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Top stories

Trump Iran oil

On top of Trump’s to-do list: sanctions against Iran

The Trump 2.0 presidency is likely to strengthen significantly sanctions against Iran and its oil exports, industry experts believe. Donald Trump was declared the winner of the US presidential election on Wednesday, with his second stint in the White House due to begin in January. High up on his to-do list is dealing with Iran, […]

The US is keen to work with go-getting tech companies in the Middle East

US and China in race to get their tech into Gulf markets

Gulf countries are likely to face mounting pressure to adopt American technology as the US tries to exploit its best-in-class semiconductor and artificial intelligence products to muscle China out of their markets before the Asian superpower catches up. The US is walking a fine line between increasing the regional uptake of its chips and software […]

Investcorp's Saudi MD tells AGBI about the Bahrain investor's plans Video length: 03:54

Investcorp refocuses on inward GCC investment

Bahrain’s Investcorp is involved in investment-related initiatives worth $4 billion, the latest of which is a commercial partnership with Awaed, the first commission-free Saudi trading platform. After investing heavily in the US and Europe, it is now focusing more to GCC opportunities. AGBI spoke to Investcorp’s Saudi Arabia MD Mashaal AlJomaih in the video above.

Trending

  1. UAE-Australia trade expected to triple after Cepa deal

  2. Sotheby’s pins hopes on Saudi auction launch

  3. Oil prices rise amid Trump presidency threat to supply

  4. Real-estate growth pushes IHC revenue up by 49%

  5. Lucid’s Jeddah factory targets new Middle East territories

OPINION & Analysis

Best of AGBI

Morocco's King Mohammed VI and French President Emmanuel Macron sign documents in Rabat: Macron’s recent visit saw a thawing of political relations

Macron’s Morocco trip the catalyst for $11bn in deals

France and Morocco have announced a series of deals, from railways to phosphates to renewables, worth up to $11 billion during a state visit last week by Emmanuel Macron, his first to the north African kingdom since becoming president in 2017.  The 22 deals followed French recognition of Morocco’s claims to the disputed Western Sahara […]

Muscat maps out its future development plans

Muscat is set to approve a plan that will create a central 55km spine where much of the future development of the Omani capital city will take place.  The city is predicted to double in size by 2040. The Greater Muscat Structure Plan, awaiting approval at cabinet level, provides a map of where future growth […]

How the UAE has made a global mining power grab

Embracing copper from Peru, lithium from Zimbabwe, tantalum from Kenya and bauxite from Pakistan, the UAE’s mining interests nowadays span three continents. Trade deals with Australia and New Zealand agreed in September may also soon see those interests Down Under. Certainly, Australia’s minister for trade and tourism, Don Farell, hopes so. “The negotiated package,” he […]

Formal Wear, Accessories, Tie

logistics

India and the GCC have a shared vision of a multi-polar world

John Manners-Bell, CEO, Transport Intelligence Ltd

UAE latest

UAE foreign minister and deputy prime minister Abdullah bin Zayed Al Nahyan is greeted by Australian prime minister Anthony Albanese at Parliament House in Canberra

UAE-Australia trade expected to triple after Cepa deal

Trade between the UAE and Australia is expected to grow threefold in the next eight years following the signing of a comprehensive economic partnership agreement (Cepa) on Wednesday.  The trade agreement will eliminate tariffs on more than 99 percent of Australia’s exports to the UAE.  The deal, which was announced in September, is expected to […]

Sefe CEO Dr Egbert Laege and Adnoc executive vice president Fatema Al Nuaimi sign the long-term LNG supply deal

Adnoc signs LNG supply deal with Germany’s Sefe

State-owned Abu Dhabi National Oil Company (Adnoc) will supply liquefied natural gas (LNG) to Germany’s Sefe for 15 years starting in 2028 from its lower-carbon Ruwais LNG project. The agreement to sell 1 million tonnes per annum (mtpa) converts the previous heads of agreement signed in March to the first long-term definitive agreement, the UAE energy […]

