Trade UK election adds urgency to GCC trade talks An imminent general election in the UK and a potential change of government has accelerated pressure on negotiators to resolve talks about a GCC trade deal. Talks between the six countries of the Gulf Cooperation Council – the UAE, Saudi Arabia, Bahrain, Qatar, Oman and Kuwait – and the UK are almost two years old. […] April 25, 2024
Oil & Gas OQ and Total approve $1.6bn LNG project in Oman State-owned Oman National Oil (OQ) and French energy major TotalEnergies have finalised the construction of a $1.6 billion Marsa LNG bunkering project at Sohar Port. The project will be developed by Marsa Liquefied Natural Gas, a joint venture owned 80 percent by TotalEnergies and 20 percent by OQ, the state-run Oman News Agency reported. The upstream component […] April 23, 2024
Trade 300 UK company chiefs to descend on Riyadh for expo The UK is sending hundreds of business executives to a trade expo in Riyadh in May as part of a year-long drive to win contracts in Saudi Arabia, as the Gulf state seeks to increase foreign investment in its giga-projects. “The Great Futures launch event in Riyadh on 14-15 May 2024 aims to bring to […] April 23, 2024
Opinion Economy Shanghai’s enterprising spirit is China’s best hope Returning to the city 20 years after his first visit, our columnist is still bowled over by its dynamism April 22, 2024
Transport Alstom to upgrade driverless transit system at Jeddah airport French train maker Alstom will upgrade the automated and driverless passenger transit system at King Abdulaziz International Airport, as the Jeddah airport aims to receive 114 million passengers by 2030. As part of the contract, Alstom will design, engineer, supply, integrate, test and commission a complete system upgrade of its Innovia automated people mover (APM) at the airport’s terminal […] April 19, 2024
Renewable Energy Cost of Xlinks Morocco-UK project balloons by a third The cost of an ambitious project to deliver green energy from the south of Morocco to power homes in the UK has ballooned by more than a third to $30 billion. Xlinks First is behind the Morocco-UK renewables project, which would construct the world’s longest high-voltage direct current (HVDC) subsea power cable between the North […] April 19, 2024
Aviation Turkish Airlines nears $20bn deal with Airbus and Rolls-Royce State-backed Turkish Airlines is expected to sign an agreement with UK’s Rolls-Royce Holdings Plc and European planemaker Airbus to manufacture $20 billion worth of aircraft components locally. The deal will be announced in Istanbul later this month, Bloomberg reported, quoting Turkish officials who were aware of the agreement. Last December the Turkish national carrier announced […] April 18, 2024
Food & Drink Mubadala-backed Getir weighs asset sales Turkey’s grocery delivery startup Getir is considering asset sales as part of its ongoing restructuring talks, according to a media report. The company, operating in five markets, including the UK, aims to sell off assets such as US online grocer FreshDirect, acquired last year, and BiTaksi, a ride-hailing app in Turkey, Sky News reported, citing unnamed […] April 17, 2024
Trade Romania touts $16bn of opportunities as PM visits Qatar Romania is looking to secure €15 billion ($16 billion) of investment from Qatar during a visit by its prime minister, Marcel Ciolacu. He is set to hold talks with Qatar’s prime minister and minister of foreign affairs, Mohammed bin Abdulrahman bin Jassim Al Thani. Ciolacu is also due to have discussions with representatives of Qatar […] April 16, 2024
Sustainability Debt-for-nature swaps may give $100bn boost to climate fight Debt-for-nature swaps, where poorer countries have debt written off in return for protecting ecosystems such as barrier reefs or rainforests, could provide $100 billion for the fight against climate change, a new report has calculated. The UK-based, non-profit International Institute for Environment and Development (IIED) based the estimate on the possibility of debt swaps in […] April 15, 2024
Economy EU to provide ‘urgent’ $1bn short-term aid to Egypt The European Union (EU) will provide €1 billion ($1.1 billion) in urgent short-term financial aid to support Egypt’s economy. The funding is part of the larger €5 billion macro-financial assistance package. The remaining €4 billion will be released as longer-term assistance over 2024-2027 but is yet to be cleared by the 27-member bloc. NewsletterGet the […] April 15, 2024
