The UAE’s state fuel company ADNOC is going into the hydrogen business with Exxon Mobil.

ADNOC signed an agreement with the largest U.S. oil company in Abu Dhabi on Wednesday to acquire a 35% stake in Exxon Mobil’s low-carbon hydrogen and ammonia production plant in Baytown, Texas.

The deal was signed by Dr. Sultan Al Jaber, ADNOC Group CEO and the UAE’s Minister of Industry and Advanced Technology, and Exxon Mobil CEO Darren Woods during a ceremony in Abu Dhabi that was attended by Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council.

The Texas manufacturing plant produces up to 1 billion cubic feet per day of low-carbon hydrogen, with around 98% of the carbon dioxide removed.

The project is part of Exxon Mobil’s efforts to create a new business to make money out of cutting greenhouse gas emissions by other companies looking to decarbonise their own operations, Reuters reports.

ADNOC expects the massive scale of the project to make its hydrogen among the most competitive in the world, Michele Fiorentino, Executive Vice President of Low Carbon Solutions and Business Development, told Reuters, adding the company is “reasonably confident the demand will be there.”

Financial terms of the deal weren’t disclosed though ADNOC indicated it would be worth billions of dollars, the news agency said.

Saudi Arabia is tearing down barriers to entry when it comes to tourism.

Having poured billions into developing its Red Sea spas, historical desert sites and sporting events, the kingdom has decided to scrap municipal licensing fees for hotels, hotel apartments, and residential resorts. 

The move reflects the country’s efforts to transform the economy away from its longtime dependence on oil and develop industries such as tourism, finance and manufacturing.

Saudi Arabia has been determined to strike a balance between making foreigners feel welcome while guarding the Islamic country’s conservative ideals. 

JPMorgan will expand its presence in Dubai with a new private banking team, joining a growing list of global financial giants bulking up in the UAE. 

The firm is bringing bankers Sebastian Botana de Beauvau and Carol Mushriqui from Geneva and London to lead the team that will focus on winning business from affluent individuals, family offices, charities and foundations, Bloomberg reports.

With the expectation that 6,700 millionaires are moving to the UAE this year, JPMorgan joined competitors like UBS, Deutsche Bank, and HSBC in increasing their footprint in the city. HSBC added 100 bankers in the past year alone. 

Swiss wealth manager Julius Baer has also strengthened its Dubai team to cater to the influx of wealthy clients from other countries. 

Corporate decision makers across the GCC region are largely optimistic about growth prospects through the end of 2024 while expressing caution about lurking geopolitical risks and the threat of cyberattacks, according to a survey by the consulting firm Teneo.

Sentiment among the 450 executives polled from both public and private sector companies was brightest in Saudi Arabia and the UAE, while more guarded in Oman and Kuwait. Overall, 65% of Gulf decision makers said they anticipate further improvements in the regional economy this year.

Among the biggest business challenges cited was cybersecurity, with widespread fears that computer networks are increasingly vulnerable to hackers. Some 82% said they expect positive impact from the integration of artificial intelligence in their business operations, though 41% said the AI’s costs would be a formidable barrier.

As the Middle East regional economy grows, one of the greatest concerns among corporate decision makers shown in the polling is recruiting skilled employees within their countries. Over the next 25 years, the survey indicated broad confidence that the Gulf will continue to be a leading global energy supplier while developing its resources as a world financial center.

As the political crisis in Libya deepens, the country’s National Oil Co. halted production at its petroleum fields and cut off shipments from its ports, rattling regional oil markets.

The NOC declared a “force majeure” to inform customers that orders could not be fulfilled because of unforeseen circumstances.

The cutoff derives from the continuing conflict between Libya’s two rival political factions over control of the central bank and oil revenue.

Oil prices rose on Monday, recovering some losses from late last week, amid the halt in Libyan exports and concerns about the coming decision on OPEC+ production levels.

The political crisis involves a struggle for power between the eastern government, led by commander Khalifa Haftar’s Libyan National Army, and the internationally recognized western government in Tripoli, led by Prime Minister Abdulhamid Dbeibeh.

The NOC reported a 63% drop in oil production last week due to the shutdown, which began Aug. 26. Output was estimated at 591,000 barrels per day, down from 1.2 million barrels in late July.

Visions of the Gulf as a tax-free haven are rapidly fading.

Bahrain is the latest member of the GCC to introduce corporate taxes, imposing a new 15% profit tax on multinational corporations starting in January.

The new taxes will be limited to the largest companies –  whose annual global revenue exceeds $830 million. 

The move brings Bahrain in line with new OECD reforms requiring member-nations to ensure large multinational enterprises pay taxes in every country where they operate.

It aims to address issues of international competition arising from the digitalization and globalization of the economy, according to the OECD.

Dubai Fashion Week kicks off on Sunday, offering a showcase for Emirati designers with runway shows, parties and public chats.

The coming edition, which takes place Sept. 1-7 in the Dubai Design District, highlights Italian fashion houses, in line with the city’s aspirations to join the ranks of Paris, Milan and New York on the couture circuit.

Among designers from the Middle East and Asia, the event will feature Dima Ayad, Heba Jasmi and Rizman Ruzaini.

Fausto Puglisi, the head of Italian fashion house Roberto Cavalli and a designer for Madonna, Beyonce and Taylor Swift, will be the guest of honor at the closing reception on Sept. 7.