Skip to content Skip to Search
Skip navigation

Arabian Gulf Business Insight

closing prices

ABU DHABi -0.3%
BAHRAIN CLOSED
dubai +0.5%
egypt CLOSED
kuwait CLOSED
oman CLOSED
qatar CLOSED
Saudi CLOSED

Top stories

Workers on an oil rig in New Mexico, US. The incoming Trump administration is giving Opec+ plenty to think about

Opec+ likely to adopt a wait-and-see strategy for 2025

Opec+ leaders have much to consider ahead of their meeting next week – little of it positive for flagging oil prices.  First, there is the prospect of a second presidential term for Donald Trump as leader of the world’s largest oil producer and exporter; second, an economic downturn in China that shows no sign of […]

Construction work in Riyadh. The Saudi capital is hoping to draw private sector funding for massive projects such as Expo 2030

Riyadh hopes to entice private sector to landmark projects 

Riyadh is courting private-sector investors to fuel its ambitious development agenda, offering significant opportunities but grappling with resistance from companies citing financial risks, a senior official said. The push to involve private firms highlights Saudi Arabia’s challenges as it transitions from government-led development to growth driven by the private sector, a pillar of its Vision […]

A farmer in Al-Kharj, Saudi Arabia. The agriculture sector was worth $29bn in 2023

Down on the farm, Saudi Arabia has a $9.8bn hole to fill

The Saudi government is stepping up efforts to attract investors to its agriculture sector after identifying a funding gap of SAR37 billion ($9.8 billion). The Ministry of Environment, Water and Agriculture says there are investment opportunities in plant and animal production, as well as fisheries, processing, manufacture of agricultural products and infrastructure development. Saudi Arabia […]

Trending

  1. PIF in talks to unite world golf tournaments

  2. EU and GCC officials aim to resume FTA negotiations

  3. Turkish growth slows as anti-inflation measures bite

  4. Australia gives interim nod to Qatar Airways-Virgin deal

  5. Masdar takes majority stake in Greek clean energy player

OPINION & Analysis

Best of AGBI

Unlisted developers, whether government or privately owned, build about 70% of residential properties in Saudi Arabia

Why Saudi real estate stocks are less popular than you might think

Saudi Arabia has rising property prices, soaring homeownership rates and steady mortgage approvals – so you might think its real estate sector would be in high demand on the stock market. This is the case in Dubai, where Emaar Properties and its subsidiaries serve as a proxy for equity investors to gain exposure to the […]

Egypt’s bourse rally endures despite shaky foundations

Cairo’s share index has trebled over the past two years as increasing numbers of Egyptians invest in stocks to preserve their wealth in response to double-digit inflation and a declining national currency. Company valuations remain cheap compared with regional peers, experts say, and so the market rally in Egypt may endure. However, the absence of […]

Opportunities for ‘distressed investors’ as Saudi companies restructure

International and regional distressed investors looking at buying debt in Saudi businesses are becoming more active as new bankruptcy laws and reforms take shape in Saudi Arabia.  Paul Gilbert, Middle East managing director at Alvarez & Marsal, said bankruptcy processes were “being very predictable”, which was an “important factor for inward investment into the country”.  […]

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

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

Nobody likes methane seepage. Especially Europe

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

People, Person, Clothing

interview

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

Mishal Kanoo, chairman, The Kanoo Group

UAE latest

Mair Group Abu Dhabi ADX

Abu Dhabi grocery business Mair Group to list on ADX

Abu Dhabi grocery retail and real estate business Mair Group is set to directly list on the emirate’s ADX stock exchange next month.  The company, which operates more than 100 stores under the Adcoop and Spar brands, said the listing will take place on December 9. No details about the value or relative shareholding were […]

Talabat drivers at a rest station. The company reported a 46 percent year-on-year increase in Q3 profits

