Sustainability Mashreq calls for state help to push green financing The UAE needs to introduce new incentives, subsidies and tax rebates to increase financing for sustainability projects in the country, a senior executive at Mashreq Bank has told AGBI. “We need the government to introduce incentives and subsidies to create the momentum, the tsunami of sustainable finance,” said Faisal Al Shimmari, Mashreq Bank’s head of […] February 10, 2025
Analysis Artificial Intelligence DeepSeek’s arrival opens door for Middle East AI developers A global artificial intelligence battle looks to be building between China and the US that could well benefit Middle East AI startups through lower development costs. OpenAI CEO Sam Altman is planning a visit to the UAE, reportedly to raise funds with the investment group MGX, established in 2024 by the government of Abu Dhabi […] February 10, 2025
Video length: 04:42 VIDEO Banking & Finance Why KBW Ventures is focusing its funds closer to home Saudi investor Prince Khaled bin Alwaleed’s KBW Ventures has invested 90 percent of its funds in US companies such as Colossal Biosciences, but now it is keen to invest closer to home, its chief investment officer tells AGBI. CIO Ekta Tolani says KBW Ventures now wants to invest at least 30 percent of its funds […] February 10, 2025
OpiniontelecomsInstead of expanding further in Europe, STC and Etisalat should focus on home comfortsMatt Smith, Senior editor, AGBI
OpinionINFRASTRUCTUREIt will be news to some curmudgeons in the West that Dubai has a ‘soul and identity’ at allFrank Kane, Editor-at-Large, AGBI
OpinionartSotheby’s auction in Saudi Arabia will be an indicator of the strength of the Gulf art marketAdeline Pilon, Co-founder, Elyx Foundation & Company
Tourism Gallipoli takes centre stage in Turkey’s battlefield tourism plans Visitors from as far afield as Canada and Australia wishing to pay respects at Gallipoli are proving to be another string to Turkey's tourism bow
Transport Private sector vital to meet Gulf EV charging station demand Demand for charging stations for electric vehicles in the UAE, Saudi Arabia and other Gulf states is expected to surge this year and beyond as regional governments set ambitious greenhouse gas emission targets and sales of EVs pick up. Saudi Arabia, for instance, has fewer than 300 charging stations, but is committed to building 5,000 […]
Exclusive Trade UAE and India in talks to expand annual trade beyond $100bn The UAE and India plan to extend their 10-year trade deal to eight new sectors to expand their annual bilateral trade beyond $100 billion, a senior Indian business council official has said. These sectors include artificial intelligence, financial services, digital technologies and logistics. The comprehensive economic partnership (Cepa) agreement – the UAE’s first –was signed […]
Analysis Mining Canada’s Barrick seeks to tap $2trn of Saudi minerals A year ago Saudi Arabia almost doubled the estimated value of its mineral resources, from $1.3 trillion to $2.5 trillion, primarily on higher prices for strategic minerals. Now the country has the fastest-growing mining sector in the world, mining minister Bandar Alkhorayef said, speaking at an investment conference in Riyadh last month. Production rates are […]
Analysis Infrastructure Turkey’s rebuilding goes on two years after devastating quakes Two years since twin earthquakes devastated much of Turkey’s southern region, the country is still picking up the pieces. Fewer than one-third of the 680,000 homes lost have been rebuilt so far and 600,000 people are still living in converted shipping containers. More than 53,000 people lost their lives in the February 6 earthquakes, which […]
Opinion Telecoms Gulf telcos should ignore Europe’s fading allure For all their foreign forays – current and historic – it is their domestic businesses that matter most February 10, 2025
Real Estate Aldar’s 2024 profit nears $2bn as new projects lift revenues Aldar Properties shares rose on Monday after Abu Dhabi’s largest developer reported net profit for 2024 had surged 47 percent year on year to AED6.5 billion ($1.8 billion), driven by strong demand for new launches and existing inventory. Revenue jumped 60 percent year on year to AED23 billion as 12 projects were launched last year, […] February 10, 2025
