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Top stories

Saudi Arabia says Vision 2030 will create housing for ordinary citizens, not just tourism projects

Minister trumpets Saudi Arabia’s $168bn housing push

Real estate transactions in Saudi Arabia have totalled $168 billion so far this year, the Saudi minister of municipalities and housing, Majed Al Hogail, told a real estate forum in Riyadh this week. Speaking at the Cityscape exhibition, which is trying to promote Riyadh-centred giga-projects, the minister said that Saudi Arabia is pushing to finish […]

Despite predictions, the US dollar has remained strong – it has gained against the yen, euro and pound in the past decade

US dollar strength persists despite long-foretold decline

Since the end of the gold standard in the 1970s, financial industry observers have long predicted the US dollar’s demise as the preeminent global currency. Yet 10 weeks from Donald Trump’s second inauguration as US president, the dollar still reigns supreme – at least for now. This is despite periodic efforts by oil-exporting US rivals […]

Power distribution in Bodrum. Turkey is working with the World Bank to upgrade its power transmission system

Turkey seeks World Bank funds to upgrade power grid

Turkey is in talks with the World Bank to access funding to strengthen and extend the country’s energy transmission grid, part of broader plans to quadruple renewable energy generation capacity and transition away from fossil fuel dependency.  World Bank country director for Turkey Humberto Lopez said the international lender will work with Ankara to unlock […]

Trending

  1. Masdar signs agreement for Kazakhstan windfarm

  2. Emaar revenue surges 30% on strong property sales

  3. QatarEnergy to acquire stake in Egyptian exploration basin

  4. Mubadala to sell Brazilian port and mining assets

  5. AI is sucking up VC funding, claim green startups

OPINION & Analysis

Best of AGBI

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 […]

More tourists in Turkey, but they spend less and leave quicker

Turkey is on track to break records for tourist arrivals this year, but it may fall short of revenue targets, as visitor numbers are up but spending is flatlining and average holiday stays are getting shorter.  Just over 23.2 million overseas visitors made Turkey their destination in the third quarter of the year, the statistics […]

Chocolate trend sends Dubai nuts for Turkish pistachios

It may have started with a UAE resident trying to assuage her hunger cravings during pregnancy, but the latest taste sensation to sweep the Middle East and beyond is causing contractions in the supply of Turkish pistachios as demand for Dubai chocolate swells. Turkey is in line to post a record high pistachio harvest for […]

Minerals come into focus as Egypt wrestles with oil reforms

Egypt’s proposed platform to encourage investment into their minerals sector is likely to launch early next year, the minister of petroleum and mineral resources said this week. The so-called Mining Portal, which was originally scheduled to be operational by the end of 2024, is part of a drive to exploit what the government says is […]

Ras Al Khaimah’s tourist draw: concerts, casinos and crypto

Historically, the emirate of Ras Al Khaimah has been known for industry and manufacturing, but tourism has taken centre stage over the past decade. It has just 400,000 residents and attracted 600,000 visitors to its airport this year, but expects to increase its tourist numbers to 3.5 million overnight guests in the coming years. Raki […]

Face, Happy, Head

Tax

Labour’s painful budget could fuel wealth exodus to Gulf

Rupert Connor, financial consultant, Abacus

UAE latest

Kazakhstan windfarm

Masdar signs agreement for Kazakhstan windfarm

A $1.4 billion investment for the development of a 1GW windfarm in Kazakhstan has been signed between the Abu Dhabi Future Energy Company (Masdar) and Kazakhstan’s Ministry of Energy. The agreement, signed at Cop29, the 2024 United Nations Climate Change Conference, currently taking place in Baku, Azerbaijan, builds on commitments already made between the UAE […]

Shipping Container, Cargo Container, Boat

AD Ports quarterly profit rises 11% to $121m

The UAE’s AD Ports Group said its annual total net profit rose 11 percent in the third quarter of 2024 as revenue reached a record high. The bottom line reached AED445 million ($121.2 million) in the three-month period ended September 30, compared with AED439 million in the same period last year. Revenue increased 10 percent year on year […]

