Economy US treasury holdings high in Saudi Arabia’s estimation Saudi Arabia’s holdings of US treasuries stayed close to a two-year high in February at $130.5 billion as yields rose in recent months, according to new data. The Saudi central bank’s holdings fell $3.2 million month on month, or 0.3 percent, to $130.5 billion, maintaining Saudi Arabia’s place at number 17 in the list of […] April 22, 2024
Analysis Economy US rate cuts to ease Turkey’s debt and benefit exports For Turkey, long-anticipated US interest rate cuts could be more significant in terms of stimulating growth in its major export markets than easing the costs of servicing its spiralling foreign currency debt. Turks have faced a deepening cost of living crisis as veteran president Recep Tayyip Erdoğan’s unorthodox economic policies exacerbated a collapse in the […] April 9, 2024
Opinion Transport If EVs can make it here, they can make it anywhere The battery powered car is on the up, even in the oil-soaked Gulf March 25, 2024
Trade US approves $2bn military order for Bahrain The US has approved a $2 billion order from Bahrain for advanced battle tanks and other military equipment as the kingdom continues to ramp up its defence spending. Although the deal is still to be ratified by Congress, the US State Department revealed it is ready to sell 50 M1A2 Abrams tanks to Bahrain, which […] March 22, 2024
Logistics Investcorp to strengthen US presence with $526m venture Bahrain’s alternative asset manager, Investcorp, has unveiled a new $526 million venture to acquire industrial real estate assets in the United States. The venture has been set up with two unidentified sovereign wealth funds, mirroring a similar strategy launched in November 2021. The three entities have committed over $1 billion of investment over the past […] March 21, 2024
Opinion Agriculture The memory of water: Saudi Arabia’s troubled history Growing crops and preserving water is a balancing act for Saudi Arabia March 20, 2024
Sustainability 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, […] March 12, 2024
Renewable Energy 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 […] March 12, 2024
Opinion Banking & Finance Took them long enough, but at last BlackRock is calling out ESG The US investment giant could have got there sooner if it had listened to the Gulf March 4, 2024
Analysis Economy 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 […] February 20, 2024
Opinion Oil & Gas Houthi strikes have little impact in a world awash with oil Oil prices are sticking at $75-80 despite rising security risks January 15, 2024
Finance 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 […] January 9, 2024
Tech 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 […] January 8, 2024
Analysis Oil & Gas 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 […] December 29, 2023
Media & Advertising 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 […] December 24, 2023
People & Lifestyle 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 […] December 18, 2023
Opinion Economy Sisi’s third term heralds a new economic blueprint Financial crisis looms but Egypt is 'too big to fail' December 14, 2023
Analysis Finance 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 […] December 10, 2023
Construction 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 […] December 6, 2023
Energy 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 […] December 5, 2023
Sustainability 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 […] December 5, 2023
Finance 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 […] November 29, 2023
