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Arizona water Saudi dairy cattle shed

Arizona to prosecute Saudi company over water use

The attorney general of the US state of Arizona is set to launch legal proceeding in the next two weeks against the Saudi dairy company Almarai over groundwater pumping on two farms in the state. Fondomonte, an Almarai subsidiary, grows alfalfa for animal feed on 6,000 acres in Butler Valley, La Paz County, Arizona, which […]

Workers erect scaffolding on a construction site in Manama, Bahrain

US hardwood all the rage as UAE imports rise

The UAE’s imports of US hardwood have spiked dramatically in the first three quarters of this year amid the construction boom in the emirates and neighbouring Saudi Arabia, as well as GCC consumers’ current preference for oak and walnut finishes. The value of American hardwood lumber sold in the UAE rose from approximately $9.5 million […]

Despite predictions, the US dollar has remained strong – it has gained against the yen, euro and pound in the past decade

US dollar strength persists despite long-foretold decline

Since the end of the gold standard in the 1970s, financial industry observers have long predicted the US dollar’s demise as the preeminent global currency. Yet 10 weeks from Donald Trump’s second inauguration as US president, the dollar still reigns supreme – at least for now. This is despite periodic efforts by oil-exporting US rivals […]

Qlik provides data integration, tracking and management software to businesses

Adia to buy $1bn stake in US software company Qlik

Abu Dhabi’s sovereign wealth fund is buying a $1 billion stake in data analytics software company Qlik, the latest deal in a string of Gulf purchases from buyout groups. Thoma Bravo, a US buyout group that specialises in software businesses, acquired Qlik for $3 billion in 2016 and is to sell a stake to the […]

Lucid has begun taking orders for its Gravity electric SUV

Lucid reports higher revenue but steeper losses

Saudi-backed US luxury electric vehicle maker Lucid reported a larger net loss than last year in the third quarter, but said revenue rose 45 percent, slightly ahead of Wall Street expectations. The company’s losses of $992.5 million in Q3 compared with $630.9 million in 2023. Revenue reached $200 million, narrowly beating estimates of $198 million.  Lucid […]

Nvidia shares Jensen Huang

Sales of Nvidia stock soar in UAE in record rally

As Nvidia’s stock market value hit $3.65 trillion on Thursday to make it the world’s most valuable company, so shares are in hot demand among retail investors in the Gulf.  The Californian chipmaker overtook Apple, which previously held the record for the highest closing market capitalisation at $3.57 trillion on October 21. “It’s our most […]

Shopping for groceries in Ankara; Turkey has benefitted recently from a period of stability and cooling of inflation

Turkey to boost borrowing to bridge budget gap

Turkey’s Treasury has issued its borrowing programme for 2025, seeking to build a bridge over the budget deficit through a mix of domestic and external debt offerings, though any instability in global markets could add to financing costs.  Under the programme, the government will seek to raise the equivalent of up to $13 billion from […]

Oil prices fall as worries over US hurricane decline

Oil prices fell slightly on Friday as the risk that a hurricane in the Gulf of Mexico will significantly affect US oil and gas output declined, while the market weighs how President-elect Donald Trump’s policies might affect supplies. Brent crude oil futures fell 47 cents, or 0.6 percent, to $75.16 per barrel by 04:46 GMT. […]

NESR was delisted from the New York exchange after failing to meet a filing deadline but the issue has been resolved

NESR considers dual listing after Nasdaq return

National Energy Services Reunited (NESR) is considering a dual listing as it prepares to ring the Nasdaq bell for the second time in its relatively short history. NESR was created in the UAE in 2017 through a special purpose acquisition company to raise money from New York and become the first publicly listed energy company […]

Former President Donald Trump has secured a second term, and the dollar is up 4.5 percent on September

Dollar upbeat ahead of Trump’s White House return

Donald Trump’s US presidential election victory has extended a dollar rally that began in late September on expectations that the real estate mogul’s return to the White House may ultimately force the Federal Reserve to resume interest rate rises. Five of the six GCC countries peg their currencies to the dollar, while the sixth – […]

A screen at the New York Stock Exchange after Donald Trump won the US presidential election

Oil slips as investors digest US election fallout

Oil slipped on Thursday, extending a sell-off triggered by the US presidential election, as a strong dollar and lower crude imports in China outweighed supply risks from a Trump presidency and output cuts caused by Hurricane Rafael. Donald Trump’s election win initially triggered a sell-off that pushed oil down more than $2 as the dollar […]

The US is keen to work with go-getting tech companies in the Middle East

US and China in race to get their tech into Gulf markets

Gulf countries are likely to face mounting pressure to adopt American technology as the US tries to exploit its best-in-class semiconductor and artificial intelligence products to muscle China out of their markets before the Asian superpower catches up. The US is walking a fine line between increasing the regional uptake of its chips and software […]

Young Asian broker international stock traders working at night in office using computer and thinking.

China to sell dollar bonds in Saudi Arabia 

China will sell dollar bonds in Saudi Arabia this month, its first debt issuance denominated in the US currency since October 2021. The imminent issuance marks a further deepening of ties between Opec’s top oil producer and the world’s largest economy by purchasing power parity.   China is Saudi Arabia’s most important trade partner, buying 16 […]

Air freight has been an increasingly important method of transportation since the conflict in the Middle East erupted and shipping routes were disrupted

Saudi Arabia and US expand aviation deal to include cargo

Saudi Arabia and the US have expanded their bilateral aviation agreement to allow seventh freedom traffic rights for all-cargo flights. Seventh freedom allows airlines to carry on flights that originate in a foreign country, bypass its home country, and deposit the cargo or passengers at another international destination. The amendment will allow Saudi Arabian airlines […]

A stand in Beirut displays Arabic newspapers featuring the inauguration of President Donald Trump in 2017. The Arab world has generally welcomed Trump's return to the White House

Arab world welcomes Trump back to the White House

The Arab world has hailed Donald Trump’s successful bid to return to the White House, with his long-standing personal, business and political ties to the region bringing hopes of closer bilateral relationships with the United States for the next four years. The Emir of Qatar, Tamim bin Hamad Al Thani, was the first GCC leader […]

Beta electric aircraft

QIA helps raise $318m for US electric aircraft maker

A funding round led by the Qatar Investment Authority (QIA) has raised $318 mlllion for Beta Technologies, a US electric aerospace company that is developing all-electric aircraft and infrastructure.  Beta, based in Vermont, said the series C equity capital funding would help support the production, certification and commercialisation of its fixed-wing and eVTOL (electric vertical […]