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Flooding in Dubai affected many people's homes. Emaar has promised .free repairs for its residents, and an upgraded sewerage system is planned

Emaar promises free repairs as Dubai launches sewerage system

Emaar Properties is offering free repairs to residents whose homes were damaged during this week’s extreme flooding, as Dubai also announced a AED80 billion ($22 billion) sewerage system, following a review of infrastructure ordered by the UAE president. The developer, which is listed on the Dubai stock exchange, announced on Friday it would repair all […]

Solar power panel

Cost of Xlinks Morocco-UK project balloons by a third

The cost of an ambitious project to deliver green energy from the south of Morocco to power homes in the UK has ballooned by more than a third to $30 billion. Xlinks First is behind the Morocco-UK renewables project, which would construct the world’s longest high-voltage direct current (HVDC) subsea power cable between the North […]

Trending

  1. UAE strikes Colombia deal to strengthen Latin American links

  2. Lebanon launches plan to promote use of bank cards

  3. Kuwait signs $140m contracts for Al Metlaa development

  4. Alstom to upgrade driverless transit system at Jeddah airport

  5. Turkish Airlines nears $20bn deal with Airbus and Rolls-Royce

OPINION & Analysis

Best of AGBI

Electronics, Headphones, Adult Foreign investment in esports has been slowing but experts remain upbeat about the future of the market esports game gaming Saudi Arabia

World Cup’s brimming prize pot to revive Saudi esports

Saudi Arabia will offer a record-breaking $60 million prize pool for its upcoming Esports World Cup, at a time when the kingdom is facing challenges attracting foreign investments to the sector. The amount of prize money for this summer’s event breaks the previous record of $45 million set by esports festival Gamer8 in 2023. Saudi […]

Iraq shapes up as a destination for UAE investors

Emirati investors may be increasingly tempted to look at Iraq after additional safeguards are introduced under a new bilateral investment treaty, observers believe. The treaty between Iraq and the UAE was signed in October 2021 and ratified by both states last year. All that is left now is for the instruments of ratification to be […]

Hit by rising costs, Turkey’s textile producers move overseas

Textile manufacturers in Turkey, struggling with pricing pressures and labour costs, are moving their operations overseas, although at least some in the sector see a turnaround by the year’s end. The Istanbul Chamber of Industry sectoral purchasing managers’ index for March showed sentiment among textile manufacturers was the lowest among the 10 sectors covered by […]

Sukuk takes bigger slice of Oman’s shrinking debt market

Oman’s total debt capital market contracted by 7 percent to $44 billion last year as the government took advantage of its budget surplus from higher oil and gas prices to make early payments. The energy boon helped its budget surplus total $2.4 billion. Despite the shrinking debt market Fitch Ratings said sukuk issuance in Oman […]

The banking blame game stifling Lebanon’s IMF deal

Lebanon’s proposed International Monetary Fund deal, agreed two years ago and designed to put the country on the road to recovery, seems no closer to realisation. One of the key stumbling points is reform of the banking sector. The combined liabilities of the country’s banks amount to more than three times the size of Lebanon’s […]

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UAE latest

Flooding in Dubai affected many people's homes. Emaar has promised .free repairs for its residents, and an upgraded sewerage system is planned

Emaar promises free repairs as Dubai launches sewerage system

Emaar Properties is offering free repairs to residents whose homes were damaged during this week’s extreme flooding, as Dubai also announced a AED80 billion ($22 billion) sewerage system, following a review of infrastructure ordered by the UAE president. The developer, which is listed on the Dubai stock exchange, announced on Friday it would repair all […]

Workers at Cano Limon oil field in eastern Colombia. Oil is one of the country's largest exports

UAE strikes Colombia deal to strengthen Latin American links

The UAE has strengthened trade relations with Latin America after signing a comprehensive economic partnership agreement with Colombia, just days after a Cepa deal was struck with Costa Rica. Officials from the UAE and Colombia put pen to paper on an agreement that will cut tariffs and remove trade barriers between the two countries. UAE […]

