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Gulf’s first casino likely to spur hotel demand in RAK

The Gulf’s first casino, being developed by Las Vegas-based Wynn Resorts in the UAE’s Ras Al Khaimah (RAK), is likely to spur investment in the emirate’s hotel sector through to 2030 to plug an expected shortfall in supply, say developers. Home to the UAE’s sixth biggest town by population, RAK needs to add about 24 […]

Oman advances liquefied hydrogen export project

While countries in the Gulf have big ambitions for hydrogen projects, they are still trying to work out how to export it. Oman, however, is advancing plans to establish what it says is the world’s first commercial scale liquid hydrogen “corridor” to export to Europe green hydrogen produced domestically. Usually, producers think about transforming it […]

$600bn Saudi-US trade pledge ‘unlikely to be achieved’

Saudi Arabia’s pledge to increase trade and investment with the US to at least $600 billion over President Trump’s four-year term is “very optimistic” and “unlikely to be achieved,” according to a Washington-based think tank. Instead the kingdom is prioritising domestic projects and faces lower oil revenue. The commitment was made by Crown Prince Mohammed […]

Adnoc Distribution to spend billions on M&A deals

Adnoc Distribution, the UAE’s largest fuel and convenience retailer, is looking to deploy $2 billion in potential mergers and acquisitions in the Middle East and beyond, a senior executive has told AGBI. Athmane Benzerroug, Adnoc Distribution’s chief strategy, transformation & sustainability officer, said on Tuesday that with a free cash flow of more than $700 […]

UAE latest

The price of bitcoin has risen in recent months and now stands at just over $96,000

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 […]

Emirates has begun flights from Dubai to Bogotá in Colombia, strengthening links between the Gulf and South America

Gulf-South America trade surges as economies grow

When Dubai’s Emirates airline started flying from Dubai to Bogotá in Colombia last summer, it not only provided a vital link between the two cities but also highlighted growing trade and investment links between the Gulf and South America. UAE-Argentina non-oil trade surged more than 70 percent last year to $537 million, according to the […]

Mubadala has invested in Germany's Apleona, which provides services such as HVAC maintenance

Mubadala buys stake in Germany’s Apleona

Abu Dhabi’s Mubadala Investment Company will acquire a minority stake in Apleona, a German facility management services company. Mubadala’s investment was made through a consortium led by Bain Capital’s private equity team and will support Apleona’s growth and development across Europe. The transaction is subject to regulatory approvals. No financial details were given. Apleona provides […]

Profit and revenue at AD Ports both rose last year

UAE’s AD Ports profit up to $1bn

Abu Dhabi state ports business AD Ports Group reported around $1 billion in net profit in 2024, a 24 percent year-on-year increase, as revenue rose by nearly half to AED17 billion ($4.6 billion). Total assets grew by 15 percent year on year to AED64 billion last year. Group CEO Mohamed Juma Al Shamisi said the […]

Adia invested $500 million in Lenskart to acquire 10 percent stake in March 2023

Adia-backed Lenskart to raise $1bn from Indian IPO

Lenskart, a high profile optical retailer which is backed by the UAE’s sovereign fund Abu Dhabi Investment Authority (Adia), is planning to file for a $1 billion initial public offering (IPO). The company’s potential valuation has doubled to $10 billion from $5 billion last year after it raised $200 million from a secondary round, the Economic […]

Saudi Arabia latest

Omar Aldaweesh, CEO of EDF Saudi Arabia, and Meshary Al-Ayed, CEO of TAQA Geothermal Energy Company, signed a memorandum of understanding

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 […]

A DoorDash rider in Chelsea, New York City. PIF has bought nearly 490,000 shares in the delivery company

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 […]

Jeddah Dar Al Arkan

Dar Al Arkan wins $1bn Jeddah real estate deal

A consortium including the Saudi construction company Dar Al Arkan Real Estate Development has been awarded a deal worth SAR4.46 billion ($1.2 billion) covering a square kilometre of land in Jeddah. The consortium includes the real estate investment company Kenzi Al Arabiya and a group of investors, according to a statement filed to Tadawul, the […]

Emirates has begun flights from Dubai to Bogotá in Colombia, strengthening links between the Gulf and South America

Gulf-South America trade surges as economies grow

When Dubai’s Emirates airline started flying from Dubai to Bogotá in Colombia last summer, it not only provided a vital link between the two cities but also highlighted growing trade and investment links between the Gulf and South America. UAE-Argentina non-oil trade surged more than 70 percent last year to $537 million, according to the […]

The  SAR100 billion ($26.7 billion) Masar project in Mecca is one of the largest redevelopment projects in the region

