Analysis Transport Mena business travel surged before tariff storm hit The number of business travel trips booked in the Mena region increased by more than 50 percent in the first quarter of 2025. However, the onset of a trade war and a projected slowdown in economic growth may temper performance for the foreseeable future, according to travel experts. Business travel company Tamodo said it expected the sector to grow by at least 8 percent per year for the next five years and be worth about $270 billion by 2030. The average length of business trips in Q1 was 10 days, suggesting that visitors were adding leisure days to work trips […] April 17, 2025
Video length: 04:57 VIDEO Water Water scarcity: The GCC’s desalination challenge The Gulf is one of the most water scarce regions in the world, so it has had to adopt innovative solutions for its water resources. One of the most prominent of these is desalination. While less than 1 percent of the world’s drinking water is desalinated, GCC countries depend on their desalination plants for up to 90 percent of their total water needs. But desalination comes at a price. Technological advancements have made considerable strides in reducing these costs, but it is still more expensive than other water sources. Watch the video above to learn more about these challenges and the crucial […] April 17, 2025
Exclusive Aviation IATA chief: Boeing and Airbus woes are a win for jet leasing Aircraft leasing companies in the Arabian Gulf are profiting from prolonged delivery delays at aircraft makers Boeing and Airbus, with order backlogs at the manufacturers unlikely to clear before the end of the decade. “These [aircraft leasing] guys are in a fantastic position because they have a fantastic fleet of aircraft,” Willie Walsh, director general of the International Air Transport Association (IATA), told AGBI. “They are the winners.” Dubai government-owned Dubai Aerospace Enterprise, the Middle East’s largest aviation leasing and engineering company, reported a 6 percent year-on-year increase in net profit to $149 million in July last year. In October […] April 16, 2025
OpinionBanking & FinanceIt is politics, not finance, that prevents the resolution of the Lebanese banking crisisAndrew Cunningham, Middle East banking consultant
OpinionOIL & GASAfter the protectionist firestorm in Washington, recession is inevitable. The wolf is real, and hereMatein Khalid, Investor
OpinionTECHnologyThe world has reached an inflection point, and the race for AI leadership is still wide openMark Breslin, AI officer
Giga-projects Red Sea giga-project launches new island despite PIF budget cuts Saudi Arabia’s Red Sea Global has launched its first island development on the $23.6 billion Red Sea giga-project. The opening comes despite the $925 billion Public Investment Fund ordering deep spending cuts across more than 100 of its companies, as AGBI reported last month. Some budgets have been cut by as much as 60 percent, sources said, as the government reprioritises projects. The cuts were approved at a PIF board meeting in December and are now being rolled out. Red Sea Global, the master developer that is also developing the Amaala tourism project, is backed by the PIF. Earlier this year, sources […]
Sustainability Real-time pollution tracking to help clear the air in Abu Dhabi Abu Dhabi has invited companies to bid for a contract to develop a “digital twin” focused on real-time monitoring of air quality in a desert region that is among the dustiest in the world. A digital twin is a virtual representation of an object or system designed to accurately reflect a physical object, in this case to enable the authorities to simulate environmental scenarios and make data-driven decisions. The Environment Agency Abu Dhabi (EAD) is seeking proposals for the first phase of a multi-year effort to build a virtual model of the emirate’s environment, beginning with pollution data. According to […]
Analysis Food & Drink Saudi Arabia’s expanding food sector faces high costs As the population grows and the economy swells, the food and beverage service industry in Saudi Arabia is expanding. Half Million, a coffee shop chain that started in the capital Riyadh in 2018, now operates 59 stores across the kingdom. Its 60th recently opened on London’s Oxford Street. Barn’s, a Jeddah-based coffee chain that already had 130 stores when Half Million started, now has more than 550 stores worldwide and ambitions to double that by 2030. “It’s a growing market, it’s a new market,” says Tina Blackmon, a specialist in food and beverage at consultancy Keane. “There’s a lot of […]
Markets Abu Dhabi backers deny selling crypto before $5bn crash The Abu Dhabi backers of a Dubai-licensed cryptocurrency business have denied wrongdoing after its token’s market cap dropped by more than $5 billion in a matter of hours, raising alarm among investors. Mantra, a Hong Kong-based blockchain company focused on tokenising real-world assets, is backed by Abu Dhabi’s Shorooq Partners, which led an $11 million funding round for the business in March 2024. In January Mantra announced a $1 billion tokenisation deal with Dubai property developer Damac. OM – its token, or currency – is designed for trading physical assets on the Mantra network, which is licensed by Dubai’s Virtual […]
