Analysis Banking and Finance Retail and corporate lending help UAE banks to prosper Consumer demand for mortgages, credit cards and personal loans as well as increased corporate and government borrowing helped most major UAE banks post double-digit rises in profits in the first quarter of this year. The profit surge, which comes despite a greater tax burden on the sector, has supported a renewed rally in banking stocks. […] June 3, 2025
Analysis Finance Oversubscribed Flynas IPO offers hope for other Saudi listings The Saudi budget airline Flynas announced that the retail tranche of its initial public offering (IPO) was oversubscribed four and a half times. The news offers hope for upcoming IPOs in the kingdom following a fall in the share price of United Carton Industries Company (UCIC) after it listed on the main market last week. […] June 3, 2025
Economy Saudi, Kuwaiti and Qatari bosses report hiring sprees Employment growth has accelerated in Saudi Arabia, Kuwait and Qatar despite economic uncertainty, but hiring momentum remains uneven in other Mena markets, according to the latest purchasing managers’ index surveys. In Saudi Arabia, job creation was “one of the fastest seen in over a decade” in May, the Riyad Bank PMI report said. The Saudi index’s […] June 3, 2025
OpinionOIL & GasThe extent to which Kazakhstan relies on foreign capital creates a problem in Opec+Frank Kane, Editor-at-Large, AGBI
OpinionfinanceAfrica is a chance for GCC startups to expand into an underserved consumer baseTriska Hamid, Writer and angel investor
Opinionbusiness of sportRonaldo has never been just a footballer. He is a brand, billboard and model rolled into oneGavin Gibbon, senior editor, AGBI
Exclusive Energy Masdar to increase bond issuances to fund renewables push Masdar, the UAE’s state-owned clean energy developer, is to increase its presence in international debt markets as it accelerates plans to install 100 gigawatts of renewable energy capacity by the end of the decade. Abu Dhabi’s Masdar raised $1 billion in a green bond sale last month, following previous issuances of $750 million in 2023 […]
VIDEO Telecoms Veon boss reveals why the telco swapped Europe for Dubai Telecom and digital services company Veon delisted from the Amsterdam stock market last year and moved its operations to Dubai, becoming the largest Nasdaq-listed company with headquarters in the UAE. AGBI spoke to the company’s CEO, Kaan Terzioglu, about its plans to dual-list in Dubai within the next three to five years. “I am bullish […]
EXCLUSIVE Real Estate Asif Aziz: from the heart of London to Al Maryah Island Asif Aziz owns more of Leicester Square and Piccadilly Circus than any other individual. His holdings include the Criterion Building, a West End landmark best known as the setting where Dr Watson first hears the name Sherlock Holmes; the former Trocadero, which housed music halls and cinemas from the 1890s; and One Leicester Square, overlooking […]
Analysis Trade Gulf FDI into US states goes well beyond usual suspects Among the flashiest deals announced during US President Donald Trump’s visit to the Gulf in mid-May was Emirates Global Aluminium’s $4 billion investment pledge to build the first new smelter in the US in 45 years in Oklahoma. The tentative agreement, EGA said in a press release, is subject to the parties finalising “state and […]
Aviation Passenger profit is three times global average at Middle East airlines Middle East airlines are set to generate $27.20 in profit per passenger this year, more than three times the global average, as the region continues to lead the global aviation industry on profitability, according to the International Air Transport Association (IATA). Total net income for Middle Eastern carriers is forecast to exceed $6.2 billion in […]
Exclusive Energy Masdar to increase bond issuances to fund renewables push Masdar, the UAE’s state-owned clean energy developer, is to increase its presence in international debt markets as it accelerates plans to install 100 gigawatts of renewable energy capacity by the end of the decade. Abu Dhabi’s Masdar raised $1 billion in a green bond sale last month, following previous issuances of $750 million in 2023 […]
VIDEO Telecoms Veon boss reveals why the telco swapped Europe for Dubai Telecom and digital services company Veon delisted from the Amsterdam stock market last year and moved its operations to Dubai, becoming the largest Nasdaq-listed company with headquarters in the UAE. AGBI spoke to the company’s CEO, Kaan Terzioglu, about its plans to dual-list in Dubai within the next three to five years. “I am bullish […]
EXCLUSIVE Real Estate Asif Aziz: from the heart of London to Al Maryah Island Asif Aziz owns more of Leicester Square and Piccadilly Circus than any other individual. His holdings include the Criterion Building, a West End landmark best known as the setting where Dr Watson first hears the name Sherlock Holmes; the former Trocadero, which housed music halls and cinemas from the 1890s; and One Leicester Square, overlooking […]
