Analysis Trade UAE-Serbia talks begin in Dubai as trade speeds up “I want to have Dubai as a base for my business and innovation,” says Novak Djokovic. “I love the champion mentality.” The world tennis number one, arguably Serbia’s most famous son, describes the emirate as his “second home”. Emirati officials, who launched trade talks with the European country on Monday, will be hoping Djokovic’s compatriots […] September 20, 2023
Transport Erdoğan lauds $17bn link between Turkey and Iraq Turkish president Recep Tayyip Erdoğan has lauded plans for a $17 billion infrastructure and transportation project linking southern Iraq to Turkey as an opportunity to “build a new world”. The Development Road project will link Grand Faw Port, a commodities port in Iraq, by rail and road to the border with Turkey. It will transform […] September 20, 2023
Real Estate Russians snap up plots of land to build ‘Little Moscow’ in Dubai Russian investors in Dubai are working to become real estate developers or acquire clusters of homes to build “Little Moscow” communities in the emirate. Buyers from Russia have become big investors in Dubai property since sanctions imposed on Moscow locked them out of European and North American markets. The UAE has also become a key […] September 20, 2023
Analysis Trade Dubai Chamber opens offices in France and Italy Dubai has opened new representative offices in Paris and Milan as part of the UAE’s ambitions to build trade and investment opportunities with the European Union. Dubai International Chamber made the move on the back of more than $53 billion of trade between the UAE and Europe last year, up $11 billion on 2021. The […] September 19, 2023
Energy UAE seeks power grid connectivity with India The UAE is looking to build grid connectivity with India, RK Singh, the new and renewable energy minister, said. Earlier this month, India and Saudi Arabia signed a memorandum of understanding on cooperation in the energy field, including grid connectivity. Connecting India’s power grid with Saudi Arabia and the UAE will help India supply power […] September 18, 2023
Trade Northern Ireland keen to deepen trade ties with Gulf The recent Brexit deal for Northern Ireland places it in a strong position to deepen trade links with the Middle East and North Africa (Mena), especially in manufacturing and life sciences, according to the regional head of Invest Northern Ireland. The economic development agency aims to grow the number of Northern Irish businesses active in […] September 18, 2023
Business of Sport British-Iranian businessman sells stake in Everton FC British-Iranian businessman Farhad Moshiri has sold his stake in English Premier League club Everton to Miami investment fund 777 Partners. It has signed a deal to acquire the former accountant’s 94 percent of the club’s shares. Monaco-based Moshiri invested in Everton in 2016 before taking a majority stake two years later. However, his time in […] September 15, 2023
Analysis People & Lifestyle Collectors buy for love, but Arab art is big business too One of the first things that strikes you about the modern and contemporary Arab art on display at Christie’s gallery in central London is its variety. Cubist pieces from Baghdad hang alongside figurative Egyptian paintings, saffron-coloured tapestries next to abstract ink-on-paper drawings. Dreams of the Detainee, a portrait in profile from 1961 by Cairo-born activist […] September 15, 2023
EXCLUSIVE Banking & Finance UAE grey list: UK banks close expat accounts In March last year the Paris-based Financial Action Task Force, an international watchdog, cited “strategic deficiencies” in the systems the UAE uses to counter financial crime and placed the country under enhanced supervision. But burgeoning trade, bumper airline profits and double-digit rent increases have made it difficult to discern much in the way of a […] September 13, 2023
Renewable Energy Qatar plans $5bn UK-Doha green tech centre The not-for-profit Qatar Foundation, which supports education, research and community development projects, is to invest in a £4 billion ($5 billion) green energy research and development centre spanning the UK and Qatar. The project has been dubbed the “MIT for UK energy transition” by organisers at management consultancy McKinsey & Co, The Sunday Times reported, […] September 11, 2023
Opinion Trade Meanwhile, on the G20 sidelines, history in the making The proposed India-Middle East-Europe Economic Corridor could become a 'green and digital bridge across continents and civilisations' September 11, 2023
