Analysis Construction Mena construction industry braced for rise in disputes Construction professionals working in the Middle East and North Africa are bracing themselves for a surge in disputes, driven by delays, cost overruns and changes in scope, research has found. In a survey of Mena businesses including contractors and developers, more than 80 percent of the 95 respondents said they anticipated a rise in disputes […] January 28, 2025
Health US health fund plans $200m factory in Saudi Arabia Healthcare fund Akkad Holdings, based in the US, is to invest $200 million to build an intravenous fluid factory in Saudi Arabia. The facility will be based in King Abdullah Economic City (KAEC) in Mecca province. “We’re going to break ground hopefully in the next six months,” Dr Steven Shaya, managing director of the fund, […] January 28, 2025
Analysis Real Estate Dubai real estate sector welcomes freehold drive Dubai’s decision this month to convert the ownership of 457 plots to freehold status was welcomed enthusiastically by the emirate’s real estate sector, but industry experts are divided on whether this will lead to more restricted plots in prime areas becoming available to foreign freehold buyers. The policy shift – in which 128 plots in […] January 28, 2025
OpinionArtificial IntelligenceDeepSeek’s arrival has huge implications for Arabian Gulf investment strategiesFrank Kane, Editor-at-Large, AGBI
OpiniontradeGCC economies do not appear to be targets of Trump beyond the message to produce more oilTim Fox, Partner, Capital Gate Advisors
OpinionAVIATIONRiyadh Air faces tough decisions: continue paying staff until operations begin or risk furloughing themJohn Grant, Partner, Midas Aviation
Real Estate Saudi Arabia opens up holy cities to foreign property investors Saudi Arabia’s Capital Markets Authority (CMA) has announced that foreigners will be allowed to invest in companies that own real estate in the holy cities of Mecca and Medina. The CMA said the decision would “stimulate investment” and “enhance the attractiveness and efficiency of the capital market”. It added that the reform would help the […]
Analysis Finance Vast Gulf wealth funds splinter to make targeted investments Sovereign wealth funds in the Gulf are increasingly doing business via wholly-owned or affiliated entities as they become too big to manage specialised investment efforts, industry watchers are saying. MGX, an Emirati artificial intelligence-focused vehicle founded last year by Abu Dhabi’s fund Mubadala and the artificial intelligence company G42, made a splash by being one […]
EXCLUSIVE Renewable Energy China renewables pivot to Middle East to avoid Trump tariffs Chinese renewables manufacturers are looking to move some operations to the Middle East to avoid higher tariffs under US president Donald Trump, a senior executive from one of the sector’s largest players has told AGBI. Vincent Wu, vice president of sales at global solar panel manufacturer Trinasolar, said the region is the right place to […]
Analysis Employment Companies seek new CEOs for maximum profits The number of UAE and Saudi companies looking to replace their CEOs reached record levels in the fourth quarter of 2024, according to a leading recruitment company. Trefor Murphy, founder and CEO of Dubai-based Cooper Fitch, says the number of companies launching searches for the top job during the end of last year saw “heavy […]
Infrastructure Etihad Rail train to link Abu Dhabi and Dubai in 30 minutes Authorities from Abu Dhabi and Dubai formally unveiled plans on Thursday for a high-speed passenger rail link that will reduce travel between the two cities to 30 minutes. Spearheaded by Etihad Rail, the train service will reach speeds of up to 350km/h, and “pass through key strategic destinations and tourist attractions”, an Abu Dhabi media […]
Analysis Real Estate Dubai real estate sector welcomes freehold drive Dubai’s decision this month to convert the ownership of 457 plots to freehold status was welcomed enthusiastically by the emirate’s real estate sector, but industry experts are divided on whether this will lead to more restricted plots in prime areas becoming available to foreign freehold buyers. The policy shift – in which 128 plots in […] January 28, 2025
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 […] January 28, 2025
Energy UAE’s Esyasoft to buy UK provider Good Energy Energy company Esyasoft has agreed to acquire UK renewable electricity provider Good Energy for almost £100 million ($123 million) at 490p per share. The deal, which is subject to shareholders’ approval, represents a premium of 66 percent on Good Energy’s closing price on October 25, the last trading day before the start of the offer period. […] January 28, 2025
