Tech US to resupply Saudi and UAE missile defence systems The US State Department approved the potential sale of Terminal High Altitude Area Defence (THAAD) missile interceptors to the United Arab Emirates (UAE) and Patriot missile interceptors to Saudi Arabia in separate deals worth as much as $5.3 billion, the Pentagon said on Tuesday. The potential deals, which would resupply key missile defence systems for […] August 3, 2022
Energy Aramco buys Valvoline unit for $2.6bn The Saudi Arabian Oil Company, better known as Aramco, has announced the signing of an equity purchase agreement to acquire the global products business of US-based Valvoline Inc for $2.65 billion. Valvoline Global Products (VGP) is an independent producer and distributor of premium branded automotive, commercial and industrial lubricants and automotive chemicals. Aramco said it […] August 2, 2022
Banking & Finance Fast food operator Americana appoints HSBC to advise on IPO The Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut has added HSBC to its syndicate of advisers for its potential dual listing this year, two sources familiar with the matter told Reuters. Americana Group has hired HSBC as a joint bookrunner on the initial public offering (IPO), which could value […] August 1, 2022
FTX wins full approval to operate crypto exchange in Dubai Cryptocurrency exchange FTX said on Friday it was fully approved to operate its exchange and clearing house in Dubai, as the Gulf emirate pushes forward with plans to develop its digital asset sector. The Bahamas-based company said it will start by offering regulated crypto derivatives products and trading services to institutional investors in Dubai as […] August 1, 2022
Analysis Economy Inflation raises old debate on currencies being pegged to dollar The Gulf’s currencies have been linked to the US dollar for decades: the Omani riyal since the 1970s, the Qatari riyal since mid-2001 and the Bahraini dinar and the UAE dirham officially since early 2002. The latter three have effectively been linked to the American greenback since the 1980s, as has the Saudi riyal. The […] July 28, 2022
Opinion Economy Currency will remain strong in the Gulf as rates continue to rise The Fed will continue to raise interest rates in a bid to reduce food and energy inflation July 28, 2022
Analysis Economy Gulf set for more belt tightening as interest rates keep rising The Gulf’s business owners and consumers are set for tougher times ahead as the region’s central banks followed the US Federal Reserve and increased interest rates on Wednesday. While experts predict that rate hikes are set to continue even further, many analysts believe that the combination of strong GDP growth and high oil prices will […] July 28, 2022
Business of Sport Stenson loses sponsorship after he joins LIV Golf Mutual of Omaha have ended their sponsorship of Henrik Stenson, the American company said on Wednesday, a week after the Swede joined the lucrative LIV Golf Invitational Series. Stenson, who won the 2016 British Open with a record score, was stripped of Team Europe’s Ryder Cup captaincy last week, hours before he announced his decision […] July 28, 2022
Economy IMF cuts global growth forecast, warns of recession from inflation The International Monetary Fund have cut global growth forecasts again, warning that downside risks from high inflation and the Ukraine war were materializing and could push the world economy to the brink of recession if left unchecked. Global real GDP growth will slow to 3.2 percent in 2022 from a forecast of 3.6 percent issued […] July 27, 2022
Energy EU puts forward new draft text to revive Iran nuclear deal The European Union’s foreign policy chief said on Tuesday he has proposed a new draft text to revive the 2015 Iran nuclear deal, saying there is no room left for further major compromises. “I have now put on the table a text that addresses, in precise detail, the sanctions lifting as well as the nuclear […] July 27, 2022
Deutsche Bank global investment chief to join Abu Dhabi SWF Deutsche Bank’s global investment banking coverage and advisory chief Drew Goldman will step down and be replaced by regional heads, according to a memo seen by Reuters on Monday. Goldman, who has held numerous leadership roles during his 22-year tenure at the German lender, wants to pursue opportunities outside investment banking, according to the memo […] July 26, 2022