Sustainability Mashreq calls for state help to push green financing The UAE needs to introduce new incentives, subsidies and tax rebates to increase financing for sustainability projects in the country, a senior executive at Mashreq Bank has told AGBI. “We need the government to introduce incentives and subsidies to create the momentum, the tsunami of sustainable finance,” said Faisal Al Shimmari, Mashreq Bank’s head of […] February 10, 2025
Industry Fertiglobe profit drops as topline falls 17% in 2024 Abu Dhabi-listed Fertiglobe, the largest nitrogen fertiliser producer in the Middle East and North Africa, said that year-on-year net profit in 2024 dropped by over a half on lower revenues. Net earnings fell to $160 million last year compared to $349 million in 2023, as revenues fell 17 percent to $2 billion, Fertiglobe said. Revenue for […] February 10, 2025
Tourism Foreign tourists to Dubai up 9% Dubai received nearly 19 million international overnight visitors in 2024, a 9 percent increase from the previous year, according to the Dubai Department of Economy and Tourism (DET). Partnerships, campaigns, and the hosting of events led to the rise in numbers to 18.7 million, state-run WAM news agency reported. The hotel sector consisted of 154,016 […] February 10, 2025
Opinion Telecoms Gulf telcos should ignore Europe’s fading allure For all their foreign forays – current and historic – it is their domestic businesses that matter most February 10, 2025
Banking & Finance Ma’aden’s $1bn sukuk nine times over-subscribed Saudi state-owned mining company Ma’aden has sold $1.25 billion of dollar-denominated sukuk to help finance a $12 billion expansion plan. The sale was more than nine times oversubscribed, the company said. The sale, which closed on Sunday, “marks a key milestone in Ma’aden’s ambitious 2040 strategy to secure essential minerals and transform mining into the […] February 10, 2025
Markets IPO for Saudi poultry producer Entaj off to a flying start The initial public offering (IPO) of Saudi Arabian poultry producer Entaj is already oversubscribed, barely 24 hours after the book-building exercise began. Starting the exercise on Sunday and pricing the shares at between SAR46 and SAR50 each, the books were covered “within hours”, CEO Raja Alharbi told AGBI. The IPO could raise more than SAR450 […] February 10, 2025
Video length: 04:42 VIDEO Banking & Finance Why KBW Ventures is focusing its funds closer to home Saudi investor Prince Khaled bin Alwaleed’s KBW Ventures has invested 90 percent of its funds in US companies such as Colossal Biosciences, but now it is keen to invest closer to home, its chief investment officer tells AGBI. CIO Ekta Tolani says KBW Ventures now wants to invest at least 30 percent of its funds […] February 10, 2025
Transport Private sector vital to meet Gulf EV charging station demand Demand for charging stations for electric vehicles in the UAE, Saudi Arabia and other Gulf states is expected to surge this year and beyond as regional governments set ambitious greenhouse gas emission targets and sales of EVs pick up. Saudi Arabia, for instance, has fewer than 300 charging stations, but is committed to building 5,000 […] February 10, 2025
Tourism Oman hotel revenue rises 6% to $633m by end-2024 The revenue of Oman’s 3- to 5-star hotels rose 6 percent year on year to OMR243.4 million ($633 million) by the end of December 2024, official data shows. Hotel guest numbers increased by 4 percent to 2 million by the end of December, the Oman Daily Observer reported citing data from the state-run National Centre […] February 10, 2025
Logistics Contracts awarded for $3bn Oman-UAE rail network Hafeet Rail, formerly Oman and Etihad Rail Company, has awarded construction contracts for the $3 billion railway network between Oman and the UAE. Indian conglomerate Larson & Toubro and Chinese state-owned Power China will develop railway logistics facilities in Al Buraimi on the border with the UAE, and Sohar, a port in the north of the sultanate, the […] February 10, 2025
Economy Iraq’s external debt halves as projects start to pay off Iraq’s external debt has more than halved, driven by revenue-generating projects that help repay loans, according to a news report. External debt has declined to $9.8 billion from $20.9 billion, state-run Iraq News Agency reported, quoting technical advisor to the prime minister Mohammed Sahib Al-Daraji. He said the government is focussing on investing in productive […] February 7, 2025
