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Top stories

green hydrogen

Trump’s return may alter the future of renewable energy

Adnoc’s acquisition in September of a 35 percent stake in ExxonMobil’s low-carbon hydrogen facility in Baytown, Texas, might have been a sign of things to come. The deal between the Abu Dhabi-owned oil company and the US energy major came as interest in clean hydrogen was waning in the US while rising in the Gulf. Former […]

Ed Rawles of Nybl says 'our region lags behind the rest of the world when it comes to committing actual cash to new technology' funding for AI Video length: 03:43

Funding squeeze stifles AI innovation in Mena

Emerging technology and AI startups in the Mena region are struggling to find investors. Industry experts say that the Middle East attracts less than 5 percent of global funding for AI because of the lack of specialised venture capital funds that are willing to take risks. “Our region lags behind the rest of the world […]

Elon Musk Twitter Donald Trump Kingdom Holding

What next for Kingdom Holding’s $2bn X investment?

When Elon Musk took ownership of Twitter in 2022 for $44 billion, he did so with the help of Saudi Arabia’s Prince Alwaleed bin Talal and his Kingdom Holding, which put up nearly $2 billion of the price, and the Qatar Investment Authority, which handed over $375 million. The investment made the Saudi company the […]

Trending

  1. Saudi ratings upgraded on continued economic reforms

  2. Bahrain’s GFH buys $300m US student housing assets

  3. QatarEnergy ups stakes in Namibia offshore blocks

  4. Ras Al Khaimah’s economy to expand until 2027

  5. Billionaires in UAE rise as Saudi numbers drop

OPINION & Analysis

Best of AGBI

Luxury yachts in Dubai. The emirate is now home to 39 billionaires

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 […]

Turkey’s olive growers mine liquid gold

Turkey is likely to set a new record for olive oil output this year, as millions of new trees planted in a drive to expand supply reach maturity. The crop should consolidate the country’s position as the one of the world’s largest olive oil producers.  This year, Turkey is on course to produce around 475,000 […]

Private money leading charge in Saudi construction industry

Private sector participation in Saudi Arabia’s construction industry is powering investment in the sector, according to a senior economist. Overall gross fixed capital formation – a measure of investment in an economy’s infrastructure, schools and other physical assets, as well as related tools and machinery – is up 3 percent year on year in the […]

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 […]

Nobody likes methane seepage. Especially Europe

Liquefied natural gas has always had a heroic reputation in the energy world. Heroic engineering, heroic logistics and heroic expense, yes – but a heroic outcome: clean (or not-so-dirty) energy and a seat with the good guys at the high table of energy transition. Qatar of course, Egypt, Oman, Israel and the UAE – these are the lucky producers and […]

People, Person, Clothing

interview

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

Mishal Kanoo, chairman, The Kanoo Group

UAE latest

green hydrogen

Trump’s return may alter the future of renewable energy

Adnoc’s acquisition in September of a 35 percent stake in ExxonMobil’s low-carbon hydrogen facility in Baytown, Texas, might have been a sign of things to come. The deal between the Abu Dhabi-owned oil company and the US energy major came as interest in clean hydrogen was waning in the US while rising in the Gulf. Former […]

An impression of Wynn Al Marjan Island resort in Ras Al Khaimah, which is slated to open in early 2027

Ras Al Khaimah’s economy to expand until 2027

Ras Al Khaimah’s (RAK) economy is projected to expand by an average 4.2 percent annually until 2027, driven by strong tourism, real estate, manufacturing, and mining performances, S&P Global said. “We forecast GDP per capita levels to strengthen to about $32,800 by 2027, compared with an estimated $30,000 in 2024,” the rating agency said. This […]

Ed Rawles of Nybl says 'our region lags behind the rest of the world when it comes to committing actual cash to new technology' funding for AI Video length: 03:43

Funding squeeze stifles AI innovation in Mena

Emerging technology and AI startups in the Mena region are struggling to find investors. Industry experts say that the Middle East attracts less than 5 percent of global funding for AI because of the lack of specialised venture capital funds that are willing to take risks. “Our region lags behind the rest of the world […]

Luxury yachts in Dubai. The emirate is now home to 39 billionaires

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 […]

Clothing, Hardhat, Helmet

Adnoc looks at increased stake sale in gas subsidiary

UAE oil major Abu Dhabi National Oil Company (Adnoc) intends to sell an additional 3 to 5 percent of Adnoc Gas, according to a news report. A 5 percent stake sale may raise AED12.9 billion ($3.5 billion) based on Friday’s share price of AED3.48 on the Abu Dhabi Securities Exchange (ADX), Reuters reported citing informed […]

