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Although interest in central London property remains strong, cash investors are heading to the outskirts

London’s suburban real estate moves Middle East investors

While central London property retains its allure for ultra-high-net-worth individuals from the Gulf Cooperation Council (GCC) countries, cash buyers are flocking to the outskirts of the UK capital to snap up investment properties. A survey of GCC high-net-worth individuals by London-based shariah-compliant lender Al Rayan Bank found that a third of respondents said they had […]

Gary Neville

UAE buyers help ex-England footballer hit property goals

The former Manchester United and England footballer Gary Neville has revealed that one in five properties in his luxury residential development have been snapped up by UAE investors. Neville, a Champions League-winning defender turned entrepreneur, visited the Emirates this week to gauge Middle Eastern interest in his £400 million ($501 million) hotel and apartment project […]

The possible deal with Adnoc could value German oil and gas producer Wintershall Dea at more than $11bn

Adnoc considers buying German oil and gas producer

State-owned Abu Dhabi National Oil Company (Adnoc) is exploring a potential acquisition of Wintershall Dea, the European energy business backed by BASF SE. The possible deal could value Wintershall Dea, a German gas and oil producer, at more than €10 billion ($11 billion), the news agency reported, citing informed sources.  UK-listed Harbour Energy Plc is […]

Lucy Frazer is likely to conduct a public interest test on the Telegraph bid

UK regulator likely to review Telegraph bid

Lucy Frazer, UK secretary of state for culture media and sport, has written to an Abu Dhabi-backed consortium warning that that she is likely to subject its bid for a leading British newspaper group to a public interest test.  RedBird IMI, led by Jeff Zucker, a former president of CNN, has submitted a bid for […]

GCC leaders gathered in Riyadh last month. Free trade talks with the UK are continuing

UK-GCC free trade deal is still best bet, says minister

Britain’s investment minister has told AGBI he still supports a free trade agreement between the UK and the GCC, despite the protracted negotiations and calls for Gulf states to strike bilateral deals instead.  Speaking on the sidelines of the Arab British Economic Summit in London on Monday, Dominic Johnson, a minister of state in the […]

An impression of the planned Oryx logistics site in Milton Keynes

Saudi-backed Oryx plans logistics centre in UK

Oryx Real Estate Partners, a UK-based investment and asset manager, has acquired a five-acre development site in Milton Keynes on behalf of a consortium of GCC family offices, mainly from Saudi Arabia.  The company, whose chairman and co-founder Fawaz Al Rahji is also chairman of Saudi family office Al Rahji Partners, plans to invest between […]

COP28 President Dr. Sultan Al Jaber, right, and EU Climate Commissioner and Chief COP28 Negotiator Wopke Hoekstra, left

EU to kickstart ‘loss and damage’ fund at Cop28

The European Union and its member states are preparing to announce a “substantial financial contribution” to the long-awaited United Nations fund to help vulnerable countries recover from climate-caused damage.  The EU’s contribution to the “loss and damage fund” is expected to be announced during the Cop28 climate change summit starting later this month.  The handout […]

UAE Revolut

UK fintech firm Revolut sets up in UAE

The British fintech firm Revolut is expanding to the UAE in what experts believe is the start of a wave of similar UK companies setting up in the region. The digital platform, which offers banking and trading services through an app, is recruiting for legal and strategy roles in Dubai. The company has hired Jonathan […]

What strategies do the oil majors have to achieve net zero?