Banking & Finance Gulf bond hopefuls wait in wings after plunge in volumes Middle East companies waiting for a favourable window to sell bonds face some tough choices in terms of when to tap the market, a situation that has already contributed to an 80 percent plunge in issuance volumes in the region in the first half. Some issuers in the Gulf, which typically makes up some 40 […] July 22, 2022
Tourism Qatar Airways could revive order for 25 737 MAX airplanes Qatar Airways could revive an order for 25 Boeing 737 MAX airplanes at the Farnborough Airshow, sources told Reuters. On Monday, Qatar CEO Akbar Al Baker confirmed that a provisional deal to buy at least 25 of the Boeing planes had lapsed. Boeing and Qatar Airways declined to comment Wednesday but two sources said the […] July 21, 2022
Analysis Banking & Finance Fresh wave of hedge funds poised to tap UAE The UAE is fast becoming a magnet for overseas hedge funds seeking a low-cost, investor-friendly base amid Brexit, the Ukraine crisis, and changes in working patterns brought about by the coronavirus pandemic. A clutch of hedge funds from the UK and US have set up or expanded operations in Dubai or Abu Dhabi in the […] July 21, 2022
Markets Porsche faces uphill drive in race to public listing Porsche may have to go public at a steep discount if it insists on going ahead as economic obstacles mount, two people involved in the landmark multi-billion-euro listing said. The prospect of a larger than customary discount would be a setback to the controlling families pushing the initial public offering to fund a costly makeover […] July 20, 2022
Tech US approves $980m sale of C-17 aircraft support to UAE The US State Department has approved the potential sale of C-17 aircraft sustainment and related equipment to the United Arab Emirates for an estimated cost of $980.4 million, the Pentagon said on Tuesday. Despite approval by the State Department, the notification does not indicate that a contract has been signed or that negotiations have concluded. […] July 20, 2022
Media & Advertising Netflix lost 770,000 users in Europe, Middle East and Africa Netflix Inc on Tuesday averted its own worst-case scenario of subscriber losses, posting a nearly 1 million drop from April through June, and predicted it would return to customer growth during the third quarter. Shares, which have fallen roughly 67 percent this year on concerns about the company’s long-term prospects, rose 8 percent in after-hours […] July 20, 2022
Analysis Banking & Finance One in 10 financial transactions in UAE are malicious cyberattacks An average of one in 10 financial transactions in the UAE are malicious attacks carried out by cybercriminals, with the number of such attacks on the rise in the last 12 months, according to an industry survey. The UAE’s rapid digitisation of company operations, and the rise in popularity of e-commerce platforms during the pandemic […] July 19, 2022
Retail Factfile: Companies that have sold their businesses in Russia Some Western companies have agreed to sell their Russian assets or hand them over to local managers as they scramble to comply with sanctions over the Ukraine conflict and deal with threats from the Kremlin that foreign-owned assets may be seized. The moves, part of a broader corporate exodus from the country, are likely to […] July 19, 2022
Israeli general makes first visit to Morocco to explore defence deals The chief of Israel’s armed forces is visiting Morocco in the highest-profile military engagement between the countries, which upgraded ties in 2020 under a US diplomatic drive. Lieutenant-General Aviv Kochavi’s trip on Monday has been presented by Israel as part of emerging defence cooperation with the North African country, but Rabat has also been trying […] July 19, 2022
Tech Emirates-US joint venture opens world’s largest vertical farm Emirates Flight Catering (EKFC) and US-based Crop One have announced the opening of Bustanica, the world’s largest hydroponic farm, backed by an investment of $40 million. The facility is the first vertical farm for Emirates Crop One, the joint venture between the two companies, and is located near Al Maktoum airport at Dubai World Central. […] July 18, 2022
Analysis Biden Middle East The road from Jeddah: US and Saudi set out their 19 priorities Clean energy, investment deals and space exploration are at the heart of the Jeddah communiqué – the partnership agreement issued by the US and Saudi governments after President Joe Biden’s meeting with King Salman and Crown Prince Mohammed bin Salman. Among the agreements reached during the president’s visit on July 15 and 16 was a […] July 18, 2022
