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John Kirby, the White House national security communications adviser, said Saudi Arabia and the US were 'closer than we’ve ever been' to a deal

Saudi Arabia ‘close’ to US defence pact and arms deal

Saudi Arabia could be close to a security pact with the United States that would enable the kingdom to buy arms, potentially including the sought-after F-35 fighter jet, and obtain some form of US defence guarantee, White House officials said this week.  John Kirby, the president’s national security spokesperson, said on May 20 that the […]

BEIJING, CHINA - APRIL 08: U.S. Treasury Secretary Janet Yellen speaks during a press conference at the U.S. Embassy in Beijing on April 8, 2024 in Beijing, China. U.S. Treasury Secretary Janet Yellen visits China from April 4 to 9. (Photo by Jiang Qiming/China News Service/VCG )No Use China.

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 […]

Turkish President Tayyip Erdogan poses with his supporters as he leaves a polling station during the local elections in Istanbul, Turkey March 31, 2024. Murat Kulu/PPO/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. NO RESALES. NO ARCHIVES

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 […]

A US M1A2 Abrams tank on exercises. Bahrain's order for 50 tanks has been approved by the US State Department

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 […]

Investcorp Corsair will continue to focus on transportation, logistics and associated infrastructure subsectors

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 […]

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 […]