Economy Details behind Britain’s move to join trans-Pacific trade pact Britain on Friday agreed to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a trade pact based around the Pacific rim, as it seeks to build ties around the world after leaving the European Union. Here are some details of the agreement as Britain seeks post-Brexit trade wins in geographically distant but faster-growing […] March 31, 2023
Business of Sport Manchester United swings to profit ahead of potential sale Manchester United swung to a second-quarter net profit on the back of higher commercial revenue and lower wages, the club said on Thursday. Net profit came in at £6.3 million ($7.78 million) in the three months to December 31, against a £1.4 million loss a year earlier. Revenue fell almost 10 percent to 167 million […] March 31, 2023
Banking and Finance Gulf financial centres slip down global ranking list Financial centres in the UAE, Qatar and Bahrain have fallen in the latest global index as their rivals in the US and Asia Pacific come out on top. Dubai and Abu Dhabi continue to take first and second places in the Middle East region, but they have both dropped down the overall league table. Dubai […] March 30, 2023
Exclusive Banking and Finance Tax boon for wealth funds shows their value to UK, says minister The UK’s decision to scrap a planned tax on sovereign wealth funds highlights the importance the government places on Gulf investors, Britain’s investment minister has told AGBI. “I’m personally very pleased that we’ve decided to maintain the status quo,” said Dominic Johnson, a minister of state in the UK’s newly formed Department for Business & […] March 29, 2023
Energy Shares soar at Israeli energy giant after BP and Adnoc offer Shares in Israeli energy giant NewMed Energy soared on Tuesday after BP confirmed that, together with Abu Dhabi National Oil Company (Adnoc), it has made a non-binding offer to buy a 50 percent stake in the company. The Tel Aviv Stock Exchange-listed natural gas operator saw its share price rise by more than 36 percent […] March 29, 2023
Lifestyle TikTok and Snapchat growing in popularity among UK children The number of children using TikTok and Snapchat rose last year in Britain, according to research published by media regulator Ofcom. Around half of those aged between three and 17 use TikTok and Snapchat, figures collected as part of the watchdog’s annual survey of children’s and parents’ online attitudes showed. The study found a slight […] March 29, 2023
Business of Sport Qatari sheikh files second bid in tussle for Manchester United Sheikh Jassim bin Hamad Al Thani has submitted an improved bid to buy Manchester United FC. The Qatari businessman made his first offer for the Premier League club in February, when his spokesperson said the bid was completely debt free. Qatari bid for Manchester United ‘acid test of post-Brexit Britain’ Middle East continues to dominate […] March 27, 2023
Banking and Finance Swiss regulator mulls disciplinary action against Credit Suisse Swiss financial regulator Finma said it was considering whether to take disciplinary action against Credit Suisse managers after Switzerland’s second-largest bank had to be rescued last week by UBS. Finma president Marlene Amstad told Swiss newspaper NZZ am Sonntag it was “still open” whether new proceedings would be started, but the regulator’s main focus was […] March 27, 2023
Tourism Tourists beginning to catch on to more than the wonder of Petra Given the Hashemite kingdom’s surfeit of historical sites – from the Nabataean city Petra through the natural beauty of Wadi Rum to the Roman towns of Jerash and Gadariyya – Jordan could be forgiven for being blasé about the need to market its tourism attractions more aggressively. But the authorities in capital Amman are determined […] March 23, 2023
Analysis Energy ‘Huge potential’ for Germany and Saudi to collaborate on hydrogen Top-level talks have taken place in Germany to boost trade and investment with Saudi Arabia, as experts describe the potential for collaboration on producing cost-competitive hydrogen as “huge”. As the world seeks cleaner energy solutions to meet net zero climate targets, analysts say the two countries have the resources, infrastructure and skills to build on […] March 23, 2023
Real Estate Italian firm secures acquisition deal to clean Burj Khalifa An Italian firm has bought a controlling stake in the company that cleans the Burj Khalifa, the world’s tallest building in Dubai. EdiliziAcrobatica has acquired 51 percent of the shares in Enigma Capital Investments in a deal initially worth 7.2 million Euros ($7.76 million). As part of the agreement 70 percent (5 million Euros) will […] March 22, 2023
