Transport Arab airlines attack EU over cost of green fuel policy Arab airlines have attacked the European Union for its policy on cleaner aviation fuels, which they say could drive their costs up by more than a quarter over the next eight years. The Arab Air Carriers’ Organisation (AACO) says the EU’s aviation sustainability policies involve inconsistencies that unfairly penalise non-European airlines and drive up costs […] February 11, 2025
Exclusive Energy Adnoc Distribution to spend billions on M&A deals Adnoc Distribution, the UAE’s largest fuel and convenience retailer, is looking to deploy $2 billion in potential mergers and acquisitions in the Middle East and beyond, a senior executive has told AGBI. Athmane Benzerroug, Adnoc Distribution’s chief strategy, transformation & sustainability officer, said on Tuesday that with a free cash flow of more than $700 […] February 11, 2025
Analysis Industry Gulf aluminium supplies to US to continue despite tariffs Short-term supplies of aluminium from the Gulf to the US are set to continue despite new tariffs planned by President Trump, according to experts. The new US president announced tariffs of 25 percent on all supplies of aluminium into the US on Sunday. In 2024 the Gulf made up over 16 percent of US aluminium […] February 11, 2025
OpinionEconomyGulf engagement with a US sovereign wealth fund may be more symbolic than substantiveValentina Pasquali, Senior editor, AGBI
OpinionaviationAircraft delivery for 2025 is unlikely to go as planned, hitting hard Middle East carriersJohn Grant, Partner, Midas Aviation
OpiniontelecomsInstead of expanding further in Europe, STC and Etisalat should focus on home comfortsMatt Smith, Senior editor, AGBI
Exclusive 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 […]
Analysis Tourism Gulf water park market risks saturation as numbers grow With the Grand Hyatt Dubai due to open a new onsite water park this year, the UAE and wider Gulf region will add to an already vast collection of slides, lazy rivers, splash parks and other water-based leisure facilities. There being so many is perhaps not surprising given near year-round sunshine and heat in the […]
Manufacturing What Trump’s steel tariffs mean to the Middle East Donald Trump’s proposed US steel tariffs will put Turkish producers most at risk in the Middle East, while Gulf steel exporters will be sheltered from the worst of the damage, experts have told AGBI. On Sunday Mr Trump, the newly elected US president, said he would soon unveil 25 percent import taxes on all steel […]
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 […]
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 […]
Opinion Economy Musk in Dubai? Start queuing now The World Governments Summit was all abuzz with talk that Trump's right hand man might put in a show February 11, 2025
ADVERTORIAL Finance Mashreq: inspired by your vision, empowering your success Founded in 1967, Mashreq is the UAE’s oldest bank. Its deep-rooted industry knowledge and experience in an increasingly dynamic financial landscape make it uniquely equipped to meet its corporate clients’ needs. Operating across key regions including Mena, Asia, Europe and the US, Mashreq Corporate leverages its international network, industry insights and operational flexibility to help […] February 11, 2025 Advertorial
Exclusive Energy Adnoc Distribution to spend billions on M&A deals Adnoc Distribution, the UAE’s largest fuel and convenience retailer, is looking to deploy $2 billion in potential mergers and acquisitions in the Middle East and beyond, a senior executive has told AGBI. Athmane Benzerroug, Adnoc Distribution’s chief strategy, transformation & sustainability officer, said on Tuesday that with a free cash flow of more than $700 […] February 11, 2025
Oil & Gas Adnoc to sign LNG deal with India’s BPCL State-run Abu Dhabi National Oil Company (Adnoc) will supply 2.5 million tonnes of liquefied natural gas (LNG) to India’s Bharat Petroleum Corporation (BPCL) under a new five-year deal, sources with knowledge of the matter have said. Indian’s state refiner will receive 40 cargos of LNG under the five-year contract with supplies beginning in April. In […] February 11, 2025
Retail Lulu’s 2024 profit strong but fourth quarter takes a hit Lulu Retail, the largest grocery retailer in the GCC, said 2024 net profit rose 12 percent to $249 million from $222 million in 2023, thanks to new store rollouts and improved margins. Revenue increased 5 percent year on year to $8 billion, driven by strong performance in Oman, the UAE and Saudi Arabia, the company […] February 11, 2025
Tech $5bn Neom data centre latest deal announced at Leap Saudi Arabia’s $500 billion futuristic giga-project Neom has signed a $5 billion deal to develop what it claims will be the world’s first fully sustainable data centre. The agreement was signed with the Saudi IT and technology company DataVolt. The data centre will be located at Oxagon, with the first phase having a capacity of […] February 11, 2025
Finance Tabby hires three global banks for Saudi listing Tabby, the buy-now-pay-later startup backed by Abu Dhabi sovereign wealth fund Mubadala, has appointed three global banks to oversee its potential initial public offering (IPO) on the Saudi stock exchange. The company has brought in HSBC Holdings, JPMorgan Chase. and Morgan Stanley to finalise the flotation process, Bloomberg reported, citing informed sources. The plans are still in the early […] February 11, 2025
People & Lifestyle Banksy and Magritte fetch millions at first Saudi art auction Saudi Arabia’s first-ever international commercial art auction, staged by troubled Abu Dhabi-backed Sotheby’s over the weekend, raised more than $17 million in sales of works by Arab and international artists, and of luxury goods and sports memorabilia. Banksy’s Subject to Availability – from his series of vandalized oils – and René Magritte’s L’État de Veille each […] February 10, 2025
