Finance Gulf investments grow in Cyprus both onshore and off Sovereign wealth funds are eyeing up real estate while energy companies have set their sights on the sea March 14, 2025
Analysis Employment Barriers remain high for women seeking jobs in the Middle East A “shocking” lack of care facilities for the elderly, few options for childcare, unsafe transport and poor access to credit all combine to make it hard for even highly educated women in the Middle East and North Africa to progress in their careers. That is the belief of Hela Cheikhrouhou, a senior official with the […] March 14, 2025
Analysis Aviation Saudia ‘still a flag carrier’ ahead of Riyadh Air launch Saudi Arabia’s flag carrier Saudia is upgrading its fleet with new Boeing and Airbus aircraft even as the government prepares to start a new airline later this year. The 80-year-old carrier has 118 aircraft on order, most of which will replace older models in its existing fleet of 147, and are scheduled to arrive through […] March 14, 2025
OpinionTRavelThe surge in corporate travel before Ramadan is not unexpected, but a predictable annual trendAndrew Baturin, CMO, Tumodo
OpinionMediaBrands are afraid to poke fun at Ramadan, as if its values are incompatible with laughterAustyn Allison, Middle East advertising expert
OpinionOil & GASThe standout quote from day one of CERAWeek came from the CEO of Saudi AramcoFrank Kane, AGBI Editor-at-Large
Analysis Finance Growth-stage investment heats up as Gulf IPOs gain traction Global investors are increasingly vying for stakes in later-stage Gulf startups, betting on the region’s economic expansion and stronger exit opportunities, as the regional IPO markets gain momentum. The region, long overlooked for growth-stage capital – minority investments in established companies aimed at accelerating expansion – is witnessing a surge of interest from giants such […]
VIDEO EXCLUSIVE Oil & Gas CERAWeek day 2: ‘Cautious optimism’ among the oilmen On day two of CERAWeek in Houston, AGBI spoke to Joseph McGonigle, founder of the Global Center for Energy Analysis and former head of the International Energy Forum, about the second Trump administration. Watch the video to find out why McGonigle, who worked at the US Department of Energy under President George W Bush, sees […]
Finance Asset securitisation in the Gulf takes its first baby steps Asset securitisation, a $14 trillion business in the United States, seems to be finally gaining ground in the Gulf. Last week the UAE lender Deem Finance sealed a $400 million asset securitisation deal with JP Morgan. Emirates NBD of Dubai and Rasmal Ventures in Qatar have also co-invested $7.6 million in the Turkish startup TeamSec, […]
Telecoms Gulf’s push for 6G networks comes too soon, say telecoms experts Gulf plans to develop sixth-generation networks may be premature given the region’s data use and the lack of an immediate need for ultra-fast 6G, say telecoms experts. Although 5G networks are still being rolled out across the region, the UAE is targeting the start of 6G services before 2030. Saudi Arabia has begun laying the […]
Aviation Qatar Airways strives to avoid Etihad’s mistakes Like Etihad before it, Qatar Airways is expanding by buying stakes in other airlines. The Abu Dhabi carrier’s acquisition strategy ended badly, however. Three airlines in which it invested went bust and it lost $1.87 billion in one year alone in 2016. Qatar Airways may have better luck, analysts say. The state-owned carrier, which started […]
Banking & Finance Ominvest 2024 profits hit by insurance subsidiary losses Losses at an insurance subsidiary caused by the deadly floods that struck Oman and the UAE last year hit profits at Oman International Development and Investment Company (Ominvest), a large listed holding company. Ominvest reported net profit of $96 million in 2024, down 7 percent year on year from $104 million in 2023. The company’s […] March 14, 2025
Manufacturing UAE aluminium exports to US jump ahead of tariffs The UAE’s exports of aluminium to the US jumped in the first 11 days of March, data from the US Department of Commerce showed, as buyers stocked up on shipments from their second-biggest supplier before the US tariffs took effect on Wednesday. So far in March, the UAE exported 68,560.29 metric tonnes of aluminium to the […] March 14, 2025
Oil & Gas Gulf Navigation buys Nasdaq-listed Brooge Energy Dubai-listed Gulf Navigation Holding is building its presence in the midstream oil and gas and logistics sectors following the acquisition of a Nasdaq-listed oil refining and storage company. Shareholders on Thursday approved the buying of assets and companies owned by Brooge Energy Limited, the company said in a statement to the Dubai stock exchange. This […] March 14, 2025
Business of Sport Sports and entertainment park added to Dubai’s free zones Dubai is adding a sports and entertainment business park to its more than 30 free zones. The International Sports and Entertainment Free Zone (ISEZA), which will be housed inside the existing Dubai World Trade Centre free zone, will compete with similar sports technology business parks in Saudi Arabia, Singapore and even Israel. Dubai’s free zones […] March 13, 2025
