Finance Saudi Arabia’s PIF invests $200m in JP Morgan fund Saudi Arabia’s Public Investment Fund has invested $200 million in a recently launched exchange-traded fund that tracks dollar-denominated bonds and sukuk issued by the kingdom’s government and quasi-state entities. The JP Morgan Saudi Arabia Aggregate Bond UCITS ETF, created in mid-December, is the first internationally listed fixed-income Saudi Arabian ETF. As such, it “further deepens […] January 9, 2025
Aviation DAE acquires Irish aircraft lessor Nordic Aviation Dubai Aerospace Enterprise, the Middle East’s largest aviation services company, has acquired aircraft leasing company Nordic Aviation Capital. No details on the terms of the transaction were disclosed. DAE said Nordic Aviation’s fleet in September 2024 comprised 252 owned and committed assets on lease to approximately 60 airline customers in approximately 40 countries. Based in […] January 8, 2025
Business of Sport Stake in Premier League team sought by Saudi brothers A US-Saudi group has reportedly signed an exclusivity agreement to buy 45 percent of the English Premier League club Crystal Palace. A consortium funded by the Saudi brothers Mansoor and Haider Syed, which includes US sports and business executives, has agreed to buy the stake in the club owned by the American company Eagle Football, […] January 7, 2025
Analysis Oil & Gas Middle East oil supplies to Europe drop, replaced by US Middle East oil exports to Europe fell by nearly a quarter in 2024, replaced by US and South American supplies, as geopolitics in the Middle East reshaped transport routes. European oil refineries cut imports from the Middle East as a result of increased shipping prices, triggered by attacks on vessels along the Red Sea route […] January 7, 2025
Analysis Artificial Intelligence UAE’s AI rules ‘prioritise innovation but run risk of gaps’ The UAE’s emphasis on fostering innovation and economic growth has made it an attractive destination for artifical intelligence (AI) investment but could risk leaving gaps in accountability and oversight of personal information, according to industry experts. The challenge “is to balance innovation with safety in a world where AI is already out of the bottle […] January 6, 2025
Oil & Gas Turkey hopes to offer Russia a gas route into Europe Turkey hopes it can cash in on Ukraine’s decision to halt gas exports from Russia across its territory by offering Moscow an alternative route into Europe through its own network of pipelines for increased transit fees. In the short term, however, its ambitions may be restricted by gaps in infrastructure. As of January 1, Russian […] January 3, 2025
Trade Turkey hikes tariffs on Chinese cars to boost investment Turkey has accelerated its policy of targeted tariffs on Chinese vehicles, increasing levies on gasoline and hybrid model imports. Industry insiders believe the move is designed to protect local manufacturers and encourage Chinese investors to set up in the country, even though it is likely to further anger Beijing. The Ankara government announced that tariffs […] January 3, 2025
Giga-projects Neom’s air taxi partner Volocopter files for insolvency Volocopter, the German air taxi developer backed by Saudi Arabia’s Neom giga-project, has filed for insolvency, blaming difficulties in securing fresh funding. The company, whose high-profile backers include Mercedes-Benz, Honeywell, Daimler, Intel and Mitsui Sumitomo Insurance Group, said its operations would continue during the insolvency proceedings as it seeks new investors. The insolvency raises concerns […] December 31, 2024
Finance Dubai busts global money laundering gangs Dubai has broken up two major international networks conducting money laundering operations worth a total of AED641 million ($174.5 million). The Dubai Public Prosecution referred an Emirati national, 21 British nationals, two Americans, a Czech national, and two companies owned by the Emirati national to the Criminal Court of First Instance at Dubai Courts. The […] December 27, 2024
Retail Strong demand for discount retail in Saudi Arabia and UAE Experts are predicting significant growth in discount retail stores and private label brands in UAE and Saudi Arabia in the coming years. Cost-conscious consumers in the region are looking for convenience and value in their weekly shop and that extends to buying retailer own-brand products usually cheaper than market leading brands. In a recent survey […] December 27, 2024