Tech Deals worth $15bn on day one of Saudi Leap tech event Investment deals worth almost $15 billion have been announced on the first day of the Leap 25 tech event in Riyadh. The Saudi communications ministry said that deals signed on day one of the four-day event, which ends on Wednesday, totalled $14.9 billion. The deals included plans for a manufacturing plant in the Saudi capital […] February 10, 2025
Analysis Business of Sport PIF backs $5bn NBA rival basketball league Saudi Arabia’s Public Investment Fund is planning to back a new $5 billion basketball competition in Europe and Asia that’s expected to rival the US’s National Basketball Association (NBA), according to media reports. The unnamed tournament will feature six men’s and six women’s teams playing in eight host cities in Europe and Asia. The competition […] February 10, 2025
Food & Drink McDonald’s sales rebound in Middle East as boycott impact fades McDonald’s recorded sales growth in the Middle East in the fourth quarter of last year as the impact of boycotts tied to the Gaza war faded. This helped the US burger giant offset weaker performance elsewhere in the world. The fast food chain posted a 4.1 percent rise in Q4 sales in its international developmental […] February 11, 2025
Analysis Industry Gulf aluminium supplies to US to continue despite tariffs Short-term supplies of aluminium from the Gulf to the US are set to continue despite new tariffs planned by President Trump, according to experts. The new US president announced tariffs of 25 percent on all supplies of aluminium into the US on Sunday. In 2024 the Gulf made up over 16 percent of US aluminium […] February 11, 2025
Economy Sanctions on Syrian banks choke economic recovery Western sanctions on Syria’s banking sector are preventing critical investments in the war-ravaged economy, the country’s investment chief said. This is despite huge interest from Syrian and foreign investors since the fall of Bashar Al-Assad. “Sanctions have stopped everything. Right now, they are primarily on the Syrian people and are increasing their suffering,” Ayman Hamawiye, […] February 11, 2025
Aviation Airbus expects Middle East aircraft fleet to double by 2043 Aircraft manufacturer Airbus expects fleet size in the Middle East to more than double in the 18-year period to 2043, the world’s third-fastest rate after China and the Asia-Pacific region. In its latest Global Market and Services Forecast, Airbus said Middle East demand, led by airlines in the Gulf, is estimated at 3,740 new aircraft […] February 11, 2025
Infrastructure Kuwait approves plan to tackle project delays Kuwait has approved a four-year plan to tackle persistent delays in development projects caused mainly by bureaucratic red tape and slow endorsement. The cabinet of ministers has informed all government departments of the plan, with focus primarily on project performance and completion on time, the Arabic language daily Alqabas reported. All departments must include key […] February 11, 2025
Manufacturing First batch of Omani built EVs ready for distribution Omani electric vehicle manufacturer Mays Motors has started delivery of its first cars to local companies. The Mays Alive car is said to have a range of 610 kilometres on a single charge, which is longer than most EVs, and retails at OMR11,000 ($28,500) for companies and OMR12,000 ($31,000) for individuals. The car features AI […] February 10, 2025
Real Estate Iraq awards another major project in housing drive Iraq has awarded a construction and development contract for a 120,000-unit housing project to two companies, one Egyptian and one Chinese. Egypt’s Mountain View Company and China Railway will partner with Iraq’s Al-Safi Group to build Palm City in the southern Basra area, provincial Governor Asaad Al-Idani said, according to the Iraqi national news agency. In […] February 10, 2025
Banking & Finance Lebanon bonds rally to near-5-year high with new government Lebanon’s international bonds rallied more than one cent on Monday, two days after a new government was formed. The country’s dollar-denominated bonds jumped 1.1 cents to being bid at around 18.3 cents across most maturities, the highest level since March 2020, Tradeweb data showed. The latest rise extends a sharp turnaround for the bonds, which have lingered […] February 10, 2025
Trade Jewellery crowns Turkish exports in January The Turkish jewellery industry reported a more than twofold increase in overseas sales in January, with the United Arab Emirates proving to be by far the biggest buyer. Jewellery exports for the first month of the year came to over $1 billion, according to data issued by the Türkiye Exporters Assembly (TİM). This is up […] February 11, 2025
Manufacturing What Trump’s steel tariffs mean to the Middle East Donald Trump’s proposed US steel tariffs will put Turkish producers most at risk in the Middle East, while Gulf steel exporters will be sheltered from the worst of the damage, experts have told AGBI. On Sunday Mr Trump, the newly elected US president, said he would soon unveil 25 percent import taxes on all steel […] February 11, 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
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
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
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 […]
ADVERTORIAL Finance Mashreq: inspired by your vision, empowering your success Founded in 1967, Mashreq is the UAE’s oldest bank. Its deep-rooted industry knowledge and experience in an increasingly dynamic financial landscape make it uniquely equipped to meet its corporate clients’ needs. Operating across key regions including Mena, Asia, Europe and the US, Mashreq Corporate leverages its international network, industry insights and operational flexibility to help […] Advertorial
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 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 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 […]
