Senior officials from Saudi Arabia and Peru held virtual discussions last week about opportunities to jointly tap into 5 million tons of lithium reserves in the Andean country’s southern Puno region. Alamy via Reuters | A lithium worker in Argentina. The soft metal is a vital ingredient of EV batteries Saudi to grow EV manufacturing Lithium is critical to batteries Talks with Peru, Argentina and Chile This is the latest chapter in the kingdom’s all-of-the-above pursuit of the

Saudi Arabia’s Public Investment Fund is expanding its US footprint by backing a proposed skyscraper in New York City. Alamy/Clare Jackson via Reuters Connect Sightseers take photos of the towers that encircle Central Park in Manhattan. The PIF-backed skyscraper will be 1,200 feet tall The PIF is taking a two-thirds stake in a development site near Central Park, the Wall Street Journal reported. The 1,200-foot office building is being built in partnership with US real estate

Abu Dhabi developers have embarked on an arduous quest, seeking specialist contractors to build theme parks and other entertainment destinations. Alamy/Del Jones Photography via Reuters Connect The Mission Ferrari ride at Ferrari World – one of several theme parks on Abu Dhabi's Yas Island Theme parks planned for Yas Island Aldar: ‘Challenging to find right partners’ Miral sets July deadline for Potter tender The emirate’s project pipeline includes Disneyland Abu Dhabi and a

Public listings offer access to capital markets but they do not resolve the issues that often plague family businesses, the chairman of one of the Gulf’s largest and oldest family-owned conglomerates has told AGBI. Alamy via Reuters | Listing is seen as a way to professionalise family-run companies, but Mishal Kanoo argues that it does not fundamentally change family dynamics Interview with Mishal Kanoo 85% of Gulf companies family run IPOs can’t resolve their issues Those c

A prominent Dubai business leader has downplayed the threat of tariffs from the incoming US administration of Donald Trump. Hindustan Times/Sipa USA via Reuters | DP World chairman and CEO Sultan bin Sulayem met with Indian prime minister Narendra Modi in January Bin Sulayem: trade will thrive Tariffs will bolster Brics appeal Delivery is the big issue Sultan bin Sulayem, chairman and CEO of DP World, one of the world’s largest port operators and a flagship enterprise of the

Its managers and designers say it is the human society of the future, but others might see in it a dystopian vision of life shielded in a glass box from an uninhabitable world. Cityscape Global | Neom used virtual reality to give curious visitors a sense of what The Line will look like New collaborators announced Virtual reality demonstrations Based on walkability Leading figures behind the Neom city The Line – the boldest of Saudi Arabia’s $1.25 trillion giga-projects – made

Bahrain is to build a new airport on reclaimed land in the north west of the country. Alamy via Reuters | With Middle East air travel expected to surge, Bahrain aims to secure its aviation future with a new 50 million capacity airport Middle East passenger growth Brand new facility planned Increasing capacity levels Just three years after the new terminal building of Bahrain International Airport was officially opened, plans are being developed for a new facility following th

HSBC Holdings announced on Tuesday that the group’s operations in the Middle East and Turkey will be folded into a unit headquartered in Hong Kong from the beginning of next year. Doug Houghton/Alamy via Reuters | The entrance to HSBC's headquarters in Hong Kong. The bank's Middle East operations will be based in the building from next year Middle East unit CEO leaving Decision takes effect next year Change intended to ‘reduce duplication’ Stephen Moss, who has been based in

Abu Dhabi Investment Authority (Adia), the UAE’s largest sovereign wealth fund, will invest about $750 million in the debt of India’s GMR Group, giving it a foothold in one of the world’s fastest-growing aviation markets. Alamy via Reuters | The Indira Gandhi International Airport in Delhi operated by GMR Group: Adia’s investment will support the continued growth of GMR Airports Refinancing debt Aviation market presence GMR Airports growth The investment will also allow the

Investment banking fees on bond and sukuk issuance in the Middle East and North Africa (Mena) have surged this year as governments, corporations and commercial banks raise increasing amounts of debt to meet their funding needs. Alamy/Hasan Zaidi via Reuters | Central Riyadh. Of total Mena investment banking fees, 45 percent were generated in Saudi Arabia Fees in Mena region up 74% Highest nine-month total this century $150bn estimate for 2024 issuance Mena debt capital marke

