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In a rare inward investment into Yemen, Oman’s Salalah Mills is paying $6.5m for a 50% stake in a grain mills and silos business in Mukalla, Hadhramaut government, which it will run with an unnamed Yemeni partner.

The US and UK have announced sanctions on four senior Houthi figures linked to the campaign against commercial shipping in the Red Sea and Gulf of Aden. GSN’s latest map of the Yemen/Red Sea conflict zone shows a conflict zone where more than 30 ships have been targeted by Houthi missiles and drones since mid-November, forcing hundreds more vessels to divert around the southern tip of Africa – adding costs and delays to global trade.

A five-year contract for Bahrain Steel to supply Emirates Steel Arkan with iron ore pellets appears to be motivated by both commercial and geopolitical considerations, with the Abu Dhabi government-owned steel-maker saying it was designed to “strengthen economic ties within the GCC”.

Abu Dhabi National Oil Company is aiming to use its $23bn decarbonisation budget to develop its domestic and international carbon management platforms, following a wave of deal-making in December and January aimed at bolstering bolster the UAE’S energy transition credentials.

US major ExxonMobil has sold its interests in the West Qurna-1 oil field to the state-owned Basra Oil Company and Indonesia’s Pertamina, leaving China National Petroleum Corporation’s PetroChina arm as the biggest shareholder in this once widely-coveted asset.

Sharjah is looking to upgrade its infrastructure and increase capacity at its airport with a record budget worth $11bn announced for 2024. The independently-minded emirate has stood out among its UAE peers in its attitude to the Israel-Palestine conflict and much else.

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.