Manufacturing Daimler and DHL launch truck parts centre in Dubai Commercial vehicles company Daimler and logistics provider DHL are to launch a Daimler truck parts facility in Dubai in December. The new parts centre will open in Dubai World Central, the economic zone supporting logistics and businesses around Al Maktoum International Airport. Daimler Commercial Vehicles Mena (DCV Mena) and DHL Global Forwarding have forged a […] November 28, 2022
Analysis Energy UK energy windfall tax ‘could scare off Gulf investors’ London’s plan to introduce a windfall tax on the profits of energy producers has prompted widespread disdain from the industry. Experts have warned that the tax could harm the country’s long-term economic growth and deter international investors, including those from the Gulf, from pursuing new deals. On November 17, chancellor Jeremy Hunt announced he would […] November 28, 2022
Development UK launches £4bn finance support to boost trade with Morocco Moroccan importers can access up to £4 billion ($4.85 billion) in trade finance to help buy goods and services from the United Kingdom, British officials announced this week. To be eligible for support from UK Export Finance (UKEF) at least 20 percent of the overall contract value for a project must be sourced from British […] November 25, 2022
Business of Sport Manchester United owners mull selling Premier League icon Manchester United’s US owners have begun looking at options for the 20-times English soccer champions, including a potential sale or new investment in stadium and infrastructure redevelopment. “As we seek to continue building on the club’s history of success, the board has authorised a thorough evaluation of strategic alternatives,” said Avram and Joel Glazer in […] November 24, 2022
Banking & Finance Credit Suisse shareholders approve $4.2bn capital raise Credit Suisse shareholders have approved a 4 billion Swiss franc ($4.20 billion) equity capital hike earmarked to finance the embattled Swiss bank’s turnaround. Some 92 percent and 98 percent of shareholders at an extraordinary general meeting supported the two share capital increases which were first proposed last month under the scandal-prone bank’s restructuring plan. “Today’s […] November 24, 2022
Analysis Energy UK minister stresses commitment to GCC’s clean energy transition The UK is committed to remaining a “steadfast friend and partner” to Gulf countries as they continue to drive the clean energy transition and one of the most rapid economic transformations in history. British foreign secretary James Cleverly also hailed the development of “spectacular cities” rising from empty deserts in a speech at the Manama […] November 23, 2022
Analysis Energy Saudi Aramco inks $11bn deal to create 5,000 supply chain jobs Saudi Aramco signed agreements with dozens of manufacturers on Tuesday, with potential to create 5,000 new jobs in the kingdom over the next decade as the energy major looks to boost local capabilities. The 59 corporate procurement agreements (CPAs), valued at $11 billion, are expected to reinforce Aramco’s supply chain and result in the development […] November 22, 2022
Energy Shell to ‘evaluate’ $29bn British investments after windfall tax Shell said on Monday it will evaluate plans to spend up to £25 billion ($29.59 billion) in Britain over the next decade following the government’s decision to increase a windfall tax on oil and gas producer. “We’re going to have to evaluate each project on a case by case basis,” said Shell’s UK country chair […] November 22, 2022
Cop28 Cop27 deal delivers landmark on ‘loss and damage’, but little else Countries adopted a hard-fought final agreement at the Cop27 climate summit early on Sunday that sets up a fund to help poor countries being battered by climate disasters – but does not boost efforts to tackle the emissions causing them. After tense negotiations that ran through the night, the Egyptian Cop27 presidency released the final […] November 20, 2022
World Cup 2022 No alcohol sales at World Cup stadiums after Fifa u-turn Alcohol will not be sold at Qatar’s World Cup stadiums, Fifa has announced, in a reversal of its previous policy. The statement comes two days before the tournament begins on Sunday. It is the first to be held in a conservative Muslim country with strict controls on alcohol, the consumption of which is banned in […] November 18, 2022
Opinion Sustainability The dark side of a renewables future The renewables sector must find recycling solutions to establish a truly circular economy November 18, 2022
