Economy UAE defends stance on Russian individuals, talking to US The UAE is consulting with the US on sanctions targeting Russian individuals, but does not want to “lump together” all Russians into one category as some seek safe havens amid the Ukraine war, an Emirati official said on Friday. Dubai, the Gulf’s financial and business centre, has emerged as a refuge for Russian wealth as […] July 18, 2022
Finance JPMorgan appoints co-heads of Mideast investment banking JPMorgan has appointed Hani Deaibes and Ahmed Salem as co-heads of its Middle East and North Africa investment banking business, the US bank said in a statement on Thursday. Deaibes, at JPM since 2007, was head of the bank’s debt capital markets (DCM) business for the Middle East. He was previously at Merrill Lynch in […] July 15, 2022
Manufacturing Saudi’s PIF to help Aston Martin raise over $589m Aston Martin is closing in on a deal to raise over 500 million pounds ($589.30 million) by bringing in Saudi Arabia’s sovereign wealth fund as a major shareholder and launching a rights issue for investors, the Financial Times reported on Thursday. The proposal will result in Saudi’s Public Investment Fund (PIF) investing up to 200 […] July 15, 2022
Tourism Heathrow ‘incompetence’: Emirates defies capacity cut Emirates airline said on Thursday it had rejected demands by London’s Heathrow Airport to cut capacity despite being threatened with legal action, and intended to continue operating its six daily flights to Britain’s busiest airport. Heathrow this week asked airlines to stop selling some tickets for summer flights, limiting the number of passengers flying from […] July 14, 2022
Energy France in talks with Abu Dhabi to import fuel this winter France is talking to Abu Dhabi about importing fuel and diesel for the coming winter season, TotalEnergies Chairman and CEO Patrick Pouyanne said, Reuters reported on Wednesday. Pouyanne told the French Senate this was a response to the Russia/Ukraine conflict, which has impacted Russian energy supplies to Europe. Fuel prices in France were at $2.27 […] July 14, 2022
Tech Qatar spends $162m on Swiss air defence systems for stadiums Swiss arms exports rose more than 40 percent to CHF 516 million in the first half of this year, the Economy Ministry said, with CHF 159.8 million ($162.74 million) in sales of air defence systems to Qatar to protect stadiums during the soccer World Cup making a decisive contribution. After Qatar, the top five buyers […] July 13, 2022
Business of Sport Bridgestone ends deal with DeChambeau after LIV Golf move Bryson DeChambeau and Bridgestone Golf have agreed to end their brand ambassador partnership following the former major champion’s decision to join the Saudi Arabia-backed LIV Golf Invitational Series, the company said on Tuesday. DeChambeau, who is among the game’s more high-profile players and one of the longest hitters the sport has ever seen, joined LIV […] July 13, 2022
Mubadala leads $400m funding for German ‘insurtech’ Wefox Digital insurance startup Wefox said on Tuesday it had raised $400 million from investors, valuing the “insurtech” business at $4.5 billion. Abu Dhabi state investor Mubadala Investment Company led the investment in the Series D round, which will be used to expand into more countries and to develop its platform, Wefox said. A year ago […] July 12, 2022
Opinion Business of Sport LIV Golf joins a long list of sport events where money talks Sports stars have always been faced with the question of whether to choose morals over money July 11, 2022
Analysis UK minister reaffirms Gulf ties amid PM resignation turmoil July 7 will be remembered as the day British prime minister Boris Johnson resigned his post following a cabinet revolt and the departure of dozens of ministers. But on the same day, Amanda Milling MP, the UK government’s minister for Asia and the Middle East, completed a largely unreported trip to the Gulf region, visiting […] July 11, 2022
Analysis Real Estate Gulf home buyers eye Battersea Power Station in London Gulf investors are snapping up London properties beyond the traditional smart neighbourhoods such as Chelsea and Kensington, north of the river Thames. With a weak pound offering great purchasing power for Gulf currencies and an upcoming visa liberalisation for GCC countries with Britain, MENA-based property investors are flocking to England’s capital. And Arab buyers have […] July 11, 2022
