Renewable Energy Scotland looks to Emirates to help fund energy transition Scotland plans to “scale-up” its relationship with the UAE to help fund its transition to net zero, according to Neil Gray, the country’s cabinet secretary for energy. The Scottish minister has been on a visit to the Middle East, strengthening relations between the two countries ahead of Cop28 next month. State-owned Abu Dhabi Future Energy […] October 27, 2023
Leisure & Hospitality Accor raises outlook after strong post-pandemic growth Europe’s biggest hotel group, Accor, raised its core profit target for 2023 on Thursday for the second time this year, citing positive business momentum in all of its markets after another strong post-pandemic summer. The sector continues to benefit from a leisure travel boom, despite inflation and the resurgence of recession fears in Europe. Accor, […] October 27, 2023
Analysis Trade UAE-Swiss trade golden age adds technology to luxury The trade relationship between the UAE and Switzerland is enjoying a golden era, with the European nation now the top non-oil destination for Emirati exports. Gold, jewellery and luxury watches traditionally dominated non-oil bilateral trade but innovation is growing in importance, according to Swiss Business Hub Middle East. It said that technology was increasingly important […] October 26, 2023
Transport DP World and Rosatom to develop new shipping route Global ports operator DP World and Russian state nuclear company Rosatom have established a joint venture (JV) to develop transit container shipping along the Northern Sea Route (NSR). International Container Logistics was registered in Moscow this month according to Russian news agency Interfax, citing data in the Unified State Registry of Legal Entities. Rosatom Cargo owns 51 […] October 25, 2023
Finance Norway’s wealth fund posts $34bn loss in Q3 2023 Norway’s $1.4 trillion sovereign wealth fund, the world’s largest, posted a 374 billion crown ($33.8 billion) loss in the third quarter, the fund said on Tuesday, after seeing heavy drops in the value of equities and bonds. The fund’s return on investment was minus 2.1 percent for the July-September period, 0.17 percentage points stronger than […] October 25, 2023
FII Logistics Neom and Denmark’s DSV in $10bn logistics partnership Saudi Arabia’s Neom and Danish freight forwarder DSV have entered into a $10 billion logistics joint venture (JV) that will serve the $500 billion giga-project in the kingdom’s northwest. The JV will provide supply chain management including delivering goods and materials to Neom, the companies said in a joint statement. Neom, owned by Saudi Arabia’s […] October 24, 2023
Oil & Gas QatarEnergy signs LNG supply deal with Italy’s Eni QatarEnergy has signed a long-term LNG supply contract with Italian energy company Eni to support Europe’s energy security. Affiliates of the state-owned Qatari gas major and Eni signed a 27-year deal to supply up to one million tonnes of LNG per annum. The LNG will be delivered to FSRU Italia, a floating storage and regasification […] October 24, 2023
Opinion Economy Davos without the fondue – the WEF Global Future Councils The GFC is an insightful introduction to the World Economic Forum – and a nerd’s paradise October 20, 2023
Finance UAE investor among top shareholders in UK’s Saga A UAE-based investor has acquired a 3.22 percent stake in London Stock Exchange-listed Saga Plc. Eldose Babu, based in Dubai, completed the stake acquisition on October 13, the UK holiday group said in a regulatory filing. The value of the deal wasn’t given. Babu will now be the third biggest shareholder after Roger De Haan, […] October 19, 2023
Opinion Banking and Finance Bank of England’s Islamic finance facility is hitting the mark The UK provides the most comprehensive variety of investment options of any Western market October 17, 2023
Leisure & Hospitality Manchester United tumbles on Ratcliffe’s stake bid Shares of Manchester United fell as much as 23 percent on Monday after reports that British billionaire Jim Ratcliffe is looking to acquire only a 25 percent stake in the football club raised concerns that a buyout by Qatar’s Sheikh Jassim bin Hamad al Thani could be off the table. The shares were last down […] October 17, 2023