Talabat to raise $2bn from IPO as price is finalised

Germany’s Delivery Hero has set the price for the initial public offering (IPO) of Talabat, its Mena-based food delivery company, at the top of the range. The final IPO price was set at AED 1.60 ($0.44) per share, enabling the company to raise AED7.5 billion ($2 billion). Following strong investor demand, Talabat increased its IPO […]

Masdar's Agios Georgios wind farm in Greece. Masdar aims to achieve 100GW of global capacity by 2030

Masdar takes majority stake in Greek clean energy player

Abu Dhabi’s Masdar has acquired a majority stake in Greek clean energy company Terna Energy to propel its European expansion. The UAE renewables major purchased a 70 percent stake in the Greek company from Gek Terna and other shareholders at €20 per share, valuing Terna Energy at €3.2 billion ($3.4 billion). Following the transaction’s closing, Masdar will […]

Dubai expat woman with city in baackground

Dubai losing its lustre for squeezed expat middle classes

Dubai, renowned for its lavish luxury and five-star everything, could be getting too expensive for expatriate middle-market workers, as costs continue to increase and pay rises become rarer. The emirate’s tax-free status and higher wages have long held a strong appeal for expatriates from all corners of the world. But as the cost of living […]

Saudi Arabia latest

LVA PAG golf dispute

PIF in talks to unite world golf tournaments

Saudi Arabia’s Public Investment Fund (PIF) is engaged in two separate series of talks to unify the main world golf tournaments, after it disrupted the sport by setting up its upstart LIV Golf tour.  The controversial launch of the LIV tour thrust Saudi Arabia and its $925 billion sovereign wealth fund into a multi-billion industry […]

STC Group has raised its holding from 4.97 percent to 9.97 percent and can appoint a board member in Telefonica

STC allowed to raise holding in Spain’s Telefonica

Saudi Arabia’s STC Group has received the green light from the Spanish government to increase its stake in telecoms group Telefonica. The approval allows the Saudi telecom to raise its holding from 4.97 percent to 9.97 percent and appoint a board member, the company said in a statement to the Saudi bourse on Thursday. The […]

Aston Martin valiant shares

PIF-backed Aston Martin to raise $266m, warns on profits

Aston Martin, the British luxury carmaker part-owned by Saudi Arabia’s Public Investment Fund, is looking to raise £211 million ($266 million) by issuing new shares and taking on more debt. At the same time it warned that annual profits could be down as much as 11 percent because of delays in delivering cars.  The company […]

Construction work in Riyadh. The Saudi capital is hoping to draw private sector funding for massive projects such as Expo 2030

Riyadh hopes to entice private sector to landmark projects 

Riyadh is courting private-sector investors to fuel its ambitious development agenda, offering significant opportunities but grappling with resistance from companies citing financial risks, a senior official said. The push to involve private firms highlights Saudi Arabia’s challenges as it transitions from government-led development to growth driven by the private sector, a pillar of its Vision […]

More than 50 Saudi Arabian companies are said t be waiting to list on the kingdom’s bourse in 2025

Saudi hospital operator Almoosa announces IPO

Almoosa Health Company has announced plans to launch an initial public offering of 30 percent of its shares on the Saudi stock market. The price range for the offering will be announced on December 4, with the institutional book-building process starting the same day. This will be followed by a retail subscription period from December […]

Around the Middle East

The Omani government is undertaking an extensive part-privatisation programme to raise money and diversify the country’s stock market

Strong institutional demand for latest Omani IPO

OQ Base Industries (OQBI) has attracted strong institutional interest in its $490 million initial public offering (IPO), the Omani business’s parent company said on Thursday. OQBI, which produces methanol, ammonia and liquefied petroleum gas, will be the third subsidiary of Omani state oil company OQ to float and join Muscat’s bourse. The Omani government is […]

The still-developing Lusail district in Doha. Real-estate sales in Qatar fell 15% between June and September year on year