Renewable Energy Oman to build liquefied hydrogen corridor with Europe Oman has taken another step towards establishing a liquefied hydrogen corridor for exports to Europe with the signing of an official agreement to develop it. The idea was first announced during Cop28 in Dubai in 2023. Developed by Oman’s state-run hydrogen company Hydrom, the Ministry of Energy, UAE-based Ecolog and offtaker EnBW, one of Germany’s largest power companies, the project to transport green hydrogen is expected to be completed in 2030. A joint development agreement was signed on Tuesday during Sultan Haitham bin Tariq’s state visit to the Netherlands, state-run Oman News Agency reported. Once built, the corridor will serve as a […]
Giga-projects Red Sea giga-project launches new island despite PIF budget cuts Saudi Arabia’s Red Sea Global has launched its first island development on the $23.6 billion Red Sea giga-project. The opening comes despite the $925 billion Public Investment Fund ordering deep spending cuts across more than 100 of its companies, as AGBI reported last month. Some budgets have been cut by as much as 60 percent, sources said, as the government reprioritises projects. The cuts were approved at a PIF board meeting in December and are now being rolled out. Red Sea Global, the master developer that is also developing the Amaala tourism project, is backed by the PIF. Earlier this year, sources […]
Sustainability Real-time pollution tracking to help clear the air in Abu Dhabi Abu Dhabi has invited companies to bid for a contract to develop a “digital twin” focused on real-time monitoring of air quality in a desert region that is among the dustiest in the world. A digital twin is a virtual representation of an object or system designed to accurately reflect a physical object, in this case to enable the authorities to simulate environmental scenarios and make data-driven decisions. The Environment Agency Abu Dhabi (EAD) is seeking proposals for the first phase of a multi-year effort to build a virtual model of the emirate’s environment, beginning with pollution data. According to […]
Analysis Food & Drink Saudi Arabia’s expanding food sector faces high costs As the population grows and the economy swells, the food and beverage service industry in Saudi Arabia is expanding. Half Million, a coffee shop chain that started in the capital Riyadh in 2018, now operates 59 stores across the kingdom. Its 60th recently opened on London’s Oxford Street. Barn’s, a Jeddah-based coffee chain that already had 130 stores when Half Million started, now has more than 550 stores worldwide and ambitions to double that by 2030. “It’s a growing market, it’s a new market,” says Tina Blackmon, a specialist in food and beverage at consultancy Keane. “There’s a lot of […]
Markets Abu Dhabi backers deny selling crypto before $5bn crash The Abu Dhabi backers of a Dubai-licensed cryptocurrency business have denied wrongdoing after its token’s market cap dropped by more than $5 billion in a matter of hours, raising alarm among investors. Mantra, a Hong Kong-based blockchain company focused on tokenising real-world assets, is backed by Abu Dhabi’s Shorooq Partners, which led an $11 million funding round for the business in March 2024. In January Mantra announced a $1 billion tokenisation deal with Dubai property developer Damac. OM – its token, or currency – is designed for trading physical assets on the Mantra network, which is licensed by Dubai’s Virtual […]
Renewable Energy Oman to build liquefied hydrogen corridor with Europe Oman has taken another step towards establishing a liquefied hydrogen corridor for exports to Europe with the signing of an official agreement to develop it. The idea was first announced during Cop28 in Dubai in 2023. Developed by Oman’s state-run hydrogen company Hydrom, the Ministry of Energy, UAE-based Ecolog and offtaker EnBW, one of Germany’s largest power companies, the project to transport green hydrogen is expected to be completed in 2030. A joint development agreement was signed on Tuesday during Sultan Haitham bin Tariq’s state visit to the Netherlands, state-run Oman News Agency reported. Once built, the corridor will serve as a […]
Banking & Finance Warburg Pincus and Adia to invest $877m in Indian bank India’s IDFC First Bank will raise up to 75 billion rupees ($877 million) from affiliate companies of private equity group Warburg Pincus and the Abu Dhabi Investment Authority sovereign wealth fund, the lender said on Thursday. IDFC First Bank will issue Warburg Pincus, an existing investor, and Adia convertible shares, which, if fully converted, will give them a combined 15 percent stake in the bank. Currant Sea Investments, a Warburg Pincus affiliate, will invest 48.76 billion rupees for a 9.8 percent stake, while Adia unit Platinum Invictus will invest about 26.24 billion rupees for a 5.10 percent stake, IDFC First said. The bank will use the investment to fund […] April 17, 2025
