Energy EU puts forward new draft text to revive Iran nuclear deal The European Union’s foreign policy chief said on Tuesday he has proposed a new draft text to revive the 2015 Iran nuclear deal, saying there is no room left for further major compromises. “I have now put on the table a text that addresses, in precise detail, the sanctions lifting as well as the nuclear […] July 27, 2022
Energy Saudi and Greece seal deal on undersea data cable Greece and Saudi Arabia on Tuesday sealed a deal to lay an undersea data cable that will connect Europe with Asia and discussed the possibility of linking their power grids to supply Europe with cheaper green energy. Greece and Saudi Arabia agreed in May on the main terms of a planned joint venture to build […] July 27, 2022
Deutsche Bank global investment chief to join Abu Dhabi SWF Deutsche Bank’s global investment banking coverage and advisory chief Drew Goldman will step down and be replaced by regional heads, according to a memo seen by Reuters on Monday. Goldman, who has held numerous leadership roles during his 22-year tenure at the German lender, wants to pursue opportunities outside investment banking, according to the memo […] July 26, 2022
EXCLUSIVE Tourism Etihad CEO issues call to make aviation industry net zero There is no “single bullet” to solve the climate crisis and airlines must work together to create a sustainable aviation sector, the CEO of Etihad Airways has told AGBI. Tony Douglas, group chief executive officer, Etihad Aviation Group, said: “This is about industry – from the giants to the start-ups – governments, regulators and academics […] July 25, 2022
Economy Saudi crown prince to visit Greece to sign energy, telecoms deals Saudi Crown Prince Mohammed bin Salman will visit Greece on Tuesday, July 26 to meet Prime Minister Kyriakos Mitsotakis, the Greek foreign ministry has confirmed. The ministry said the pair were due to sign bilateral deals, without giving details. A Greek diplomatic source told Reuters the deals were in the fields of energy, military cooperation, […] July 25, 2022
Manufacturing Dubai’s Negma invests in French driverless vehicle manufacturer Negma Group has signed a $36 million funding agreement with French firm Navya, which could bring the prospect of driverless vehicles on the emirates’ roads a step closer. Under the terms of the agreement the financing will take the form of convertible bonds, while the Dubai-based investment firm will also have the option to purchase […] July 22, 2022
Tourism Qatar Airways could revive order for 25 737 MAX airplanes Qatar Airways could revive an order for 25 Boeing 737 MAX airplanes at the Farnborough Airshow, sources told Reuters. On Monday, Qatar CEO Akbar Al Baker confirmed that a provisional deal to buy at least 25 of the Boeing planes had lapsed. Boeing and Qatar Airways declined to comment Wednesday but two sources said the […] July 21, 2022
Analysis Finance Fresh wave of hedge funds poised to tap UAE The UAE is fast becoming a magnet for overseas hedge funds seeking a low-cost, investor-friendly base amid Brexit, the Ukraine crisis, and changes in working patterns brought about by the coronavirus pandemic. A clutch of hedge funds from the UK and US have set up or expanded operations in Dubai or Abu Dhabi in the […] July 21, 2022
Economy Britain launches free trade talks with Israel following Brexit Britain has launched free trade talks with Israel, aimed at boosting service and tech sector ties as it seeks new deals after leaving the European Union. The current trade deal between the two countries is based on an old EU deal that has no specific provisions on services, Britain said, adding that the trading relationship is currently worth $6 billion a year. “The UK and Israel are […] July 20, 2022
Tourism Saudi Arabia plans lifestyle hotels in new $400m deal Lifestyle hotel brands such as Mama Shelter, The Hoxton and 25hours are set to debut in Saudi Arabia as part of a new $400 million deal. The kingdom’s Tourism Development Fund (TDF) today announced the signing of a tripartite deal with Ennismore, the world’s largest and fastest-growing lifestyle hospitality company, and Saudi-based asset manager Al […] July 20, 2022
Exclusive UAE tech firm Arrow Labs plans major European expansion Arrow Labs is planning a major expansion into Europe as more companies seek to improve remote working practices. The UAE-based technology company which offers digital workflow solutions, has announced its entry into the Greek market after securing a “significant” new contract with one of the world’s largest industrial gas manufacturing companies. Having attracted renowned Silicon […] July 20, 2022
