Analysis Trade From fertiliser to minerals, GCC-Brazil ties move beyond oil Since the start of the year Saudi Arabia and the UAE have moved aggressively to expand their access to mineral resources in Brazil. In turn, Brazil is increasing purchases of Gulf fertilisers as economic links between the countries deepen. The Public Investment Fund-controlled mining giant Ma’aden is gearing up to open its first ever office […] February 5, 2025
Analysis Trade A 10% tariff on China – and a tricky calculation for the Gulf At one minute past midnight in Washington, the United States’ 10 percent tariff on Chinese imports came into effect. Beijing retaliated moments later, announcing even heavier levies on US goods from next week. Canada and Mexico were granted a temporary reprieve after talks on Monday, but there was no last-minute deal for President Donald Trump […] February 5, 2025
Video length: 04:44 VIDEO Finance EVs and air taxis will shake up Mena insurance industry Motor insurance represents more than 50 percent of premiums in developing insurance markets such as the Middle East, says Vinay Surana, managing director for the region at Allianz Partners. The rapid development and introduction of electric vehicles, self-driving vehicles and air taxis will present new risks and demand new approaches and different ways of thinking, […] February 5, 2025
OpinionTechnologyGCC regulators could position themselves as crypto partners to the US, fostering collaborationCarla Sertin, Technology Editor, AGBI
OpinionagricultureA trade war between China and the US in agriculture could create an opening for the GCCMartin Keulertz, Lecturer, University of the West of England
OpinionOIL & GASContrary to Trump’s US ‘energy dominance’ boasts, Canada is a very important crude trading partnerFrank Kane, Editor-at-Large, AGBI
Analysis Business of Sport Saudi football spending takes youthful turn as big names depart It says much for the evolution of football in Saudi Arabia that the main talking points of the winter transfer-window were of individuals leaving the league rather than multi-million dollar signings. The majority of headlines in the last week of January were devoted to the departures of Brazilian forward Neymar, effectively having his contract ripped […]
Analysis Banking & Finance Gulf mid-market mergers flourish as economy matures International private equity companies are increasingly keen to buy mid-sized Gulf companies as the regional economy matures and GDP growth elsewhere falters, a corporate adviser tells AGBI. Other factors, such as Gulf family conglomerates seeking to narrow their business focus, are also spurring a rise in mergers and acquisitions, says James Jarvis, a director at […]
LUNCH WITH FRANK KANE Media & Advertising Nayla Tueni: ‘I am a journalist, a journalist, a journalist’ Nayla Tueni is as close as you get in the Middle East to media aristocracy. She is the fourth generation of a family that, for the best part of a century – through wars, assassinations, man-made disasters and economic crises – has kept publishing Annahar, a Lebanese broadsheet described by Time magazine as “the newspaper […]
Analysis Mining Tight supply and strong demand pressure silver prices Gulf investors – and romantics – may have to keep a watchful eye on silver in the months ahead as tight supply and strong demand make their impact on prices. This will not only have consequences for those looking for jewellery, but also for industries ranging from solar photovoltaics (PV) to electric vehicles (EVs), and […]
Analysis Sustainability UAE ramps up cloud seeding to combat water shortage The UAE is stepping up its use of cloud seeding as a cost-effective way to tackle its chronic water shortages. The technique, which the country first tried in the 1980s, involves shooting a salt flare into a cloud. The salt attracts water, the water drops collide with others and get bigger, and then fall as […]
Construction Dubai contractor Alec anticipates $500m IPO Dubai is hoping to raise up to $500 million from the initial public offering of Alec Engineering and Contracting, according to media reports. Alec, part of the Investment Corporation of Dubai’s portfolio, is behind some of the Gulf’s largest projects including the Wynn Resort in Ras Al Khaimah and the Qiddiya water theme park in […] February 5, 2025
