Real Estate Eagle Hills signs $5.7bn deal to develop projects in Georgia Abu Dhabi developer Eagle Hills has announced plans to invest more than €5.5 billion ($5.7 billion) in two projects in Georgia. It signed an agreement with the Georgian government to develop waterside projects in Tbilisi and Batumi. The Krtsanisi Park in Tbilisi will be a riverside mixed-used project of residences and retail spaces that will […] January 27, 2025
Giga-projects Italian insurer guarantees $3bn Saudi giga-project loan Sace, an Italian state-owned insurance company, has guaranteed a multi-currency loan of $3 billion provided by nine international banks to support projects in Neom, Saudi Arabia’s $500 billion giga-project. The announcement coincided with an official visit by Italian prime minister Giorgia Meloni to Saudi Arabia, where she and Crown Prince Mohammed bin Salman signed an […] January 27, 2025
Logistics Shipping giants not yet ready to resume Red Sea route Two shipping giants said on Friday that they are in no rush to resume routes through the Suez Canal after a Yemeni militia announced earlier this week it will scale back hostilities against vessels transiting through the Gulf of Aden and Red Sea if the ceasefire in Gaza holds. Danish shipper Maersk and Abu Dhabi […] January 24, 2025
Tech Foreign data centres will be secure, promises Saudi minister A regulatory framework to protect foreign-owned data centres set up in Saudi Arabia is being planned that will treat them in a similar way to embassies, as the kingdom seeks to become a global destination for the industry. The Saudi finance minister, Mohammed Al-Jadaan, speaking at the World Economic Forum in Davos, outlined the country’s […] January 24, 2025
Retail Abu Dhabi’s Royal Group buys eco brand Pangaia Abu Dhabi’s Royal Group has acquired a controlling stake in fashion brand Pangaia. No financial details of the transaction were revealed. Pangaia, which has its headquarters in London, designs eco-friendly clothing made from organic and recycled materials, sold primarily through its website. It uses next-generation materials for its clothing and accessories, including Mirum, a plant-based, plastic-free leather […] January 24, 2025
Opinion People & Lifestyle The top hotspots for millionaire migrants Dubai, Australia and Singapore are expected to emerge as the biggest beneficiaries January 24, 2025
Interview Aviation Wizz Air Abu Dhabi predicts slower growth Wizz Air Abu Dhabi expects slower growth in 2025 as delays of new aircraft deliveries, engine issues in some of its existing fleet and regulatory problems in some new markets affect its ambitious expansion plans. The airline, a joint venture between Hungary’s Wizz Air Holding and Abu Dhabi’s state-owned investment holding ADQ, is navigating global […] January 23, 2025
Construction German company to assess proposed Spain-Morocco tunnel A German-owned company has been awarded a contract to conduct a feasibility study on building an undersea railway tunnel between Morocco and Spain, the latest indication that the long-stalled plan could become reality. If built, the tunnel would be one of the longest of its kind worldwide and would make transporting goods and people between […] January 22, 2025
Tax Income tax ‘not on the table’ says UAE minister The UAE has no plans to introduce income tax, economy minister Abdulla bin Touq Al Marri has said, dismissing speculation the country was in discussions to end its traditional tax-free status. Speaking at the World Economic Forum in Davos, the minister also criticised the EU for keeping the Gulf nation on its blacklist of countries […] January 22, 2025
Economy Egypt targets €4bn EU funding by June Egypt is aiming to strike a deal with the European Union (EU) to secure €4 billion ($4.2 billion) in financing to back its current reform agenda, according to a media report. Cairo has started negotiations with the EU, with the funds directed towards budget support and not specific projects, Asharq Business reported, quoting minister of […] January 22, 2025
Construction Eagle Hills signs contract for Budapest redevelopment Abu Dhabi-based developer Eagle Hills has signed a real estate purchase agreement with Hungary to start work on transforming a rundown area of Budapest. The project, spanning an area of 100 hectares, will have a development cost of more than €12 billion ($12.3 billion), the developer said in a statement. The project is supported by the […] January 20, 2025