Analysis Trade Gulf FDI into US states goes well beyond usual suspects Among the flashiest deals announced during US President Donald Trump’s visit to the Gulf in mid-May was Emirates Global Aluminium’s $4 billion investment pledge to build the first new smelter in the US in 45 years in Oklahoma. The tentative agreement, EGA said in a press release, is subject to the parties finalising “state and […]
Aviation Passenger profit is three times global average at Middle East airlines Middle East airlines are set to generate $27.20 in profit per passenger this year, more than three times the global average, as the region continues to lead the global aviation industry on profitability, according to the International Air Transport Association (IATA). Total net income for Middle Eastern carriers is forecast to exceed $6.2 billion in […]
Analysis Banking and Finance Retail and corporate lending help UAE banks to prosper Consumer demand for mortgages, credit cards and personal loans as well as increased corporate and government borrowing helped most major UAE banks post double-digit rises in profits in the first quarter of this year. The profit surge, which comes despite a greater tax burden on the sector, has supported a renewed rally in banking stocks. […] June 3, 2025
Real Estate Aldar says Fahid Island development will cost $11bn Aldar Properties, the largest Abu Dhabi-listed developer by market capitalisation, will build more than 6,000 luxury residences on Fahid Island, one of its largest mixed-use masterplans in the emirate. The gross development value of the project is estimated at more than AED40 billion ($10.89 billion), the developer said in a statement. The company announced […] June 3, 2025
Aviation Dubai airlines lead GCC bid to revive Syrian economy Dubai-based airlines are resuming services to Syria after a gap of nearly 13 years as the Gulf states unite to support the war-torn country’s economic recovery. Low-cost carrier Flydubai resumed operations to Syria, with the first flight landing at Damascus International Airport on Saturday, a move aimed at building ties between the UAE and Syria. […] June 3, 2025
Infrastructure Dubai to build Ghana’s first economic zone The government of Ghana has signed a memorandum of understanding with Dubai state-owned entity Ports, Customs and Free Zone Corporation (PCFC) to establish an economic zone and digital incubator in Ghana’s capital Accra. The move is intended to attract foreign investment to West Africa and accelerate Ghana’s goal of becoming a regional technology powerhouse, the […] June 3, 2025
Aviation Dubai Aerospace secures $300m loan from Bank of China Aircraft leasing company Dubai Aerospace Enterprise (DAE) has secured a $300 million loan from the Bank of China. The money will be used for general corporate purposes and support upcoming financing requirements, the company said in a statement on Monday. The three-year unsecured term loan was issued by the lender’s Dubai, London and Hong Kong branches. […] June 3, 2025
Analysis Finance Oversubscribed Flynas IPO offers hope for other Saudi listings The Saudi budget airline Flynas announced that the retail tranche of its initial public offering (IPO) was oversubscribed four and a half times. The news offers hope for upcoming IPOs in the kingdom following a fall in the share price of United Carton Industries Company (UCIC) after it listed on the main market last week. […] June 3, 2025
Agriculture PIF-backed Olam Agri raises nearly $2bn Singapore-based agribusiness Olam Agri Holdings, partially owned by Saudi Arabia’s Public Investment Fund (PIF), has secured $1.85 billion in financing to support its business goals. The dual-tranche conventional and Islamic facility was raised by Olam Global Agri and Olam Global Agri Treasury Pte, two subsidiaries of Olam Agri — which sources, processes, trades and distributes […] June 3, 2025
Analysis Banking and Finance Corporate borrowing swells Saudi banks’ Q1 profits Saudi Arabia’s big banks prospered in the first quarter thanks to soaring borrowing demand from companies. However, lending growth is likely to slow and margins are shrinking because of rising fund costs and intensifying competition. The kingdom’s six largest banks by assets are Saudi National Bank, Al Rajhi Bank, Riyad Bank, Saudi Awwal Bank, Banque […] June 3, 2025
Aviation Saudi companies to place orders for Airbus jets Saudi Arabian companies are to place orders for Airbus jets worth billions of dollars as the kingdom balances suppliers in its quest to match the aviation growth of Gulf neighbours, industry sources said. PIF-backed lessor AviLease, which placed an order for 30 Boeing 737 Max jets during a visit to the region this month by US president […] June 2, 2025
