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Tie, Accessories, Accessory

Russia bans oil exports to countries abiding price cap

President Vladimir Putin on Tuesday delivered Russia’s long-awaited response to a Western price cap, signing a decree that bans the supply of crude oil and oil products from February 1 for five months to nations that abide by the cap. The Group of Seven major powers, the European Union (EU) and Australia agreed this month […]

Trade ties between the UAE and UK are deepening with more talks

Lister: Next 12 months are crucial for UK and UAE trade relations

The UK can use the UAE as a “springboard” for global trade, says Lord Udny-Lister, co-chair of the UAE-UK Business Council. A third round of negotiations for a free trade agreement between the UK and GCC is set to take place in the Saudi capital Riyadh early next year, following talks in London three weeks […]

Hungary imposes windfall tax on drug producers to plug deficit

Hungary’s government has imposed a windfall tax on drug producers based on net revenues generated in 2022 and 2023, as it tries to plug holes in the state budget. According to a government decree late on Friday, the rate increases progressively, and will be eight percent on net revenues exceeding 150 billion forints ($398 million). […]

Arab buyers are looking for top-end ski chalets to work from

Ski chalets are hot property for Middle East buyers

Demand for high-end ski chalets from affluent Middle East buyers has surged, even though the price of a home on the slopes is rising at its fastest rate for almost a decade. Despite the pandemic’s impact on international travel, the specialist property market has benefitted from an influx of remote workers looking for semi-permanent bases […]

UK and Saudi Arabia plant seed for closer ties on green finance

Saudi Arabia has signed an agreement with the UK to foster greater cooperation on green finance as the kingdom looks increasingly at ethical funding for its transformative giga-projects. Jeremy Hunt, the UK’s chancellor of the exchequer, and Mohammed Al-Jadaan, the Saudi minister of finance, met on Tuesday in London to sign a memorandum of understanding […]

UK UAE data
  • Analysis

UAE and UK commit to data bridge to boost $18bn trade links

The UK and UAE are making “significant progress” towards building a robust data bridge which experts believe will create further opportunities to develop bilateral trade. The UK government and Dubai International Financial Centre (DIFC) said in a joint statement that they will work together to realise “the benefits of the important role that the trustworthy […]

Rishi Sunak, the UK's prime minister, held talks with the UAE's president, Sheikh Mohamed Bin Zayed, at Cop27 in Egypt

UK-GCC trade talks set to enter third phase in Riyadh

A third round of negotiations for a free trade agreement between the UK and the GCC is set to take place in the Saudi capital Riyadh early next year. The talks will follow a second round of negotiations that took place in London between December 5 and 9, the UK government has revealed in a […]

Spice Girl Emma Bunton co-founded mother and baby brand Kit & Kin

You’ve come a long way, Baby – female-led startups land in Gulf

Women in the UK are launching their own businesses at a record rate. In 2018, 56,200 female-led startups were established in Britain. Three years later, the number had soared to 145,200, according to the 2022 Alison Rose Review of Female Entrepreneurship. One of the key beneficiaries of this rapid growth is the Gulf, as UK […]

Abu Dhabi PPP

French consortium given Abu Dhabi road lighting LED project

A French consortium has been selected to deliver a public private partnership project in Abu Dhabi as the region continues to mature as a hub for PPPs. The Abu Dhabi Investment Office (Adio), in collaboration with the Department of Municipalities and Transport, has selected EDF (Eléctricité de France) and Engie to deliver phase 2 of […]

Logo, Light, Sign

Intel said to delay German factory start and seeks more subsidies

Intel Corp has backed away from its original target of opening a chip factory in the eastern German city of Magdeburg in the first half of 2023, regional newspaper Volksstimme reported, saying the semiconductor giant wanted more public subsidies. The plant is central to German and European Union plans to strengthen the continent’s resilience by […]

Flag, China Flag

EU leaders head for tussle over rescue plans for industry

European Union (EU) leaders will argue on Thursday over how to prop up their countries’ industries, which have been whacked by soaring energy prices since the outbreak of war in Ukraine and now face the threat of subsidy-fuelled US competition. Poorer EU countries want a coordinated response to the US Inflation Reduction Act (IRA) – […]

UK Saudi deal

UK deal targets bigger share of $130bn Saudi defence spend

The UK has signed a new agreement with Saudi Arabia to enhance bilateral defence and security cooperation as it looks to rebound from falling export sales in 2021. Ben Wallace, secretary of state for defence met Prince Khalid Bin Salman, the minister for defence of Saudi Arabia, in London on Tuesday and welcomed the signing […]

Cyprus watchdog to extend FTX EU licence suspension

Cyprus’s securities regulator plans to extend the suspension of the licence of FTX EU and will meet to discuss the matter next week, a spokesperson said on Tuesday. “CySEC is taking all the necessary actions to safeguard the interests of investors of FTX EU and is working closely with the administrator in the US under […]

Dubai Chambers
  • Analysis

New Dubai plan to support overseas expansion a ‘win-win’

A new initiative to support the expansion of Dubai-based businesses into international markets has been described by experts as a “win-win situation”. Dubai Chambers has launched In Focus, which aims to drive its members’ interest in selected regions as potential destinations for their global expansion plans. At the same time, it has launched new representative […]

Slattery

Irish aviation tycoon to help grow Gulf agtech startup

Irish entrepreneur Dómhnal Slattery, best known for scaling companies in the aviation sector, has been appointed a special adviser to one of the Gulf’s biggest startups, and is open to more potential investments in the region. Pure Harvest Smart Farms, the agtech startup based in Abu Dhabi, in July raised $180 million in funding from […]

Real Madrid, last season's LaLiga champions, are one of the biggest draws in football

LaLiga nets esports deal as Spain’s football league heads Mena’s way

Spain’s main football league, LaLiga, has signed a 15-year deal with Galaxy Racer, one of the world’s largest largest esports, gaming and lifestyle organisations, that they estimate will generate more than $3.16 billion. The home of Barcelona and Real Madrid say they expect the tie-up with the Dubai-based company to transform the league’s presence in […]

Cyprus approves balanced budget with expenditure of $9bn in 2023

Cyprus on Thursday approved the island’s 2023 budget, the last of the government of incumbent centre-right President Nicos Anastasiades who will step down after elections in February. The 56-member House of Representatives voted for the budget with a government-backed majority. It puts spending at €8.456 billion ($8.89 billion) on revenue of 8.452 billion. Lawmakers of […]

Credit Suisse raises ‘milestone’ $2.4bn in revamp cash call

Credit Suisse on Thursday hailed a “milestone” in its turnaround plan after raising 2.24 billion Swiss francs ($2.39 billion) as part of a 4 billion franc cash call. Shareholders exercised 98.4 percent of their subscription rights, giving a boost to managers tasked with getting the Swiss bank back on track after the biggest crisis in […]