Oil & Gas GIC buys stake in UAE pipeline inspection firm Kuwait-based Gulf Investment Corporation (GIC) has acquired a significant minority stake in Pipecare Group Holding, a major provider of pipeline inspection services. A joint statement from GIC and UAE-based Pipecare Group on Monday said the transaction was completed in Abu Dhabi on November 15. It did not give details of the size of the stake, […] November 20, 2023
Tech Ousted OpenAI CEO Altman mulls new AI venture Sam Altman, the just ousted CEO of OpenAI, is discussing a possible return to the company behind the ChatGPT bot even as he considers launching a new artificial intelligence (AI) venture, a person briefed on the matter said on Saturday. A day after the board fired him in a surprise move that rocked the tech […] November 20, 2023
Energy Kuwaiti company sells Norway assets for $454m The Kuwait Foreign Petroleum Exploration Company (Kufpec) agreed on Friday to sell all of its assets in Norway to Poland’s Orlen, which operates in Norway under the name PGNiG Upstream for $454 million, the CEO of the Kuwaiti company said on Friday. Mohammad Salem Al-Haimer said Kufpec booked about $700 million in profit throughout its […] November 19, 2023
Finance Iraq becomes member of European development bank Iraq has become the 74th member of the European Bank for Reconstruction and Development, the multilateral lender said on Thursday, while Ghana and Senegal have also applied to join. Iraq first submitted its request to join the bank in 2018, and its shareholder status enables it to apply to become a recipient economy, which would […] November 17, 2023
Aviation Airbus seeks to break Emirates jet order impasse Airbus sought a compromise to try to unblock dozens of A350 orders from Dubai’s Emirates late on Wednesday, buoyed by a deal for 11 of the most popular version of the jet with Ethiopian Airlines, industry sources said. Dubai Airshow talks to rescue a delayed order for long-haul jets, potentially switching to the A350-900 version, […] November 16, 2023
Aviation Saudia aircraft maintenance subsidiary targets IPO Saudi Arabia’s Saudia Technic, the aircraft maintenance subsidiary of state-owned Saudia Group, is targeting a public share sale before the end of the decade, its CEO told Reuters at the Dubai Airshow. The company is planning an initial public offering (IPO) in either 2028 or 2029, Fahd Cynndy said on Tuesday on the sidelines of […] November 16, 2023
Industry French grain trader opens Saudi office to meet local demand InVivo will open a marketing office in Saudi Arabia early next year as it seeks to secure new outlets at a time of changing global grain demand, the French agribusiness group’s chief executive told Reuters. The office, to be based in the Saudi port of Damman, aims to secure grain supplies for Saudi feed makers, […] November 16, 2023
Industry India signs basmati export deals with Middle East buyers India has signed contracts to export about 500,000 metric tonnes of new season basmati rice to cash in on robust demand from top buyers in Europe and the Middle East, traders said on Wednesday. India annually exports more than four million tonnes of basmati – a premium long-grain variety famed for its aroma – to […] November 16, 2023
Finance Bahrain’s Investcorp aims to raise $550m in first yuan fund Bahrain-based alternative asset manager Investcorp is aiming to raise 2 billion to 4 billion yuan ($274 million-$548 million) for its first private equity fund in the Chinese currency, its executive said, to explore buyout opportunities in the country. Investcorp plans to apply in the next few months for a license with Chinese regulatory bodies that […] November 15, 2023
Energy Egypt expected to resume LNG exports by January Egypt is expected to resume exports of liquefied natural gas (LNG) in December or January as domestic demand declines during winter and as it receives more gas from Israel, an executive at Italy’s Eni said on Tuesday. “Consumption in Egypt is reducing and we would expect by December, possibly January, (LNG) exports could resume,” Cristian […] November 15, 2023
Finance Egypt and India explore local currency trade settlement Egypt discussed with India’s ambassador to Egypt the possibility of entering Indian financial markets, Egypt’s finance ministry said in a statement on Tuesday. “The two sides discussed ways to encourage the use of national currencies to settle payments,” in a meeting between Egyptian finance minister Mohamed Al Maait and ambassador Ajit Gupte, the statement said. […] November 15, 2023