Oil & Gas Saudi Arabia and UAE to cut oil output in Opec’s latest plan Opec has received updated plans for seven countries including Saudi Arabia and the UAE to make further oil output cuts to compensate for pumping above agreed quotas, the group said on Wednesday. Opec+, which includes Opec plus Russia and other allies, has implemented a series of output cuts since late 2022. Its compensation plan is designed to ensure that members who do not make the cuts in full implement further reductions. The latest plan requires seven nations to cut output by a further 369,000 barrels per day (bpd) in monthly steps between now and June 2026, compared with an earlier plan running from March […] April 17, 2025
Agriculture Luxury food producer Bateel seeks to triple in size by 2029 Bateel International, the Dubai-headquartered luxury food group that owns 40 international boutiques and 30 cafés, plans to double the number of organic date palm trees it cultivates in Saudi Arabia and to build a new factory in the kingdom to meet growing global demand. The company, which was founded by the Saudi Al Sudairy family and is chaired by the Saudi lawyer Ziad Al Sudairy, intends to triple revenues across its cafe and luxury foods outlets by 2029, Bloomberg reported, in an interview with Bateel’s CEO, Nurtac Afridi. Afridi, who was CEO of the luxury chocolatier Godiva until last year, said: […] April 17, 2025
Lifestyle UAE sets up music copyright agency to distribute royalties The UAE government has set up an organisation to collect and distribute royalties on behalf of music copyright holders in what it says is a “new era” for the country’s music industry. Emirates Music Rights is the first licensing body for songwriters, composers and music publishers in the Gulf. It was set up by the UAE Ministry of Economy this month to ensure musicians and producers receive their royalties and their copyright is protected across media. In 2022 the Middle East and North Africa chapter of the International Federation of the Phonographic Industry (IFPI) signed an agreement with the UAE […] April 17, 2025
Sustainability Real-time pollution tracking to help clear the air in Abu Dhabi Abu Dhabi has invited companies to bid for a contract to develop a “digital twin” focused on real-time monitoring of air quality in a desert region that is among the dustiest in the world. A digital twin is a virtual representation of an object or system designed to accurately reflect a physical object, in this case to enable the authorities to simulate environmental scenarios and make data-driven decisions. The Environment Agency Abu Dhabi (EAD) is seeking proposals for the first phase of a multi-year effort to build a virtual model of the emirate’s environment, beginning with pollution data. According to […] April 16, 2025
Oil & Gas Saudi Arabia and UAE to cut oil output in Opec’s latest plan Opec has received updated plans for seven countries including Saudi Arabia and the UAE to make further oil output cuts to compensate for pumping above agreed quotas, the group said on Wednesday. Opec+, which includes Opec plus Russia and other allies, has implemented a series of output cuts since late 2022. Its compensation plan is designed to ensure that members who do not make the cuts in full implement further reductions. The latest plan requires seven nations to cut output by a further 369,000 barrels per day (bpd) in monthly steps between now and June 2026, compared with an earlier plan running from March […] April 17, 2025
Agriculture Luxury food producer Bateel seeks to triple in size by 2029 Bateel International, the Dubai-headquartered luxury food group that owns 40 international boutiques and 30 cafés, plans to double the number of organic date palm trees it cultivates in Saudi Arabia and to build a new factory in the kingdom to meet growing global demand. The company, which was founded by the Saudi Al Sudairy family and is chaired by the Saudi lawyer Ziad Al Sudairy, intends to triple revenues across its cafe and luxury foods outlets by 2029, Bloomberg reported, in an interview with Bateel’s CEO, Nurtac Afridi. Afridi, who was CEO of the luxury chocolatier Godiva until last year, said: […] April 17, 2025
Artificial Intelligence Aramco backs Riyadh-based construction AI startup Saudi Aramco’s venture arm has led a $1 million seed funding round for TruBuild, a construction technology startup based in Riyadh that uses artificial intelligence to cut project delays and cost overruns. “With growing scrutiny on giga-project timelines and budgets, there’s a clear urgency to prevent costly delays and rework,” Bisrat Degefa, CEO of TruBuild, told AGBI. “TruBuild’s AI flags risks early, before they escalate, ensuring every riyal is spent efficiently in today’s tighter fiscal climate.” Saudi Arabia is spending up to $1 trillion on tourist, infrastructure and other projects designed to reduce its reliance on oil and create jobs […] April 16, 2025