Air Arabia profit

Air Arabia Q3 profit up as turnover rises 10%

Net profit at Air Arabia rose 8 percent year on year to AED564 million ($153.6 million) in the third quarter of 2024, the Sharja-based airline has revealed, as it added new aircraft and routes. Turnover was AED1.8 billion, up 10 percent compared to the same period last year, while passenger numbers rose 8 percent year […]

City, Water, Waterfront

Emaar revenue surges 30% on strong property sales

Revenues of Emaar Properties, Dubai’s largest listed real estate company, rose 30 percent year on year in the first nine months of 2024, driven by growth in property sales. The top line reached AED23.8 billion ($6.5 billion), up from AED18.4 billion a year earlier. Property sales hit AED50 billion in the first nine months of […]

Mubadala to sell Brazilian port and mining assets

Abu Dhabi’s Mubadala Capital has commenced work on selling Porto Sudeste, a Brazilian private port terminal. The port is co-owned with Singapore-based commodities trader Trafigura. Describing Porto Sudeste as a “mature” asset, Leonardo Yamamoto, executive director of Mubadala Capital Brazil, told Reuters that the company’s role is “no longer very relevant”. Mubadala Capital and Trafigura […]

Saudi Arabia latest

Riham ElGizy, CEO of Saudi Arabia carbon trading market RVCMC

Saudi Arabia’s carbon market to finance climate projects

Saudi Arabia has launched a carbon trading market that will help provide financing for climate projects.  The Regional Voluntary Carbon Market Company’s (RVCMC) voluntary carbon market exchange platform has more than 2.5 million tonnes of carbon credits for auction, it said in a statement. Buyers can obtain carbon credits from 17 climate projects from around […]

UIHC is the parent company of Tasheel Finance, an Islamic consumer finance operator

Saudi finance firm UIHC’s IPO 132 times oversubscribed

United International Holding Company (UIHC) has received orders worth SAR131 billion ($34.8 billion) for its upcoming initial public offering on the Tadawul, the company announced on Tuesday.  The Saudi Arabian financial services firm’s IPO was oversubscribed 132 times. The final price was set at SAR132 per share, implying a market capitalisation of SAR3,300 million at […]

Saudi Arabia says Vision 2030 will create housing for ordinary citizens, not just tourism projects

Minister trumpets Saudi Arabia’s $168bn housing push

Real estate transactions in Saudi Arabia have totalled $168 billion so far this year, the Saudi minister of municipalities and housing, Majed Al Hogail, told a real estate forum in Riyadh this week. Speaking at the Cityscape exhibition, which is trying to promote Riyadh-centred giga-projects, the minister said that Saudi Arabia is pushing to finish […]

green startups Saudi solar

AI is sucking up VC funding, claim green startups

Green startups in the region have appealed for VCs to invest more in clean tech and renewable energy hardware, rather than just looking for quick returns in artificial intelligence projects. The venture capital market across the Middle East and North Africa raised $1.3 billion from January to September 2024, with Saudi Arabia securing 39 percent […]

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 […]

Around the Middle East

Saad Sherida Al Kaabi, Qatar’s minister of state for energy and CEO of QatarEnergy Saad Sherida Al Kaabi, CEO of QatarEnergy, said the deal strengthens the company's partnership with Chevron

QatarEnergy to acquire stake in Egyptian exploration basin

State-backed QatarEnergy has announced plans to buy a 23 percent stake in an offshore exploration block in Egypt from US oil company Chevron. Chevron will retain a 40 percent interest in the concession agreement for the North El-Dabaa (H4) Block in the Mediterranean Sea.  The other partners in the block, which is about 10km offshore […]

AlAbraaj has several franchises in Saudi Arabia, including Mezza-W-Mashawi at Riyadh's King Khalid airport

