Happy Saturday Everyone!

The UAE has committed to $1.4 trillion US investment over the next 10 years, according to a White House statement. More details on this soon.

For today’s top stories:

Qatar Airways is set to report record-breaking profits for the 2024-25 fiscal year, fueled by expansion at Hamad International Airport. Meanwhile, the UK is ramping up efforts to strengthen trade ties with the UAE, eyeing opportunities in aviation, finance, and hospitality. In Abu Dhabi, AIQ, an AI-for-oilfields firm backed by ADNOC, is pushing for global expansion, leveraging AI-driven efficiency to transform energy operations.

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Qatar Airways Reveals Strong Profits and Expansion Plans for 2024-25 Fiscal Year

📰 What is it about?

• Qatar Airways CEO Badr Al Meer announced that the airline’s profits for the fiscal year ending March 31, 2025, will surpass previous years.

• The state-owned airline posted a record 6.1 billion Qatari riyals ($1.67 billion) in net profit for the previous fiscal year, reflecting a 39% increase.

• Revenue also grew by 6% to 81 billion riyals in the year ending March 31, 2024.

• Al Meer also revealed the expansion of Hamad International Airport in Doha with two new concourses, D and E, increasing passenger capacity to 65 million annually.

• The new expansion covers 842,000 square meters, marking a 14% increase, and added 17 new gates, boosting the total number to 62.

💡 Why it matters?

• The airport expansion strengthens Qatar Airways' operational capacity and enhances its competitiveness in the global aviation market.

• Increased passenger capacity and new gates will likely lead to further growth in profits and efficiency.

• The expansion of the airport also boosts employment in aviation and hospitality sectors, providing economic benefits to Qatar.

• With strategic investments, including the acquisition of a 25% stake in Virgin Australia, Qatar Airways solidifies its influence in key markets, including Australasia and China.

🔜 What’s next?

• Qatar Airways’ potential IPO is currently under review by the Qatar Investment Authority and other government entities, though no decision has been made yet.

• The airline’s strategy of acquiring stakes in other carriers, like Rwanda Air and Airlink, signals continued growth through equity investments.

• Al Meer confirmed no merger plans for Qatar Airways, stating the airline’s financial strength and independence.

• The Chinese market continues to be a focus, with high load factors and fully booked flights contributing significantly to revenue.

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Markets

UK Eyes Stronger Business Ties With UAE Amid Trade Talks

📰 What is it about?

• The UK is actively seeking to expand business opportunities in the UAE, particularly in aviation, hospitality, financial services, and advanced manufacturing.

• A free trade agreement (FTA) between the UK and the Gulf Co-operation Council (GCC) could unlock $20 billion in trade.

• Sarah Mooney, UK Trade Commissioner for the Middle East and Pakistan, emphasized the UK’s commitment to deepening economic ties during a British Business Group Dubai event in London.

💡 Why it matters?

• The UAE is the UK’s sixth-largest global trading partner, making it a key market for British companies.

• Dubai’s planned $35 billion expansion of Al Maktoum International Airport could create significant opportunities for UK firms in design, finance, and infrastructure.

• Growing sectors like AI, defence, and data centres in the UAE align with British expertise, opening new avenues for collaboration.

• The UAE’s focus on education reforms and Emiratisation is also driving demand for UK universities and training programs.

🔜 What’s next?

• Mooney is “very hopeful” that the long-delayed UK-GCC free trade deal will be finalized this year.

• If the FTA is signed, it could encourage more British companies to enter the UAE and broader GCC market.

• With the GCC’s combined economy valued at around $2 trillion, stronger UK-UAE business ties could lead to significant long-term trade growth.

Abu Dhabi’s AIQ Looks to Expand AI-Driven Oilfield Tech Globally: Semafor

What is happening?

• AIQ, a joint venture between ADNOC and Presight (backed by AI firm G42), is expanding its AI technology beyond UAE oilfields, report Semafor.

• The company’s predictive AI solutions have significantly reduced drilling downtime and improved efficiency.

• AIQ is now exploring deals in resource-rich countries like Albania, Angola, Azerbaijan, Colombia, Kazakhstan, and Paraguay.

Why it matters:

• AIQ’s technology streamlines oilfield operations, cutting project timelines from weeks to hours, making energy extraction faster and more cost-effective.

• ADNOC’s access to over 50 years of oilfield data gives AIQ a competitive advantage in developing industry-specific AI models.

• The $340 million deal between ADNOC and AIQ signals strong confidence in AI-driven solutions for energy production.

• The firm is also considering acquisitions, potentially strengthening its global footprint in AI-driven energy solutions.

What’s next?

• AIQ is expected to expand partnerships in new markets where Presight already operates.

• While rumors of an IPO persist, the company has declined to comment on potential public listing plans.

• The adoption of "Agentic AI" in the energy sector could reshape global oilfield operations, setting a precedent for AI-driven efficiency in resource extraction.

🔍In other news…

• Saudi Aramco unveils direct air capture tech to reduce emissions.

• Sport Clubs gets nod to list 30% on Saudi bourse.

• Oil prices rise on Iran sanctions and planned Opec+ cuts.

The Latest from the Smashi Business Studio

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