Search results

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.

Some two dozen medals were handed out by the ruler to mark the sultanate’s 54th National Day, Haitham’s two sons being awarded the First Order of Oman, while other royal family members and senior officials were given a lower ranked gong.

During a hectic period for regional diplomacy, the Saudi crown prince visited his neighbour for the first time in three years, as Mohammed Bin Salman flew in to Al-Ain for talks with UAE President Sheikh Mohammed Bin Zayed.

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.

Sheikh Saud Bin Mohammed Al-Thani’s legacy has been the subject of numerous court hearings in Qatar and the Caribbean, but the process may now be nearing an end, after a ruling that the ‘substantial’ assets the prominent art collector left in the British Virgin Islands were covered by his will.

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 first comprehensive census since the late 1980s has revealed that Iraq’s population now stands at 45.4m. Details of the census are likely to provoke debate about the allocation of resources, not least in the Kurdistan Region of Iraq, and could also lead to a sizeable expansion of the number of federal Council of Representatives members of parliament, unless a constitutional amendment is agreed.

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.

The 9.6m t/yr liquefied natural gas project was originally due to be developed in Fujairah, but was moved to Abu Dhabi emirate in early 2023. Once complete in 2029, it will more than double the UAE’s LNG production capacity to 15.6m t/yr.

QatarEnergy has added to its existing holdings in two promising areas off the coast of Namibia, where TotalEnergies made the giant Venus oil discovery in February 2022.

Saudi Power Procurement Company has awarded contracts to develop and operate four CCGT plants with 7GW-plus combined generating capacity to two consortia who will receive 25-year power purchase agreements.

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.