Artificial Intelligence Microsoft urges rule change on US exports of AI chips to Gulf Microsoft has asked President Trump’s administration to ease export restrictions on artificial intelligence chips for a group of US allies, including the UAE and Saudi Arabia. The AI Diffusion Rule, introduced in the final days of President Joe Biden’s administration, controls access to US-made advanced AI tech, particularly high-performance computing chips and AI models. In […] February 28, 2025
Construction Barloworld rejects Zahid’s $1.25bn takeover bid Shareholders at South African construction equipment company Barloworld have voted against a takeover offer by Saudi company Zahid Group. The Jeddah-based conglomerate offered to buy shares of the South African listed company at 120 rand ($6.50) apiece, valuing it at around $1.25 billion. The deal failed to secure the majority required, Barloworld said in a […] February 27, 2025
Space Why Gulf demand for satellites is taking off Man has gone there before, but for the Gulf Arab states the space race is only just picking up. Led primarily by the UAE and Saudi Arabia, Middle Eastern countries have spent $25 billion on satellites and other space projects and equipment over the past decade. That number is expected to triple to $75 billion […] February 27, 2025
Health Burjeel wins Abu Dhabi healthcare contract The UAE hospital operator Burjeel Holdings has won a contract from Abu Dhabi worth AED225 million ($61 million) to manage and develop healthcare facilities in the emirate and in Africa. Burjeel will operate five clinics in the cities of Abu Dhabi and Al Ain, and develop a new one in Al Wathba, about 20km south […] February 26, 2025
Mining UAE’s Ambrosia pays $500m to Allied Gold for Mali mine UAE fund Ambrosia Investment Holding has bought a 50 percent stake in a mine in the African state of Mali from Toronto-listed Allied Gold. Ambrosia Investment Holding, a newly formed investment fund chaired by Ahmed Amer Al Amry, agreed to invest about $500 million in Allied Gold, including $375 million for the stake in its […] February 26, 2025
Artificial Intelligence G42’s Presight agrees Albania ‘smart city’ deal Data analytics company Presight, a unit of Abu Dhabi technology group G42, has agreed to work with Albania’s ministry of interior to implement an artificial intelligence-powered “smart city” project in the Balkan state. The project will introduce a traffic management platform in 20 cities and towns across Albania with the aim of reducing congestion and […] February 25, 2025
Logistics DHL buys stake in Saudi logistics company Ajex The US logistics company DHL has bought a minority stake in the Saudi parcel logistics company Ajex to tap into growth in the largest Arab economy. DHL eCommerce bought the stake in Riyadh-based Ajex Logistics Services, the DHL unit said, without disclosing the sum. “We are focusing on markets like Saudi Arabia that exhibit significant […] February 25, 2025
Agriculture UAE’s Aqua Bridge to build aquaculture farm in India A UAE aquaculture company linked to the ruling Al-Maktoum family of Dubai has agreed to develop an aquaculture farm and research centre in the Indian state of Uttar Pradesh at an initial cost of $461 million. Aqua Bridge Group, whose chairman is Sheikh Ahmed bin Mana bin Khalifa Al-Maktoum, said the partnership project in the […] February 21, 2025
Food & Drink Dubai company launches halal-brewed Arabian Ale A Dubai company has launched an ale which has been certified as halal since it contains no alcohol throughout the entire brewing process. Majlis Premium Arabian Ale, which is alcohol free, has been developed by a company called Midtown Factory, using many ingredients found in regular beer. Arabian Ale contains malted barley from Austria and […] February 20, 2025
Tourism Qiddiya to open Mercedes F1 experience centre An experience centre dedicated to high-performance Mercedes sports and F1 cars is being planned for Saudi Arabia’s Qiddiya sports and entertainment city, 20 miles west of Riyadh. The Mercedes-AMG World of Performance will cover 45,000 square metres across nine floors and include immersive attractions and exhibits focused on the car brand and its successful F1 […] February 20, 2025
Gaming Saudi company in talks to buy Pokémon Go maker Scopely, a video game developer and publisher owned by Saudi Arabia’s Public Investment Fund, is reportedly in talks to buy the gaming division of the company that created Pokémon Go. The deal to acquire the video game business of Niantic, a company that develops augmented reality mobile games, could be worth $3.5 billion, according to […] February 19, 2025