Restaurant chain AlAbraaj plans IPO on Bahrain Bourse

AlAbraaj Restaurants Group is planning to list on Bahrain Bourse before the end of 2024. Founded in 1987, the restaurant chain manages 15 brands across 37 locations in Bahrain. It employs about 1,200 people. AlAbraaj also franchises five restaurants, three of which are in Saudi Arabia – Khobar, Jeddah and Riyadh. The company is finalising […]

Water, Waterfront, Outdoors

RAK Properties revenue up 30% on new project launches

RAK Properties reported a 30 percent year-on-year increase in revenue to AED891 million ($242.6 million) in the first nine months of 2024. The top line growth was supported by Mina Al Arab’s project portfolio expansion across residential, commercial and hospitality projects. Net profit rose to AED133.4 million in the first nine months, up 21 percent, […]

Investcorp's Saudi MD tells AGBI about the Bahrain investor's plans Video length: 03:54

Investcorp refocuses on inward GCC investment

Bahrain’s Investcorp is involved in investment-related initiatives worth $4 billion, the latest of which is a commercial partnership with Awaed, the first commission-free Saudi trading platform. After investing heavily in the US and Europe, it is now focusing more to GCC opportunities. AGBI spoke to Investcorp’s Saudi Arabia MD Mashaal AlJomaih in the video above.

Talabat couriers in Abu Dhabi. The company operates in eight countries across the Mena region

Talabat profits soar ahead of planned IPO

Food delivery company Talabat reported a 46 percent increase in third-quarter profits ahead of its planned IPO.  Delivery Hero, the Berlin-headquartered parent company of the business, said net income reached $98 million in the three months, up from $67 million the previous year. It said the increased profit was due to improved logistics efficiency, continued […]

Morocco's King Mohammed VI and French President Emmanuel Macron sign documents in Rabat: Macron’s recent visit saw a thawing of political relations

Macron’s Morocco trip the catalyst for $11bn in deals

France and Morocco have announced a series of deals, from railways to phosphates to renewables, worth up to $11 billion during a state visit last week by Emmanuel Macron, his first to the north African kingdom since becoming president in 2017.  The 22 deals followed French recognition of Morocco’s claims to the disputed Western Sahara […]

Beta electric aircraft

QIA helps raise $318m for US electric aircraft maker

A funding round led by the Qatar Investment Authority (QIA) has raised $318 mlllion for Beta Technologies, a US electric aerospace company that is developing all-electric aircraft and infrastructure.  Beta, based in Vermont, said the series C equity capital funding would help support the production, certification and commercialisation of its fixed-wing and eVTOL (electric vertical […]

A stand in Beirut displays Arabic newspapers featuring the inauguration of President Donald Trump in 2017. The Arab world has generally welcomed Trump's return to the White House

Arab world welcomes Trump back to the White House

The Arab world has hailed Donald Trump’s successful bid to return to the White House, with his long-standing personal, business and political ties to the region bringing hopes of closer bilateral relationships with the United States for the next four years. The Emir of Qatar, Tamim bin Hamad Al Thani, was the first GCC leader […]

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

Power distribution in Bodrum. Turkey is working with the World Bank to upgrade its power transmission system

Turkey seeks World Bank funds to upgrade power grid

Turkey is in talks with the World Bank to access funding to strengthen and extend the country’s energy transmission grid, part of broader plans to quadruple renewable energy generation capacity and transition away from fossil fuel dependency.  World Bank country director for Turkey Humberto Lopez said the international lender will work with Ankara to unlock […]

Turkey tourism beach

More tourists in Turkey, but they spend less and leave quicker

Turkey is on track to break records for tourist arrivals this year, but it may fall short of revenue targets, as visitor numbers are up but spending is flatlining and average holiday stays are getting shorter.  Just over 23.2 million overseas visitors made Turkey their destination in the third quarter of the year, the statistics […]

A Turkish pistachio farmer. Prices for shelled pistachios have risen to $41 a kilo.