Analysis Trade From fertiliser to minerals, GCC-Brazil ties move beyond oil Since the start of the year Saudi Arabia and the UAE have moved aggressively to expand their access to mineral resources in Brazil. In turn, Brazil is increasing purchases of Gulf fertilisers as economic links between the countries deepen. The Public Investment Fund-controlled mining giant Ma’aden is gearing up to open its first ever office […] February 5, 2025
Renewable Energy Abu Dhabi’s NMDC Energy to invest in wind power Abu Dhabi’s NMDC Energy, an engineering, procurement and construction contractor for energy projects, is hoping to expand its renewable energy business in South East Asia and Europe. Ahmed Al Dhaheri, NMDC Energy’s CEO, told AGBI that wind will account for as much as 20 percent of the company’s revenues in the next few years, with […] February 5, 2025
Oil & Gas Adnoc moves its US investments to XRG Abu Dhabi National Oil Company’s investments in the US now sit within its new international investment arm, XRG, Adnoc’s CEO said on Tuesday, as the oil giant moves to build up a business focused on lower carbon energy and chemicals. The US investments are in an ExxonMobil hydrogen plant and in NextDecade’s liquefied natural gas […] February 5, 2025
Analysis Markets Trump’s tariffs inject volatility into metal markets President Donald Trump’s on-again, off-again tariffs have increased uncertainty for global metals and minerals markets. Demand for gold – a traditional safe haven – soared on Tuesday, with the price of international spot gold rising to $2,819.46 an ounce. The precious metal was trading still higher on Wednesday morning at $2,851.21 an ounce. This is despite […] February 5, 2025
Banking & Finance GCC needs common policy on crypto, says Saudi academic Saudi Arabia and other Gulf Arab states should develop aligned policies and regulations around the potential use of cryptocurrencies as a payment tool, a prominent Saudi academic and economist has said. While the largest Arab economy generally forbids the use of cryptocurrencies, the UAE has put some policies in place to regulate their use. “Saudi […] February 5, 2025
Economy Cash withdrawals in Saudi Arabia rise for first time in 5 years Cash withdrawals in Saudi Arabia in 2024 increased for the first time in five years, helping to underpin a rise in consumer spending, the local advisory company Jadwa Investment has reported. Consumer spending in the largest Arab economy rose by nearly 7.5 percent for the year and the value of point of sale (POS) transactions […] February 4, 2025
Economy Saudi non-oil conditions hit 10-year high Business activity and sentiment in Saudi Arabia’s non-oil sector has reached its highest level in over a decade. Saudi Arabia’s Purchasing Managers’ Index (PMI) score hit 60.5 in January, up from 58.4 in December – its highest since September 2014. The pace of input price inflation at Saudi non-oil companies in January was the second-fastest […] February 4, 2025
Analysis Business of Sport Saudi football spending takes youthful turn as big names depart It says much for the evolution of football in Saudi Arabia that the main talking points of the winter transfer-window were of individuals leaving the league rather than multi-million dollar signings. The majority of headlines in the last week of January were devoted to the departures of Brazilian forward Neymar, effectively having his contract ripped […] February 4, 2025
Leisure & Hospitality Abu Dhabi’s Modon plans to buy UK events company Modon Holding has announced plans to acquire a global events company. Modon, an investment company that is backed by state-owned Abu Dhabi Developmental Holding Company (ADQ), announced on Monday that it plans to complete the acquisition of Theta Bidco, a limited company registered in London that owns 100 percent of Arena Events Group (AEG). The […] February 4, 2025
Oil & Gas Oman invites bids for 3 onshore oil and gas blocks Oman’s energy ministry has invited investors to bid for three oil and gas concessions. The onshore concessions – Block 36, Block 43A and Block 66 – are close to the sites of previous successful explorations. Scotiabank has been listed as the point of contact for potential investors. The concessions will bring in much needed revenue […] February 5, 2025
Banking & Finance Lebanon to refund locked bank deposits Lebanon’s new government and the central bank are devising a plan for commercial banks to pay billions in locked deposits to bank customers. Wasim Al-Mansouri, the central bank’s acting governor, on Tuesday told the Saudi Arabian daily Aleqtisadiah that a solution would not be possible without the presence of an executive authority capable of drawing […] February 5, 2025
