Analysis Manufacturing Petrochem plants under pressure to utilise capacity Petrochemicals plants are currently operating at just over 80 percent capacity, rates which must increase for the sector’s margins and product prices to improve, analysts say. Saudi Basic Industries Corp (Sabic) is the world’s seventh largest chemicals manufacturer by sales, while both the UAE and Qatar have invested heavily in creating homegrown petrochemicals industries. Globally, […] October 25, 2024
Editor's Insight Economy Labour would do well to heed the Gulf There is still another week to go before UK chancellor Rachel Reeves’s first Budget. The long-awaited statement should set the direction and priorities for the new Labour government over the next four years. And, for Gulf investors and many others, it can’t come soon enough. It has not been the best start for the government […] October 25, 2024
Telecoms UAE telco e& purchases slice of PPF in eastern Europe The UAE telecommunications company e&, formerly known as Etisalat, has completed its acquisition of 50 percent plus one share in the Czech PPF Group’s telecoms business in Bulgaria, Hungary, Serbia and Slovakia. The deal, which was approved by the European Commission in September, is valued at €2.15 billion ($2.3 billion), plus a potential earn-out of up […] October 25, 2024
Manufacturing Anti-drone radar deal signed by Qatar and Italy’s Fincantieri A company owned by Qatar’s Ministry of Defence has signed an agreement with the Italian shipbuilding company Fincantieri for the joint development of a short-range anti-drone radar programme. The deal between Fincantieri and Barzan Holdings is worth about €100 million ($109 million), excluding the support, training and maintenance services linked to the radars, Reuters reported. The […] October 24, 2024
Trade Former UK chancellor Zahawi calls for UAE trade talks A former UK chancellor has called for the UK to initiate trade talks with the UAE as discussions over a UK-GCC-wide agreement head towards a seventh round. Nadhim Zahawi said a standalone free trade deal between the UK and UAE would “accelerate a full trade agreement” with the UAE, Bahrain, Kuwait, Saudi Arabia, Qatar and […] October 22, 2024
Finance Record gold price dents demand for Swiss bullion in Gulf Swiss gold exports to Saudi Arabia and the UAE have slumped in the past year, as its price rose by more than 30 percent driven by geopolitical challenges. Gold passed $2,700 per ounce on Friday for the first time ever. A year ago it was $1,980 per ounce, and a month ago $2,559. While global […] October 21, 2024
Development First multi-million loan by Saudi fund for projects in Serbia The Saudi Fund for Development signed three development loan agreements this week with Serbia worth $205 million to support agriculture, education and energy. The SFD, Saudi Arabia’s official overseas development fund, will give Serbia $75 million for an irrigation project, $65 million for the Bio4 Campus research institute in Belgrade and $65 million for a […] October 18, 2024
Opinion Transport How to make hybrid cars sexy? Call them Ferrari Ferrari's new hybrid is a beautiful car – as it should be for the best part of AED1.4 million October 18, 2024
Analysis Energy Energy security at centre of EU-GCC collaboration The European Union and the GCC held their first summit this week, where they committed to “greater cooperation on energy security, including energy efficiency and renewable energies and hydrogen”, the parties said in a joint statement. The EU wants to strengthen its energy security by cementing ties with the GCC, following European states’ decision to […] October 18, 2024
Trade Tech startups drive rise in Ireland’s exports to UAE Exports from Ireland to the UAE rose by 21 percent last year, driven by Irish technology and healthcare companies. The trade agency Enterprise Ireland says exports to the GCC increased 13 percent last year, reaching €532.5 million ($580 million). Qatar had the region’s fastest growth in exports from Ireland last year, with a rise of […] October 16, 2024
Trade Inaugural EU summit seeks GCC support to isolate Russia The EU holds its first summit with the Gulf Cooperation Council states on Wednesday, part of a diplomatic push for far-flung friends as it enlists international support to isolate Russia. Since Moscow’s invasion of Ukraine, the 27-member EU has reached out to other regional blocs, holding its first summit with Asean countries and its first […] October 16, 2024
