Analysis Manufacturing Jordan’s surging pharma industry may hit US tariff speedbump Growing Gulf spending on health is boosting Jordan’s pharmaceutical industry, but new US tariffs pose a risk to its future, according to analysts. Pharmaceutical exports from Jordan grew by 15 percent last year to $862 million. Another 11 percent growth was projected for this year and further expansion to $1.4 billion in 2029, according to […] April 10, 2025
Oil & Gas Oil prices retreat despite Trump’s pause on tariffs Oil prices fell on Thursday, despite early gains late on Wednesday following the announcement by Donald Trump that he would delay implementation of individual new tariffs on 75 countries for 90 days. US West Texas Intermediate (WTI) crude initially rose 4.88 percent to $62.49 a barrel following the announcement but in early trading on Thursday […] April 10, 2025
Markets Special purpose companies proposed to boost Saudi IPOs Consultations on introducing special purpose acquisition companies to the Saudi stock exchange’s junior market in an effort to encourage initial public offerings and listings have been announced by Saudi Arabia’s Capital Markets Authority regulator. A special purpose acquisition company, or Spac, is formed to raise money through an IPO, with the funds then used to […] April 10, 2025
OpiniontradeIt is obvious why South Africa’s infrastructure minister made a beeline for the GCC statesLiz Bains, Journalist
OpiniontaxDigital taxation is now a worldwide priority as tech giants operate across bordersManal Abdel-Samad, Senior adviser in fiscal policy
Opinionoil & gasPresidents don’t like public embarrassment, and neither do Gulf emirs or crown princesSimon Henderson, Director, Gulf and Energy Policy Program
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
Analysis Entrepreneurs Turkish startups scaling up, despite political unrest Turkey’s startups bucked global trends in 2024, posting significant increases in the number of transactions and volumes. Despite the current political turmoil, further growth is forecast for the year ahead. There were 331 transactions recorded last year, compared with 297 in 2023, according to a recent report by financial services firm KPMG. Value increased by […]
Analysis Real Estate Shortage of Dubai homes forces buyers to go off-plan A shortage of completed homes for sale in Dubai is pushing people to buy off-plan properties, which have hit record highs in terms of units bought and as a proportion of purchases. Off-plan investors in the emirate have long had to fund their own purchases, but the growing importance of yet-to-be-completed properties may spur more […]
Analysis Tech Gulf urged to add more to its data centre offerings Data centres are big business across the Gulf. But experts say the industry faces some major challenges: developing value-added goods and services, increasing research and development funding and identifying the right energy mix to power them. Sales in the GCC data centre market were worth nearly $3.5 billion last year, according to estimates by Research […]
Analysis Trade The golden question: where next for the UAE-India Cepa? Earlier this week it emerged that Abu Dhabi conglomerate International Holding Company (IHC) and a US institutional investor had between them acquired a minority stake of 6 percent in Haldiram’s, an Indian snack maker, valuing the company at $10 billion. The IHC investment contributes to the UAE’s ranking as the seventh-largest foreign direct investor in […]
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
Analysis Entrepreneurs Turkish startups scaling up, despite political unrest Turkey’s startups bucked global trends in 2024, posting significant increases in the number of transactions and volumes. Despite the current political turmoil, further growth is forecast for the year ahead. There were 331 transactions recorded last year, compared with 297 in 2023, according to a recent report by financial services firm KPMG. Value increased by […]
Analysis Real Estate Shortage of Dubai homes forces buyers to go off-plan A shortage of completed homes for sale in Dubai is pushing people to buy off-plan properties, which have hit record highs in terms of units bought and as a proportion of purchases. Off-plan investors in the emirate have long had to fund their own purchases, but the growing importance of yet-to-be-completed properties may spur more […]
Analysis Tech Gulf urged to add more to its data centre offerings Data centres are big business across the Gulf. But experts say the industry faces some major challenges: developing value-added goods and services, increasing research and development funding and identifying the right energy mix to power them. Sales in the GCC data centre market were worth nearly $3.5 billion last year, according to estimates by Research […]
