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Top stories

Listing is seen as a way to professionalise family-run companies, but Mishal Kanoo argues that it does not fundamentally change family dynamics

The No 1 problem in a family business? ‘Not business, but family’

Public listings offer access to capital markets but they do not resolve the issues that often plague family businesses, the chairman of one of the Gulf’s largest and oldest family-owned conglomerates has told AGBI. Those challenges are governance, mindset and personal dynamics, said Mishal Kanoo, chairman of the Kanoo Group.  “Not a lot of people […]

Jeff Maggioncalda, CEO of Coursera, says many educational technology startups grew too quickly Video length: 03:19

A lesson in growth for educational technology

Funding value is down by 90 percent in the educational technology sector from global highs, forcing many companies out of business. In the first quarter of 2024 there were about 100 venture capital transactions in educational technology, or “edtech”, with a total value of about $580 million. Online course provider Coursera has more than 20 […]

GDP figures often make headlines, but they are a 'crude measure of overall economic performance', experts say

Rise of service-based economies highlights flaws in GDP data

This month Dubai made headlines across regional media as the emirate announced its gross domestic product grew 3.3 percent in the second quarter, while similar economic statements by other Middle East governments also generated ample news coverage. Yet, as economies become increasingly services-based, capturing their real size and growth is becoming more difficult, and that […]

Trending

  1. Saudi’s Diriyah adds cultural districts to $63bn plan

  2. WTO predicts Middle East trade slowdown in 2025

  3. Saudi Arabia’s crude oil exports rise to 3-month high

  4. Bahrain arbitration court strengthens Singapore ties

  5. Masdar-led consortium to build Saudi solar plant

OPINION & Analysis

Best of AGBI

UAE’s ambitious NDCs balanced by criticism over oil expansion

The UAE has pledged to cut greenhouse gas emissions nearly in half by 2035 under its updated Nationally Determined Contributions (NDCs), marking its most ambitious climate target to date under the Paris Agreement. While the UAE’s commitment to a 47 percent reduction positions it as a regional leader in climate action, its concurrent expansion of […]

Trump’s prospective energy team is a mixed blessing for Gulf

The nomination of a fossil fuels veteran and climate sceptic as US energy secretary is likely to chime with Gulf expectations that the second Trump administration will aggressively promote oil and gas as integral parts of the energy mix, according to industry observers. On Saturday President-elect Donald Trump named Chris Wright, the boss of fracking […]

State-backed UAE companies lead the pack for share price gains

The stock market performance of UAE companies that have gone public in the past few years varies greatly – but government-backed businesses have delivered the biggest gains. There have been 21 notable initial public offerings of UAE companies since the start of 2021 – 13 on the Abu Dhabi Securities Exchange and eight on the […]

Neom Green Hydrogen will hit all markets, says chief

Saudi Arabia’s Neom green hydrogen project is 60 percent complete and on track for full-time operation by the end of 2026, a senior official told AGBI. “We’re progressing well on all fronts, including the solar and wind farms, and we have received all the major equipment,” said Wesam Alghamdi, CEO of Neom Green Hydrogen Company […]

Donal Trump

economy

King Dollar is not a one-way bullish trade in Trumpworld

Matein Khalid, chief investment officer

UAE latest

Listing is seen as a way to professionalise family-run companies, but Mishal Kanoo argues that it does not fundamentally change family dynamics

The No 1 problem in a family business? ‘Not business, but family’

Public listings offer access to capital markets but they do not resolve the issues that often plague family businesses, the chairman of one of the Gulf’s largest and oldest family-owned conglomerates has told AGBI. Those challenges are governance, mindset and personal dynamics, said Mishal Kanoo, chairman of the Kanoo Group.  “Not a lot of people […]

Abu Dhabi skyline UAE economy

United Arab Emirates economy

The latest economic and demographic indicators for the United Arab Emirates, including GDP, inflation, oil prices, trade, population, unemployment and more

Sir Keir Starmer is set to follow in his trade minister's footsteps and visit Saudi Arabia and the UAE

