Tech QIA invests in French semiconductor fund Ardian Qatar Investment Authority (QIA), the country’s sovereign wealth fund, has announced plans to make an anchor investment in Ardian Semiconductor, a new entity established by the French private equity firm Ardian. The move underscores the Gulf state’s bet on the crucial role of semiconductors in powering digital and green transformations in key areas such as […] May 14, 2024
Analysis Trade GCC-EU trade drops by $8bn as talks pause Trade between the GCC and the European Union fell by 4 percent last year to $180 billion, as the two trading blocs struggled to agree terms for a free trade agreement. Figures shared exclusively with AGBI by Eurostat, the EU’s statistics authority, show Saudi Arabia was the bloc’s biggest trade partner from the GCC, with […] May 14, 2024
Opinion Mining The Gulf has solid reasons to intervene in BHP’s bid for Anglo Anglo's board has rejected two offers. A 'white knight' could step in – and become a force in mining May 13, 2024
Tourism Spain’s Barceló expands reach in Middle East and Turkey Spain’s Barceló Hotel Group is intensifying its focus on the Middle East, Africa and Turkey this year with plans to invest more than $400 million as part of its global expansion strategy. The move includes opening hotels in the UAE, Saudi Arabia, Bahrain, Oman, Qatar and Turkey. The company will expand its portfolio in the Middle East by […] May 13, 2024
Opinion Banking and Finance Catastrophic floods are a wake-up call for insurers Regional insurance penetration needs to be higher and policies must be overhauled May 10, 2024
Renewable Energy Iraq forges ahead with plans for first big solar plant Iraq is proceeding with its first large-scale solar plant, which will be constructed by France’s TotalEnergies. The 1GW plant will be built in Basra, southern Iraq, as part of a $27 billion investment agreement for an integrated project that includes four oil, gas and renewables facilities. According to reports it will supply clean electricity equivalent […] May 9, 2024
Analysis Oil & Gas Adnoc strikes LNG supply deal with Germany The Abu Dhabi National Oil Company (Adnoc) has signed a 15-year liquefied natural gas (LNG) supply agreement with German energy major Energie Baden-Württemberg AG. The agreement includes the delivery of 0.6 million tonnes per annum (mtpa) of LNG, primarily sourced from Adnoc’s lower-carbon Ruwais LNG project, currently under development in Abu Dhabi’s Al Ruwais Industrial […] May 9, 2024
Trade EU looks for alternatives as trade talks with GCC stall The European Union is actively seeking alternative “avenues” for economic cooperation with the GCC following a deadlock in free trade agreement talks, said Johannes Hahn, the EU commissioner for budget and administration. “We would be interested, of course, to get an agreement [with the GCC], but we have not made a lot of progress,” Hahn […] May 8, 2024
INTERVIEW Banking and Finance Wealth manager seeks Gulf growth despite setbacks in UK St James’s Place, the UK’s largest wealth manager, plans to target local customers to expand its one-year-old Gulf operation as it seeks to brush off reputational setbacks in its home market. In February SJP disclosed that it had set aside more than $500 million for potential client refunds after an increase in complaints about its […] May 7, 2024
Analysis Tourism Why ‘over-tourism’ offers an opportunity for the GCC The GCC region and its North African neighbour Egypt can reap the rewards of over-tourism across the globe, according to industry experts, with affordability playing a key role in fuelling the sector’s growth. The number of hotel rooms in the six countries of the GCC – Bahrain, Kuwait, Qatar, Oman, Saudi Arabia and the UAE […] May 6, 2024
Economy Lebanon to receive $1bn in financial aid from the EU A financial aid package for Lebanon from the EU valued at more than $1 billion was announced on Thursday by the European Commission president, Ursula von der Leyen. The money, most of which will be grants, will be made available over the next three years. Some will go towards helping to control the flow of […] May 2, 2024
Media & Advertising UAE’s RedBird pulls out of Telegraph acquisition RedBird IMI, partly owned by Abu Dhabi’s International Media Investments, has backed out of plans to acquire the Telegraph Media Group, after the UK government blocked the deal. RedBird IMI’s decision comes after the UK crafted legislation blocking foreign governments from owning British newspapers and news magazines. The company said the deal was “no longer feasible”, Reuters […] May 1, 2024
