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Egypt's Benban solar project, also built by Norway's Scatec. Obelisk is expected to be operational by the third quarter of 2026

African Development Bank part-funds Egypt’s solar project

The African Development Bank Group (AfDB) has approved up to $184.1 million in financing for Egypt’s Obelisk solar power and battery storage project. The project involves the construction and operation of a one gigawatt )GW) solar photovoltaic plant and a 200-megawatt-hour battery energy storage system in south Egypt. The project’s total cost is estimated at […]

A worker transfers LNG from an on-shore tank onto a vessel in Singapore. Egypt will import LNG from companies around the world

Egypt signs LNG supply deals with global companies

Egypt has reportedly signed contracts to purchase additional liquefied natural gas (LNG) from global energy companies to meet peak summer electricity demand and falling domestic production. The deals were signed with state-owned Saudi Aramco, Singapore’s Trafigura Group and Switzerland’s Vitol Group, Bloomberg news agency reported, citing informed sources. The state-run Egyptian Natural Gas Holding Company has also […]

A Qatari LNG carrier in the Suez Canal. Shell says that by 2030, 60% of its extra LNG capacity will come from Qatar and the US

Gulf projects feature in Shell’s LNG capacity plans

European energy major Shell, the world’s largest trader of liquefied natural gas (LNG), will add millions of tonnes of additional capacity by 2030 from projects under construction, a top executive has said. There is “up to 12 million tonnes of additional capacity that we’re adding between now and the end of the decade,” Cederic Cremers, […]

Qatar Rolls-Royce nuclear, Rolls-Royce SMR QIA

Rolls-Royce nuclear offshoot wins $3bn UK contract

A Qatar-backed subsidiary of Rolls-Royce has won a contract to build three small modular nuclear reactors (SMRs) in the UK worth £2.5 billion ($2.86 billion). The UK government announced that Rolls-Royce SMR had won the contract on Tuesday, sending Rolls-Royce’s share price to its highest ever level. Qatar’s sovereign wealth fund, the Qatar Investment Authority, […]

UAE deputy prime minister and foreign minister Sheikh Abdullah bin Zayed Al Nahyan met a delegation from the European Parliament in April

EU plans to remove UAE from money laundering watchlist

The European Union (EU) plans to remove the UAE from its list of high-risk countries for money laundering, a move that could ease compliance burdens for investors and banks operating in the Gulf state. The decision still requires final approval from the European Parliament and Council, which have up to two months to raise objections. […]

The third day of the Eid al-Fitr holiday in Istanbul. EBRD funds will be allocated to companies whose policies encourage the employment of young people and women

European bank’s $86m aid to create jobs in Turkey

The European Bank for Reconstruction and Development (EBRD) will provide a €75 million ($86 million) loan to Türkiye Sınai Kalkınma Bankası (TSKB), the country’s development bank, to support businesses that offer opportunities to women and young people. The funding will also back companies impacted by the 2023 earthquakes. At least 15 percent of the funds […]

AeroVecto is developing its Shuttle for mass public transportation, with variants planned for cargo, emergency response and premium travel

Omani startup a step closer to launching flying cars

Omani startup AeroVecto has signed an agreement with a Romanian vertiport developer to develop services for the launch of flying cars in the sultanate. AeroVecto is developing a vehicle called the Shuttle, an electric vertical take-off and landing (eVTOL) aircraft, for mass public transportation, with variants planned for cargo delivery, emergency response and premium travel, […]

The 55th Watch and Jewellery Middle East Show in Sharjah. Italy's jewellery exports to the UAE in 2024 were worth $1.22bn

Italy’s billion-dollar jewellery sales lead trade with UAE

Italian exports of jewellery to the UAE grew 24 percent in February over the same month last year, reaching €238 million ($268 million), according to the Italian Trade Agency (ITA). With overall sales of more than €1.22 billion in 2024, up 12 percent year-on-year, Italy remains the world’s third-largest supplier of jewellery to the Emirates, […]

A solar farm in northern Italy. Altérra's investment in Absolute Energy is set to create 1.4 gigawatts in solar and battery storage across the country

Altérra backs Italy’s Absolute Energy renewables project

Altérra, one of the world’s biggest private climate funds, has made its second direct investment in Europe through Italian renewable energy firm Absolute Energy and plans more deals ahead, its chief executive told Reuters. The fund, set up in 2023 by the United Arab Emirates with $30 billion, has so far invested $6.5 billion, mostly […]

Kaan Terzioglu, CEO of Veon, is impressed by the innovation and adaptability of Dubai Video length: 04:09

Veon boss reveals why the telco swapped Europe for Dubai

Telecom and digital services company Veon delisted from the Amsterdam stock market last year and moved its operations to Dubai, becoming the largest Nasdaq-listed company with headquarters in the UAE. AGBI spoke to the company’s CEO, Kaan Terzioglu, about its plans to dual-list in Dubai within the next three to five years. “I am bullish […]

Asif Aziz: 'There are people still living in rented accommodation in Abu Dhabi – it's that market we want to target.'

