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The Willis Building, centre, was designed by architect Norman Foster and was one of the tallest towers in the area when it was built in 2008

Kuwait wealth fund sues over London tower project

Kuwait Investment Authority, the world’s fifth-biggest sovereign wealth fund, is suing global investment company Axa Investment Managers in connection with a planned tower in London’s financial district that risks blocking light to a KIA building. St Martins Property, the investment authority’s property development unit, is suing Hygie, a special purpose vehicle controlled by Axa Investment […]

Syria's infrastructure and economy was devastated through civil war

UK lifts sanctions on Syria

Britain said on Thursday it would support efforts to rebuild Syria’s financial system by removing sanctions to encourage investments in financial services, energy production and other sectors. London also lifted asset freezes on Syria’s Defence and Interior Ministries and a range of intelligence agencies, reversing penalties imposed during Bashar al-Assad’s presidency. The West is rethinking […]

Saudia will buy up to 20 A330 aircraft from Airbus

Saudia signs Airbus deal for up to 20 wide-body aircraft

Saudia, Saudi Arabia’s national airline, has finalised a new agreement with European manufacturer Airbus to buy up to 20 new wide-body A330neo aircraft. Of these, 10 are firm orders for Flyadeal, the group’s budget airline, the carrier said in a statement. The delivery of these aircraft is set to start in 2027, with the last […]

The latest payment brings DAE's total insurance recovery to $601m

Dubai jet leaser wins $282m settlement in Russian case

Dubai Aerospace Enterprise (DAE), the Middle East’s largest aviation leasing company, has received a $282 million cash settlement from unnamed insurers for aircraft leased to Russian Federation carriers. This latest payment brings DAE’s total insurance recovery to $601 million.  With this settlement DAE and its partners have resolved all claims against the involved insurance and […]

FORMULA 1 STC SAUDI ARABIAN GRAND PRIX 2023

Saudi ticketing app webook plans European expansion

Riyadh-based Webook, which describes itself as Saudi Arabia’s largest booking platform for events and experiences, says it is expanding beyond the Middle East into Europe to tap a growing market for ticketing. Set up in 2016 under the name Hala Yalla, Webook initially focussed as a service to book football pitches, before expanding to include […]

A Russian oil rig in the Caspian Sea. India's increasing reliance on cheaper Russian oil erodes the dominance of traditional Middle Eastern suppliers like Saudi Arabia and Iraq

Gulf share of India oil market slides on Russia gains

India’s pivot toward discounted Russian crude oil has accelerated, eroding the dominance of traditional Middle Eastern suppliers in one of the world’s fastest-growing oil markets. In the Indian fiscal year ending March 31, Russia retained its position as India’s top oil supplier for a third year in row, Reuters reported, based on ship tracking data […]

A Volkswagen dealership in Shenzhen, China. Foreign car makers in China are losing market share to domestic rivals

Volkswagen to export surplus stock from China to Middle East

Volkswagen is to start exporting cars from China, aiming to sell in other Asian markets, South America and the Middle East, its China chief Ralf Brandstaetter has said. Brandstaetter also said that the carmaker was ready to tackle domestic competition in the country. Carmakers in China, including Volkswagen, are grappling with how to make use […]

2X7RYNG Rottweil, Germany, 2nd Mar 2024:The 246 meter high lift test tower was built by Thyssenkrupp between 2014 and 2017. Behind it lies the city of Rottweil TK Elevator

PIF-backed elevator company explores US IPO

A German elevator company backed by Saudi Arabia’s Public Investment Fund (PIF) is exploring selling shares to the public in the US, Reuters has reported, without citing sources. Düsseldorf-based TK Elevator is expected to be valued at more than €20 billion ($22.7 billion), according to earnings calculations by the news agency. TK Elevator is the […]

