IDEX 2021 Concludes with $5.7Bln in Deals

Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum visits IDEX 2021. (WAM)
Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum visits IDEX 2021. (WAM)
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IDEX 2021 Concludes with $5.7Bln in Deals

Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum visits IDEX 2021. (WAM)
Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum visits IDEX 2021. (WAM)

The International Defense Exhibition and Conference (IDEX) and the Naval Defense and Maritime Security Exhibition (NAVDEX) concluded their 15th edition on Thursday in Abu Dhabi, announced the Higher Organizing Committee for the exhibitions.

The five-day events, which kicked off on Feb. 21, saw the signing of deals worth AED20.957 billion ($5.7 billion) among foreign and local companies.

Five deals with international companies and 15 with local companies were inked on the final day of the exhibitions, at a value of AED904.2 million ($246.2 million).

The events have seen extensive local and international participation. The success of this edition lies in the fact that it was the first global defense event to take place in the post-pandemic recovery stage, with 62,445 people attending the venue.

About 900 exhibitors, 59 countries and 35 international pavilions participated in IDEX and NAVDEX 2021. Five countries took part for the first time: Israel, North Macedonia, Luxembourg, Portugal and Azerbaijan.

“The 15th edition of the IDEX and NAVDEX exhibitions has been nothing short of exceptional,” said Commander-in-Chief of Abu Dhabi Police Major General Pilot Faris Khalaf al-Mazrouei, who is also chairman of the Higher Organizing Committee.

“These events continue to bolster their global position, providing exhibitors and participants from around the world with an integrated global platform, in spite of the challenges imposed by the COVID-19 pandemic.”

“IDEX and NAVDEX drive and enable innovation, in line with the rapid development of the fourth industrial revolution,” he stressed.

“The foremost achievement in this edition was the stringent and rigorous implementation of all precautionary measures that preserved the health and safety of all participants, exhibitors and visitors,” he noted.

“IDEX and NAVDEX 2021 enabled the return of the national business tourism sector, alongside continuing to support the UAE’s defense industry. These exhibitions ensure that UAE products are globally competitive by meeting the needs of the nation and reaching new markets,” Mazrouei explained.

Head of the Executive Directorate of Industries and Development of Defense Capabilities at the Ministry of Defense Staff Pilot Ishaq Saleh al-Balushi said the UAE has once again demonstrated its global leadership in hosting and organizing international and strategic events.

“This year’s exhibitions have seen the UAE Armed Forces sign the highest value of deals.”

“The signing of such agreements plays a pivotal role in devising and implementing long-term security and defense strategies and ensuring the adoption of optimal solutions to face future challenges, given the fourth industrial revolution,” he noted.

Humaid Matar al-Dhaheri, Managing Director and Group CEO of the Abu Dhabi National Exhibitions Company (ADNEC), said: “Ninety-six percent of visitors and exhibitors to IDEX and NAVDEX were satisfied with the exhibition, which is considered one of the highest rates in the global exhibition and conference sector.”

The wide range of precautionary protocols, which ADNEC rigorously implemented across its infrastructure, also met the approval of those visiting IDEX and NAVDEX, as well as specialists in the exhibition and conference sector, he added.



Saudi Aramco Reportedly Sells Oil from Jafurah Field as Huge Project Starts

Saudi Aramco's Jafurah project. Photo: Aramco
Saudi Aramco's Jafurah project. Photo: Aramco
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Saudi Aramco Reportedly Sells Oil from Jafurah Field as Huge Project Starts

Saudi Aramco's Jafurah project. Photo: Aramco
Saudi Aramco's Jafurah project. Photo: Aramco

Saudi Aramco sold oil from its $100 billion Jafurah project in the first reported export from the massive natural gas development, Bloomberg reported.

Jafurah is Aramco’s first unconventional field, developed using the type of hydraulic fracturing, or fracking, techniques pioneered in the US shale patch.

The deposit, which Chief Executive Officer Amin Nasser calls the company’s crown jewel, will produce massive amounts of natural gas once at capacity, expected in 2030. It also has plentiful volume of liquid fuels that will boost the company’s returns, Nasser has said.

The oil that Aramco sold is condensate, a light oil liquid that’s often found in gas deposits, according to traders with knowledge of the purchases. It will go to buyers in Asia for loading later this month or in early March, Bloomberg quoted the traders as saying.