Chocolate trend sends Dubai nuts for Turkish pistachios

It may have started with a UAE resident trying to assuage her hunger cravings during pregnancy, but the latest taste sensation to sweep the Middle East and beyond is causing contractions in the supply of Turkish pistachios as demand for Dubai chocolate swells. Turkey is in line to post a record high pistachio harvest for […]

Shopping for groceries in Ankara; Turkey has benefitted recently from a period of stability and cooling of inflation

Turkey to boost borrowing to bridge budget gap

Turkey’s Treasury has issued its borrowing programme for 2025, seeking to build a bridge over the budget deficit through a mix of domestic and external debt offerings, though any instability in global markets could add to financing costs.  Under the programme, the government will seek to raise the equivalent of up to $13 billion from […]

Coca-Cola Turkey

Boycotts help send Turkey’s Coca-Cola sales down

A boycott of brands seen as supporting Israel in the Middle East has helped bring a double-digit drop in third-quarter sales in Turkey and Pakistan for a Coca-Cola subsidiary. Coca-Cola Icecek (CCI), which is based in Istanbul, said sales in Turkey in Q3 fell 12.2 percent, while sales in Pakistan were down by 22.9 percent. […]

Egypt Latest

Egypt 5G

Vodafone and Telecom Egypt sign $600m deal to push 5G

Telecom Egypt and Vodafone Egypt have signed a series of infrastructure service agreements worth $609 million, including deals to prepare the country for the rollout of 5G. The agreements will enable Vodafone Egypt, the country’s largest mobile operator by market share, to use Telecom Egypt’s extensive infrastructure and fibre optic network. Amr Talaat, Egypt’s minister […]

Saad Sherida Al Kaabi, Qatar’s minister of state for energy and CEO of QatarEnergy Saad Sherida Al Kaabi, CEO of QatarEnergy, said the deal strengthens the company's partnership with Chevron

QatarEnergy to acquire stake in Egyptian exploration basin

State-backed QatarEnergy has announced plans to buy a 23 percent stake in an offshore exploration block in Egypt from US oil company Chevron. Chevron will retain a 40 percent interest in the concession agreement for the North El-Dabaa (H4) Block in the Mediterranean Sea.  The other partners in the block, which is about 10km offshore […]

A farm in Luxor. Egypt's agricultural exports have grown consistently year on year

Egypt’s food exports grow by a third

The value of Egyptian agricultural exports grew by $1 billion in the first 10 months of 2024, a year-on-year increase of around a third, as the government strives to open up new global markets and product lines. Egypt exported 7.1 million tonnes of agricultural goods between January 1 and October 30, with a total value […]

Egypt minerals

Minerals come into focus as Egypt wrestles with oil reforms

Egypt’s proposed platform to encourage investment into their minerals sector is likely to launch early next year, the minister of petroleum and mineral resources said this week. The so-called Mining Portal, which was originally scheduled to be operational by the end of 2024, is part of a drive to exploit what the government says is […]

Water, Waterfront, Construction

Suez Canal Economic Zone plans $3bn investment

Egypt’s Suez Canal Economic Zone (SCEZ) plans to invest $3 billion on infrastructure over the next few years to attract new investors, chairman Waleid Gamal El-Dein said. “We have been able to attract more than $6.3 billion of investments in various sectors and logistics and ports,” he told Reuters, expecting the number of projects to […]

Features

Muscat maps out its future development plans

Muscat is set to approve a plan that will create a central 55km spine where much of the future development of the Omani capital city will take place.  The city is predicted to double in size by 2040. The Greater Muscat Structure Plan, awaiting approval at cabinet level, provides a map of where future growth […]

The remaking of Riyadh ahead of World Expo 2030

Expo 2030 is already propelling real estate development in Riyadh six years before the international fair is scheduled to take place – and, along with other giga-projects, is helping to shift the city’s core to the north. The World Expo, which typically takes place in a different city every five years, is expected to occupy […]

UK is ‘actively seeking’ Gulf investors, says trade minister

“Britain is back and Britain is open for business,” UK trade minister Douglas Alexander has told AGBI.  In an interview at the Future Investment Initiative summit taking place this week in Riyadh, Alexander said the Labour government’s budget on Wednesday would seek to “raise the level of investment in the UK economy”. “The kind of […]