Oil & Gas UK’s Sound Energy helps Morocco enter LNG market Led by the UK company Sound Energy, Morocco is due to enter the liquefied natural gas market by the end of this year, as it finalises the development of its first LNG processing facility. Sound Energy owns a 20 percent stake in the project. The Moroccan mining company Managem owns 55 percent, while the remaining […] February 5, 2025
Banking & Finance Global asset manager BlackRock planning Kuwait office BlackRock, the world’s largest asset manager, is planning to open an office in Kuwait, according to media reports. Larry Fink, chairman and CEO of the New York-based company, was in Kuwait this week where he met with Kuwait’s Emir Sheikh Meshal Al-Ahmad Al-Sabah; the prime minister, Sheikh Ahmad Abdullah Al-Sabah; and the Crown Prince, Sheikh […] February 4, 2025
Economy Bahrain to increase oil revenue contributions to wealth fund Bahrain has approved plans to increase its contribution from its oil revenues to its Future Generations Reserve wealth fund. King Hamad of Bahrain approved a new modified savings format, amending the 2006 law that dates back to when the sovereign wealth fund was established. The fund was created to allocate and invest amounts deducted from oil […] February 3, 2025
Real Estate Talks start with Kuwait hotel group on $125m Egypt project Kuwait’s Bukhamseen Holding is considering investing in a $125 million new hotel project in Egypt. Hassan El-Khatib, Egypt’s minister of investment and foreign trade, met Jawad Bukhamseen, chairman of the family-owned conglomerate, to discuss current and future projects in hospitality, finance and restaurant management. In a statement, the ministry of investment said Bukhamseen Holding was […] February 4, 2025
Oil & Gas Trump’s tariffs will not move oil prices, says Goldman Sachs The new tariffs imposed by US President Donald Trump on imports from Canada, Mexico and China are likely to have a limited near-term impact on global oil and gas prices, Goldman Sachs said in a note on Sunday. “Potential tariff-driven decline in US natural gas imports from Canada is too small to significantly raise US […] February 3, 2025
Aviation Kuwait’s Jazeera Airways cuts losses as revenues rise Low-cost carrier Jazeera Airways, which trades on the Kuwaiti stock exchange, narrowed its fourth-quarter 2024 loss on rising revenue and operational efficiency. Net loss narrowed by 42 percent year on year to KD4.2 million ($13.6 million) in the final quarter, as operating revenue climbed 15 percent year on year to KD45.1 million. Passenger numbers grew 9 […] February 4, 2025
Employment Turkey’s new strategy targets skilled jobs for youth Turkish president Tayyip Erdoğan has launched a new youth skills development programme to increase employment. The “Iskur Youth Programme” will support one million students over the next four years, equipping them with new skills and financial assistance, Daily Sabah newspaper reported, citing the president’s speech. Nearly 200,000 students will benefit from the programme this year […] February 5, 2025
Economy High costs push up Turkish inflation in January A sharp jump in costs may hinder the Turkish government’s hopes of delivering further interest rate cuts, with inflation in the services sector, housing costs and food combining to pressure the consumer price index. Inflation rose by just over 5 percent in January, according to data from state statistics agency Turkstat. This was fuelled by […] February 3, 2025
Analysis Trade Turkey becomes a short-term investor haven from Trump Turkey is being seen as a relatively safe harbour among emerging markets by investors looking to shield their funds from aggressive US trade policies, although Ankara is not immune to Washington’s ire. There has been a recent move back into Turkish debt stock, with local bonds attracting $1.9 billion in foreign capital in the first […] January 29, 2025
Economy Saudi Arabia in talks for $6bn Turkish arms deal Turkey expects to strike a $6 billion agreement with Saudi Arabia for the sale of warships, tanks and missiles. The deal may include Saudi Arabia joining Turkey’s fighter jet development project, which could be signed during the visit of President Tayyip Erdoğan to the kingdom in March, Bloomberg reported, citing unnamed officials. Ankara aims to […] January 28, 2025