Analysis Trade The golden question: where next for the UAE-India Cepa? Earlier this week it emerged that Abu Dhabi conglomerate International Holding Company (IHC) and a US institutional investor had between them acquired a minority stake of 6 percent in Haldiram’s, an Indian snack maker, valuing the company at $10 billion. The IHC investment contributes to the UAE’s ranking as the seventh-largest foreign direct investor in […]
Infrastructure Dubai takes step forward on $22bn sewage tunnel network Dubai Municipality has issued a request for proposals for the first two contracts of the $22 billion Dubai Strategic Sewerage Tunnels (DSST) project, according to a Dubai utilities official. The project aims to modernise Dubai’s sewerage system and has an estimated initial capital expenditure of AED30 billion ($8 billion) and a total lifecycle cost of […] April 10, 2025
Oil & Gas Production at Adnoc’s new offshore block set for 2027 Pakistan’s Oil and Gas Development Company Limited (OGDCL) expects to start production in Abu Dhabi’s offshore block-5 by 2027, while also increasing domestic oil and gas output and diversifying into minerals, its CEO said on Wednesday. OGDCL partnered with Abu Dhabi National Oil Company (Adnoc) in 2021 to explore and develop oil and gas resources in the block. […] April 10, 2025
Cybersecurity How to safeguard your business against insider cybersecurity threats by Lev Matveev, founder of SearchInform The number of cyber incidents is constantly increasing in the UAE. A study conducted by Kaspersky Lab reveals that 87 percent of companies have encountered cyber incidents in the past two years alone. Furthermore, 2024 has seen a 30 percent increase in insider attacks, which encompass both intentional and […] April 10, 2025 In association with
Opinion Oil & Gas Trump’s Gulf trip will test regional nerves and alliances With oil sliding and Iran talks ahead, the GCC braces for a high-stakes presidential visit April 9, 2025
Trade Cepa aims to double UAE trade with Republic of the Congo The signing of a comprehensive economic partnership agreement (Cepa) between the UAE and the Republic of the Congo is projected to more than double non-oil trade between the two nations. Non-oil trade will grow to $7.2 billion by 2032 from $3.1 billion in 2024, the UAE state-run Wam news agency reported. The Cepa will eliminate […] April 9, 2025
Markets Special purpose companies proposed to boost Saudi IPOs Consultations on introducing special purpose acquisition companies to the Saudi stock exchange’s junior market in an effort to encourage initial public offerings and listings have been announced by Saudi Arabia’s Capital Markets Authority regulator. A special purpose acquisition company, or Spac, is formed to raise money through an IPO, with the funds then used to […] April 10, 2025
Finance Sanabil leads $110m funding for Saudi-Bangladesh startup Sanabil Investments, a venture capital arm of Saudi Arabia’s Public Investment Fund, has made its first investment in South Asia. The PIF unit and the US venture capital fund Valar Ventures, which was co-founded by Peter Thiel, the co-founder of Paypal, are jointly leading the $110 million funding round for SILQ Group, a new e-commerce platform, […] April 10, 2025
Manufacturing PIF-owned Lucid raises new funds to repay debt US electric vehicle maker Lucid Motors, majority-owned by Saudi Arabia’s Public Investment Fund (PIF), has raised $1.1 billion in new funding to repay existing debt. The EV maker has received $1.1 billion through convertible senior notes, debt which can be converted into shares, due in 2030, according to a company statement. Lucid will use $936 […] April 10, 2025
Oil & Gas Saudi Aramco discovers 14 new oil and gas fields Saudi Aramco, the state-controlled oil major, has discovered 14 oil and natural gas fields and reservoirs in the Eastern Region and the Empty Quarter, according to Prince Abdulaziz bin Salman, the energy minister. The discoveries include six fields and two reservoirs of oil, as well as two fields and four reservoirs of natural gas, state-run SPA news […] April 10, 2025
Opinion Oil & Gas Trump’s Gulf trip will test regional nerves and alliances With oil sliding and Iran talks ahead, the GCC braces for a high-stakes presidential visit April 9, 2025
Analysis Manufacturing Jordan’s surging pharma industry may hit US tariff speedbump Growing Gulf spending on health is boosting Jordan’s pharmaceutical industry, but new US tariffs pose a risk to its future, according to analysts. Pharmaceutical exports from Jordan grew by 15 percent last year to $862 million. Another 11 percent growth was projected for this year and further expansion to $1.4 billion in 2029, according to […] April 10, 2025
