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Saudi Arabian energy minister Prince Abdulaziz bin Salman bin Abdulaziz talks with US energy secretary Jennifer Granholm in Riyadh. Nuclear energy was apparently discussed but no details were given

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, […]

Wind turbines in Bozcaada, Turkey. The country wants to strengthen its renewable energy sector by developing the solar power market

Turkey’s renewables scheme given $1bn by World Bank

The World Bank has signed a $1 billion programme with Turkey to fast-track the nation’s renewable energy expansion initiatives. The financing comprises €600 million ($657 million) in loans from the International Bank of Reconstruction and Development, $30 million from the clean technology fund, and $3 million in grant funding from the World Bank’s energy sector management assistance […]

One of the four restaurants in the Palazzo Versace Dubai hotel, which is listed on the Emirates Auction website

Palazzo Versace hotel sale aims to ride Dubai tourism wave

Owners of Dubai’s ultra-luxurious Palazzo Versace hotel are looking to capitalise on the emirate’s tourism boom before it peaks, offering it for sale at nearly AED1.4 billion ($380 million). A source familiar with the asset told AGBI the hotel is being “readvertised” as it has not found a buyer willing to meet its price tag […]

Trending

  1. PIF slashes Starbucks stake as it cuts US stocks by $15bn

  2. LIV Golf chief says rugby next in line for Gulf funds

  3. Fire-hit Dubai shopping mall fails to attract auction bids

  4. Earnings at Kuwait’s Agility rise 22% to $61m in 2024

  5. Record footfall at Saudi Arabia’s largest mall operator

OPINION & Analysis

Best of AGBI

Airport, Adult, Female The Middle East served 422 million air passengers in 2023 and is expected to serve 466 million in 2024

Airport chiefs size up ways to meet GCC airspace demand

The annual number of air travellers to and from the Middle East is projected to pass the half-billion mark next year, meaning aviation authorities need to both expand and streamline use of available airspace, senior GCC airport chiefs have told AGBI. Oman is in talks with a neighbouring Gulf state to unlock a new air […]

Crypto exchange Rain suffers $15m hack

Rain, a cryptocurrency exchange regulated in both the UAE and Bahrain, has confirmed a serious hack resulting in losses reportedly nearing $15 million.  The exchange said in a statement on its website on Tuesday that customer funds remain secure despite the incident.  The security breach occurred on April 29 and was first detected by blockchain […]

Shipping needs cheaper green methanol for its route to net zero

Higher costs and undersupply remain the biggest concerns for shipping companies seeking to reduce their greenhouse gas emissions by switching to green methanol.  Danish logistics company Maersk has ordered 25 vessels that can run on sustainably produced e-methanol. Its first large methanol container ship, Ane Maersk, arrived at Jebel Ali port in Dubai last week. […]

Gulf asset managers remain wary of resurgent bitcoin

Gulf asset managers and institutional investors remain reluctant to invest in bitcoin, despite the cryptocurrency’s resurgence over the past year. The Middle East and North Africa accounted for 7 percent – or $390 million – of global crypto volumes in the 12 months to June 30, 2023, according to Chainalysis. Turkey made up nearly half, […]

Tourist numbers drop as Western visitors avoid Lebanon

Inbound tourism to Lebanon fell 13.5 percent year on year in the first three months of 2024, mainly as a result of Western tourists staying away, data released by the country’s Ministry of Tourism shows. It is the latest indication of damage to Lebanon’s post-crisis economy caused by the ongoing border conflict between Hezbollah and […]

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UAE latest

One of the four restaurants in the Palazzo Versace Dubai hotel, which is listed on the Emirates Auction website

Palazzo Versace hotel sale aims to ride Dubai tourism wave

Owners of Dubai’s ultra-luxurious Palazzo Versace hotel are looking to capitalise on the emirate’s tourism boom before it peaks, offering it for sale at nearly AED1.4 billion ($380 million). A source familiar with the asset told AGBI the hotel is being “readvertised” as it has not found a buyer willing to meet its price tag […]

Saudi Arabian energy minister Prince Abdulaziz bin Salman bin Abdulaziz talks with US energy secretary Jennifer Granholm in Riyadh. Nuclear energy was apparently discussed but no details were given

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, […]