UK PM Starmer to visit Saudi Arabia and UAE

UK prime minister Sir Keir Starmer is to visit Saudi Arabia and the UAE next month, according to media reports. The trip in December will seek to secure new investment for the UK and strengthen its diplomatic relations in the region, the Financial Times reports, citing people familiar with his plans. It said Saudi Crown […]

Bahrain hopes its International Commercial Court will draw in new businesses and high-net-worth individuals

Bahrain arbitration court strengthens Singapore ties

Bahrain is seeking to emulate the success of a Singapore-based arbitration panel by launching its own International Commercial Court. It will target ultra-high-net-worth individuals and family offices, which are private wealth management advisory firms serving multi-generational wealthy families. The specialised arbitration centre is modelled on the Singapore International Commercial Court (SICC) and is to be […]

Saudi Arabia latest

Saudi’s Diriyah adds cultural districts to $63bn plan

Diriyah Company, backed by Saudi Arabia’s Public Investment Fund, has started construction on multi-billion dollar educational and arts districts in the $63.2 billion giga project. Spanning an area of 14 sq km, the “world’s biggest urban development projects” will house the Qurain Cultural District and Northern District. The Qurain Cultural District will include a range of […]

Riyadh roads, Saudi Arabia economy

Saudi Arabia economy

The latest economic and demographic indicators for Saudi Arabia, including GDP, inflation, oil prices, trade, population, unemployment and more

Flyadeal fleet

Flyadeal to confirm wide-body order by year end

Saudi Arabia’s low-cost airline Flyadeal is set to make a decision on its wide-body aircraft order before the end of the year, with up to 15 planes potentially joining its fleet. CEO Steven Greenway confirmed on Wednesday that the order will be made up of repurposed 787s from parent company Saudia or brand-new aircraft from […]

Sir Keir Starmer is set to follow in his trade minister's footsteps and visit Saudi Arabia and the UAE

UK PM Starmer to visit Saudi Arabia and UAE

UK prime minister Sir Keir Starmer is to visit Saudi Arabia and the UAE next month, according to media reports. The trip in December will seek to secure new investment for the UK and strengthen its diplomatic relations in the region, the Financial Times reports, citing people familiar with his plans. It said Saudi Crown […]

Oil tanks and a cargo ship ready to transport crude. Saudi Arabia sold 5.75m barrels per day in September

Saudi Arabia’s crude oil exports rise to 3-month high

Saudi Arabia burned 36 percent less crude oil for power generation in September – freeing up fuel for exports, which hit a three-month high. The kingdom sold 5.75 million barrels per day in September, 80,000 bpd more than in August, according to data published this week.  The figures are from the Joint Organisations Data Initiative, […]

Around the Middle East

Saudi Crown Prince Mohammed Bin Salman, right, with China's President Xi Jinping. The report says Saudi Arabia could learn from Beijing's economic development

Beijing ‘exploits’ Iran, says US advisory panel

American officials have identified the Middle East, and particularly the GCC, as crucial turf in superpower competition between the US and China, singling out energy and advanced technology as the main fields where a tug-of-war is taking place. The US-China Economic and Security Review Commission, a 25-year-old Congressionally-mandated independent US government agency, dedicated an entire […]

Cresta has nearly quadrupled its annual recurring revenue and almost doubled its customer base in the last two years

QIA leads $125m funding round for AI startup Cresta

Qatar Investment Authority (QIA) has led the new $125 million funding round for Cresta, a US-based generative artificial intelligence (AI) platform for contact centres. The series D round included World Innovation Lab, Accenture, Comcast Ventures, EnvisionX, LG Ventures, Qualcomm, Scan Health and Workday Ventures. The round included returning investors Andreessen Horowitz, Greylock Partners, J.P. Morgan, Sequoia […]

oman oil

IMF says oil output to back Oman’s economic rebound

Oman’s economy is on track to rebound in 2025, driven by higher hydrocarbon production and robust growth of the non-hydrocarbon sector, the International Monetary Fund (IMF) has said. Growth is, however, projected to remain at 1.2 percent this year, weighed down by extended Opec+-related oil production curbs. Fiscal and current account balances are forecast to […]