Analysis Energy Egypt aims to overcome obstacles to supplying more gas to the EU Depleting gas fields and soaring domestic consumption will stymie Egypt’s immediate efforts to boost Europe-bound energy exports – however, new exploration and additional pipelines could help it become a sizeable supplier to the EU later this decade. The EU has vowed to slash its imports of Russian gas by two thirds this year following Vladimir Putin’s […] November 17, 2022
Construction Saudi’s $500bn Neom targets Berlin and Paris for investment Neom, the $500 billion futuristic city being built in Saudi Arabia, is targeting potential business partners in Europe as part of its ongoing efforts to attract investors. Located in a vast region in the northwest of the kingdom, Neom is at the heart of Crown Prince Mohammed bin Salman’s Vision 2030 drive to diversify the […] November 16, 2022
Exclusive Real Estate Nick Candy eyes Dubai and Saudi… ‘for work and pleasure’ British billionaire property magnate Nick Candy is all lit up on our Zoom call, speaking from his family office in Mayfair, London. “Dubai… I just love it,” he says, of the emirate he visits at least once a month – sometimes with his actor wife Holly Valance and their two daughters, but also to attend […] November 15, 2022
Sustainability Sticking points slow crunch talks to agree final deal at Cop27 Government ministers and negotiators from nearly 200 countries began working towards a Cop27 final deal on Tuesday, with the summit host Egypt issuing assurances that the slow-moving talks remain on track. On the conference floor in Sharm El Sheikh, however, some delegates have begun to speculate that the UN talks could run over time into […] November 15, 2022
Analysis Agriculture Morocco aims to become the world’s premier fertiliser producer Russia’s invasion of Ukraine has upset the global agricultural industry in more ways than one – but for Morocco, one of the world’s largest fertiliser producers, it has presented an opportunity. Not only were Russia and Ukraine some of the world’s most important wheat and grain exporters, but they also played a central role in […] November 15, 2022
Opinion Tech The digital world increasingly feeds into the real world Gaming and digital innovations are feeding into the real world with the rise of trends from virtual status symbols to mentor and mentee connections November 14, 2022
Exclusive Development Cherie Blair ‘optimistic’ for Middle East entrepreneurial equality Nearly 20 years ago, Cherie Blair CBE, leading King’s Counsel and committed campaigner for women’s rights, predicted that the UAE would lead the Middle East’s drive on gender equality. Her first visit to the GCC region – during her husband Tony’s 10-year stint as British Prime Minister – was promptly followed by the appointment of […] November 14, 2022
Energy PIF and BlackRock to explore Gulf infrastructure projects Saudi’s sovereign wealth fund PIF and BlackRock, the world’s biggest fund manager, have signed an agreement to jointly explore infrastructure projects in the Middle East. The Public Investment Fund (PIF), which manages more than $600 billion in assets, said its non-binding memorandum of understanding will serve as “the anchor for BlackRock’s Middle East infrastructure strategy”. […] November 14, 2022
LONG READ The business of sleep: from beating jet lag to space-age linen “I think it’s probably the easiest topic in the world because everybody is interested in it,” says Lilburne Opie, founder and CEO of Dubai-based company Linen Obsession, when we meet for this interview. She’s talking about sleep, which, like breathing, eating and drinking, is a vital necessity. “Even if you get enough time in bed, […] November 14, 2022
Exclusive Saudi Arabia Vision 2030 Serco expects 50% of Middle East revenue to come from Saudi London-based public service provider Serco expects to draw 50 percent of its Middle East revenue from Saudi Arabia by 2026. Daniel McGregor, corporate development director at Serco Middle East, told AGBI that this ambitious plan is already in motion — and it is being formulated to capitalise on Saudi Arabia’s huge investment in public infrastructure, […] November 10, 2022
Cop28 Decoding Cop27: the many shades of green bonds Banks, governments and businesses say financial markets can play a crucial role in driving the shift to a lower-carbon world. At the Cop27 climate conference in Egypt, companies and country delegates are discussing ways of enhancing the market for green bonds, or bonds that are linked to projects deemed environmentally beneficial. Green bonds have their […] November 9, 2022