Leisure & Hospitality Five completes $322m deal for Ibiza hotel business Five Holdings, the UAE real estate and hospitality group, has completed the purchase of the hotel and nightclub businesses of Ibiza’s Pacha Group in a deal worth $322 million. The acquisition was confirmed in a note on the London Stock Exchange (LSE). It includes the Pacha Nightclub, Destino Pacha Hotel, El Hotel Pacha, Toy Room […] October 13, 2023
Renewable Energy Alcazar Energy in $200m Montenegro wind farm deal Renewable energy investor Alcazar Energy has acquired the rights to a $200 million wind farm in Montenegro as the company turns its focus to investments in the Western Balkans. The company, which is based in the UAE, said the deal for the 118MW Bijela wind farm represents a milestone in its ambition to build the […] October 12, 2023
Trade UAE-Georgia deal to treble non-oil trade by 2028 The UAE and Georgia have signed a comprehensive economic partnership agreement (Cepa) which aims to more than treble non-oil bilateral trade to $1.5 billion within five years. The deal builds on growing economic relations that resulted in non-oil trade exceeding $225 million in the first half of 2023, up 28 percent on the year-earlier period. […] October 11, 2023
Aviation Air Arabia to bring low fares to lucrative London route UAE low cost carrier Air Arabia will take on the highly competitive but lucrative London market when it takes delivery of Airbus aircraft able to fly longer distances, its CEO has confirmed. Air Arabia announced an order for 120 fuel-efficient aircraft comprising 73 A320neos, 27 A321neos and 20 A321 XLRs at the Dubai Air Show […] October 11, 2023
Finance European central bank says inflation to stay at 2% by 2025 Inflation should still land at the European Central Bank’s (ECB) target of around two percent by 2025 despite the violence in Israel weighing on commodity prices, ECB policymaker Francois Villeroy de Galhau said on Tuesday. In an interview with franceinfo radio, Villeroy said the ECB was particularly wary about oil price developments but added those […] October 11, 2023
Real Estate UK commercial property bargains lure Gulf buyers Gulf backers have contributed over 80 percent towards a British investment fund targeting distressed commercial property sales in the UK. Greenridge Investment Management Ltd has just closed the first round of its $190 million Greenridge Opportunities fund and has surpassed its first capital raise target by 46 percent. Strong participation from Saudi Arabia and Kuwait […] October 11, 2023
Opinion People & Lifestyle The hopes – and insecurities – of Russian exiles in Dubai The fact is that if you land on your feet in Dubai, there is little to pull you back home October 6, 2023
Analysis Banking and Finance Dealmakers expect record year for UK-GCC M&A The GCC region – in particular Saudi Arabia and the UAE – is seeing a “significant influx” of interest in mergers and acquisitions from UK investors. Lumina Capital Advisers, a mid-market corporate finance company, said record levels of M&A activity are expected this year between the Gulf and the UK, based on a new survey […] October 6, 2023
Adipec Oil & Gas LNG is a ‘perfect business’ says TotalEnergies CEO TotalEnergies is pressing ahead with a strategy focusing on gas and integrated operations, even if its CEO foresees a possible glut in expensive liquefied natural gas terminals towards the end of the decade. The French company has been in the LNG business for 40 years and has become the second biggest operator in the sector […] October 4, 2023
Renewable Energy Budget for Xlinks UK-Morocco energy project rises The Xlinks Morocco-UK renewables project has run over budget by £4 billion ($4.8 billion) but the company is continuing to push ahead with the project, saying that it remains good value for money. “The rising cost is no different to what’s happening everywhere else,” Xlinks’ CEO Simon Morrish told AGBI, highlighting changes in supply chain […] October 4, 2023
Renewable Energy Renewables workforce nearly doubles in a decade Employment in the renewable energy sector has almost doubled over the past decade, the International Renewable Energy Agency and International Labour Organization have found. There were 13.7 million jobs in the global industry in 2022, up from 7.3 million in 2012, the agencies said in the report Renewable Energy and Jobs: Annual Review. Employment growth […] October 3, 2023
