Phoenix Group, which has a number of links to billionaire UAE national security adviser Sheikh Tahnoun Bin Zayed’s business empire, has secured a 80MW power supply for a new crypto-mining site in Ethiopia, in the latest stage of an international push which has taken the Abu Dhabi-based cryptocurrency firm to Oman, Canada and the US –and which could soon lead it to South America.
Issue 1196 - 05 February 2025
The start of services on the Riyadh Metro and hotel openings at the Red Sea Project are positive signs of progress in the kingdom’s ‘giga-project’ economy. But for all the hype about the government’s shift away from Saudi Arabia’s reliance on oil revenues, hydrocarbons are as vital to the economy today as they were when Crown Prince Mohammed Bin Salman launched his Vision 2030 diversification strategy in 2016. The turnover of key executives suggests the Saudi top team is unhappy with progress to date.
Issue 1194 - 28 November 2024