Business of Sport Prince sells English football club to US consortium Saudi Arabia’s United World Group, led by Prince Abdullah bin Mosaad bin Abdulaziz Al Saud, has sold its interest in the English Championship side Sheffield United. The club, currently sitting at the top of the table heading into the busy Christmas schedule of fixtures, has been taken over by the American consortium COH Sports for […] December 24, 2024
Analysis Aviation Middle East airlines expected to ride out delivery delays Aircraft delivery delays will continue to dog Middle East airlines in 2025, according to the International Air Travel Association (Iata). The issue will have little bearing on the bottom line, however, and the industry is expected to continue growing regardless. Globally, Iata forecasts that 1,802 aircraft will be delivered over the next 12 months, down […] December 24, 2024
Oil & Gas Qatar threatens LNG halt over EU due diligence law Qatar has threatened to cease liquefied natural gas (LNG) shipments to the European Union (EU) if the bloc enforces a corporate sustainability due diligence directive, according to a news report. The directive, set to take effect in 2027, imposes penalties for companies failing to meet stringent standards on environmental protection and forced labour in supply […] December 23, 2024
Analysis Oil & Gas UAE to shake up old world order as oil trading centre For years, Geneva, London, Amsterdam and Singapore have been the preferred homes of middlemen helping to move crude oil and its derivatives around the world. But recent geopolitical and economic shifts have paved the way for the UAE to emerge as a trading powerhouse, attracting international talent and rivalling the old world order. The UAE […] December 20, 2024
Transport Bolt’s UAE arrival rattles the ride-hailing market The arrival of global ride-hailing platform Bolt in the UAE will shake up a market long dominated by Careem and Uber, the CEO of Dubai Taxi Company (DTC) said. Estonian company Bolt, which operates in more than 600 cities and is present in Saudi Arabia, launched in Dubai this month in partnership with DTC, initially […] December 20, 2024
Aviation BA’s suspension of Abu Dhabi flights likely to push up fares British Airways’ decision to suspend daily flights from London Heathrow to Abu Dhabi is likely to push up airfare prices and have an impact on tourism demand in the UAE capital. The UK flag carrier announced on Wednesday that flights from the west London airport will stop from March 30 next year through to October […] December 19, 2024
Opinion Energy BP could be a savvy investment for Gulf buyers Rarely does the opportunity to buy an international energy leader arise December 19, 2024
Real Estate Two UAE banks fund London property buyout Emirates NBD and Abu Dhabi Islamic Bank (ADIB) have funded the acquisition of a student accommodation property in London for £140 million ($176.23 million). The property, Paddington Citi View, has 353 premium bedrooms in a high-demand location, 100 metres from London’s Paddington Station. It is ideally situated for top academic institutions across the city, the Emirati […] December 19, 2024
Aviation Gulf-backed Heathrow announces $3bn investment plan Heathrow Airport in London – now partly owned by two Gulf sovereign wealth funds: Saudi Arabia’s Public Investment Fund (PIF) and the Qatar Investment Authority – has announced a £2.3 billion ($2.9 billion) investment plan to upgrade the transport hub over the next two years. The investment will be used to introduce new baggage systems, resurface […] December 18, 2024
Finance PIF ‘interested in Newcastle Airport stake’ Saudi Arabia’s Public Investment Fund (PIF) is understood to be interested in buying a minority stake in Newcastle airport, UK media say. The sovereign wealth fund is believed to be the frontrunner in a deal to buy the 49 percent shareholding owned by Infrabridge, a global infrastructure investment company based in Florida, The Times reports. […] December 17, 2024
Opinion People & Lifestyle An Art Basel deal will take UAE culture to the next level The world’s largest arts fair is rumoured to be taking a stake in Abu Dhabi’s local offering December 17, 2024
Renewable Energy Oman and TotalEnergies target renewable projects OQ Alternative Energy (OQAE), Oman’s state-backed renewable energy company, has signed joint-venture agreements with France’s TotalEnergies to develop 300 megawatts (MW) of renewable energy projects nationwide. The power generated will be supplied through long-term power purchase agreements (PPA) to Petroleum Development Oman (PDO), an exploration and production company. TotalEnergies and OQAE will own 49 percent […] December 16, 2024
