Analysis Oil & Gas Middle East oil supplies to Europe drop, replaced by US Middle East oil exports to Europe fell by nearly a quarter in 2024, replaced by US and South American supplies, as geopolitics in the Middle East reshaped transport routes. European oil refineries cut imports from the Middle East as a result of increased shipping prices, triggered by attacks on vessels along the Red Sea route […] January 7, 2025
Tax Kuwait’s multinationals tax to raise $825m a year, says minister Kuwait expects its tax on multinational businesses to generate nearly $825 million a year, the country’s finance minister has said. Noora Al Fassam told state television on Tuesday that the 15 percent tax would affect nearly 300 companies – 45 from Kuwait and the other GCC states and about 250 from other countries. Fassam described […] January 7, 2025
Analysis Finance Private companies lead Gulf IPOs to raise $12bn in 2024 Gulf initial public offerings raised a combined $12.1 billion last year as companies across myriad sectors including retail, healthcare, energy and financial services went public, deepening and broadening the region’s stock markets. High subscription levels for 2024’s diverse listings demonstrate strong investor interest in gaining exposure to the Gulf’s oil and non-oil economies. There were […] January 7, 2025
OpinionBANKING & FINANCEIt is possible to argue for oil and gas production while also investing in renewablesFrank Kane, Editor-at-Large
OpinioneconomyA new Syria will have to be rebuilt from its foundations to undo 61 years of destructionNasser Saidi, Economist, Nasser Saidi and Associates
OpinionTOURISMProjects across the Gulf show regenerative tourism is not just a concept but a transformative realityMaryam Ficociello, Chief governance officer, Red Sea Global
Analysis Oil & Gas Iraq turns to Turkmenistan to plug Iranian gas gap Iraq has always considered neighbouring Iran as a stable and reliable supplier of natural gas needed to run its power facilities, but experts now believe that alternative sources and domestic Iranian needs have put this relationship in doubt. Iran’s gas exports to Iraq have fluctuated sharply and the shortage has played havoc with Iraq’s power […]
Analysis Giga-projects End of ‘blank cheque’ culture for Saudi consultancy Saudi Arabia remains a boom town for the global consultancy industry, but experts have warned it is no longer the land of milk and honey for international operators and there is now a tighter hold being placed on budgets. The Saudi consultancy market, the largest in the GCC, expanded by 18.2 percent in 2023 with […]
Real Estate Jumeirah Village Circle: ‘Where the normal people live’ It might not have the glamour of the Palm but JVC has its own enduring appeal and was Dubai's busiest location for ready-home sales in 2024
VIDEO Tech Gulf sovereign wealth funds tilt towards emerging markets In the past 12 months Gulf sovereign wealth funds invested almost $10 billion in China, the largest such volume in history, Diago Lopez, Singapore-based managing director of Global SWF tells AGBI. This reflected a growing bias among Gulf funds towards emerging markets and domestic economies. “Every time [investment managers] are coming across a good opportunity […]
Analysis Tech China-US tech tensions threaten GCC telecom strategy Gulf countries risk being dragged into the great power “rivalry” between China and the United States when it comes to advanced technology, forcing them to pick a side. As high-tech restrictions are rolled out by Beijing and Washington, the days of buying state-of-the-art semiconductors from the US while installing China’s 5G networks might be over, […]
Analysis Infrastructure The future of DXB: airport could be turned into a city The $35 billion plan to turn Al Maktoum International into the busiest airport in the world has everyone talking about the remaking of Dubai South. Perhaps a bigger challenge is the redevelopment of the city’s main airport – Dubai International, or DXB. DXB is near some of the city’s most densely populated neighbourhoods and the […] June 16, 2024
Analysis Economy Kuwait overhauls tax system and signs UAE treaty Kuwait, which has developed a reputation as an economic laggard among wealthy Gulf states, is undertaking an overhaul of its tax regime to meet global standards and reduce reliance on oil revenues. The Gulf state plans to introduce a 15 percent business profits tax, new rules on transparency and compliance with international agreements, and an […] August 12, 2024
Opinion Business of Sport Why cricket could be next on the list for Saudi Arabia’s PIF Saudi Arabia wants sports with mass participation, rich histories and big economies February 27, 2024
