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An alfalfa field in Arizona. Fondomonte used land in the state to grow the water-intensive crop for export to Saudi Arabia

Saudi company faces blowback over water use in Arizona

The US state of Arizona has cancelled land lease deals with a subsidiary of the Saudi dairy company Almarai after complaints of groundwater being depleted in the arid region. The cancellation highlights tensions over corporations controlling foreign land for food security.  In 2014 Almarai’s Fondomonte bought and leased thousands of acres in Arizona and California, […]

Masdar's hurricane-resistant solar power plant on the island of Barbuda

Masdar opens solar energy plant in the Caribbean

A hurricane-resistant solar power project developed by Abu Dhabi’s clean energy company Masdar for Antigua and Barbuda is now operational. Situated on Barbuda, the plant is designed to survive 265 km-per-hour winds and provide a safe and sustainable supply of electrical power for the island. The Green Barbuda project is part of the $50 million […]

A man pushes a shopping cart near a screen showing the exchange rate of Lebanese pound to U.S. dollars inside a supermarket in Beirut, Lebanon March 9, 2023. REUTERS/Mohamed Azakir

Lebanon’s EDL harnesses the power of ‘dollarisation’

Lebanese citizens will soon be able to pay their electricity bills in US dollars as the unofficial “dollarisation” of the nation’s economy continues. The decision by Électricité du Liban (EDL) to allow customers to choose to pay their bills in USD instead of Lebanese lira was ratified by the electricity provider’s board of governors this […]

The joint venture between Adnoc Drilling and Alpha Dhabi has invested in Louisiana-based Gordon Technologies

Abu Dhabi joint venture invests in US tech company

An AED5.5 billion ($1.5 billion) joint venture between Adnoc Drilling Company and Alpha Dhabi Holding has made its first investment, buying a $180 million stake in a US engineering company. Adnoc Drilling, a subsidiary of Abu Dhabi National Oil Company (Adnoc), and Alpha Dhabi holding, one of Abu Dhabi’s biggest investment companies, announced the partnership […]

Astronomy, Outer Space, Moon

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 […]

A worker cycles past Aramco oil tanks in Abqaiq, Saudi Arabia

Opec set for tricky new year: US booms and demand slows

Opec+ has struggled to maintain high oil prices this year and 2023 is ending with Brent trading 10 percent lower year on year and below the crucial $80 break-even mark of GCC countries. 2024 looks likely to be another challenging year for the oil alliance, analysts have told AGBI. Oil demand rose by more than […]

JEDDAH, SAUDI ARABIA - DECEMBER 02: Greg Silverman, Charlene Deleon-Jones and Jessika Borsiczky pose in the portrait studio during the Red Sea International Film Festival 2023 on December 02, 2023 in Jeddah, Saudi Arabia. (Photo by Tristan Fewings/Getty Images for The Red Sea International Film Festival)

Coming to a movie theatre near you … AlUla

It would make the perfect setting for Star Wars or Indiana Jones, but AlUla is developing production facilities that will expand its reach beyond sci-fi and desert adventure movies, making it one of the region’s prime locations for international shoots.  The tourist location in northwest Saudi Arabia is fast developing into a mini-city with an […]

U.S. actress Gwyneth Paltrow talks during an ‘In Conversation’ session at the Ritz-Carlton hotel in Jeddah, Saudi Arabia, on December 6th, 2023, as part of the 3rd edition of Red Sea Film Festival. Photo by Balkis Press/ABACAPRESS.COM

Gwyneth Paltrow slides door on films to focus on Goop

Gwyneth Paltrow has all but closed the door on her acting career, giving her more time to focus on her wellness brand Goop and to explore new countries such as Saudi Arabia, the Oscar winner told an audience at the Red Sea International Film Festival.  “For the foreseeable future I’m at Goop. I have a […]

A woman checks her jewellery in Mumbai. The UAE’s top gold export market is India

Gold to glisten despite world’s economic concerns

Central bank demand helped lift gold prices to all-time highs this month and further accumulation should support the precious metal next year despite a likely slowdown in the global economy, a top industry official has told AGBI. Gold’s performance is important to the United Arab Emirates. The country is a major processor and the world’s […]

