Analysis Oil & Gas Iraq turns to Turkmenistan to plug Iranian gas gap Iraq has always considered neighbouring Iran as a stable and reliable supplier of natural gas needed to run its power facilities, but experts now believe that alternative sources and domestic Iranian needs have put this relationship in doubt. Iran’s gas exports to Iraq have fluctuated sharply and the shortage has played havoc with Iraq’s power […] January 6, 2025
Analysis Artificial Intelligence UAE’s AI rules ‘prioritise innovation but run risk of gaps’ The UAE’s emphasis on fostering innovation and economic growth has made it an attractive destination for artifical intelligence (AI) investment but could risk leaving gaps in accountability and oversight of personal information, according to industry experts. The challenge “is to balance innovation with safety in a world where AI is already out of the bottle […] January 6, 2025
Economy Egypt targets new $3bn funding despite IMF loan Egypt aims to raise nearly $3 billion by the end of the current fiscal year, which ends in June 2025, finance minister Ahmed Kouchouk has said. The funding will be secured through diverse issuances, Reuters reported, citing an interview with Kouchouk on ONtv, an Arabic-language channel. Kouchouk said Egypt expects to receive $1.2 billion from […] January 6, 2025
OpinionlifestyleThe Marina Walk Bike Ride is ideal exercise – except for the people, dogs and e-scootersFrank Kane, Editor-at-Large
OpinionagricultureSyria presents a valuable farming opportunity following the collapse of the Assad regimeMartin Keulertz, Lecturer, University of the West of England
OpinionEnergyClever strategic joint ventures this year will keep GCC states at the front of the energy packRobin Mills, CEO, Qamar Energy
Video length: 04:13 VIDEO Tech Gulf sovereign wealth funds tilt towards emerging markets In the past 12 months Gulf sovereign wealth funds invested almost $10 billion in China, the largest such volume in history, Diago Lopez, Singapore-based managing director of Global SWF tells AGBI. This reflected a growing bias among Gulf funds towards emerging markets and domestic economies. “Every time [investment managers] are coming across a good opportunity […]
Analysis Oil & Gas Assad’s fall spurs calls to revive Iraq-Syria oil pipeline The overthrow of the former Syrian president, Bashar Al-Assad, has brought calls for the revival of the now-defunct pipeline that once carried crude oil from Iraq to a Syrian port on the Mediterranean. Several Iraqi experts have urged their government to consider rebuilding the facility as an outlet for the Opec member’s oil exports to […]
Analysis Tech China-US tech tensions threaten GCC telecom strategy Gulf countries risk being dragged into the great power “rivalry” between China and the United States when it comes to advanced technology, forcing them to pick a side. As high-tech restrictions are rolled out by Beijing and Washington, the days of buying state-of-the-art semiconductors from the US while installing China’s 5G networks might be over, […]
Real Estate Burj Khalifa at 15: Ups and downs of the world’s tallest skyscraper It may have a few aches and pains but demand in Dubai's supertower remains strong
Analysis Markets Low spreads propel UAE dollar bond issuance to four-year high UAE dollar bond sales in 2024 have hit the highest annual total in at least four years, as corporate and government bodies take advantage of historically low spreads. Issuance in 2025 may reach similar levels, observers believe, as issuers refinance maturing debt. Fifty separate UAE dollar-denominated bond issuances totalled $37.9 billion in the year to […]
Construction Dubai’s $109m Al Mamzar Beach project to open in 2025 Dubai Municipality has awarded contracts for the AED400 million ($108.9 million) Al Mamzar Beach development project, set to open by the end of this year. The second phase focuses on upgrading the Al Mamzar Corniche beachfront and a focus on sustainable beach tourism, the UAE state-run Wam news agency reported. Spread across 125,000 sq m […] January 6, 2025
Finance UAE’s Phoenix Group opens US crypto mining facility Phoenix Group, an Abu Dhabi Securities Exchange-listed company and one of the world’s leading bitcoin miners, has launched its 50 megawatt (MW) cryptocurrency mining facility in North Dakota, US. The opening of the site is part of the company’s bid to expand its capabilities and investments in the US. The company said that the facility, […] January 6, 2025
Tourism Foreign tourists in Dubai hit 17m in 11 months of 2024 International tourist arrivals to Dubai rose by 9 percent to 16.8 million in the first 11 months of 2024, compared to 15.4 million during the same period in 2023, according to official data. Western Europe remained the top source region, accounting for 3.3 million visitors, or 20 percent of the total, the UAE state-run Wam […] January 6, 2025