Manufacturing Rolls-Royce picks Dubai for first overseas private office UK-based luxury car maker Rolls-Royce has opened its first overseas private office outside the UK in Dubai in a sign of the Gulf region’s growing importance to the world-famous marque. The new Dubai outpost will be an extension of the company’s world-renowned centre of luxury manufacturing excellence in Goodwood, West Sussex, England. The Private Office […] July 9, 2022
Analysis Real Estate Sanctions won’t dampen Dubai property allure for Russians The popularity of Dubai among Russian property buyers is unlikely to be dented by a US threat to impose sanctions on UAE banks who process their financial transactions, as most payments are made using cash or cryptocurrency. Dubai-based Mira Estate said its property sales to customers from Russia and the 11 other Commonwealth of Independent […] July 8, 2022
Opinion Johnson’s exit will not impede deepening UK-Gulf relations New political leadership will make little difference upon the trade deal with both markets set to benefit July 8, 2022
Business of Sport Ex FIFA duo Blatter, Platini cleared of fraud in Swiss trial Former FIFA President Sepp Blatter and France footballing legend Michel Platini were both cleared of corruption charges by a Swiss court on Friday after a seven-year investigation during which they were booted out of the sport. A judge said the pair’s account of a ‘gentlemen’s agreement’ for FIFA to pay Platini 2 million Swiss francs […] July 8, 2022
Analysis Finance Gulf sovereign investments may be hit by new UK tax plans Gulf-based sovereign wealth funds could see tax exemptions on investments in the UK slashed under new proposals put forward by the British government. Britain is planning to reduce the scope of the exemption to just interest income from investment activity. This would move income profits and capital gains from investment in UK real estate, as […] July 8, 2022
UK PM resignation unlikely to affect Gulf trade talks Boris Johnson said on Thursday he was resigning as Britain’s prime minister, bowing to calls from ministers in his Conservative Party. “The process of choosing that new leader should begin now,” Johnson said at the door of Number 10 Downing Street. “And today I have appointed a cabinet to serve, as I will, until a […] July 7, 2022
Employment Tech workers reap big salaries amid urgent skill shortage Dubai-based software engineers can earn up to 30 percent more than similar workers in rival tech hubs in Europe, due to an ongoing skills shortage within the sector across the Middle East. Amanda Line, a partner at global consultancy firm PwC, said that the Middle East and North Africa (MENA) region needs to create 300 […] July 7, 2022
UK Morocco trade envoy resigns amid Johnson leadership crisis Boris Johnson, the British prime minister, is set to resign today following a swathe of party resignations. Among those to submit their resignation was Dr Andrew Murrison, trade envoy to Morocco, who submitted a strongly-worded letter yesterday saying that Johnson’s position had become “unrecoverable” over his handling of the row over disgraced deputy chief whip Chris […] July 6, 2022
Analysis Economy Nadhim Zahawi: the Iraqi tasked with rebuilding the UK economy New British chancellor of the exchequer Nadhim Zahawi says his rise from “an immigrant boy” to hold the job as steward of the country’s treasury showed what a great country Britain was. Zahawi was appointed chancellor late yesterday after a series of ministerial resignations in protest at Boris Johnson’s premiership, including that of former chancellor […] July 6, 2022
Development Prince Charles charity files report over $3m Qatari donations A charity linked to the UK’s Prince Charles has submitted a serious incident report to the government’s charity regulator, after it was reported that the royal had received payments of €3 million ($3.08 million) from a Qatari politician. The Sunday Times reported on June 25 that the heir to the British throne had received three […] July 6, 2022
Finance Global corporate debt to drop amid higher funding costs Global corporate net debt has fallen by 1.9 percent to $8.15 trillion in the past year as higher borrowing costs reduce appetite for new financing and strong cash flows from years of accommodative monetary conditions help companies repay existing debt, a study of 900 top firms released on Wednesday showed. Indebtedness is expected to decline […] July 6, 2022