The Al Dhafra solar PV project. Ewec plans to increase Abu Dhabi’s solar production capacity to 7.6 GW by 2030

Abu Dhabi to generate 50% power from green sources by 2030 

Abu Dhabi plans to generate more than half of its electricity from renewable and clean energy by 2030, a senior Emirates Water and Electricity Company (Ewec) official has said. The state-owned entity is increasing the emirate’s solar energy production plan to 7.6 gigawatts (GW) by 2030, the UAE state-run Wam news agency reported, quoting CEO Othman Juma […]

UAE Costa Rica Cepa

Costa Rica added to UAE economic partners

The UAE has signed a comprehensive economic partnership agreement with Costa Rica, the latest in a string of trade deals around the world over the past two years. It is the first time the Central American country has signed an agreement with a Middle Eastern country. The agreement will improve trade flows between the two […]

A man wades through a flooded street in Dubai. Some areas of the UAE received more than a year's worth of rain in one day Video length: 03:08

UAE president orders review after flooding

The UAE’s president, Sheikh Mohamed bin Zayed Al Nahyan, has ordered an urgent review of the country’s infrastructure after historic levels of rainfall brought the Gulf state to a standstill, with some areas seeing more than a year’s worth of rain in one day. The president has contacted authorities “to quickly work on studying the […]

Saudi Arabia latest

Electronics, Headphones, Adult Foreign investment in esports has been slowing but experts remain upbeat about the future of the market esports game gaming Saudi Arabia

World Cup’s brimming prize pot to revive Saudi esports

Saudi Arabia will offer a record-breaking $60 million prize pool for its upcoming Esports World Cup, at a time when the kingdom is facing challenges attracting foreign investments to the sector. The amount of prize money for this summer’s event breaks the previous record of $45 million set by esports festival Gamer8 in 2023. Saudi […]

Alstom's upgraded passenger transit system will help reduce emissions at King Abdulaziz International Airport

Alstom to upgrade driverless transit system at Jeddah airport

French train maker Alstom will upgrade the automated and driverless passenger transit system at King Abdulaziz International Airport, as the Jeddah airport aims to receive 114 million passengers by 2030. As part of the contract, Alstom will design, engineer, supply, integrate, test and commission a complete system upgrade of its Innovia automated people mover (APM) at the airport’s terminal […]

An Acwa Power solar facility in Saudi Arabia. The Bank Of China loan will help finance its solar projects in Uzbekistan

Acwa Power takes China bank loan in first for Saudi Arabia

Saudi energy major Acwa Power has secured an $80 million loan from the Bank of China as the appeal of the Chinese Renminbi as a trade currency gains traction in the GCC. Acwa Power, the world’s largest private water desalination company and a first mover into green hydrogen, has received the equity bridge loan to […]

The Line at Neom

Saudi Arabia strives to counter giga-project doubts

As Saudi Arabia ramps up its global tour to attract more giga-project investment, doubts have begun to set in over costs and whether they will meet the imminent 2030 deadline. The kingdom’s officials put on a big show at an international real estate event in Cannes in March and this week Neom kicked off the […]

Saudi Arabia Ronnie O'Sullivan snooker

Ronnie O’Sullivan to be Saudi snooker ambassador

Saudi Arabia has signed a deal with the world’s top snooker player, Ronnie O’Sullivan, for him to act as an “ambassador” for the sport in Saudi Arabia.  It was announced alongside news that Saudi Arabia has become an official sponsor of the World Snooker Championship that begins this weekend in Sheffield, UK. Under the three-year […]

Around the Middle East

A customer paying with a credit card inside the Black Friday Market in Beirut. Lebanon wants more people to move away from cash

Lebanon launches plan to promote use of bank cards

Lebanese central bank Banque du Liban announced a new agreement on Thursday that it hopes will result in a rebound in the use of bank cards. As part of the agreement, Mastercard and Visa will lower card fees on transactions, particularly for people with bank accounts based outside Lebanon. In a press release, the bank […]