Growth in IHC's real estate and construction segment was driven by an increase in Aldar’s revenue from strong property development sales

Real-estate growth pushes IHC revenue up by 49%

Abu Dhabi conglomerate International Holding Company (IHC) said revenue surged 49 percent year on year for the first nine months of 2024 to AED64 billion ($17.4 billion), supported by the real estate and construction segment. The segment’s growth was driven by an increase in Aldar’s revenue from strong property development sales, higher income from acquisitions […]

Dubai Taxi says it remains optimistic about future growth across all its business segments

Dubai Taxi revenue up but profit slides

Revenue at Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, rose 13 percent year on year to AED1.6 billion ($436 million) in the first nine months of 2024. The company said the result was due to a positive macroeconomic environment, a rise in tourism and population growth. The taxi segment was the primary […]

The US is keen to work with go-getting tech companies in the Middle East

US and China in race to get their tech into Gulf markets

Gulf countries are likely to face mounting pressure to adopt American technology as the US tries to exploit its best-in-class semiconductor and artificial intelligence products to muscle China out of their markets before the Asian superpower catches up. The US is walking a fine line between increasing the regional uptake of its chips and software […]

Saudi Arabia latest

Sales agents taking bids at a Sotheby's auction in London. The 2025 auction will mark the opening of the company's Riyadh office

Sotheby’s pins hopes on Saudi auction launch

Sotheby’s is to open an office and stage its first auction in Saudi Arabia next year.  The new branch will be located in the Faisaliah Tower in the capital Riyadh. The auction will take place on February 8, 2025 in the Unesco World Heritage site of Diriyah.  Prior to the auction, an exhibition featuring the […]

Investcorp's Saudi MD tells AGBI about the Bahrain investor's plans Video length: 03:54

Investcorp refocuses on inward GCC investment

Bahrain’s Investcorp is involved in investment-related initiatives worth $4 billion, the latest of which is a commercial partnership with Awaed, the first commission-free Saudi trading platform. After investing heavily in the US and Europe, it is now focusing more to GCC opportunities. AGBI spoke to Investcorp’s Saudi Arabia MD Mashaal AlJomaih in the video above.

KHC is to resume building what will be the world’s tallest tower in Jeddah

Kingdom Holding’s profit rises 36% to $319m

Kingdom Holding Company (KHC), founded by Saudi billionaire Prince Alwaleed Bin Talal and the developer behind what will be the tallest tower in the world, said nine-month 2024 net profit jumped 36 percent to SAR1.2 billion ($319.4 million) from SAR856 million a year ago. The higher profit was driven by an increase in the share […]

Saudi Arabia's EV ambitions take shape as Lucid's Jeddah plant moves towards full production

Lucid’s Jeddah factory targets new Middle East territories

Lucid, the Saudi-owned electric vehicle manufacturer based in the US, is moving to full production at its Jeddah factory, with a target capacity of 150,000 cars a year within three years, its robotics provider, Rockwell Automation, said this week.  “Currently it’s for domestic use but when the expanded plant is done, they will cover all […]

Around the Middle East

A KFC store in Cairo. Americana brands across the Mena region have been suffering from a customer boycott

Americana CEO says boycott ‘worst is behind us’

Americana Restaurants, the Middle East franchise owner for KFC, Pizza Hut, Krispy Kreme and Hardee’s, believes the company has weathered the worst of the boycott issues it faced this year, which led to a significant slump in its profit. CEO Amarpal Sandhu said it is not predicting a “hockey stick recovery” – a sudden and […]

Beta electric aircraft

QIA helps raise $318m for US electric aircraft maker

A funding round led by the Qatar Investment Authority (QIA) has raised $318 mlllion for Beta Technologies, a US electric aerospace company that is developing all-electric aircraft and infrastructure.  Beta, based in Vermont, said the series C equity capital funding would help support the production, certification and commercialisation of its fixed-wing and eVTOL (electric vertical […]

More oil could come from Opec producer Iran as Tehran has approved a plan to increase output by 250,000 barrels per day

