News related to
Middle East

Abu Dhabi National Oil Company has successfully completed a $2.84 billion share offering in its subsidiary, ADNOC Gas. The sale involved approximately 3.1 billion shares, priced at 3.40 dirhams each, representing 4% of ADNOC Gas’s total share capital. This transaction stands as the largest share sale in the Middle East and North Africa region since Saudi Aramco’s $12.3 billion offering in June.

The offering witnessed exceptional demand from institutional investors across the Gulf Cooperation Council and international markets, with total oversubscription reaching 4.4 times. The pricing of 3.40 dirhams per share reflects a 43% premium over ADNOC Gas’s initial public offering price of 2.37 dirhams per share and a 5% discount to the company’s closing share price of 3.58 dirhams on February 20, 2025, the last trading day before the offering.

Settlement of the offering is expected to occur on or around February 26, 2025. Post-transaction, ADNOC will retain an 86% majority stake in ADNOC Gas, while the company’s free float will increase by 80%, bringing it to a headline figure of 9%. This enhanced liquidity is anticipated to pave the way for ADNOC Gas’s inclusion in major indices such as the Morgan Stanley Capital International Emerging Market Index and the Financial Times Stock Exchange Emerging Market Index, potentially during the next quarterly review, subject to meeting all relevant inclusion criteria.

Khaled Al Zaabi, Group Chief Financial Officer at ADNOC, expressed pride in completing the UAE’s first-ever marketed offering and the largest placement on the Abu Dhabi Securities Exchange to date. He highlighted that the exceptional demand and competitive pricing underscore strong investor confidence in ADNOC Gas’s performance and growth prospects. Al Zaabi reaffirmed ADNOC’s commitment as a long-term majority shareholder, emphasizing the subsidiary’s integral role in Abu Dhabi’s decarbonization and growth ambitions.

ADNOC Gas has demonstrated consistent growth and profitability. In its full-year 2024 financial results, the company reported an adjusted net income of $5 billion, the highest since its IPO, with $1.38 billion earned in the fourth quarter alone. These figures significantly surpass Bloomberg consensus estimates. The company’s robust performance aligns with its strategic update announced in November 2024, which outlined a refreshed growth pipeline. This includes the planned acquisition of Ruwais LNG and a target of over 40% adjusted EBITDA growth by 2029.

The successful offering is expected to diversify ADNOC Gas’s shareholder base and enhance liquidity. A higher free float is also projected to facilitate the company’s inclusion in prominent emerging market indices, broadening its investor base and increasing awareness of its value proposition.

BofA Securities, Citi, EFG-Hermes, First Abu Dhabi Bank, HSBC, and International Securities acted as joint global coordinators and bookrunners for the offering. ADNOC has agreed to a restriction on selling additional shares for a period of six months from the closing of the offering, subject to certain exceptions and unless waived by the joint global coordinators.

ADNOC Gas, operational since early 2023, was formed by consolidating ADNOC’s gas processing, liquefied natural gas , and industrial gas operations into a single entity. The company went public on the ADX, raising approximately $2.5 billion in one of the region’s largest IPOs in recent years. This latest share sale further underscores ADNOC’s strategy to unlock value from its assets and attract a diversified investor base.

The Central Bank of the United Arab Emirates has achieved a significant milestone with its 500 dirham banknote being recognised as the ‘Best New Banknote Issue’ for 2025 in the Europe, Middle East, and Africa region. This accolade was announced during the High Security Printing EMEA conference held in Basel, Switzerland, earlier this month.

The award-winning banknote, which entered circulation on 30 November 2023, is part of CBUAE’s third polymer series. It reflects the UAE’s commitment to sustainability and innovation in the financial sector. The note’s design incorporates advanced security features and three-dimensional elements, setting new standards in banknote aesthetics and security.

One of the standout features of the 500 dirham note is its use of the region’s largest surface-applied foil stripe, a pioneering move in Middle Eastern currency design. This security enhancement not only deters counterfeiting but also adds a distinctive visual appeal. The note was printed by Oumolat Security Printing, a fully owned subsidiary of CBUAE, underscoring the nation’s capability in high-security printing technologies.

The front of the banknote showcases the Terra Sustainability Pavilion from Expo City Dubai, symbolising the UAE’s dedication to a sustainable future inspired by the principles of the nation’s founding father, the late Sheikh Zayed bin Sultan Al Nahyan. The reverse side features the Museum of the Future in Dubai, an architectural marvel that bridges the past and future, along with iconic landmarks such as the Emirates Towers and the Burj Khalifa. Notably, the Burj Khalifa, standing at 828 meters with over 160 floors, is highlighted as a beacon of sustainability, deriving a significant portion of its energy from solar power.

In a strategic move towards environmental responsibility, CBUAE opted for polymer material in the production of the new banknotes. Polymer notes are more durable and have a longer lifespan than traditional paper notes, and they are fully recyclable, significantly reducing environmental impact. This initiative aligns with the UAE’s broader vision to transition to a green economy and ensure sustainable development for future generations.