Asif Aziz: from the heart of London to Al Maryah Island

Asif Aziz owns more of Leicester Square and Piccadilly Circus than any other individual.  His holdings include the Criterion Building, a West End landmark best known as the setting where Dr Watson first hears the name Sherlock Holmes; the former Trocadero, which housed music halls and cinemas from the 1890s; and One Leicester Square, overlooking […]

The contracts will be handled by Wood’s team in Iraq and the UAE, with 60 new hires planned to support the projects

UK’s Wood secures $100m contract to lower Iraq gas flaring

UK engineering company Wood Group has secured decarbonisation contracts worth $100 million for flare gas reduction across the largest oil fields in Iraq. The contracts include brownfield engineering, procurement and construction services, as well as modifications to enhance operational efficiency and minimise environmental impact, supporting Iraq’s commitment to reduce gas flaring by 78 percent by […]

Humain's Tareq Amin says the Saudi AI company is looking for a partner for its data centres business

Humain to bankroll AI startups with $10bn fund

Humain, Saudi Arabia’s state-backed artificial intelligence company, plans to launch a venture capital fund to support the country’s goal of becoming an AI superpower. The Humain Ventures fund will be set up this summer with $10 billion to invest in startups across the US, Europe and Asia, Tareq Amin, CEO of Humain, told the Financial […]

UniCredit is under pressure both from the European Central Bank and Italy's government to quit Russia,

UAE firms approach Italy to buy UniCredit’s Russia business

Three companies based in the UAE have approached the Italian Treasury with a proposal to buy the Russian operations of UniCredit at a steep discount, a document seen by Reuters showed. UniCredit is under pressure both from the European Central Bank and Italy’s government to quit Russia, where it runs a commercial lender. It has so […]

Casino Group currently operates 472 stores outside France. Its first in Morocco will open next year

France’s Casino Group to open 210 stores in Morocco

French convenience store retailer Casino Group will open 210 stores in Morocco over the next decade as part of its international expansion strategy. The company has partnered with Morocco’s H&S Invest Holding to open Franprix and Monoprix branded outlets, the companies said in a joint statement. Franprix specialises in urban convenience stores, while Monoprix provides […]

Construction of the UAE's methanol plant, one of the largest in the world, will be completed by 2028

UK’s Wood wins contract for UAE’s first methanol facility

UK-based engineering company Wood Group has been awarded a project management consultancy contract for the UAE’s first methanol production facility, the British company said in a statement. The contract was awarded by Ta’ziz, a joint venture between Abu Dhabi National Oil Company (Adnoc) and state-owned Abu Dhabi Developmental Holding Company (ADQ). Construction of the plant, in […]

Russian deputy prime minister Alexander Novak said that G7 and EU plans to lower the price cap for Russian oil were unacceptable

Russia says no talks yet of Opec+ output hikes from July

Russian deputy prime minister Alexander Novak said on Monday that the Opec+ group of leading oil producers has not yet discussed increasing output by another 411,000 barrels per day (bpd) ahead of its meeting, RIA news agency reported. The Organization of the Petroleum Exporting Countries and its allies, led by Russia, will hold an online […]

Tarik Hamane, director general of ONEE, left, and Christiane Laibach, executive board member of KfW, sign the loan agreement

Morocco state company gets $340m for energy transition

Moroccan state-run utility company ONEE has secured €300 million ($340 million) in funding from the European Investment Bank (EIB) and German bank KfW to support renewable energy integration into the national grid. The financing package comprises €170 million from the EIB and €130 million from KfW. The fund will also be used to expand the national […]

A construction worker wearing a yellow hard hat and safety vest is working on a building site, kneeling on a steel framework. The background shows an unfinished building structure and a crane.

AI adoption could help meet ambitious Vision 2030 targets

Construction companies in Saudi Arabia are increasingly looking to artificial intelligence to reduce waste and speed up delivery times, industry experts say. AI software is already in use in the country to help speed up the design and development of billions of dollars in projects.  But increased adoption of cutting-edge technology is needed to meet […]

Sachin Dev Duggal, the founder of Builder.ai, which had an office in Dubai and hundreds of employees around the world

Qatar-backed Builder.ai collapses with sales in doubt

A British technology startup funded by the Qatar Investment Authority (QIA) has collapsed after an internal investigation identified potentially bogus sales. In 2023 the QIA sovereign wealth fund led a $250 million late-stage funding round for Builder.ai and, together with Microsoft, was one of its biggest investors.  The company raised more than $450 million over its […]