Mecca project developer targets $533m from Saudi listing

Umm Al Qura for Development and Construction (Umm Al Qura), the developer of Masar, a mixed-use project in Mecca, expects to raise between SAR1.8 and SAR2 billion ($480-$533 million) through an initial public offering (IPO) on the Saudi stock exchange. The company has set the IPO price range between SAR14 and SAR15 per share. This month […]

Around the Middle East

Oman homes: Most low-income earners in Oman live in regions such as Dakhiliyah

Oman awards contracts to build homes for low-income nationals

Oman’s Ministry of Housing and Urban Planning has awarded contracts worth $170 million to build homes and related infrastructure for low-income nationals in outlying regions. Of 1.35 million working Omanis, about 12 percent earn a minimum wage, according to official statistics. In 2022, the government raised the minimum wage from $815 to $1,000 per month. […]

Iraq gas, Iraq LNG

Two new LNG terminals in Iraq to replace Iran gas

Iraq is planning to build two offshore liquefied natural gas (LNG) terminals to tackle a persistent electricity supply shortage, its oil minister said on Monday. One facility to receive imported LNG needed to run its power stations will be located in the Faw port under construction in southern Iraq. The other will be at the […]

Kuwait's new debt law will allow it to fund more projects but its budget remains largely reliant on oil revenue

New Kuwait debt law could unlock billions for projects

Kuwait is close to finalising long-moribund legislation around government borrowing that will allow it to take more debt and better finance infrastructure and other projects, its finance minister said. Speaking to local reporters on Sunday, Noura Al-Fassam said the borrowed money would be used in partnership with the private sector. “The debt law is now […]

Emirates has begun flights from Dubai to Bogotá in Colombia, strengthening links between the Gulf and South America

Gulf-South America trade surges as economies grow

When Dubai’s Emirates airline started flying from Dubai to Bogotá in Colombia last summer, it not only provided a vital link between the two cities but also highlighted growing trade and investment links between the Gulf and South America. UAE-Argentina non-oil trade surged more than 70 percent last year to $537 million, according to the […]

Money, Adult, Male

Iraq bans five local banks from US dollar deals  

Iraq’s central bank will ban five more local banks from engaging in US dollar transactions following meetings with US treasury officials. The move is in line with efforts to combat money laundering, dollar smuggling and other violations, two sources with direct knowledge of the matter told Reuters on Sunday. Meetings were held in Dubai last […]

Subsea cables get damaged 'all the time' but Red Sea disruptions made repairs challenging

Red Sea attacks put security spotlight on vital subsea cables

What do Houthi attacks on shipping in the Red Sea, a new data centre in Saudi Arabia and the icy waters of the Baltic Sea have in common? In short, they reflect a new Gulf Arab, and indeed global, focus on protecting vital submarine cable networks and potentially developing alternative, terrestrial routes. The Yemeni militia’s […]

Air Arabia added 31 new routes in 2024, which led to a 13 percent year-on-year increase in operational capacity

Regional tensions fail to dampen Air Arabia’s ascent

Fourth-quarter profit of Air Arabia, which trades on the Dubai Financial Market, rose 56 percent despite regional tensions and effective cost control, the company said. The low-cost airline, in which the government of Sharjah also has a stake, reported a net profit of AED351 million ($95.6 million) in the last quarter of 2024, compared to […]

Workers on the high tension transmission lines performing maintenance

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 […]

Topics:

Turkey Latest

Car, Transportation, Vehicle

Turkey’s Togg considers factories in Asia

Turkey’s electric vehicle (EV) maker Togg is looking to expand manufacturing to Asian countries such as Malaysia, Indonesia and Pakistan, President Tayyip Erdoğan has said. Pakistan has already expressed interest in producing Togg vehicles, Daily Sabah reported citing the president. Erdoğan has given Toggs to each of the leaders of the three nations, saying it is […]

Turkey tourists earthquake Bodrum

Tourists shun Turkish resort over earthquake fears

Hotel bookings in the popular tourist resort of Bodrum on Turkey’s Aegean coast are down because of fears over earthquakes and tsunamis. The Greek island of Santorini has recently suffered a spate of quakes, which has prompted an exodus of tourists. The Bodrum Hoteliers Association said early season hotel reservations are down on this time […]

Turkey president Tayyip Erdoğan and Pakistan's Prime Minister Shehbaz Sharif addressing a press conference in Islamabad

Turkey and Pakistan target $5bn bilateral trade

Turkey and Pakistan plan to increase bilateral trade to TL180.5 billion ($5 billion) after it rose 30 percent year on year to $1.4 billion in 2024. “The bilateral trade volume between Turkey and Pakistan reached its highest level in 2024,” Daily Sabah newspaper reported, quoting President Tayyip Erdoğan’s speech at a business forum in Islamabad. […]

