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World Bank president sees over $100bn lending boost

World Bank Group President Ajay Banga on Tuesday said proposed new contributions from wealthy countries combined with balance sheet changes could boost the bank’s lending capacity by $100 billion to $125 billion over a decade. Banga told a council on foreign relations event that the contributions would come outside the bank’s normal shareholding structure and […]

The Fed has announced 11 rate hikes since March 2022, but decided to hold its benchmark rate steady

Fed interest rate pause will help GCC non-oil sector

The decision by the US Federal Reserve to leave policy rates unchanged will have a positive impact on the non-oil sectors of Gulf Cooperation Council (GCC) countries, according to leading economists. The Fed has announced 11 rate hikes since March 2022, but on Wednesday decided to hold its benchmark rate steady, albeit at a 22-year […]

Arcapita sold its student housing community near Clemson University, the second largest university in South Carolina

Bahrain’s Arcapita exits US student housing portfolio

Arcapita Group Holdings, the Bahrain-headquartered alternative investment company, has exited from its student housing community investment in the United States. Arcapita sold its student housing community near Clemson University, the second largest university in South Carolina, to Chicago-based Core Spaces, an operator of student housing properties.  The transaction is Arcapita’s second student housing exit in […]

Georgetown University students

Georgetown launch a sign of growing US presence in Dubai

Georgetown University has launched its business programme in Dubai as more US companies set up shop in the UAE. The Washington DC-based university’s McDonagh School of Business this week welcomed its first cohort of 53 students to its new Executive MBA. Located in the Dubai International Financial Centre (DIFC) Academy, the 19-month programme covers business […]

The Abraham Accords signing on September 15, 2022 Video length: 06:36

Abraham Accords – 3 years on, $3 billion in trade

An Israeli politician has described how the Abraham Accords, signed three years ago today, have “opened a floodgate to, hopefully, a new Middle East”. Fleur Hassan-Nahoum, deputy mayor of Jerusalem, tells AGBI in an exclusive video interview that the agreement signed at the White House on September 15 2020, is transforming Israel’s relations with the […]

Buildings raised $52 million in funding, led by Wa’ed Ventures, the fund backed by oil major Saudi Aramco

US 3D home printer to set up factories in UAE and Saudi

The UAE and Saudi are set to have 3D-printed prefabricated homes in the coming years, after a US company announced plans to set up factories in the Gulf states. The move comes after Mighty Buildings, a California-headquartered 3D home construction company, raised $52 million in funding, led by Wa’ed Ventures, the $500 million venture capital […]

NYSE-listed Blue Owl is an alternative investment manager with $150bn in assets under management

Mubadala commits $1bn to US tech lending platform

Abu Dhabi state investor Mubadala Investment Company has committed $1 billion to US-based Blue Owl Capital’s credit platform to initially focus on financing technology and software companies. New York Stock Exchange-listed Blue Owl is an alternative investment manager with $150 billion in assets under management. “Private credit has become an integral part of the financing […]

Tech shares

SoftBank’s Arm to be valued at up to $54bn

Arm Holdings Ltd, the chip designer owned by SoftBank Group Corp, is planning to ask investors to pay $47 to $51 for each of its shares when it begins marketing its initial public offering (IPO) next week, people familiar with the matter said on Saturday. The price range, which has not been previously reported, would […]

US Saudi chemical deal Dow

Dow Chemical oils wheels for Saudi Arabia expansion

The Dow Chemical Company has put Saudi Arabia at the heart of its Middle East expansion strategy, its new regional president told AGBI. The multinational corporation, which makes chemicals used in everything from oil and plastics to paints and building materials, also wants to capitalise on higher gas demand in the region.  Moosa Al Moosa, […]

Dubai space

Space tech company launches Dubai HQ and listings plan

A US space tech company is setting up a regional headquarters in Dubai. Orion Applied Sciences and Technology (OrionAST), a global provider of high-resolution satellite data, is establishing a base in Dubai Silicon Oasis and intends to list its shares on Dubai Financial Market. The company has also launched a subsidiary, Open Skies Industries, to […]

Genomics UAE Saudi

US biotech manufacturer seeks Gulf genomics partners

US biotech company ProPhase Labs is in talks with prospective partners in the UAE and Saudi Arabia. ProPhase Labs, which is listed on Nasdaq, has appointed two advisers: investment bank ThinkEquity and Al Ramz Corporation, a capital markets financial institution in Abu Dhabi. Discussions with potential partners in Dubai, Abu Dhabi and Saudi Arabia are […]

AI chips

Race is on for AI chips as nations seek tech supremacy

The Gulf states are expected to invest heavily in powerful semiconductor chips in the years ahead in order to drive artificial intelligence forward. AI technology is critical to developing global influence, and the high-performance chips – known as graphics processing units (GPUs) – process vast amounts of data much faster than traditional computer components. The […]

Three new ship-to-shore cranes, part of a $218m modernisation programme, arrive at DP World in Antwerp, Belgium

DP World reveals expansion plans at critical ports

Port operator DP World has announced plans to expand capacity across critical global markets as it responds to growing demand. The Dubai-based company expects to add 3 million 20-foot equivalent units (TEUs) of new container handling capacity by the end of the year. DP World – which manages 9 percent of the world’s handling capacity, […]

Jane Fonda strike

Hollywood strikes a blow to Mena film industry

When it came to creating the epic sunset scenes for the upcoming Dune movie sequel, director Denis Villeneuve chose the sand dunes of Jordan and Abu Dhabi to stand in for the futuristic desert planet of Arrakis.  Local fans sitting down to watch the movie this November should relish the occasion, as it may be […]

Twitter's official page with an ‘X’ on the profile image appeared this week

Twitter’s rebranding to ‘X’ faces trademark challenges

Billionaire Elon Musk’s decision to rebrand Twitter as X could become complicated legally: companies including Meta and Microsoft already have intellectual property rights to the same letter. X is so widely used and cited in trademarks that it is a candidate for legal challenges – and the company formerly known as Twitter could face its […]

Elon Musk twitter X

Musk says Twitter’s blue bird logo to be replaced by X

Twitter Inc owner Elon Musk signalled on Sunday that he will take the social media company in a new direction with a rebranding that will replace its well-known blue bird logo with an X. The change, which was not evident on the website on Sunday evening, followed Musk’s recent admission that advertising revenue remains nearly half of what it once was. He […]

French and Korean firms to build new US battery plant

French-Italian automaker Stellantis and South Korean battery maker Samsung SDI on Monday said they plan to open a second joint-venture plant in the US to build electric vehicle batteries, with a target to start production in 2027. The companies said the transaction still needs to be finalised, and where the plant will be located is […]

AI training supercomputer

US and UAE supercomputer venture advances AI training

US artificial intelligence tech firm Cerebras signed a $100 million deal with UAE tech holding company G42 on Thursday to supply the first of three AI supercomputers. A planned network of nine interconnected supercomputers, Condor Galaxy (GC) will be the largest of its kind in the world, and will significantly reduce AI model training time. […]

Elon Musk Tesla

Tesla may cut prices in ‘turbulent times’ says Musk

Tesla CEO Elon Musk signalled on Wednesday that he would cut electric vehicle prices again in “turbulent times”, even as his all-out price war on automaker rivals squeezes the company’s own margins. The company has slashed prices several times in the United States, China and other markets since late last year, and increased discounts and […]