Aviation Istanbul Airport remains Europe’s busiest Daily flight arrivals in Turkey’s Istanbul Airport have surpassed major European airports such as Amsterdam, London, and Paris in 2024, making it the continent’s busiest. The airport received an average of 1,401 daily flights last year, an increase of 2 percent year on year, thus retaining its position as the busiest air hub in Europe […] January 27, 2025
Oil & Gas Algeria and Egypt lead Arab LNG export decline Total Arab exports of liquefied natural gas (LNG) fell last year, led by drops in Algeria and Egypt. Algeria was doing maintenance work on gas facilities and Egypt was diverting gas to meet domestic summer demand. Arab exports of the gas declined by 3 percent from 112 million tonnes in 2023 to 108.6 million tonnes […] February 5, 2025
Tourism Marriott to convert Cairo’s Mogamma building into hotel Marriott International has agreed with the Sovereign Fund of Egypt to convert Al Mogamma Al Tahrir – a Cairo landmark and former government office – into a hotel as Egypt sells off state assets to raise funds. The 500-room hotel development is led by a group that includes Chicago-based property manager Oxford Capital Group, US […] February 5, 2025
Economy Egypt secures $1.6bn loan from Islamic Development Bank Egypt has secured $1.6 billion loan from Jeddah-based Islamic Development Bank (IsDB) Group to support its critical sectors and encourage private sector participation in economic growth. The government has signed a $1.5 billion deal with Islamic Trade Finance Corporation (ITFC), which is part of a five-year framework valued at $6 billion to enhance Egypt’s development […] February 5, 2025
Real Estate Talks start with Kuwait hotel group on $125m Egypt project Kuwait’s Bukhamseen Holding is considering investing in a $125 million new hotel project in Egypt. Hassan El-Khatib, Egypt’s minister of investment and foreign trade, met Jawad Bukhamseen, chairman of the family-owned conglomerate, to discuss current and future projects in hospitality, finance and restaurant management. In a statement, the ministry of investment said Bukhamseen Holding was […] February 4, 2025
Tourism Egypt’s tourism revenue tops $15bn in 2024 Egypt’s tourism revenues more than doubled to $15.3 billion in 2024 compared to $7.2 billion in 2014 amid a major overhaul of the industry. Inbound tourist numbers rose by 60 percent to 15.8 million last year from 9.9 million in 2014, local media outlets reported citing a report released by the cabinet’s media office. The […] February 4, 2025
Analysis Real Estate Dubai WFH push unlikely to curb strong office space demand Dubai’s policy of encouraging people to work from home to help curb the city’s growing traffic congestion is unlikely to dent the high demand for office space and rising commercial rental rates, real estate experts say. “Remote work is here to stay, let us it embrace together,” Omar Al Olama, UAE minister of state for […]
Analysis Renewable Energy Trump’s climate agenda ‘may push UAE investors away from US’ Masdar and the UAE’s other renewable energy companies may need to rethink their US investments now that President Donald Trump has pulled the plug on new offshore wind projects, industry watchers have warned. “We’re not going to do the wind thing. Big, ugly windmills. They ruin your neighbourhood,” Trump said on his return to the […]
Analysis Health Saudi privatisation push fortifies healthcare companies The revenues of listed Saudi healthcare companies should rise more quickly than the broader stock market thanks to government efforts to increase the private sector’s involvement, analysts have said. Nine-month profits have risen for 10 of the 11 companies analysed by AGBI, with eight posting increases of at least 10 percent. Almoosa Health was the […]
Analysis Real Estate Gulf investors seek property in Spain despite tax threat For a new generation of young, wealthy Gulf investors, London and Paris are out, and property in Marbella and Malaga is in, even if Spain’s leader is doing all he can to deter them. A fresh plan by Spanish Prime Minister Pedro Sánchez to impose a 100 percent tax on acquisitions of domestic real estate […]
