Analysis Oil & Gas Middle East oil producers claw back India market share from Russia Middle East oil producers are clawing back market share from Russia in India. The Gulf producers – led by Iraq, Saudi Arabia and the UAE – have made gains as US-led sanctions on Moscow bite and Chinese buyers take more Russian oil. Middle East oil exports to India, which is poised to become the world’s […] February 19, 2025
Business of Sport Stadium naming rights for sale ahead of World Cup It is early days yet but the commercial case for local and international private sector companies sponsoring sports arenas in Saudi Arabia may yet emerge, after the 2034 host of the Fifa World Cup opened its stadiums to naming rights. For the moment, however, it looks as if state-backed companies with a mandate to promote […] February 19, 2025
Analysis Banking & Finance Share price rally tipped to keep rolling for UAE banks A year-long rally in share prices for major UAE banks still has some steam in it, underpinned by loans growth and attractive dividend yields, analysts have said. In the 12 months to February 11, the share price of Abu Dhabi Commercial Bank (ADCB) surged by almost 40 percent. Shares in Emirates NBD, Mashreq and Dubai […] February 19, 2025
OpinionOIL & GAS Without rapid reform of Libya’s oil sector, a national financial crisis could be on the cardsSalem Maiar, Libyan natural resources consultant
OpinionFINANCEFor the umpteenth year, DIFC confirmed that it is the leading financial centre in the regionFrank Kane, Editor-at-Large, AGBI
OpinionenergyBaghdad needs to work fast to avoid an energy crisis and the GCC could be a critical partnerRobin Mills, CEO, Qamar Energy
Analysis Telecoms Red Sea attacks put security spotlight on vital subsea cables What do Houthi attacks on shipping in the Red Sea, a new data centre in Saudi Arabia and the icy waters of the Baltic Sea have in common? In short, they reflect a new Gulf Arab, and indeed global, focus on protecting vital submarine cable networks and potentially developing alternative, terrestrial routes. The Yemeni militia’s […]
Analysis Trade Gulf-South America trade surges as economies grow When Dubai’s Emirates airline started flying from Dubai to Bogotá in Colombia last summer, it not only provided a vital link between the two cities but also highlighted growing trade and investment links between the Gulf and South America. UAE-Argentina non-oil trade surged more than 70 percent last year to $537 million, according to the […]
Economy Saudi Arabia’s anti-corruption efforts paying off Bribery and abuse of influence are the leading corruption offences in Saudi Arabia’s public sector, according to a new report. Saudi Arabia’s Oversight and Anti-Corruption Authority (Nazaha), formed in 2011, arrested 1,708 people last year on corruption charges, according to legal, risk and regulatory advisory company Secretariat. Charges included embezzlement, money laundering, forgery and misuse […]
Tourism Gulf’s first casino likely to spur hotel demand in RAK The Gulf’s first casino, being developed by Las Vegas-based Wynn Resorts in the UAE’s Ras Al Khaimah (RAK), is likely to spur investment in the emirate’s hotel sector through to 2030 to plug an expected shortfall in supply, say developers. Home to the UAE’s sixth biggest town by population, RAK needs to add about 24 […]
Analysis Energy Oman advances liquefied hydrogen export project While countries in the Gulf have big ambitions for hydrogen projects, they are still trying to work out how to export it. Oman, however, is advancing plans to establish what it says is the world’s first commercial scale liquid hydrogen “corridor” to export to Europe green hydrogen produced domestically. Usually, producers think about transforming it […]
Health Waha Capital to expand UAE health business Abu Dhabi’s Waha Capital, a listed company with $2.6 billion of assets under management, plans to expand its healthcare business in the UAE, and could make acquisitions to do so. The company aims to tap demand from the emirates’ expanding population and visitors from India, its chief financial officer said. Waha is part-owned by Abu […] February 19, 2025
Aviation Etihad Airways’ profit more than triples to almost $500m Etihad Airways’ net profit more than tripled last year to $476 million, the company said on Wednesday as the carrier pushes ahead with plans for an initial public offering. The earnings were boosted by $5.7 billion in passenger revenue and $1.1 billion in cargo revenue, the company said, also citing “significant operational efficiency improvements”. “Looking […] February 19, 2025
Analysis Banking & Finance Share price rally tipped to keep rolling for UAE banks A year-long rally in share prices for major UAE banks still has some steam in it, underpinned by loans growth and attractive dividend yields, analysts have said. In the 12 months to February 11, the share price of Abu Dhabi Commercial Bank (ADCB) surged by almost 40 percent. Shares in Emirates NBD, Mashreq and Dubai […] February 19, 2025
Gaming Second casino in UAE not on cards, says Wynn’s CEO A second casino in the UAE is unlikely for quite some time, according to the man whose company is building the first gaming outlet in the Gulf. Wynn Resorts of Las Vegas last year won a licence to build and operate a casino in the UAE emirate of Ras Al Khaimah. Wynn CEO Craig Billings, […] February 18, 2025