Markets Paper firm plans first Saudi IPO since global stock rout Saudi Arabia’s United Carton Industries Company (UCIC), the largest paper packaging company in the Middle East by sales, plans to sell shares to the public to fund expansion. This is the first Saudi announcement of a planned IPO on the Saudi Exchange’s main market since a rout in global markets following Donald Trump’s near tripling in effective US import tariff rates on April 2. The Saudi stock market is down almost 4 percent so far this year. UCIC plans to sell 12 million shares, equivalent to 30 percent of the company, it said in its prospectus. Its expansion plan includes […] April 16, 2025
Real Estate Majid Al Futtaim unit to invest $5bn in Riyadh project Dubai-based Majid Al Futtaim Properties is set to develop a SAR17.5 billion ($4.7 billion) mixed-use project in Riyadh as part of its strategy to expand its regional real estate footprint. The project will cover 850,000 sq m, Arabic news portal Al Arabia reported, quoting CEO Ahmed El Shamy. He said engineering designs are in progress, adding that the tenders and construction are expected to commence in early 2026. The company, which is the real estate division of Dubai retail conglomerate Majid Al Futtaim, paid the last $100 million instalment to acquire the land bank last year, El Shamy said. El […] April 16, 2025
Economy Higher oil output supports Libya’s economic rebound Libya’s economy is projected to rebound in 2025, supported by the expansion of oil production, the International Monetary Fund has said. The growth is likely, however, to moderate in the medium term, it said. Non-hydrocarbon growth will remain at 5 to 6 percent this year, driven by sustained government spending, the IMF predicted. The country’s […] April 17, 2025
Tourism Cruise passengers to Qatar on the rise Mwani Qatar, the state operator of seaports and shipping terminals, reported a 5 percent year-on-year increase in passenger numbers in the 2024-25 cruise season. Doha Port, the Gulf nation’s main gateway, received nearly 400,000 visitors from 87 cruises, a 19 percent annual rise in ship visits, the Peninsula newspaper reported. The latest season saw the […] April 17, 2025
Analysis Transport Mena business travel surged before tariff storm hit The number of business travel trips booked in the Mena region increased by more than 50 percent in the first quarter of 2025. However, the onset of a trade war and a projected slowdown in economic growth may temper performance for the foreseeable future, according to travel experts. Business travel company Tamodo said it expected […] April 17, 2025
Banking & Finance Bank Muscat’s Q1 profit rises as the sector consolidates First quarter net income at Bank Muscat, Oman’s largest bank by assets, rose 8 percent on higher interest revenue from both conventional and Islamic sharia-compliant activities. The rise comes as rival Sohar International Bank, the country’s second-largest bank by assets, seeks to take over a smaller rival, raising concerns about competition in the Omani banking […] April 15, 2025
Aviation Kuwait’s Agility buys major US aviation support firm for $305m Agility Public Warehousing Company of Kuwait is buying the American company G2 Secure Staff, one of the world’s largest aviation service providers, for $305 million. G2 provides aviation support services to almost all major airlines in the US in more than 70 US airports, including ground handling, cabin cleaning and passenger assistance The company was […] April 15, 2025
Tourism Second resort city planned for Salalah in Oman Oman has approved a second major resort in Salalah on the Indian Ocean in the south of the sultanate in an effort to attract more tourists as part of the country’s economic diversification programme. The $100 million, 470,000 square metre project has been named Boulevard Razaz and will include canals, landscaped gardens, a shopping mall, […] April 15, 2025
Oil & Gas Kuwait starts merging state oil companies to cut costs Opec producer Kuwait has started to merge its state oil companies to reduce their number, improve efficiency and trim costs, according to the official news agency, Kuna. The Kuwait National Petroleum Company (KNPC), the Gulf emirate’s downstream investment arm, has started to take over the Kuwait Integrated Petroleum Industries Company (KIPIC), which manages the Al-Zour […] April 15, 2025
Finance Indonesia and Qatar to set up $4bn joint fund Indonesian sovereign wealth fund Danantara Indonesia and Qatar Investment Authority will set up a joint fund worth $4 billion to invest in so-called domestic priority sectors in the southeast Asian country. These include food and energy security, downstream processing, digital infrastructure, healthcare and tourism, Indonesian state-run Antara news agency reported, quoting Danantara chief investment officer […] April 15, 2025
