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Tourists walk on the road next to the beach in Paphos, Cyprus. Gulf funds are 'looking at all of Cyprus', particularly in real estate

Gulf funds investing in Cyprus ‘only a question of time’

Three sovereign wealth funds from the Gulf are in discussions to invest in real estate projects in Cyprus, according to one of the island’s biggest developers. “It’s only a question of time that it is going to happen,” said Pantelis Leptos, co-president of the developer Leptos Estates, without giving further details on the wealth funds […]

Egyptian President Abdel Fattah al-Sisi talks with European Commission President Ursula von der Leyen. The EU has agreed $7.4bn of funding to Egypt

EU agrees $8bn funding package with Egypt

The European Union has agreed a €7.4 billion ($8 billion) funding package and upgraded its relationship with Egypt after a meeting in Cairo on Sunday between the European Commission president, Ursula von der Leyen, and Egypt’s president, Abdel Fattah al-Sisi. The deal consists of €5 billion in concessional loans, €1.8 billion of investments and €600 […]

metabolic disease oura smart ring

‘Smart ring’ project aims to help fight chronic health problems

A wearable “health ring” is being used by a Dubai-based healthcare technology startup to help combat the Middle East region’s metabolic diseases crisis. The company, Metabolic – which brands itself as meta[bolic] – has signed a partnership with the Finnish maker of the Oura Ring, and aims to stem the billions lost in healthcare systems […]

Turkish president Tayyip Erdogan and UK prime minister Rishi Sunak at a Nato summit in 2023. The UK is hoping to increase services exports to Turkey

UK and Turkey open fresh trade negotiations

The UK and Turkey have launched fresh trade talks targeting the services sector as part of any new deal. The two countries are planning to enhance their current trade deal, which was negotiated back in the 1990s and has remained despite the UK leaving the European Union in 2020. Bilateral trade stood at £26 billion […]

As part of his March budget, the UK's Jeremy Hunt announced plans to abolish the country's 200-year-old non-dom tax status

UK’s non-dom shake-up to attract high earners to Gulf

There is likely to be an influx of expats and returning nationals to the Gulf as a result of the UK’s abolition of non-domicile tax status from April 2025, experts told AGBI. ‘Non-doms’ live in the UK but claim to have a permanent residence in another country, so they do not pay tax on overseas […]

Buildings taller than 90m are banned in Budapest to preserve the city's architecture

UAE developer wins $6bn Budapest contract

An Emirati developer has finalised a €5.5 billion ($6 billion) deal to transform a rundown area of Budapest in the same week that the UAE and Hungary signed an economic cooperation agreement aimed at improving bilateral trade and investment. Eagle Hills International, which is based in Abu Dhabi, has partnered with the Hungarian government to […]

Egypt has approved funding of €54 million from Germany to finance a smart energy project

Germany commits $282m in low-cost funding to Egypt

Germany has pledged to commit €258 million ($282 million) to Egypt in the form of debt swaps, grants and concessional financing, Egyptian minister of international cooperation Rania Al Mashat said. The government has approved €54 million from Germany to finance the smart energy project within the national platform of the Nexus of Water, Food and […]

Italian exporters Dubai boat show 2024

Boats, baubles and balsamic lift Italian exports to UAE

Italian boat manufacturers were out in force at the Dubai International Boat Show earlier this month, doubtless buoyed by the news that nautical exports to the UAE totalled nearly $120 million in the first 11 months of 2023.  More than 20 Italian companies attended the event at Dubai Harbour, part of a strengthening Italy-UAE trade […]

How the Grand Boulevard Approach of The Arena will look

London architect HKS to design Diriyah’s 20,000-seat Arena

Saudi Arabia has hired a London-based architecture practice to design a sports and entertainment venue in Riyadh’s historic district of Diriyah, close to the site where a landmark opera house will be built.  “The architecture rises from the landscape as a series of monoliths, evoking local geological formations and alluding to ancient Nadji forts and […]

A solar installation in Morocco. The $20bn Xlinks Morocco-UK renewables project should be operational by 2030

XLinks reaffirms UK is priority for Morocco power project

British renewable power company Xlinks is “100 percent committed to the UK” despite reports suggesting it was refocusing its attention on Germany. Xlinks is overseeing the $22 billion Morocco-UK renewables project, which involves building solar panel and wind farms in the desert of the North African country. Via the installation of high-voltage direct current (HVDC) […]

Bahrain's sovereign fund Mumtalakat Holdings is looking for buyers for its McLaren Group stake

