Opinion Economy GCC can emerge as ‘Middle Powers’ in second Cold War Three factors will enable the GCC to benefit from the fragmentation January 9, 2024
Transport Alstom agrees $550m deal for Saudi battery tram The French rolling stock manufacturer Alstom has signed a contract worth more than €500 million ($547 million) to build a battery-powered tram system in the Saudi tourist destination AlUla. The company’s deal with the Royal Commission for AlUla will result in the world’s longest tram system without an overhead electrical line. The system will have […] January 8, 2024
Tech UAE partners with Nasa to develop lunar space station The UAE’s Mohammed bin Rashid Space Centre (MBRSC) and Nasa have agreed to collaborate on the Gateway project, the world’s first space station to orbit the moon. As part of the agreement, MBRSC will provide Gateway’s Crew and Science Airlock module. The US state space agency will fly a UAE astronaut to Gateway in a […] January 8, 2024
Trade Germany open to further Eurofighter sales to Saudi Arabia Germany is willing to allow further deliveries of Eurofighter jets to Saudi Arabia, its foreign minister Annalena Baerbock has said. “We do not see the German government opposing British considerations for more Eurofighters for Saudi Arabia,” Reuters reported, citing the minister’s comments on a trip to Israel. Last month, Saudi Arabia approved its 2024 budget, […] January 8, 2024
Logistics AD Ports-owned unit takes control of Spanish terminal A Madrid-based subsidiary of AD Ports Group has acquired full ownership of APM Terminals Castellón in Spain for €10 million ($10.96 million). Noatum Terminals, the terminals operations business of Noatum Group, has obtained all regulatory and stakeholder approvals, with the change of ownership taking place immediately, the UAE state-run Wam news agency reported, citing a […] January 3, 2024
Opinion Aviation Europe’s low-cost carriers take off for Mena markets Next stop Riyadh for Ryanair? December 22, 2023
Aviation Wizz Air to add more routes after strong year Wizz Air Abu Dhabi has reported a 150 percent rise in passengers this year. The company, a joint venture between Hungary’s Wizz Air and Abu Dhabi state holding company ADQ, carried 3 million passengers in 2023, up from 1.2 million in the previous 12 months, Johan Eidhagen, the managing director, told AGBI. It also doubled […] December 21, 2023
Economy Egypt to receive half EBRD regional funding in 2024 Egypt will receive the lion’s share of the European Bank for Reconstruction and Development’s regional funding in 2024, having accounted for about 55 percent of its funds this year, the regional head of the EBRD has told AGBI. “Egypt is by far our largest country of operation in the region and will account for more […] December 21, 2023
Oil & Gas BP and Equinor divert tankers from Red Sea Two European oil and gas companies, BP of the UK and Equinor of Norway, have joined a group of shipping lines that are diverting their tankers away from the Red Sea, following missile and drone attacks by Yemen’s Houthi militants. BP said in a statement: “The safety and security of our people and those working […] December 19, 2023
Trade ADQ and Azerbaijan invest in $1bn joint venture Abu Dhabi-based ADQ has announced a $1 billion joint venture with Azerbaijan’s sovereign wealth fund to invest in major sectors. The JV with Azerbaijan Investment Holding will focus on agriculture, technology, pharmaceuticals and energy infrastructure. Investments will primarily be concentrated in Azerbaijan, the UAE and Central Asia, with the potential to expand to other countries, […] December 18, 2023
Exclusive Construction Aldar ‘confident’ of doubling market cap within five years Abu Dhabi developer Aldar Properties is ramping up an international expansion drive that, alongside plans to grow its UAE portfolio, will help to double its market cap, its group chief executive said. Aldar’s market cap is currently $12 billion, and group CEO Tilal Al Dhiyebi foresees “doubling that in five years,” he told AGBI in […] December 18, 2023
Trade AI to be at the heart of UK-GCC free trade talks AI will be at the heart of future bilateral trade between the GCC and the UK, according to Oliver Christian, His Majesty’s trade commissioner for the Middle East and Pakistan. “That [AI investment] will definitely be the story of my tenure here over the coming years in the UAE and across the Middle East,” said […] December 18, 2023