Analysis Energy Saudi Arabia’s nuclear plans stall while UAE pushes on The UAE is moving ahead with its second nuclear power plant, but plans for Saudi Arabia’s first facility remain bogged down in controversy and delay. The kingdom is attempting to win US approval to enrich its own uranium and use US technology. Saudi Arabia said last year it would allow inspections of future nuclear facilities, […] May 19, 2024
Opinion Tech A GCC spaceport could bring galactic gains It would support the development of the space economy in its multiple dimensions July 4, 2024
Aviation Bid for Malaysia Airports by Adia-backed group extended A takeover offer for Malaysia Airports Holdings by a consortium that includes the Abu Dhabi Investment Authority (Adia) has been extended by 11 days. The group, which includes Malaysian sovereign wealth fund Khazanah, BlackRock’s Global Infrastructure Partners and Malaysia’s Employees Provident Fund, extended the offer to January 17, a filing on Bursa Malaysia said. Malaysia […] January 7, 2025
Opinion Banking & Finance Despite ‘greenlash’, UAE banks will stick to net zero commitment US banks may have withdrawn from the Net Zero Banking Alliance, but FAB and ADCB should stay put January 7, 2025
Health UAE’s PureHealth expands US healthcare presence Abu Dhabi-listed PureHealth Holding has expanded its presence in the US healthcare sector. New York Stock Exchange-listed Ardent Health, a subsidiary of PureHealth, acquired 18 urgent care clinics across New Mexico and Oklahoma in the US from NextCare Urgent Care. In May 2023, PureHealth purchased a minority stake in Ardent Health for $500 million. The […] January 7, 2025
Construction Dubai launches $1.5bn housing projects Dubai has launched housing projects worth AED5.4 billion ($1.5 billion) across the emirate. The projects will result in 3,004 new homes being built for Emiratis, the UAE state-run Wam news agency reported. Of these, 1,181 homes will be in Latifa City for beneficiaries under the housing loan category. For beneficiaries in the housing grant category, […] January 7, 2025
Real Estate Jumeirah Village Circle: ‘Where the normal people live’ It might not have the glamour of the Palm but JVC has its own enduring appeal and was Dubai's busiest location for ready-home sales in 2024 January 6, 2025
Business of Sport Stake in Premier League team sought by Saudi brothers A US-Saudi group has reportedly signed an exclusivity agreement to buy 45 percent of the English Premier League club Crystal Palace. A consortium funded by the Saudi brothers Mansoor and Haider Syed, which includes US sports and business executives, has agreed to buy the stake in the club owned by the American company Eagle Football, […] January 7, 2025
Tech Saudi Aramco leads $30m investment in tech startup Wa’ed Ventures, the $500 million venture capital fund owned by Saudi Aramco, and Japanese conglomerate Sumitomo have invested in Zension Technologies, a consumer electronics startup. Wa’ed led the funding raise of $30 million, which also included Dubai-based Global Ventures. Based in Riyadh, Zension provides consumers with access to the latest tech devices. Instead of purchasing devices […] January 7, 2025
Manufacturing PIF-backed EV maker Lucid beats 2024 delivery estimates Electric vehicle maker Lucid beat expectations for deliveries in the fourth quarter of 2024. The company delivered 3,099 EVs in the fourth quarter of 2024, above the estimated 2,637, according to analysts at Visible Alpha. Production rose to 3,386 vehicles in the reported quarter, surpassing estimates of 2,904 units. In total, the company delivered 10,241 […] January 7, 2025
Real Estate Saudis sold on online home sales, says developer Roshn Saudi developer Roshn, a unit of the Public Investment Fund (PIF), said half of its home sales are now made online, marking a significant shift in the kingdom’s property market. Buyers on Roshn’s platform can verify their identity using national digital IDs, sign contracts electronically and make payments online, streamlining a process that traditionally required […] January 7, 2025
Finance Order book for $12bn Saudi bond 3 times oversubscribed Saudi Arabia has raised $12 billion from a three-tranche bond to meet its funding needs. The tranches of $5 billion, $3 billion and $4 billion have a duration of three, six and 10 years, respectively, the National Debt Management Center (NDMC) said in a post on social messaging platform X. The total order book reached […] January 7, 2025
