Infrastructure ADQ buys stake in Australian investment company The UAE’s investment fund ADQ has acquired a 49 percent stake in Australian infrastructure investor Plenary Group as part of its expansion drive. The Abu Dhabi state-backed company will acquire all shares currently owned by Canadian pension fund Caisse de dépôt et placement du Québec, which will continue to invest in a range of Plenary’s […] April 24, 2024
Trade UAE and Australia to hold Cepa talks The UAE and Australia have agreed to hold talks on a comprehensive economic partnership agreement. Once concluded, the Cepa would be Australia’s first with a country in the Middle East and Africa. The UAE is Australia’s biggest trade partner in the Middle East. Bilateral non-oil trade between Australia and the UAE was worth $4.5 billion […] December 12, 2023
Sustainability Western Australia looks to Gulf for green deals The state of Western Australia – the heart of the country’s mining, steel and oil and gas industries – is planning partnerships with Arab nations to develop its renewables sector and curb emissions. “We’ve got a dual mission,” Reece Whitby, Western Australia’s minister for environment and climate action, told AGBI during Cop28 in Dubai. “We’ve […] December 12, 2023
Sustainability Adnoc and Santos link up to work on net zero goals Abu Dhabi oil major Adnoc and Australia’s Santos have signed an agreement to develop a joint global carbon management platform aimed at decarbonising markets in the Asia-Pacific region. The companies will also work together on carbon capture and storage (CCS) technologies. In addition, Adnoc and Santos will jointly explore the development of a carbon dioxide shipping […] November 22, 2023
Transport Australia investigates ‘cyber incident’ at DP World ports The Australian federal police said on Sunday they were investigating a cybersecurity incident that forced ports operator DP World Australia to suspend operations at ports in several states. “We’ve commenced an investigation into the incident and we’re not commenting further as it’s an ongoing investigation,” an Australian Federal Police spokesperson said. DP World Australia told […] November 13, 2023
Energy LNG exporters to benefit from Australian strike Strike action by Australian liquefied natural gas (LNG) workers will offer rival producers in the Gulf the opportunity to gain long-term market share, especially in Asia and Europe, as pressure is put on already tight global supplies. Hundreds of workers at Chevron’s Wheatstone and Gorgon LNG facilities in western Australia downed tools on Friday after […] September 14, 2023
Economy Exports support Australian economy to beat estimates Australia’s economy expanded by more than expected in the second quarter, driven by exports and public investment, while household consumption remained weak as decade-high interest rates worked to cool demand. Data from the Australian Bureau of Statistics on Wednesday showed real gross domestic product (GDP) rose 0.4 percent in the second quarter, slightly beating forecasts […] September 6, 2023
Analysis Trade UAE and New Zealand plan Cepa to build non-oil trade When Auckland-based startup Exsurgo joined the Hub71 technology park in Abu Dhabi it was a potential sign of things to come in the UAE-New Zealand trade relationship. Exsurgo has raised $10.5 million and aims to provide non-pharmaceutical treatments for neurological conditions through the use of neuroscience and data analytics. Last week, two months after Exsurgo’s […] September 5, 2023
Development Australia to invest $164m in critical minerals sector Australia’s resource-rich state of Queensland on Tuesday said it would spend A$245 million ($164 million) to help expand its critical minerals sector, and take steps to lure investments and cut rents on mining exploration leases. Australia has ramped up funding for critical minerals projects, which are essential to smart technology and clean energy. But the […] June 27, 2023
Aviation Century-old Qantas picks its first female CEO Australia’s flagship carrier, Qantas Airways Ltd, has named finance chief Vanessa Hudson as its next chief executive officer, making her the first woman to lead the century-old airline. In November, Hudson will take over from Alan Joyce, whose 15 years in the job has made him the longest-serving current CEO of a major Australian company, […] May 2, 2023
Economy Australia’s budget set to help offset high living costs Australia’s Labor government is set to reveal a vast improvement in the budget bottom line next week as its coffers bulge with tax windfalls, yet the outlook will be a sober one as fiscal challenges loom large. Treasurer Jim Chalmers has spent weeks using “restraint” and “responsible” to describe his second budget since coming to […] May 1, 2023