Real Estate Saudi developer to build $400m ‘workshop city’ A Saudi developer is planning to borrow SAR1.5 billion ($400 million) from banks to fund a workshop and warehousing development in Riyadh. Azad Properties plans to build ‘Bawabat Al-Senaya’, which means industrial gate, and aims to attract around 400 companies. Its CEO Ayman Al-Burti told CNBC Arabia TV news that the scheme would be launched […] May 30, 2025
Industry China’s Jingdong to build $500m steel plant in Algeria Chinese company Jingdon Steel is planning to build a plant in Algeria at a cost of around $500 million, with half the output destined for the export market. On Monday it signed a contract for the 500,000-tonne-capacity plant on with Omar Rekkache, director general of the Algerian Investment Promotion Agency (AIPA). AIPA, which was created […] June 3, 2025
Telecoms Starlink to begin operating in Lebanon Satellite internet provider Starlink, owned by US billionaire Elon Musk, has secured initial approval from Lebanon to start operating in the country. The agreement comes just a few months before the crisis-battered nation signs a landmark rescue agreement with the International Monetary Fund (IMF). Lebanese media reported on Monday that economy and trade minister Amer […] June 3, 2025
Logistics Oman and Kazakhstan set up logistics and mining companies Oman and Kazakhstan have agreed to set up two companies to widen their investment and economic ties. The agreement was signed during the visit of Oman’s Minister of Finance Sultan Al Habsi in Astana. “These two companies in logistics and mining will widen our investments and economic portfolios as we look to establish common ground […] June 3, 2025
Aviation Dubai airlines lead GCC bid to revive Syrian economy Dubai-based airlines are resuming services to Syria after a gap of nearly 13 years as the Gulf states unite to support the war-torn country’s economic recovery. Low-cost carrier Flydubai resumed operations to Syria, with the first flight landing at Damascus International Airport on Saturday, a move aimed at building ties between the UAE and Syria. […] June 3, 2025
Banking and Finance Kurdish authorities clamp down on crypto trading The semi-autonomous Kurdistan region in northern Iraq has launched a crackdown on cryptocurrency trading, following warnings by the Central Bank of Iraq. The Kurdistan Regional Government has formed an interior ministry committee to enforce the closure of crypto and foreign exchange companies, it said in a statement at the weekend. The committee, which can order […] June 2, 2025
Oil & Gas Adnoc Drilling expands in Oman with SLB stake Adnoc Drilling, a subsidiary of Abu Dhabi state-backed oil major Adnoc, has bought a 70 percent share in SLB’s oil drilling business in Oman. The agreement includes six fully operational land rigs in Oman and two in Kuwait, the company said. The Emirati company will pay $91 million for the stake, with another $21 million payout […] June 2, 2025
Oil & Gas Opec+ decided on July output hike to punish over-producers The world’s largest group of oil producers, Opec+, voted through another production increase of 411,000 barrels per day (bpd) for July in an attempt to wrestle back market share and punish over-producers. Having spent years curbing production – more than five million bpd or 5 percent of world demand – eight Opec+ countries agreed a modest output […] June 2, 2025
Aviation Iraqi Airways to get 18 new Boeing and Airbus aircraft State-backed Iraqi Airways will add new Boeing and Airbus aircraft by 2027 as part of its fleet modernisation. The airline will receive eight B787-8 Dreamliner and 10 737 Max aircraft, bringing the total number of modern aircraft to 31 over the next two years, the state-run Iraqi News Agency reported, citing a transport ministry statement. […] June 2, 2025
Industry Turkey offers incentives to support regional industry Turkey has unveiled an investment incentive scheme to foster industrial growth, with a key pillar of the programme to encourage a shift in production capacity away from the country’s main economic centre of Istanbul to underdeveloped regions. Four sectors that have strong investment potential will be identified in each of Turkey’s 81 provinces, Mehmet Kacır, […] June 3, 2025
Oil & Gas Turkey buys 30% stake in Azerbaijan gas field State-owned Turkish Petroleum Corporation (TPAO) has reportedly acquired a 30 percent stake in a natural gas field off the coast of Azerbaijan. The other partners are the State Oil Company of the Republic of Azerbaijan (Socar) and British energy major BP, Daily Sabah newspaper reported, quoting energy and natural resources minister Alparslan Bayraktar at the […] June 3, 2025
Analysis Economy Turkish economy cools as major sectors struggle Turkey’s economic growth slowed in the first quarter of the year, as declining activity in industry and agriculture offset expansion in other sectors, notably construction and information and communications. Gross domestic product expanded 2 percent year on year in the first three months of 2025, according to data issued by the state statistics agency Turkstat […] May 30, 2025