Oil & Gas Lunate to buy stake in Adnoc Gas Pipelines Lunate, the alternative investment manager based in Abu Dhabi, is buying a minority stake in Adnoc Gas Pipelines. AGP is a subsidiary of Abu Dhabi National Oil Company (Adnoc) and has lease rights to 38 pipelines covering a total of 982km across the UAE. The gas pipeline network links the UAE’s upstream energy-producing assets and […] January 28, 2025
Health Pure Health buys stake in Greece’s Hellenic Healthcare Abu Dhabi-listed Pure Health has agreed to purchase a 60 percent stake in Hellenic Healthcare, an Athens-based private healthcare services provider. The transaction values Hellenic Healthcare at €2.2 billion ($2.31 billion). The sellers – CVC Capital Partners VI and the founder of Hellenic Healthcare – will retain 35 percent and 5 percent stakes in the […] January 28, 2025
Health US health fund plans $200m factory in Saudi Arabia Healthcare fund Akkad Holdings, based in the US, is to invest $200 million to build an intravenous fluid factory in Saudi Arabia. The facility will be based in King Abdullah Economic City (KAEC) in Mecca province. “We’re going to break ground hopefully in the next six months,” Dr Steven Shaya, managing director of the fund, […] January 28, 2025
Real Estate Saudi Arabia’s NHC explores floating subsidiaries Saudi Arabia’s National Housing Company (NHC) is exploring the possibility of launching initial public offerings (IPOs) for many of its subsidiaries. They include NHC Innovation, the company’s digital arm that was launched this week. NHC said it was meant to improve services for a customer base that has grown to 20 million across 10 different […] January 28, 2025
Telecoms Saudi Arabia’s STC to build $9bn telecom network Saudi Telecom Company (STC) has won a SAR32.64 billion ($8.7 billion) contract to develop a new telecommunications infrastructure in Saudi Arabia. The contract was awarded by an “unknown” government entity, the Saudi-listed telco said in a bourse filing on Tuesday. The contract includes building, operating and providing telecommunications infrastructure services. The work will be completed […] January 28, 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
Health Twaereat Medical to trade on Saudi Arabia’s Nomu Twaereat Medical Care Company will begin trading on the Nomu-Parallel Market from Wednesday, the Saudi Exchange has announced. Twaeraat, which operates more than 100 clinics around Saudi Arabia, will seek an external liquidity provider following its direct listing on the bourse. The indicative price per share is SAR12 ($3.20), according to the registration document. Twaeraat […] January 28, 2025
Tech Qatar leads funding for quantum computing company Alice & Bob, a Paris-based quantum computing company, has raised $104 million in a Series B funding round led by an investment joint venture between Qatar Investment Authority and Bpifrance. The funding will accelerate the development of the French company’s quantum computing platform, which utilises its “cat qubit” technology. A qubit (quantum bit) is the […] January 28, 2025
Real Estate Design for new city in Iraq approved The design for a new city in Iraq to be built by an Egyptian developer that will house 700,000 people has been approved by the country’s ministry of construction and housing. Ora Developers, owned by the Egyptian tycoon Naguib Sawiris, was awarded the contract to build Ali Al-Wardi City a year ago. The company will […] January 28, 2025
Oil & Gas Kuwait ‘ready to go ahead with merger of state oil companies’ Kuwait’s plan to merge some of its eight state-owned oil companies is ready to go ahead, according to reports in the country. Kuwait Petroleum Corporation (KPC), which manages the country’s hydrocarbon industry, is set to oversee the mergers. The plan was approved by the cabinet two years ago as part of a strategy to cut […] January 28, 2025
Aviation Oman Air cuts fleet size by 29% to reduce losses Oman Air, the Gulf state’s flag carrier, last year cut its fleet size by 29 percent year on year to 32 aircraft, lowering its operational cost as part of its turnaround strategy. The airline carried 5.4 million passengers, down 13 percent year on year. Annual Ebitda rose by 40 percent to OR24 million ($62.2 million), […] January 27, 2025
Agriculture Livestock imports from Qatar and Egypt banned by China China has banned imports of sheep and goats from Egypt and animals and meat products from Qatar and nine other countries after outbreaks of highly infectious disease in those countries. The ban, which includes processed and unprocessed products, comes after China’s General Administration of Customs issued a series of announcements outlining the outbreaks in several countries based […] January 27, 2025
