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Sheikh Khalid Bin Mohammed Al-Nahyan visit to Bahrain followed trips to India, Qatar, Norway, Singapore and Brazil in the previous two months. Soon after his visit, Abu Dhabi wrapped up a deal to buy the McLaren luxury car business from Bahrain.
Belarusian President Aleksandr Lukashenko discussed industry and agriculture, as well as turmoil in the wider region, during a working visit to Muscat, while a Belarus delegation has sought to bolster commercial links in the UAE.
After launching a new economic development strategy, Ajman heir apparent Sheikh Ammar Bin Humaid continues to seek fresh deals to bolster the smallest UAE constituent’s economy, including a possible $1bn-plus Chinese investment programme.
Sultan Haitham Bin Tariq went on two state visits in quick succession, with a two-day visit to Ankara followed soon afterwards by a three-day trip to Brussels.
A major commitment to clean energy was made during Emir Sheikh Tamim’s state visit to the UK in early December.
President Emmanual Macron had hoped to secure more contracts for French companies during his three-day visit to Riyadh and Al-Ula, but few significant announcements were made during the trip which coincided with his government being voted down in the French parliament.
An Omani government-backed consortium has acquired a 41% stake in Angolan diamond mining venture Catoca from Russian giant Alrosa. It is the second major deal this year by Maaden International Investment involving Russian-owned assets.
The RAK casino project being developed by Wynn Resorts received a gaming licence from the UAE’s General Commercial Gaming Regulatory Authority in early October. Wynn has said it expects at least two competitors to gain licences in the future, helping to drive RAK’s economic growth.
Qatar’s sovereign wealth fund has bought a minority stake in Audi’s motor racing venture, which is due to launch in 2026, with press speculation pointing to a $350m outlay in return for a 30% stake in the team.
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.
Pointing to the mood of caution prevailing in the Saudi economy, revenues are predicted to climb by around 1% in the year ahead, while budget spending is slated to be kept roughly in line with the current year. Meanwhile unemployment is coming down.
In his second visit to China in three months, Ras Al-Khaimah ruler Sheikh Saud Bin Saqr Al-Qasimi held talks with officials to tap into their experience in industrialisation and urban planning, and signed a co-operation deal covering areas including the digital economy and advanced manufacturing.
The sale of a 2% stake in Saudi Telecom Company has raised $1bn for the sovereign wealth fund to plough back into other domestic deals. Meanwhile STC is said to be considering increasing its investment in Spanish telco Telefónica.
The Iraq Fund for Development is hoping to nail down a $3bn commitment made by Saudi Arabia’s Public Investment Fund 18 months ago. At the same time, IFD is also holding discussions with the Dubai International Financial Centre over support for domestic tech companies. However, despite an upturn in Iraq’s economic prospects, local entrepreneurs and investors complain that not enough has been done to tackle corruption and bureaucratic inertia.
Riyadh has signed partnership deals with the military reserves of Indiana and Oklahoma, mirroring similar deals struck by Oman and Qatar in the past. Indiana Governor Eric Holcomb also called into Riyadh in mid-November, as part of a two-country trip to the region which also took in Kuwait.
