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Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

The former HSBC building, 8 Canada Square, will become a a mixed-use development designed by Kohn Pedersen Fox

Canary Wharf’s evolution is a nod to QIA change of strategy

The futuristic designs for the former HSBC Holdings headquarters in London’s Canary Wharf may provide a glimpse into the strategy in recent years of one of its major shareholders – the Qatar Investment Authority. Reportedly a casualty of the Covid pandemic and subsequent shift to remote working, 8 Canada Square is to be turned into […]

A Tunisian farmer works on his prickly pear plantation. Tunisia has secured loans to help with food security and its national budget

Tunisia approves $54m loan from Italy

Tunisia has officially approved a €50 million ($54 million) loan from Italy to support its state budget for the current financial year. The loan was originally signed in April. It will be repaid over 40 years with a 31-year grace period and a zero percent interest rate. Tunisia’s current account deficit narrowed to 2.3 percent […]

Nestlé owns brands such as Häagen-Dazs

ADIA considers $1bn funding in Nestlé ice cream

Abu Dhabi Investment Authority (ADIA) is considering a €1 billion ($1.1 billion) investment in a French company that was set up as a joint venture with Nestlé. The investment would be into Froneri, an ice cream manufacturer that was established in 2016 as a partnership between Nestlé and PAI Partners, a private equity company. The […]

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 […]

Nadhim Zahawi, formerly chancellor of the UK, is thought to be leading a consortium of investors for a £600m bid

UAE’s RedBird IMI hopes for speedy sale of The Telegraph

Nadhim Zahawi, the former chancellor of the UK, is fronting one of seven bids to buy the Daily Telegraph newspaper and The Spectator magazine, which is owned by RedBird IMI, a US investment group backed by Abu Dhabi’s International Media Investments. The deadline for the first round of bidding was completed on Friday, although more offers […]

Morocco carbon capture tax steel plant

Morocco lures manufacturers to avoid EU carbon taxes

Morocco is looking at investing in carbon dioxide capture and storage to attract manufacturers to the country who want to avoid the EU’s upcoming carbon tax on imports.  The European Union’s Carbon Border Adjustment Mechanism (CBAM), which will come into effect in 2026, will tax imports of goods such as steel, cement and fertilisers into […]

GCC UK tax. The Labour government under new prime minister Keir Starmer may merge capital gains tax with income tax Video length: 04:06

GCC investors in UK warned of new tax liabilities

The newly elected Labour government is expected to introduce a range of tax changes that will impact British expatriates living overseas, non-doms and the UK’s community of wealthy foreign investors.  Tax consultants suggest that GCC investors considering selling their UK assets should do it “sooner rather than later” to escape the hikes that could significantly […]

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 […]

Aircraft, Transportation, Vehicle

Near-space balloon flights to start from Abu Dhabi next year

European space exploration company Eos-X Space will begin operating balloon flights to the edge of space from Abu Dhabi in the third quarter of 2025, as it aims to gain a bigger stake in the $9 billion space tourism industry. The UAE capital will host the launch facility and spaceport, including a hotel complex on […]

Saipem signed a 12-year framework agreement in 2020 with Aramco to cover onshore engineering and construction activities

Italy’s Saipem awarded Aramco contracts worth $500m

Saipem, an Italian oil services company, has been awarded contracts for two offshore projects worth $500 million from Saudi Aramco as part of its existing long-term agreement with the Saudi oil giant. The first project’s work scope involves engineering, procurement, construction and installation of a crude trunkline for the Abu Safa field. The second project involves […]

A Henkel factory in Düsseldorf, Germany. The facility in Riyadh will manufacture products under the Pert brand

Henkel expands Gulf presence with Riyadh factory

German consumer goods group Henkel has opened a beauty care production facility in Riyadh amid a localisation drive by the Saudi government. The facility in Riyadh will produce a range of products under the Pert brand, including shampoos, conditioners and other specialised items. No details were given on the production capacity and cost of the facility. […]

The Chittagong ship-breaking yard in Bangladesh. The industry is estimated to provide at least 50% of the country's steel

Bahrain signs ship recycling deal with Maersk

Bahrain has signed an agreement with Danish shipping and logistics company A.P. Møller-Mærsk to create a ship recycling plant in the country.  Maersk – the parent company of APM Terminals Bahrain and operator of Khalifa Bin Salman Port (KBSP) – will supply old vessels to the Arab Shipbuilding and Repair Yard Company, which will dismantle […]

People, Person, Accessories

Saudi PIF ups stake in Newcastle United to 85%

Saudi Arabia’s sovereign wealth fund – the Public Investment Fund (PIF) – has increased its stake in Newcastle United football club to 85 percent from 80 percent. PIF and RB Sports & Media, the sporting arm of the UK-based Reuben Brothers, will together acquire PCP Capital Partners’ shareholding in the club, the stake co-owned by […]

Fertiglobe will ensure a secure supply of renewable hydrogen through the Egypt Green Hydrogen plant

Fertiglobe to supply renewable ammonia to Europe

Abu Dhabi-listed fertiliser maker Fertiglobe has won the first global bid to supply renewable ammonia to the European Union (EU) as the trade bloc ramps up decarbonisation efforts. The company, a partnership between UAE oil giant Adnoc and Netherlands-based OCI, will supply 19,500 tonnes of renewable ammonia in 2027, with volumes potentially rising to 397,000 tonnes by 2033 […]

UK wind farm

Masdar-backed UK wind farm clears further hurdle

An Abu Dhabi-backed offshore wind farm project in the UK has taken a big step forward after a development consent order application was accepted into examination by UK planning inspectors. The Dogger Bank South wind farm, more than 100km off the northeastern coast of England, is split across two sites, DBS East and DBS West. […]

A German glass factory owned by French conglomerate Saint-Gobain. The company bought businesses in Egypt and Saudi Arabia last year

French construction major chases growth in Middle East

Saint-Gobain’s $1 billion takeover of Dubai’s Fosroc highlights the growing importance of the Middle East to the company and the construction industry, according to executives at the French conglomerate. The all-cash transaction for Fosroc, which makes construction chemicals, was agreed at the end of last month. Saint-Gobain expects the deal to close in the first […]

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. […]