Construction work in Kuwait. Nurseries, schools and shops are being built for the new residential district of Al Metlaa

Kuwait signs $140m contracts for Al Metlaa development

Kuwait’s Public Authority for Housing Welfare (PAHW) has signed two contracts worth KD42 million ($140 million) to construct public buildings in Al Metlaa, a new residential district north of Kuwait City. Nurseries, stores, schools and shops will be included, state news agency Kuna reported. Electricity connections have been provided for 109 buildings in the district, […]

Iraq gas oil

Iraq to auction 30 oil and gas projects this month

Iraq will auction 30 new oil and gas projects in two licensing rounds before the end of April. The bidding round will be held on April 27, Reuters reported, citing an oil ministry statement. Last October Iraq passed a long-awaited oil and gas law, which will help the country attract more international investments into the hydrocarbon industry and boost government revenues.  Ali Metwally, an […]

Solar power panel

Cost of Xlinks Morocco-UK project balloons by a third

The cost of an ambitious project to deliver green energy from the south of Morocco to power homes in the UK has ballooned by more than a third to $30 billion. Xlinks First is behind the Morocco-UK renewables project, which would construct the world’s longest high-voltage direct current (HVDC) subsea power cable between the North […]

Erbil Iraq

Iraq shapes up as a destination for UAE investors

Emirati investors may be increasingly tempted to look at Iraq after additional safeguards are introduced under a new bilateral investment treaty, observers believe. The treaty between Iraq and the UAE was signed in October 2021 and ratified by both states last year. All that is left now is for the instruments of ratification to be […]

An agricultural engineer checks green peppers on a farm in Jordan. Vegetables and fertilisers are among its main exports

Jordan’s exports rise 15% in Q1 despite regional unrest

Jordan’s exports increased by more than 15 percent in the first quarter of the year despite the conflict between Israel and Hamas and the disruptions to maritime trade in the Red Sea. The country recorded “remarkable” growth in export value from January to March, according to the Amman Chamber of Industry.  Export value rose to […]

Dubai was hit by the heaviest rainfall in 75 years on Tuesday, leaving motorists stranded floods rain weather UAE Gulf

Gulf’s record floods highlight ‘balance between risk and investment’

Historic rainfall this week in the Gulf, particularly in the UAE, has raised serious questions about investment in infrastructure to prevent the widespread flooding that brought much of the region to a standstill. On Tuesday the UAE was hit by its heaviest rains in 75 years. The downpour turned main roads into waterways, particularly in […]

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Turkey Latest

The Turkish Airlines deal with Rolls-Royce and Airbus will be announced later this month

Turkish Airlines nears $20bn deal with Airbus and Rolls-Royce

State-backed Turkish Airlines is expected to sign an agreement with UK’s Rolls-Royce Holdings Plc and European planemaker Airbus to manufacture $20 billion worth of aircraft components locally. The deal will be announced in Istanbul later this month, Bloomberg reported, quoting Turkish officials who were aware of the agreement. Last December the Turkish national carrier announced […]

Turkey textiles

Hit by rising costs, Turkey’s textile producers move overseas

Textile manufacturers in Turkey, struggling with pricing pressures and labour costs, are moving their operations overseas, although at least some in the sector see a turnaround by the year’s end. The Istanbul Chamber of Industry sectoral purchasing managers’ index for March showed sentiment among textile manufacturers was the lowest among the 10 sectors covered by […]

Mubadala-backed Getir weighs asset sales

Turkey’s grocery delivery startup Getir is considering asset sales as part of its ongoing restructuring talks, according to a media report. The company, operating in five markets, including the UK, aims to sell off assets such as US online grocer FreshDirect, acquired last year, and BiTaksi, a ride-hailing app in Turkey, Sky News reported, citing unnamed […]

Turkey's unemployment rate for women was 11.3% in February, down from 11.6% in January