Qatar’s real-estate buyers wait on lower interest rates

Consumer expectations that interest rates will continue decreasing in the coming months appear to have dented Qatar’s residential real-estate market growth in the third quarter of this year. Mortgage transactions fell 10 percent in Qatar from July to September over the previous three months, and 8.5 percent over the same period last year, according to […]

The IMF has endorsed Bahrain’s exchange rate peg, calling it 'an effective monetary anchor'

Bahrain’s economy to grow 3.5% next year says IMF

Bahrain’s economy is projected to remain at 3 percent growth in 2024 but accelerate to 3.5 percent growth in 2025, supported by manufacturing and private sector credit expansion, the International Monetary Fund (IMF) has said. The medium-term real GDP growth is projected at around 3 percent, driven by non-hydrocarbon GDP, which will account for close […]

Egypt and Qatar have discussed investments in the ports, logistics and manufacturing sectors, said prime minister Mostafa Madbouly

Egypt and Qatar to explore ‘major’ real-estate project

Egypt will collaborate with Qatar on a “major real estate project” in the North Coast region, prime minister Mostafa Madbouly said. The Gulf country has sought investment opportunities in the tourism and hospitality sectors, local media reported, citing the prime minister, who met his Qatari counterpart Sheikh Mohammed bin Abdulrahman Al-Thani in Egypt. No other […]

McDonald's China

QIA invests in owner of McDonald’s China

The Qatar Investment Authority has invested in a continuation fund that will hold a controlling stake in McDonald’s China.  Trustar Capital, a Chinese private equity firm, raised $1 billion for the fund, sources told Reuters, with the QIA, Qatar’s sovereign wealth fund, committing the largest amount, to become the anchor investor.  Other investors include the […]

Employees outside Samsung C&T headquarters in Seoul, Korea; the company has won the contract to build a gas-fired power plant near Doha

Qatar awards $2.8bn contract for Doha desalination plant

Qatar Electricity and Water Authority (Kahramaa) has awarded Samsung C&T Construction Group a $2.84 billion contract to build a combined-cycle power plant in Doha.  The gas-fired power plant, Facility E, will produce up to 2,400 megawatts of electricity and 500,000 tons of desalinated water per day. When completed in 2029, the plant will account for […]

A mother and daughter leave their destroyed house in Amizmiz, Morocco. The EU is to increase its total earthquake aid to €1bn

Morocco gets $200m loan from EU for quake recovery

The European Union (EU) will provide a €190 million ($200 million) loan for reconstructing and rehabilitating earthquake-hit areas in Morocco. The funding will prioritise rebuilding homes, restoring essential public services such as healthcare and education, and reviving local economies, Morocco World News reported. The earthquake, which struck in September 2023, was the strongest in Morocco’s […]

Topics:

Neom
HYDROGEN
SAUDI VISION 2030
IPOs
mergers & acquisitions
crypto
Electric cars
israel-hamas war
FOOD SECURITY
islamic finance
ukraine-russia war
OPEC
SPACE

Turkey Latest

A shopping district in Istanbul. Some forecasters think Turkey's central bank will cut interest rates this month

Turkish growth slows as anti-inflation measures bite

Turkey’s economy shifted down another gear in the third quarter, as government efforts to curb demand cut deeper into business and consumer activity.  GDP increased by 2.1 percent in the third quarter, slowing from 2.4 percent in the second quarter, according to the official agency Turkstat. Growth in most sectors was either flat or slowing.  […]

Moscow, Russia. 21st Dec, 2022. Russian President Vladimir Putin attends the launch ceremony of the Kovykta gas field and part of the Power of Siberia gas pipeline from Kovykta to Chayanda via video link from the Kremlin

Turkey asks US to allow payments to sanctioned Russian bank

Turkey is seeking an exemption to new sanctions imposed against Moscow by the Biden administration that would mean payments for imports of Russian natural gas are blocked, potentially cutting energy supplies and undermining the Turkish economy.  Washington announced sanctions against Gazprombank, which is part-owned by Russian state gas producer Gazprom, on November 21 this year. […]

