Saudi tech giant expands investments into China, AI as part of $100B plans

Alat plans to invest $100 billion by 2030 to coincide with Crown Prince Mohammed bin Salman’s Vision 2030 plan to wean the kingdom’s economy off of its reliance on oil.

Saudi Arabia

Egypt’s Sisi: Suez Canal revenue down as much as 50% over Red Sea attacks

The decrease in revenue and traffic in the canal due to attacks by Yemen’s Houthi rebels is exacerbating Egypt’s foreign currency shortage and overall economic crisis.

Egypt

South Korea seeks Gulf business boom with new advantages over rivals China, Japan

Samuel Wendel

In Washington, DC, reporting on regional business and tech

Israel’s Ashdod port bounces back from Gaza war setback

Israel's Ashdod port is grappling with increased competition, threats from Yemen's Houthis and other regional challenges.

Israel

Turkey to play 'important role' in sukuk market despite paused UAE deal

Turkey has been looking to shore up financing to help it rebuild its economy after devastating twin earthquakes in 2023 killed more than 53,000 people and cost the country north of $50 billion.

Turkey

Analysis

Oman’s privatization plan poised to pump out more IPOs

Muscat has planned an IPO listing spree and divestment drive for 2024 with the goal of moving from frontier to emerging market status.

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

Dubai mega-resort axes casino plans amid UAE gambling ambiguity

MGM Resorts International said its $2.5 billion mega-project in Dubai will not have a casino, though the United Arab Emirates could allow gambling in the not-so-distant future.

Legacy: Gulf

Analysis

Germany to import Algerian gas, eyes long-term renewables partnership

Berlin needs to convince Algiers that green hydrogen production for export is technically feasible and economically viable.

By Jack Dutton

In Bristol, reporting on regional business, climate change, AI, tech

How critical is UAE-India trade corridor in countering China & Red Sea tensions?

The agreement comes amid continuing Houthi attacks in the sea route that are disrupting global trade, and further indicates strengthening UAE-India relations.

Legacy: Gulf

Recovery for ailing Israeli tech sector looks distant

David Rosenberg

In Tel Aviv, reporting on business and tech

ADNOC, BP form natural gas joint venture in Egypt

The British energy major said Wednesday it would contribute its interests in three development concessions and exploration agreements in Egypt to the joint venture.

Egypt

Saudi energy minister reveals why Aramco cut oil target by 1m bpd

In January, the world's biggest corporate crude producer said it would halt its oil expansion plan and set a minimum sustained production capacity of 12 million bpd, 1 million bpd below its target announced in 2020 to be reached in 2027.

Saudi Arabia