Banking & Finance Qatar National Bank Q1 profit spurs share recovery Qatar National Bank (QNB), the Middle East and Africa’s largest bank by assets, reported a slight increase in first-quarter net profit on higher net interest income which helped offset its domestic tax bill. Government-run QNB made a net profit of QAR4.26 billion ($1.17 billion) in the three months to March 31, up 2.8 percent versus […] April 10, 2025
Oil & Gas Iraqi gas field awarded to US oilfield services giant Iraq has awarded the first phase of the much-delayed development of one of its largest gas fields to SLB, a Texas-based oilfield services company previously known as Schlumberger, according to local media. A year after it chose a little-known Ukrainian company for the project, the cabinet decided to hand over rights to develop the Akkas […] April 10, 2025
Trade Gulf countries start free trade talks with Turkey The Saudi-led Gulf Cooperation Council (GCC) and Turkey have begun talks towards a free trade agreement, the UAE’s state-run Wam news agency reported. Ankara has already signed free trade agreements with the UAE and Qatar, Wam said, citing Turkish trade minister Ömer Bolat. The UAE, Qatar, Kuwait, Oman and Bahrain are all members of the […] April 9, 2025
Banking & Finance HSBC dominates as Mena investment banking fees soar Investment banking fee revenue in the Middle East and North Africa soared during the first quarter thanks to record debt arrangements, increased mergers and acquisitions and more initial public offerings. The industry’s regional earnings underline the growing importance of the Mena region to international banks, although the revenue from fees remains a fraction of those […] April 9, 2025
Banking & Finance Judge in Lebanon paves way for ex-central bank chief indictment A judge in Lebanon has published a court decision in the embezzlement charges against the country’s former central bank chief, Riad Salameh, paving the way for an indictment. Judge Bilal Halawi published a “presumptive decision” concluding that Salameh, who served as central bank governor for 30 years before his term ended in disgrace in July 2023, had engaged […] April 9, 2025
Renewable Energy Chinese companies spearhead Algeria’s solar drive Algeria has broken ground on two new solar power projects over the past week as part of a drive to build 15 plants with the help of Chinese companies. The drive aims to largely expand the use of renewable energy and release oil and gas for export by the Opec producer. Renewable sources currently account […] April 9, 2025
Industry Investcorp Capital earns 40% profit on sale of US industrial assets Abu Dhabi-listed Investcorp Capital has sold its US industrial real estate portfolio, generating a high return on investment. The US National I portfolio, spanning six investments across six states and 2.3 million square feet, was sold for $360 million, a 40 percent gain over its initial purchase price of $262 million less than four years […] April 8, 2025
Oil & Gas Turkey steps up oil exploration in Pakistan Energy-poor Turkey is expanding into international oil and gas exploration with a focus on Pakistan, a senior government official has said. “Turkish firms are now turning their focus to international opportunities,” Alparslan Bayraktar, the energy and natural resources minister, said in a speech in Pakistan, according to Daily Sabah newspaper. This week, state-run Turkish Petroleum […] April 10, 2025
Trade Gulf countries start free trade talks with Turkey The Saudi-led Gulf Cooperation Council (GCC) and Turkey have begun talks towards a free trade agreement, the UAE’s state-run Wam news agency reported. Ankara has already signed free trade agreements with the UAE and Qatar, Wam said, citing Turkish trade minister Ömer Bolat. The UAE, Qatar, Kuwait, Oman and Bahrain are all members of the […] April 9, 2025
Analysis Entrepreneurs Turkish startups scaling up, despite political unrest Turkey’s startups bucked global trends in 2024, posting significant increases in the number of transactions and volumes. Despite the current political turmoil, further growth is forecast for the year ahead. There were 331 transactions recorded last year, compared with 297 in 2023, according to a recent report by financial services firm KPMG. Value increased by […] April 9, 2025
Aviation PIF-backed AviLease agrees Turkish Airlines rentals Saudi Arabia’s Aircraft Leasing Company (AviLease) has signed long-term leases with state-owned Turkish Airlines for Airbus A320neo aircraft. Two of the aircraft have already been delivered, with the remaining six scheduled for delivery throughout 2025, the airline said in a statement. Riyadh-based AviLease’s CEO Edward O’Byrne, said these aircraft will support Turkish Airlines’ growth plans and […] April 8, 2025