Jobless rate in Turkey edges back towards 10-year low

Turkey’s unemployment rate fell 0.3 percentage points month on month in February, to 8.7 percent, according to official data released on Monday. The seasonally adjusted figure is edging back down towards the 8.6 percent recorded in October last year, the lowest for a decade.  The unemployment rate for women was 11.3 percent in February, down […]

Nature, Undersea cables account for as much as 90 percent of Europe-Asia telecommunications, Water

Iraq and Kuwait team up for European telecom corridor

Iraq’s Informatics and Telecommunication Public Company, a division of the Ministry of Communications, has signed an agreement with Kuwait’s Zajil Telecom to create a telecommunications corridor from the Gulf region to Europe, transiting through Iraq and Turkey. The new route will pass through Iraqi sea and land ports. Iraq’s minister of communications Hayam Al-Yasiri said […]

Egypt Latest

reducing inflation Egypt Mohamed Maait finance minister

Reducing inflation is Egypt’s top priority, says minister

Reducing inflation in Egypt to align with the central bank’s target is the government’s main priority, the country’s finance minister, Mohamed Maait, has announced. Inflation in Egypt fell to 33 percent in March from 38 percent in September, passing the central bank’s target range of a 5 to 9 percentage point fall. Maait, speaking at […]

Egypt growth forecast Cairo street

World Bank lowers Egypt’s growth forecast again

The World Bank has downgraded Egypt’s growth forecast for the current fiscal year to 2.8 percent, the lowest for 11 years, despite recent investment in the country of nearly $60 billion. In its latest Middle East and North Africa economic update, the bank blamed “sluggish industrial sector performance” and the effects of war in the […]

A container vessel passes through the Suez Canal. Global supply chain volatility is falling, according to the latest data

Transportation costs fall as Suez disruption eases

Global transportation costs fell last month to their lowest level since December as the diminishing impact of Suez Canal disruption led container rates to decline.  Latest data shows no discernible impact on supplies from either the Red Sea attacks or from reduced capacity on the Panama Canal, with businesses adjusting to longer delivery schedules. The […]

A woman buys cooking oil at a market in downtown Cairo, Egypt

EU to provide ‘urgent’ $1bn short-term aid to Egypt

The European Union (EU) will provide €1 billion ($1.1 billion) in urgent short-term financial aid to support Egypt’s economy. The funding is part of the larger €5 billion macro-financial assistance package.  The remaining €4 billion will be released as longer-term assistance over 2024-2027 but is yet to be cleared by the 27-member bloc. The aid […]

Egypt's logistics corridors will link its Red Sea ports with those on the Mediterranean coast

Egypt building seven logistics corridors says minister

Egypt is building seven integrated logistics corridors as part of its plan to become a regional centre. The logistics corridors are under construction and will connect production facilities with ports, Egypt Today newspaper reported, quoting transport minister Kamel El Wazir. The corridors are located in Sokhna/Alexandria, Arish/Taba, Cairo/Alexandria, Tanta/Mansoura/Dameitta, Gargoub/Salloum, Cairo/Aswan/Abu Simbel, and Safaga/Qena/Tartour, the […]

Features

What Dubai’s united nations of property buyers want

When purchasing a property in Dubai amenities are important to Brits, while Indian buyers are all about the return on investment, according to real estate experts. Last year Dubai recorded 1.6 million real estate transactions, a record 17 percent year-on-year increase, according to data from the Dubai Land Department. The demand comes from a largely […]

Reasons to be cheerful for UAE banks with Egyptian subsidiaries

Despite the plunge in the value of the Egyptian pound, UAE banks’ subsidiaries in the country remain a strong long-term asset, analysts have told AGBI. Three Emirati banks – Abu Dhabi Islamic Bank, First Abu Dhabi Bank and Dubai’s Emirates NBD – have acquired Egyptian lenders. The pound-to-dollar exchange rate stood at about EGP31 at […]

Lithium’s highs and lows – and what they mean for the Gulf

For one of the world’s most critical minerals, the past two years have been the best of times and the worst of times. First, lithium prices shot skywards, hitting around $80,000 per metric tonne in 2022 amid fears that global supply would not meet demand. Then, in just a year, the soft, silvery-white metal lost […]