Turkey has more than 6,000 hectares devoted to cultivating flowers and plants, including extensive greenhouses

Cut flowers are a growth industry for Turkey

February is the busiest month for Turkey’s cut flower exporters, as Valentine’s Day on the 14th of the month results in 70 million or more blooms being shipped to markets across the continent. Revenue of between $8 million and $10 million is expected, and with International Women’s Day following close behind on March 8, increased […]

The average age of Turkish farmers is increasing but some observers say money, not tech, is the solution to their problems

Tech incubator aims to refresh Turkish farming

The average age of a Turkish farmer is more than 58, according to data from the Union of Chambers of Agriculture of Türkiye, a problem aggravated by the rising tide of young Turks abandoning rural life for the big cities.  The İzmir Agricultural Technology Centre (İTTM), based in Turkey’s western Aegean region, aims to change […]

Egypt Latest

Shop, Shopping Mall, City

Emaar to up investments in Egypt by another $7bn

Emaar Properties, Dubai’s largest listed developer by market capitalisation, intends to increase its investments in Egypt to $25 billion over the next three years, up from the existing $18 billion, the company’s founder Mohamed Alabbar has said.   The increase reflects growing confidence in Egypt’s real estate market, Al Arabiya, an Arabic-language news channel, reported citing […]

DP World's 300,000 sq m facility in the Suez Canal Economic Zone is set for completion in June 2025

DP World nears opening of $80m logistics hub in Egypt

Global ports operator and logistics company DP World has completed nearly two-thirds of the work on the first phase of a $80 million logistics hub in Egypt’s Suez Canal Economic Zone. The 300,000 sq m complex is due for completion in June. It aims to reduce logistics costs and strengthen connections between Egypt, the Middle East […]

Arab Contractors Company-Equatorial Guinea Ltd has nearly €1.5 billion of projects in the pipeline

Egyptian contractor to build houses in Equatorial Guinea

Egypt-based Arab Contractors Company will build 100,000 housing units in Equatorial Guinea as part of a cooperation agreement signed between the two governments. The mega project will be under the direct supervision of Egypt’s housing ministry. Financial details of the project were not disclosed. The ministry is currently supervising the Tanzanian dam project, which is […]

Adult, Male, Man

Egypt raises minimum wage in private sector by 17%

Egypt’s private sector minimum wage will increase by 17 percent to EGP7,000 ($139) a month from EGP6,000, effective March 1, following directives from president Abdel Fattah Al-Sisi. A minimum wage for part-time workers will also be introduced for the first time, providing a net hourly wage of at least EGP28 ($0.56), the state-run National Wages […]

Spain Egypt Cairo metro study Typsa

Egypt and Spain sign Cairo metro extension study

Egypt and Spain have signed a development financing agreement worth over $1 million for a preliminary feasibility study on extending Cairo Metro’s Line 1.  The project involves extending the oldest of the city’s three metro lines from New Marg to Shibin El Qanater, north of Cairo. The 19km extension features 14 stations. Spanish company Typsa […]

Features

Canada’s Barrick seeks to tap $2trn of Saudi minerals

A year ago Saudi Arabia almost doubled the estimated value of its mineral resources, from $1.3 trillion to $2.5 trillion, primarily on higher prices for strategic minerals.  Now the country has the fastest-growing mining sector in the world, mining minister Bandar Alkhorayef said, speaking at an investment conference in Riyadh last month. Production rates are […]

Mashreq: inspired by your vision, empowering your success

Founded in 1967, Mashreq is the UAE’s oldest bank. Its deep-rooted industry knowledge and experience in an increasingly dynamic financial landscape make it uniquely equipped to meet its corporate clients’ needs. Operating across key regions including Mena, Asia, Europe and the US, Mashreq Corporate leverages its international network, industry insights and operational flexibility to help […]

Advertorial

Turkey’s rebuilding goes on two years after devastating quakes

Two years since twin earthquakes devastated much of Turkey’s southern region, the country is still picking up the pieces. Fewer than one-third of the 680,000 homes lost have been rebuilt so far and 600,000 people are still living in converted shipping containers. More than 53,000 people lost their lives in the February 6 earthquakes, which […]

Nayla Tueni: ‘I am a journalist, a journalist, a journalist’

Nayla Tueni is as close as you get in the Middle East to media aristocracy. She is the fourth generation of a family that, for the best part of a century – through wars, assassinations, man-made disasters and economic crises – has kept publishing Annahar, a Lebanese broadsheet described by Time magazine as “the newspaper […]

People & Lifestyle

A survey found that only half of Gulf respondents managed to sleep the recommended six to eight hours per night