Oil & Gas Iraq to stop taking Iranian gas by 2028 Iraq will phase out gas imports from neighboring Iran within three years because of persistent supply disruptions. It will instead increasingly rely on more domestic production to fuel its power stations, and electricity from other neighbours including Saudi Arabia and Jordan. Mohammed Al-Sudani, the Iraqi prime minister, said Iraq’s decision to end Iranian imports in […] February 7, 2025
Economy Tunisia drafts plan to merge FDI agencies into one Tunisia’s government has reviewed plans to increase foreign direct investment by merging various agencies into a new Supreme Investment Authority. The SIA would merge six investment-focused government agencies and the Tunisian Investment Authority, plus various offices at home and abroad, into one, according to the local Alshuruq newspaper. A draft law has been reviewed by […] February 7, 2025
Tourism Qatar stopover initiative draws thousands more visitors An initiative encouraging passengers passing through Qatar to stay a night in the country has already sold more than 100,000 room nights this year. Launched in August 2021, the Discover Qatar Stopover Programme allows travellers with Qatar Airways and its codeshare partners to book overnight stays from anywhere between one and four nights at lower […] February 6, 2025
Oil & Gas Opec oil cuts push Oman’s revenue down $1.7bn Oman’s adherence to Opec+ voluntary oil production cuts resulted in revenue from the sector falling by an average of $4.6 million a day last year. The country’s average daily crude oil production fell 5.4 percent in 2024 to 992,600 barrels per day (bpd), figures from the National Center of Statistical Information show. The average price […] February 6, 2025
Aviation Jazeera Airways to cut costs and double passengers by 2029 Kuwait’s Jazeera Airways plans to add more seats to its aircraft, expand its fleet and cut costs as part of a new five-year strategy to almost double the number of passengers in 2029. Adding seats this year will raise the average number per aircraft to 180 by the third quarter, the airline CEO Barathan Pasupathi […] February 6, 2025
Food & Drink Former KFC operator in Turkey files for bankruptcy IS Gida, the former operator of the KFC and Pizza Hut franchises in Turkey, has filed for bankruptcy after debt reached TR7.7 billion ($214 million). The filing comes a month after the US-based owner of KFC and Pizza Hut terminated its franchise agreements with the Turkish company, state-run Anadolu Agency (AA) reported. “The reality we […] February 10, 2025
Tourism Gallipoli takes centre stage in Turkey’s battlefield tourism plans Visitors from as far afield as Canada and Australia wishing to pay respects at Gallipoli are proving to be another string to Turkey's tourism bow February 7, 2025
Economy EU’s $323m grant to support Turkey’s green transition The European Union (EU) will provide a $322.8 million grant to Turkey to bolster the country’s green and digital transformation drive. The European bloc has provided over €780 million ($810 million) to support Turkey’s green transformation, Jurgis Vilcinskas, deputy head of mission of the EU delegation to Turkey, told the state-run Anadolu Agency. The grant […] February 6, 2025
Analysis Infrastructure Turkey’s rebuilding goes on two years after devastating quakes Two years since twin earthquakes devastated much of Turkey’s southern region, the country is still picking up the pieces. Fewer than one-third of the 680,000 homes lost have been rebuilt so far and 600,000 people are still living in converted shipping containers. More than 53,000 people lost their lives in the February 6 earthquakes, which […] February 6, 2025
Employment Turkey’s new strategy targets skilled jobs for youth Turkish president Tayyip Erdoğan has launched a new youth skills development programme to increase employment. The “Iskur Youth Programme” will support one million students over the next four years, equipping them with new skills and financial assistance, Daily Sabah newspaper reported, citing the president’s speech. Nearly 200,000 students will benefit from the programme this year […] February 5, 2025