What Big Oil says about climate change

The role to be played by Big Oil in global efforts to tackle climate change will be central to the debate at the Cop28 summit that begins in Dubai in three weeks.  Ending the world’s dependence on oil in its current form is seen as vital if the worst effects of rising temperatures are to […]

Bottles gathered for recycling in Benin. Climate-responsive projects such as recycling are falling short in developing countries, a new report suggests

Emerging markets need more ‘climate-responsive’ projects

There is an “alarming shortage” of projects working to reduce the negative effects of climate change in emerging markets, a new study by the Tony Blair Institute for Global Change has found.   The report noted that the number of “climate-responsive” projects in emerging markets funded by the private sector has been decreasing by around 10 […]

PIF submitted a request to increase its stake in Egypt's E-Finance Company almost a month ago

UAE and UK sign agreement to boost fintech

The UK and the UAE have signed an agreement to strengthen ties on financial services that its backers hope will provide a boost to fintech. The Memorandum of Understanding (MoU), signed in Dubai late last week by Andrew Griffith, UK City minister, and Abdulla bin Touq Al Marri, UAE minister of economy, seeks to promote […]

ABU DHABI, UNITED ARAB EMIRATES - September 26, 2023: HH Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates (R), stands for a photograph with HE Mark Rutte, Prime Minister of the Netherlands (L), prior to a meeting, at Al Shati Palace. ( Mohamed Al Hammadi / UAE Presidential Court )

Dubai-Dutch office digs into UAE and Netherlands trade

Dubai International Chamber has inaugurated its fourth European representative office, in Amsterdam. The UAE is seeking to build on bilateral non-oil trade of AED11.2 billion ($3.1 billion) with the Netherlands in the first half of 2023. Officials said the new office, which opened last month, will play a key role in enabling Dubai-based companies to […]

Agnès Pannier-Runacher, the French minister of energy transition

French minister hails positive steps in Cop28 negotiations

France’s minister of energy transition, Agnès Pannier-Runacher, has hailed positive progress in climate negotiations, especially on the financial support for vulnerable countries hit by climate disasters.  A final attempt to push through consensus became the most important point of the discussions ahead of the Cop28 climate conference in Dubai. Seventy ministers and 100 delegates met […]

The UK's King Charles III will give an opening address at Cop28 later this month

Pope and King Charles III to attend Cop28

The Pope and the UK monarch are due to attend the Cop28 climate change summit in Dubai next month, according to statements.  King Charles III will attend the opening ceremony of the World Climate Action Summit at Cop28 on December 1 at the invitation of UAE President Sheikh Mohamed bin Zayed Al Nahyan and at […]

The AI Safety Summit is being held at the historic Bletchley Park Mansion

AI Safety Summit: Sunak’s push for UK’s global role

British prime minister Rishi Sunak’s promise to plan the AI Safety Summit 2023 in less than six months was more than simply an effort to establish the UK as a pioneer in a rapidly developing area. Sunak envisions the UK as a global leader in AI safety, aiming to secure a significant role in the […]

Saudi telecom STC became the largest shareholder in Spain's Telefonica in September

Spanish fund plans stake in Telefonica after STC move

Spain’s state fund Sepi said on Tuesday it is considering whether to buy a stake in Telefonica, a month after Saudi Arabia’s STC built a 9.9 percent holding in the telecoms group. STC, Saudi Arabia’s largest telecom company, became Telefonica’s largest shareholder in September, building a stake worth €2.1 billion ($2.23 billion) through shares and […]

Saudi's STC Group purchased 9.9% of Spain's Telefonica for $2.25bn but 5% is in derivatives

STC rules out increasing Telefonica stake to 9.9%

Saudi Arabia’s largest telecom operator STC Group will maintain a 4.9 percent stake in Spain’s Telefonica and has no plans to convert the five percent it holds in derivatives into voting shares, Spanish El Economista news outlet reported, citing informed sources. STC acquired a 9.9 percent stake in Telefonica for SAR8.5 billion ($2.25 billion) as […]

Aldar has launched 11 developments this year, including Gardenia Bay on Yas Island

Aldar plans European moves after unveiling record sales

Aldar Properties is planning to expand into Europe after posting record sales for the year so far, its chairman said on Monday. Sales at the Abu Dhabi-based real estate developer reached nearly AED8 billion ($2.2 billion) in the third quarter, driving a 48 percent increase in net profit. For the year to September 30, sales […]