Search results

Sheikh Mohammed Bin Maktoum Bin Juma Al-Maktoum’s private office Alpha MBM Investments has aligned with Abu Dhabi-based Venom Blockchain to develop central bank digital currencies and stablecoins in Uganda, Somalia and Central African Republic, as the ambitious junior member of Dubai’s ruling family and interests in Abu Dhabi move further into African business.

The Saudi government is reportedly scaling back its ambitions for some vastly expensive megaprojects, such as The Line linear city in Neom, in a sign that Riyadh is still struggling to attract the amount of foreign direct investment needed to underpin Crown Prince Mohammed Bin Salman’s long-term economic reform agenda, while the UAE leads rivals in drawing in FDI.

Kuwait Finance House was the target of a complex fraud attempt in which a fictitious arbitration award was presented to the High Court in London and used to secure court orders to seize almost $90m in assets.

A trade deal between the UAE and Cambodia came into force in early February, just weeks after negotiations were finalised for a Comprehensive Economic Partnership Agreement with Costa Rica, as more of Abu Dhabi’s preferred Cepa deals are unrolled.

Former Kuwait Projects Company (Kipco) vice chairman Faisal Al-Ayar’s attempt to recover $840,000 from his son-in-law – who is in divorce proceedings with Al-Ayar’s daughter – has been dismissed by an Abu Dhabi court for lack of jurisdiction, mirroring a similar ruling in Dubai.

Reports suggest that Adia’s new fund – to be based in Indian Prime Minister Narendra Modi's home state of Gujarat – could start investing by mid-2024.

Sovereign wealth fund the Oman Investment Authority has launched a third fund in its portfolio. The OR2bn Future Fund Oman will sit alongside the National Development Fund and Future Generations Fund

Saudi Aramco said on 17 January it would increase the capital allotted to its global venture capital arm Aramco Ventures, from $3bn to $7bn over the next four years.

The UAE’s latest Cepa agreement is another step in Abu Dhabi’s plans to build its global profile by negotiating bilateral trade deals.

Dubai Ruler Sheikh Mohammed Bin Rashid Al-Maktoum has set up the Dubai Investment Fund, chaired by deputy ruler Sheikh Maktoum Bin Mohammed Al-Maktoum, to hold the emirate government’s stakes in operators including utility Dewa and road toll operator Salik. DIF will take its place alongside other Dubai Inc entities including Investment Corporation of Dubai, Dubai Holding and Dubai World.

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.

Iraq joined the European Bank for Reconstruction and Development (EBRD) in November, taking the London-based multilateral's number of shareholders to 74. Joining the bank means Baghdad will be able to apply for financial and policy support from the EBRD.

Tiny Ras Al-Khaimah doesn’t often attract great international attention, except at times of succession change and when its state-owned entities have become caught up in poisonous legal disputes or geopolitical tussles. But the leadership’s recent ambitions for a range of business interests have encouraged renewed focus on the northern emirate. Developments include casino giant Wynn Resorts’ plans for an ‘integrated resort’ with ‘gaming’ facilities, which comes alongside increasing investment from Abu Dhabi, a government pushing hard for the tourist dollar and an emir, Sheikh Saud Bin Saqr Al-Qasimi, on the move to raise RAK’s profile. In a Special report, GSN examines RAK’s development plans and provides some historical context. 

A team from the Financial Action Task Force (FATF) is to visit the UAE before February, as the Abu Dhabi government continues efforts to secure its removal from the Paris-based money laundering watchdog’s 'grey list' of jurisdictions under increased monitoring.

Dubai’s government plans to cut its debts by AED29bn ($7.9bn) this year, in a sign the emirate may be getting to grips with what has been a key economic vulnerability. In a statement, Dubai said it would pay off part of a AED20bn loan from the Central Bank of the UAE and Abu Dhabi government, which was provided after the 2008/09 financial crisis.