Logistics Oman’s Asyad to invest $3bn in shipping projects Asyad, Oman’s state-run shipping company, will this year invest $2.7 billion to expand its fleet by more than a third. Asyad was established in 2003 and is owned by Oman’s sovereign wealth fund. It operates a fleet of 89 vessels and the expansion plan in 2025 will add a further 33 – a mix of […] January 27, 2025
Energy Neighbours to supply Iraq with 3GW of electricity this summer Iraq intends to buy 3,250 megawatts (MW) of electricity from neighbouring countries this summer, to fill a supply gap caused by a surge in domestic demand during the hot season. Electricity ministry spokesman Ahmed Mousa said at the weekend that supplies would come from Turkey, Iran, Jordan, Saudi Arabia and the common Gulf Cooperation Council […] January 27, 2025
Food & Drink Americana acquires Pizza Hut business in Oman Americana Restaurants, the largest food service business in the Mena region, has acquired the Pizza Hut brand in Oman from the Khimji Ramdas Group. The restaurant operator said the acquisition includes 46 Pizza Hut restaurants which had an annual revenue of approximately $11 million in 2024. The additional outlets increase its Pizza Hut restaurants across […] January 24, 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
Banking & Finance Credit and debit card use rises steeply in Turkey Cash could be dethroned as king in Turkey as consumers increasingly turn to plastic when paying for goods and services. But the rise in card usage also comes at a cost, as more Turks fall behind in servicing their debt. Credit and debit card spending reached a total of TL14.87 trillion ($420 billion) in 2024, […] January 24, 2025
Economy Turkey cuts interest rate by 250 basis points Turkey’s central bank cut its key interest rate by 250 basis points to 45% as expected on Thursday, carrying on an easing cycle it launched last month alongside a decline in annual inflation that is expected to continue. The central bank indicated it would continue to ease policy in the months ahead, noting that it anticipated a rise in trend inflation in January, […] January 23, 2025
Real Estate Turkish house sales rise as interest rates fall Turkish house sales rebounded strongly in 2024, driven in part by a surge in December prompted by a long-anticipated interest rates cut, and further reductions in borrowing costs are expected to fuel appetite in the market this year. Residential sales increased 20 percent last year, with just under 1.48 million units sold, up from the […] January 21, 2025
Real Estate Design for new city in Iraq approved Turkish house sales rebounded strongly in 2024, driven in part by a surge in December prompted by a long-anticipated interest rates cut, and further reductions in borrowing costs are expected to fuel appetite in the market this year. Residential sales increased 20 percent last year, with just under 1.48 million units sold, up from the […] January 28, 2025
Agriculture Livestock imports from Qatar and Egypt banned by China China has banned imports of sheep and goats from Egypt and animals and meat products from Qatar and nine other countries after outbreaks of highly infectious disease in those countries. The ban, which includes processed and unprocessed products, comes after China’s General Administration of Customs issued a series of announcements outlining the outbreaks in several countries based […] January 27, 2025
Finance Bonyan gets approval to list on Egyptian bourse Bonyan, an Egyptian real estate investment company, has secured approval to list on the Egyptian Exchange (EGX) within the first half of 2025. The listing is subject to regulatory approval by the Egyptian Financial Regulatory Authority and the stock exchange. No details of the IPO were given. “The listing reinforces our ambition to make real […] January 27, 2025
Logistics Shipping giants not yet ready to resume Red Sea route Two shipping giants said on Friday that they are in no rush to resume routes through the Suez Canal after a Yemeni militia announced earlier this week it will scale back hostilities against vessels transiting through the Gulf of Aden and Red Sea if the ceasefire in Gaza holds. Danish shipper Maersk and Abu Dhabi […] January 24, 2025
Transport Suez Canal extension to be operational in first quarter The Suez Canal expansion, which will extend the waterway’s two-way section by 10km, is expected to be operational in the first quarter of 2025, the authority’s chairman has said. Egypt announced on Saturday that the new stretch, near the canal’s southern end and close to Little Bitter Lake, was successfully tested without incident. Osama Rabie, chairman of […] January 22, 2025
Analysis Trade Trump’s bravado fails to spook minerals market – so far Ordinarily, commodity markets tend to react strongly when leaders of major global economies announce plans for war and conquest. If those plans involve disrupting one of the world’s most important sea lanes and reversing centuries of peace with two major allies, you might even expect a certain panic. Yet, when US President-elect Donald Trump declined […]