OQ Base Industries IPO

OQ chemical subsidiary targets $490m from IPO

OQ Base Industries, a subsidiary of Oman’s state energy company OQ, intends to raise up to OR187 million ($490 million) through an initial public offering on the Muscat Stock Exchange (MSX). The price range was set between 106 and 111 baisas per share, valuing the company between OR188 million and OR385 million. The subscription period […]

Bahrain airport city

Bahrain to tender for ‘airport city’ in early 2025

Bahrain will issue tenders early next year to build a new “airport city” based around the existing Bahrain International Airport. The project will include commercial and residential development, according to Mohamed Yousif AlBinfalah, CEO of Bahrain Airport Company. “We have a significant amount of space that will be coming to the market soon for development,” […]

Bahrain Bourse is one of the Gulf's smaller exchanges, with a market cap of about $20bn

More companies tipped to list on Bahrain Bourse

AlAbraaj Restaurants Group’s debut on Bahrain Bourse – the first listing on the exchange in more than five years – will pave the way for more activity, experts have told AGBI. The AlAbraaj initial public offering (IPO) this month is the first since the listing of APM Terminals Bahrain in 2018, according to consultancy EY. […]

Hamad International Airport Doha, Qatar

Bahrain identifies offshore plot for new airport

Bahrain is to build a new airport on reclaimed land in the north west of the country. Just three years after the new terminal building of Bahrain International Airport was officially opened, plans are being developed for a new facility following the conclusion of a study looking into possible locations for the greenfield project. “It’s […]

royal jordanian Samir Majali

Royal Jordanian losses mount due to conflict

Royal Jordanian is likely to record a loss of $11 million for the second year running, due to a sharp drop in passengers because of the Middle East conflict. The airline was expected last year to report its first profits since the Covid pandemic, and boasted a $15 million surplus in the first nine months […]

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Neom
HYDROGEN
SAUDI VISION 2030
IPOs
mergers & acquisitions
crypto
Electric cars
israel-hamas war
FOOD SECURITY
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ukraine-russia war
OPEC
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Turkey Latest

Saffron being cultivated in the province of Eskişehir, Turkey. The country does not currently grow enough to meet its own needs

Saffron adds spice to Turkey’s agriculture offering

Turkey is hoping an age-old product, saffron spice, will boost the value of its agriculture sector.  A new project aims to double the area of saffron under cultivation to meet domestic demand and form the basis for exports in the rare and valuable spice.  Saffon-A Tarim AŞ, a private sector company, has begun harvesting 100 […]

Turkey will not sell stakes in state energy companies to a single private company or consortium, the energy minister said

Turkey targets IPOs for state energy companies

Turkey is preparing to launch initial public offerings (IPOs) for its state-run energy companies to enhance their institutional structures, energy minister Alparslan Bayraktar has said. The companies include electricity transmission operator Teias, electricity producer EUAS, gas grid operator Botas, and oil and gas company TPAO, Reuters reported, citing the minister’s briefing to a parliamentary commission. […]

Foreign investment in Turkey rises 8% to nearly $8bn

Foreign direct investment (FDI) in Turkey hit $7.7 billion in the first nine months of 2024, up 8 percent year on year, according to data from the country’s central bank. Equity capital inflows contributed $4.33 billion, while the wholesale and retail trade sector attracted $932 million, Daily Sabah newspaper reported. Real estate investments from foreign […]

An employee at a textile factory in Istanbul; Turkstat figures show female unemployment levels for September at 12.3 percent

Development bank targets female employment in Turkey

Turkish women are to be one of the main beneficiaries of the European Bank for Reconstruction and Development’s (EBRD) latest investment strategy, through a series of initiatives to fund training, skills growth and business development in the country.  In its 2024-29 strategy, released on November 12, the European lender identified four key areas that it […]

Power distribution in Bodrum. Turkey is working with the World Bank to upgrade its power transmission system

Turkey seeks World Bank funds to upgrade power grid

Turkey is in talks with the World Bank to access funding to strengthen and extend the country’s energy transmission grid, part of broader plans to quadruple renewable energy generation capacity and transition away from fossil fuel dependency.  World Bank country director for Turkey Humberto Lopez said the international lender will work with Ankara to unlock […]