This recognition follows a previous accolade where CBUAE’s 1,000 dirham banknote was awarded ‘Best New Banknote’ in 2023. The consistent acknowledgment of the UAE’s currency innovations highlights the nation’s leadership in adopting cutting-edge security features and sustainable practices in banknote production.

His Excellency Saif Humaid Al Dhaheri, Assistant Governor of Banking Operations & Support Services at CBUAE and Chairman of the Board of Directors of Oumolat Security Printing Company, expressed pride in this achievement. He emphasised that the award is a testament to the UAE’s dedication to sustainability and innovation, positioning the nation at the forefront of advanced security features and environmentally friendly materials in currency production.

The High Security Printing EMEA conference is a prestigious event that recognises excellence in the design and technical development of banknotes, passports, and identity cards across the EMEA region. The UAE’s accomplishment at this conference not only enhances the global reputation of its currency but also reflects the country’s broader commitment to innovation and sustainability in various sectors.

President Donald Trump is actively promoting U.S. liquefied natural gas exports to Asian nations, aiming to strengthen economic ties and reduce their dependence on Middle Eastern and Russian energy sources. In a strategic move, Trump and Japanese Prime Minister Shigeru Ishiba have discussed Japan’s potential involvement in an Alaskan LNG project, highlighting the benefits of a direct energy route that bypasses traditional, and often volatile, sea lanes.

The administration’s focus is not solely on Japan. Other Asian countries, including South Korea and Taiwan, are also considering increased imports of U.S. LNG. This initiative is designed to enhance energy security across the region and diminish the influence of China and Russia. Trump’s energy advisor, Doug Burgum, emphasized the strategic advantages of these partnerships, noting that they offer a more stable and secure energy supply chain for U.S. allies in Asia.

In line with this strategy, Sentinel Midstream is advancing its deepwater oil export project, Texas GulfLink. Located approximately 30.5 miles off the coast of Freeport, Texas, the facility aims to fully load supertankers with up to 2 million barrels of oil per day. This capability is currently unique to the Louisiana Offshore Oil Port. Sentinel’s CEO, Jeff Ballard, expressed optimism about the project’s progress, citing the administration’s expedited approval processes as a significant factor in moving forward.

Despite initial market fluctuations following discussions between Trump and Russian President Vladimir Putin regarding the Ukraine conflict, energy markets remain cautious. The anticipated peace has not materialized, and experts suggest that if a resolution were imminent, a more substantial decline in oil and gas prices would be evident. This uncertainty underscores the importance of diversifying energy sources and reducing reliance on regions prone to geopolitical tensions.

Taiwan’s National Security Council head, Joseph Wu, highlighted the robust support from the U.S., noting that Taiwan is exploring increased purchases of American LNG. This move aims to balance trade and address criticisms from Trump regarding trade imbalances and the semiconductor industry’s dynamics. Wu emphasized Taiwan’s transparency in international business and expressed interest in future Alaskan LNG productions due to their quality and logistical advantages.

Denmark’s Prime Minister, Mette Frederiksen, shared insights into a recent intense conversation with President Trump concerning his renewed interest in acquiring Greenland. This discussion has added complexity to U.S.-Denmark relations, especially in the context of global security challenges posed by nations like Russia, Iran, and North Korea. Frederiksen underscored the necessity for Europe to bolster its defense investments and the importance of U.S.-Europe cooperation in addressing these global threats.

Cheniere Energy, a leading U.S. LNG exporter, plans to expand its capacity under the current administration. CEO Jack Fusco announced intentions to pursue new regulatory permits, aligning with Trump’s agenda to boost the U.S. energy sector. This expansion is poised to meet the growing demand from Asian markets seeking reliable and diversified energy sources.

The administration has also established a council dedicated to achieving “energy dominance,” focusing on increasing natural gas exports and offshore drilling. This initiative aims to capitalize on the U.S.’s abundant energy resources, providing allies with alternative energy options and reducing global dependence on adversarial nations.

The significance of U.S. LNG in global energy dynamics is multifaceted. It not only offers economic benefits but also plays a crucial role in the global energy transition. By providing a stable and cleaner energy source, U.S. LNG supports efforts to reduce carbon emissions and offers countries an opportunity to diversify their energy portfolios.

Berjaya Food Bhd, the operator of Starbucks outlets in Malaysia, has reported a net loss of RM35.33 million for the second quarter ending December 31, 2024. This marks the company’s fifth consecutive quarter in the red, with revenue declining by one-third to RM123.1 million compared to RM182.55 million in the same period last year. The ongoing boycotts of U.S. fast-food brands, sparked by geopolitical tensions in the Middle East, have significantly impacted consumer sentiment and sales.