Banking and Finance Over 1$7bn of Credit Suisse AT1 debt written down to zero Just over $17 billion worth of Credit Suisse bonds, known as Additional Tier 1 or AT1, debt will be written down to zero on the orders of the Swiss regulator as part of a rescue merger with UBS. Under the deal, holders of Credit Suisse AT1 bonds will get nothing, while shareholders, who usually rank below […] March 21, 2023
Analysis Energy 145 billion barrels of oil, but patience is running dry in Iraq Iraq has vast reserves of crude oil – 145 billion barrels as of 2022 and more than 8 percent of the global total – but economists and analysts have warned that Baghdad will struggle to meet its output targets unless it offers better operating terms to Western oil majors. The country remains hugely reliant on […] March 21, 2023
Energy Saudi-backed clean energy firm announces push into Europe Fotowatio Renewable Ventures, part of Saudi-based Abdul Latif Jameel Energy, has announced the commissioning of its latest solar farm in Spain as part of a major push into Europe. The San Serván 400 project, which consists of three 50 megawatts farms, will provide over 100,000 homes with clean energy in the Extremadura region in the west […] March 20, 2023
Banking and Finance SNB plans growth despite Credit Suisse losses Saudi National Bank has said its growth strategy will not be impacted by the UBS takeover of beleaguered rival Credit Suisse, despite analysts predicting “heavy losses” for Gulf backers. SNB is joined by Qatar Investment Authority and Saudi Arabian conglomerate Olayan Group, who all have varying levels of interest in the 167-year-old Swiss bank. Rohit […] March 20, 2023
Transport Italian travel company to invest $75m in Saudi luxury train An Italian hospitality company is investing around €70 million ($75 million) to develop the first luxury train for “rail cruising” across Saudi Arabia. Arsenale Group has signed an agreement with Saudi Arabia Railways to introduce the train on a 770-mile route from Riyadh to the northern city of Al Qurayat, close to the border with […] March 20, 2023
Manufacturing British manufacturing output rebounds but outlook ‘bleak’ Britain’s manufacturing output bounced back in the first three months of 2023, chiming with other measures of the economy that improved, but firms expect the sector to contract as inflationary pressures persist, a survey showed on Monday. Trade body Make UK and accountants BDO said their quarterly gauge of manufacturing output rose to +21 in […] March 20, 2023
Banking and Finance Central banks try to calm markets after UBS buys Credit Suisse Some of the world’s largest central banks came together on Sunday to stop a banking crisis from spreading as Swiss authorities persuaded UBS Group AG to buy rival Credit Suisse Group AG in a historic deal. UBS will pay 3 billion Swiss francs ($3.23 billion) for 167-year-old Credit Suisse and assume up to $5.4 billion […] March 20, 2023
Banking and Finance A make-or-break weekend for Credit Suisse Credit Suisse Group AG chief financial officer Dixit Joshi and his team will hold meetings over the weekend to assess strategic scenarios for the embattled Swiss bank as it enters a make-or-break weekend. Credit Suisse was thrown a $54 billion lifeline by the Swiss central bank on Thursday to shore up liquidity after a slump […] March 19, 2023
Energy Rolls-Royce sees Mena as ‘driver’ for green power growth The Middle East and Africa’s rapid urbanisation and push to decarbonise power generation is a “great economic driver” for Rolls-Royce, the British engineering firm’s regional chief told AGBI. Rolls-Royce is one of the world’s top aero engine manufacturers, supplying civilian and military craft, although its power systems division provided 26.4 percent of its £12.69 billion […] March 17, 2023
60 seconds with... Lifestyle Alison Milton, Ambassador of Ireland to the UAE Alison Milton has been the Ambassador of Ireland to the UAE, Qatar and Kuwait since August. Before then she worked as the British-Irish director, in Ireland’s Department of Foreign Affairs. What does your company do? I work for the Embassy of Ireland in Abu Dhabi covering the UAE, Kuwait and Qatar. I also have responsibility […] March 17, 2023
Banking and Finance Saudi National Bank has liquidity to withstand Credit Suisse shock Saudi National Bank has enough liquidity to withstand any losses arising from the troubled Credit Suisse, according to a leading economist. SNB, the kingdom’s biggest lender, took a stake of almost 10 percent in Credit Suisse last year after it participated in the bank’s $4.3 billion capital raise. It became its largest shareholder, with a […] March 17, 2023
