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  • Why Pakistan is looking to Saudi Arabia and the UAE to ramp up investment

    Pakistan’s less-than-four-month-old government is pursuing a two-track approach to stabilize the country’s long-troubled economy. It is engaged in lengthy negotiations with the International Monetary Fund (IMF) to secure at least $6 billion in loans to shore up its ability to service its external debt. At the same time, Islamabad is also trying to woo its Gulf allies, most notably Saudi Arabia and the United Arab Emirates, in a bid to diversify its sources of external financing, address the lingering threat of insolvency, and put its economy on an upward trajectory of sustainable growth.

  • UAE, Saudi short-term rentals attract record travelers as year-round demand skyrockets for Dubai, Abu Dhabi, Riyadh real estate

    Global and regional rental service-providing firms are gearing up for a surge in the influx of visitors and business travellers to the UAE and Saudi Arabia during the current summer season and beyond, as the two countries shift strategies to make cities such as Dubai, Abu Dhabi and Riyadh year-round destinations for travellers.

  • Saudi Arabia’s and the UAE’s Quest for African Critical Minerals

    Minerals such as copper, cobalt, lithium, and graphite are critical for manufacturing electric vehicle batteries and in renewable energy infrastructure. Investing in these resources paves the way for Saudi Arabia and the UAE to not only generate substantial returns but also become key actors in the clean energy sector. Such investments, however, have geopolitical implications for China, a major established player in this sector.

  • UAE to attract 6,700 new millionaires this year with Golden Visas and zero-income tax as rich Indians, Brits and Africans plan moves

    The UAE will attract more new millionaires this year than any other country, according to the Henley Private Wealth Migration Report 2024. Millionaires from the UK, India and Africa re being lured by a combination of golden visas, low tax, enviable lifestyle and a strategic location, said the report.
    For the third year running, the UAE looks set to take first place as the world’s leading wealth magnet, with a record-breaking 6,700 moneyed migrants expected to make the Emirates home by the end of the year.

  • Gulf IPO boom: Who’s next to go public in Saudi Arabia and UAE?

    Economic diversification strategies in the UAE and Saudi Arabia, coupled with increasing investor appetite are fuelling an enduring rush of stock market listings across sectors.
    After a tremendous year for the Gulf in 2022, which saw 48 IPOs raise a total of over $22 billion, another 47 companies went public last year though proceeds dropped to around $10 billion, experts said.

  • EV maker Lucid opens first UAE retail showroom amid Middle East push

    With the announcement of its Dubai Studio, luxury electric vehicle maker Lucid Group has opened its first retail space in the UAE.

    It is the California-based EV company’s second retail showroom in the Middle East, its first being located in Riyadh.

    “The expansion of Lucid into the UAE is a significant milestone for the company,” said Faisal Sultan, vice president and managing director of Lucid Middle East.

    “The region continues to build momentum in its shift towards sustainable energy, emerging as a key market in EV ownership.”

  • The Future of EV Charging: Spotlight on the UAE and Saudi Arabia

    KSA has also made several high-profile investments through its sovereign wealth fund, the Public Investment Fund (“PIF”). In 2023, PIF and Saudi Electricity Company established a 75%/25% owned joint venture, the Electric Vehicle Infrastructure Company (“EVIQ”). EVIQ intends to install 5,000+ fast chargers by 2030 in over 1,000 locations across KSA. It also aims to promote private sector participation in the development of this network and support the localisation of research, development, and manufacturing of technologically advanced materials.

  • U.S. energy secretary to visit Saudi Arabia, UAE next week, officials say

    U.S. Energy Secretary Jennifer Granholm will visit Saudi Arabia and the United Arab Emirates next week to work on “climate co-operation” and other issues, two Biden administration officials told Reuters on Friday. The visit will run from Tuesday through Thursday, with Granholm visiting the UAE first, one of the officials said. It will be her first trip to the region as secretary.

    “The visit is a continuation of long-standing engagement between the U.S. and this region,” the officials said.

  • How Microsoft’s billion-dollar bet on G42 spotlights the UAE’s AI ascension

    In the aftermath of Microsoft's $1.5 billion investment in Abu Dhabi artificial intelligence and cloud company G42, the spotlight is now on the Middle East's growing stature as a regional leader for global technology.

    The charge, led by the UAE and Saudi Arabia, has attracted attention from the likes of Oracle, Google and Amazon and highlights increasing investor confidence in the region, with growing financial backing from, and relations with, the West, considered the home of the world's technology industry leaders.

  • UAE economy set to expand at ‘fastest clip’ in GCC

    Buoyed by strong performance in non-oil sectors, the UAE economy is on track to expand at the fastest clip in the region while Saudi Arabia will grow at a slower pace this year than previously predicted as oil prices drop from recent peaks. The UAE's economy, expected to show strong performance in non-oil sectors, was forecast to expand 4.0 per cent in 2024, an upgrade from 3.8 per cent in January's poll, according to a Reuter’s poll. With oil prices not expected to rise significantly this year, economists now predict weaker growth for Saudi Arabia's oil-dependent economy. The latest Reuters poll forecast that the Saudi economy would expand 1.9 per cent in 2024, down from 3.0 per cent in a January poll.