Analysis Artificial Intelligence UAE’s AI rules ‘prioritise innovation but run risk of gaps’ The UAE’s emphasis on fostering innovation and economic growth has made it an attractive destination for artifical intelligence (AI) investment but could risk leaving gaps in accountability and oversight of personal information, according to industry experts. The challenge “is to balance innovation with safety in a world where AI is already out of the bottle […] January 6, 2025
Video length: 04:13 VIDEO Tech Gulf sovereign wealth funds tilt towards emerging markets In the past 12 months Gulf sovereign wealth funds invested almost $10 billion in China, the largest such volume in history, Diago Lopez, Singapore-based managing director of Global SWF tells AGBI. This reflected a growing bias among Gulf funds towards emerging markets and domestic economies. “Every time [investment managers] are coming across a good opportunity […] January 6, 2025
Economy Saudi Arabia estimates 2025 budget funding at $37bn Saudi Arabia will need estimated funding of SAR139 billion ($37.02 billion) in 2025 to cover the potential budget deficit. Finance minister Mohammed Al Jadaan has approved the borrowing plan, the National Debt Management Cente said in a statement. The ministry anticipates a budget deficit of SAR101 billion for the year, with nearly SAR38 billion of […] January 6, 2025
Oil & Gas Aramco explores building oil refinery in Bangladesh Saudi Aramco is willing to build an oil refinery in Bangladesh to address local and regional demand, according to an official news report. The proposed refinery is expected to meet Dhaka’s growing demand for petroleum products while serving regional markets such as China and India, state-run BSS news agency reported citing Saudi envoy Essa Al […] January 6, 2025
Finance Anti-corruption squad arrests Saudi government employees Government employees were among 145 people arrested in Saudi Arabia over corruption charges last month. The country’s Oversight and Anti-Corruption Authority (Nazaha) conducted 1,462 “oversight visits” in December, during which 390 accused individuals were investigated and the arrests made. Those involved worked for a range of government agencies including the ministries of the interior, defence, […] January 3, 2025
Mining Saudi Arabia chases 15% stake in Pakistan’s Reko Diq mine Saudi Arabia is in talks with Pakistan to acquire a 15 percent stake in one of the world’s largest undeveloped copper and gold resources, a Pakistani government minister has said. Negotiations between the two countries started last year over a minority stake in the Reko Diq copper and gold mine project in Pakistan’s southwestern Balochistan […] January 3, 2025
Industry As prices rise, Saudi cement companies may seek alternatives Cement companies in Saudi Arabia may be forced to turn to more sustainable alternatives after the prices of fuel products used in production rose for the second successive year. Saudi businesses have been given notice of the price increases, which came into effect from the start of this month. The price of methane, the main […] January 3, 2025
Development US to ease Syria aid restrictions but sanctions remain The United States is to announce imminently an easing of restrictions on humanitarian aid and other basic services such as electricity to Syria. The strict US sanctions regime placed on Syria will remain, according to people briefed on the matter. The Wall Street Journal reported that the Biden administration approved the easing of restrictions over […] January 6, 2025
Analysis Oil & Gas Assad’s fall spurs calls to revive Iraq-Syria oil pipeline The overthrow of the former Syrian president, Bashar Al-Assad, has brought calls for the revival of the now-defunct pipeline that once carried crude oil from Iraq to a Syrian port on the Mediterranean. Several Iraqi experts have urged their government to consider rebuilding the facility as an outlet for the Opec member’s oil exports to […] January 3, 2025
Banking & Finance Oman appoints Al Musalmi to head central bank Ahmed Al Musalmi has been appointed governor of Oman’s central bank as the sultanate continues to diversify its economy away from a reliance on hydrocarbons. The appointment was confirmed in a royal decree by Sultan Haitham bin Tariq al Said. Sayyid Asaad bin Tariq Al Said has been named chairman of the board of directors […] January 2, 2025
Mining Oman resumes copper exports as global demand rises Minerals Development Oman (MDO) has resumed exporting copper from the Lasail mine in Sohar with its first shipment in nearly 30 years. The mine, developed by Oman Mining Company, a subsidiary of MDO, produces an average of 500,000 tonnes of copper ore per year. MDO said it also plans to initiate operations at the Al […] January 2, 2025
Economy Oman imposes 15% tax on multinationals Oman will impose a minimum top-up tax (DMTT) of 15 percent on multinational companies from January 1, according to a royal decree published by the Oman News Agency. The tax will apply to multinationals with consolidated annual revenue of OR300 million ($779.2 million), a tax official told the Reuters news agency. Last month the UAE’s […] January 2, 2025
