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The Saudi government said its non-oil mineral resources are now thought to be worth some $2.5trn, based on recent discoveries and rising demand for rare earth elements. It is following the UAE’s lead in looking to strike deals with African mineral producers such as Democratic Republic of Congo.

In a noticeable uptick in President Sheikh Mohammed Bin Zayed Al-Nahyan’s recent overseas travel, MBZ has gone to Azerbaijan and India to cement commercial ties, in his first visit to another Brics member since the UAE joined the big emerging economies’ club at the start of the year.

Abu Dhabi National Oil Company has made three cross-border acquisition deals, as it seeks to better position itself for the global transition away from hydrocarbons, taking stakes in fertiliser and ammonia producer Fertiglobe, German chemical company Covestro and carbon capture and storage company Storegga.

Slowing economic growth: The economy posted year-on-year growth of 2.5% in Q3 2023, according to data released by the Information and eGovernment Authority on 26 December. The expansion was led by the non-oil sector, which grew by 4.5%, offsetting a 6.8% decline in the oil sector. 

Abu Dhabi’s Mubadala Energy has announced a discovery from its first deep-water well, saying the find could ‘de-risk multi-trillion cubic feet’ of gas resources in the Indonesian permit.

A United States-led taskforce has been launched to protect commercial shipping in the Red Sea, after Houthi rebels launched more than 100 drone and ballistic missile attacks over the past month. However, most Gulf countries have declined to join, with just Bahrain signing up to date.

Red Sea attacks: Houthi forces launched missile and drone attacks against three commercial ships and a United States Navy vessel in the southern Red Sea on 3 December. The first attack targeted Bahamas-flagged bulk cargo ship Unity Explorer at 9:15 am Sanaa time, but the missile missed. Later in the day Unity Explorer was hit by another missile, causing minor damage.

For all its public emphasis on post-carbon development, Oman remains dependent on oil and gas revenues – and National Center for Statistics and Information (NCSI) data suggest it has marshalled that income well, despite Opec+ production cuts. The pain of those cuts has been cushioned by record condensate production, which is classed as ‘liquids’ from gas output.

With a change of leadership, more macroeconomy savvy approach and an embrace of new technologies, Oman has found a private sector-led recipe for diversification that should prepare it for life beyond hydrocarbons dependence.

A showcase mega-event has its downsides, even while the climate  talks place the UAE at the centre of the global stage.

Saudi-headquartered multilateral the Arab Petroleum Investments Corporation (Apicorp) unveiled a new identity, rebranding as The Arab Energy Fund, during the COP28 climate talks on 4 December.

A unit of International Holding Company (IHC), an investment company chaired by UAE national security adviser Sheikh Tahnoun Bin Zayed Al-Nahyan, was announced as the winning bidder for a stake in Zambia’s loss-making Mopani Copper Mines (MCM) in early December.

Risk grades: Abu Dhabi A1, Dubai A2. RAK’s Russian links: A delegation from the Ural region of Russia visited Ras Al-Khaimah in early November, comprising business owners involved in real estate, engineering services, IT development, food production and investment.

Climate goals: Ahead of the COP28 climate talks in Dubai, the UAE has set out a national action plan to achieve climate neutrality by 2050 – while also remaining a world-leading oil producer.