Banking & Finance Aldar’s green sukuk seven times oversubscribed Aldar Properties said the $500 million sukuk (Islamic bond) issued by its subsidiary was oversubscribed more than seven times. The sukuk order book of Aldar Investment Properties reached $3.6 billion, with regional and global investors making up 61 percent and 39 percent of the requests, the developer said in a statement. Sukuk are sharia-compliant bonds […] March 13, 2025
Business of Sport PIF considers new stadium for Newcastle United Saudi Arabia’s sovereign wealth fund is considering funding a new stadium development for English Premier League (EPL) side Newcastle United, according to UK media reports. The Public Investment Fund (PIF), which has over $925 billion worth of assets, led a buyout of Newcastle in October 2021, alongside PCP Capital Partners and RB Sports & Media […] March 14, 2025
Oil & Gas Chinese demand for Saudi crude to drop 13% in April Shipments of crude oil by Saudi Arabian to its biggest customer, China, are expected to drop in April to their lowest in more than a year, trade sources said on Thursday, partly due to maintenance at Chinese refineries owned by Sinopec. Saudi Arabia allocated about 35.5 million barrels of oil in April to its Chinese […] March 14, 2025
Analysis Aviation Saudia ‘still a flag carrier’ ahead of Riyadh Air launch Saudi Arabia’s flag carrier Saudia is upgrading its fleet with new Boeing and Airbus aircraft even as the government prepares to start a new airline later this year. The 80-year-old carrier has 118 aircraft on order, most of which will replace older models in its existing fleet of 147, and are scheduled to arrive through […] March 14, 2025
Oil & Gas IEA’s hard line on oil glut clashes with Opec forecast The International Energy Agency (IEA) has said US tariffs will contribute to a decline in global oil demand growth this year, once again contrasting with Opec’s more optimistic forecast. In a monthly report published on Thursday the IEA forecast that oil demand would grow by 1 million barrels per day (bpd) in 2025, down 70,000 […] March 13, 2025
Giga-projects Saudi Arabia still needs consultants despite PwC ban Saudi Arabia’s Public Investment Fund may have banned the global professional services giant PwC from any new advisory work for the next year, but the kingdom still needs all the help it can get, according to analysts. The country is spending billions of dollars on infrastructure and other projects as it attempts to diversify its […] March 13, 2025
Economy Jordan most active gold trader as Mena states adjust holdings Middle Eastern states are upping their trade in gold as price shifts create opportunity. Qatar, Egypt and Jordan have all bought sizeable amounts of gold in recent months, according to data from the World Gold Council and official announcements. Qatar and Egypt increased their holdings by 1.2 and 0.5 tonnes respectively, March data from the […] March 14, 2025
Analysis Employment Barriers remain high for women seeking jobs in the Middle East A “shocking” lack of care facilities for the elderly, few options for childcare, unsafe transport and poor access to credit all combine to make it hard for even highly educated women in the Middle East and North Africa to progress in their careers. That is the belief of Hela Cheikhrouhou, a senior official with the […] March 14, 2025
Oil & Gas Qatar to supply Syria with natural gas to ease power crisis Qatar has signed an agreement to supply natural gas to Syria via Jordan, a significant step towards addressing the war-torn nation’s energy crisis. The agreement, signed between Qatar Fund for Development (QFFD) and Jordan’s energy ministry, in collaboration with the United Nations Development Programme, will contribute to generating up to 400 megawatts of electricity daily […] March 14, 2025
Banking & Finance Ominvest 2024 profits hit by insurance subsidiary losses Losses at an insurance subsidiary caused by the deadly floods that struck Oman and the UAE last year hit profits at Oman International Development and Investment Company (Ominvest), a large listed holding company. Ominvest reported net profit of $96 million in 2024, down 7 percent year on year from $104 million in 2023. The company’s […] March 14, 2025
Manufacturing Morocco probes alleged dumping of Egyptian and UAE steel wire Morocco has started an investigation into the alleged dumping by Egyptian and Emirati producers of galvanised steel wire used in agriculture and industry, according to local media. The investigation comes after Moroccan companies complained that Egyptian and UAE steel wire is being dumped at below market rates in the Moroccan market, Morocco World News reported. […] March 14, 2025
Real Estate Dar Global expands Trump-branded project in Oman Saudi Arabia’s Dar Al Arkan Real Estate Development is upgrading a Trump Organisation golf course in Oman to championship level and expanding an adjacent $4 billion luxury gated community project. Dar Global, the London-listed international arm of Dar Al Arkan, said it added nearly one million square metres of beachfront land to its Aida Muscat […] March 13, 2025