The boycotts, initiated in response to the conflict in Gaza, have targeted several American franchises, including Starbucks, McDonald’s, and KFC. In Malaysia, these campaigns have led to temporary closures of numerous outlets. KFC Malaysia, for instance, has shuttered over 100 restaurants, particularly in Muslim-majority regions such as Kelantan, Kedah, and Terengganu. Similarly, McDonald’s and Pizza Hut have experienced closures and a notable decline in patronage.

Berjaya Food’s financial struggles are further underscored by a 46.4% drop in revenue for the first half of FY2025, amounting to RM247.3 million, down from RM461.09 million in the previous year. The company attributes these losses primarily to the “current sentiment in relation to the conflict in the Middle East,” which has adversely affected consumer behavior and sales.

In an effort to mitigate the financial downturn, Berjaya Food has temporarily closed 50 Starbucks outlets during the three months ending September 30, 2024, representing 12% of its total network. Despite these measures, the company remains “cautiously optimistic” about a gradual improvement in financial performance in 2025, acknowledging the challenging macroeconomic environment.

The impact of the boycotts extends beyond Berjaya Food. Americana Restaurants, which operates KFC and Pizza Hut in the Middle East, reported a 40% drop in profits, despite expanding its number of outlets. This trend highlights the broader financial repercussions for Western brands operating in regions where consumer boycotts have gained momentum.

The boycotts have been largely driven by social media campaigns and movements such as the Boycott, Divestment, and Sanctions initiative, which seeks to apply economic pressure in response to geopolitical conflicts. These campaigns have rapidly mobilized consumers, leading to significant financial losses for multinational corporations perceived to be linked to contentious geopolitical actions.

In response to the sustained boycotts, Berjaya Food is exploring diversification strategies to reduce its reliance on the domestic market. In August 2024, the company secured franchising rights to operate the Starbucks brand in Nordic countries, aiming to offset losses incurred in Malaysia. Additionally, Berjaya Food has entered into agreements to expand its licensed Paris Baguette outlets in Southeast Asia, seeking to tap into new markets and revenue streams.

Sharjah and Neuchâtel have embarked on a collaborative venture to enhance manufacturing and innovation sectors. A business roundtable, organised by Invest in Sharjah in partnership with the Consulate General of the UAE in Geneva, served as the platform for this initiative. The event aimed to explore synergies and establish robust economic ties between the UAE and Switzerland.

The roundtable witnessed the participation of key stakeholders from both regions, including government officials, industry leaders, and representatives from academic institutions. Discussions centred on potential partnerships, knowledge exchange, and investment opportunities in advanced manufacturing technologies and innovative solutions.

Switzerland, renowned for its precision engineering and technological advancements, presents a valuable model for Sharjah’s burgeoning industrial sector. Conversely, Sharjah offers a strategic gateway to Middle Eastern markets, providing Swiss enterprises with avenues for expansion and collaboration.

The UAE and Switzerland have a history of strong bilateral relations, with the UAE being Switzerland’s most significant trading partner in the Middle East. The annual trade volume between the two nations stands at approximately CHF 15 billion, encompassing sectors such as precious metals, jewellery, and pharmaceuticals. This collaboration seeks to build upon existing ties, fostering economic growth and technological innovation.

Invest in Sharjah, the investment promotion agency of the emirate, has been instrumental in facilitating such international partnerships. By organising events like the business roundtable, the agency aims to position Sharjah as a hub for innovation and industry, attracting foreign investments and fostering a conducive environment for business growth.

The Consulate General of the UAE in Geneva has also played a pivotal role in bridging the gap between Emirati and Swiss entities. Through diplomatic channels and economic forums, the consulate strives to enhance mutual understanding and cooperation, paving the way for successful collaborations.

Participants at the roundtable expressed optimism about the prospects of this partnership. They highlighted the complementary strengths of Sharjah and Neuchâtel, emphasising that combined efforts could lead to significant advancements in manufacturing processes and innovative practices.

This initiative aligns with the UAE’s broader vision of economic diversification and technological advancement. By leveraging international collaborations, the nation aims to reduce its reliance on traditional industries, embracing a knowledge-based economy driven by innovation and sustainability.

As Sharjah and Neuchâtel embark on this collaborative journey, both regions anticipate a fruitful exchange of ideas, resources, and technologies. This partnership not only strengthens economic ties but also fosters cultural and academic exchanges, enriching the social fabric of both communities.

Abu Dhabi National Oil Company has announced plans to sell approximately 3.1 billion shares, equating to a 4% stake, in its subsidiary ADNOC Gas. This strategic move is projected to raise up to $3 billion, marking one of the most significant share sales in the Middle East and North Africa region since Saudi Aramco’s $12.3 billion offering in June of the previous year.

The offering is set to commence immediately and is expected to conclude on Friday, February 21, 2025. It will be open to qualified institutional and other investors across various countries, including the United Arab Emirates. The final number of shares to be placed and the offering price will be determined at the close of the book-building process, in accordance with the Block Trade Rules of the Abu Dhabi Securities Exchange .

