Climate change top of the agenda at Davos The Gulf’s two largest economies, Saudi Arabia and the UAE, are sending top-level delegations to the World Economic Forum’s (WEF) annual meeting in Davos-Klosters, Switzerland, which begins today. The UAE’s delegation, led by Maktoum bin Mohammed bin Rashid Al Maktoum, deputy prime minister and minister of finance, will also include Abdulla Bin Touq Al Marri, […] May 23, 2022
Agriculture Greek graviera cheese could soon be off the menu In a small factory on the Greek island of Naxos, workers are busy churning out its famous graviera cheese. At least, they are for now. A crisis unfolding on the island’s farms is sparking fears that the locally-produced pale yellow wheels may soon start to disappear from the cheese counter. Standing among his cows in […] May 20, 2022
Real Estate Lure of London homes is hard to resist for Arab buyers International appetite for London’s property market has picked up with Arab buyers expected to play a key role in its post-Covid recovery. The pandemic impacted every sector of the UK economy, with house-buying in England’s capital no exception. As global investment retrenched, the market became increasingly dependent on domestic buyers and resident non-doms for new […] May 20, 2022
Energy Qatar to invest $5bn in Spanish projects, Emir says Qatar’s $300 billion sovereign wealth fund plans to invest $5 billion in Spanish projects, the Gulf state’s ruler said late on Tuesday at a dinner held in his honour in Madrid. Spain’s Prime Minister Pedro Sanchez said on Tuesday that Emir Sheikh Tamim bin Hamad Al-Thani told an audience at a dinner held in King […] May 19, 2022
Business of Sport Golfer Dustin Johnson ‘excited to see’ Saudi-backed rival tour next month Dustin Johnson’s loyalty is currently with the PGA Tour but the twice major winner said on Wednesday that he is excited to see what the upstart LIV World Golf Invitational Series could do for the sport. For the moment the Saudi-backed venture has proven only disruptive as it attempts to poach players from the established […] May 19, 2022
Russian oil dilemma may kickstart EU-GCC trade deal A new partnership adopted today between the European Commission and the Gulf Cooperation Council (GCC) could kickstart stalled talks on a free trade agreement. The High Representative and the European Commission said in a joint communication that the strategic partnership would focus on areas such as energy security, climate change and the green transition, digitalisation, […] May 18, 2022
Business of Sport Jack Nicklaus rejects $100m to be face of Saudi-backed golf tour American golf legend Jack Nicklaus turned down $100 million to become the face of the Saudi-backed LIV Golf Invitational Series, which debuts in London next month and is tipped as a controversial new rival to the PGA Tour, it was reported this week. “I was offered something in excess of $100 million by the Saudis,” […] May 18, 2022
Lifestyle A history of music streaming Napster and BitTorrent initially changed the way people thought about music in 1999 before being taken down for unauthorised use of copyright material. iPod launched in 2001 and by the mid-2000s, Pandora and Spotify had both launched. Make some noise for Anghami’s Elie Habib The music industry shunned the new platforms at the start, with […] May 18, 2022
Energy US private equity group buys UK power plant giant for £1.75bn ContourGlobal, the UK power plant owner, has agreed to be taken over by KKR, the New York-based private equity giant, for £1.75 billion after an underwhelming four-and-a-half-year stint on the public markets. The FTSE 250 company said its board intended to recommend the “fair and reasonable” all-cash acquisition at 263.6p a share, a 36 percent […] May 18, 2022
Energy Borouge to sell 10% of shares in IPO as it lists on ADX Abu Dhabi National Oil Company (ADNOC) and its Austrian chemicals partner Borealis AG are planning an initial public offering (IPO) of their petrochemicals joint venture Borouge on the Abu Dhabi Securities Exchange (ADX). Borouge, a specialty plastics firm that produces polyolefins used in items such as cars and food packaging, said its offering will consist […] May 18, 2022