Oil & Gas Turkey’s largest refiner buys Russian oil after price drop Turkey’s largest oil refiner Tupras has returned to buying Russian Urals crude cargoes, after it stopped doing so earlier this year due to stronger US sanctions on Moscow, according to three trading sources and shipping data. Tupras did not immediately reply to a Reuters request for comment. The three sources said Tupras resumed its purchases after prices for Urals crude fell to its lowest levels since 2023, earlier this month, dropping comfortably below a G7 price cap level of $60 a barrel. The price cap imposed by the Group of Seven countries, the European Union and Australia bans the use of Western […] April 17, 2025
Real Estate Turkish property sales jump may temper on market turmoil Turkish property sales rose by 20 percent in the first quarter, but recent political unrest and economic uncertainty from mid-March onwards may weigh on the market. The number of property transactions rose to 335,786 in the three months to March 31 compared with the same period last year, according to data issued this week by state statistics agency Turkstat. March sales of almost 111,000 units were just slightly lower than for each of January and February, the data showed. Political unrest stirred after the March 19 detention and subsequent arrest of Ekram İmamoğlu, the opposition mayor for Istanbul widely seen […] April 16, 2025
Banking & Finance Turkey’s central bank records second-biggest ever loss The Central Bank of Turkey lost 700 billion lira ($18 billion) last year, its second biggest loss ever after a record 2023. The loss came as the central bank made efforts to defend the Turkish lira while at the same time offering depositors higher interest rates on the local currency versus other currencies, paving the way for so-called carry trades. A carry trade is an investment strategy that involves borrowing money in a currency with low interest rates and using it to invest in assets based on a currency with higher interest rates. The 2024 loss compared with a record […] April 16, 2025
Economy Tensions in trade and politics weigh on Turkish money markets Political instability in Turkey and tariff-driven global trade tensions are weighing on Turkish money markets as international investors move out of local debt and locals buy up foreign currency. In the three weeks ending April 4, non-resident investors sold $8.5 billion of Turkish debt, according to a report released by the central bank last week. On April 2 US President Donald Trump announced a near tripling in US tariffs to their highest in more than a century, leading to a sharp sell-off in global stocks and other assets. Filiz Eryılmaz, chief economist with brokerage company ALB Yatırım and associate professor […] April 15, 2025
Agriculture Frost and snow deal blow to Turkey’s biggest export crops Turkey’s agriculture sector is reeling after much of the country was struck by hard frosts last week, damaging vital crops such as hazelnuts and apricots and jeopardising export income. Temperatures plunged between April 10 and 12, with lows of -15C in some regions. More than a third of Turkey’s 81 provinces had frosts and snowfall. The extreme weather was described as the worst frost in three decades. It stretched from the southeast, near Turkey’s borders with Iraq and Syria, to the northern Black Sea coastal strip and along much of the western coastal provinces, all important agricultural areas. One of […] April 14, 2025
Finance Remittances to Egypt rise as reforms instill confidence Remittances from Egyptian expatriates rose for 11 consecutive months following the start of economic reforms introduced in March 2024. Overseas Egyptians sent home $20 billion between July and January — the first seven months of the 2024-2025 fiscal year — an increase of 81 percent from $11 billion a year ago, according to the Central Bank of Egypt. In January remittances increased by 83 percent to nearly $3 billion from $1.6 billion in January 2024, marking a record high for the month In its March report, the International Monetary Fund (IMF) said remittances from Egyptian workers overseas and tourism receipts […] April 17, 2025
Renewable Energy Egypt’s largest wind farm begins operations ahead of schedule Egypt-listed Orascom Construction has commenced commercial operations at the newly expanded Red Sea wind farm six months ahead of schedule. The largest operational wind farm in Africa is being developed by the Red Sea Wind Energy consortium under a 25-year build-own-operate scheme, the company said in a statement. The alliance comprises France’s Engie (35 percent), Orascom (25 percent) and Japan’s Toyota Tsusho Corporation and Eurus Energy Holdings Corporation holding 20 percent each. This phase includes commercial operations of 500MW at the 650MW site in Ras Ghareb, Egypt. Two years ago Egyptian minister of electricity and renewable energy, Mohamed Shaker, said the […] April 16, 2025