Opinion Finance If you’re looking for bad news, DIFC is not the place It was another record year for the company, including a mind-boggling 68 percent leap in net profits February 18, 2025
Gaming Saudi company in talks to buy Pokémon Go maker Scopely, a video game developer and publisher owned by Saudi Arabia’s Public Investment Fund, is reportedly in talks to buy the gaming division of the company that created Pokémon Go. The deal to acquire the video game business of Niantic, a company that develops augmented reality mobile games, could be worth $3.5 billion, according to […] February 19, 2025
Business of Sport LIV Golf losses outside US widen to almost $400m Saudi-government owned LIV Golf posted a second year of financial losses, widening to almost $400 million in the 12 months to April 5, 2024, through its global tournaments outside the US. UK-based LIV Golf Ltd has attracted some of the world’s biggest names in the sport and runs tournaments in Australia, Singapore, Spain, Mexico, the […] February 19, 2025
Business of Sport Stadium naming rights for sale ahead of World Cup It is early days yet but the commercial case for local and international private sector companies sponsoring sports arenas in Saudi Arabia may yet emerge, after the 2034 host of the Fifa World Cup opened its stadiums to naming rights. For the moment, however, it looks as if state-backed companies with a mandate to promote […] February 19, 2025
Banking & Finance CEO of $320bn Saudi pension fund to step down The CEO of Hassana Investment Company, which manages Saudi Arabia’s $320 billion social security and pension fund, will step down later this year. Saad Al Fadly will leave Hassana, the investment manager for General Organization for Social Insurance (Gosi), on July 1, the company said in a statement. He will remain a board member. Al […] February 19, 2025
Renewable Energy Acwa Power to build 2GW wind power project in Egypt Saudi renewables major Acwa Power will build, own and operate a 2-gigawatt (GW) wind power generation plant in South Hurghada, Egypt, typically enough to power nearly 2 million homes. The company, which is listed on the Saudi stock exchange, signed a 25-year power purchase agreement (PPA) with the state-run Egyptian Electricity Transmission Company for the SAR8.6 […] February 19, 2025
Trade Qatar to invest $10bn in India and launch free trade talks Qatar has agreed to invest $10 billion in India as trade ties between the two deepen. The countries have committed to double the level of imports and exports to $28 billion in the next five years and to establish a free trade agreement. A joint statement said Qatar would explore investment opportunities in sectors including […] February 19, 2025
Aviation Passenger traffic rises 13% in Jordan’s largest airport Passenger volumes at Queen Alia International Airport (QAIA), Jordan’s largest airport, recovered in January, the Jordan Times reported. Data from the airport’s operator Airport International Group (AIG) showed that QAIA received 784,992 passengers last month, a 13 percent year-on-year increase. Aircraft movements grew 5 percent year on year to 6,061 flights, but air freight traffic […] February 19, 2025
Oil & Gas Oman LNG strikes 10-year deal with Swiss trader Oman LNG has signed a long-term liquefied natural gas (LNG) supply agreement with Mercuria, a Swiss-based trading company. Under the 10-year deal, the state-owned company will supply 800,000 metric tonnes per annum (mtpa) starting this April, the state-run Oman News Agency reported. Hamed Mohammed Al Nu’amani, CEO of Oman LNG, said the agreement expands its […] February 19, 2025
Economy Public wage bill cuts into infrastructure spend, Kuwait bank says Kuwait’s government is spending too much money on wages and not enough on pressing infrastructure needs, the country’s largest bank has said. “Kuwait is still facing structural challenges in its fiscal policy because allocations for wages and social aid account for nearly 80 percent of total spending,” the National Bank of Kuwait (NBK) said. Kuwait, […] February 19, 2025
Logistics Oman seeks $330m in shipping company IPO Asyad, Oman’s state-run shipping company, is selling shares to the public this month in an effort to raise more than $330 million to fund expansion of its container and storage facilities at the country’s ports, and grow its fleet of vessels by more than a third. Oman is also selling off state assets to reduce […] February 19, 2025
Industry Cheap sugar from India and Brazil forces cuts on Gulf refiners Cheap sugar from India and Brazil flooding the global market has forced Gulf refiners to cut production. Managers at Al Khaleej Sugar in Dubai told local media at a conference that the company was operating at 70 percent capacity as regional sugar refineries struggle with overcapacity. The UAE is among the top consumers of sugar, […] February 18, 2025
Analysis Oil & Gas Opec+ market share to fall as US ramps up oil output Opec+ members’ market share is likely to shrink this year and in 2026 as non-Opec supply led by the US accelerates, according to energy experts. The Opec+ group’s market share was 53 percent when it was set up in 2016. That figure is likely to drop to 46 percent in 2025 and 2026, even as […] February 18, 2025