Egypt Latest

Water, Waterfront, Freighter

Egypt seeks long-term LNG deals as energy demand soars

Egypt is discussing with the US and other global companies to secure long-term liquefied natural gas (LNG) supply contracts to meet growing power demands. “The ministry (of Petroleum) is seeking three or four years of supply to hedge from sudden price increases,” an unnamed source told Reuters. The country, which recently became a net importer […]

Computer Hardware, Electronics, Hardware

Egypt’s United Bank set to raise $104m from listing

Egypt’s United Bank is set to raise between EGP4.2 billion and EGP5.1 billion ($85-104 million) through an initial public offering (IPO) on the Egyptian stock exchange. The bank set the indicative price range of EGP12.7 to EGP15.6 per share, according to local media reports. The final price will be determined through a book-building process. In […]

Egypt 5G

Vodafone and Telecom Egypt sign $600m deal to push 5G

Telecom Egypt and Vodafone Egypt have signed a series of infrastructure service agreements worth $609 million, including deals to prepare the country for the rollout of 5G. The agreements will enable Vodafone Egypt, the country’s largest mobile operator by market share, to use Telecom Egypt’s extensive infrastructure and fibre optic network. Amr Talaat, Egypt’s minister […]

Saad Sherida Al Kaabi, Qatar’s minister of state for energy and CEO of QatarEnergy Saad Sherida Al Kaabi, CEO of QatarEnergy, said the deal strengthens the company's partnership with Chevron

QatarEnergy to acquire stake in Egyptian exploration basin

State-backed QatarEnergy has announced plans to buy a 23 percent stake in an offshore exploration block in Egypt from US oil company Chevron. Chevron will retain a 40 percent interest in the concession agreement for the North El-Dabaa (H4) Block in the Mediterranean Sea.  The other partners in the block, which is about 10km offshore […]

A farm in Luxor. Egypt's agricultural exports have grown consistently year on year

Egypt’s food exports grow by a third

The value of Egyptian agricultural exports grew by $1 billion in the first 10 months of 2024, a year-on-year increase of around a third, as the government strives to open up new global markets and product lines. Egypt exported 7.1 million tonnes of agricultural goods between January 1 and October 30, with a total value […]

Features

Salvator Mundi Salman park

Salvator Mundi destined for Riyadh giga-park, say sources

The $450 million Leonardo Da Vinci painting Salvator Mundi is destined for a museum of art inside the King Salman Park giga-project in Riyadh in time for hosting the World Expo in 2030, two separate sources have said.   The artwork is a big part of Saudi Arabia’s plans to rebrand itself globally as a socially […]

Saudi giga-projects are going local with new focus

A nationalist sensitivity towards the leadership and aims of Saudi Arabia’s massive giga-projects is slowly taking hold, as foreign CEOs are swapped out for locals and the government makes a stronger push on housing for Saudi citizens.  Last month, the King Abdullah Financial District replaced its Indian CEO Guatam Sashiittal with Mohammed Alsudairy – head […]

Golden returns draw investors to fitness markets

Investors are showing increasing interest in homegrown fitness companies, tempted by the “golden egg” returns on offer. The fitness market in the Middle East and North Africa (Mena) has been growing at an annual rate of 30 percent since 2020, with the UAE sector valued at an estimated $550 million and Saudi Arabia at $1.7 […]

Algeria must forge its own identity to hit tourism targets

If Algeria’s tourism industry is to become the vital engine of the country’s economy its tourism minister hopes, it must find a way to differentiate itself from its neighbours, experts have told AGBI. The Algerian government aims to welcome more than 12 million foreign visitors by the end of the decade, as part of its national tourism […]

Building more homes a better strategy for Kuwait, say experts

Kuwait has tightened property ownership restrictions on non-GCC nationals in an attempt to make real estate more affordable for locals, but industry watchers say building more homes would be the better strategy.  The small, oil-rich emirate has already imposed strict standards on nationals of countries from outside the Gulf who wanted to purchase domestic real […]

People & Lifestyle

In the absence of any concrete structures as yet, Neom exhibitors provided virtual reality sets to give throngs of curious visitors a sense of what The Line will look like

Leaders of The Line share vision of a brave new world

Its managers and designers say it is the human society of the future, but others might see in it a dystopian vision of life shielded in a glass box from an uninhabitable world.  Leading figures behind the Neom city The Line – the boldest of Saudi Arabia’s $1.25 trillion giga-projects – made a coordinated pitch […]