Opinion Economy British firms tread fine line against rising inflation in the UAE The ‘discount culture’ is making it harder for businesses to maintain quality in a crowded market July 20, 2022
Markets Porsche faces uphill drive in race to public listing Porsche may have to go public at a steep discount if it insists on going ahead as economic obstacles mount, two people involved in the landmark multi-billion-euro listing said. The prospect of a larger than customary discount would be a setback to the controlling families pushing the initial public offering to fund a costly makeover […] July 20, 2022
Tech US approves $980m sale of C-17 aircraft support to UAE The US State Department has approved the potential sale of C-17 aircraft sustainment and related equipment to the United Arab Emirates for an estimated cost of $980.4 million, the Pentagon said on Tuesday. Despite approval by the State Department, the notification does not indicate that a contract has been signed or that negotiations have concluded. […] July 20, 2022
Analysis Economy Sheikh Mohamed underlines ties with France on first foreign trip The Louvre Abu Dhabi is perhaps the most visible symbol of the flourishing relationship between the UAE and France. The museum on Saadiyat Island, which opened in 2017 under an agreement between the two governments, is said to be France’s largest cultural project abroad. Given this backdrop of cultural and commercial ties, France was a […] July 19, 2022
Retail Factfile: Companies that have sold their businesses in Russia Some Western companies have agreed to sell their Russian assets or hand them over to local managers as they scramble to comply with sanctions over the Ukraine conflict and deal with threats from the Kremlin that foreign-owned assets may be seized. The moves, part of a broader corporate exodus from the country, are likely to […] July 19, 2022
Tourism Emirates boss says travel sector must ‘tough it out’ until 2023 The president of Dubai’s Emirates, which has clashed with London’s Heathrow over its cap on capacity, said on Monday that the air travel industry would return to equilibrium in 2023 and must “tough it out” until then. Speaking at an event at the Farnborough airshow, Tim Clark criticised Heathrow managers for failing to anticipate the […] July 19, 2022
Tourism Qatar Air chief says home-working ‘epidemic’ fuels travel chaos The head of Qatar Airways has said an “epidemic” of home working has contributed to staff shortages that are being widely blamed for travel disruption in Europe this summer. The aviation sector is struggling to secure the staff needed to cope with a post-pandemic surge in air travel, prompting London Heathrow airport to impose curbs […] July 19, 2022
Tourism London-Dubai ticket sales spike despite chaos at Heathrow Ticket sales for London-Dubai flights in July and August have surged above pre-pandemic levels, even as Emirates has agreed to cap bookings from Heathrow in a bid to help the airport cope with its capacity crisis. “Current bookings, as of July 9, for July and August have climbed to 8 percent above pre-pandemic levels,” Olivier […] July 19, 2022
Tourism Airbus loses bid to use French blocking law in $1.4bn Qatar row A UK judge on Friday rejected an attempt by Airbus to invoke a De Gaulle-era law restricting the way it responds to foreign courts, as a high-profile dispute with Qatar Airways became mired in a growing debate over cross-border legal powers. Qatar Airways is suing France-based Airbus for $1.4 billion over damage to the painted […] July 18, 2022
Tourism Israel to boost Asia flights when Saudi Arabia opens airspace Israeli airlines plan to expand and open new routes to India and other Asian destinations after Saudi Arabia announced it would allow unfettered access to its airspace, a move that would save fuel costs and reduce flight times. In the absence of open relations between the countries, however, and given talks on including Oman in […] July 18, 2022
Energy UAE to guarantee diesel supplies to France, says Macron source France and the United Arab Emirates (UAE) are set to sign an agreement on Monday whereby the UAE will guarantee diesel supplies to France, said a source at President Emmanuel Macron’s Elysee department. The deal, which will coincide with the visit to Paris of the UAE President, will also see the two countries agree on […] July 18, 2022