Trade Clouds clear as DP World seals London Gateway deal UAE port operator DP World has announced that it will go ahead with a £1 billion ($1.3 billion) investment in the UK after days of uncertainty, but the episode should be viewed as a “warning”, an expert has told AGBI. The expansion of DP World’s London Gateway port is intended to make it Britain’s largest […] October 14, 2024
Aviation Saudia prepares to launch electric jet service Saudia Airlines’ electric jet plane is the first step towards zero-carbon commercial flights in medium-sized planes, according to its German manufacturer Lilium. Daniel Wiegand, co-founder and chief engineer for innovation at Lilium, said both parties were looking beyond the initial sale of 50 Lilium jets, which Saudia bought for at least $7 million each, with […] October 14, 2024
Logistics UK minister confirms DP World to invest in London Gateway Dubai’s DP World will invest £1 billion ($1.3 billion) in its London Gateway port, business minister Jonathan Reynolds has confirmed. “The investment is going ahead,” business minister Jonathan Reynolds told Sky News after media reports suggested that DP World executives had threatened to boycott the International Investment Summit on October 14 and refrain from investing in […] October 14, 2024
Finance Qatar to reduce stake in UK supermarket Sainsbury’s Qatar’s sovereign wealth fund is selling part of its 15 percent stake in the British supermarket Sainsbury’s as the fund pushes ahead with expansion in the United States and Asia, particularly China and India. Qatar Investment Authority (QIA), the biggest shareholder in Sainsbury’s, is selling £306 million ($399 million) worth of shares in the retailer, […] October 11, 2024
Analysis Lifestyle Christie’s to open new office in Saudi Arabia British auction house Christie’s announced last month that it had received a commercial licence to conduct sales and exhibitions in Saudi Arabia. From its new base in Riyadh it is hoping to tap into a secondary market for luxury goods and state institutions’ growing appetite for art. The company, which has its headquarters in London, […] October 11, 2024
Analysis Trade Morocco-EU trade in turmoil after court ruling It has been a difficult week for Morocco and its partnership with the European Union. The European Court of Justice (ECJ) ruled last week that fishing and farming deals between the two parties struck in 2019 are now invalid. The agreements faltered over the thorny – and sensitive – issue of the Western Sahara, which […] October 11, 2024
Analysis Banking & Finance Adia’s Thames Water write-off could discourage UK FDI Abu Dhabi’s decision to write off its investment in Thames Water will make international investors more cautious about backing UK projects, despite efforts by the UK government to make its water sector more attractive. The Abu Dhabi Investment Authority (Adia) owned 9.9 percent of the UK’s largest water supplier, but according to reports citing accounts […] October 10, 2024
Business of Sport Riyadh Air signs stadium naming deal with Atlético Madrid The new Saudi Arabian carrier Riyadh Air has agreed a deal with the Spanish football club Atlético Madrid to rename the team’s stadium after the Gulf state airline. Atlético Madrid’s stadium, the Estadio Metropolitano, opened in 2017, will now be called the Riyadh Air Metropolitano. The stadium sponsorship deal is scheduled to run until 2033, […] October 9, 2024
Finance Adia writes off investment in Thames Water The UAE’s largest sovereign wealth fund, Adia, has written off its investment in Thames Water, the UK’s largest water provider, a news report said. The entire investment value in Thames Water has been written down because of the “challenging regulatory environment and operational performance”, the Financial Times reported, citing an account filing by Infinity Investments, […] October 9, 2024
Oil & Gas BP seeking new investments in Iraq and Kuwait BP is in talks for new investments in Iraq and Kuwait as the company refocuses on oil and gas. The British energy giant is in discussions to invest in three new projects in Iraq, including one in the Majnoon field near Basra, sources have told Reuters. In August BP signed an agreement with the Iraqi […] October 8, 2024
Food & Drink World’s largest chocolatier plans factory in Egypt The world’s largest producer of chocolate has said it plans to build a $30 million factory in Egypt. Switzerland’s Barry Callebaut is the world’s largest manufacturer of chocolate, with about a 40 percent market share in volume terms, and is the largest processor of cocoa beans with about 20 percent market share. Vamsi Mohan Thati, […] October 7, 2024