Employment Syrian public sector workers set for 400% pay rise The Syrian caretaker government plans to hike public sector salaries by 400 percent next month after completing an administrative restructuring, the country’s finance minister said Sunday. Public sector workers currently earn around $25 per month, putting them below the poverty line. The increase, estimated to cost 1.65 trillion Syrian pounds, or about $127 million at […] January 7, 2025
Infrastructure Iraq expects road and rail project to provide 20,000 jobs Iraq’s planned $17 billion project to build a rail line and motorway up to the border with Turkey aims to create at least 20,000 jobs for citizens, officials said. Transport minister Razzak Al-Saadawi said the Road Of Development project, which is backed by the UAE and Qatar, will include the construction of several industry cities […] January 7, 2025
Energy Qatar and Turkey to send electricity-generating ships to Syria Syria will receive two electricity-generating ships from Turkey and Qatar to boost its energy infrastructure, which was badly damaged during the rule of President Bashar Al Assad, state news agency SANA reported on Tuesday. Khaled Abu Dai, director general of Syria’s General Establishment for Electricity Transmission and Distribution, told SANA the ships would provide 800 megawatts of electricity but did not specify over what period. “The extent of damage to the generation and transformation stations and electrical […] January 7, 2025
Oil & Gas Libya begins oil and gas production at Chadar field Zallaf Oil and Gas Exploration, Production and Refining Company, Libya’s National Oil Corporation (NOC) subsidiary, has commenced production at the Chadar oilfield. The facility is now producing approximately 7.5 million cubic feet of associated gas and 1,500 barrels per day (bpd) of crude. The production rates were reached on the first day, NOC said in […] January 7, 2025
Analysis Oil & Gas Iraq turns to Turkmenistan to plug Iranian gas gap Iraq has always considered neighbouring Iran as a stable and reliable supplier of natural gas needed to run its power facilities, but experts now believe that alternative sources and domestic Iranian needs have put this relationship in doubt. Iran’s gas exports to Iraq have fluctuated sharply and the shortage has played havoc with Iraq’s power […] January 6, 2025
Energy Mena’s LNG output ‘to rise by two-thirds by 2030’ Multibillion-dollar projects under construction are expected to raise Arab countries’ liquefied natural gas output by almost 90 million tonnes per year by 2030. The Arab Energy Organisation – previously the Organisation of Arab Petroleum Exporting Countries – said in a report published last month that most of the increase would come from Qatar. Mena LNG […] January 6, 2025
Development US to ease Syria aid restrictions but sanctions remain The United States is to announce imminently an easing of restrictions on humanitarian aid and other basic services such as electricity to Syria. The strict US sanctions regime placed on Syria will remain, according to people briefed on the matter. The Wall Street Journal reported that the Biden administration approved the easing of restrictions over […] January 6, 2025
Analysis Oil & Gas Assad’s fall spurs calls to revive Iraq-Syria oil pipeline The overthrow of the former Syrian president, Bashar Al-Assad, has brought calls for the revival of the now-defunct pipeline that once carried crude oil from Iraq to a Syrian port on the Mediterranean. Several Iraqi experts have urged their government to consider rebuilding the facility as an outlet for the Opec member’s oil exports to […] January 3, 2025
Energy Qatar and Turkey to send electricity-generating ships to Syria Syria will receive two electricity-generating ships from Turkey and Qatar to boost its energy infrastructure, which was badly damaged during the rule of President Bashar Al Assad, state news agency SANA reported on Tuesday. Khaled Abu Dai, director general of Syria’s General Establishment for Electricity Transmission and Distribution, told SANA the ships would provide 800 megawatts of electricity but did not specify over what period. “The extent of damage to the generation and transformation stations and electrical […] January 7, 2025
Transport Passenger traffic at Turkish airports rises to 230m in 2024 Passenger traffic at Turkish airports grew by 7.5 percent year on year to more than 230 million in 2024, according to the country’s transport and infrastructure minister, Abdulkadir Uraloğlu. More than 95 million domestic and 134 million international passengers were served last year, he said. The number of aircraft movements, including landings and take-offs, rose […] January 7, 2025