HSBC's Middle East operations will be overseen from Hong Kong

HSBC appoints former Turkey chief as Middle East CEO

British banking giant HSBC has appointed a new head of its Middle East operations following an internal restructuring. The company has appointed Selim Kervanci, the current CEO of HSBC Turkey, as CEO of the Middle East region. His appointment is subject to regulatory approval. Kervanci, who joined HSBC in Istanbul in 1996, replaces Stephen Moss […]

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

Turks drawn to overseas property investments

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

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

Turkey’s Beko to cut jobs in Italy over underperformance

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

Egypt Latest

Egypt and Qatar have discussed investments in the ports, logistics and manufacturing sectors, said prime minister Mostafa Madbouly

Egypt and Qatar to explore ‘major’ real-estate project

Egypt will collaborate with Qatar on a “major real estate project” in the North Coast region, prime minister Mostafa Madbouly said. The Gulf country has sought investment opportunities in the tourism and hospitality sectors, local media reported, citing the prime minister, who met his Qatari counterpart Sheikh Mohammed bin Abdulrahman Al-Thani in Egypt. No other […]

A trader works at the Egyptian Exchange. The rally on Egypt's bourse may continue if company valuations remain cheap

Egypt’s bourse rally endures despite shaky foundations

Cairo’s share index has trebled over the past two years as increasing numbers of Egyptians invest in stocks to preserve their wealth in response to double-digit inflation and a declining national currency. Company valuations remain cheap compared with regional peers, experts say, and so the market rally in Egypt may endure. However, the absence of […]

Egypt United Bank IPO

Retail investors offered 1.5% of Egypt’s United Bank in IPO

A small stake in Egypt’s United Bank is to be offered to retail investors on Wednesday, when 16.5 million shares of the state-owned bank will be floated on the Egyptian Exchange as part of an IPO. The retail tranche, 1.5 percent of the bank’s shares, is part of an initial public offering of 330 million […]

A green ammonia plant under construction in Norway. Poland's Hynfra plans to build plants in Egypt and Jordan

Poland’s Hynfra to build green ammonia plant in Egypt

Egypt’s General Authority for Investment and Free Zones is linking up with Polish energy company Hynfra to build a green ammonia plant. The facility will produce ammonia for export from Egypt to the European Union, the GAFI and Hynfra said in a joint statement. It will require an investment of $1.6 billion in its first […]

The Benban solar plant in Aswan. Among the MOUs the UAE signed with Egypt is a 300 MW solar plant in Benban

UAE companies sign renewable energy deals in Egypt

Companies from the UAE signed a series of memoranda of understanding in Egypt last week to develop and support green energy projects in the country. The non-binding agreements are the latest in a string of planned Gulf energy investments in Egypt. UAE renewable energy company Masdar signed an agreement to develop a floating photovoltaic solar […]

Features

Experts say private sector involvement in the construction sector is likely to grow further in coming years

Private money leading charge in Saudi construction industry

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

Turkey’s olive growers mine liquid gold

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

Bankruptcy law change lures private credit to UAE

A new bankruptcy law which came into effect in the UAE earlier this year is attracting an influx of private credit into the country after boosting investor confidence. Private credit is non-bank lending to businesses, by private investors. Introduced on 1 May 2024, the new regulations shook up insolvency laws that had only been in force […]

Algeria must forge its own identity to hit tourism targets

If Algeria’s tourism industry is to become the vital engine of the country’s economy its tourism minister hopes, it must find a way to differentiate itself from its neighbours, experts have told AGBI. The Algerian government aims to welcome more than 12 million foreign visitors by the end of the decade, as part of its national tourism […]

