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Intelligence for the New World Economy

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Intelligence for the New World Economy
Semafor World Economy

Gulf

New app Mazal targets luxury license plate resale market

Mazal’s founders say plates worth $463 million have changed hands in three years, and that the market is growing by about 20% a year.
The new Bugatti Chiron car, successor of the Veyron
Denis Balibouse/Reuters

Saudi’s expat workforce shrinks for the first time in more than two years

Foreigners employed in the country, excluding domestic workers, fell by 16,000 in the three months to June, driven by a drop in construction jobs.
Workers clean the glass facade of a building in Jeddah, Saudi Arabia. July 13, 2022.
Mohammed Salem/Reuters

Abu Dhabi backs Jordan’s $2.3B railroad to replace truck convoys to Aqaba

The UAE is investing in rail infrastructure across the region, including Etihad Rail at home, Hafeet Rail to Oman, and other links through Jordan.
Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed and Jordan’s King Abdullah II breaking ground on the new Jordan-UAE railway.
Emirates News Agency

BlackRock steps up Gulf investment

The world’s largest asset manager is investing and hiring more in the region, and estimates $50 billion to $100 billion of Gulf money that would have gone abroad could be spent locally.
BlackRock logo.
Carlo Allegri/Reuters

Saudi-backed Yemeni forces repel Houthis from Red Sea

Saudi’s previous war against the Houthis resulted in a yearslong quagmire and devastating humanitarian crisis.
Saudi-backed Yemeni government forces
Ebrahim Al-Suhaibi/Reuters

Qatar’s luxury market attracts 34,000 visitors

Many Gulf events have been postponed or canceled because of the war, but Qatar’s annual bonanza of bling was lively last week
Mohammed Sergie/Semafor

Abu Dhabi’s XRG invests in Argentina’s LNG expansion

ADNOC’s international arm agreed in June to take a 32% stake in three Argentine gas blocks.

Gulf SWFs on track for major investments despite war

Gulf sovereign wealth funds are on track for one of their most active years of dealmaking ever, even as war disrupts businesses and economic growth.

Yemen launches Saudi-backed counterattack against Houthis

The escalation added fresh risks to oil markets as Iran reiterated that the Strait of Hormuz remains closed.

Abu Dhabi hits back over Man City ruling

The fallout from Manchester City’s guilty verdict last week is threatening billions in investment.

Abu Dhabi-Dubai gap draws billion dollar projects

Aldar, the capital’s biggest developer, and Sharjah’s Arada formed a 15 billion dirham ($4.1 billion) partnership.

Saudi market reforms could stall IPO recovery

Proposed new listing rules could pull down valuations and deter banks from backing deals

Iran asserts victory over US in 14,390-word letter to Americans

Tehran is reportedly preparing a more forceful response if Washington resumes large-scale strikes.

Pilot stabbing on flydubai flight scrambles Israeli elections

Israeli Prime Minister Benjamin Netanyahu’s opponents drew parallels to the government’s pre-Oct. 7 security failures.

AI firm AIQ pilots new tools for oil patch

Six months of war and AI fever have added urgency to the rollout of Genesis, an operating system AIQ is pitching to energy companies.

Israelis in Saudi after attempted hijacking spark normalization debate

A widely shared video showed a woman in a niqab tending to passengers, challenging stereotypes that conservative Muslims are innately hostile to Jews.

flydubai halts flights between Dubai and Tel Aviv after attempted hijacking

Emirati prosecutors opened an investigation after a co-pilot stabbed his captain mid-flight, asserting jurisdiction over the crime.

Saudi Arabia sees deeper budget deficits ahead

Higher oil prices have largely offset lower export volumes, lifting revenue above prewar estimates, but spending is set to rise faster.