Economy Qatar to invest over $7bn in Egypt’s economy Qatar has pledged to invest $7.5 billion in Egypt as the North African country seeks to attract new money and boost economic growth, the countries said in a joint statement. The commitment was given during a meeting between Egypt’s President Abdel Fattah El-Sisi and Qatar’s Emir Sheikh Tamim Bin Hamad A-Thani, the state-owned State Information Service reported. No details of the proposed investment were given. Egypt is in the middle of a IMF-mandated reform programme under which it is committed to sell state assets but its economy has been hit by inflation, exchange rate depreciation, and an unresolved system of […] April 15, 2025
Real Estate Egypt and Saudi Arabia plan joint real estate fund Saudi Arabia and Egypt are planning to create a joint fund to carry out real estate projects in the two countries, an Egyptian official has revealed. Egypt, which is locked in an IMF-recommended programme to stimulate its economy, also wants Saudi investors for new projects in central Cairo, in line with a plan to be announced later this year. “We are working to set up a joint Egyptian-Saudi real estate fund,” said Abdul Khaliq Ibrahim, Egypt’s assistant housing minister, at an Egyptian-Saudi investment forum in Cairo at the weekend. “There are also plans to organise meetings to discuss joint real […] April 14, 2025
Manufacturing Egypt’s Hassan Allam to build concrete hub for Ras El Hekma Egypt’s Hassan Allam Holding has said one of its subsidiaries has signed a memorandum of understanding with Abu Dhabi-listed Modon Holding to supply construction materials for the Ras El Hekma megaproject on the Mediterranean. 3S Ready Mix, one of the country’s largest ready mix concrete suppliers, will develop a ready mix factory and a concrete products hub in the newly announced industrial zone adjacent to Ras El Hekma project, the company said in a statement. No other details were given. Last year, ADQ, one of Abu Dhabi’s sovereign wealth funds, appointed Modon as the master developer for the $35-billion mega development. Last […] April 14, 2025
Analysis Logistics Fujairah’s grand plan could fall victim to tariff shock The emirate of Fujairah’s plans to expand its storage facilities and develop cleaner fuels and petrochemical production may be delayed as a result of the impact of tariff-led global trade tensions, according to a local authority. After Singapore and Rotterdam, Fujairah is the largest so-called “bunkering”, or ship-fuelling, port. It lies almost immediately outside the Arabian Gulf and the Strait of Hormuz. The Strait of Hormuz is as narrow as 55km between Iran and the Arabian Peninsula and is the world’s busiest oil maritime chokepoint, accounting for about a quarter of global seaborne crude trade. “Oil prices are down and […]
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 market analysts BMI. “The prevalent focus on generic prescriptions within Mena – coupled with initiatives like mandatory health insurance in the GCC – drives further demand for Jordanian pharmaceutical products,” Lavni Varyani, founder of Dubai-based consulting company Pharma BP, tells AGBI. However, Jordan – which […]
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 developers to partner with banks to provide mortgages to owner-occupiers. That increases the risk for lenders, even if a shift in buyer type towards owner-occupiers reduces the likelihood of another crash in Dubai’s property market. The crash of 2008-11 and the more gradual downturn from […]
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
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 Al Lamki’s oil painting Anees, and Palestinian-American ceramicist Lena Kassicieh’s Cloud Hopping. At the other end of the Sheikh Zayed Road, Abu Dhabi’s state-owned Mubadala Investment Company is building a collection of regional and global art, the Mubadala Corporate Collections. In December, it announced its […]
Opinion Media & Advertising Dubai chocolate is the golden ticket of city branding Food is part of a place's cultural identity. Plenty of cities and countries have dishes associated with them
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 Al Lamki’s oil painting Anees, and Palestinian-American ceramicist Lena Kassicieh’s Cloud Hopping. At the other end of the Sheikh Zayed Road, Abu Dhabi’s state-owned Mubadala Investment Company is building a collection of regional and global art, the Mubadala Corporate Collections. In December, it announced its […]
Analysis Food & Drink Saudi Arabia’s expanding food sector faces high costs As the population grows and the economy swells, the food and beverage service industry in Saudi Arabia is expanding. Half Million, a coffee shop chain that started in the capital Riyadh in 2018, now operates 59 stores across the kingdom. Its 60th recently opened on London’s Oxford Street. Barn’s, a Jeddah-based coffee chain that already had 130 stores when Half Million started, now has more than 550 stores worldwide and ambitions to double that by 2030. “It’s a growing market, it’s a new market,” says Tina Blackmon, a specialist in food and beverage at consultancy Keane. “There’s a lot of […]