Aviation Saudia close to signing order of 150-plus narrow-body jets Saudia Group, which owns the Saudia airline and budget carrier flyadeal, is close to agreeing an order for 100 narrow-body jets but wants the manufacturer to agree to supply an additional 50-plus, it said on Tuesday. Abdullah Al Shahrani, the group’s general manager of communications and media affairs, declined to identify the aircraft manufacturer but […] November 15, 2023
Transport Kuwait Airways seeks damages over Airbus delays Kuwait Airways expects compensation from planemaker Airbus for delays in delivering commercial jets, the chairman of the Middle Eastern airline told Reuters on Tuesday. Aerospace and other manufacturers are struggling with supply chain bottlenecks. This year, pressure has been growing on planemakers to start paying penalties. “We are discussing it with them. There will be […] November 15, 2023
Finance Nigeria in talks with Saudi bank for project funding Nigerian President Bola Tinubu met top officials of the Jeddah-based Islamic Development Bank (IsDB) to negotiate a “multi-billion-dollar infrastructure finance facility” to help build ports and power plants, his spokesperson said on Tuesday. Tinubu held talks with IsDB vice president Mansur Muhtar late on Monday in Mecca, Saudi Arabia, spokesperson Ajuri Ngelale said in a […] November 15, 2023
Finance Turkey to regulate crypto market to get off ‘grey list’ Turkey’s new rules to regulate the crypto market are likely to focus on licensing and taxation, sector officials say, as the world’s fourth-biggest crypto-trading country seeks to get off an international financial crime watchdog’s grey list. Ankara promised the regulations last month amid a years-long boom in crypto trading, as soaring inflation and a plunging […] November 15, 2023
Industry Vodafone Egypt boosts revenue of South African telco South African telecoms operator Vodacom’s earnings took a hit in the first half from startup losses in Ethiopia but revenue growth benefited from the inclusion of Vodafone Egypt, which prevented further profit decline. The company, the biggest telecoms operator in South Africa which is majority-owned by Britain’s Vodafone Group, bought a 55 percent stake in […] November 14, 2023
Finance Deutsche sees Turkish among top emerging bond market Turkey’s domestic sovereign bonds are set to be one of the top trades in emerging market fixed income next year, Deutsche Bank said in an outlook note. Despite a sharp recent repricing offering much better entry levels into Turkish government bonds, it was still a bit too early to re-enter the market in general, though […] November 14, 2023
Transport Australia investigates ‘cyber incident’ at DP World ports The Australian federal police said on Sunday they were investigating a cybersecurity incident that forced ports operator DP World Australia to suspend operations at ports in several states. “We’ve commenced an investigation into the incident and we’re not commenting further as it’s an ongoing investigation,” an Australian Federal Police spokesperson said. DP World Australia told […] November 13, 2023
Energy Turkish energy operator expands to South Africa Turkey’s Karpowership, which has the world’s largest fleet of floating power stations, expects to start producing 450 megawatts (MW) of electricity in South Africa in 2024 to curb the power shortage there, chief commercial officer Zeynep Harezi said. The company expects to sign a financial deal by the end of this year, after it received […] November 13, 2023
Manufacturing Hyundai breaks ground on $1.5bn EV plant in Korea Hyundai Motor Co on Monday broke ground on a 2 trillion won ($1.52 billion) dedicated electric vehicle (EV) plant in South Korea, as the automaker accelerate a shift to electrification. Hyundai Motor, the world’s No. 3 automaker by sales with its affiliate Kia Corp, plans to begin mass production of EVs from the plant in […] November 13, 2023
Transport Emirates 777X deal to kick-start Dubai Airshow Middle East carriers look set to order tens of billions of dollars of long-haul jets at the opening of the Dubai Airshow on Monday, as Emirates renews confidence in the delayed Boeing 777X while facing new competition from rivals like Turkish Airlines. Hosts Emirates and low-cost cousin flydubai are expected to stamp their mark early […] November 13, 2023
Energy Saudi Arabia plans to invest in Nigeria’s oil refineries Nigeria and Saudi Arabia on Friday agreed to a series of investment and cooperation deals, including a pledge by the Saudi government to invest in the revamp of Nigeria’s oil refineries and provide financial support to sustain the government’s foreign-exchange reforms. The agreements were reached at a bilateral meeting between Nigerian President Bola Tinubu and […] November 13, 2023
