Latest news with #commercialdeals
South China Morning Post
a day ago
- Business
- South China Morning Post
National and commercial interests must go together, John Lee tells Hong Kong businesses
Hong Kong businesses must consider national interests while pursuing commercial deals, the city's leader has said, arguing that the two are not mutually exclusive. In an interview with the Post as he marked three years in office, Chief Executive John Lee Ka-chiu stressed the importance of local companies keeping national interests in mind while seeking profits. Hong Kong tycoon Li Ka-shing's CK Hutchison Holdings has recently drawn the ire of Beijing over a controversial deal to sell its overseas ports to a consortium led by US investment giant BlackRock. Without commenting directly on the controversy, Lee argued in general that commercial and national interests did not have to contradict each other. 'When you do business, you have the maximum freedom to pursue your own goals and foster capitalism,' Lee said. 'But at the same time, there are things that you don't want to hurt, because hurting those things will also hurt your business.'
The National
20-05-2025
- Business
- The National
Chart of the week: Trump's deals during his visit to the Gulf
US President Donald Trump's four-day visit to the Gulf was full of cultural exchanges and, more importantly, deals. During the first foreign tour of his second presidency, Mr Trump secured $2 trillion in commercial deals and investment agreements for the US, according to the White House. Different topics were on the table during the tour. However, some were more present throughout, such as technology and AI.
Times of Oman
16-05-2025
- Business
- Times of Oman
Trump secures $200 billion in deals with UAE; Burj Khalifa lit up in American flag colours
Abu Dhabi: US President Trump announced over $200 billion in commercial deals between the United States and the United Arab Emirates--bringing the total of investment agreements in the Gulf region to over $2 trillion. Trump arrived in Abu Dhabi on Thursday, following earlier visits to Saudi Arabia and Qatar as part of his tour of the Middle East. He was received at Abu Dhabi International Airport by UAE President Sheikh Mohamed bin Zayed Al Nahyan. As per the White House, Boeing and GE Aerospace secured a USD 14.5 billion commitment from Etihad Airways to invest in 28 American-made Boeing 787 and 777X aircraft powered by GE engines. With the inclusion of the next-generation 777X in its fleet plan, the investment deepens the longstanding commercial aviation partnership between the UAE and the United States, fueling American manufacturing, driving exports, and supporting 60,000 US jobs. In Oklahoma, Emirates Global Aluminium will invest to develop a USD 4 billion primary aluminum smelter project, one of the first new aluminum smelters in America in 45 years, that will create a thousand jobs in America, strengthen critical mineral supply chains, and double current US production capacity. ExxonMobil, Occidental Petroleum, and EOG Resources are partnering with the Abu Dhabi National Oil Company (ADNOC) for expanded oil and natural gas production valued at USD 60 billion that will help lower energy costs and create hundreds of skilled jobs in both countries. Holtec International and IHC Industrial Holding Company (IHC) are entering cooperation to build a fleet of Holtec's SMR-300 small modular reactors, starting at the Palisades site in Michigan. This agreement includes a commitment of $10 billion, and an additional USD 20 billion for fleet projects, helping to revitalize American nuclear energy infrastructure, strengthen domestic energy security, and create high-skilled jobs in engineering, construction, and advanced manufacturing across the United States. "Today's deals strengthen the US-UAE investment and trade relationship and build on the UAE's landmark commitment to a 10-year, USD 1.4 trillion investment framework that will contribute to the US boom in AI infrastructure, semiconductors, energy, quantum computing, biotechnology, and manufacturing. The US and UAE signed an AI agreement today that supports the $1.4 trillion investment commitment secured in March. This includes the UAE committing to invest in, build, or finance US data centers that are at least as large and as powerful as those in the UAE," the White House in a statement said. It added, "The agreement also contains historic commitments by the UAE to further align their national security regulations with the United States, including strong protections to prevent the diversion of US-origin technology. The US-UAE AI agreement strengthens bilateral investment partnerships, ensuring US security interests and dominance in AI while extending the American tech stack to an important strategic partner." Meanwhile, Burj Khalifa was illuminated in the colours of the American flag, and streets throughout Dubai were also decorated with both US and UAE flags. Sharing a post on X, the Government of Dubai Media Office said, "Burj Khalifa is illuminated in the colours of the American flag to mark the visit of US President @realDonaldTrump to the United Arab Emirates." In another post, it said, "Dubai's streets are decorated with the colours of the United Arab Emirates and United States flags, marking the visit of US President Donald Trump to the country." The White House also shared an image of the Burj Khalifa illuminated in the colours of the American flag.
