Analysis Energy How the UAE and UK can reap multi-billion hydrogen rewards The UK and UAE could create up to 100,000 new jobs each in the hydrogen sector by maximising opportunities for collaboration, which may also include a joint investment vehicle. A report by the World Green Economy Organisation (WGEO) and UAE-based sustainability consultancy Zest Associates concludes the two countries can become “influential players in this emerging […] October 14, 2022
Analysis Energy Emerging ‘consequences’ of the US-Gulf fallout over OPEC’s cuts OPEC+’s announcement last week of a two million barrel per day (bpd) production cut from November has rocked already fragile US-Gulf relations. Joe Biden pledged that “there will be consequences” for Saudi Arabia in the same week that the UAE president flew to Moscow to meet Vladimir Putin. In response to Biden’s threat of retaliation, […] October 13, 2022
Banking and Finance UK firm launches fund to invest Lebanon’s ‘trapped dollars’ A British asset management firm has launched a fund that enables Lebanese bank customers to reinvest their trapped savings in local exporters, generating new dollars that will be repaid to investors and help ease the country’s yawning current account deficit. Several Lebanese citizens have taken up arms to withdraw their own savings from local banks […] October 13, 2022
Manufacturing Nissan takes $687m loss by selling Russian business for €1 Nissan Motor Co Ltd will hand over its business in Russia to a state-owned entity for €1 ($0.97), it said on Tuesday, taking a loss of around $687 million in the latest costly exit from the country by a global company. The Japanese automaker will transfer its shares in Nissan Manufacturing Russia LLC to state-owned […] October 12, 2022
Development UAE president to meet Vladimir Putin in Russia on Tuesday UAE president Sheikh Mohamed bin Zayed Al Nahyan will visit Russia on Tuesday for a meeting with Russian president Vladimir Putin, amid growing escalations in the Russia-Ukraine war. During his visit, Sheikh Mohamed bin Zayed Al Nahyan will discuss UAE-Russia relations with Putin, along with a number of regional and international issues and developments of […] October 10, 2022
Weekend read Saudi Arabia invests in art to create ‘the Arab Damien Hirst’ Saudi Arabia is using some of its huge oil profits to invest in local artists, in a bid to create an internationally renowned Arab art superstar on a par with the likes of Damien Hirst, according to a senior executive at leading art auction houses Christie’s. “What is happening in Saudi Arabia right now is […] October 7, 2022
Exclusive Business of Sport Saudi’s Newcastle Utd deal looks to kick start regeneration funding The purchase of Newcastle United FC by Saudi Arabia’s sovereign wealth fund could open doors to wider investments in regeneration projects in the North East of England, according to the executive director of the Saudi British Joint Business Council, who will visit the area later this month to review potential opportunities. Chris Innes-Hopkins said that […] October 7, 2022
Energy OPEC+ cuts: the media’s verdict Major stock markets in the Gulf rose in early trading on Thursday, joining the rise in oil prices following the announcement late on Wednesday October 5 that the oil alliance OPEC+ had agreed to cut production by about two million barrels per day, the largest reduction since 2020. OPEC+ agrees deep oil production cuts, Biden […] October 6, 2022
Lifestyle James Bond producers mull choice as film franchise turns 60 James Bond, the martini-drinking, tuxedo-wearing British secret agent, celebrated 60 years on the silver screen on Wednesday — but who will be the next actor to take on the iconic role? According to sibling Bond producers, Barbara Broccoli and Michael G Wilson, the search for a new actor has not even begun following Daniel Craig’s […] October 6, 2022
Economy City of London Lord Mayor eyes UK-GCC trade deal in H1 2023 Negotiations to draw up a UK-GCC free trade agreement (FTA) could be completed in the first half of 2023, according to Vincent Keaveny, the Lord Mayor of the City of London. The international ambassador for the UK’s financial and professional services sector said the City of London strongly supports the FTA talks with the GCC […] October 5, 2022
Opinion Media & Advertising Axing BBC Arabic will weaken UK’s soft power in the Gulf Corporation's decision to axe radio output will affect millions who rely on it as a trusted source of world news October 4, 2022