Analysis Banking & Finance Middle East banks still keen on green despite pushback Green investments remain a trillion-dollar opportunity for Middle East investors, analysts say, despite global pushback among other banks. About $30 billion was withdrawn from climate-focused mutual funds last year as increased interest rates and scepticism over socially responsible investing or “greenwashing” generated strong headwinds. The situation will be exacerbated by President Donald Trump’s day-one executive […]
Analysis Real Estate Dubai WFH push unlikely to curb strong office space demand Dubai’s policy of encouraging people to work from home to help curb the city’s growing traffic congestion is unlikely to dent the high demand for office space and rising commercial rental rates, real estate experts say. “Remote work is here to stay, let us it embrace together,” Omar Al Olama, UAE minister of state for […]
Tourism Growing number of Chinese celebrating new year in UAE The UAE has recorded an increase in the number of Chinese travellers making the journey for new year celebrations this year. Arrivals from China to the UAE have grown 9 percent year on year, a study by the travel insight specialist ForwardKeys has found. While exact details of the dates surveyed or total number of […]
Employment Saudi fund helps 17% more citizens join private sector The Human Resources Development Fund (Hadaf) contributed to the employment of 437,000 Saudi citizens in the private sector in 2024, 17 percent more than the year before, the fund has announced. The fund said it also provided training and guidance services to 2 million people last year in support of the kingdom’s “Saudisation” efforts to […]
Opinion People & Lifestyle The top hotspots for millionaire migrants Dubai, Australia and Singapore are expected to emerge as the biggest beneficiaries
Analysis Media & Advertising The million-dirham draw of digital billboards Revenues for billboard operators have grown as much as eightfold in the past few years as digitalisation has given out-of-home (OOH) advertising a notable boost. Sometimes seen as a bellwether for the local economy, billboards get plenty of viewing time in places such as Dubai during morning and evening traffic rush hours when cars are […]
Opinion Media & Advertising Television: Who watches the watchers? Saudi Arabia is taking a long-awaited step forward in audience measurement
Economy Turkey faces $3bn payout for pensioners and wage support Turkey will have to pay out an estimated TL110.8 billion ($3.12 billion) after increasing minimum pension payments and wage support to companies. Vedat Isıkhan, the labour minister, announced on January 7 that the minimum monthly state pension would be increased by 15.75 percent, taking the base rate payment to TL14,469 ($409). Nearly 3.87 million pensioners will benefit […]
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 […]
Oil & Gas Opec+ to take joint stance on Trump oil policy The Opec+ group of leading oil producers is set to discuss President Donald Trump’s efforts to raise US oil production and take a joint stance on the matter, Kazakhstan said on Wednesday. Trump last week laid out a sweeping plan to help maximise oil and gas production, including by declaring a national energy emergency to speed up permitting […]
Economy EU’s $3bn to back Jordan’s economy amid challenges The European Union (EU) will provide a €3 billion ($3.13 billion) financial package to Jordan to support its growth, as it manages the impact of regional geopolitical challenges. The 2025-2027 financial package will include €640 million in grants, €1.4 billion in investments, and €1 billion in macro-financial assistance. “Jordan is a key partner for Europe in the Middle […]
Banking & Finance Adia-backed bidders close in on Malaysia Airports buy-out A $4.2 billion bid to buy out Malaysia Airports backed by the Abu Dhabi Investment Authority (Adia), the emirate’s biggest sovereign wealth fund, has moved a step closer. Shareholder acceptance of the bid is above 95 percent. The offer is by a consortium called the Gateway Development Alliance (GDA), which is led by Malaysia’s sovereign […]
Real Estate London tower project announced by Abu Dhabi’s Modon A joint venture with property developer British Land and the Singapore sovereign wealth fund GIC to develop a dual high-rise office-led tower project in central London has been announced by Abu Dhabi’s Modon Holding. The partnership will deliver a 750,000 square feet mixed-use project at an office-led campus in Broadgate in the City of London. It […]