Saudi Arabia latest

Neom's Treyam project. Moody's estimates that spending by the government and PIF will continue to exceed 20% of non-hydrocarbon GDP

Saudi ratings upgraded on continued economic reforms

Ratings agency Moody’s has upgraded Saudi Arabia’s credit rating on the back of the kingdom’s continued progress in economic diversification, which is likely to be sustained. The Gulf state’s long-term local and foreign currency issuer and senior unsecured ratings were upgraded to “Aa3” from “A1”. In addition, the local and foreign currency medium-term note programme […]

A 5G antenna in New York. Mavenir is collaborating with investment bank Evercore on discussions with Aramco Digital

Aramco unit seeks $1bn stake in US telecom software maker 

Aramco Digital, the wholly owned technology arm of Saudi Aramco, plans to invest $1 billion in Mavenir, a US-based telecom service provider, as part of its strategic push into the telecommunications sector. The Saudi investment is expected to secure a “significant minority” stake in Mavenir, valuing the US company at $3 billion, sources familiar with […]

Ed Rawles of Nybl says 'our region lags behind the rest of the world when it comes to committing actual cash to new technology' funding for AI Video length: 03:43

Funding squeeze stifles AI innovation in Mena

Emerging technology and AI startups in the Mena region are struggling to find investors. Industry experts say that the Middle East attracts less than 5 percent of global funding for AI because of the lack of specialised venture capital funds that are willing to take risks. “Our region lags behind the rest of the world […]

Elon Musk Twitter Donald Trump Kingdom Holding

What next for Kingdom Holding’s $2bn X investment?

When Elon Musk took ownership of Twitter in 2022 for $44 billion, he did so with the help of Saudi Arabia’s Prince Alwaleed bin Talal and his Kingdom Holding, which put up nearly $2 billion of the price, and the Qatar Investment Authority, which handed over $375 million. The investment made the Saudi company the […]

Luxury yachts in Dubai. The emirate is now home to 39 billionaires

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 […]

Around the Middle East

GFH's student housing assets in the United States are 99 percent occupied

Bahrain’s GFH buys $300m US student housing assets

GFH Partners, the DIFC-based asset management arm of Bahrain-based GFH Financial Group, has acquired student housing in the United States valued at $300 million. The assets have been added to GFH Partners’ US student housing platform, which now has more than 5,500 beds and assets under management worth $900 million. The assets are 99 percent […]

Experts says attendees at the Cop29 conference must agree binding rules on carbon credits to improve reliability and trust

Governments urged to agree carbon credit rules at Cop29

Experts have said governments need to reach binding agreements on carbon credits at Cop29 underway in Baku, Azerbaijan, to improve transparency, accountability and quality.  Among the topics being debated over the two weeks at the UN conference is Article 6 of the Paris Accord, which aims to help set rules on global carbon trade.  Countries […]

The Hilton Garden Inn Dubai at Mall Avenue. A quarter of the group's developments in the Middle East is aimed at the mid market

Hilton says Middle East expansion will add 35,000 jobs

Hotel group Hilton’s expansion plans in the Middle East will create 35,000 jobs, its regional head has said.   The US company will at least double its size in the region with 130 new properties, its Middle East and Africa president, Guy Hutchinson, said.  “We’re seeing this part of the world emerge as a thought and […]

Passengers at Bahrain airport. British Airways has been flying there for 92 years

British Airways reverses decision to scrap Bahrain flights

British Airways has reversed its decision to scrap flights to Bahrain but is still reviewing plans to end direct flights to Kuwait.  The UK’s flag carrier announced two weeks ago that it would end its direct flights to Bahrain and Kuwait in the first quarter next year due to delays to the delivery of Rolls […]

Ngozi Okonjo-Iweala, WTO director-general, said the potential escalation of conflicts in the Middle East could lead to further increases in transport and energy costs

WTO predicts Middle East trade slowdown in 2025

Lower oil prices, the potential for conflicts to escalate and the impact of a Trump presidency are factors supporting the World Trade Organization’s prediction that trade in the Middle East will slow down in 2025, experts have said.  In its latest Global Trade Outlook and Statistics report, the WTO said Middle East exports will grow 5 […]

Jadwa Investment's new fund has completed its first three investments in the retail and food and beverage sectors

Jadwa raises $266m for GCC investment fund

Saudi Arabia’s Jadwa Investment has announced the first close for its blind pool private equity fund, with total capital commitments of SAR1 billion ($266 million).  The fund, called GCC Private Equity Fund 1, will invest in “high-potential private equity opportunities across the GCC”, the company said.  A blind pool fund is where investors commit capital without […]

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 […]

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HYDROGEN
SAUDI VISION 2030
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mergers & acquisitions
crypto
Electric cars
israel-hamas war
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ukraine-russia war
OPEC
SPACE

