Finance Signs of US recovery prompt Saudi Arabia to buy treasury bonds Saudi Arabia’s holdings of US bonds rose by 22 percent year on year in May, as the kingdom banked on an economic recovery in the United States. The May figure of $136.3 billion, released by the US Department of the Treasury, is the highest level of Saudi bond holdings since January 2022. The kingdom is […] July 23, 2024
Aviation Mubadala-backed Sanad Group reports 53% revenue growth Sanad Group, the Abu Dhabi-based global aerospace engineering and leasing company, has seen revenues increase by more than half over the first six months of the year. Figures released to AGBI show revenue totalling AED2.3 billion ($620 million) was reported in the first half of the year, up from AED1.5 billion over the same period […] July 19, 2024
Real Estate Dar Global to build new Trump tower in Dubai The Trump real estate brand got another boost in the Gulf on Thursday as developer Dar Global announced it would build a Trump Tower in Dubai. The London-listed overseas arm of Saudi Arabia’s largest developer Dar Al Arkan said further details about the agreement with the Trump Organization, such as the exact location and construction […] July 18, 2024
Analysis Aviation Damascus resumes Saudi flights but sanctions stifle trade Syria has resumed weekly flights from Damascus to Saudi Arabia as commercial relations warm up further after diplomatic ties were restored last year. But Syrian integration into regional economies is still moving slowly, because of US sanctions. Syrianair began the once-weekly flights to Riyadh on July 10, adding its list of Gulf destinations including Dubai, […] July 17, 2024
Opinion Finance American business weighs prospect of ‘Trump trade’ Some sectors, such as energy and real estate, stand to gain on an election win July 15, 2024
Analysis Oil & Gas Iran’s oil keeps flowing – and that suits the US for now Iranian oil exports are hitting record highs despite Western sanctions, delivering a windfall of $35 billion a year to the government in Tehran. Energy analysts expect this to continue, given the big discounts on Iranian crude and the effects of the conflict in Ukraine. “Iran has been a beneficial influence in offsetting impacts of war,” […] July 10, 2024
Transport Saudi-backed Lucid EV makes more cars but lags target Saudi-backed US electric vehicle maker Lucid has increased Q2 production by 22 percent but still looks likely to miss its annual targets. Some 2,110 vehicles were produced, compared to 1,728 in the previous quarter. However, the company’s annual target is 9,000 units. The company also received a setback when the US National Highway Traffic Safety […] July 9, 2024
Analysis Aviation Middle East airlines in race to recruit as pilot shortage bites A shortage of pilots is threatening the ambitions of the Middle East’s growing aviation industry, analysts have warned, forcing airlines to bolster their recruitment efforts. The global industry will be short nearly 80,000 pilots by 2032, according to management consultancy Oliver Wyman. The Middle East is projected to account for up to 18,000 of that […] July 4, 2024
Real Estate Dar Global to launch luxury Trump Tower in Jeddah London-listed real estate developer Dar Global and The Trump Organization have announced a new luxury real estate project in Saudi Arabia. The company partnered with the Trump Organisation in 2022 to use the former president’s name for its $4 billion master development in Muscat, a joint venture with Oman Tourism Development Company. Ziad El Chaar, […] July 1, 2024
Tech Yahsat taps Musk’s SpaceX for next satellite launches The UAE’s satellite provider Al Yah Satellite Communications Company (Yahsat) has chosen Elon Musk’s company SpaceX to launch its next-generation geostationary satellites, Al Yah 4 and Al Yah 5. The two communications satellites are due to be launched into orbit in 2027 and 2028 respectively. Under the deal – part of an AED3.9 billion ($1.1 […] July 1, 2024
Oil & Gas Aramco ventures further into US LNG market Saudi Aramco continues its push into the US liquefied natural gas sector with an initial agreement to buy a stake in Sempra’s Texas LNG export plant and for the supply of the fuel. Aramco has signed a non-binding agreement to buy 5 million tonnes per year of LNG for 20 years and a 25 percent […] June 27, 2024
Giga-projects Futuristic architect lands arts centre in Saudi’s Qiddiya Saudi sports and entertainment city Qiddiya is to build a performing arts centre designed by leading architect Tom Wiscombe, whose futuristic building will straddle rugged mountains outside Riyadh. The centre will include 3,000 seats spread across three theatres including an amphitheatre with views of the capital. Qiddiya, one of the Public Investment Fund’s giga-projects, said […] June 27, 2024
Retail Saudi brands cash in on Gaza boycott as food market grows Saudi Arabian food and beverage brands are hoping to benefit from regional consumers shunning Western brands over the conflict in Gaza, with some franchise owners beginning to feel the impact of an informal boycott. Some outlets in the Gulf have stopped stocking Western soft drinks and are replacing them with Saudi versions that have shot […] June 26, 2024
Opinion Economy The GCC will feel the effects of the coming US recession Ironically, in the GCC, a strong dollar reduces import inflation June 26, 2024
Analysis Artificial Intelligence US scores geopolitical win with Abu Dhabi-Microsoft tie-up Microsoft’s $1.5 billion investment in Abu Dhabi’s artificial intelligence company has received a significant vote of confidence from US authorities. Tarun Chhabra, a senior White House adviser on technology, said on Monday that the US government has raised no objections to the Silicon Valley giant’s partnership because G42 had severed ties with the Chinese tech […] June 26, 2024
Opinion Economy We need to talk about the American debt spiral Even a resilient Gulf may be at risk from US financial contagion June 24, 2024
Artificial Intelligence Qatar’s Ooredoo signs AI deal with chipmaker Nvidia US chipmaker Nvidia has signed a deal with Qatari telecommunications provider Ooredoo Group to bring its artificial intelligence technology to five countries in the Middle East, the companies announced on Sunday. Ooredoo will be the first company in the region to offer direct access to Nvidia’s AI and computer chips to its customers in Qatar, […] June 24, 2024
Opinion People & Lifestyle Dollar peg, climate scam and rain in June? ‘Silly season’ is upon us Welcome to the time of year when news outlets serve up their wackiest stories June 21, 2024
Tech Abu Dhabi-backed chipmaker Cerebras plans IPO Cerebras Systems, an Abu Dhabi-backed chipmaker looking to compete with Nvidia, the world’s top chip company by market value, has confidentially filed for an initial public offering, according to reports. Based in California’s Silicon Valley, Cerebras is also planning to offer preferred shares at a significant discount, aiming to attract private investors before the IPO, […] June 21, 2024
Health Mubadala and QIA invest in US cancer research startup Funds from the UAE and Qatar have invested in a US-based clinical-stage biotechnology start-up. Mubadala Capital, a wholly owned subsidiary of Mubadala Investment Company, co-led the $50 million Series B extension in funding to Iambic Therapeutics, based in San Diego, California. The funds will allow the American start-up to broaden its pipeline of AI-discovered clinical […] June 21, 2024
Health Mubadala-backed US startup working on AI cancer care A US genomics startup, backed by Abu Dhabi’s sovereign wealth fund Mubadala, is working with ChatGPT creator OpenAI to improve cancer screening and treatment using artificial intelligence models. Color Health, which uses data science and machine learning for genetic testing and counselling in hereditary cancer and heart conditions, has developed an AI assistant, or “copilot”, […] June 18, 2024
Opinion Media & Advertising Washington Post problems are a straw in the wind for Gulf media Print is dead or dying – but what will replace it and make money? June 18, 2024