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Answer to UK’s energy needs is blowing in the Moroccan wind

The UK is working with Morocco on an £18 billion ($20bn) plan to build vast solar panel and wind farms in the desert that could power more than seven million British homes by 2030. It will also deliver electricity at about half the rate of that produced by nuclear power plants. With the world in […]

Porsche IPO

Porsche shares flat at close after landmark $72bn listing

Porsche AG shares had a see-saw start on Thursday after Volkswagen defied volatile markets to list the sports car brand at a valuation of €75 billion ($72 billion) in Germany’s second-biggest market debut. The shares closed at €82.50 ($80.74), returning to their issue price from the session high of €86.76. Volkswagen priced Porsche AG shares the top end of the indicated range, and raised €19.5 billion via the listing to fund […]

UAE German leaders

UAE and Germany grow ever closer with shared net zero goals

The first four Mercedes Benz cars arrived in Abu Dhabi in 1965, imported by the Al Fahims, who founded Emirates Motor Company three years earlier. Last year, the UAE imported German automobiles worth nearly $1.2 billion. Also in the mid Sixties, the German company Siebert discovered enough water close to Al Ain to enable the […]

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Volkswagen faces Israeli emissions class action suit

Volkswagen faces a class action suit in Israel after a court ruled in favour of petitioners seeking compensation from the German carmaker over diesel emissions cheating. A Tel Aviv district court ruled that the class action suit will represent the car owners as well as the general public who were exposed to higher pollution levels, […]

Medication, Pill, Capsule

Europe’s generic drugmakers may cut output due to high energy bills

Europe’s drugmakers have warned they may stop making some cheap generic medicines because of surging electricity costs and are calling for an overhaul of the way they are priced, the latest industry to seek help as the energy crisis deepens. The generic drug industry lobby group Medicines for Europe, which represents companies including Teva, Novartis’s […]

Liz Truss and Kwasi Kwarteng

UK tipped to see record levels of Middle East capital in 2022

Outbound investment from the Middle East to the UK is forecast to rise sharply this year, particularly for deals up to $250 million. Corporate finance specialist Lumina Capital Advisers said the strong dollar, weak sterling and the UK’s uncertain economic outlook made it a “highly attractive destination” for Middle East capital.  Sterling tumbled to a […]

Gulf oil CEOs attack ‘unrealistic’ energy transition goals

Saudi Aramco’s CEO has lambasted the “unrealistic” energy transition scenarios that he claims have exacerbated a global energy crisis. His counterpart at Abu Dhabi National Co (ADNOC) also warned that efforts to tackle climate change could prove counterproductive if they slow economic growth.  In unusually fiery comments, Aramco CEO and president Amin Nasser warned that […]

Aviation and fintech help Irish exports soar to record $532m

Ireland reported record levels of exports to the Middle East last year, with aviation and financial technology (fintech) among the standout sectors that helped Irish companies to achieve over half a billion dollars in sales in the region. Enterprise Ireland, the Irish Government’s trade agency, said the companies it supports in India, the Middle East […]

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Cyprus GDP forecast at 5.5%, inflation may hit 8.4% in 2022

Cyprus’s economy is forecast to grow by 5.5 percent in 2022 on better than expected tourism arrivals, although the outlook is tempered by energy market turbulence which will sap demand later in the year, the island’s Central Bank said on Thursday. Updated projections of economic output were 2.8 basis points higher than previous projections made […]

Britain's Catherine, Princess of Wales, wears the Queen's Bahraini pearl earrings

Bahrain pearls given royal stamp of approval

The UK’s Princess of Wales put Bahraini pearls back in the spotlight this week when she wore a pair of earrings made from the precious stone for the funeral of Queen Elizabeth II. Her timing was perfect as Bahrain aims to re-establish itself as the global centre for sustainable pearls. Catherine, Prince William’s wife, sported […]

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  • In pictures

Arab leaders attend Queen Elizabeth II’s state funeral

Royals and leaders from the Middle East are among the dignitaries attending the state funeral of Queen Elizabeth II at Westminster Abbey in London. Britain’s longest-reigning monarch died on September 8 aged 96. Saudi Arabia’s Crown Prince Mohammed bin Salman is not expected to attend the funeral, Reuters reported, citing a source at the British […]

Nord Stream 1 pipeline

Berlin, Paris and Madrid unveil plans to cope with energy crunch

European governments have outlined new measures to cope with potential energy shortages this winter and improve networks so they can share power, as the war in Ukraine continues to affect gas flows from Russia. On Monday, Spain unveiled plans that could force energy-intensive industries to shut at peak demand times; France said it was preparing […]

US Speaker Nancy Pelosi in Yerevan, Armenia, on September 18

Turkey’s VP rebukes Pelosi for ‘biased’ remarks in Armenia

Turkey’s vice president Fuat Oktay has branded Nancy Pelosi’s speech on clashes between Armenia and Azerbaijan “biased”, suggesting that her comments “sabotage diplomacy efforts”. The Speaker of the US House of Representatives visited Armenia this weekend, in an unprecedented show of American support for the country, which has been locked in conflict with its neighbour […]

European Central Bank to inflict pain as it mulls interest rate hikes

The European Central Bank (ECB) could raise interest rates into next year, causing pain for consumers as it tries to depress demand that is now increasingly adding to sky high inflation, chief economist Philip Lane said on Saturday. With inflation approaching double digit territory, the ECB delivered two oversized rate hikes in July and September, […]

King Charles III

Charles III will build on his mother’s close ties to the Gulf

While the great republics of the United States and France, and the governments of China and Russia, grapple for influence in the Arabian peninsula, Britain’s constitutional monarchy has often provided an edge in fostering relations with the Gulf states. Much of the Arab world reacted with deep sadness to the death of Queen Elizabeth II. […]

Porsche wants to be ready for listing as soon as possible

Porsche AG wants to be ready for a planned stock market listing as early as possible, an executive at the luxury sportscar unit of Volkswagen was quoted as saying on Saturday, as investors showed huge interest in the initial public offering (IPO). “We welcome a strong interest in our company and we are confident despite […]

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The world mourns Queen Elizabeth II: 1926 – 2022

Her Majesty Queen Elizabeth II, the longest-reigning monarch in British history, has died aged 96. She acceded the throne on February 6, 1952 after the death of her father King George VI, and became an iconic and highly-respected figure to billions of people across the world during her 70-year reign.  A statement from Buckingham Palace […]

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Queen Elizabeth’s death: Reaction from politicians and officials

State heads and officials from around the world have offered their condolences for Queen Elizabeth, Britain’s longest-reigning monarch, after she died on Thursday 8 September. Middle East royals and leaders pay tribute to Queen Elizabeth II The world mourns Queen Elizabeth II: 1926 – 2022 UN Secretary General Antonio Guterres said the queen was widely […]

ADNOC sends first German cargo as it tests hydrogen ambitions

Abu Dhabi National Oil Company (ADNOC) has announced that its first shipment of low-carbon ammonia has left the UAE bound for Hamburg, Germany, as the company aims to overcome one of the biggest obstacles to its hydrogen industry ambitions.  The demonstration cargo will be delivered to Aurubis, a global provider of non-ferrous metals and one […]