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Federal Reserve chairman Jerome Powell. If the Fed cuts US interest rates, UAE banks will feel the effect because of the dollar peg

US interest rate cut will impact UAE bank margins  

UAE banking sector profits have soared as higher-for-longer interest rates boosted margins and loan defaults remained low. Yet analysts predict that imminent US interest rate cuts will squeeze profitability, despite the likelihood of reduced borrowing costs bolstering loan growth. Dubai’s Emirates NBD reported a record first-half profit of AED13.8 billion ($3.76 billion), while First Abu […]

ExxonMobil chairman Darren Woods and Adnoc Group CEO Sultan Ahmed Al Jaber sign the agreement in the presence of Abu Dhabi crown prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan

Adnoc to buy 35% stake in ExxonMobil hydrogen plant

State-owned Abu Dhabi National Oil Company (Adnoc) will acquire a 35 percent stake in US energy company ExxonMobil’s planned large-scale hydrogen and ammonia production facility in Texas. The production facility – expected to be the world’s largest of its kind upon startup – intends to produce up to one billion cubic feet per day of low-carbon […]

Spectro Alloys president Luke Palen and Emirates Global Aluminium CEO Abdulnasser Bin Kalban sign the stake acquisition deal

EGA to buy 80% of US aluminium recycler

Emirates Global Aluminium, the UAE’s biggest non-oil industrial company and one of the world’s largest aluminium producers, plans to acquire an 80 percent stake in US-based Spectro Alloys Corporation. The transaction will accelerate EGA’s global expansion into aluminium recycling and help grow its business in the United States. The acquisition, subject to regulatory approvals, is […]

Paramount The Godfather An offer they can't refuse? Among the best-known films from Paramount Pictures, currently the subject of two takeover bids, is The Godfather, from 1972

Abu Dhabi-backed financier among bidders for Hollywood giant

A New York investment company backed by Abu Dhabi is part of a group that has launched a bid to take over Paramount Global, one of Hollywood’s biggest entertainment companies. The conglomerate, led by the industry veteran Edgar Bronfman Jr, a former CEO of Warner Music Group, submitted a $4.3 billion bid on Monday to […]

Saudi holdings of US treasuries rose by $4 billion to take advantage of US interest rates

Saudi forex assets fall but US Treasury holdings rise

Saudi Arabia’s net foreign assets fell by $15.2 billion month on month in July, but the kingdom’s US Treasuries holdings shot up by another $4 billion in June, new data showed this week.  The Saudi central bank’s net foreign assets decreased from SAR1.67 trillion ($445.3 bn) in June to SAR1.613 trillion in July, preliminary data […]

ADQ's investment will support Sotheby’s' expansion into new markets, including establishing a robust presence in the Middle East

Abu Dhabi’s ADQ buys minority stake in Sotheby’s

Abu Dhabi sovereign wealth fund ADQ and Patrick Drahi, majority owner of auction house Sotheby’s, will jointly invest $1 billion in the company to support its expansion plans. As part of the agreement, ADQ will acquire a minority stake in Sotheby’s, a British-founded company that has its headquarters in New York. The value of the sovereign […]

A currency exchange in Cairo. The pound hit EGP49.55 against the dollar on Monday

Egyptian currency and stocks slide on fears of US recession

The Egyptian pound dropped to a five-month low this week as regional tensions spiked and speculation mounted about a recession in the US. It briefly reached EGP49.55 against the dollar on Monday morning, close to the record EGP49.56 set when the Central Bank of Egypt floated the currency on March 6.  By midday on Monday, […]

Mena investors focused on the US for M&A deals, and most inbound investment to the region came from the US

US forms bulk of growing Mena M&A activity

Middle East and North Africa merger and acquisition deals over the first half of this year were focused in the US. In the opening six months of 2024, 321 deals worth $49 billion were completed in the Mena region, a 1 percent year-on-year increase in volume and 12 percent rise in value, the EY Mena […]

The event industry in Dubai was worth over AED165 billion ($45 billion) in 2023 and is forecast to grow at a compound annual growth rate (CAGR) of 25 percent through to 2027

Corporate travel rising as Dubai plays perfect host

Dubai has won 175 deals so far this year that will boost the emirate’s corporate and business travel sector over the next four years. The events, representing an increase of almost a quarter year on year, include international conferences, congresses and meetings. They’re expected to bring more than 92,000 delegates to the city, according to […]

The US Treasury building in Washington. US 10-year bond yields closed at 4.2% last week

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 […]

Over the first half of the year Sanad Group signed deals with international airlines including Asiana Airlines and Deucalion 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 […]

The Trump hotel and tower in Chicago; details of location and construction of the Dubai tower are expected to be released before the end of the years

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 […]

Syrian pilgrims queue at Damascus airport on their way to visit Saudi Arabia in June

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, […]