Dubai mall Lamcy Plaza

Fire-hit Dubai shopping mall fails to attract auction bids

A Dubai shopping mall closed since a fire in 2017 has failed to attract interest from potential buyers after being put up for auction. The Lamcy Plaza mall went on auction earlier this month with a starting bid of AED200 million ($54 million), but received no offers. The five-storey neighbourhood mall, which opened in 1997, […]

Emirates Nigeria

Emirates to resume Nigeria service from October

Emirates will restart services to Nigeria from October 1, after suspending flights on the route for almost two years. The Dubai airline will operate a daily service to  Lagos, Nigeria’s largest city.  “We are excited to resume our services to Nigeria,” said Adnan Kazim, deputy president and chief commercial officer, Emirates.  “We thank the Nigerian government for their partnership and support in re-establishing this […]

Saudi Arabia latest

PIF's Starbucks shareholdings were cut almost by half from 6.3 million shares to 3.8 million

PIF slashes Starbucks stake as it cuts US stocks by $15bn

Saudi Arabia’s Public Investment Fund (PIF) has slashed its US equity holdings by 42 percent to $20.6 billion, including its stake in Starbucks, the global coffee chain that has suffered calls for a boycott as a result of the Gaza conflict. The latest US government data highlights funding challenges facing the Saudi giga-projects.  The filing […]

Saudi aluminium producer Talco is offering 12 million shares

Aluminium producer Talco announces Saudi IPO

Aluminium producer Al Taiseer Group Talco Industrial Company (Talco) is the latest entity to reveal initial public offering (IPO) plans in Saudi Arabia. The Riyadh-based company, which was set up in 2009, is offering 12 million shares, a 30 percent stake, on the Saudi Exchange (Tadawul) at a nominal value of SAR10 ($2.67) per share. […]

Saudi Arabian energy minister Prince Abdulaziz bin Salman bin Abdulaziz talks with US energy secretary Jennifer Granholm in Riyadh. Nuclear energy was apparently discussed but no details were given

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, […]

Mark Foster, who played professional rugby for Gloucester and now heads LIV Golf, says the sport is ripe for investment

LIV Golf chief says rugby next in line for Gulf funds

Talks are taking place with sovereign wealth funds and private equity entities about potential Gulf investment in rugby, according to Mark Foster, senior vice president of finance operations at Saudi-backed LIV Golf Investments. Foster, a former Gloucester and Exeter Chiefs professional rugby player, told The Good the Bad & the Rugby podcast that discussions have […]

Cenomi's Makkah Mall in Saudi Arabia. The company wants to challenge Dubai for the title of top retail location in the Gulf

Record footfall at Saudi Arabia’s largest mall operator

Cenomi Centers, Saudi Arabia’s biggest mall operator, said on Thursday it had seen record footfall of 31.7 million customer visits in the first quarter of 2024, highlighting the continued strength of the Saudi retail sector.  Net profit at the company, which runs 21 malls, was down 53 percent at SAR180.5 million ($48 million) after the […]

Around the Middle East

Iraqi prime minister Mohammed Shia Al-Sudani attends licensing rounds for 29 oil and gas exploration blocks at the oil ministry's headquarters in Baghdad

Falling oil prices deepen Iraq’s fiscal imbalances, says IMF

Iraq’s fiscal imbalances have worsened due to significant fiscal expansion and lower oil prices, according to the International Monetary Fund (IMF). “The ongoing fiscal expansion is expected to boost growth in 2024 at the expense of a further deterioration of fiscal and external accounts and Iraq’s vulnerability to oil price fluctuations,” the Washington-based fund said in […]

Oil workers in Venezuela, a founder member of Opec. The IEA predicts slower demand growth

IEA and Opec move further apart on global oil demand

The division between the International Energy Agency and oil producers’ group Opec has deepened as the Paris-based energy watchdog once again curtailed its oil demand outlook for 2024, amid softer macro sentiment. In its monthly report, the IEA forecast on Wednesday that world fuel demand will grow by 1.1 million barrels per day (bpd) this […]

Almost all of Lebanon's visitors in the first quarter came from the Lebanese diaspora

Tourist numbers drop as Western visitors avoid Lebanon

Inbound tourism to Lebanon fell 13.5 percent year on year in the first three months of 2024, mainly as a result of Western tourists staying away, data released by the country’s Ministry of Tourism shows. It is the latest indication of damage to Lebanon’s post-crisis economy caused by the ongoing border conflict between Hezbollah and […]