Saudi consumers are looking for non-alcoholic drinks that deliver the flavour of traditional cocktails

Saudis getting a taste for non-alcoholic drinks

The Saudi government’s drive to improve the nation’s health is boosting the food and beverage market in the most unlikely of places – zero-alcohol beer.  A report by MarkNtel Advisors shows the Gulf market is growing by 7.7 percent a year. The local and international brands vying for share include Aujan Group Holding, Anheuser-Busch InBev, […]

Habib Hazzan, managing general partner at Ibtikar Fund, which has just closed its second fund at $25 million

Funding increase to support Palestinian startups

Funding levels are being ramped up to support Palestinian startups in the war-torn territory and across the wider Middle East and North Africa. Just $8.8 million has been invested in Palestinian startups – marked as Ramallah, West Bank or Gaza-based – in 18 deals on record from 2022 to the present day, according to Racha […]

Men on the Muscat waterfront. Omani citizens who earn more than $1m will have to pay income tax

Oman to impose income tax on high earners post-2026

Oman is expected to implement its proposed personal income tax on high earners after 2026, according to a new report. In July, the Majlis al-Shura, the lower house of the Omani parliament, approved a draft law on income tax – the first of its kind in the GCC region – forwarding it to the State […]

A perfume shop in Sabya, Saudi Arabia. The country's fragrance sector is worth $2.3bn

Investors scent riches in Middle East perfume

The retail offering of Al Majed for Oud Company was more than nine times oversubscribed this week, as investors rushed to buy up the first tranche of 1.5 million shares in the Riyadh-based perfume and oud products manufacturer. The full listing of 7.5 million shares, or a 30 percent stake in the company, will raise […]

Lionel Messi poses for a photo at Dubai Expo 2020. He and his Argentina teammates will soon be appearing on 'giant billboard on Sheikh Zayed Road' to advertise property

Project stardust: why Dubai developers still want celeb tie-ins

Lionel Messi, Rohit Sharma and Chris Hemsworth are just some of the famous faces who have promoted UAE real estate in recent years. Superstar sportsmen and Hollywood heroes do not come cheap, but are they really a good investment for developers or just an excuse for the CEO to get a selfie?  Many industry observers […]

Around the world

Machine, Motor, Engine

Acwa Power to build energy storage systems in Uzbekistan

The Saudi renewable power company Acwa Power has agreed with Uzbekistan’s energy ministry to develop up to two gigawatt hours (GWh) of standalone battery energy storage systems capacity (BESS) avross the Central Asian country. The deal comes after a memorandum of understanding signed during the Tashkent Investment Forum in Uzbekistan in May 2024. Under the agreement, […]

Landmark Group chairwoman Renuka Jagtiani Video length: 03:36

Landmark Group expands into Asia

Landmark Group, based in Dubai and one of the biggest retail chains in the Gulf region with annual revenue of more than $7 billion, is investing $1 billion in its Asia expansion. As the company celebrates its 50th anniversary, Renuka Jagtiani, chairwoman, and Landmark Retail CEO Kabir Lumba explain Landmark’s growth strategy and the challenges […]

Arizona water Saudi dairy cattle shed

Arizona to prosecute Saudi company over water use

The attorney general of the US state of Arizona is set to launch legal proceeding in the next two weeks against the Saudi dairy company Almarai over groundwater pumping on two farms in the state. Fondomonte, an Almarai subsidiary, grows alfalfa for animal feed on 6,000 acres in Butler Valley, La Paz County, Arizona, which […]

September 19, 2023, New York City, New York: (NEW) President of Nigeria, Bola Ahmed Tinubu, Speaks at UN 78th GA in New York.

Nigeria nears trade deal with Saudi Arabia

Nigeria is looking to finalise a $5 billion bilateral trade facility with Saudi Arabia, it said, following a meeting between its president, Bola Tinubu, and Crown Prince Mohammed bin Salman in Riyadh. The pair met on the sidelines of the joint Arab-Islamic Summit, which was convened to discuss the ongoing Israel-Hamas conflict. Following the meeting, […]