Saudia Airlines’ electric jet plane is the first step towards zero-carbon commercial flights in medium-sized planes, according to its German manufacturer Lilium. Saudia Group | Lilium's Daniel Wiegand meets Saudia Group director Ibrahim Al-Omar at the launch event Saudia unveils Lilium jet Long-term collaboration plan First service expected in 2026 Daniel Wiegand, co-founder and chief engineer for innovation at Lilium, said both parties were looking beyond the initial sale o

Qatar’s telecom major Ooredoo has secured a QR2 billion ($552 million) financing deal to accelerate the development of its data centres and artificial intelligence (AI) ventures. Ooredoo and bank executives at the signing ceremony The 10-year hybrid facility, comprising both commercial and Islamic tranches, was provided by Qatar National Bank, Doha Bank and Masraf Al Rayan. The company claimed this is the “largest transaction in value and tenor” ever offered in the Gulf natio

Suez Canal revenues have fallen by $6 billion this year amid regional geopolitical issues, president Abdel Fattah El Sisi has said. Alamy via Reuters | In July, Egyptian prime minister Mostafa Madbouly said that the Suez Canal was reporting losses of up to $550 million per month The income from the waterway, connecting the Mediterranean and the Red Sea, declined by between 50 percent and 60 percent in the first eight months of 2024, local media reported, citing the president’

Chinese fashion retailer Shein, which is backed by the Abu Dhabi sovereign wealth fund Mubadala, is courting European investors before an initial public offering on the London Stock Exchange. Reuters/Edgar Su | A Shein pop-up store at a mall in Singapore, where the company now has its headquarters China’s Shein to seek LSE listing Fashion retailer valued at $66bn Mubadala invested in Shein in 2023 Shein is due to hold informal meetings to answer questions and test the investm

Understand how all the application steps work Due Diligence: Within two working days, you will receive a due diligence with the following options: a) Project Viable:  This initial approval indicates that the project has the conditions to become the guarantee itself. b) Project Requires Changes:  This request is accompanied by information for structuring the project. The investment applicant can make the changes themselves, free of charge, or choose to hire a consultancy speci

In this section, we will give a comprehensive presentation of how the Letter of Intent (LOI) associated with the Memorandum of Understanding (MOU) works. This content is intended for the general dissemination of knowledge. It should be noted that this document is subject to modification according to each proposal, sector, jurisdiction, etc. The purpose of sharing this translated information is to provide the "Applicant" with an improved understanding, preparing it for future

By means of a qualified and approved model, we seek to facilitate the understanding and presentation of your request to the investment fund. This content is intended for general knowledge, and it should be noted that this document may be modified in accordance with the particularities of each proposal, segment, country, among others. The MOU (Memorandum of Understanding) is commonly requested in situations involving: Concessions; Public-Private Partnerships; Changes in the co

Egypt’s central bank intends to list the state-run United Bank on the local stock exchange in the first quarter of 2025. United Bank | United Bank’s total assets increased to EGP106 billion ($2.2 billion) in June 2024 from EGP72 billion in 2021 The central bank is working to secure approvals from the Financial Regulatory Authority and the Egyptian stock exchange to launch the initial public offering (IPO), the UAE state-run Wam news agency reported. Details of the IPO were no

Adnoc Distribution, an Abu Dhabi-listed fuel and convenience retailer, will pay an interim dividend of AED1.3 billion ($350 million) for the first half of 2024. Wam | In the first half of 2024, Adnoc Distribution reported a 7.7 percent year-on-year rise in net profit to $319 million The dividend is the first instalment of the expected full-year 2024 dividend of $700 million. The payout falls under the five-year dividend policy, which has set an annual dividend of $700 million

Sharjah’s real estate sector recorded 22 percent growth in the number of foreign investors during the first half of the year compared with the same period last year, attracting investors from 100 different nationalities. Pexels/Mikhail Nilov | Sharjah is seen as a more affordable alternative to Dubai, making its real estate attractive 22% growth in H1 Freehold opened to foreigners in 2022 AED8.3bn of transactions The number of properties traded by foreign investors in the em