Qatar Airways said it was not able to meet high post-Covid demand due to shortage of new aircraft

Qatar Airways urges Boeing and Airbus to address delays

The head of state-run Qatar Airways has urged Airbus and Boeing to address supply chain issues to prevent airlines from “bleeding”. “I know they are under so much pressure when it comes to the supply chain market,” Reuters reported, quoting Badr Mohammed Al Meer speech at the Qatar Economic Forum in Doha. Airbus and Boeing need to […]

An energy company representative submits his company's bid during the latest licensing rounds at the Iraqi Oil Ministry's headquarters in Baghdad

Chinese companies snap up Iraqi oil and gas blocks

Iraq has awarded Chinese companies a large share of oil and gas exploration concessions as it attempts to boost its hydrocarbon reserves and attract investment. Opec’s second largest oil producer hopes to add 1 million barrels per day (bpd) of oil and nearly 3.5 billion cubic feet of gas per day. Out of 22 prequalified […]

Traders look at the screens at Bahrain Bourse in Manama, Bahrain, February 7, 2018. REUTERS/Hamad I Mohammed

Bahrain Bourse needs more liquidity despite 43% surge

The Bahrain Bourse has surged by almost 43 percent in the past five years, but experts have warned that the Gulf state must prioritise further listings to bring more liquidity into the market. The bulk of the growth on the kingdom’s main exchange has come from a select number of liquid stocks, topped by Aluminium […]

The Kuwait Boursa trading hall in Kuwait city. BIG shares will list in the premier market segment

Kuwait’s Beyout Investment Group to list on local bourse 

Kuwait’s Beyout Investment Group (BIG) has announced plans to offer a 30 percent stake on the local bourse, the first in nearly two years. The final offering price will be determined through a bookbuilding process, which will be held from May 19 to 23, the company said in a statement.  The shares are slated to […]

RwandAir CEO Yvonne Manzi Makolo said in Doha: 'Addis is already a huge hub but Kigali will be an alternative regional hub, especially given the geographical position of Rwanda'

Qatar and Rwanda to open airport in ‘heart of Africa’ by 2028

Qatar Airways and RwandAir will open a major international airport in Rwanda’s capital Kigali by 2028, the airlines said this week. The Qatari flag carrier has also announced plans to take a stake in a southern African airline to cement its expansion plans on the continent.  RwandAir and Qatar Airways, which have a code-sharing agreement, […]

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Turkey Latest

Wind turbines in Bozcaada, Turkey. The country wants to strengthen its renewable energy sector by developing the solar power market

Turkey’s renewables scheme given $1bn by World Bank

The World Bank has signed a $1 billion programme with Turkey to fast-track the nation’s renewable energy expansion initiatives. The financing comprises €600 million ($657 million) in loans from the International Bank of Reconstruction and Development, $30 million from the clean technology fund, and $3 million in grant funding from the World Bank’s energy sector management assistance […]

Turkey's economic growth is projected at 3 percent in 2025

EBRD lowers Turkey’s 2024 growth rate

The European Bank for Reconstruction and Development (EBRD) has lowered Turkey’s economic growth forecast to 2.7 percent from 3 percent for 2024, due to rising inflation. However, a recovery is anticipated next year, with growth projected at 3 percent, driven by potential monetary and fiscal policy tightening aimed at curbing high inflation. Turkish economic policy has tightened, […]

The five-star Barceló Al Jaddaf in Dubai, formerly Occidental Al Jaddaf, will open in the fourth quarter of 2024

Spain’s Barceló expands reach in Middle East and Turkey

Spain’s Barceló Hotel Group is intensifying its focus on the Middle East, Africa and Turkey this year with plans to invest more than $400 million as part of its global expansion strategy. The move includes opening hotels in the UAE, Saudi Arabia, Bahrain, Oman, Qatar and Turkey. The company will expand its portfolio in the Middle East by […]

Turkey Facebook

Turkey fines Facebook owner Meta over customer data sharing

The social media giant Meta has been found guilty by Turkey’s competition agency of trying to shut out rivals from the local market and dominate advertising penetration. The $230 billion Californian company operates Facebook, Instagram, WhatsApp, and Threads. On May 9 the Turkish Competition Authority announced it had levied fines totalling $37.2 million on Meta […]