ADNOC currently holds a 90% majority stake in ADNOC Gas. At the last closing price of AED 3.58 per share, the offering is valued at approximately AED 11.1 billion . This initiative aligns with ADNOC’s strategic objectives to enhance the liquidity and free float of ADNOC Gas, while providing a pathway to a more diversified shareholder base and potential inclusion in major indices.

Khaled Al Zaabi, Group Chief Financial Officer at ADNOC, stated, “Since its IPO in March 2023, ADNOC Gas has consistently delivered strong growth, robust financial performance, and superior shareholder returns. As a world-class integrated gas processing company, ADNOC Gas is ideally positioned for further expansion.”

The offering will be subject to a customary 180-day lock-up period for both ADNOC and ADNOC Gas, subject to certain exceptions and unless waived by the joint global coordinators. Major financial institutions, including BofA Securities, Citi, EFG-Hermes, First Abu Dhabi Bank, HSBC, and International Securities, are acting as joint global coordinators and joint bookrunners for this offering.

This move follows ADNOC Gas’s initial public offering in March 2023, which raised approximately $2.5 billion, marking one of the region’s largest IPOs at that time. The company was formed earlier that year by consolidating various gas processing operations into a single entity, aiming to streamline operations and enhance efficiency.

In May of the previous year, ADNOC also raised $935 million by selling a 5.5% stake in its drilling unit to institutional investors, reflecting the company’s ongoing strategy to monetize assets and attract foreign investment.

ADNOC Gas operates an extensive network, managing over 3,000 kilometers of pipeline infrastructure and 26 processing trains. The company plays a crucial role in processing and distributing natural gas within the UAE and to international markets. The funds raised from this stake sale are expected to support ADNOC Gas’s ambitious growth plans, including expanding its processing capacities and exploring new markets.

The energy sector in the UAE has seen significant foreign direct investment in recent years. In 2019, ADNOC attracted major investments from U.S. asset managers BlackRock and KKR, as well as Italian firm Eni, collectively bringing in billions of dollars. These investments have been pivotal in expanding ADNOC’s infrastructure and operational capabilities.

The decision to divest a portion of ADNOC Gas aligns with the company’s broader strategy to optimize its portfolio, enhance capital efficiency, and provide attractive opportunities for global investors. As the global energy landscape continues to evolve, ADNOC remains committed to adapting its business model to meet emerging challenges and capitalize on new opportunities.

The Abu Dhabi Investment Office has entered into a strategic partnership with China’s leading financial information services provider, Wind Information, to enhance investment intelligence and deepen economic relations between Abu Dhabi and China. This collaboration was formalized during the Abu Dhabi Investment Forum held in Shanghai, underscoring Abu Dhabi’s commitment to strengthening its economic connections with China’s financial sector.

As part of the agreement, Wind Information will serve as ADIO’s preferred knowledge partner in China, offering investors improved access to the dynamic investment landscapes of both regions. The partnership aims to facilitate the exchange of financial market intelligence and investment insights, providing Chinese investors and family offices with comprehensive research and analysis on key market opportunities. Wind Information will actively link ADIO with prominent investors and financial institutions in China, while ADIO will assist Abu Dhabi-based investors in exploring prospects within the Chinese market. Additionally, both organizations plan to co-host investment forums in the UAE and China to promote opportunities and strengthen bilateral ties.

His Excellency Badr Al Olama, Director-General of ADIO, emphasized the significance of this partnership, stating that it reinforces Abu Dhabi’s dedication to enhancing economic ties with China and creating a seamless investment ecosystem. He highlighted that by providing access to market data and financial insights, Abu Dhabi ensures an environment where investors can thrive, make informed decisions, and contribute to the sustainable growth of both economies.

Li Zhou, Co-Founder of Wind Information, expressed commitment to connecting capital markets and investment opportunities between China and the world. He noted that the collaboration with ADIO would empower investors with data-driven insights, enhancing the investment corridor between China and the UAE.

In a related development, ADIO has also signed a strategic partnership with Fosun International Limited, a global innovation-driven consumer group, to expedite the expansion of Fosun’s subsidiaries into Abu Dhabi and the broader Middle East. This agreement, announced at the same forum in Shanghai, aims to strengthen economic ties and reinforce Abu Dhabi’s position as a global investment hub.

Under this partnership, ADIO will offer tailored investor support, streamlined market access, and strategic guidance to accelerate Fosun’s presence in key growth sectors within Abu Dhabi, including wealth management, fintech, premium residential real estate, and healthcare innovation. Fosun International, with a revenue of approximately $13.4 billion in the first half of 2024 and a global workforce exceeding 110,000 employees, operates across various industries such as pharmaceuticals, healthcare, tourism, insurance, financial services, and intelligent manufacturing. By establishing Abu Dhabi as a regional gateway to the Middle East, Africa, and Southeast Asia, Fosun aims to leverage the emirate’s dynamic business ecosystem and substantial investor base.