Abu Dhabi’s futuristic vision of an Egyptian metropolis

By 2052, Egypt’s Ras El Hekma will be “competing with the most important cities of the world,” according to the new project’s promotional video. Published on February 23, the day the Abu Dhabi sovereign wealth fund ADQ bought development rights to this stretch of coastline as part of a $35 billion deal, the video shows […]

People & Lifestyle

Riyadh women's tennis Iga Swiatek

Riyadh secures three years of women’s world tennis finals

Riyadh is to host the Women’s Tennis Association finals for the next three years, with record prize money for participants. The top eight singles players and doubles teams in the annual Race to the WTA Finals will play for a prize pot of $15 million, the Women’s Tennis Association (WTA) said in a statement. The […]

MBC Shahid Ashghal Shaqa

Streaming platform Shahid to drive growth, says MBC TV

The Arabic TV network MBC says its new Shahid streaming platform will lead its growth after subscriptions grew 40 percent in 2023 to nearly four million.  The Saudi-owned group recently completed an IPO on the Saudi stock exchange, requiring it to open its books to the public for the first time.  It reported net profit […]

Foreign labourers work at the construction site of a building in Riyadh Foreign workers on a building site in Riyadh; thousands of migrants who have the right to work in Saudi Arabia could have their work permit fees covered for four years from the date of recognition

Saudi Arabia will pay costs of normalising migrants’ status

Saudi Arabia said this week it will take on the costs of normalising the status of displaced individuals from neighbouring countries in what could amount to amnesty for thousands of illegal migrants and refugees.  “The state assumes the costs on behalf of individuals permitted to stay and rectify their status among the displaced from neighbouring […]

Strong demand for Inditex brands such as Zara increased international earnings to SAR1.1 billion

Saudi retailer Cenomi reveals major brand sale

Saudi-based franchiser Cenomi Retail has announced the sale of 16 brands in the first quarter of 2024 as part of a turnaround strategy to stem mounting losses. Cenomi transferred 226 stores in Saudi Arabia to Abdullah Al Othaim Fashion Company. This follows the retailer’s exit from some international markets and the net closure of an […]

Visitors shop in the souq in Manama, Bahrain. The government wants to encourage more youth into work

Bahrain launches minimum wage fund to bolster youth

Lawmakers in Bahrain are to spend over BD200 million ($500 million) to lift the minimum wage of the kingdom’s citizens.  The government hopes it will encourage more youth into the working world and stimulate the country’s economy. The initiative, run by Bahrain’s Labour Fund, which is also known as Tamkeen, received unanimous approval from the […]

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Around the world

Marcel Ciolacu, Romania's PM, speaks to reporters in Rome. He is now in Qatar for trade talks

Romania touts $16bn of opportunities as PM visits Qatar

Romania is looking to secure €15 billion ($16 billion) of investment from Qatar during a visit by its prime minister, Marcel Ciolacu. He is set to hold talks with Qatar’s prime minister and minister of foreign affairs, Mohammed bin Abdulrahman bin Jassim Al Thani. Ciolacu is also due to have discussions with representatives of Qatar […]

Debt-for-nature swaps may give $100bn boost to climate fight

Debt-for-nature swaps, where poorer countries have debt written off in return for protecting ecosystems such as barrier reefs or rainforests, could provide $100 billion for the fight against climate change, a new report has calculated. The UK-based, non-profit International Institute for Environment and Development (IIED) based the estimate on the possibility of debt swaps in […]

An artist's impression of the new Casablanca cruise terminal to be operated by a consortium led by the UK's GPH

UK’s Global Ports to operate Casablanca cruise terminal

A consortium led by British cruise operator Global Ports Holding (GPH) has secured preferred bidder status for operating a new cruise terminal in Casablanca. The consortium was awarded a 15-year concession agreement with Morocco’s state-owned Agence Nationale des Ports (ANP). The consortium and ANP are working towards finalising the concession terms, the London stock exchange-listed […]