Aviation Kuwait’s Jazeera Airways CEO buys shares in his own airline The CEO of Kuwait’s Jazeera Airways has bought nearly 50,000 shares in his own company as the airline embarks on a five-year plan to boost performance. Barathan Pasupathi purchased the shares between March 9 and 10, according to company disclosures on the Kuwaiti Bourse, worth roughly KD4.7 million ($15 million). Shares in the company opened […] March 13, 2025
Oil & Gas Production resumes at Libya’s Mabruk oilfield after a decade Libya has resumed production at the Mabruk oilfield after a decade-long shutdown, the Tripoli-based Government of National Unity said on Wednesday. Production under Mabruk Oil Operations officially restarted on Sunday at an initial rate of 5,000 barrels per day, according to a government statement, with plans for an increase to 7,000 bpd by the end […] March 13, 2025
Economy Turks turn to credit cards for foreign purchases Turks are increasingly using credit cards to buy goods and services abroad, as inflation and taxes eat away at their buying power at home. Turkish people used their credit cards more than 380 million times for overseas purchases last year, spending $11.5 billion, according to a new report by the central bank’s Bankalarası Kart Merkezi […] March 14, 2025
Oil & Gas Turkey ties up with US to develop its shale fields State-backed Turkish Petroleum Corporation and US energy companies Continental Resources and TransAtlantic Petroleum will jointly develop unconventional oil and natural gas resources in the Diyarbakir Basin in the east of Turkey, according to a statement. “This cooperation will greatly contribute to our goal of bringing Turkey’s oil and gas resources to our economy,” energy minister […] March 13, 2025
Manufacturing Hyundai to start building electric cars in Turkey next year Hyundai is the latest in a string of Asian car companies looking to build electric vehicles in Turkey, taking advantage of its proximity to the European Union and Russia. However, components made in Turkey will almost certainly be used less than they are in the manufacture of petrol cars, analysts have said. South Korea’s Hyundai […] March 11, 2025
Retail Watchdog investigates four of Turkey’s biggest retailers Turkey’s competition watchdog is carrying out an investigation into four of the country’s five biggest retailers by sales, the supermarket group Carrefour, the discount store chain BİM, the supermarket chain Migros and the discount store group Şok. Their shares on the Boursa Istanbul fell by as much as 6.3 percent on Monday, the day the […] March 11, 2025
Finance Asset securitisation in the Gulf takes its first baby steps Asset securitisation, a $14 trillion business in the United States, seems to be finally gaining ground in the Gulf. Last week the UAE lender Deem Finance sealed a $400 million asset securitisation deal with JP Morgan. Emirates NBD of Dubai and Rasmal Ventures in Qatar have also co-invested $7.6 million in the Turkish startup TeamSec, […] March 11, 2025
Tourism UAE to fund new luxury hotel near Egypt’s Giza pyramids The UAE will back the development of a five-star hotel near the pyramids in Giza outside the capital Cairo to support Egypt’s tourism, state-run Wam news agency reported. State-backed Abu Dhabi Fund for Development (ADFD), which specialises in development financing at below market rates, will provide AED440 million ($120 million) to build a 302-key Sofitel […] March 14, 2025
Banking & Finance Emirates NBD to buy stake in Egypt’s Banque du Caire Emirates NBD, Dubai’s largest bank by assets, has begun due diligence ahead of buying a stake in Egypt’s sixth-largest commercial bank, Banque du Caire. The purchase would be the latest sale of a government-owned asset in a stalled privatisation programme, according to regional media. Egypt agreed an expanded $8 billion loan from the International Monetary […] March 13, 2025
Economy IMF releases fourth tranche of loan to Egypt The International Monetary Fund (IMF) has approved the release of funds to Egypt following the fourth review of an emergency loan progamme but has warned the government that “more decisive implementation of reforms will be critical”. This disbursement of $1.2 billion brings Egypt’s total loan to about $3.2 billion under an extended fund facility (EEF) worth $8bn, […] March 12, 2025
Real Estate Egyptians show sudden interest in Dubai property Egyptians are leading the way in the Dubai property market in terms of the rate of increase of buyers by nationality. In the first two months of this year, the number of Egyptians buying in the Dubai property market more than doubled – up 150 percent – over the same two-month period in 2024, according […] March 11, 2025
Economy Egypt’s headline inflation nearly halves in February Egypt’s annual urban consumer price inflation plunged to 12.8 percent in February from 24 percent in January, decelerating even faster than analysts had expected, official data showed on Monday. The drop was amplified by a statistical base effect, as exceptionally fast price increases of the past two years were no longer reflected in the statistics, […] March 11, 2025