Lifestyle Juan Carlos to visit Spain after two years in UAE exile The former king of Spain, Juan Carlos, will travel to his country this weekend for the first time since he left under a cloud of scandal in August 2020, making his home in the United Arab Emirates. Juan Carlos, 84, is visiting the northern region of Galicia for a boating event, according to the mayor […] May 17, 2022
Agriculture 300,000 tonnes of wheat bought by Egypt stranded in Ukraine The wheat ordered by Egypt's state grains buyer has yet to be shipped, with one cargo stuck in port and four others to be loaded, traders say May 17, 2022
Analysis Media & Advertising $4.4bn sounds a lot but e& has made the right call on Vodafone Vodafone and e&, formerly known as Etisalat, will look to launch new products globally while working together to make greater efficiencies following the UAE telco’s deal to buy a $4.4 billion stake. Following the announcement that the UAE’s biggest telecoms operator has acquired a 9.8 percent stake in British mobile operator Vodafone Group, AGBI spoke […] May 16, 2022
Energy Israel ramps up gas output, looks to supply Europe Israel is on track to double its natural gas production to 40 billion cubic metres and hopes to sign a framework deal with Europe this summer May 16, 2022
Sweden seeks to overcome Turkish objections to NATO bid Sweden is formally applying for NATO membership, prime minister Magdalena Andersson said on Monday. “The government has decided to inform NATO that Sweden wants to be accepted as a member of NATO,” Andersson told reporters, adding that the application could be handed in on Monday, Tuesday or Wednesday. It will be synchronised with Finland’s request […] May 16, 2022
Retail Turkish retailer in talks to take over Reebok’s Russian stores FLO Magazacilik could buy the US firm's 100-plus outlets in Russia, but chairman Mehmet Ziylan denied reports that the deal is already done May 16, 2022
Manufacturing Renault sells Russian carmaker Avtovaz for one rouble Renault is to sell its majority stake in carmaker Avtovaz to a Russian science institute for just one rouble with a six-year option to buy it back, leaving the door open for the French carmaker’s return. Moscow Mayor Sergei Sobyanin said to preserve thousands of jobs Renault’s plant in the city would be used to […] May 16, 2022
Aviation Emirates should be allowed to fly to Berlin, says German exec The bilateral air service agreement between Germany and the United Arab Emirates should be expanded to allow Dubai’s Emirates airline to operate direct flights to more cities, including the capital Berlin, a senior official from the Middle East office of the German National Tourist Board (GNTB) told AGBI. Under the existing air services agreement between […] May 16, 2022
Banking & Finance Vodafone shares rise as telecoms group e& buys $4.4bn stake The group, formerly Emirates Telecommunications Group, said it supported the board and had no plans to buy the UK mobile operator outright. May 16, 2022
People & Lifestyle Messages of sympathy pour in from around the globe Leaders from the Gulf, the wider Middle East and around the world have offered their heartfelt condolences after the death of Sheikh Khalifa bin Zayed Al Nahyan, the President of the United Arab Emirates and ruler of Abu Dhabi. Here are some of the messages of sympathy The UN offices in the UAE said: “In this […] May 13, 2022
Business of Sport Newcastle United strip to be Saudi Arabia green Newcastle United’s away kit for next season will be green and white, to reflect the club’s new owners from Saudi Arabia. Public Investment Fund (PIF), Saudi’s sovereign wealth fund, bought an 80 percent stake in the football club for £305 million last October. And to attract more supporters from the region the players will wear […] May 13, 2022
Exclusive Tech Why London-Dubai tech tie-up hits investment ‘sweet spot’ The London Technology Club (LTC), a community in Europe for investment opportunities in the technology sector, has announced the launch of LTC Dubai, its first international investment hub. The hub is supported by Global Ventures, the international venture capital firm focused on investing in emerging market founders. Konstantin Sidorov, founder, CEO and general partner of […] May 12, 2022
