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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 […]

Federal Reserve chair Jerome Powell. The Fed has set its benchmark Effective Rate of interest at 5.33% but the markets expect a cut

Treasury yields fall as traders bet on US rate cuts

US 10-year treasury yields have slid from October’s 15-year highs as markets bet the Federal Reserve will start cutting its benchmark interest rate in 2024. Declining 10-year treasury yields, against which many sovereign and corporate bonds worldwide are priced, have led to lower borrowing costs. “We’re starting to see some more new issuance in 2024, […]

A worker cycles past Aramco oil tanks in Abqaiq, Saudi Arabia

Opec set for tricky new year: US booms and demand slows

Opec+ has struggled to maintain high oil prices this year and 2023 is ending with Brent trading 10 percent lower year on year and below the crucial $80 break-even mark of GCC countries. 2024 looks likely to be another challenging year for the oil alliance, analysts have told AGBI. Oil demand rose by more than […]

The Archer Aviation Midnight. Archer has reached an agreement with the Abu Dhabi Investment Office to launch air taxis – a sign of the strong relationship between the US and the UAE

UAE-US trade relations defy region’s pivot to the east

The trade relationship between the UAE and the US remains strong even while GCC countries increasingly look east for opportunities. In October 2023, the US trade balance with the UAE stood at $1.63 billion, while US exports grew 28 percent year on year to reach $2.3 billion the same month. Martina Strong, the US ambassador […]

The Central Bank of the UAE maintained its base rate on overnight deposit facility at 5.4%

UAE and Qatar keep rates steady in line with US Fed

The central banks of the UAE and Qatar have followed the US Federal Reserve’s decision to keep interest rates unchanged. The Central Bank of the UAE maintained its base rate on overnight deposit facility at 5.4 percent, the UAE state-run Wam news agency reported. The central bank also decided to maintain the interest rate on […]

Cop28 Director General Majid Al Suwaidi talks to the media regarding progress on the Cop28 global stocktake

Cop28 denies ‘favouritism’ in fossil fuel wording

The UN climate talks in Dubai stretched past the Tuesday morning deadline set as tensions mounted over a deal that departed from committing to a phase-out of fossil fuels.  The latest draft of the global stocktake sparked fury from climate activists and politicians last night. Majid Al Suwaidi, director-general of Cop28, told a press conference […]

Oman geologic hydrogen Eden

Oman could become world leader in geologic hydrogen

Green hydrogen has made global headlines as a potential carbon-free alternative to fossil fuels, but some experts believe another, abundant source of the gas could be under our feet. It is known as geologic hydrogen. Geologic hydrogen occurs naturally in the earth’s crust and is produced when water reacts with iron-rich rocks in the subsurface. […]