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  • Egypt PM says Saudi’s planned $5 bln investment independent of cenbank deposit

    Egypt's Prime Minister Mostafa Madbouly said on Thursday that a planned Saudi Arabian investment of $5 billion in Egypt is independent of funds the Gulf state has deposited in the country's central bank, sending bond prices higher. The country's sovereign dollar bonds rallied to fresh two-year highs. The 2059 maturity gained the most, rising 1.35 cents, to bid at 77.60 cents on the dollar by 1309 GMT, Tradeweb data showed.

  • GCC economies set for 4.4% growth in 2025, report forecasts

    Analysis by the Institute of Chartered Accountants in England and Wales attributes this projected growth to both the rebound in oil production cuts by  OPEC and the GCC’s ongoing diversification efforts. This comes as countries across the Gulf, including Saudi Arabia and the UAE, intensify diversification efforts, with the Kingdom’s General Authority for Statistics reporting a 4.9 percent increase in non-oil sector activity in the second quarter of 2024.

  • Non-hydrocarbon sectors poised to drive strong GCC economic growth this year: Report

    This year has witnessed a relatively favorable economic landscape for GCC countries, characterized by robust non-oil growth despite prevailing uncertainties. Nevertheless, the broader Middle East has faced challenges, with the economic repercussions of the Gaza conflict extending to its neighboring nations, according to the latest Middle East Economy Watch report from PwC Middle East.

  • Coldplay confirmed for GCC-exclusive show in Abu Dhabi

    Coldplay’s rain-soaked 2009 performance in Abu Dhabi has gone down in history as one of the country’s greatest concerts, and now, the British band is gearing up to outdo itself. The group’s record-breaking Music of the Spheres World Tour will make a stop at Zayed Sports City Stadium in Abu Dhabi on Saturday, 11 January 2025. It will be the British band’s only show in the region. Tickets to see Coldplay in Abu Dhabi go on sale very soon, and here’s how to get your hands on them.

  • Iran’s ambassador to Lebanon injured by pager explosion

    Iran's ambassador to Lebanon, Mojtaba Amani, was slightly injured on Tuesday by the explosion of an electronic pager, Iran's semi-official Fars news agency reported, as numerous such devices exploded across Lebanon. "Amani has a superficial injury and is currently under observation in a hospital," Fars quoted a source as saying. Iran's Foreign Minister Abbas Araqchi, in a phone call with his Lebanese counterpart, strongly condemned the "terrorist attack" and thanked Lebanon for providing immediate medical treatment to Amani, Iranian state media reported.

  • Senators in both parties open to treaty vote on US-Saudi defense pact

    Republicans and Democrats are demanding any such agreement arrive on Capitol Hill as a treaty, requiring a two-thirds majority. Getting that level of Senate approval would be a huge challenge, according to interviews with more than a half-dozen senators on the Foreign Relations Committee.

  • Italy’s Saipem wins offshore contract worth $2 bln in Saudi Arabia

    Italian energy engineering group Saipem (SPMI.MI), opens new tab said on Wednesday it had won an offshore contract worth around $2 billion for the development of the Marjan oil field in Saudi Arabia. The contract was signed under the existing long-term agreement with oil giant Saudi Aramco (2222.SE), opens new tab, the company said in a statement. Saipem said earlier this month it had won two other offshore contracts with Saudi Aramco worth about $1 billion in total, and an offshore contract worth $4 billion with QatarEnergy, one of the world's top LNG suppliers.

  • Changes to Saudi Investment Law will help facilitate foreign investment

    “The new investment law introduces a number of positive changes that will help in fostering the continued development of the investment landscape in Saudi Arabia. The Investment Law represents a substantial amendment of the existing investment regime for both foreign and domestic investors and will further support the Kingdom’s transition away from oil and gas. The updates to the Investment Law create a sophisticated framework that reduces entry barriers, enhances legal certainty, and strengthens investor rights. The reforms unlock significant opportunities for long-term strategic partnerships and market expansion in the Kingdom”

  • Saudi Arabia is betting big on Egypt

    Gulf countries — mainly Saudi Arabia, the UAE, and Qatar — are most interested in building up stakes in Egypt’s state-owned assets. On the block are port terminals, historic hotel chains, and petrochemical companies. The Gulf has grown weary of handing cash to Egypt with little by way of financial payback: Saudi Arabia’s $5 billion deposit in Egypt’s central bank in 2022 may be the last of Riyadh’s handouts. Its Public Investment Fund demands market returns on its investments, particularly those outside the country.

  • Perspective: The Lebanon pager attacks are an escalation toward a war that few want

    Iran and Hezbollah definitely don’t want a major conflict. Hezbollah’s role is to deter an attack on Iran’s nuclear facilities. It’s pointless to squander Hezbollah’s potent arsenal on a place (Gaza) with no real significance to Iran, or an unreliable ally like Hamas, which broke with them over the Syrian war. Israelis commonly insist that war with Hezbollah is inevitable. But war is hardly inevitable when the other side doesn’t want one.