Trade UAE-Estonia trade grows around tech collaboration The digital economy is expected to be at the forefront of trade between the UAE and Estonia as the former Soviet state positions itself to become a European centre for deep tech projects. Officials from both countries met on Saturday in Abu Dhabi, with artificial intelligence and health tech highlighted as areas for greater collaboration. […] April 30, 2024
Oil & Gas Turkey looks for Exxon LNG deal to replace Russia Turkey is aiming to secure a multibillion-dollar long-term liquefied natural gas deal with ExxonMobil as it strives to reduce reliance on Russian energy. The Turkish energy minister, Alparslan Bayraktar, told the Financial Times Ankara wanted to buy up to 2.5 million tonnes of liquefied natural gas a year in a 10-year agreement. Bayraktar said the […] April 30, 2024
Trade UAE prepares for ‘new era’ in Ukraine with trade deal The UAE has finalised the terms of a trade deal with Ukraine, as the Gulf state looks to become a key player in rebuilding the country once its war with Russia is over. The comprehensive economic partnership agreement (Cepa) aims to build on the $386 million bilateral non-oil trade between the two countries last year. […] April 29, 2024
Energy TotalEnergies targets 2025 for first phase of Iraq projects France’s TotalEnergies aims to complete the first phase of a solar power project and the initial phase of the associated gas project in Iraq in 2025, its chief executive Patrick Pouyanné has said. Pouyanné met with the Iraqi prime minister, Mohammed Shia Al-Sudani, on the sidelines of the World Economic Forum in Riyadh, the Iraqi […] April 29, 2024
Food & Drink Turkey’s Getir exits Europe and US to focus on home market Turkish grocery delivery startup Getir has announced that it is leaving the European and US markets to focus on Turkey. Getir had already exited the French, Italian, Spanish and Portuguese markets in 2023, and will now cease operations in the UK, the US, Germany and the Netherlands. These account for 7 percent of its revenue. […] April 29, 2024
Finance EU reveals total aid to North Africa to combat migration The European Union provided €673 million ($718 million) in funding to four North African countries from 2021-23 to help the quartet reduce what it calls irregular migration to the 27-member bloc, official data shows. Last year about 270,000 “irregular migrants” arrived in the EU via sea crossings, 64 percent more than in 2022. Crossings from […] April 28, 2024
People & Lifestyle Saudi director’s labour of love takes the kingdom to Cannes For the first time a Saudi film has been selected to compete in the Cannes film festival, catapulting its little-known self-taught director into the limelight. Tawfik Alzaidi was so surprised that he’d managed to break through to the big time that he kept the news that his film Norah had been accepted for the ‘Un […] April 26, 2024
Aviation London and India dominate airport traffic in Abu Dhabi London and Indian cities dominated traffic at Abu Dhabi’s airports during the first quarter with year-on-year visitor numbers up by more than a third. Close to 7 million passengers passed through the emirate’s five airports in the first three months of the year. Zayed International airport, formerly known as Abu Dhabi International airport, welcomed 6.8 […] April 26, 2024
Renewable Energy Tunisia-Italy power project gets $285m investment The Tunisian Electricity and Gas Company (STEG) has revealed plans to invest about €266 million ($285 million) to complete the Tunisian-Italian Elmed Interconnector Project, a 220km power line connecting the two countries. The investment will fund the Tunisian side of the project, which includes laying a 100km submarine power cable worth €125 million and the […] April 26, 2024
Infrastructure STC and PIF to bid for Austrian telco tower operator Saudi Arabia’s STC Group and the Public Investment Fund (PIF), the kingdom’s sovereign fund, are likely to jointly bid for the Austrian unit of Cellnex, Spain’s mobile phone tower operator, El Economista newspaper reported. The Austrian unit, owning 4,500 towers, is estimated to be valued at €800 million ($857 million), the newspaper said, quoting unnamed sources. Cellnex’s […] April 26, 2024