Workers at a textile factory in Istanbul. Turkish exporters are hoping for an increase in shipments to the Middle East

Turkish exporters cautiously optimistic for rest of year

Turkish exporters are predicting a strong second half of the year, with expectations of increased shipments to traditional markets and growth into the Middle East.  There are lingering concerns that global risk factors will blow a chill wind over sales, however.  Turkey’s exports accelerated 3.6 percent in the January to March quarter, with sales worth […]

Egypt Latest

UAE-led consortium secures land for $10bn wind farm in Egypt

A consortium led by Masdar, the UAE’s state-owned renewable energy company, has signed a land access agreement with the Egyptian government for a $10 billion onshore wind farm. The other partners are Infinity Power, a joint venture between Masdar and Egyptian renewables business Infinity, and Hassan Allam Utilities, a Cairo-based developer and investor. The agreement […]

The presidents of Egypt and the UAE, Abdel Fattah El Sisi and Sheikh Mohamed bin Zayed Al Nahyan

Egypt receives second tranche of UAE’s $35bn investment

Egyptian authorities have received the second tranche of a $35 billion investment from the UAE, local media reported on Tuesday. The payment secures the right of Abu Dhabi sovereign wealth fund ADQ to develop the land of Ras el Hekma on Egypt’s north coast. The $20 billion tranche consists of $14 billion fresh money and […]

CIB profits Commercial International Bank branch

Abu Dhabi-backed Egyptian bank doubles profits

Commercial International Bank, the Egyptian lender backed by Abu Dhabi, has doubled its consolidated net profits for the first quarter of this year, compared with the same period in 2023. In an earnings release published on Sunday, CIB posted a net income of EGP11.9 billion ($253 million) at the start of this year, up from […]

QatarEnergy's farm-in agreement gives it a 40% interest in Egypt's Cairo and Masry offshore exploration blocks

QatarEnergy buys stake in Egypt exploration blocks 

State-run QatarEnergy has signed an agreement with US energy major ExxonMobil to acquire a stake in two exploration blocks off Egypt. The farm-in agreement gives QatarEnergy a 40 percent interest in each of the Cairo and Masry offshore concession agreements. The value of the deal was not given. ExxonMobil, the operator of the blocks, will retain […]

SWVL CEO Mostafa Kandil Video length: 04:15

Unicorn SWVL survives share slump to turn a profit

Scaling back operations, chasing profitability over investor funding and divesting from acquisitions has resulted in the Middle East’s first unicorn finally turning profitable.  Egypt-born ride hailing app SWVL has survived a turbulent time during which the Nasdaq-listed startup faced the possibility of being delisted.  SWVL was valued at $1.5 billion when it went public in […]

Features

Europe provides a large source of Dubai's tourists

GCC-EU trade drops by $8bn as talks pause

Trade between the GCC and the European Union fell by 4 percent last year to $180 billion, as the two trading blocs struggled to agree terms for a free trade agreement. Figures shared exclusively with AGBI by Eurostat, the EU’s statistics authority, show Saudi Arabia was the bloc’s biggest trade partner from the GCC, with […]

Saudi Arabia grapples with new penal code

A legislative committee is grappling with the text of a new penal code which could cement — or jeopardise — the gains made by Saudi Arabia after it introduced a new commercial law code last year.  The kingdom is trying to shake off a reputation for opaque and arbitrary justice to meet ambitious tourism and […]

Egypt misses healthcare targets as population ails

Egypt is failing to meet its healthcare spending targets, exacerbating deteriorating living standards that are leading to a rising number of illnesses and health problems. Egypt’s parliament approved legislation in 2018 to achieve universal health coverage by 2030, pledging to expand provision to include the 50 percent of Egyptians lacking insurance, according to a 2023 […]

Overseas buyers dominate in Sharjah’s reformed real estate

Overseas buyers in Arada’s two mega-developments in Sharjah have vastly outnumbered locals in the year-and-a-half since the emirate expanded full real estate ownership rights to non-GCC nationals. From when Aljada, Sharjah’s biggest mixed-use project, launched in 2017 until the land reform of late October 2022, Emirati nationals bought more than 63 percent of the value […]

Luggage, airspace and size: challenges for Dubai’s new airport

Sizing, air traffic control and passenger handling are among the challenges Dubai will face in building the world’s largest airport within the next 10 years, industry experts tell AGBI.  Authorities announced last month plans to expand Al Maktoum International into a facility that will handle 150 million passengers annually within a decade, and eventually 260 […]

