Trade AI to be at the heart of UK-GCC free trade talks AI will be at the heart of future bilateral trade between the GCC and the UK, according to Oliver Christian, His Majesty’s trade commissioner for the Middle East and Pakistan. “That [AI investment] will definitely be the story of my tenure here over the coming years in the UAE and across the Middle East,” said […] December 18, 2023
Industry e& unit buys Norway’s telecoms subsidiary in Pakistan e&, formerly known as Etisalat, said its subsidiary in Pakistan will acquire a 100 percent stake in Norway telecom-owned Telenor Pakistan Private Limited. The transaction has an enterprise value of PKR108 billion ($380.95 million) on a cash-and-debt-free basis, the Abu Dhabi-listed telco said in a statement. e& holds a 23.4 percent stake in Pakistan Telecommunication […] December 15, 2023
Real Estate Aldar joins Mubadala and Ares to invest in Europe real estate Abu Dhabi-listed Aldar Properties has partnered with Mubadala Investment Company (Mubadala) and Ares Management Corporation (Ares) to invest $1 billion through a private credit fund in the UK and Europe’s real estate market. Mubadala will hold a 50 percent stake in the new platform, while Aldar will own 30 percent. Ares will hold the remaining […] December 14, 2023
Aviation Ryanair to begin domestic flights in Morocco in 2024 Irish low-cost carrier Ryanair will open domestic flights across Morocco from next summer as part of its $1.4 billion investment in the North African country. Ryanair will be the third airline to operate flights in Morocco, following national carrier Royal Air Moroc and the UAE’s Air Arabia. The extra commitment to Ryanair’s summer programme means […] December 13, 2023
Finance Abu Dhabi arrests man wanted by Italy for financial crimes Emirati police have arrested an Italian businessman who is wanted in connection with financial crimes in his home country. Danilo Coppola, 56, was stopped on December 6 at a shopping centre in Abu Dhabi. Local sources said the arrest followed an Interpol alert – a sign of the UAE’s growing co-operation with international law enforcement. […] December 12, 2023
Manufacturing Abu Dhabi Ports in green steel deal with UK producer Abu Dhabi Ports Group and the UK’s Liberty Steel Group have agreed to work together on importing magnetite ore – used in green iron and steel production – from Australia to the UAE. The memorandum of understanding was signed this week. They will explore plans to create a green iron production facility in the Khalifa […] December 12, 2023
Analysis Banking and Finance New certification to swell sharia-compliant funds A London-based fund manager hopes a pioneering Islamic finance certification can boost sharia-compliant equity investments worldwide and help ensure Muslim clients’ wealth is deployed to meet both their religious ideals and benefit society. Most sharia-compliant equity funds focus on excluding haram industries such as alcohol, tobacco, weapons, pork and gambling. Yet such a methodology has […] December 12, 2023
Oil & Gas Europe stands firm on fossil fuel phase-out deal at Cop28 The European Parliament is heading into the final days of negotiation at the Cop28 climate summit in Dubai with a clear mission to see the absolute end of fossil fuels. At a press conference on Friday, European Parliament member Peter Liese told journalists that the delegation is demanding the “tangible phase out of fossil fuels” […] December 8, 2023
Business of Sport Qatari owners of PSG sell minority stake in French club The Qatari owners of Paris Saint-Germain (PSG) will sell a minority stake in the French football club to US investment group Arctos Partners. No details were disclosed in the official statement. However, the Financial Times reported that the talks started a year ago and Arctos will buy up to 12.5 percent, citing two informed sources. […] December 8, 2023
Finance Sanjay Shah lands in Denmark after UAE extradition A British hedge fund trader arrived in Denmark on Wednesday following extradition from the UAE to stand trial over allegations he submitted fraudulent applications for $1.8 billion in dividend tax refunds. Sanjay Shah was arrested by Dubai police last year following a request by Danish authorities to extradite him over his alleged involvement in so-called […] December 7, 2023
Finance Erdogan visits Greece in bid to restart bilateral relations Turkish President Tayyip Erdogan arrives in Athens on Thursday with a delegation of ministers for meetings with Greek counterparts that both countries hope can turn a new page in relations after years of tensions. Greece and Turkey, neighbours and Nato allies, have been at odds for decades over issues including where their continental shelves start […] December 7, 2023