Economy Turkey seeks to curb foreign-currency borrowing The central bank of Turkey has further tightened access to foreign currency borrowing by businesses, while opening the door for an increase in some lira-denominated commercial loans. The country’s central bank last week announced it was lowering its ceiling on foreign currency loan growth to 1 percent a month, down from the previous upper limit […] January 7, 2025
Finance Turkey’s inflation falls to lowest in 18 months Inflation in Turkey eased more than anticipated in December 2024, reaching 44.4 percent, the lowest level in 18 months, according to the Turkish Statistical Institute (TurkStat). This marks the seventh consecutive monthly decline following the monetary easing from the central bank. On a monthly basis, consumer prices rose by 1.03 percent in December. Education, housing […] January 6, 2025
Oil & Gas Turkey hopes to offer Russia a gas route into Europe Turkey hopes it can cash in on Ukraine’s decision to halt gas exports from Russia across its territory by offering Moscow an alternative route into Europe through its own network of pipelines for increased transit fees. In the short term, however, its ambitions may be restricted by gaps in infrastructure. As of January 1, Russian […] January 3, 2025
Economy Egypt targets new $3bn funding despite IMF loan Egypt aims to raise nearly $3 billion by the end of the current fiscal year, which ends in June 2025, finance minister Ahmed Kouchouk has said. The funding will be secured through diverse issuances, Reuters reported, citing an interview with Kouchouk on ONtv, an Arabic-language channel. Kouchouk said Egypt expects to receive $1.2 billion from […] January 6, 2025
Renewable Energy Acwa Power signs up for 1GW Egyptian wind farm The Saudi energy company Acwa Power has signed agreements worth more than $700 million to fund the development, construction, operation and maintenance of a wind power plant in Egypt. Acwa Power said it signed the 20-year senior debt agreement, worth SAR2.63 billion ($703 million), with a syndicate of development financial institutions. The 1.1GW wind power […] December 31, 2024
Retail MAF Lifestyle awaits ‘stability’ before entering Egypt The lifestyle arm of the UAE conglomerate Majid Al Futtaim is looking for opportunities to expand into Egypt. However, there must be “stability” in the country before any move is made, MAF Lifestyle’s CEO, Fahed Ghanim, has told AGBI. Majid Al Futtaim as a group already runs operations in Egypt, including the Mall of Egypt […] December 30, 2024
Logistics Suez Canal revenue drops $7bn amid Red Sea instability Suez Canal revenue fell 60 percent, or $7 billion, year on year in 2024 as ongoing instability in the Red Sea disrupted global shipping traffic, according to a news report. Despite the significant earnings drop, the Egyptian government is pressing ahead with modernisation projects to enhance the canal’s capacity and maintain its pivotal role in […] December 30, 2024
Energy Egypt secures $275m loan for largest wind farm in Africa Egypt has secured $275 million in funding for the construction and operation of the largest wind farm in Africa. The loan, granted to Suez Wind, includes $200 million from the European Bank for Reconstruction (EBRD) and Development and $75 million from Arab Bank and Standard Chartered. The project is co-financed by the African Development Bank, […] December 26, 2024
Real Estate Burj Khalifa at 15: Ups and downs of the world’s tallest skyscraper It may have a few aches and pains but demand in Dubai's supertower remains strong
VIDEO Finance Investors wary of inflation as Trump pursues ‘America first’ policy When Donald Trump returns to the White House his “America First” policy is likely to increase inflation and global economic fragmentation, according to analysts. “We [the Middle East] need to be much more picky about particular geographies, asset classes and even themes that we favour,” said Ben Powell, chief investment strategist at BlackRock’s Investment Institute, […]
Analysis Real Estate Pricey homes and packed hotels: the year in GCC real estate The story of the Gulf property market this year was about decreased housing affordability and a growing gap between top-quality properties and second-tier ones. Meanwhile, surging numbers of international visitors in the UAE, Saudi Arabia and Qatar brought thriving hospitality and retail sectors in the main tourist hotspots. Industry observers expect 2025 to bring more […]