Oil & Gas Iraq gives go-ahead to $4.6bn oil pipeline Iraq has approved the construction of the 5.97 trillion dinars ($4.6 billion) Basrah-Haditha oil pipeline, according to a local media report. The project is being developed by state-backed Basra Oil Company and Oil Projects Company, and funded under the Iraq-China agreement, Shafaq News reported. In August, the oil ministry proposed a pipeline to transport crude […] December 31, 2024
Real Estate Abu Dhabi & Qatar to help fund Indonesian housing Abu Dhabi and Qatar have committed to support Indonesia’s plan to build 15 million houses, according to the head of the housing task force Hashim Djojohadikusumo. Djojohadikusumo said the Qatari government will finance the construction of five million houses, while an unnamed philanthropist from Qatar will contribute towards a further one million houses. He added […] December 27, 2024
Development Qatar reveals commitment to help rebuild Syria Qatar says it will play a central role in the reconstruction of Syria,and has plans to invest in sectors including energy and port infrastructure. Qatar’s state minister for foreign affairs, Mohamed Al-Khulaifi, made the commitment this week in what was the Gulf country’s first official visit to Syria in more than 13 years. In a […] December 24, 2024
Finance Turkey’s inflation falls to lowest in 18 months Inflation in Turkey eased more than anticipated in December 2024, reaching 44.4 percent, the lowest level in 18 months, according to the Turkish Statistical Institute (TurkStat). This marks the seventh consecutive monthly decline following the monetary easing from the central bank. On a monthly basis, consumer prices rose by 1.03 percent in December. Education, housing […] January 6, 2025
Oil & Gas Turkey hopes to offer Russia a gas route into Europe Turkey hopes it can cash in on Ukraine’s decision to halt gas exports from Russia across its territory by offering Moscow an alternative route into Europe through its own network of pipelines for increased transit fees. In the short term, however, its ambitions may be restricted by gaps in infrastructure. As of January 1, Russian […] January 3, 2025
Transport Turkish bidder offers lower fee for Islamabad airport operations A Turkish consortium aims to take over the operations of Pakistan’s Islamabad airport after offering a concession fee below the minimum threshold, Sadiq ur Rehman, the chairman of the bid evaluation committee, has said. The cash-strapped South Asian country is looking to generate revenue by speeding up its privatisation push, including outsourcing the running of three major […] January 3, 2025
Trade Turkey hikes tariffs on Chinese cars to boost investment Turkey has accelerated its policy of targeted tariffs on Chinese vehicles, increasing levies on gasoline and hybrid model imports. Industry insiders believe the move is designed to protect local manufacturers and encourage Chinese investors to set up in the country, even though it is likely to further anger Beijing. The Ankara government announced that tariffs […] January 3, 2025
Economy Poorest parts of Turkey to get $14bn investment The Turkish government has revealed plans to invest more than $14 billion into the country’s underdeveloped southeast. Spending will be ramped up in the nine of Turkey’s 81 provinces that constitute the area close to the borders of Syria and Iraq, traditionally the poorest in the country, with funding to be provided for 200 projects. […] December 31, 2024
Economy Egypt targets new $3bn funding despite IMF loan Egypt aims to raise nearly $3 billion by the end of the current fiscal year, which ends in June 2025, finance minister Ahmed Kouchouk has said. The funding will be secured through diverse issuances, Reuters reported, citing an interview with Kouchouk on ONtv, an Arabic-language channel. Kouchouk said Egypt expects to receive $1.2 billion from […] January 6, 2025
Renewable Energy Acwa Power signs up for 1GW Egyptian wind farm The Saudi energy company Acwa Power has signed agreements worth more than $700 million to fund the development, construction, operation and maintenance of a wind power plant in Egypt. Acwa Power said it signed the 20-year senior debt agreement, worth SAR2.63 billion ($703 million), with a syndicate of development financial institutions. The 1.1GW wind power […] December 31, 2024
Retail MAF Lifestyle awaits ‘stability’ before entering Egypt The lifestyle arm of the UAE conglomerate Majid Al Futtaim is looking for opportunities to expand into Egypt. However, there must be “stability” in the country before any move is made, MAF Lifestyle’s CEO, Fahed Ghanim, has told AGBI. Majid Al Futtaim as a group already runs operations in Egypt, including the Mall of Egypt […] December 30, 2024
Logistics Suez Canal revenue drops $7bn amid Red Sea instability Suez Canal revenue fell 60 percent, or $7 billion, year on year in 2024 as ongoing instability in the Red Sea disrupted global shipping traffic, according to a news report. Despite the significant earnings drop, the Egyptian government is pressing ahead with modernisation projects to enhance the canal’s capacity and maintain its pivotal role in […] December 30, 2024