Analysis Trade UAE-Russia trade grows as Putin arrives in Gulf President Vladimir Putin will be hoping to build on Russia’s $9 billion of trade with the UAE as he visits the Gulf this week. Putin arrived in Abu Dhabi on Wednesday and is also expected to travel to Saudi Arabia for talks with Crown Prince Mohammed bin Salman. Trade between Russia and the UAE increased […] December 6, 2023
Oil & Gas Russia says Opec+ ‘ready’ to hike oil output cuts in 2024 Opec+ members may increase oil production cuts in the first quarter of 2024 to remove “profiteering and restrict volatility”, according to Russian deputy prime minister Alexander Novak. The decision by Opec+ to lower oil production by 2.2 million barrels per day (bpd) in the first quarter of 2024 will help the world to navigate through […] December 6, 2023
Energy Masdar signs $16bn alliance with Spain’s renewables giant Green energy companies Iberdrola and Masdar announced a €15 billion ($16.3 billion) partnership agreement on Tuesday to explore joint offshore wind and green hydrogen projects across the world. After a co-investment in Baltic Eagle wind farm in Germany, the two parties will invest in the 1,400MW UK East Anglia 3 offshore wind project. The deal, […] December 5, 2023
Renewable Energy Oman plans green-hydrogen corridor to Europe Oman’s plans to make the world’s first commercial-scale liquid hydrogen corridor are a step closer after the sultanate signed a deal with the fourth largest port in Western Europe. Oman’s Ministry of Energy and Minerals and Hydrogen Oman, better known as Hydrom, have signed an agreement with Port of Amsterdam, Zenith Energy Terminals and GasLog. […] December 5, 2023
Sustainability Dubai businesses stepped up sustainability ahead of Cop28 Dubai companies accelerated their sustainability initiatives in the run-up to the UAE’s hosting of the Cop28 summit, which commenced on Thursday. According to a survey of Dubai companies conducted by AGBI and the British Business Group (BBG), more than one quarter (26 percent) of the BBG’s 72 members said they had ramped up their sustainability initiatives in the […] December 4, 2023
Leisure & Hospitality PIF buys 49% stake in UK’s Rocco Forte Saudi Arabia’s Public Investment Fund (PIF) is set to buy a 49 percent stake in British hotel group Rocco Forte with plans to launch new hotels in the Middle East over the next five years. The deal values Forte’s group of 14 hotels across Europe at £1.2 billion ($1.52 billion) and implies an enterprise value, including debt, […] December 4, 2023
Oil & Gas Market confusion over Opec+ cuts hits oil prices Oil prices fell further on Friday after tumbling sharply when Opec+ announced more production cuts amid suspicions that quotas will not be adhered to. Brent, the main international benchmark, traded at $80.66, down from $84.37 on Thursday, while West Texas intermediate was flat at $75.94. Saudi Arabia, Russia and other members of Opec+ announced on […] December 1, 2023
Construction UAE’s Aldar buys British developer for $291m Abu Dhabi-listed Aldar Properties has acquired London-based developer London Square in a deal worth AED1.07 billion ($291.4 million). The transaction marks Aldar’s first acquisition outside the Mena region. The Abu Dhabi developer plans to leverage its expertise and balance sheet to support London Square’s land acquisition strategy to develop larger prime central London sites. Additionally, […] December 1, 2023
Economy UAE’s $100m leads climate disaster fund Cop28 pledges Negotiators at Cop28 in Dubai struck the first deal of the summit on Thursday evening, officially agreeing to set up a fund to help vulnerable countries recover from damage caused by climate change. The plan to create a United Nations-led “loss and damage” fund was hailed as a breakthrough for negotiations at Cop27 in Egypt […] November 30, 2023
Renewable Energy TotalEnergies invests $25m in Xlinks TotalEnergies announced on Wednesday that it has invested £20 million ($25.4 million) to acquire a minority stake in Xlinks, the company overseeing the £22 billion Morocco-UK renewables project. The French oil and gas major joins fellow investors Octopus Energy and Abu Dhabi National Energy Company (Taqa), the UAE’s largest power producer, which gave a substantial […] November 29, 2023
Banking and Finance PIF buys 10% stake in UK’s Heathrow airport Saudi Arabia’s Public Investment Fund (PIF) will acquire a 10 percent stake in the parent company of London Heathrow, the UK’s busiest airport. Spanish infrastructure major Ferrovial will sell its entire 25 percent stake in FGP Topco for £2.37 billion ($3.01 billion), the company said in a statement. Paris-based private equity fund Ardian will buy the remaining […] November 29, 2023