VIDEO Tech Vero Labs taps into the fan-based asset economy Vero Labs, the social networking company owned by the Lebanese billionaire Ayman Hariri, has partnered with the blockchain platform Avalanche to tap into the multi-trillion-dollar fan-based asset economy sector of the sports and entertainment industry. Last year Vero Labs acquired Tokenise Stock Exchange, a regulated global marketplace where users can buy, sell and trade fan-based […]
Tourism Winter resorts add to Turkey’s tourist hotspots Sun, sand, sea … and ski. Turkey is ramping up efforts to extend its tourism season to a year-round offering by trying to raise the profile of the country’s winter resorts. This way it hopes to attract a new cohort of visitors, seeking the thrill of skiing on snow rather than water. Turkey currently has […]
Economy Billionaires in UAE rise as Saudi numbers drop The number of billionaires in the UAE increased in the last year as the amount of super-wealthy residents in neighbouring Saudi Arabia dropped. Forty-eight billionaires lived in the UAE in 2023, with a combined wealth of $205 billion, a year-on-year increase of 7 percent. Dubai made up 39 of that total and welcomed one extra […]
Health AI in healthcare is not a cure-all solution Large language models such as the AI chatbot ChatGPT are gaining traction in healthcare, and Gulf states are investing heavily in the prospect, but LLMs’ integration into clinical practice presents challenges. A study led by Dr Ethan Goh, published last month in the Journal of the American Medical Association Open Network, tested whether ChatGPT could […]
Analysis Health 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 […]
Tourism Salvator Mundi destined for Riyadh giga-park 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 […]
Analysis Real Estate 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 […]
Analysis Health Bahrain government rebuffs citizens’ quota in healthcare A unanimous call by the Bahraini parliament for half the jobs in private healthcare to be reserved for citizens has been rejected by the government on the grounds of possible harm to patients and the potential impact on foreign direct investment. Government officials told the National Assembly that the proposed quota would constrain private healthcare’s […]
Analysis Health Healthy progress made in Saudi Arabia’s wellness drive Private health services in Saudi Arabia are rapidly expanding as its growing population and the focus on improving citizens’ wellbeing under the Vision 2030 programme bring in billions of dollars in new domestic and foreign investments. During the Global Health Exhibition, held in Riyadh at the end of October, Saudi officials announced deals worth $13.3 […]
Editor's Insight Transport Trains, planes and more trains (or metros) Is it finally happening? It was conceived back in 2013 and was supposed to take four years to build but the Riyadh metro looks like it is about to open. To the hard-pressed inhabitants of the Saudi capital, that can only be a good thing. Alternatives to the car and bus – Riyadh has a new […]
Trade Exports to India from UAE more than double in November Exports to India from the UAE more than doubled year on year to over $6 billion in November, as demand for gold and energy products soared. Imports from India were up by over 11 percent in the same month, reaching $3 billion, data released by India’s commerce ministry showed. Emirati exports to India from April […]
Oil & Gas Kenya extends oil deals with Saudi Arabia and UAE Kenya has extended oil import agreements with one Saudi and two UAE oil companies to ease pressure on its currency, according to media reports. The deals were initially signed with Saudi Aramco, Abu Dhabi National Oil Company and Emirates National Oil Company in March 2023, offering a 180-day credit period, Business Daily newspaper reported. Reuters […]
Markets US fund managers expected to accelerate Gulf investment North American fund managers are underinvested in Gulf equities but that may soon change, according to new research. The region’s low correlation to global and other emerging markets, accelerating economic diversification and improving bourse diversification could make Gulf investments more attractive. Saudi Arabia (4.41 percent), the UAE (1.28 percent), Qatar (0.86 percent) and Kuwait (0.84 […]
Oil & Gas Oil shipments from UAE to Asia to be cut next year The UAE is reducing its oil shipments early next year as Opec+ pushes for compliance with production cuts in order to try to stop prices falling. However it is unclear if this means that the country – Opec’s fifth largest producer – is cutting its output, analysts have told AGBI. Adnoc, the UAE’s state-owned oil […]