Industry Ministry: Saudi Arabia Saw 220% Surge in Mining Licenses in 2025

The surge highlights the appeal of the mining investment environment in the Kingdom. SPA
The surge highlights the appeal of the mining investment environment in the Kingdom. SPA
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Industry Ministry: Saudi Arabia Saw 220% Surge in Mining Licenses in 2025

The surge highlights the appeal of the mining investment environment in the Kingdom. SPA
The surge highlights the appeal of the mining investment environment in the Kingdom. SPA

The Saudi Ministry of Industry and Mineral Resources has announced record growth in the number of new mining exploitation licenses issued in 2025, showing a remarkable increase of 220% compared to 2024.

The surge highlights the appeal of the mining investment environment and the ministry's ongoing efforts to promote the exploration and utilization of the Kingdom's mineral resources, which are valued at over SAR9.4 trillion.

Jarrah Al-Jarrah, the ministry’s spokesperson, revealed that total investment in these new licensing projects has exceeded SAR44 billion, focused on the extraction of high-quality mineral ores, including gold and phosphate.

Al-Jarrah emphasized that the ministry is dedicated to facilitating mining investments and streamlining the process for both local and international investors, thereby supporting sector development and maximizing returns.

This effort aligns with the objectives of Saudi Vision 2030, which aims to position mining as the third pillar of national industry and a key contributor to economic diversification.

The Saudi mining sector made significant progress in the 2024 annual survey of mining companies conducted by the Fraser Institute of Canada.

The Kingdom improved its position in the Mining Investment Attractiveness Index, moving up from 114th place in 2013 to 23rd place globally. This achievement underscores the effectiveness of regulatory and legislative reforms within the sector.


UK Economy Barely Grew in Q4 as Budget Uncertainty Weighed

The financial district of the City of London (Reuters)
The financial district of the City of London (Reuters)
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UK Economy Barely Grew in Q4 as Budget Uncertainty Weighed

The financial district of the City of London (Reuters)
The financial district of the City of London (Reuters)

Britain's economy barely grew in the final quarter of 2025 as activity fared worse than initially estimated during the run-up to finance minister Rachel Reeves' budget, official figures showed on Thursday.

Gross domestic product grew by 0.1% in the October-to-December period, the same slow pace as in the third quarter, the Office for National Statistics said.

Economists polled by Reuters, as well as the Bank of England, had forecast 0.2% fourth-quarter growth compared with the ‌previous three months.

The ‌period was marked by rampant speculation about tax increases ‌ahead ⁠of Reeves' budget ⁠on November 26. The ONS revised down monthly GDP data for the three months to November to show a 0.1% contraction rather than 0.1% growth.

Some more recent data have suggested that uncertainty has lifted for consumers and businesses.

"Looking at various surveys, there were some tentative signs that sentiment turned a corner and started to improve after the budget last year, which could help deliver a pick-up in activity this ⁠year," Luke Bartholomew, deputy chief economist at Aberdeen, said.

"However, recent ‌political uncertainty may see that sentiment bounce reverse."

Prime ‌Minister Keir Starmer has had to fight to keep his grip on Downing Street this ‌week due to fallout from the Jeffrey Epstein scandal.

Thursday's figures underscored why ‌investors think that the Bank of England is more likely than not to cut interest rates again in March.

The monthly GDP data showed a sharp downward revision to growth.

The data suggested hesitancy on the part of businesses during the fourth quarter as their investment fell ‌by almost 3% - the biggest quarter-on-quarter drop since early 2021, driven largely by volatile transport investment.

Economist Thomas Pugh at ⁠tax and consultancy ⁠firm RSM said the overall weakness in business investment suggested budget uncertainty held back investment and spending.

Manufacturing was the biggest driver of the increase in output, despite the fact that car output was still recovering from September's cyber attack on Jaguar Land Rover, while the dominant services sector was flat. Construction output contracted by 2.1%.

In 2025 as a whole, Britain's economy grew by an annual average 1.3%, the Office for National Statistics said, compared with 0.9% in France, 0.7% in Italy and 0.4% in Germany.

British economic growth per head contracted by 0.1% for a second quarter, although it rose by 1.0% for 2025 as a whole.

In December alone, the economy grew by 0.1%, the ONS said, as expected in the Reuters poll. That left the size of the economy back at its level of June 2025.