Banking & Finance New Zealand says it is committed to reducing spending The New Zealand government is committed to reducing spending even though severe weather events earlier this year caused asset damage of roughly NZ$9 billion ($5.51 billion) to NZ$14.5 billion, Prime Minister Chris Hipkins said. New Zealand was hit by flash floods in the country’s largest city of Auckland in January followed by Cyclone Gabrielle, which […] April 27, 2023
Banking & Finance Australia raises rates to highest in more than a decade Australia’s central bank raised its cash rate 25 basis points to the highest in more than a decade at 3.60 percent on Tuesday and said it expects further tightening will be needed to curb inflation. Wrapping up its March policy meeting, the Reserve Bank of Australia (RBA) said wages growth was still consistent with the […] March 7, 2023
Banking & Finance GQG founder to meet Australian investors after Adani investment GQG Partners Inc founder Rajiv Jain will meet clients and investors in Australia this week, the company said in a statement on Tuesday, and will explain its investment into embattled Indian Adani group. GQG Partners bought shares worth $1.87 billion in four Adani group companies, marking the first major investment in the Indian conglomerate since […] March 7, 2023
Real Estate Sydney house prices edge up for second week after long decline Housing prices in Sydney nudged higher for a second straight week, industry data showed on Monday, a possible sign that the market could be bottoming out after an almost year-long downturn. Prices in Australia’s most populous city rose 0.1 percent last week from the previous week, when values also climbed 0.1 percent, figures from property […] February 20, 2023
Opinion Next New Zealand PM must prioritise trade with Middle East New Zealand businesses in the region hope Jacinda Ardern's successor will focus on Middle East trade relations January 20, 2023
Lifestyle Jacinda Ardern to step down as New Zealand leader New Zealand Prime Minister Jacinda Ardern on Thursday made a shock announcement she had “no more in the tank” to continue leading the country and would step down no later than early February and not seek re-election. Ardern, holding back tears, said that it had been a tough five and a half years as prime minister and […] January 19, 2023
Energy Global oil demand to reach record high this year, IEA says Global oil demand is forecast to hit an all-time high in 2023 as China relaxes its Covid restrictions, potentially pushing up prices in the second half of this year, according to the latest report from the International Energy Agency (IEA). The IEA said global oil demand is set to rise by 1.9 million barrels per […] January 18, 2023
Analysis Construction Australian titan grows public-private partnerships in Gulf Plenary Group, the Australia-based investor, developer and manager of public infrastructure with assets under management worth more than $45 billion, is expanding its Middle East operations and has projects in the UAE and Bahrain in its sights. The company has opened its second office in the UAE, in Dubai, just months after launching in Abu […] December 13, 2022
Banking & Finance Australia central bank raises rates to 10-year high Australia’s central bank on Tuesday raised interest rates to a 10-year high and stuck with its projection that more hikes are needed, a stance taken as slightly hawkish by markets that were looking for signs of a pause in the near term. Wrapping up its last policy meeting this year, the Reserve Bank of Australia […] December 6, 2022
Banking & Finance New Zealand faces ‘shallow’ recession as rates need to rise New Zealand is likely facing a “shallow” recession as interest rates need to rise further to tame inflation, a top central banker said on Monday, suggesting that a pause in the policy tightening streak was still a distant prospect. In an interview, Reserve Bank of New Zealand (RBNZ) assistant governor Karen Silk said the central […] November 28, 2022
Manufacturing Saudi Arabia plans to award over dozen mining exploration licences Saudi Arabia plans to award over a dozen mining exploration licences to international investors as it looks to enter the mining sector in a big way to diversify away from hydrocarbons, mining minister Bandar Al-Khorayef said on Wednesday. Five new exploration sites are up for licensing and the kingdom will release details of an additional […] November 2, 2022
