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GlobalFoundries previously planned to spend $13 billion to upgrade its factories in New York and Vermont

GlobalFoundries commits $3bn to microchip research

GlobalFoundries, the Mubadala-backed chip manufacturer, said on Wednesday it will significantly hike research spending in the US over the next few years due to “explosive” demand for artificial intelligence and the advanced semiconductors that power it. The multi-billion-dollar investment comes as the New York state-based company works with the White House and various technology peers to […]

The $4 billion US plant s expected to have a production capacity of 600,000 tonnes of primary aluminium per year

EGA to build first US aluminium smelter in 45 years

Emirates Global Aluminium (EGA), which says it is responsible for 4 percent of global output, plans to start building a primary aluminium production plant in the US by the end of 2026. The $4 billion smelter, the first to be built in the US since 1980, is expected to have a capacity of 600,000 tonnes […]

Donald Trump was greeted by Sheikh Mohamed bin Zayed Al Nahyan at Qasr Al Watan

UAE and US to build largest AI campus outside America

The US and UAE will develop a 10 square mile artificial intelligence campus in Abu Dhabi, according to a White House statement on Thursday. It will be the largest such facility outside of America. The announcement came as US President Donald Trump met UAE President Sheikh Mohamed bin Zayed Al Nahyan at the Qasr Al […]

A tanker unloads LNG at a facility in Japan's Ishikari Bay. The Asian country is keen to diversify its suppliers of gas

Qatar risks losing out to US in Japan LNG sales

Liquefied natural gas customers in Japan may be turning away from Qatar for their additional needs in favour of the US. American suppliers offer more flexible contractual terms and are adding production capacity, a Japanese government energy official said. “Qatar is very strict,” said Yarita Masataka, director of the LNG and methane management division at […]

Nvidia CEO Jensen Huang

US ‘to let UAE import millions of Nvidia’s AI chips’

The US has a preliminary agreement with the United Arab Emirates to allow it to import 500,000 of Nvidia’s most advanced AI chips per year starting in 2025, sources said. The move will boost the Emirates’ construction of data centres that are vital to developing artificial intelligence models. The sources said the agreement was at least […]

Qatar will receive the first shipment of gas from the Golden Pass LNG project by the end of the year, said energy minister Saad Al-Kaabi

Qatar’s investment in US tops $30bn, says minister

Qatar has invested more than $30 billion in various projects in the US, the country’s energy minister has said. Saad Al-Kaabi said that the Doha government’s investment is mostly in the Golden Pass LNG project in Texas, which is 70 percent owned by QatarEnergy and 30 percent by ExxonMobil, CNBC Arabia reported. US President Donald Trump […]

US treasuries are traditionally seen as a safe haven but market uncertainty has eroded confidence

US treasuries: why it’s buy, buy, buy for the UAE as Saudi sells

Saudi Arabia and the UAE are following divergent investment strategies around US government bonds, which have long been a safe haven for sovereign and institutional investors worldwide. The two countries are among the world’s top 20 biggest holders of the bonds, with a combined value of almost $250 billion. The UAE acquired almost $43 billion […]

President Donald Trump has made improving ties with some countries in the Gulf region a main goal of his administration

US might ease chip export curbs on some Gulf nations

President Donald Trump said on Wednesday he will soon have an announcement on whether the US will ease microchip export restrictions to some Gulf countries. “We might be doing that, yeah,” Trump said. “And it will be announced soon.” Trump is preparing for his first major diplomatic trip next week that includes a three-country Middle […]

Gantry cranes and shipping containers on Vancouver's downtown waterfront. The Port of Vancouver facility is operated by DP World

DP World trials hydrogen cranes to reduce emissions

DP World, the world’s biggest container port operator, is testing out a hydrogen powered crane to reduce its reliance on diesel and cut carbon dioxide emissions.  The Dubai logistics giant, which handles 70 million containers each year, operates 1,500 cranes in over 60 ports around the world. While it is considering converting half of those from […]

New York's Fortress Investment Group has entered into a deal with Abu Dhabi's Mubadala

Mubadala and Fortress form $1bn private credit partnership

Abu Dhabi’s Mubadala Investment Company has entered into a $1 billion strategic partnership with New York-based Fortress Investment Group to invest in private credit, the companies said on Thursday. Private credit has expanded in recent years, attracting investments from some of the world’s largest asset managers, as stricter regulations make it more expensive for traditional lenders to finance riskier […]

Water, Waterfront, Boat

Oman in talks with US to review reciprocal tariff

Oman is holding talks with the US to review the implications of reciprocal tariffs, according to a news report. “Despite the existing free trade agreement with the US, the new tariffmeasures have included Omani exports,” Oman Daily Observer, a local news outlet, reported, quoting Shaikh Saud Al Nahari, a board member of Oman Chamber of […]

Falling oil prices is a sign that the world is heading for recession

Oil prices set to drop for a second week

Oil prices increased slightly on Friday morning but were still set for an overall drop for a second week due to concerns about a prolonged trade war between the United States and China. If the the world’s largest economies continue their tit-for-tat tariff increases, the fear is they will crush crude consumption as their dispute curtails economic […]

Last year Investcorp unveiled a new $526 million venture to acquire industrial real estate assets in the US

Investcorp Capital earns 40% profit on sale of US industrial assets

Abu Dhabi-listed Investcorp Capital has sold its US industrial real estate portfolio, generating a high return on investment. The US National I portfolio, spanning six investments across six states and 2.3 million square feet, was sold for $360 million, a 40 percent gain over its initial purchase price of $262 million less than four years […]

Snuneymuxw First Nation, Port of Nanaimo and DP World celebrate the project launch with a ceremonial land blessing and sod-turning event

DP World starts work on expanding Canada port terminal

Dubai ports operator DP World has started construction on the Duke Point Terminal expansion in western Canada, enhancing Vancouver Island’s connectivity and trade with international markets.  Once completed, the terminal’s berth length will nearly double from 182m to 325m, while cargo handling capacity will expand to 280,000 twenty-foot equivalent units annually, the state-owned company said in […]

Car parts form one of Turkey's main exports

Turkey’s auto industry hit hardest by tariffs

Turkish exporters expressed mixed feelings on the news of President Donald Trump’s “Liberation Day” tariffs.  There was relief that most sectors escaped with just a 10 percent impost, but Turkey’s car and parts producers, one of the country’s leading manufacturing and exporting sectors, were much less happy with the 25 percent tariff on all automotive […]

President Donald Trump announced a raft of trade tariffs in the Rose Garden at the White House in Washington, DC

Middle East fails to escape Trump’s tariffs

US President Donald Trump unveiled far-reaching new tariffs on Wednesday, including on the United Arab Emirates, Saudi Arabia and other countries in the Middle East. Speaking from the Rose Garden of the White House, the president outlined a minimum 10 percent universal tariff on all imports into the United States, regardless of origin. This will […]

Damac chairman Hussain Sajwani at his residence in Dubai. Forbes calculates his wealth at more than $10 billion

Damac chairman Sajwani’s wealth doubles to more than $10bn

The fortune of Hussain Sajwani, the chairman of Dubai-based Damac Properties, has doubled in the last year as he takes his place among the world’s wealthiest individuals to become the richest businessman in the Middle East. The 72-year-old real estate magnate is worth $10.2 billion, the annual rich list from Forbes says, significantly higher than […]