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Egypt exported 80% of its LNG to Europe last year as the continent sought to replace Russian gas

Egypt aims to overcome obstacles to supplying more gas to the EU

Depleting gas fields and soaring domestic consumption will stymie Egypt’s immediate efforts to boost Europe-bound energy exports – however, new exploration and additional pipelines could help it become a sizeable supplier to the EU later this decade.  The EU has vowed to slash its imports of Russian gas by two thirds this year following Vladimir Putin’s […]

Neom

Saudi’s $500bn Neom targets Berlin and Paris for investment

Neom, the $500 billion futuristic city being built in Saudi Arabia, is targeting potential business partners in Europe as part of its ongoing efforts to attract investors. Located in a vast region in the northwest of the kingdom, Neom is at the heart of Crown Prince Mohammed bin Salman’s Vision 2030 drive to diversify the […]

Suit, Formal Wear, Clothing

Nick Candy eyes Dubai and Saudi… ‘for work and pleasure’

British billionaire property magnate Nick Candy is all lit up on our Zoom call, speaking from his family office in Mayfair, London. “Dubai… I just love it,” he says, of the emirate he visits at least once a month – sometimes with his actor wife Holly Valance and their two daughters, but also to attend […]

Cop27 sign in Sharm el-Sheikh, Egypt

Sticking points slow crunch talks to agree final deal at Cop27

Government ministers and negotiators from nearly 200 countries began working towards a Cop27 final deal on Tuesday, with the summit host Egypt issuing assurances that the slow-moving talks remain on track. On the conference floor in Sharm El Sheikh, however, some delegates have begun to speculate that the UN talks could run over time into […]

Fertilisers

Morocco aims to become the world’s premier fertiliser producer

Russia’s invasion of Ukraine has upset the global agricultural industry in more ways than one – but for Morocco, one of the world’s largest fertiliser producers, it has presented an opportunity. Not only were Russia and Ukraine some of the world’s most important wheat and grain exporters, but they also played a central role in […]

Table Lamp, Lamp, Woman

Cherie Blair ‘optimistic’ for Middle East entrepreneurial equality

Nearly 20 years ago, Cherie Blair CBE, leading King’s Counsel and committed campaigner for women’s rights, predicted that the UAE would lead the Middle East’s drive on gender equality. Her first visit to the GCC region – during her husband Tony’s 10-year stint as British Prime Minister – was promptly followed by the appointment of […]

Word, Alphabet, Text

PIF and BlackRock to explore Gulf infrastructure projects

Saudi’s sovereign wealth fund PIF and BlackRock, the world’s biggest fund manager, have signed an agreement to jointly explore infrastructure projects in the Middle East. The Public Investment Fund (PIF), which manages more than $600 billion in assets, said its non-binding memorandum of understanding will serve as “the anchor for BlackRock’s Middle East infrastructure strategy”. […]

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The business of sleep: from beating jet lag to space-age linen

“I think it’s probably the easiest topic in the world because everybody is interested in it,” says Lilburne Opie, founder and CEO of Dubai-based company Linen Obsession, when we meet for this interview. She’s talking about sleep, which, like breathing, eating and drinking, is a vital necessity. “Even if you get enough time in bed, […]

Red Sea Development: Saudi Arabia's Vision 2030 airports and gigaprojects are viewed as opportunities by public services provider Serco

Serco expects 50% of Middle East revenue to come from Saudi

London-based public service provider Serco expects to draw 50 percent of its Middle East revenue from Saudi Arabia by 2026. Daniel McGregor, corporate development director at Serco Middle East, told AGBI that this ambitious plan is already in motion — and it is being formulated to capitalise on Saudi Arabia’s huge investment in public infrastructure, […]

There are many ways the financial world can help slow climate change

Decoding Cop27: the many shades of green bonds

Banks, governments and businesses say financial markets can play a crucial role in driving the shift to a lower-carbon world. At the Cop27 climate conference in Egypt, companies and country delegates are discussing ways of enhancing the market for green bonds, or bonds that are linked to projects deemed environmentally beneficial. Green bonds have their […]

Leaders pose at the second edition of the summit of the Green Middle East Initiative, held on the sidelines of the Cop27 climate conference, at Sharm el-Sheikh, in Egypt

What to watch on Tuesday at Cop27

World leaders will take the stage again on Tuesday as the Cop27 climate summit enters its second full day. Among the expected speakers are outspoken advocates for measures to compensate poor, climate-vulnerable countries for damage already being wrought by global warming. They include Prime Minister Shehbaz Sharif of Pakistan, which was recently hit by devastating […]

Apicorp signs $75m carbon offset financing deal with UK firm

The Arab Petroleum Investments Corporation (Apicorp), a Saudi-headquartered, energy-focused development financial institution, has signed a $75 million Islamic financing agreement with a British firm to fund high-quality carbon offsets, supporting the Gulf’s net zero emission targets. The agreement, known as a Murabaha, is an Islamic financing facility where a financier will purchase an asset and […]

Jobs at risk as private equity slows hiring in the Gulf

The looming global recession is pushing private equity firms to freeze hiring in the Gulf, with layoffs likely to be on the way, an executive at a UAE-based global investment company has said.  Major Wall Street firms are already beginning to rein in expenses amid a slump in deals volume on the back of repeated […]

Boat, Transportation, Vehicle

‘Encouraging’ signs for UK firm’s $206m Moroccan gas deal

British firm Sound Energy has announced that it is extending negotiations with Morocco’s largest bank over a $206 million deal for the Grand Tendrara and Anoual exploration permits. The London-headquartered company, which has a wholly owned subsidiary in Morocco, has until December 15 this year to agree terms of a financing agreement with Attijariwafa Bank. […]

Hat, Clothing, Person

Bank of England readies for biggest rate rise since 1989

The Bank of England (BoE) looks on track to raise interest rates by three quarters of a percentage point to three percent later on Thursday, its biggest rate rise since 1989 as it battles the highest inflation in 40 years. The BoE has faced political and financial market turmoil since its last rate rise on […]

Bahrain

Bahrain set for surge in visitors from Europe’s World Cup giants

Europeans are flocking to Bahrain this autumn, with flight bookings from Germany, France and the UK up significantly on pre-pandemic levels in what could be a World Cup windfall for the island’s tourism industry. As nearby Qatar prepares to host the tournament, which starts on November 20, an influx of tourists from defending champions France, […]

Interior Design, Indoors, Musical Instrument

Credit Suisse unveils details of $4bn capital raising plan

Credit Suisse on Monday unveiled details of its plan to raise 4 billion Swiss francs ($4.01bn) from investors to support the embattled bank’s bid to tackle the biggest crisis in its 166-year history. Switzerland’s second-biggest lender is raising new capital to fund an overhaul, which will see it cut thousands of jobs and shift its […]

Estonia’s exports to UAE double after Expo 2020 Dubai

Estonia’s participation in Expo 2020 Dubai helped the European country’s exports of goods and services to the UAE increase by more than 100 percent in the past year. The value of Estonian goods exported to the UAE was up 126 percent year-on-year to €80.8 million ($80.57 million) in the eight months from January to August […]

Global bankers fear of stalling economy if rates climb too fast

The world’s top central bankers are beginning to fear that an already weak global economy will stall if they keep pressing on the brakes, unnerved by plunging commodity prices, turmoil in emerging markets and potential flashpoints at home. Central bankers in the euro zone, United States, Canada and Australia have all been hinting that the […]