Oil trades in tight range ahead of US election result

Oil prices traded in a narrow range on Tuesday ahead of what is expected to be an exceptionally close US presidential election, after rising more than 2 percent in the previous session as Opec+ delayed plans to hike production in December. Brent crude futures were up 45 cents, or 0.6 percent, to $75.53 a barrel by 12:26 […]

The 44.01 team. Together with Adnoc the company mineralised 10 tonnes of CO2 in Fujairah in under 100 days

Adnoc and Oman’s 44.01 scale up carbon-to-rock project

Abu Dhabi National Oil Company (Adnoc) and Omani company 44.01 have announced plans to scale up their carbon-to-rock project in the emirate of Fujairah following the successful completion of a pilot initiative. Muscat-based startup 44.01 – named after the molecule mass for CO2 – uses technology to accelerate a natural process in which carbon dioxide […]

A Volkswagen plant in Emden, Germany. Qatar's substantial investment in the carmaker could have provided better returns elsewhere

Volkswagen’s troubles sour Qatari investment

Volkswagen’s shares have tumbled by more than two-thirds from a 2021 peak, slashing the value of Qatar’s stake in the German conglomerate, as shrinking margins, weakening sales and production overcapacity weigh on the troubled automaker’s bottom line. Even with several billion dollars accrued in dividends since Qatar Holding invested in 2009, Volkswagen’s problems suggest the […]

Passengers in Terminal 3 at Dubai Airport. The UAE and Saudi Arabia reported respective air traffic growth of 39 percent and 30 percent

Gulf air traffic rebounds but fares still high

Air traffic in the Middle East and North Africa region has rebounded beyond pre-pandemic levels, with Saudi Arabia and the UAE marking the highest gains in volume. Traffic up to the second quarter of 2024 has also surpassed levels seen before 2020, according to a study by Airports Council International (ACI).  Bahrain (+24 percent), Qatar […]

If the Maaden deal goes ahead it will create the seventh largest aluminium manufacturer in the world

Bahrain’s Alba looking to Europe after Maaden deal

Aluminium Bahrain (Alba) will keep exploring mergers and acquisitions, with a particular eye on Europe, once it completes its multi-billion dollar deal with Saudi Arabian Mining Company (Maaden). The deal is expected to be signed off in the first half of next year. The two companies penned a non-binding agreement in September and are in […]

Investors check prices at Oman's stock exchange. OQ Base Industries is due to list in December

OQ’s methanol unit is latest in Oman’s privatisation push

OQ Base Industries is to sell up to 49 percent of its shares through an initial public offering in Oman – the fourth flotation of an OQ subsidiary since March 2023. The Omani state oil company raised OR748.8 million ($1.94 billion) in October by offloading a 25 percent stake in its upstream subsidiary OQ Exploration […]

Topics:

Neom
HYDROGEN
SAUDI VISION 2030
IPOs
mergers & acquisitions
crypto
Electric cars
israel-hamas war
FOOD SECURITY
islamic finance
ukraine-russia war
OPEC
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Turkey Latest

Coca-Cola Turkey

Boycotts help send Turkey’s Coca-Cola sales down

A boycott of brands seen as supporting Israel in the Middle East has helped bring a double-digit drop in third-quarter sales in Turkey and Pakistan for a Coca-Cola subsidiary. Coca-Cola Icecek (CCI), which is based in Istanbul, said sales in Turkey in Q3 fell 12.2 percent, while sales in Pakistan were down by 22.9 percent. […]

UAE Turkey trade DMCC

More Turkish companies open in UAE after trade deal

A free trade agreement between the UAE and Turkey has been followed by a jump in the number of Turkish companies opening offices in the UAE.  The signing of the comprehensive economic partnership agreement (Cepa) between the two nations in March 2023 was designed to create greater collaboration and remove tariffs on a range of […]

Turkish Airlines' fleet consists of 467 aircraft, with Airbus and Boeing split at 56 percent and 44 percent, respectively