Industry e& unit buys Norway’s telecoms subsidiary in Pakistan e&, formerly known as Etisalat, said its subsidiary in Pakistan will acquire a 100 percent stake in Norway telecom-owned Telenor Pakistan Private Limited. The transaction has an enterprise value of PKR108 billion ($380.95 million) on a cash-and-debt-free basis, the Abu Dhabi-listed telco said in a statement. e& holds a 23.4 percent stake in Pakistan Telecommunication […] December 15, 2023
Real Estate Aldar joins Mubadala and Ares to invest in Europe real estate Abu Dhabi-listed Aldar Properties has partnered with Mubadala Investment Company (Mubadala) and Ares Management Corporation (Ares) to invest $1 billion through a private credit fund in the UK and Europe’s real estate market. Mubadala will hold a 50 percent stake in the new platform, while Aldar will own 30 percent. Ares will hold the remaining […] December 14, 2023
Aviation Ryanair to begin domestic flights in Morocco in 2024 Irish low-cost carrier Ryanair will open domestic flights across Morocco from next summer as part of its $1.4 billion investment in the North African country. Ryanair will be the third airline to operate flights in Morocco, following national carrier Royal Air Moroc and the UAE’s Air Arabia. The extra commitment to Ryanair’s summer programme means […] December 13, 2023
Finance Abu Dhabi arrests man wanted by Italy for financial crimes Emirati police have arrested an Italian businessman who is wanted in connection with financial crimes in his home country. Danilo Coppola, 56, was stopped on December 6 at a shopping centre in Abu Dhabi. Local sources said the arrest followed an Interpol alert – a sign of the UAE’s growing co-operation with international law enforcement. […] December 12, 2023
Manufacturing Abu Dhabi Ports in green steel deal with UK producer Abu Dhabi Ports Group and the UK’s Liberty Steel Group have agreed to work together on importing magnetite ore – used in green iron and steel production – from Australia to the UAE. The memorandum of understanding was signed this week. They will explore plans to create a green iron production facility in the Khalifa […] December 12, 2023
Analysis Banking & Finance New certification to swell sharia-compliant funds A London-based fund manager hopes a pioneering Islamic finance certification can boost sharia-compliant equity investments worldwide and help ensure Muslim clients’ wealth is deployed to meet both their religious ideals and benefit society. Most sharia-compliant equity funds focus on excluding haram industries such as alcohol, tobacco, weapons, pork and gambling. Yet such a methodology has […] December 12, 2023
Oil & Gas Europe stands firm on fossil fuel phase-out deal at Cop28 The European Parliament is heading into the final days of negotiation at the Cop28 climate summit in Dubai with a clear mission to see the absolute end of fossil fuels. At a press conference on Friday, European Parliament member Peter Liese told journalists that the delegation is demanding the “tangible phase out of fossil fuels” […] December 8, 2023
Business of Sport Qatari owners of PSG sell minority stake in French club The Qatari owners of Paris Saint-Germain (PSG) will sell a minority stake in the French football club to US investment group Arctos Partners. No details were disclosed in the official statement. However, the Financial Times reported that the talks started a year ago and Arctos will buy up to 12.5 percent, citing two informed sources. […] December 8, 2023
Finance Sanjay Shah lands in Denmark after UAE extradition A British hedge fund trader arrived in Denmark on Wednesday following extradition from the UAE to stand trial over allegations he submitted fraudulent applications for $1.8 billion in dividend tax refunds. Sanjay Shah was arrested by Dubai police last year following a request by Danish authorities to extradite him over his alleged involvement in so-called […] December 7, 2023
Finance Erdogan visits Greece in bid to restart bilateral relations Turkish President Tayyip Erdogan arrives in Athens on Thursday with a delegation of ministers for meetings with Greek counterparts that both countries hope can turn a new page in relations after years of tensions. Greece and Turkey, neighbours and Nato allies, have been at odds for decades over issues including where their continental shelves start […] December 7, 2023