Logistics Turkey and China vow to increase trade via rail Middle Corridor Turkey and China have agreed to increase cargo traffic on the Middle Corridor, a railway route connecting Beijing to Europe. Only 300 trains use the corridor per year, the Turkish state-run Anadolu Agency reported. The decision to increase the tariff follows a diplomatic-level meeting in Beijing this month between Turkish transport and logistics company Pasifik […] May 30, 2025
Telecoms Turkcell secures $150m loan from Dubai Islamic Bank Turkey’s mobile operator Turkcell has secured its second loan from a UAE bank in a week. Dubai Islamic Bank will provide $150 million financing to fund digital infrastructure. The five-year Islamic facility will allow Turkcell to advance critical infrastructure such as data centres, cloud technologies and renewable energy, the lender said in a statement. Last […] May 28, 2025
Construction Egypt unveils ‘megacity’ with 35,000 housing units Egypt is building a “megacity” west of Cairo, which will have a man-made channel to divert water from the Nile River to support irrigation. Jirian, meaning “flow” in Arabic, will initially house 35,000 residential units and is expected to create 250,000 jobs in the New Delta region, the official State Information Service reported. Prime Minister […] June 2, 2025
Banking and Finance How MNT-Halan became one of Egypt’s biggest lenders Egypt’s population is well over 100 million and, while famously entrepreneurial, is often unbanked or financially excluded. For investors, the loans market has long been seen as the Middle East’s financial holy grail – alluring, but ultimately unattainable. App-based lender MNT-Halan, though, may be the first to be able to say it has cracked the […] June 2, 2025
Health Egypt targets local pharma production to slash imports Egyptian pharmaceutical companies are reportedly planning to increase their production capacity to reduce annual imports of $3 billion. The companies are due to add 20 new production lines this year by investing EGP4 billion ($80 million) to support local production, Ashraq Business, an Arabic financial portal, reported, citing Gamal El-Leithy, head of the pharmaceutical chamber […] May 30, 2025
Renewable Energy Egypt awards renewable energy projects worth $400m Egypt has approved four new private sector-backed renewables projects to help achieve its 2030 green energy target. The solar and wind energy projects are expected to generate 400 megawatts (MW) and are being built for $388 million, according to local media reports, which quoted a ministry statement. The companies involved are Neptune for Electricity Production […] May 29, 2025
Economy IMF urges Egypt to move faster on asset sales to create jobs Egypt must be even more ambitious in its efforts to bolster growth and employment prospects as its economic picture gradually improves, the International Monetary Fund said on Tuesday. The Egyptian government should in particular move forward with plans to sell state assets and work towards “decisively reducing the role of the public sector in the […] May 28, 2025
Finance Tighter Dubai rules tipped to drive crypto market expansion Fresh digital asset regulations in the UAE may encourage further tokenisation and the rollout of more complex cryptocurrency products, analysts have said. Tokenisation is the creation and trade of digital tokens that are backed by real-world assets – such as real estate, gold or art — on a blockchain. It enables direct and verifiable peer-to-peer […]
VIDEO Banking and Finance Crypto crimes drop due to blockchain transparency Illicit activity in cryptocurrency transactions has plummeted as a result of investment in compliance levels across the digital asset industry. Binance, the world’s largest cryptocurrency exchange platform, says shadowy practices including money laundering have dropped from 0.6 percent to 0.15 percent. More traditional currencies, which are usually issued by governments, last year had a much […] In association with
Tourism Qatar opts for PPP to build beachfront tourism project The Qatari government is seeking collaboration with private companies to develop a beachfront tourism project, which will reportedly include a theme park. The QR20 billion ($5.5 billion) Simaisma project will house the Land of Legends theme park, resorts and a golf course, Qatar Tourism chairman Saad Al-Kharji said at the Qatar Economic Forum this week. […]
Analysis Banking and Finance Fintech lenders go where banks fear to tread Financial technology companies in the Middle East like Egypt’s Money Fellows are increasingly stepping in to offer financing options to population groups and businesses that traditional banks ignore or cannot lend to. The share of loans given to small and medium-size enterprises (SMEs) in the Middle East and North Africa averages less than 8 percent […]
