Skip to content Skip to Search
Skip navigation

US

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, […]

An Iranian oil production platform at the Soroush offshore fields

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,” […]

lucid ev

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 […]

Middle East carriers have hundreds of aircraft on order – and need pilots to fly them

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 […]

Demand for properties from the former president's Trump Organization remains high in the Middle East

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, […]

Yahsat satellite SpaceX launch

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 […]

A ship at Porth Arthur, Texas. The port provides direct access to the Gulf of Mexico for LNG from the Sempra facility

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 […]