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 […]
Analysis Sustainability Companies scramble to meet UAE carbon emissions laws UAE companies have less than six months to comply with the country’s new emissions laws, but experts warn that some details are still unclear and a proposed carbon credit trading system may not meet its goals. The UAE introduced two pivotal pieces of environmental legislation last year. Cabinet Resolution No 67 on carbon credits came […]
Tech UAE space company launches earth-monitoring craft Space42, a space technology company that has its headquarters in Abu Dhabi, deployed the second phase of its Foresight satellite constellation on Tuesday as the UAE continues its push to compete with the world’s leaders in the industry. The project is in collaboration with ICEYE, a provider of high-resolution images of the earth’s surface. The […]
Analysis Banking & Finance Strong post-IPO performance bodes well for Saudi flotations Recently floated Saudi Arabian companies have thrived since listing on Riyadh’s bourse, thanks in part to astute pricing of initial public offerings and foreign institutional investors’ growing participation. Since the start of 2024, there have been 14 IPOs in Saudi Arabia that raised more than $100 million, according to data compiled by AGBI and London […]
Opinion Media & Advertising Television: Who watches the watchers? Saudi Arabia is taking a long-awaited step forward in audience measurement
Health Health insurance shake-up for care in Northern Emirates Mandatory health insurance in the poorer Northern Emirates of the UAE is likely to lead to an expansion of healthcare facilities and increased M&A activity, experts have said. In March last year the UAE announced a plan to introduce mandatory health insurance for all workers in the Northern Emirates – Sharjah, Ajman, Umm Al Quwain, […]
Opinion Tourism Oman hopes tourism can foster entrepreneurship and create jobs The Sultanate has only recently begun to use its history as an economic attraction
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 […]
Opinion Manufacturing How China won over the car market in the UAE Japanese, American and Korean brands retreated following the pandemic
Education Gems Education announces $100m Dubai school Gems Education has revealed plans to open the most expensive school in the Gulf, which is set for completion later this year. It is spending $100 million to develop Gems School of Research and Innovation in Dubai Sports City. Annual fees will start from AED116,000 ($31,582) for early-years education and rise to AED206,000 by the […]
Opinion Employment UAE and Saudi Arabia are magnets for global talent Recruiters say the region is attracting applications from global workers on an unprecedented scale
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 […]
Artificial Intelligence Tech sell-off deepens as DeepSeek triggers AI rethink Technology shares fell on Tuesday on the day after a global market rout sparked by the emergence of a low-cost Chinese artificial intelligence model, with investors questioning the sky-high valuation and dominance of AI bellwethers. Shares of Nvidia, the poster child of the AI boom in recent years, dragged US stocks lower, sinking 17 percent on Monday and wiping $593 […]
Agriculture Livestock imports from Qatar and Egypt banned by China China has banned imports of sheep and goats from Egypt and animals and meat products from Qatar and nine other countries after outbreaks of highly infectious disease in those countries. The ban, which includes processed and unprocessed products, comes after China’s General Administration of Customs issued a series of announcements outlining the outbreaks in several countries based […]
Giga-projects Italian insurer guarantees $3bn Saudi giga-project loan Sace, an Italian state-owned insurance company, has guaranteed a multi-currency loan of $3 billion provided by nine international banks to support projects in Neom, Saudi Arabia’s $500 billion giga-project. The announcement coincided with an official visit by Italian prime minister Giorgia Meloni to Saudi Arabia, where she and Crown Prince Mohammed bin Salman signed an […]
EXCLUSIVE Renewable Energy China renewables pivot to Middle East to avoid Trump tariffs Chinese renewables manufacturers are looking to move some operations to the Middle East to avoid higher tariffs under US president Donald Trump, a senior executive from one of the sector’s largest players has told AGBI. Vincent Wu, vice president of sales at global solar panel manufacturer Trinasolar, said the region is the right place to […]