Trade Qatar to invest $10bn in India and launch free trade talks Qatar has agreed to invest $10 billion in India as trade ties between the two deepen. The countries have committed to double the level of imports and exports to $28 billion in the next five years and to establish a free trade agreement. A joint statement said Qatar would explore investment opportunities in sectors including […] February 19, 2025
Business of Sport LIV Golf losses outside US widen to almost $400m Saudi-government owned LIV Golf posted a second year of financial losses, widening to almost $400 million in the 12 months to April 5, 2024, through its global tournaments outside the US. UK-based LIV Golf Ltd has attracted some of the world’s biggest names in the sport and runs tournaments in Australia, Singapore, Spain, Mexico, the […] February 19, 2025
Business of Sport PIF’s $1bn Dazn deal creates new Mena sports streamer Surj Sports Investment, a unit of Saudi’s Public Investment Fund (PIF), has acquired a minority stake in UK-based global sports network Dazn. The deal, believed to be worth $1 billion, will establish new broadcasting joint venture Dazn Mena, which the companies say will broadcast live and on-demand sports from Saudi Arabia. The partnership will also […] February 18, 2025
Trade UAE-Ukraine trade deal to increase GDP by $1bn The UAE and Ukraine have signed a comprehensive economic partnership agreement (Cepa) that is expected to increase GDP in the two countries by $1 billion over the next six years. The Cepa allows 99 percent of Ukrainian imports of UAE goods and 97 percent of Ukrainian exports to the UAE to be exempt from customs […] February 18, 2025
Real Estate Kuwait eases property laws around foreign ownership Kuwait is gradually opening its real estate market to foreign ownership. It has now updated its law to allow entities licensed by the Kuwait Direct Investment Promotion Authority (KDIPA), companies listed on the Kuwaiti stock exchange and licensed real estate funds and investment companies to own property in the country for their operations or for […] February 18, 2025
Banking & Finance Mubadala puts $436m into BlackRock’s bitcoin ETF Mubadala has invested $436 million in BlackRock’s bitcoin exchange-traded fund. The Abu Dhabi sovereign wealth fund acquired 8.2 million shares in the iShares bitcoin ETF during the fourth quarter of 2024, according to Mubadala’s latest filing to the US Securities and Exchange Commission. iShares, managed by BlackRock, is one of the world’s largest providers of […] February 17, 2025
Renewable Energy Saudi Arabia’s Taqa and EDF partner on geothermal energy A unit of Saudi-based Taqa group and French state-owned electric utility company EDF have signed an agreement to collaborate on developing geothermal energy projects in the kingdom. Under the agreement Taqa Geothermal Energy and EDF will use their combined expertise to develop HVAC (heating, ventilation and air conditioning) and compressed air energy storage solutions in […] February 17, 2025
Markets PIF invests in delivery app DoorDash and drops Walmart Saudi Arabia’s Public Investment Fund has sold its stake in US retailer Walmart and more than doubled its holdings in ecommerce giant Amazon, it has announced. PIF also invested in food delivery business DoorDash in the three months to December 31, according to the sovereign wealth fund‘s latest filing to the US Securities and Exchange […] February 17, 2025
Energy Oman secures $100m loan to join GCC power grid Qatar Development Fund has signed a $100 million loan agreement with the Gulf Cooperation Council Interconnection Authority (GCCIA) to help finance the connection of the regional power grid to Oman. The project is expected to cost more than $700 million. It involves the construction of two 400 kilovolt (kV) overhead transmission lines connecting the GCCIA’s […] February 14, 2025
Aviation UAE begins mapping corridors for air taxis and cargo drones The UAE has started mapping air corridors and preparing the regulatory framework to allow piloted and autonomous air taxis and cargo drones to take to the skies. The General Civil Aviation Authority and two entities from the Advanced Technology Research Council – Technology Innovation Institute and Aspire – will map out the routes and rules […] February 14, 2025
Markets Delivery Hero to use Talabat IPO earnings to clear bonds Delivery Hero is to buy back about €1 billion ($1 billion) in bonds using proceeds from last year’s Talabat IPO on the Dubai Financial Market. The Berlin-based food delivery company, which bought Talabat in 2015, said it will pay off its convertible bonds due in 2025 and 2026 and up to €350 million for 2027 […] February 13, 2025