Bahraini fund hires bank to find buyer for McLaren stake

Bahrain’s sovereign fund has hired bankers to find a potential buyer for its stake in the British carmaker McLaren Group, according to a UK media report. Mumtalakat Holdings, which holds a 50 percent stake in McLaren, has hired JP Morgan following an order from King Hamad bin Isa Al Khalifa, The Sunday Times reported. JP […]

Lauren James of Chelsea FC celebrates a goal against Manchester City in the FA Women's League Cup semi-final. Oman Air is absent from the list of sponsors on the club's website

Oman Air and Chelsea FC ‘terminate sponsorship deal’

A sponsorship deal between Oman Air and English Premier League club Chelsea FC has reportedly been terminated less than a year after it was signed. The three-year agreement was believed to be worth about £2 million ($2.5 million) a year and was announced last July. The partnership, which made the flag carrier the club’s global […]

The new deal is intended to improve UK-Saudi collaboration in sectors such as space tech and life sciences

Tech deal aims to improve UK-Saudi trade engagement

The UK and Saudi Arabia signed an agreement on Monday aimed at elevating science and technology links and trade growth opportunities. Officials said the deal will pave the way for the UK and Saudi Arabia to work together on deep science and technology breakthroughs that underpin progress in tackling challenges such as food security and […]

Einride Dhabi

Sweden’s Abu Dhabi truck deal to drive bilateral trade

The UAE’s deal for Swedish tech company Einride to help to build the Abu Dhabi portion of the Falcon Rise Grid electrified road freight system could portend more business between the two countries. Einride will deploy 1,000 electric heavy duty trucks and 100 autonomous vehicles across Abu Dhabi and Al Ain, and install charging infrastructure. […]

Developer Dar Global's revenue jumped 351 percent year on year to $360.6m in 2023

Dar Al Arkan unit aims for $700m revenue in two years

Dar Global, the international real estate arm of Saudi-listed Dar Al Arkan, is targeting $700 million in combined revenues for 2024 and 2025 amid expansion beyond the GCC region. Following its London Stock Exchange listing, the company’s growth strategy in new markets and territories has seen the gross domestic value of its portfolio rise to […]

The Maersk Discoverer rig drilling for BP offshore Egypt. The company could invest up to $6.5bn in gas and oil projects in the country

BP invests $1.5bn in gas projects in Egypt

BP will invest $1.5 billion to develop gas projects and drilling in Egypt over the next three to four years. It was revealed two weeks ago that the UK-based energy business and Abu Dhabi state oil company Adnoc have agreed to pursue a natural gas joint venture in Egypt.  The venture, reported by Bloomberg on […]

Workers at an Aramco facility. Saipem had annual average orders of $1.6bn from Aramco between 2021 and 2023

Italy’s Saipem expects Aramco orders to drop 20%

Italian energy contractor Saipem is forecasting a 20 percent decline in annual orders from Saudi Aramco to 2027 following the state-backed oil major’s decision to hold its capacity expansion plans. Saipem had annual average orders of around €1.5 billion ($1.6 billion) from the Saudi-listed company between 2021 and 2023. It signed a 12-year deal with […]

Construction of the Dogger Bank South offshore wind farm project in the UK is expected to start by the end of 2025

Masdar acquires 49% stake in UK’s offshore wind farms

Abu Dhabi’s renewable energy company Masdar has acquired a 49 percent stake in the 3-gigawatt (GW) Dogger Bank South (DBS) offshore wind farm project in the UK, as part of its global expansion drive. The acquisition is part of the planned £11 billion ($14 billion) joint investment with Germany’s renewables major RWE to support net-zero […]

Attendees at the Big 5 convention in Riyadh ranked Saudi Arabia among the top three most enticing construction markets in the world alongside China and India

Foreign expertise vital for Saudi construction

Saudi Arabia’s construction industry needs more foreign involvement if achieving its Vision 2030 goals is to become a reality, according to attendees of the Big 5 conference in Riyadh. In the first half of 2023 alone $44 billion worth of new projects were awarded in the kingdom’s $140 billion construction sector, according to real estate […]

'National emissions trading systems are essential to create a global carbon price,' said the European Energy Exchange

Turkey and Europe join up to promote carbon trading

The European Energy Exchange (EEX) and Turkish energy bourse Enerji Piyasalari Isletme A.S (Epias) have signed a memorandum of understanding to develop carbon emissions trading in Turkey. “We look forward to working with Epias in creating a robust emissions trading system (ETS) in Turkey by providing our expertise in carbon markets,” said EEX chief executive […]