Shein, backed by the UAE’s Mubadala sovereign wealth fund, will invest €250 million ($271 million) over the next five years in the UK and Europe to expand its online business. The company has allocated €50 million for potential investments in research and development or pilot production facilities in Europe or the UK. […]

Chinese modular Saudi project

Chinese builders pitch modular tech for giga-projects

Chinese contractors are leveraging their size and access to innovative construction techniques to lay claim to increasing numbers of projects in Saudi Arabia, as the kingdom’s massive development push puts pressure on resources. Some $1.25 trillion in giga-projects, spanning the residential, commercial and hospitality sectors, are in the pipeline across the vast and arid Saudi […]

Animoca subsidiary The Sandbox has partnerships in Saudi Arabia and with Dubai’s Virtual Assets Regulatory Authority

Hong Kong’s Animoca considers Gulf bourses

Animoca Brands, a major Web3 and crypto gaming company valued at nearly $6 billion, is considering a public listing in 2025, with the Gulf and Hong Kong as potential venues. The company’s investors include heavyweights such as Singapore’s Temasek Holdings and the Saudi Arabia government’s Neom project, which injected $50 million into it last year. […]

PIF's investment includes $100 million in five-year convertible debentures and $400 million in a five-year loan

Saudi PIF to invest $500m in Hong Kong Chaoshang

The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, has signed an agreement to invest $500 million in Hong Kong Chaoshang Group, an investment holding company. The investment includes $100 million in five-year convertible debentures and $400 million in a five-year loan. Negotiations on the terms of the investment will be completed within three […]

Passengers on a cruise ship watch activities in Jeddah port, Saudi Arabia

Saudi shipping line to link Jeddah with Chinese ports

The Saudi Ports Authority has launched a new shipping service, CBS, at Jeddah Islamic Port in partnership with China’s NewNew Shipping Line, strengthening trade links between the two nations. The arrangement also aims to improve Saudi Arabia’s position on the Liner Shipping Connectivity Index, increase operational efficiency at ports, and strengthen the country’s connectivity with […]