ADIO has entered into a strategic partnership with Hejun Group, one of China’s leading consulting firms, to accelerate Chinese investment in Abu Dhabi. This agreement, also announced at the Abu Dhabi Investment Forum in Shanghai, paves the way for high-growth enterprises to expand into Abu Dhabi’s thriving business environment.

Hejun Group, operating both consulting and capital activities under Hejun Capital, manages more than $2 billion in cumulative assets. The firm will introduce Abu Dhabi’s investment opportunities to its network of over 2,000 publicly listed companies and leading private enterprises in China. ADIO will provide dedicated support to these Chinese companies, facilitating their business setup and long-term growth in Abu Dhabi.

The Abu Dhabi Investment Forum in Shanghai, organized by ADIO in partnership with Abu Dhabi Global Market , served as a platform for in-depth discussions on investment opportunities in Abu Dhabi. The forum, themed “Invest with Abu Dhabi,” brought together business leaders and investors to explore the emirate’s growth potential. As one of the fastest-growing economies in the Middle East and North Africa, Abu Dhabi has increasingly become a key destination for international investments.

During the forum, participants engaged in discussions on Abu Dhabi’s role as a global financial, trade, and technology hub. Experts analyzed the emirate’s economic competitiveness and highlighted its strategic position in global capital flows, emphasizing its stable economic environment, flexible regulatory framework, and well-developed financial infrastructure, which make it an attractive destination for investors worldwide.

The discussions also addressed Abu Dhabi’s expanding role in facilitating international trade and strengthening global supply chains. Participants explored the emirate’s rapid advancements in technological innovation, particularly in financial technology, artificial intelligence, blockchain, and digital transformation.

Saudi Arabia’s state-owned oil giant, Aramco, has signed definitive agreements to acquire a 25% equity stake in Unioil Petroleum Philippines, a prominent player in the Philippine petroleum sector. This strategic move aims to capitalize on the anticipated growth of the high-value fuels market in the Philippines and represents a significant step in Aramco’s global downstream expansion.

Established in 1966, Unioil operates a robust network of 165 retail stations and four storage terminals across the Philippines. The company’s diversified operations have positioned it as one of the fastest-growing entities in the country’s fuel industry. By acquiring a substantial stake in Unioil, Aramco plans to extend its brand presence and introduce its range of products, including Valvoline-branded lubricants, to selected retail stations within the archipelago.

Yasser Mufti, Aramco’s Executive Vice President of Products and Customers, expressed enthusiasm about the partnership, stating, “This investment represents another step forward in our global strategy to expand Aramco’s retail network, and we look forward to introducing Aramco’s high-quality products and services to customers in the Philippines.” This sentiment underscores Aramco’s commitment to enhancing its participation in vibrant economies through collaboration with established local partners.

The financial specifics of the transaction have not been publicly disclosed. However, the acquisition aligns with Aramco’s broader strategy to secure additional outlets for its refined products and strengthen its global retail footprint. This move follows Aramco’s previous retail acquisitions in Chile and Pakistan, highlighting a consistent pattern of strategic investments aimed at diversifying its market presence and tapping into emerging economies with growing energy demands.

The Philippines, with its expanding economy and increasing energy consumption, presents a lucrative opportunity for Aramco. The country’s demand for high-value fuels is projected to rise, driven by rapid urbanization, industrial growth, and a burgeoning middle class. By integrating into the Philippine market, Aramco positions itself to meet this rising demand while fostering economic growth within the region.

Unioil’s Chief Executive Officer, Janice Co Roxas-Chua, welcomed the partnership, noting that the collaboration with Aramco is poised to enhance Unioil’s service offerings and operational capabilities. “Partnering with a global leader like Aramco allows us to bring world-class products and services to our customers, further elevating the standards of the Philippine fuel industry,” she remarked.

This acquisition is subject to customary closing conditions, including regulatory approvals. Both companies are expected to work closely with Philippine authorities to ensure compliance and facilitate a smooth transition. Upon completion, consumers in the Philippines can anticipate access to a broader range of high-quality fuel products and services, reflecting the combined expertise and resources of Aramco and Unioil.

US Secretary of State Marco Rubio concluded his Middle East tour with a visit to the United Arab Emirates on Wednesday, engaging in discussions with President Sheikh Mohammed bin Zayed Al Nahyan. The talks focused on regional stability, the ongoing conflicts in Gaza and Ukraine, and the enhancement of bilateral relations between the two nations.

During the meeting in Abu Dhabi, both leaders underscored the importance of collaborative efforts to address pressing regional issues. A significant portion of their dialogue centered on the Gaza conflict, with President Sheikh Mohammed expressing firm opposition to any displacement of Palestinians from the territory. He reiterated the UAE’s commitment to a two-state solution as the viable path to enduring peace in the region.