Economy Egypt raises minimum wage in private sector by 17% Egypt’s private sector minimum wage will increase by 17 percent to EGP7,000 ($139) a month from EGP6,000, effective March 1, following directives from president Abdel Fattah Al-Sisi. A minimum wage for part-time workers will also be introduced for the first time, providing a net hourly wage of at least EGP28 ($0.56), the state-run National Wages […] February 10, 2025
Infrastructure Egypt and Spain sign Cairo metro extension study Egypt and Spain have signed a development financing agreement worth over $1 million for a preliminary feasibility study on extending Cairo Metro’s Line 1. The project involves extending the oldest of the city’s three metro lines from New Marg to Shibin El Qanater, north of Cairo. The 19km extension features 14 stations. Spanish company Typsa […] February 6, 2025
Oil & Gas Algeria and Egypt lead Arab LNG export decline Total Arab exports of liquefied natural gas (LNG) fell last year, led by drops in Algeria and Egypt. Algeria was doing maintenance work on gas facilities and Egypt was diverting gas to meet domestic summer demand. Arab exports of the gas declined by 3 percent from 112 million tonnes in 2023 to 108.6 million tonnes […] February 5, 2025
Tourism Marriott to convert Cairo’s Mogamma building into hotel Marriott International has agreed with the Sovereign Fund of Egypt to convert Al Mogamma Al Tahrir – a Cairo landmark and former government office – into a hotel as Egypt sells off state assets to raise funds. The 500-room hotel development is led by a group that includes Chicago-based property manager Oxford Capital Group, US […] February 5, 2025
Economy Egypt secures $1.6bn loan from Islamic Development Bank Egypt has secured $1.6 billion loan from Jeddah-based Islamic Development Bank (IsDB) Group to support its critical sectors and encourage private sector participation in economic growth. The government has signed a $1.5 billion deal with Islamic Trade Finance Corporation (ITFC), which is part of a five-year framework valued at $6 billion to enhance Egypt’s development […] February 5, 2025
Analysis Health Tech specialists tap into Gulf’s market of the sleep deprived People in the Gulf are among the worst sleepers in the world, research has found – and that makes the region a rousing proposition for sleep-aid businesses such as the US pair Whoop and Eight Sleep. A survey of 2,727 people across the GCC, published last month, found that only half manage to sleep for […]
LUNCH WITH FRANK KANE Media & Advertising Nayla Tueni: ‘I am a journalist, a journalist, a journalist’ Nayla Tueni is as close as you get in the Middle East to media aristocracy. She is the fourth generation of a family that, for the best part of a century – through wars, assassinations, man-made disasters and economic crises – has kept publishing Annahar, a Lebanese broadsheet described by Time magazine as “the newspaper […]
Analysis Mining Tight supply and strong demand pressure silver prices Gulf investors – and romantics – may have to keep a watchful eye on silver in the months ahead as tight supply and strong demand make their impact on prices. This will not only have consequences for those looking for jewellery, but also for industries ranging from solar photovoltaics (PV) to electric vehicles (EVs), and […]
Analysis Real Estate Dubai WFH push unlikely to curb strong office space demand Dubai’s policy of encouraging people to work from home to help curb the city’s growing traffic congestion is unlikely to dent the high demand for office space and rising commercial rental rates, real estate experts say. “Remote work is here to stay, let us it embrace together,” Omar Al Olama, UAE minister of state for […]
Analysis Renewable Energy Trump’s climate agenda ‘may push UAE investors away from US’ Masdar and the UAE’s other renewable energy companies may need to rethink their US investments now that President Donald Trump has pulled the plug on new offshore wind projects, industry watchers have warned. “We’re not going to do the wind thing. Big, ugly windmills. They ruin your neighbourhood,” Trump said on his return to the […]