Environment UK commits $2bn to UN-backed climate fund Britain will commit to provide $2 billion to the Green Climate Fund (GCF) to help developing countries cope with climate change, Prime Minister Rishi Sunak said on Sunday at the G20 leaders summit in New Delhi. The pledge would be the biggest single funding commitment the UK has made to date to help the world […] September 11, 2023
Analysis Markets Risk-averse Gulf telecom companies look to Europe Following myriad lacklustre investments in Asia and Africa, some former telecom monopolies in the Gulf are now buying minority stakes in long-established operators in Europe to provide lower-risk, dividend-based returns. STC Group, previously known as Saudi Telecom Co and majority-owned by the kingdom’s Public Investment Fund, this week revealed it had spent 2.1 billion euros […] September 8, 2023
Renewable Energy UK company strikes Mideast deal for hydrogen generators UK hydrogen fuel cell company AFC Energy has signed an agreement with a leading Saudi marketer to sell its hydrogen generators in the Middle East and Central Asia. The deal gives Saudi Arabia’s The Machinery Group (Tamgo) exclusive rights to market AFC Energy’s alternative to diesel-powered generators in 16 countries including Saudi Arabia, United Arab […] September 5, 2023
Trade Italian companies urged to make Saudi their ‘second home’ Saudi Arabia has invited top Italian companies to make the kingdom their “second home” as both countries aim to boost investment and trade levels. The Italian-Saudi Investment Forum, which brought together policy makers, business leaders and innovators, witnessed the signing of 21 memoranda of understanding (MoUs) and investment agreements. They covered sectors including clean energy, […] September 5, 2023
Finance Emirates NBD invests in Swiss fintech Emirates NBD, the largest bank by assets in Dubai, has invested in Komgo, a Swiss-based software development and technology company operating in the trade finance industry. The equity investment was made by Emirates NBD’s Innovation Fund, the bank’s corporate venture pool. The value was not disclosed. Created earlier this year, the fund is for investments in […] September 4, 2023
Analysis Leisure & Hospitality Gulf events turning to inflatable domes A Slovenian leader in the manufacture of high-tech air domes is seeking expansion across the Gulf after capturing deals in Saudi Arabia. DBS Engineering has agreements with the Ministry of Investment, Alwaseel Sport City, Filling & Packing Materials Co (Fipco) and Zamil Industrial. The company said it will soon complete its second project in Qassim […] September 4, 2023
Exclusive Retail Middle East shoppers surge at UK’s Bicester Village Travelling on the train to Bicester Village, do not be surprised if you hear announcements in Arabic as you approach the British designer outlet retail destination an hour from London. This is just one example of the steps Bicester Village’s parent company Value Retail has taken in recent years to attract more Middle East shoppers. The […] September 3, 2023
Opinion Markets Storm clouds gather over sterling for Dubai investors An impending UK recession against a backdrop of Chinese deflation could see a flight to the dollar August 31, 2023
Finance Spanish bank targets GCC growth from Dubai office Spanish investment bank Alantra plans to expand its business in the Gulf with the opening of a new office in Dubai. The lender is interviewing candidates and hoping to announce new hires before the end of the year, Reuters reported. The investment bank announced it had receiving approval to operate from the Dubai International Financial Centre […] August 31, 2023
Analysis Trade Saudi minister Al Falih heads to Milan for trade talks Saudi Arabian and Italian officials are to meet in Milan next week for talks on investment opportunities in clean energy, healthcare, manufacturing and hospitality. The Ministry of Investment of Saudi Arabia will co-host the Italian-Saudi Investment Forum on September 4, as the countries seek to build on bilateral trade that surpassed $11 billion last year. […] August 30, 2023
Health Pure Health buys UK private hospital group for $1.2bn Pure Health, the largest healthcare group in the Middle East, is buying Circle Health Group, the UK’s largest operator of private hospitals. The deal, valued at AED4.4 billion ($1.2 billion), is Pure Health’s first entry into the UK. Based in Abu Dhabi, Pure Health has a network of more than 25 hospitals, 160 laboratories, 100 […] August 28, 2023