The discussions also encompassed the war in Ukraine. The UAE has played a mediating role in facilitating prisoner exchanges between Russia and Ukraine, highlighting its position as a neutral party capable of fostering dialogue. Secretary Rubio acknowledged the UAE’s contributions and emphasized the need for continued international cooperation to resolve the conflict.

Prior to his arrival in the UAE, Secretary Rubio engaged in high-level talks in Saudi Arabia, where he met with Russian Foreign Minister Sergey Lavrov. These discussions marked the highest-level engagement between the United States and Russia since the onset of the Ukraine conflict in 2022. The meetings aimed to explore potential avenues for peace and to address the broader implications of the war on global security.

In addition to geopolitical issues, Secretary Rubio and President Sheikh Mohammed explored opportunities to strengthen economic and defense ties between the United States and the UAE. Both parties recognized the mutual benefits of deepening cooperation in sectors such as technology, energy, and defense. The UAE’s strategic location and its role as a hub for innovation make it a pivotal partner in advancing shared interests.

The visit coincided with the International Defense Exhibition and Conference in Abu Dhabi, a premier event showcasing the latest advancements in defense technology. Secretary Rubio’s presence at IDEX underscored the United States’ commitment to supporting the security and defense capabilities of its allies in the region. The exhibition provided a platform for defense contractors and government officials to discuss potential collaborations and to address emerging security challenges.

While in Abu Dhabi, Secretary Rubio also toured the Abrahamic Family House, a symbol of interfaith harmony comprising a mosque, church, and synagogue within a single complex. This visit highlighted the UAE’s efforts to promote tolerance and coexistence among diverse religious communities. Secretary Rubio commended the initiative, noting that such efforts are essential in fostering mutual understanding and peace in a region historically marked by religious and cultural divisions.

The Middle East tour, which included stops in Israel and Saudi Arabia before culminating in the UAE, reflects the United States’ strategic interest in engaging with key regional players. In Israel, Secretary Rubio met with Prime Minister Benjamin Netanyahu to discuss security concerns and the ongoing situation in Gaza. The discussions reaffirmed the strong bilateral relationship and the United States’ unwavering support for Israel’s right to self-defense.

In Saudi Arabia, the focus shifted to the broader implications of the Ukraine conflict and its impact on global energy markets. Secretary Rubio’s meeting with Crown Prince Mohammed bin Salman aimed to align strategies on stabilizing energy supplies and addressing the humanitarian crisis resulting from the war. The dialogue also touched upon the importance of maintaining open channels of communication with Russia to prevent further escalation.

Throughout the tour, Secretary Rubio emphasized the United States’ commitment to pursuing diplomatic solutions to complex international challenges. He highlighted the necessity of multilateral cooperation and the role of regional partners in achieving sustainable peace and stability. The engagements underscored a multifaceted approach, combining diplomatic outreach with strategic partnerships to address both immediate conflicts and their underlying causes.

The UAE visit, in particular, showcased the depth of the bilateral relationship and the shared vision for a stable and prosperous Middle East. Both nations expressed optimism about the prospects of enhanced collaboration across various domains, setting the stage for future initiatives aimed at promoting peace, security, and economic growth in the region.

As Secretary Rubio returns to Washington, the outcomes of his Middle East tour are poised to influence U.S. foreign policy in the region. The insights gained from direct dialogues with regional leaders will inform the United States’ strategies in addressing the intertwined challenges of geopolitical conflicts, energy security, and regional stability. The administration’s approach will likely continue to balance assertive diplomacy with support for allies, aiming to foster an environment conducive to lasting peace and cooperation.

BENEFIT, Bahrain’s leading fintech and electronic financial transactions service provider, has formalised a partnership with haifin, an e& enterprise company from the UAE, aiming to revolutionise Bahrain’s banking sector. This collaboration is poised to enhance financial resilience and foster innovation across the industry.

Established in the UAE in 2021, haifin has a proven track record in de-risking trade finance lending. The platform employs advanced technologies, including blockchain and artificial intelligence, to detect and prevent fraud in real-time. To date, haifin has safeguarded over $150 million for its consortium members by identifying and mitigating fraudulent activities.

The strategic alliance between BENEFIT and haifin is set to bolster Bahrain’s banking industry’s ability to manage risks and combat fraud, particularly within trade finance. By integrating haifin’s cutting-edge solutions, Bahraini banks are expected to experience increased lending confidence, leading to higher revenues and improved access to liquidity for small and medium-sized enterprises and corporate borrowers.

The official signing ceremony took place at BENEFIT’s headquarters in Bahrain. Abdulwahed AlJanahi, Chief Executive of BENEFIT, emphasised the significance of this partnership, stating that it represents a pivotal step in strengthening Bahrain’s financial ecosystem through advanced technology. He noted that by providing banks with state-of-the-art tools to proactively combat fraud and streamline trade finance, the sector is empowered to operate with unparalleled efficiency and confidence. This collaboration aims to reinforce trust, security, and innovation at the core of the industry’s future, setting the stage for a more resilient and digitally advanced banking landscape in Bahrain.

