Saudi domestic capital to shoulder lion’s share of funding for Vision 2030

Halfway through Vision 2030, the kingdom has started to tap into domestic capital and debt financing to get some of its most futuristic projects off the ground.

Sebastian Castelier

In Dubai, reporting on regional business

Oman's oil and gas sector drives 30% GDP growth in 2022

Oman’s hydrocarbon sector growth rate was 61.6% from 2021 to 2022, compared to non-hydrocarbon sector growth at 16.9% during the same period, according to the Central Bank of Oman (CBO) 2022 Annual Report.

Oman

Saudi Arabia inches closer to nuclear power with wider IAEA access

The kingdom's energy minister said that the country plans tougher checks by the International Atomic Energy Agency on its nuclear activities.

Saudi Arabia

UAE, other Gulf states shift from talk to action on carbon capture tech

The idea of capturing and storing carbon emissions instead of letting them enter the atmosphere is gaining momentum in some parts of the Gulf region. It is also the necessary tool to rebrand hydrogen produced from fossil fuels from "gray" to "blue."

Legacy: Gulf

Gulf airlines flex might as Riyadh Air fuels new competition

The Gulf’s Big Three carriers are flying high as profits and passengers return.

Samuel Wendel

In Washington, DC, reporting on regional business and tech

China’s Bomesc to build $220M Qatar offshore oil, gas facility for Italy’s Saipem

The Tianjin-based engineering, procurement and construction company will build the compression facility for an oil and gas field off the coast of northern Qatar for industrial machine manufacturer Servizi Energia Italia.

Qatar

Turkey’s Central Bank hikes interest rates to 30%

The bank cited higher-than-expected inflation rates and rising oil prices for the hike.

Turkey

Russia becomes UAE’s top gold supplier as Ukraine sanctions bite

The United Arab Emirates bought 96.4 tons of gold from Russia in 2022, making it Moscow's top gold importer.

United Arab Emirates

China development financier AIIB opens first global office in UAE

Bank officials expect that the new Abu Dhabi location will help extend their reach to finance sustainable development projects.

United Arab Emirates

UAE eyes Serbia trade deal as CEPA blitz continues

Non-oil trade between the two countries reached $57.6 million in the first half of 2023, surpassing their entire non-oil trade value for the year 2020.

United Arab Emirates

Egypt’s industrial sector to record modest growth despite government push

Egypt seeks to streamline and accelerate the development of local manufacturing to ultimately narrow its negative trade balance.

Marc Español

China’s Alibaba to invest $2 billion in Turkey

The news follows economic changes in Turkey as well as improving ties between Turkey and China.

Turkey