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 are AI-powered chatbots equipped to work in what are called “digital ecosystems” to answer queries or generate work-related responses, which the technology website Tahawultech says “function as full-fledged digital workforce members”. Bahrain’s Bank ABC launched its own AI employee, named Fatema, in 2019. Since then, […]
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 Dubai Restaurant Group. Originating in the Middle East and South Asia, the shisha is a device used to smoke specially prepared, often flavoured tobacco mixtures. The smoking process, traditionally associated with social gatherings, involves passing charcoal-heated air through the tobacco and a water-filled chamber before […]
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 developers to partner with banks to provide mortgages to owner-occupiers. That increases the risk for lenders, even if a shift in buyer type towards owner-occupiers reduces the likelihood of another crash in Dubai’s property market. The crash of 2008-11 and the more gradual downturn from […]
Food & Drink Turkish fish processors adapt as taste for sushi grows Turkish seafood processors are expanding their product range to cash in on new tastes, eating habits and markets, adding the Japanese delicacy sushi to their offerings. Not so long ago sushi was a rarity in Turkey. It featured on the menus of a few Japanese restaurants in tourist areas catering to foreign visitors rather than locals. However, tastes have changed during the past 10 years. Many Turks – along with a growing international market – have acquired a taste for Japan’s bite-sized portions as well as for ready-to-eat meals. The latest company to dive into the sushi market is Kocaman […]
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 of advice do you wish you’d had when you were starting out? I wish I had known earlier how important it is to focus on personal wellbeing alongside professional success. In the long run, maintaining a healthy balance between work and life is crucial, and […] In association with
Banking & Finance Warburg Pincus and Adia to invest $877m in Indian bank India’s IDFC First Bank will raise up to 75 billion rupees ($877 million) from affiliate companies of private equity group Warburg Pincus and the Abu Dhabi Investment Authority sovereign wealth fund, the lender said on Thursday. IDFC First Bank will issue Warburg Pincus, an existing investor, and Adia convertible shares, which, if fully converted, will give them a combined 15 percent stake in the bank. Currant Sea Investments, a Warburg Pincus affiliate, will invest 48.76 billion rupees for a 9.8 percent stake, while Adia unit Platinum Invictus will invest about 26.24 billion rupees for a 5.10 percent stake, IDFC First said. The bank will use the investment to fund […]
Food & Drink UK company enters Dubai’s crowded rapid-delivery market Despite the congestion – in the market and on the streets of the UAE’s most populous city – yet another competitor, UK company Zapp, is entering Dubai’s rapid-delivery market. This is evidence there is still room for growth, analysts say. Zapp focuses on rapid grocery deliveries from its own so-called dark stores. A dark store is a retail outlet or distribution centre that exists exclusively for online shopping. Having outlasted competitors in the UK market such as Turkish company Getir and Germany’s Gorillas, Zapp is now seeking out new markets. Despite the challenges, Zapp’s business model, which focuses on driving higher-value […]
Renewable Energy Chinese company to build $200m wind turbine plant in Oman China’s Shanghai Electric Wind Power Group has signed a $200 million agreement to build a wind turbine factory in Oman’s central industrial city of Duqm. Duqm, which sits on international shipping routes, has attracted over $15 billion in project spending, including a 230,000 barrels per day oil refinery, a crude oil storage facility, a free zone, a dry dock for ship repair and a port. In the last five years Oman has been active in moving away from fossil energy investments to greener power generation. “Eventually, all these projects will be powered by clean energy and this wind turbine plant […]
Finance Indonesia and Qatar to set up $4bn joint fund Indonesian sovereign wealth fund Danantara Indonesia and Qatar Investment Authority will set up a joint fund worth $4 billion to invest in so-called domestic priority sectors in the southeast Asian country. These include food and energy security, downstream processing, digital infrastructure, healthcare and tourism, Indonesian state-run Antara news agency reported, quoting Danantara chief investment officer Pandu Sjahrir. Each country will contribute $2 billion to the fund, he said. The announcement comes a day after Masdar, the renewables champion of Abu Dhabi, said that it would build floating solar power projects in Indonesia. Sjahrir said the investment is separate from Qatar’s […]