Energy Egypt secures $275m loan for largest wind farm in Africa Egypt has secured $275 million in funding for the construction and operation of the largest wind farm in Africa. The loan, granted to Suez Wind, includes $200 million from the European Bank for Reconstruction (EBRD) and Development and $75 million from Arab Bank and Standard Chartered. The project is co-financed by the African Development Bank, […] December 26, 2024
Video length: 03:59 VIDEO Finance Investors wary of inflation as Trump pursues ‘America first’ policy When Donald Trump returns to the White House his “America First” policy is likely to increase inflation and global economic fragmentation, according to analysts. “We [the Middle East] need to be much more picky about particular geographies, asset classes and even themes that we favour,” said Ben Powell, chief investment strategist at BlackRock’s Investment Institute, […]
Analysis Real Estate Pricey homes and packed hotels: the year in GCC real estate The story of the Gulf property market this year was about decreased housing affordability and a growing gap between top-quality properties and second-tier ones. Meanwhile, surging numbers of international visitors in the UAE, Saudi Arabia and Qatar brought thriving hospitality and retail sectors in the main tourist hotspots. Industry observers expect 2025 to bring more […]
VIDEO Tech Vero Labs taps into the fan-based asset economy Vero Labs, the social networking company owned by the Lebanese billionaire Ayman Hariri, has partnered with the blockchain platform Avalanche to tap into the multi-trillion-dollar fan-based asset economy sector of the sports and entertainment industry. Last year Vero Labs acquired Tokenise Stock Exchange, a regulated global marketplace where users can buy, sell and trade fan-based […]
Analysis Markets Talabat and Lulu post-listing slump dims allure of UAE IPOs Talabat and Lulu Retail Holdings were the UAE’s biggest initial public offerings (IPOs) in 2024, raising $3.75 billion amid huge investor demand. But the stock prices of both companies have slid since listing on the Dubai and Abu Dhabi bourses respectively, threatening investor confidence in future UAE flotations involving privately run companies. It has also […]
Tourism Winter resorts add to Turkey’s tourist hotspots Sun, sand, sea … and ski. Turkey is ramping up efforts to extend its tourism season to a year-round offering by trying to raise the profile of the country’s winter resorts. This way it hopes to attract a new cohort of visitors, seeking the thrill of skiing on snow rather than water. Turkey currently has […]
Economy 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 […]
Health 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 […]
Analysis Health 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 […]
Tourism 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 […]
Analysis Real Estate 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 […]
Analysis Health 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 […]
Analysis Health 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 […]
Editor's Insight Transport 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 […]
Trade Exports to India from UAE more than double in November Exports to India from the UAE more than doubled year on year to over $6 billion in November, as demand for gold and energy products soared. Imports from India were up by over 11 percent in the same month, reaching $3 billion, data released by India’s commerce ministry showed. Emirati exports to India from April […]
Oil & Gas Kenya extends oil deals with Saudi Arabia and UAE Kenya has extended oil import agreements with one Saudi and two UAE oil companies to ease pressure on its currency, according to media reports. The deals were initially signed with Saudi Aramco, Abu Dhabi National Oil Company and Emirates National Oil Company in March 2023, offering a 180-day credit period, Business Daily newspaper reported. Reuters […]
Markets US fund managers expected to accelerate Gulf investment North American fund managers are underinvested in Gulf equities but that may soon change, according to new research. The region’s low correlation to global and other emerging markets, accelerating economic diversification and improving bourse diversification could make Gulf investments more attractive. Saudi Arabia (4.41 percent), the UAE (1.28 percent), Qatar (0.86 percent) and Kuwait (0.84 […]
Oil & Gas Oil shipments from UAE to Asia to be cut next year The UAE is reducing its oil shipments early next year as Opec+ pushes for compliance with production cuts in order to try to stop prices falling. However it is unclear if this means that the country – Opec’s fifth largest producer – is cutting its output, analysts have told AGBI. Adnoc, the UAE’s state-owned oil […]