Tech specialists tap into Gulf’s market of the sleep deprived

People in the Gulf are among the worst sleepers in the world, research has found – and that makes the region a rousing proposition for sleep-aid businesses such as the US pair Whoop and Eight Sleep. A survey of 2,727 people across the GCC, published last month, found that only half manage to sleep for […]

Dubai WFH office demand

Dubai WFH push unlikely to curb strong office space demand

Dubai’s policy of encouraging people to work from home to help curb the city’s growing traffic congestion is unlikely to dent the high demand for office space and rising commercial rental rates, real estate experts say. “Remote work is here to stay, let us it embrace together,” Omar Al Olama, UAE minister of state for […]

On Sunday, the ministry of human resources and social development announced expanded Saudisation targets that would increase the proportion of Saudi professionals across 269 industries The Human Resources Development Fund (Hadaf) contributed to the employment of 437,000 Saudi citizens in the private sector in 2024

Saudi fund helps 17% more citizens join private sector

The Human Resources Development Fund (Hadaf) contributed to the employment of 437,000 Saudi citizens in the private sector in 2024, 17 percent more than the year before, the fund has announced. The fund said it also provided training and guidance services to 2 million people last year in support of the kingdom’s “Saudisation” efforts to […]

Digital billboards: Backlite Media’s “Dubai Jawhara” on the Sheikh Zayed Road, between The World Trade Centre and Dubai Mall

The million-dirham draw of digital billboards

Revenues for billboard operators have grown as much as eightfold in the past few years as digitalisation has given out-of-home (OOH) advertising a notable boost. Sometimes seen as a bellwether for the local economy, billboards get plenty of viewing time in places such as Dubai during morning and evening traffic rush hours when cars are […]

A currency exchange office in Ankara. Turkey's government is planning a second pension payment increase in June this year

Turkey faces $3bn payout for pensioners and wage support

Turkey will have to pay out an estimated TL110.8 billion ($3.12 billion) after increasing minimum pension payments and wage support to companies. Vedat Isıkhan, the labour minister, announced on January 7 that the minimum monthly state pension would be increased by 15.75 percent, taking the base rate payment to TL14,469 ($409). Nearly 3.87 million pensioners will benefit […]

Shoppers in Dubai Mall. Retail price discounting in the UAE has been described by one analyst as 'a race to the bottom'

UAE and Kuwait companies struggling to hire staff

Companies in the UAE and Kuwait are struggling to afford new staff as a result of squeezed margins, according to the latest business sentiment survey. For the third successive month, non-oil companies operating in the UAE highlighted a reduction in prices charged, with discounting used to support sales amid a highly competitive market. This was […]

Around the world

Almasadam Satkaliyev, Kazakhstan's energy minister, told a briefing that Opec+ will meet to discuss a response to Trump's plans

Opec+ to take joint stance on Trump oil policy

The Opec+ group of leading oil producers is set to discuss President Donald Trump’s efforts to raise US oil production and take a joint stance on the matter, Kazakhstan said on Wednesday. Trump last week laid out a sweeping plan to help maximise oil and gas production, including by declaring a national energy emergency to speed up permitting […]

Jordan's King Abdullah II and European Commission President Ursula von der Leyen at the Joint Declaration signing in Brussels

EU’s $3bn to back Jordan’s economy amid challenges

The European Union (EU) will provide a €3 billion ($3.13 billion) financial package to Jordan to support its growth, as it manages the impact of regional geopolitical challenges. The 2025-2027 financial package will include €640 million in grants, €1.4 billion in investments, and €1 billion in macro-financial assistance. “Jordan is a key partner for Europe in the Middle […]

International Airport in Kuala Lumpur. The GDA consortium plans to upgrade infrastructure and improve airline connectivity to support growth

Adia-backed bidders close in on Malaysia Airports buy-out

A $4.2 billion bid to buy out Malaysia Airports backed by the Abu Dhabi Investment Authority (Adia), the emirate’s biggest sovereign wealth fund, has moved a step closer. Shareholder acceptance of the bid is above 95 percent. The offer is by a consortium called the Gateway Development Alliance (GDA), which is led by Malaysia’s sovereign […]

A rendition of 2 Finsbury Avenue, which is being built in the City of London as a joint venture between Modon Holding, British Land and GIC

London tower project announced by Abu Dhabi’s Modon

A joint venture with property developer British Land and the Singapore sovereign wealth fund GIC to develop a dual high-rise office-led tower project in central London has been announced by Abu Dhabi’s Modon Holding.  The partnership will deliver a 750,000 square feet mixed-use project at an office-led campus in Broadgate in the City of London. It […]