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Orascom is working on a number of transport projects in Egypt, including lines 3 and 4 of the Greater Cairo Metro

Egyptian builder blames currency turmoil for revenue slump

Egyptian construction giant Orascom has reported a 19 percent decline in revenue to about $3.4 billion last year, attributing most of the drop to the devaluation of the Egyptian pound. Orascom said that without the country’s foreign exchange issues, it would have reported a 5.5 percent increase in revenue compared to 2022, after completing a […]

A cashier rings up products at a Walmart store in San Marcos, Texas. Gulf wealth funds invest in US household names such as Walmart and Starbucks

UAE invests $2.5 trillion overseas, with US the top recipient

The UAE has invested an estimated $2.5 trillion overseas as of early 2024, with the United States the prime destination.  “The UAE has strengthened its position in the global economy,” Jamal bin Saif Al Jarwan, secretary-general of the UAE International Investors Council, was quoted as saying by the state-owned Wam news agency. “It ranked first […]

US senator John Barrasso and Republican colleagues have said the IEA ' has been undermining energy security by discouraging sufficient investment in energy supplies'

US Republicans call IEA an ‘energy transition cheerleader’

Members of the US Republican Party have hit out at the International Energy Agency, criticising its latest forecasts and accusing it of becoming an “energy transition cheerleader”. Leaders from the Republicans, who hold the majority in the Congress, have opened a joint probe into the Paris-based watchdog this week, accusing the agency of straying from […]

People, Person, Adult Formula One F1 - Saudi Arabian Grand Prix - Jeddah Corniche Circuit, Jeddah, Saudi Arabia - March 9, 2024 Chairman of Aramco's Board of Directors HE Yasir O. Al-Rumayyan is pictured on the grid before the race REUTERS/Hamad I Mohammed

Saudi Arabia to create $40bn AI fund

Saudi Arabia plans to create a $40 billion fund to invest in artificial intelligence, The New York Times reported on March 19, citing three sources briefed on the plans. Officials of the kingdom’s sovereign wealth fund – the Public Investment Fund – have discussed a potential partnership with US venture capital firm Andreessen Horowitz and […]

Bahrain's Bapco signed the Cop28 oil and gas decarbonisation charter, aiming to achieve net-zero operations by 2050 and end routine flaring by 2030

US approves $500m loan for Bahrain oil project

The US export credit agency has approved a $500 million loan guarantee for Bahraini state-backed Bapco Energies. The Export-Import Bank of the United States (Exim) board of directors greenlit the project after voting last month to notify Congress about potentially supporting the expansion of an oil and gas field in the Gulf nation. JP Morgan […]

Gulf wealth funds put investing in US well ahead of China

Most sovereign wealth funds in the Gulf remain heavily invested in the US, while China represents a much smaller part of their portfolios, data from the consultancy Global SWF shows.  The data also shows that the portfolios of Gulf sovereign wealth funds vary widely in terms of their geographical distribution. This is partly a result […]

Saudi Aramco and Adnoc are in talks over LNG offtakes with Sempra and NextDecade, respectively

Aramco and Adnoc to invest in US LNG projects

Two of the biggest oil companies in the Gulf region plan to invest in US liquefied natural gas (LNG) projects. Saudi Aramco, the world’s largest oil company based on daily production, is holding discussions to invest in the second phase of Sempra Infrastructure’s Port Arthur LNG project in Texas, Reuters reported, citing informed sources. Aramco […]

Dubai's Mashreq is among the GCC banks looking for growth in the US and Europe

GCC banks look to US and Europe

GCC banks may be forced to look overseas to fulfil growth ambitions as home markets become increasingly saturated, experts say. While some banks have already ventured abroad – mainly into Turkey, Egypt and Pakistan, which constitute nearly a half of their presence outside the Gulf – more developed markets such as the US and Europe […]

Dubal Holding

Dubal Holding net yearly profit down by half

Dubal Holding, the investment company owned by the Dubai government, has announced a 50 percent drop in net profit for 2023 compared to the previous year. Dubal Holding, which invests in the commodities, mining, power, energy and industrial sectors, recorded a net profit of AED 1.79 billion ($487 million) for 2023, down from the previous […]

SpaceGuardian is a joint venture between Saudi Arabia's Front End Limited Company and New York-based SpaceKnow

US-Saudi venture will use AI to analyse space data

A US-Saudi joint venture has been launched in the kingdom to use satellite imagery to monitor infrastructure development, traffic congestion and carbon sequestration, the natural process of CO2 storage in the atmosphere. Front End Limited Company, based in Alkobar, the Eastern Province of Saudi Arabia, and SpaceKnow, a New York technology company dedicated to transforming […]

US UAE exports New York harbour

Rising US exports to the UAE support 125,000 jobs

Exports from the United States to the UAE rose by nearly a fifth last year as bilateral trade increased to more than $31 billion. Figures released by the US Department of Commerce Census Bureau show that US exports to the UAE totalled nearly $25 billion in 2023. For the 15th year in a row the UAE was […]

City, Urban, Person Neom's New York office has opened in Manhattan's Hudsons Yards, home to The Vessel

Neom opens for business in US with New York office

Saudi Arabian giga-project Neom has opened an office in New York in a move designed to attract investment from the US for its green industries.  Neom said in a statement on February 6 that the Manhattan office would facilitate its business across the US, citing “industries, corporations, and investors” who could help in the development […]

Donald Trump draws crowds on the campaign trail in Conway, South Carolina; meanwhile his brand is a bonus in the Gulf

Trump still has ‘big pull’ for $2m branded villas in Oman

Donald Trump may be facing criminal investigations in the US, but the 45th president’s brand continues to wield substantial influence in the Gulf. Last week there were more than 100 expressions of interest in a launch of 20 Trump-branded villas in Oman, within 24 hours, according to the project’s developer. “Trump as a brand still […]

Jeff Miller, Halliburton CEO, said he expected oil and gas 'demand growth well into the future'

Middle East success pumps up Halliburton results

US oilfield services company Halliburton has predicted a strong increase in its Middle East activity, and believes the region is set to be one of its best performing international markets in 2024. During its latest earnings call the energy company revealed $661 million in net income for the last quarter of 2023, down from $716 […]

US treasury secretary Janet Yellen. The department issues the treasury instruments that are seen as low-risk investment opportunities

Saudi US treasuries holdings hit two-year high 

Saudi holdings of US treasuries surged to a two-year high of $128.1 billion in November from a six-year low of $108.7 billion in June, according to newly released data from the US Department of the Treasury.  Treasuries are government debt instruments issued by the Treasury and auctioned by the US Federal Reserve, and are considered […]