People & Lifestyle

SWVL CEO Mostafa Kandil Video length: 04:15

Unicorn SWVL survives share slump to turn a profit

Scaling back operations, chasing profitability over investor funding and divesting from acquisitions has resulted in the Middle East’s first unicorn finally turning profitable.  Egypt-born ride hailing app SWVL has survived a turbulent time during which the Nasdaq-listed startup faced the possibility of being delisted.  SWVL was valued at $1.5 billion when it went public in […]

A Diwali celebration held during Expo 2020 in Dubai. GCC officials want to work together to prevent event clashes

Tourism chiefs call for GCC-wide events calendar

Gulf Cooperation Council nations should co-ordinate their event schedules to avoid overlaps and entice tourists to make multiple stops in the region, officials have said at the Arabian Travel Market conference. The six GCC governments – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE – are exploring ways to co-operate on tourism, including a […]

GCC boards female

UAE leads GCC on board gender mix but region still lags

More than 10 percent of board seats at listed companies in the UAE are filled by women, well ahead of its Gulf neighbours, but still lagging the global average. At the 168 companies listed on the Abu Dhabi Securities Exchange and Dubai Financial Market, just 133 out of 1,231 board seats, or 10.8 percent, are […]

Investor Tim Draper told AGBI the US must 'swing back to freedom' to avoid losing innovation to countries such as the UAE

Tim Draper: UAE benefits from US crypto ‘overregulation’

Billionaire venture capitalist Tim Draper has criticised the US for its restrictive stance on cryptocurrency, claiming it is driving innovators towards more encouraging and friendlier markets such as the UAE. The Gulf state is actively developing regulatory frameworks to lure new forms of business, amid intense regional economic competition. Dubai and Abu Dhabi have set […]

Egypt's wealthiest man, Nassef Sawiris, who lives in Cairo, has interests in construction, manufacturing and sports

Cairo has most billionaires in Africa, but wealthy are leaving

Cairo is home to more billionaires than any other African city, but Egypt is facing an exodus of its wealthiest citizens. The international wealth advisory firm Henley & Partners said Cairo is home to four billionaires, and 30 centi-millionaires – those worth $100 million or more. Most reside in affluent parts of Greater Cairo, including […]

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Around the world

An energy company representative submits his company's bid during the latest licensing rounds at the Iraqi Oil Ministry's headquarters in Baghdad

Chinese companies snap up Iraqi oil and gas blocks

Iraq has awarded Chinese companies a large share of oil and gas exploration concessions as it attempts to boost its hydrocarbon reserves and attract investment. Opec’s second largest oil producer hopes to add 1 million barrels per day (bpd) of oil and nearly 3.5 billion cubic feet of gas per day. Out of 22 prequalified […]

Workers at a semiconductor plant in the Netherlands. Qatar's investment in France's Ardian comes as global demand for semiconductor chips is surging

QIA invests in French semiconductor fund Ardian

Qatar Investment Authority (QIA), the country’s sovereign wealth fund, has announced plans to make an anchor investment in Ardian Semiconductor, a new entity established by the French private equity firm Ardian.  The move underscores the Gulf state’s bet on the crucial role of semiconductors in powering digital and green transformations in key areas such as […]

King Leung of InvestHK says Middle East investors are 'scooping up high quality, positive cash flow generating assets at very, very attractive valuations'

Hong Kong plans fund on Saudi stock exchange

Officials in Hong Kong are planning to set up an exchange-traded fund with Saudi Arabia’s stock exchange, as Middle East investors increasingly go “bargain hunting” in the Asian city state to take advantage of lower valuations. An exchange-traded fund (ETF) is an investment fund traded on regulated stock exchanges, much like individual stocks are bought and […]

Crowd, Person, Adult

Adnoc strikes LNG supply deal with Germany

The Abu Dhabi National Oil Company (Adnoc) has signed a 15-year liquefied natural gas (LNG) supply agreement with German energy major Energie Baden-Württemberg AG. The agreement includes the delivery of 0.6 million tonnes per annum (mtpa) of LNG, primarily sourced from Adnoc’s lower-carbon Ruwais LNG project, currently under development in Abu Dhabi’s Al Ruwais Industrial […]