Turkish Airlines profit falls despite revenue rising 8%

Revenue at Turkish Airlines rose 8 percent year on year in the first nine months of 2024 to $17 billion, driven by increased passenger numbers. The airline flew 65 million passengers from January to September, rising 2 percent annually, according to its latest investor presentation. Passenger revenue climbed 3 percent year on year to $14 billion, […]

Trendyol

Alibaba-backed Trendyol plans $2bn Gulf investment

Trendyol, Turkey’s largest ecommerce platform, is to invest $2 billion in the Gulf region over the next three years. The company is backed by Chinese tech giant Alibaba, and has established a presence across all six GCC countries. It has had rapid growth in Saudi Arabia, now its second-largest market, in particular. Its group president, […]

A greengrocer at a food market in Uskudar, Istanbul. Turkey's October inflation figure was higher than expected

Turkish inflation sticks on food and rental costs 

Turkey’s inflation remains stubbornly resistant to efforts to bring it under control, easing only marginally in October as food and rental pricing pressures continued to build.  Annualised inflation dipped to 48.5 percent in October, down slightly from 49.3 percent the preceding month. Month on month, consumer prices were up 2.8 percent, just under September’s 2.9 […]

Egypt Latest

Water, Waterfront, Construction

Suez Canal Economic Zone plans $3bn investment

Egypt’s Suez Canal Economic Zone (SCEZ) plans to invest $3 billion on infrastructure over the next few years to attract new investors, chairman Waleid Gamal El-Dein said. “We have been able to attract more than $6.3 billion of investments in various sectors and logistics and ports,” he told Reuters, expecting the number of projects to […]

The undersea cable will connect Duba (pictured) in Saudi Arabia with Sharm El Sheikh in Egypt

First Saudi Arabia-to-Egypt subsea cable announced

Mobily and Telecom Egypt have signed an agreement to lay the first subsea cable between Saudi Arabia and Egypt, the companies announced in a joint press statement on Monday. The new cable will connect the Red Sea resort of Sharm El Sheikh with the Saudi city of Duba. Egypt already has landing points for 18 […]

Eni had paused its operations at the Zohr gas field but plans to resume drilling in Egypt by the end of the year

Italy’s Eni will restart gas drilling in Egypt and Libya

Italian energy company Eni is reviving its exploration operations on Zohr, Egypt’s largest natural gas field, by the end of the year, its CEO confirmed on Monday. “After some time, we were not really working on Zohr, we will restart drilling by the end of the year, and we are going to drill another well […]

IMF managing director Kristalina Georgieva and Egyptian prime minister Mostafa Madbouly at a press conference

Egypt awaits $1.3bn loan from IMF as review begins

The International Monetary Fund (IMF) will conduct its fourth review of Egypt’s loan programme on Tuesday, after which $1.3 billion is expected to be released, Egyptian prime minister Mostafa Madbouly has said. The IMF team will collaborate with officials from the Central Bank of Egypt (CBE) and various ministries, local media reported, citing Madbouly’s speech […]

United Marine Egypt Shipping will receive an undisclosed number of the Regent seaglider

Egyptian company buys into Neom-backed seaglider

United Marine Egypt Shipping will be the launch customer for a large passenger seaglider that is designed to travel at high speeds over water.  US maritime transport company Regent said UME will be the first to receive its Monarch seaglider. The Monarch is a 50-to-100-passenger electric craft that Regent says will travel up to 650km […]

Features

The remaking of Riyadh ahead of World Expo 2030

Expo 2030 is already propelling real estate development in Riyadh six years before the international fair is scheduled to take place – and, along with other giga-projects, is helping to shift the city’s core to the north. The World Expo, which typically takes place in a different city every five years, is expected to occupy […]

UK is ‘actively seeking’ Gulf investors, says trade minister

“Britain is back and Britain is open for business,” UK trade minister Douglas Alexander has told AGBI.  In an interview at the Future Investment Initiative summit taking place this week in Riyadh, Alexander said the Labour government’s budget on Wednesday would seek to “raise the level of investment in the UK economy”. “The kind of […]