Analysis Real Estate Dubai WFH push unlikely to curb strong office space demand Dubai’s policy of encouraging people to work from home to help curb the city’s growing traffic congestion is unlikely to dent the high demand for office space and rising commercial rental rates, real estate experts say. “Remote work is here to stay, let us it embrace together,” Omar Al Olama, UAE minister of state for […]
Tourism Growing number of Chinese celebrating new year in UAE The UAE has recorded an increase in the number of Chinese travellers making the journey for new year celebrations this year. Arrivals from China to the UAE have grown 9 percent year on year, a study by the travel insight specialist ForwardKeys has found. While exact details of the dates surveyed or total number of […]
Employment Saudi fund helps 17% more citizens join private sector The Human Resources Development Fund (Hadaf) contributed to the employment of 437,000 Saudi citizens in the private sector in 2024, 17 percent more than the year before, the fund has announced. The fund said it also provided training and guidance services to 2 million people last year in support of the kingdom’s “Saudisation” efforts to […]
Opinion People & Lifestyle The top hotspots for millionaire migrants Dubai, Australia and Singapore are expected to emerge as the biggest beneficiaries
Analysis Media & Advertising The million-dirham draw of digital billboards Revenues for billboard operators have grown as much as eightfold in the past few years as digitalisation has given out-of-home (OOH) advertising a notable boost. Sometimes seen as a bellwether for the local economy, billboards get plenty of viewing time in places such as Dubai during morning and evening traffic rush hours when cars are […]
Opinion Media & Advertising Television: Who watches the watchers? Saudi Arabia is taking a long-awaited step forward in audience measurement
Economy Turkey faces $3bn payout for pensioners and wage support Turkey will have to pay out an estimated TL110.8 billion ($3.12 billion) after increasing minimum pension payments and wage support to companies. Vedat Isıkhan, the labour minister, announced on January 7 that the minimum monthly state pension would be increased by 15.75 percent, taking the base rate payment to TL14,469 ($409). Nearly 3.87 million pensioners will benefit […]
Analysis Employment UAE and Kuwait companies struggling to hire staff Companies in the UAE and Kuwait are struggling to afford new staff as a result of squeezed margins, according to the latest business sentiment survey. For the third successive month, non-oil companies operating in the UAE highlighted a reduction in prices charged, with discounting used to support sales amid a highly competitive market. This was […]
Oil & Gas Opec+ to take joint stance on Trump oil policy The Opec+ group of leading oil producers is set to discuss President Donald Trump’s efforts to raise US oil production and take a joint stance on the matter, Kazakhstan said on Wednesday. Trump last week laid out a sweeping plan to help maximise oil and gas production, including by declaring a national energy emergency to speed up permitting […]
Economy EU’s $3bn to back Jordan’s economy amid challenges The European Union (EU) will provide a €3 billion ($3.13 billion) financial package to Jordan to support its growth, as it manages the impact of regional geopolitical challenges. The 2025-2027 financial package will include €640 million in grants, €1.4 billion in investments, and €1 billion in macro-financial assistance. “Jordan is a key partner for Europe in the Middle […]
Banking & Finance Adia-backed bidders close in on Malaysia Airports buy-out A $4.2 billion bid to buy out Malaysia Airports backed by the Abu Dhabi Investment Authority (Adia), the emirate’s biggest sovereign wealth fund, has moved a step closer. Shareholder acceptance of the bid is above 95 percent. The offer is by a consortium called the Gateway Development Alliance (GDA), which is led by Malaysia’s sovereign […]
Real Estate London tower project announced by Abu Dhabi’s Modon A joint venture with property developer British Land and the Singapore sovereign wealth fund GIC to develop a dual high-rise office-led tower project in central London has been announced by Abu Dhabi’s Modon Holding. The partnership will deliver a 750,000 square feet mixed-use project at an office-led campus in Broadgate in the City of London. It […]