Daily Mail
14-05-2025
- Business
- Daily Mail
Trump plays the Gulf card: President's deals in the Middle East should be a wake-up call for Britain, says ALEX BRUMMER
President Trump's trip to the Arabian Gulf is a curious mixture of commercial deals, diplomacy and promotion of family interests. Dollar bills have been written all over it, with $600billion of orders from Saudi Arabia and more billions to be added in Qatar and the UAE. The immediate biggest beneficiaries are investors in AI chip leader Nvidia. A deal with Saudi start-up Humain saw Nvidia stock rocket, valuing the company at more than $3trillion. The rapprochement with Riyadh and for that matter the whole Gulf region will be tracked closely in London. Trump's success with the 'Abraham Accords' in his first term, when Dubai and other Gulf entities signed peace and business deals with Israel, has not blunted his ambition. Despite disruption from Israel's battle with Hamas in Gaza, the White House believes it can eventually bring the modernising Saudi leader Mohammed bin Salman within the tent. Britain has been the Western democracy closest to Saudi Arabia, supported by royal visits. BAE Systems has been operating in the region for 60 years. It employs 7,000 people on the ground, now mainly local, charged with keeping UK-made Typhoons and Tornado fighter jets in the air. Plans for further, more advanced fighter sales are in abeyance. America is making defence inroads with the sale of air-to-air missiles and precision-guided weapons. In the past the UK has been a dominant defence supplier to Gulf states fearful of being seen as compromised by closeness to the US. Qatar is seeking a deal for F-15 fighters and the UAE hopes Trump will reverse a decision by Joe Biden to halt the sale of F-35s, components of which are made in the UK. Trump's tilt to the region is a shot across the bows. It ought to be a signal to Keir Starmer, Foreign Secretary David Lammy and Labour that Britain needs to intensify its defence diplomacy in the Middle East or influence, exports and jobs are at risk. Smoke signal Imperial Brands is generally shunned by UK investors fearful of involvement in the nicotine industry. Yet the tobacco group, known for its Winston and Gauloises brands, has proved a terrific investment since German chief executive Stefan Bomhard took the helm. His unexpected departure, at the end of the year, brought shares down with a bump. Under him, market share has risen in key markets, despite price increases. There have been improved returns for 'next generation' products – vapes and heated tobacco. Some £9.8billion has been returned to shareholders and market value is up from £14.4billion to £22billion. Bomhard is seeking the quieter life after leading Inchcape and Imperial, having been mentioned as a potential chief executive for Reckitt or Unilever. Instead, he is opting for small town life in Bavaria. He will be succeeded by finance chief Lukas Paravicini. Change at the top is often welcomed. At Imps it foments anxiety. Premium shadow Aviva's all-British £3.7billion takeover of motor insurer Direct Line has caught the eye of the Competition and Markets Authority (CMA). The reference is not likely to cause sleepless night for chief executive Amanda Blanc. Together, the motor share of the merged company, at around 20 per cent, will still be smaller than rival Admiral. Generally, the CMA doesn't ask for structural changes unless a 25 per cent threshold is reached. Car insurance is highly competitive, with 17 firms on the most-used price comparison sites. Nevertheless, a market powered by two behemoths would make it easier to drive surging premiums higher. Comeback kids Former GSK boss Andrew Witty is making an unrehearsed exit from America's medical giant United Health. His departure comes amid turmoil as it grapples with government investigations, surging medical costs and the public reaction to the murder of the boss of insurance offshoot Brian Thompson in Manhattan. Former chief Stephen Hemsley takes back the reins in what is becoming a Wall Street habit following in the steps of Starbucks, Walt Disney and P&G.
Bloomberg
14-05-2025
- Business
- Bloomberg
Jordan: Word is Out Saudi Arabia is Open For Business
US President Donald Trump and Saudi Crown Prince, Mohammed bin Salman, announced a pledge for $1 trillion in commercial deals at their summit in Riyadh during the President's tour of the Middle East. The White House later said the investments so far are worth $600 billion as the President travels to Qatar today to continue his first official state visit. Robert W. Jordan, Former US Ambassador to Saudi Arabia told Bloomberg's Horizons Middle East and Africa anchor Joumanna Bercetche on the deals but also the geopolitical announcements from the visit. (Source: Bloomberg)