Diwali gold buyers change their approach as prices rise

Dhanteras, the first day of Diwali, is seen as an auspicious time to buy gold by the Gulf’s roughly three million Hindus. But as the price of gold hits record levels consumers are shopping differently, gold traders told AGBI. Gold’s price has surged by 34 percent in the past year alone. This trend is being […]

People & Lifestyle

A perfume shop in Sabya, Saudi Arabia. The country's fragrance sector is worth $2.3bn

Investors scent riches in Middle East perfume

The retail offering of Al Majed for Oud Company was more than nine times oversubscribed this week, as investors rushed to buy up the first tranche of 1.5 million shares in the Riyadh-based perfume and oud products manufacturer. The full listing of 7.5 million shares, or a 30 percent stake in the company, will raise […]

Saudi Arabia tourism projects Dragon Ball theme park

Arab Disneyland and Da Vinci: Saudi Arabia’s two great hopes

Saudi Arabia is spending billions on tourism projects at the heart of its grand plan to transform a once isolated kingdom into a global tourist destination. But a nagging question is haunting policymakers: will the world pay attention?   Tourism numbers are rising, hitting 27.4 million in 2023, but half of those were religious visitors.  The […]

Lionel Messi poses for a photo at Dubai Expo 2020. He and his Argentina teammates will soon be appearing on 'giant billboard on Sheikh Zayed Road' to advertise property

Project stardust: why Dubai developers still want celeb tie-ins

Lionel Messi, Rohit Sharma and Chris Hemsworth are just some of the famous faces who have promoted UAE real estate in recent years. Superstar sportsmen and Hollywood heroes do not come cheap, but are they really a good investment for developers or just an excuse for the CEO to get a selfie?  Many industry observers […]

Around 3.5 million bottles of Champagne were shipped to the Gulf states in 2023, an increase of about 40 percent

Champagne shipments to the Gulf slow but still flowing

The growth in champagne shipments to the Gulf has slowed in recent years but the market is still one of the strongest in the world, bucking a global trend for declining sales. Around 3.5 million bottles of champagne were shipped to the Gulf states in 2023, an increase of about 40 percent, according to data […]

Around the world

Swiss gold

Record gold price dents demand for Swiss bullion in Gulf

Swiss gold exports to Saudi Arabia and the UAE have slumped in the past year, as its price rose by more than 30 percent driven by geopolitical challenges. Gold passed $2,700 per ounce on Friday for the first time ever. A year ago it was $1,980 per ounce, and a month ago $2,559. While global […]

Manara's stake in First Quantum Minerals’ Zambian operations could be worth between $1.5bn and $2bn

PIF’s Manara in talks to buy minority stake in Zambian mines 

Manara Minerals, a joint venture between Saudi Arabian Mining Co (Maaden) and the sovereign Public Investment Fund (PIF), is in advanced talks to acquire 15 to 20 percent in Canadian miner First Quantum Minerals’ Zambian copper and nickel assets. The stake could be potentially valued between $1.5 billion and $2 billion, Reuters reported, citing informed […]

Visitors tour the exhibition halls at Gitex Global. This year's expo runs until October 18

Tech startups drive rise in Ireland’s exports to UAE

Exports from Ireland to the UAE rose by 21 percent last year, driven by Irish technology and healthcare companies.  The trade agency Enterprise Ireland says exports to the GCC increased 13 percent last year, reaching €532.5 million ($580 million). Qatar had the region’s fastest growth in exports from Ireland last year, with a rise of […]

A Mitsubishi H3 rocket on the launchpad in Japan. The UAE will use the model in its asteroid belt mission

UAE and Mitsubishi sign agreement for asteroid belt mission

The UAE has signed an agreement with Mitsubishi Heavy Industries to provide services for its 2028 mission to the asteroid belt.  The Emirates Mission to the Asteroid Belt – the first multiple-asteroid tour and landing mission to the main belt that lies between Mars and Jupiter – will launch the Mohammed Bin Rashid Explorer spacecraft […]