Markets Turkish stocks drop 3% during global selloff Turkish stocks dropped more than 3 percent on Monday, led by banks and fuelled by a global market selloff over US tariffs and counter moves. There is also ongoing pressure on the lira due to the jailing last month of Istanbul’s mayor. Istanbul’s main share index was off 2.5 percent at 08:50 GMT after opening […] April 7, 2025
Markets IPOs planned for five Egyptian companies owned by military Egypt has finalised plans to offer stakes in five military-affiliated companies for listing on the local stock exchange in initial public offerings (IPOs). The companies to be listed are the National Company for Producing and Bottling Water (Safi), Wataniya Petroleum, fuel station operator Chillout, food production company Silo Foods and the National Company for Roads […] April 10, 2025
Infrastructure Egypt secures France and EU funds to build infrastructure Egypt has signed agreements with France and the European Union (EU) worth €262 million ($290 million) to support its infrastructure projects. The agreements were signed this week during the visit of French President Emmanuel Macron to Egypt, local media reported. Cairo signed €132 million financing and grant agreements with the EU and the French Development […] April 9, 2025
Oil & Gas Italy’s Eni plans $26bn energy push in North Africa Italian energy group Eni will invest around €24 billion ($26.24 billion) in Algeria, Libya and Egypt over the next four years to help boost energy production, CEO Claudio Descalzi said on Tuesday. The investments would coincide with the Rome government’s efforts to relaunch its economic and political ties with Africa as part of its so-called Mattei […] April 9, 2025
Renewable Energy Egypt and France sign $7bn green hydrogen deal Egypt and France will jointly develop, finance and operate a €7 billion ($7.7 billion) green hydrogen facility at Ras Shokair on Egypt’s Gulf of Suez coast. Egypt’s state-run Red Sea Ports Authority and the New & Renewable Energy Authority will partner with Green Fuel Alliance, which comprises France’s EDF Renewables and Egyptian-Emirati company Zero Waste, […] April 8, 2025
Markets Oil price drop leads Gulf’s government bonds to fall Dollar-denominated sovereign bonds of Middle East and North African countries slid on Monday as President Donald Trump took effective US tariff rates to their highest in more than a century, causing steep declines in global stock markets and a flight to safety in US government debt. Saudi Arabia’s stock index tumbled to a 17-month low […] April 7, 2025
Leisure & Hospitality Corporate art collections on the rise in the UAE A shiny office tower in the heart of Downtown Dubai may not be an obvious home for a growing international art collection but ICD Brookfield Place is becoming just that. Among the works or exhibitions it has showcased recently are Canadian visual artist Jordan Söderberg Mill’s light and glass installation Standing Wave, Emirati artist Hashel […]
Analysis Sustainability Funding model for water tech ‘holds back Gulf innovators’ An over-reliance on government funding for water startups in the Gulf may be holding back innovation, experts have told AGBI. The Middle East – a region that includes some of the world’s most water-stressed countries – gained its first water “unicorn” in February when Saudi-based GI Water as a Service raised eight figures in a […]
Analysis Renewable Energy Plans to bring African energy to Europe face big challenges At least five multi-billion dollar projects to bring up to 24 gigawatts of solar and wind power energy from sunny North Africa to chilly Europe, assisted by Gulf investment money, are currently being planned. But these ambitious schemes to reduce Europe’s reliance on fossil fuels generally, and energy supplies from Russia specifically, all face major […]
Analysis Markets The ups and downs of PIF’s US holdings Saudi Arabia’s Public Investment Fund (PIF) has made some big gains but has also been hit by some substantial losses in listed US companies in the five years since it began publishing its holdings, AGBI analysis shows. Overall, the value of its assets in publicly traded companies in the US has plunged 55 percent from […]
SPECIAL REPORT Trade Bolstering Egypt’s trade with Africa Egypt's portfolio of multilateral trade deals includes the largest continental free trade agreement in the world. We look at how it can do more business in Africa – a market of 1.5 billion people In association with