Zul Javaid, Chief Executive of haifin, highlighted the importance of this partnership, noting that after their success in the UAE and ambition to address similar challenges across the Middle East and Africa region, this collaboration with BENEFIT marks a major milestone. Together, they aim to deliver advanced technology solutions that enhance risk management, ultimately driving growth for banks.

Since its inception, haifin has expanded its network from seven banks in 2021 to 15 lending institutions, including 13 major UAE banks and two fintech companies. The platform has processed transactions exceeding AED 200 billion and has identified potential frauds amounting to several million dirhams. Handling over 4 million data points monthly, haifin’s machine learning capabilities continue to evolve, offering robust solutions to its members.

This partnership aligns with Bahrain’s broader efforts to enhance its financial infrastructure. Earlier this month, the Ministry of Industry and Commerce signed a Memorandum of Understanding with BENEFIT to develop a corporate credit rating system. This initiative aims to provide accurate and transparent credit ratings, facilitating SMEs’ access to necessary financing and promoting investment across the country.

Saudi Arabia’s ACWA Power has entered into a definitive agreement to acquire significant stakes in power generation and water desalination assets from French utility developer ENGIE. The transaction, valued at $693 million, marks ACWA Power’s strategic expansion into Kuwait and a bolstered presence in Bahrain.

The acquisition encompasses a combined capacity of 4.61 gigawatts in gas-fired power generation and 1.11 million cubic meters per day of water desalination. Additionally, the deal includes the associated operations and maintenance companies in both countries.

In Kuwait, ACWA Power will acquire an 18% stake in the Az Zour North Independent Water and Power Project . This facility, operational since 2016, boasts a 1,500 MW gas-fired combined cycle power plant and a desalination plant capable of producing 107 million imperial gallons of water daily. The plant operates under a 40-year Energy Conversion and Water Purchase Agreement with Kuwait’s Ministry of Electricity and Water.

In Bahrain, the acquisition involves several key assets:

– Al Ezzel Independent Power Plant : ACWA Power will obtain a 45% stake in this 940 MW facility, which has been a cornerstone of Bahrain’s power infrastructure.

– Al Dur IWPP: A 45% stake in this project will be transferred to ACWA Power. The facility has a power generation capacity of 1,234 MW and a desalination capacity of 218,000 cubic meters per day.

– Al Hidd IWPP: ACWA Power will acquire a 30% stake in this plant, which provides 1,000 MW of power and produces 410,000 cubic meters of desalinated water daily.

Marco Arcelli, CEO of ACWA Power, stated, “We consolidate our presence in Bahrain, where we are already a reliable supplier of power and water, and we enter Kuwait, where we recently submitted a bid for a large power and desalination plant.”

The transaction is subject to customary regulatory and stakeholder approvals. Upon completion, ACWA Power will assume responsibility for the operations and maintenance of the acquired assets, further solidifying its position as a leading provider of power and water solutions in the Middle East.

This strategic move aligns with ACWA Power’s broader objectives to expand its footprint in the Gulf region and enhance its portfolio of energy and water projects. By integrating these assets, the company aims to leverage operational synergies and contribute to the sustainable development of the region’s infrastructure.

ENGIE’s decision to divest its stakes in these assets is part of its strategic realignment to focus on achieving net-zero carbon emissions by 2045. The proceeds from the sale are expected to be reinvested into renewable energy projects and other sustainable initiatives.

The Az Zour North plant in Kuwait represents a significant milestone as the country’s first IWPP, developed under a public-private partnership framework. Its successful operation has paved the way for increased private sector participation in Kuwait’s utility sector.

The United Arab Emirates is set to enhance its aerospace capabilities through a collaboration between Tawazun Council and Mubadala Investment Company. This partnership aims to establish a state-of-the-art Maintenance, Repair, and Overhaul facility in Al Ain, focusing on aircraft engines. The initiative underscores the UAE’s commitment to becoming a regional hub for advanced aerospace technologies.

Announced at the International Defence Exhibition 2025, the project involves Mubadala’s subsidiary, Sanad, joining forces with global aerospace leader Pratt & Whitney. The facility will be the first of its kind in the Middle East, North Africa, and South Asia regions, providing comprehensive MRO services for Pratt & Whitney’s GTF™ engines. Once operational, it is expected to handle up to 350 engine shop visits annually.

Dr. Bakheet Al Katheeri, CEO of Mubadala’s UAE Investments platform, highlighted the strategic importance of the collaboration: “This partnership between Mubadala and Tawazun is a clear demonstration of the Mubadala UAE Investments platform delivering on its mandate. We are building national champions in the aerospace sector, fostering a vibrant aerospace ecosystem, and partnering with world-class entities like Pratt & Whitney to accelerate the transformation of Abu Dhabi’s economy.”