Economy Bleak economic forecast leads to UK companies setting up in UAE There has been a 23 percent year-on-year rise in UK companies setting up in the UAE. The increase comes as Britain contends with a stark economic outlook: the most recent forecast from the British Chambers of Commerce (BCC) predicts that there will be a recession before the end of this year, with inflation spiking to […] October 3, 2022
Analysis Banking and Finance Arab banks shun Russian Mir payments system after pressure Along with losing ground on the battlefield in recent weeks, Moscow’s foothold in the Arab world’s financial system has also hit setbacks. Turkey’s finance minister Nureddin Nebati last Thursday announced that three state banks – Vakifbank, Ziraat Bank and Halkbank – had suspended the use of the Russian Mir payment system which is the country’s […] October 3, 2022
Analysis Energy Answer to UK’s energy needs is blowing in the Moroccan wind The UK is working with Morocco on an £18 billion ($20bn) plan to build vast solar panel and wind farms in the desert that could power more than seven million British homes by 2030. It will also deliver electricity at about half the rate of that produced by nuclear power plants. With the world in […] October 3, 2022
Manufacturing Porsche shares flat at close after landmark $72bn listing Porsche AG shares had a see-saw start on Thursday after Volkswagen defied volatile markets to list the sports car brand at a valuation of €75 billion ($72 billion) in Germany’s second-biggest market debut. The shares closed at €82.50 ($80.74), returning to their issue price from the session high of €86.76. Volkswagen priced Porsche AG shares the top end of the indicated range, and raised €19.5 billion via the listing to fund […] September 30, 2022
Analysis UAE and Germany grow ever closer with shared net zero goals The first four Mercedes Benz cars arrived in Abu Dhabi in 1965, imported by the Al Fahims, who founded Emirates Motor Company three years earlier. Last year, the UAE imported German automobiles worth nearly $1.2 billion. Also in the mid Sixties, the German company Siebert discovered enough water close to Al Ain to enable the […] September 30, 2022
Sustainability Volkswagen faces Israeli emissions class action suit Volkswagen faces a class action suit in Israel after a court ruled in favour of petitioners seeking compensation from the German carmaker over diesel emissions cheating. A Tel Aviv district court ruled that the class action suit will represent the car owners as well as the general public who were exposed to higher pollution levels, […] September 30, 2022
Health Europe drugmakers may cut output due to high energy bills Europe’s drugmakers have warned they may stop making some cheap generic medicines because of surging electricity costs and are calling for an overhaul of the way they are priced, the latest industry to seek help as the energy crisis deepens. The generic drug industry lobby group Medicines for Europe, which represents companies including Teva, Novartis’s […] September 29, 2022
Analysis Aviation Gulf carriers set to benefit from ‘reordering’ of aviation industry Gulf carriers are likely to strike up new partnerships with foreign airlines as the war in Ukraine and the lingering impact of the coronavirus pandemic threatens to reorder the global aviation scene. The reshaping of the airline industry as a result of pandemic-induced change is opening up new, and more competitive avenues for global airlines […] September 28, 2022
EXCLUSIVE Economy ‘Everyone’s attacking Truss but her plan will attract foreign investors’, says Damac exec The British government's plans to reduce taxes and planning red tape will attract Gulf investors, says Damac executive Ali Sajwani September 28, 2022
Analysis Banking and Finance UK tipped to see record levels of Middle East capital in 2022 Outbound investment from the Middle East to the UK is forecast to rise sharply this year, particularly for deals up to $250 million. Corporate finance specialist Lumina Capital Advisers said the strong dollar, weak sterling and the UK’s uncertain economic outlook made it a “highly attractive destination” for Middle East capital. Sterling tumbled to a […] September 26, 2022
Energy Gulf oil CEOs attack ‘unrealistic’ energy transition goals Saudi Aramco’s CEO has lambasted the “unrealistic” energy transition scenarios that he claims have exacerbated a global energy crisis. His counterpart at Abu Dhabi National Co (ADNOC) also warned that efforts to tackle climate change could prove counterproductive if they slow economic growth. In unusually fiery comments, Aramco CEO and president Amin Nasser warned that […] September 25, 2022