Banking & Finance Arab banks draw up plan to rebuild Syria’s ailing banking sector A three-year plan to restructure Syria’s ailing banking sector, which is suffering from massive non-performing loans, is being prepared by the Union of Arab Banks (UAB), an industry association, with the help of unnamed European institutions. The Beirut-based UAB’s secretary general, Wisam Fatouh, told the Saudi Arabic language daily Aleqtisadia on Monday that the restructuring plan involves […] February 18, 2025
Sustainability Turkey receives climate funding from Beijing agency Turkey has secured a $5 billion investment commitment from the Asian Infrastructure Investment Bank (AIIB), a Beijing-based multilateral funding agency, to support its long-term climate strategy. Turkish finance minister Mehmet Simsek and AIIB president Jin Liqun signed a memorandum of understanding for the investment programme, at a conference in Saudi Arabia, the bank said. The programme […] February 18, 2025
Manufacturing Turkey’s Togg considers factories in Asia Turkey’s electric vehicle (EV) maker Togg is looking to expand manufacturing to Asian countries such as Malaysia, Indonesia and Pakistan, President Tayyip Erdoğan has said. Pakistan has already expressed interest in producing Togg vehicles, Daily Sabah reported citing the president. Erdoğan has given Toggs to each of the leaders of the three nations, saying it is […] February 17, 2025
Tourism Tourists shun Turkish resort over earthquake fears Hotel bookings in the popular tourist resort of Bodrum on Turkey’s Aegean coast are down because of fears over earthquakes and tsunamis. The Greek island of Santorini has recently suffered a spate of quakes, which has prompted an exodus of tourists. The Bodrum Hoteliers Association said early season hotel reservations are down on this time […] February 14, 2025
Trade Turkey and Pakistan target $5bn bilateral trade Turkey and Pakistan plan to increase bilateral trade to TL180.5 billion ($5 billion) after it rose 30 percent year on year to $1.4 billion in 2024. “The bilateral trade volume between Turkey and Pakistan reached its highest level in 2024,” Daily Sabah newspaper reported, quoting President Tayyip Erdoğan’s speech at a business forum in Islamabad. […] February 14, 2025
Agriculture Cut flowers are a growth industry for Turkey February is the busiest month for Turkey’s cut flower exporters, as Valentine’s Day on the 14th of the month results in 70 million or more blooms being shipped to markets across the continent. Revenue of between $8 million and $10 million is expected, and with International Women’s Day following close behind on March 8, increased […] February 14, 2025
Analysis Oil & Gas Cyprus-Egypt pipeline paves way for island’s gas industry After years of high hopes and false starts, Cyprus’s natural gas industry might finally be flowing after the island state agreed this week to pipe prospective gas to Egypt, which is likely to be exported to Europe in liquid form. The deal highlights the potential importance of Cypriot gas in the Eastern Mediterranean, particularly after […] February 18, 2025
Real Estate Emaar to up investments in Egypt by another $7bn Emaar Properties, Dubai’s largest listed developer by market capitalisation, intends to increase its investments in Egypt to $25 billion over the next three years, up from the existing $18 billion, the company’s founder Mohamed Alabbar has said. The increase reflects growing confidence in Egypt’s real estate market, Al Arabiya, an Arabic-language news channel, reported citing […] February 17, 2025
Logistics DP World nears opening of $80m logistics hub in Egypt Global ports operator and logistics company DP World has completed nearly two-thirds of the work on the first phase of a $80 million logistics hub in Egypt’s Suez Canal Economic Zone. The 300,000 sq m complex is due for completion in June. It aims to reduce logistics costs and strengthen connections between Egypt, the Middle East […] February 12, 2025
Real Estate Egyptian contractor to build houses in Equatorial Guinea Egypt-based Arab Contractors Company will build 100,000 housing units in Equatorial Guinea as part of a cooperation agreement signed between the two governments. The mega project will be under the direct supervision of Egypt’s housing ministry. Financial details of the project were not disclosed. The ministry is currently supervising the Tanzanian dam project, which is […] February 11, 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
Tourism Luxury travel is the engine of Saudi’s tourism market Saudi Arabia has focused on high-end tourism to create a name for itself, but will need to cater to the broader market in the longer term
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 […]
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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 […]
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 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 […]
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 […]
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 […]