Analysis Real Estate Shortage of Dubai homes forces buyers to go off-plan A shortage of completed homes for sale in Dubai is pushing people to buy off-plan properties, which have hit record highs in terms of units bought and as a proportion of purchases. Off-plan investors in the emirate have long had to fund their own purchases, but the growing importance of yet-to-be-completed properties may spur more […]
Lifestyle Shisha smokers turn to healthier alternatives In the same way that non-alcoholic drinks are now a regular feature in restaurants and bars in the UAE, hookah smokers are increasingly turning to healthier substitutes to satisfy their shisha fix. “People are seeking alternatives that are better for their health yet do not impact lifestyle choices,” said Naim Madaad, a founding member of […]
Employment Kuwaitis earn nearly five times as much as expats Kuwaiti nationals earn nearly five times as much as their expatriate colleagues, and more than four in every five Kuwaitis work for the government, data from the Central Statistics Administration has revealed. Of 450,000 working Kuwaitis at the end of September, 375,000, or 83 percent, were in the public sector, with the remainder in the […]
Analysis Artificial Intelligence AI ‘employees’ make their mark in the Gulf From customer service to the C-suite, AI “employees” are climbing the corporate ladder in the Gulf as the technology behind them improves. Regional wealth funds such as ADQ are now using AI “boardroom advisers” to help make decisions according to Middle East AI News, while startups are raising capital and launching so-called “AI employees”. These […]
Analysis Aviation Saudia ‘still a flag carrier’ ahead of Riyadh Air launch Saudi Arabia’s flag carrier Saudia is upgrading its fleet with new Boeing and Airbus aircraft even as the government prepares to start a new airline later this year. The 80-year-old carrier has 118 aircraft on order, most of which will replace older models in its existing fleet of 147, and are scheduled to arrive through […]
Analysis Tax Bahrain considers raising taxes to reduce deficits Bahrain’s plan to end a long string of government budget deficits could prove burdensome to both businesses and people as it considers a raft of tax measures. The country is discussing a 12-point plan for its two-year budget, with measures including the introduction of a wider corporate tax, an increase in value added tax (VAT) […]
Analysis Employment UAE and Kuwait companies struggling to hire staff Companies in the UAE and Kuwait are struggling to afford new staff as a result of squeezed margins, according to the latest business sentiment survey. For the third successive month, non-oil companies operating in the UAE highlighted a reduction in prices charged, with discounting used to support sales amid a highly competitive market. This was […]
Entrepreneurs 60 seconds with Satish Sanpal, chairman of ANAX Holding Satish Sanpal established ANAX Holding in Dubai in 2018 as a diversified investment entity. Today, ANAX Holding operates across multiple sectors, including real estate development, hospitality and financial services. ANAX Developments, one of its key subsidiaries, has emerged as a prominent real estate developer in Dubai, delivering high-demand projects across the city. What one piece […] In association with
Opinion Trade South Africa courts Gulf in $5.5bn infrastructure push Some of the UAE’s leading international investors are already present in the South African market
Finance Sanabil leads $110m funding for Saudi-Bangladesh startup Sanabil Investments, a venture capital arm of Saudi Arabia’s Public Investment Fund, has made its first investment in South Asia. The PIF unit and the US venture capital fund Valar Ventures, which was co-founded by Peter Thiel, the co-founder of Paypal, are jointly leading the $110 million funding round for SILQ Group, a new e-commerce platform, […]
Trade Cepa aims to double UAE trade with Republic of the Congo The signing of a comprehensive economic partnership agreement (Cepa) between the UAE and the Republic of the Congo is projected to more than double non-oil trade between the two nations. Non-oil trade will grow to $7.2 billion by 2032 from $3.1 billion in 2024, the UAE state-run Wam news agency reported. The Cepa will eliminate […]
Oil & Gas Italy’s Eni plans $26bn energy push in North Africa Italian energy group Eni will invest around €24 billion ($26.24 billion) in Algeria, Libya and Egypt over the next four years to help boost energy production, CEO Claudio Descalzi said on Tuesday. The investments would coincide with the Rome government’s efforts to relaunch its economic and political ties with Africa as part of its so-called Mattei […]