The facility, slated to open in the third quarter of 2028, will be located at the Al Ain Aerospace Park. It is poised to generate several hundred jobs, contributing significantly to the local economy and supporting the UAE’s broader economic diversification strategy. The collaboration also serves to fulfill Raytheon’s offset obligations to the UAE, marking a unique instance where a civil project offsets military purchases.

Marc Meredith, Vice President of GTF Commercial Aftermarket at Pratt & Whitney, expressed enthusiasm about the venture: “Pratt & Whitney have been talking to Sanad about developing our relationship with them. This is a really exciting, generational project, both for us and for them.” The partnership builds upon a decade-long relationship between Pratt & Whitney and Sanad, which currently operates an MRO facility for IAE V2500 engines in Abu Dhabi.

The decision to establish a new site in Al Ain, rather than expanding the existing facility, was driven by the anticipated scale of future GTF engine production. Meredith noted the substantial opportunities ahead: “There is a massive opportunity in front of us.”

Tawazun Council, an independent government entity collaborating closely with the Ministry of Defence and security agencies in the UAE, plays a pivotal role in this initiative. The Council’s involvement ensures alignment with national defense and security objectives, while also promoting the growth of the UAE’s aerospace sector.

In a significant diplomatic and economic development, the United Arab Emirates and Ukraine have formalized a Comprehensive Economic Partnership Agreement during Ukrainian President Volodymyr Zelensky’s official visit to Abu Dhabi. The accord aims to bolster bilateral trade, investment, and economic collaboration between the two nations, marking a pivotal moment in their diplomatic relations.

The signing ceremony, held in Abu Dhabi, was attended by UAE President Sheikh Mohamed bin Zayed Al Nahyan and President Zelensky. Under the terms of the CEPA, 99% of Ukrainian imports of UAE goods and 97% of Ukrainian exports to the UAE will be exempt from customs duties, effective immediately. This strategic move is projected to contribute approximately $369 million to the UAE’s Gross Domestic Product and $874 million to Ukraine’s GDP by 2031. The agreement is also expected to accelerate Ukraine’s economic recovery and create new opportunities for cooperation in sectors such as infrastructure, heavy industry, aviation, aerospace, and information technology.

President Zelensky’s visit to the UAE comes at a time when momentum is building for potential peace talks to end the ongoing conflict in Ukraine. The UAE, home to a significant number of Russian and Ukrainian expatriates, has been considered a potential site for these discussions. During his visit, President Zelensky emphasized priorities such as repatriating Ukrainian captives, enhancing economic partnerships, and initiating humanitarian programs. He expressed gratitude for the UAE’s mediation efforts, which have reportedly resulted in saving many lives.

In addition to the CEPA, the two leaders agreed to establish a Ukraine-UAE Investment Council, aiming to explore promising investment opportunities in Ukraine, particularly in infrastructure projects. This initiative underscores the UAE’s commitment to supporting Ukraine’s economic development and post-war reconstruction efforts.

The UAE’s involvement in facilitating dialogue and supporting Ukraine’s sovereignty has been evident through its diplomatic engagements. Sheikh Mohamed bin Zayed Al Nahyan reaffirmed the UAE’s dedication to supporting peaceful resolution efforts and alleviating the humanitarian impact of the Ukraine conflict. He emphasized the importance of reaching peaceful solutions to crises around the world and reiterated the UAE’s commitment to building partnerships based on cooperation and understanding to promote peace, stability, and prosperity for all.

Concurrently, high-level talks between U.S. and Russian officials are set to occur in Saudi Arabia, aiming to explore a peace dialogue regarding the Ukraine conflict. Notably, Ukraine has been excluded from these discussions, a move President Zelensky criticizes, emphasizing the necessity of consulting strategic partners before any negotiations with Russia. He has declared that Ukraine will disregard any peace agreements forged between the U.S. and Russia without its involvement, underscoring the importance of including Ukraine in any peace negotiations.

The CEPA between the UAE and Ukraine is the first such agreement Ukraine has signed with a Gulf country, highlighting the UAE’s role as a strategic partner in Ukraine’s economic and diplomatic endeavors. Bilateral trade between the two nations reached $372.4 million in 2024, and the new agreement aims to further enhance this economic relationship by reducing or eliminating customs duties and opening new avenues for collaboration in various sectors.

This development reflects a broader trend of Middle Eastern countries engaging more actively in global diplomatic efforts, positioning themselves as neutral grounds for conflict resolution and as pivotal players in international economic partnerships. The UAE’s strategic support and facilitation of dialogue underscore its growing influence in global affairs, particularly in fostering peace and stability in conflict regions.

As the situation in Ukraine remains fluid, the international community continues to monitor the developments closely. The UAE’s proactive approach in mediating and supporting Ukraine’s sovereignty may serve as a model for other nations seeking to play a constructive role in global peace efforts. The success of the CEPA and the potential for future diplomatic resolutions could significantly impact the geopolitical landscape, offering a pathway toward stability and economic growth in the region.