Oil & Gas UAE tops list of tax payments from ExxonMobil US energy giant ExxonMobil paid the UAE $7.4 billion in taxes and royalties last year, more than it paid any other country in the world. From declared annual earnings of almost $41 billion, Exxon paid $49 billion of global tax and duties, including more than $16 billion in income taxes, according to a regulatory filing […] September 26, 2024
Tech Defence and tech at forefront of UAE leader’s historic US visit Defence and technology were among the key topics of discussion during UAE President Sheikh Mohamed bin Zayed Al Nahyan’s official visit to the US this week. “The strategic and enduring partnership that unites our countries is unwavering,” said Sheikh Mohamed, after what was the first meeting between sitting UAE and US presidents on American soil […] September 25, 2024
Trade Qatar is first Gulf state to join US visa waiver programme Qatar has become the first Gulf state to join the US visa waiver programme, allowing Qatari citizens to visit visa-free for up to 90 days from December 1. The US Department of Homeland Security and the Department of State said in a statement on Tuesday that the move would help to “significantly enhance the security […] September 25, 2024
Opinion Banking and Finance Fed loosening cycle may not be such a big fillip to Gulf The region's banks are compelled to follow the Fed on interest rates but oil prices have more impact September 19, 2024
Economy Gulf central banks mirror US Federal Reserve rate cut Gulf central banks lowered their key interest rates after the US Federal Reserve cut its benchmark rate by 50 basis points (bps) on Wednesday. The Central Bank of the UAE reduced the base rate on its overnight deposit facility by 50 bps from 5.40 to 4.90 percent, effective Thursday. Saudi Arabia mirrored the US move, […] September 19, 2024
Tech UAE’s G42 and Microsoft aim for ‘responsible’ AI goals UAE artificial intelligence (AI) company G42 and US tech giant Microsoft will open two centres in Abu Dhabi to advance work on “responsible” AI practices. The first centre will see academic researchers and AI practitioners from the private sector develop, document and share emerging “responsible” AI best practices in the Middle East and the Global […] September 18, 2024
Artificial Intelligence Aramco partners with US startup Groq for AI data centre Saudi Aramco’s digital arm is partnering with US semiconductor startup Groq to build the world’s largest artificial intelligence inferencing data centre. Unlike regular data centres, which handle a range of computing tasks, an AI inferencing data centre is designed specifically to run AI models that make rapid predictions or decisions. The facility will use Groq’s […] September 16, 2024
Opinion Oil & Gas US Fed cuts will not prevent an oil-price crash in 2025 A range of factors are conspiring to cause a crude catastrophe September 16, 2024
Trade Saudi Arabia anticipates US easing Nvidia chip ban Saudi Arabia is welcoming reports that the US government is considering lifting export restrictions on Nvidia chips to the kingdom, which maintains close trade ties with US rival China. Asked at an artificial intelligence (AI) forum in Riyadh if he would be content to see exports without limits, minister of industry and mineral resources Bandar […] September 16, 2024
Analysis Finance US rate cuts will help Gulf bonds but oil worries persist Imminent US interest rate cuts bode well for Gulf bonds and sukuk, although declining oil prices could lead to higher spreads on regional debt. Bonds are typically priced against 10-year US government treasuries and the difference between their yields is known as the spread. The yield on 10-year treasuries hit a 17-year high of nearly […] September 16, 2024
Analysis Real Estate Investors size up Gulf student housing after US success Gulf entities have invested billions of dollars in student housing in the United States over the past few years, and are now considering making the same play locally. Accommodation for university students has become a hot asset class amid demographic growth fueled by the millennial generation, which recently passed the baby boomers to become the […] September 16, 2024
Oil & Gas BlackRock buys stake in Saudi-Bahraini oil pipeline Bahrain’s state-run Bapco Energies has sold a minority stake in an oil pipeline linking Saudi Arabia and Bahrain to a fund managed by US investment bank BlackRock. The BlackRock Diversified Infrastructure fund purchased a stake in the Saudi Bahrain Pipeline Co (SBPC), which owns a section of the 112-km pipeline. It supplies crude oil from […] September 12, 2024
Business of Sport Tiger Woods joins LIV Golf-PGA Tour merger talks Saudi Arabia’s Public Investment Fund (PIF) is reported to be due to meet Tiger Woods and officials from the PGA Tour this week in New York as negotiations continue to bring the fractured sport of golf together under one umbrella. The PIF-sponsored LIV Golf series, which this month completes its third season, turned the sport […] September 11, 2024
Opinion Markets Gold has returned to its ancient role as a classic hedge Its spectacular bull run is fuelled by a unique set of geopolitical, monetary and financial catalysts September 10, 2024
Analysis Real Estate Saudi Arabia woos US investors to bolster housing sector As growth in mortgage lending in Saudi Arabia runs up against local liquidity constraints, several US investment giants are looking to step in. After a visit by Saudi officials to the US at the end of August, household names such as BlackRock and King Street Capital signed preliminary agreements with the Saudi Real Estate Refinance […] September 9, 2024
Analysis Banking and Finance 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 […] September 6, 2024
Renewable Energy 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 […] September 5, 2024
Opinion Oil & Gas October presents Opec+ with a quandary The oil group wants to bring barrels back to the market but it could bow to global uncertainty September 2, 2024
Opinion Banking and Finance Gold’s bull run could soon come to an end Geopolitical uncertainty will buoy gold’s value, but high jewellery prices will dampen demand for bling September 2, 2024
Opinion Banking and Finance The bullish case for the GCC’s sovereign bonds and sukuk Riyadh's budget deficit necessitates at least $13-$14 billion of new bond issuance in both 2025 and 2026 August 27, 2024
Manufacturing 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 […] August 23, 2024
Banking and Finance 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 […] August 21, 2024