Oil & Gas UAE’s Adnoc explored acquiring BP Abu Dhabi National Oil Company (Adnoc) explored the possibility of acquiring British oil major BP but abandoned the plan as it did not fit into its strategic growth objectives, a media report said. The talks did not advance beyond the initial stages, Reuters reported, citing informed sources. The UAE state oil company also sought advice […] April 14, 2024
Infrastructure Iraq and Kuwait team up for European telecom corridor Iraq’s Informatics and Telecommunication Public Company, a division of the Ministry of Communications, has signed an agreement with Kuwait’s Zajil Telecom to create a telecommunications corridor from the Gulf region to Europe, transiting through Iraq and Turkey. The new route will pass through Iraqi sea and land ports. Iraq’s minister of communications Hayam Al-Yasiri said […] April 14, 2024
Industry Turkish steel in the black but EU rules rankle Turkey’s steel industry has rebounded strongly from a weak 2023, despite facing new emissions standards and competition for important markets. Crude steel output rose 25 percent year on year to 3.2 million tonnes in January, with domestic consumption of finished steel reaching 3.5 million tonnes, a 20 percent increase. Exports were also up, increasing 23 […] April 14, 2024
Sustainability Spacecraft that spots Gulf gases wins extra funding A Bahraini-British project to develop a spacecraft that will monitor Gulf greenhouse gas emissions from space has been awarded a further £1.4 million ($1.8 million) grant by the UK Space Agency. The partnership between the Bahrain National Space Science Agency, YBA Kanoo Group in Manama, and the University of Leicester and Geospatial Insight of Birmingham […] April 10, 2024
Logistics DFDS acquires transport network of Turkey’s Ekol The Danish shipping and logistics company DFDS is to acquire the international transport network of Turkey’s Ekol Logistics for 1.9 billion crowns ($277 million). The acquisition will add road transport to its Mediterranean ferry network, DFDS said. DFDS’s chief executive, Torben Carlsen, said his company believed Turkey’s role as a manufacturing hub for Europe “will become […] April 10, 2024
Trade Egypt’s garment exports to Saudi Arabia rise 90% Egypt’s garment exports to Arab countries rose 35 percent year on year to $100 million during the first two months of 2024, a trade association executive has said. Sales to Saudi Arabia surged 90 percent year on year to $25 million during the January and February period, Daily News Egypt reported, quoting Marie-Louis Bishara, president […] April 8, 2024
Infrastructure Egypt chooses British Steel for Green Line rail track British Steel, the UK steel products producer, has secured a multi-million-pound deal to supply parts for a new rail route stretching across Egypt. In total 9,500 tonnes of track will be delivered for Egypt’s Green Line, its first fully electrified mainline and freight network from the Red Sea to the Mediterranean. The exact value of […] April 4, 2024
Opinion Tourism Craving for community sets travel trends for Ramadan European Muslims are increasingly keen to travel to Islamic countries to celebrate March 27, 2024
Agriculture Hydroponics allows family to become first Saudi tomato exporter A family company has become the first exporter of tomatoes from Saudi Arabia, thanks to drip irrigation, which has made sending fruit and vegetables from the Gulf to lucrative European markets economically viable. Dava, a private company set up by the Batal family in 2017, began exporting various types of tomato and “snack peppers” – […] March 26, 2024
Food & Drink Gulf SWFs named as potential suitors of The Ivy Gulf sovereign wealth funds are among a host of buyers said to be interested in taking charge of the group behind the UK’s prestigious Ivy restaurant. A £1 billion ($1.26 billion) sale is expected to be complete by the end of June. Troia, the company that owns the Ivy and some 50 other restaurants, is […] March 25, 2024
Opinion Transport If EVs can make it here, they can make it anywhere The battery powered car is on the up, even in the oil-soaked Gulf March 25, 2024