Analysis Artificial Intelligence Thirsty for data: water scarcity challenges Gulf’s AI ambitions Water scarcity could complicate the Gulf’s ambitious plans to build ever-larger and more powerful data centres, experts say. “Water accessibility can significantly limit data centre capacity, particularly as cooling demands increase with higher density workloads and rising ambient temperatures,” Rasheed Ahmad, technical director at American Water and Environmental Solutions, tells AGBI. Saudi Arabia’s new AI […]
Media & Advertising Ad spend in Mena among world’s lowest thanks to digital media Early and widespread adoption of digital media means countries across the Middle East and North Africa are spending less on advertising per capita than almost any other region. The UAE, Saudi Arabia and Turkey are among the economies with the lowest ad spending as a percentage of GDP in the world, according to data from […]
Employment Trade tensions may stifle expatriate employment in Saudi Arabia A global economic downturn is likely to result in fewer jobs for expatriates in Saudi Arabia, a local bank has said. Instead, policies aimed at incentivising the hiring of more nationals are increasingly putting Saudis in pole position for jobs, according to Jadwa Investment, an advisory group and investment bank in Riyadh. Last year, expatriate […]
Aviation Sheikh Ahmed: China’s Boeing rejects won’t fly for Emirates Emirates Airline’s chairman Sheikh Ahmed bin Saeed Al Maktoum has downplayed speculation that the carrier could buy Boeing planes originally destined for China. Speaking at the Arabian Travel Market in Dubai on Tuesday, Sheikh Ahmed said Emirates was actively exploring options to expand its fleet, but the Boeing aircraft – ordered by Chinese carriers but […]
People & Lifestyle Art Dubai fair buzz drowns out roiling global markets While Dubai art gallery Lawrie Shabibi was exhibiting at last month’s Art Basel Hong Kong, Donald Trump was ramping up his trade war with China, and the event had slower sales and a distinct feeling of unease. The ambiance could not have been more different at last week’s Art Dubai, the largest art fair in […]
Employment UAE labour market: Too many people, not enough jobs More people are looking for jobs in the UAE than there is work available for them, according to a labour market report from recruitment consultancy Cooper Fitch. Hiring in the second-largest Arab economy grew by less than 1.3 percent in the three months to March 31 compared with the same period last year, the report […]
Analysis Artificial Intelligence AI classes to prepare Saudi pupils for the new world Saudi secondary school pupils will soon have classes on artificial intelligence (AI) added to their curriculum. More than 50,000 17 and 18-year-olds will be offered the Introduction to Artificial Intelligence course, a joint initiative between the ministry of education and the Saudi Data and Artificial Intelligence Authority. It is part of an effort by the […]
Opinion Media & Advertising Dubai chocolate is the golden ticket of city branding Food is part of a place's cultural identity. Plenty of cities and countries have dishes associated with them
LUNCH WITH FRANK KANE Energy Ahmed Al Azkawi: ‘We are the national champion for oil and gas’ The chief executive of OQEP gives our Editor-at-Large a crash course in Omani energy past, present and future
Oil & Gas Azerbaijan’s oil fund buys stake in Adnoc gas pipeline Azerbaijan’s state oil fund Sofaz has invested $50 million in Adnoc Gas Pipeline Assets (AGPA), one of the UAE’s critical energy assets. The investment has been made through a specialised investment fund managed by Abu Dhabi-based Lunate, according to a press statement. The move will diversify the State Oil Fund of the Republic of Azerbaijan’s (Sofaz) portfolio […]
Tech Taiwanese chipmaker restarts talks on UAE factory Taiwan Semiconductor Manufacturing Company (TSMC) is reportedly continuing to hold talks to open a factory in the UAE after discussions paused at the end of former US President Joe Biden’s term. The Taiwanese company held multiple meetings with Steve Witkoff, the US special envoy to the Middle East, and executives from Abu Dhabi’s MGX on opening […]
Logistics Turkey and China vow to increase trade via rail Middle Corridor Turkey and China have agreed to increase cargo traffic on the Middle Corridor, a railway route connecting Beijing to Europe. Only 300 trains use the corridor per year, the Turkish state-run Anadolu Agency reported. The decision to increase the tariff follows a diplomatic-level meeting in Beijing this month between Turkish transport and logistics company Pasifik […]
Markets Hong Kong and Saudi work on cross-border financial products Hong Kong and Saudi Arabia are considering allowing more cross-border financial products as the two markets seek to deepen financial ties amid rising trade uncertainties. An exchange-traded fund tracking bonds issued by the Saudi government started trading in Hong Kong on Thursday, the first fixed-income fund listed in the territory to offer such exposure. Apart […]