Food & Drink Supply restrictions send Turkey date prices soaring Prices for dates in Turkey ahead of Ramadan pretty much always rise because that is when demand surges. The Turks are otherwise not big eaters of the dried fruit. But during Ramadan it is usually the first food muslims in the Middle East and elsewhere tend to eat to break the fast after a long […]
Retail Chinese car makers target UAE’s Ramadan bargain hunters Chinese car makers look set to win big over traditional manufacturers from the US, Japan and Europe among Ramadan bargain hunters in the UAE this year. For years, Japanese, American, and European carmakers have relied on Ramadan promotions, offering free insurance, extended warranties and zero percent financing, to increase sales. But buyers, squeezed by inflation, […]
Analysis Markets Gulf CEOs urged to conquer fear of earnings call Earnings calls for analysts, reporters or investors are a staple for listed companies in Western markets. The same is not true in the Gulf, however, and experts say that can make it harder to assess a company’s performance and justify its stock valuation. It can also deter institutional investors, limit liquidity and slow market growth. […]
VIDEO EXCLUSIVE Tech Errol Musk: Tower will be a ‘truly international institute’ Errol Musk told AGBI in an exclusive video interview during his visit to Dubai that the Musk Tower that is to be built in the UAE will serve as an innovation centre. It will also foster developments in science “that are ignored”, including “space-time travel and gravity”, he said. Discussions are ongoing with Abu Dhabi-based […]
Analysis Real Estate How Qatar escaped a World Cup property glut Three years on, it is clear that Qatar has by and large avoided what plagued many of its World Cup host predecessors – the big White Elephant. In spite of a rush of building projects to open a slew of new hotels and apartments for the November-December 2022 event, the gas-rich nation was shrewd enough […]
Opinion Employment New UAE gratuity scheme could leave staff worse off Replacing end-of-service benefit with a defined contribution fund could cost expat workers thousands
Opinion Food & Drink Rising prices open door for Saudi Arabia to lead coffee market With its favourable topography and climate, the Arabian Peninsula has the potential to be a major producer
Analysis Food & Drink Dubai restaurants risk out-pricing customers on alcohol costs The cost of eating out in Dubai’s restaurants is rising, especially if you’re washing your meal down with an alcoholic drink. Last year, Dubai was named the third-most expensive city in the world for a half-litre of draught beer at an average of $10.89, according to price comparison website Numbeo. Qatar was number one, followed […]
Analysis Tourism Moroccan tourism startups build momentum ahead of World Cup Startup innovation and entrepreneurship are helping to fuel growth in Morocco’s tourism industry. The sector’s importance to the economy is increasing as the country prepares to co-host the Fifa World Cup in 2030. Morocco welcomed 17.4 million international tourists in 2024, a 20 percent increase on 2023, the latest data from the UN World Tourism […]
Opinion Media & Advertising What’s in a (badly spelt) brand name? Brands – and their branding and PR agencies – like to feel special
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 […]
Opinion Leisure & Hospitality Sotheby’s first Saudi auction: a test of Gulf’s market potential The 150 lots will feature everything from Picasso to Hermès handbags, at prices up to $1.5m
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+ hesitant on oil output rise amid US sanctions Opec+ is debating whether to raise oil output in April as planned or freeze it, as its members struggle to read the global supply picture because of fresh US sanctions on Venezuela, Iran and Russia, eight Opec+ sources said. Opec+ usually confirms its supply policy one month in advance to have time to allocate crude […]
Agriculture UAE’s Aqua Bridge to build aquaculture farm in India A UAE aquaculture company linked to the ruling Al-Maktoum family of Dubai has agreed to develop an aquaculture farm and research centre in the Indian state of Uttar Pradesh at an initial cost of $461 million. Aqua Bridge Group, whose chairman is Sheikh Ahmed bin Mana bin Khalifa Al-Maktoum, said the partnership project in the […]
Trade InvestSaudi to open second US office in Miami Saudi Arabia’s investment promotion authority, InvestSaudi, will establish its second office in the United States in Miami to target flows to and from North and South America. Khalid A. Al-Falih, the Saudi investment minister, made the announcement on Thursday at the Future Investment Initiative summit in the South Florida city. “By selecting Miami as our […]
Oil & Gas Brazil joins Opec+ oil producers’ group Brazil, the largest oil producer in South America, has officially joined the Opec+ group of more than 20 countries that attempts to manage global oil output. The participation formalises an initial announcement in November 2023, a statement by Opec said. Brazil’s membership will be limited to the Opec+ Charter of Cooperation, a permanent forum between […]