Trump’s return may alter the future of renewable energy

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

People & Lifestyle

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

Billionaires in UAE rise as Saudi numbers drop

The number of billionaires in the UAE increased in the last year as the amount of super-wealthy residents in neighbouring Saudi Arabia dropped.  Forty-eight billionaires lived in the UAE in 2023, with a combined wealth of $205 billion, a year-on-year increase of 7 percent. Dubai made up 39 of that total and welcomed one extra […]

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

AI in healthcare is not a cure-all solution

Large language models such as the AI chatbot ChatGPT are gaining traction in healthcare, and Gulf states are investing heavily in the prospect, but LLMs’ integration into clinical practice presents challenges.  A study led by Dr Ethan Goh, published last month in the Journal of the American Medical Association Open Network, tested whether ChatGPT could […]

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

Golden returns draw investors to fitness markets

Investors are showing increasing interest in homegrown fitness companies, tempted by the “golden egg” returns on offer. The fitness market in the Middle East and North Africa (Mena) has been growing at an annual rate of 30 percent since 2020, with the UAE sector valued at an estimated $550 million and Saudi Arabia at $1.7 […]

Salvator Mundi Salman park

Salvator Mundi destined for Riyadh giga-park

The $450 million Leonardo Da Vinci painting Salvator Mundi is destined for a museum of art inside the King Salman Park giga-project in Riyadh in time for hosting the World Expo in 2030, two separate sources have said.   The artwork is a big part of Saudi Arabia’s plans to rebrand itself globally as a socially […]

People on Kuwait City's Marina Beach. It is estimated that housing costs in Kuwait absorb one third of an average household's income

Building more homes a better strategy for Kuwait, say experts

Kuwait has tightened property ownership restrictions on non-GCC nationals in an attempt to make real estate more affordable for locals, but industry watchers say building more homes would be the better strategy.  The small, oil-rich emirate has already imposed strict standards on nationals of countries from outside the Gulf who wanted to purchase domestic real […]

Bahrain healthcare

Bahrain government rebuffs citizens’ quota in healthcare

A unanimous call by the Bahraini parliament for half the jobs in private healthcare to be reserved for citizens has been rejected by the government on the grounds of possible harm to patients and the potential impact on foreign direct investment. Government officials told the National Assembly that the proposed quota would constrain private healthcare’s […]

Saudi private healthcare

Healthy progress made in Saudi Arabia’s wellness drive

Private health services in Saudi Arabia are rapidly expanding as its growing population and the focus on improving citizens’ wellbeing under the Vision 2030 programme bring in billions of dollars in new domestic and foreign investments. During the Global Health Exhibition, held in Riyadh at the end of October, Saudi officials announced deals worth $13.3 […]

Trains: A Dubai metro station – a third line is due by 2029

Trains, planes and more trains (or metros)

Is it finally happening? It was conceived back in 2013 and was supposed to take four years to build but the Riyadh metro looks like it is about to open. To the hard-pressed inhabitants of the Saudi capital, that can only be a good thing. Alternatives to the car and bus – Riyadh has a new […]

Around the world

Customers use ATMs at a Barclays branch in London. Qatari investors helped the bank avoid a state bailout

UK regulator fines Barclays $51m over Qatar deals

Britain’s financial regulator has fined Barclays Bank £40 million ($50.9 million) in total for its failure to disclose certain arrangements with Qatari entities in 2008. The fine by the Financial Conduct Authority (FCA) dates back to the height of the 2008-2009 financial crisis, when Barclays scrambled to raise funds from overseas investors including Qatar in […]

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

US charges billionaire Gautam Adani in $265m bribery case

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

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

Nobody likes methane seepage. Especially Europe

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

Sir Keir Starmer is set to follow in his trade minister's footsteps and visit Saudi Arabia and the UAE

UK PM Starmer to visit Saudi Arabia and UAE

UK prime minister Sir Keir Starmer is to visit Saudi Arabia and the UAE next month, according to media reports. The trip in December will seek to secure new investment for the UK and strengthen its diplomatic relations in the region, the Financial Times reports, citing people familiar with his plans. It said Saudi Crown […]