Fatih Birol, Executive director of the International Energy Agency (IEA), attends the plenary session of the Artificial Intelligence (AI) Action Summit at the Grand Palais in Paris, France, February 11, 2025. REUTERS/Benoit Tessier

IEA slashes oil demand outlook as trade tensions bite

The International Energy Agency (IEA) slashed its 2025 oil demand growth forecast on Tuesday, citing rising trade tensions and a weakening global economy. The forecast widens the gap with Opec’s more upbeat outlook. The Paris-based watchdog now expects demand to grow by just 730,000 barrels per day in 2025, down from 1 million bpd previously […]

A Zapp delivery courier in London. The company is said to have started hiring in Dubai

UK company enters Dubai’s crowded rapid-delivery market

Despite the congestion – in the market and on the streets of the UAE’s most populous city – yet another competitor, UK company Zapp, is entering Dubai’s rapid-delivery market. This is evidence there is still room for growth, analysts say. Zapp focuses on rapid grocery deliveries from its own so-called dark stores. A dark store is […]

EU UEA Cepa Mohamed bin Zayed Ursula von der Leyen

EU and UAE to start talks on comprehensive trade deal

The UAE and the European Union are to start negotiations towards a wide-ranging free trade agreement, officials for both sides said. “The UAE shares strong and longstanding ties with the European Union and its member states,” Sheikh Mohamed bin Zayed Al Nahyan, the UAE’s president, said on X. Through a comprehensive economic partnership agreement, or […]

Saudi football soccer

Former Saudi owner of English soccer club returns to pitch

The former Saudi royal owner of the English Championship side Sheffield United, Prince Abdullah bin Mosaad bin Abdulaziz Al Saud, is returning to the football market with a sports investment fund worth as much as SAR1 billion ($266 million). Prince Abdullah told the Sports Investment Forum in Riyadh this week that his group intends to […]

Middle East buyers account for a greater proportion of foreign interest in UK property, but overall interest is falling

Middle East buyers’ share of UK property demand grows

Prospective buyers from the Arabian Gulf and the wider Middle East are taking up a larger share of total international interest in UK real estate, the property broker Hamptons has found.  However, total overseas demand for property in the British Isles appears to be falling, Hamptons said. International applicants as a share of the total […]

Egypt’s minister of planning, economic development and international cooperation, Rania Al-Mashat, signs new development projects with France

Egypt secures France and EU funds to build infrastructure

Egypt has signed agreements with France and the European Union (EU) worth €262 million ($290 million) to support its infrastructure projects. The agreements were signed this week during the visit of French President Emmanuel Macron to Egypt, local media reported. Cairo signed €132 million financing and grant agreements with the EU and the French Development […]

President Emmanuel Macron delivers a speech during his state visit to Egypt

Egypt and France sign $7bn green hydrogen deal

Egypt and France will jointly develop, finance and operate a €7 billion ($7.7 billion) green hydrogen facility at Ras Shokair on Egypt’s Gulf of Suez coast. Egypt’s state-run Red Sea Ports Authority and the New & Renewable Energy Authority will partner with Green Fuel Alliance, which comprises France’s EDF Renewables and Egyptian-Emirati company Zero Waste, […]

European Commission president Ursula von der Leyen and Egyptian president Abdel Fattah El Sisi met in Cairo in December 2024

EU clears €4bn funding to support Egypt’s economy

The European parliament has approved €4 billion ($4.3 billion) in funding to Egypt to bolster economic resilience in what is the most populous country in the Middle East. The parliament adopted Egypt’s macro-financial assistance with 452 votes in favour, 182 against, and 40 abstentions, it said in a statement.   In March 2024, the EU […]

Review deals latest blow to Sidara’s takeover of John Wood

UAE construction consultancy Sidara is facing another setback in its planned takeover of British oil services firm John Wood Group, which this week said it had to restate its financial results and probably suspend its shares after a review found information had been withheld from auditors. Dubai-based Sidara, formerly Dar Global, was in discussions last […]