Trade UK invests $5bn in Oman in 12 months The United Kingdom pumped more than $5 billion in foreign direct investment (FDI) into Oman in the 12 months from October 2023, maintaining its position as the biggest external investor in the country, official data shows. The UK’s cumulative stock of FDI in Oman was 13.7 billion Omani rials ($35.6 billion) by the end of […] January 20, 2025
Real Estate Eagle Hills plans Trump hotel project with Kushner The Abu Dhabi-based developer Eagle Hills and Affinity Partners, an investment firm founded by Donald Trump’s son-in-law, Jared Kushner, have agreed to build a luxury hotel and apartment complex in Serbia’s capital, Belgrade. The project, on the site of the former Yugoslav defence ministry, will feature a 175-room Trump hotel as its centrepiece, and 1,500 […] January 17, 2025
Industry Adnoc produces graphene and hydrogen at Habshan plant Adnoc Gas has started producing hydrogen and graphene – a “miracle material” stronger than diamond, more conductive than copper and more flexible than rubber. A subsidiary of Abu Dhabi National Oil Company, Adnoc Gas has teamed up with Baker Hughes of the US to install decarbonisation technology patented by Levidian, a British climate technology enterprise, […] January 17, 2025
Finance Bahrain’s Investcorp agrees to buy Italy’s Epipoli Bahrain’s Investcorp has finalised a deal to acquire Epipoli, an Italian alternative payments company. The asset will be purchased from London-headquartered private equity Bregal Milestone and Epipoli founder and CEO Gaetano Giannetto. Giannetto will continue to hold a significant minority stake and lead the company. No terms of the transaction were disclosed. Epipoli owns the […] January 17, 2025
Renewable Energy UAE joins $1bn subsea power connectivity initiative The UAE has partnered with Italy and Albania to build a €1 billion ($1 billion) subsea connection to import renewable energy across the Mediterranean region. “We strongly believe in this project involving our three governments, private sector and grid operators,” Italian Prime Minister Giorgia Meloni told the World Future Energy Summit in Abu Dhabi. The […] January 16, 2025
Business of Sport PIF close to $1bn stake deal in sports network Dazn Saudi Arabia’s Public Investment Fund is close to agreeing a deal to acquire a 10 percent stake in the UK-based global sports network Dazn. The deal, which has been under discussion for more than a year, is said to be worth at least $1 billion, which would value the broadcaster at $10 billion, the New […] January 15, 2025
Oil & Gas Shell to relocate Madrid gas trading team to Dubai Shell plans to close its Madrid gas trading operations for tax reasons, Spanish newspaper Cinco Dias has reported. Citing unnamed sources, the report said Shell planned to relocate its gas trading staff of 50 people to Dubai, London and Singapore. The staff includes a team handling commercial activities. The Madrid operations were originally part of […] January 15, 2025
Energy Taqa among suitors for Germany’s $10bn Uniper The Abu Dhabi National Energy Company (Taqa) is interested in buying a stake in Germany’s government-owned power company, Uniper, media reports say. Uniper, which operates in more than 40 countries and has 34GW of generating capacity, was nationalised in 2022 during Europe’s energy crisis. The company needed a bailout when its former main gas supplier, Russia’s […] January 15, 2025
Trade Iraq and UK sign $15bn deal to strengthen trade ties Iraq has signed a set of agreements with the UK worth £12.3 billion ($14.98 billion) as the two countries aim to bolster their growing trade relationship. The package, more than 10 times last year’s total UK-Iraq bilateral trade, was disclosed following a meeting between British Prime Minister Keir Starmer and his Iraqi counterpart Mohammed Shia Al-Sudani […] January 15, 2025
Opinion Manufacturing How China won over the car market in the UAE Japanese, American and Korean brands retreated following the pandemic January 14, 2025
Analysis Real Estate Gulf property investors return to London Gulf investors are returning to the UK property market after four years, with experts attributing the change to the new Labour government and falling interest rates. Rashid Khan-Gandapur, director of real estate finance at the Bank of London and the Middle East, says the bank has seen a “massive uplift in GCC investment flow since […] January 10, 2025