Turkey Latest

The Dubai Marina promenade. The emirate's constant population growth and stable economy attracts Turkish property investors

Turks drawn to overseas property investments

Turkish property investors are increasingly looking further afield as they seek real-estate opportunities.  High interest rates and cooling returns on assets at home make the domestic market less appealing both to Turks and foreigners. While Turkey remains a property investment destination, with a net positive balance of capital movement, inflows are tapering off just as […]

A Beko manufacturing plant. The company said Italian operations were financially unsustainable, with factory utilisation rates falling below 40 percent

Turkey’s Beko to cut jobs in Italy over underperformance

Beko, a Turkish white goods and electronic brand owned by manufacturer Arcelik, is to reduce its workforce in Italy by nearly half amid mounting industry challenges and financial underperformance. The company will lay off 1,935 of 4,440 employees, Reuters reported, citing a statement issued by Italy’s industry ministry, the FIM, FIOM, UILM and UGLM trade […]

Olives being harvested in the Eceabat region of northwestern Turkey

Turkey’s olive growers mine liquid gold

Turkey is likely to set a new record for olive oil output this year, as millions of new trees planted in a drive to expand supply reach maturity. The crop should consolidate the country’s position as the one of the world’s largest olive oil producers.  This year, Turkey is on course to produce around 475,000 […]

Shoppers walk past a coffee shop at a shopping mall in Ankara, Turkey

Turkish consumer confidence slides as inflation persists

Turks appear to have taken to heart government efforts to cool the economy and rein in inflation, with the latest consumer confidence survey showing a dip in outlook, reversing a five-month upward trend. Turkey’s consumer confidence slipped further into negative territory in November, according to data issued by statistics agency Turkstat on November 21, as […]

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 […]

Egypt Latest

Egypt's inflation is projected to ease significantly in the first quarter of 2025

Egypt’s central bank keeps key rates steady

The Central Bank of Egypt has kept its key interest rates steady as economic growth remains below potential. The lending rate was unchanged at 28.25 percent, while the deposit rate remained at 27.25 percent, the monetary policy committee (MPC) said in a statement. “Projections for Q4 2024 show that while economic activity continues to pick […]

Egypt PPP tenders Abu Rawash wate water plant

Public-private tenders worth $1bn on offer in Egypt

Eleven tenders worth more than $1.2 billion for public-private partnerships (PPPs), mainly involving water and waste water treatment, are about to be issued by the Egyptian government. Atter Hannoura, director of the PPP Central Unit at the Egyptian finance ministry, said that the total value of PPP agreements to be tendered is about EGP62 billion […]

Egypt is hoping to increase annual tourist numbers from last year’s record of 15 million to 25 million by 2030

Abu Dhabi’s Adtic invests with Accor in Egyptian hotel

The Abu Dhabi Tourism Investment Company (Adtic) has signed an agreement with the French hospitality company Accor to open a Sofitel hotel near the Giza Necropolis outside Cairo. Adtic, which is 84 percent owned by the Abu Dhabi Development Fund and 10 percent by the Abu Dhabi National Hotels Company, has allocated $100 million for […]

Egypt, which recently became a net importer of LNG, has purchased dozens of cargoes this year

Egypt seeks long-term LNG deals as energy demand soars

Egypt is holding talks with global energy companies about securing 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 of LNG, […]

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

For AI to be properly integrated into healthcare, doctors need proper guidance, experts say

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 […]

A woman works out at a gym in Qatif, Saudi Arabia. One investor said they had never seen as much interest from VCs in the fitness industry

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 […]

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 […]

Around the world

Adani Group's Gautam Adani has been accused of bribery payments to Indian government officials, something the group strongly denies

US charges billionaire Gautam Adani in $265m bribery case

US prosecutors have indicted Indian billionaire Gautam Adani and seven others, including his nephew Sagar Adani, in connection with an alleged $265 million bribery scheme tied to India’s largest solar power project. Adani has extensive business interests in the Arabian Gulf. The indictment, unsealed in New York on Wednesday, accuses the Adanis and Vneet Jaain, […]

On the agenda: Ed Miliband, UK secretary of state for energy security and net zero, and World Bank president Ajay Banga at the summit on methane at COP29 in Baku

Nobody likes methane seepage. Especially Europe

Liquefied natural gas has always had a heroic reputation in the energy world. Heroic engineering, heroic logistics and heroic expense, yes – but a heroic outcome: clean (or not-so-dirty) energy and a seat with the good guys at the high table of energy transition. Qatar of course, Egypt, Oman, Israel and the UAE – these are the lucky producers and […]

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 […]

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 […]