The Arroyo, in Santa Monica, California, is certified 'platinum' by Leed

US Green Building Council to launch new ratings system

The US Green Building Council is launching a new ratings system to measure structures against tough sustainability targets. It is the first time in 10 years that the organisation has updated its policy, with the industry largely relying on the Leadership in Energy and Environmental Design (Leed) green building system. According to the US Green […]

US special envoy John Kerry (centre), with United Nations chief António Guterres and the president of the UAE, Sheikh Mohamed bin Zayed

John Kerry unveils US roadmap for nuclear fusion

John Kerry, the US special envoy on climate, has unveiled his country’s roadmap for international collaboration on nuclear fusion. Speaking on the sidelines of the Cop28 summit on Tuesday, Kerry said he believed fusion could provide abundant clean energy without the harmful emissions of traditional sources. “Fusion can be a critical piece of the energy […]

Methane testing a cow in Canada. Livestock is responsible for about 30 percent of global methane emissions

Dairy companies vow to cut methane emissions

Six of the world’s largest dairy companies will soon begin disclosing their annual methane emissions as part of a new global alliance launched at the Cop28 summit in Dubai on Tuesday.   Nestlé, Danone, General Mills, Kraft Heinz, Bel Group and Lactalis will begin reporting their methane emissions by mid-2024 and will write action plans by […]

Saudi Arabian billionaire Prince Alwaleed bin Talal

Kingdom Holding ups stake in Citigroup with Alwaleed deal

Kingdom Holding Company has increased its investment in Citigroup after buying a $450 million stake from its Saudi Arabian billionaire chairman, Prince Alwaleed Bin Talal. The deal has raised Kingdom’s stake to 2.2 percent from 1.63 percent, according to a filing on the Saudi Stock Exchange on Wednesday. The company did not disclose any further […]

Samir Assaf, Mena chairman at General Atlantic, said the company is preparing 'three or four more investments' in the region

US private equity giant General Atlantic opens Gulf offices

Global private equity firm General Atlantic, which manages $77 billion in assets, is opening offices in the UAE and Saudi Arabia. The company has been investing in the Middle East since 2015 without a local base, but is now establishing a stronger foothold as it nears the completion of new investment deals in the region. […]

Canada's minister of foreign affairs Melanie Joly co-chaired the first UAE-Canada joint committee meeting in Abu Dhabi last month

Raiven launches fund to strengthen UAE-Canada ties

Raiven Capital, a venture capital company based in Toronto, has launched a new $125 million fund in Dubai with a focus on tech-based founders. The fund, set up in Dubai International Financial Centre (DIFC), will invest in entrepreneurs developing artificial intelligence to disrupt sectors including fintech and cybersecurity.   “Raiven has ambitious plans for the region […]

The superpowers' preoccupation with domestic affairs in 2024 is not expected to have a major negative impact on Middle East businesses

US-China tensions among risks facing Middle East

The divide between China and the US is one of the top five global risks facing businesses in the coming year, according to consultancy Control Risks.  But commentators said the Middle East would continue to engage economically and politically with both superpowers, with little negative impact on trade flows.  Control Risks’ annual “RiskMap” forecast highlights […]

Petro-Canada's oil refinery glows at dusk in Edmonton

Opec+ agonises over quotas but more cuts loom

Opec+ members are likely to extend their voluntary output cuts through to next year at their meeting in Vienna on November 26, even if this means the oil group risks losing market share to keep prices high, analysts and economic experts said. Brent prices held above $82 a barrel on Monday, after four weeks of […]

Blazer, Clothing, Coat

Ousted OpenAI CEO Altman mulls new AI venture

Sam Altman, the just ousted CEO of OpenAI, is discussing a possible return to the company behind the ChatGPT bot even as he considers launching a new artificial intelligence (AI) venture, a person briefed on the matter said on Saturday. A day after the board fired him in a surprise move that rocked the tech […]