People & Lifestyle

Men on the Muscat waterfront. Omani citizens who earn more than $1m will have to pay income tax

Oman to impose income tax on high earners post-2026

Oman is expected to implement its proposed personal income tax on high earners after 2026, according to a new report. In July, the Majlis al-Shura, the lower house of the Omani parliament, approved a draft law on income tax – the first of its kind in the GCC region – forwarding it to the State […]

A perfume shop in Sabya, Saudi Arabia. The country's fragrance sector is worth $2.3bn

Investors scent riches in Middle East perfume

The retail offering of Al Majed for Oud Company was more than nine times oversubscribed this week, as investors rushed to buy up the first tranche of 1.5 million shares in the Riyadh-based perfume and oud products manufacturer. The full listing of 7.5 million shares, or a 30 percent stake in the company, will raise […]

Saudi Arabia tourism projects Dragon Ball theme park

Arab Disneyland and Da Vinci: Saudi Arabia’s two great hopes

Saudi Arabia is spending billions on tourism projects at the heart of its grand plan to transform a once isolated kingdom into a global tourist destination. But a nagging question is haunting policymakers: will the world pay attention?   Tourism numbers are rising, hitting 27.4 million in 2023, but half of those were religious visitors.  The […]

Saudi healthcare

Health sector next target for Saudi private equity

Private equity is looking to Saudi Arabia’s healthcare and wellness sectors for the kingdom’s next growth areas as it tries to manage a burgeoning young population.  Some 60 percent of Saudi Arabia’s 32 million-plus population are under 30, and analysts from research company S&P say the kingdom’s demographics are the main reason for a sustainable […]

Lionel Messi poses for a photo at Dubai Expo 2020. He and his Argentina teammates will soon be appearing on 'giant billboard on Sheikh Zayed Road' to advertise property

Project stardust: why Dubai developers still want celeb tie-ins

Lionel Messi, Rohit Sharma and Chris Hemsworth are just some of the famous faces who have promoted UAE real estate in recent years. Superstar sportsmen and Hollywood heroes do not come cheap, but are they really a good investment for developers or just an excuse for the CEO to get a selfie?  Many industry observers […]

Around the world

Swiss gold

Record gold price dents demand for Swiss bullion in Gulf

Swiss gold exports to Saudi Arabia and the UAE have slumped in the past year, as its price rose by more than 30 percent driven by geopolitical challenges. Gold passed $2,700 per ounce on Friday for the first time ever. A year ago it was $1,980 per ounce, and a month ago $2,559. While global […]

Manara's stake in First Quantum Minerals’ Zambian operations could be worth between $1.5bn and $2bn

PIF’s Manara in talks to buy minority stake in Zambian mines 

Manara Minerals, a joint venture between Saudi Arabian Mining Co (Maaden) and the sovereign Public Investment Fund (PIF), is in advanced talks to acquire 15 to 20 percent in Canadian miner First Quantum Minerals’ Zambian copper and nickel assets. The stake could be potentially valued between $1.5 billion and $2 billion, Reuters reported, citing informed […]

Visitors tour the exhibition halls at Gitex Global. This year's expo runs until October 18

Tech startups drive rise in Ireland’s exports to UAE

Exports from Ireland to the UAE rose by 21 percent last year, driven by Irish technology and healthcare companies.  The trade agency Enterprise Ireland says exports to the GCC increased 13 percent last year, reaching €532.5 million ($580 million). Qatar had the region’s fastest growth in exports from Ireland last year, with a rise of […]

A Mitsubishi H3 rocket on the launchpad in Japan. The UAE will use the model in its asteroid belt mission

UAE and Mitsubishi sign agreement for asteroid belt mission

The UAE has signed an agreement with Mitsubishi Heavy Industries to provide services for its 2028 mission to the asteroid belt.  The Emirates Mission to the Asteroid Belt – the first multiple-asteroid tour and landing mission to the main belt that lies between Mars and Jupiter – will launch the Mohammed Bin Rashid Explorer spacecraft […]