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A Syrian family crosses into Syria from Turkey at the Oncupinar border crossing near the town of Kilis in southern Turkey. Syrian refugees in Turkey started their journey back home following the collapse of the regime of Bashar al-Assad

The pros and cons for Turkey of a Syrian exodus

The end of the civil war in Syria will, at least in time, offer strong economic opportunities for neighbouring Turkey, though there could also be a few unwanted costs coming as part of any peace dividend.  On December 10 Turkish officials said they were developing plans to support up to 2 million of the 3.2 […]

IEA and Opec agree on one thing: 2024 demand was down

The Organization of the Petroleum Exporting Countries (Opec) and the Paris-based International Energy Agency (IEA) traditionally diverge strongly in their forecasts for the oil markets.  While this is still the case – the IEA’s 2024 forecast for oil demand is about half that of its oil producing rival – the duo’s latest monthly reports do […]

Red Sea coral to get extra protection from tourists

Saudi Arabia has vowed to implement a series of measures to protect its Red Sea coral reef over the next five years as it pushes ahead with major tourism projects in the area. But experts have warned that Saudi coral remains at risk, even with major spending policies.  According to the National Red Sea Sustainability […]

Abu Dhabi thinks big to attract super-wealthy

From exclusive schools and members’ clubs to private banking and wealth management institutions, Abu Dhabi is ramping up efforts to attract family offices and ultra-high-net-worth individuals to the emirate. US private equity investor Leon Black, who has a net worth of about $14 billion, in September opened a branch of his family office in Abu […]

Cultural factors reduce risk for Gulf BNPL providers

Buy-now-pay-later companies in the US and Europe have endured prolonged losses due to high operating costs and rising customer defaults, but BNPL operators in the Gulf may be faring better thanks to differing market dynamics, according to analysts. BNPL has soared in popularity in many regions as an easy and cheap form of consumer debt, […]

UAE latest

Bernard Looney, former CEO of BP, will join the board of Adnoc’s XRG

Former BP boss named on Adnoc’s investment board

Bernard Looney, the former CEO of BP, is among the board members of Abu Dhabi National Oil Company’s new lower carbon energy and chemicals investment company, XRG. Formed by Adnoc last month, XRG aims to more than double its $80 billion asset value over the next decade by capitalising on the demand for low-carbon energy […]

Manchester City celebrate after winning the Premier League. The club has posted profits of £73.8m

Manchester City reports record revenues

Despite a recent slump in form on the pitch, the Abu Dhabi-backed English football team Manchester City is thriving commercially, its annual report revealed this week. The club has announced record-breaking revenues of £715 million ($903 million) for the past year, with profits of £73.8 million. Chairman Khaldoon Al Mubarak said: “Our focus remains on […]

Emirates Sports Group CEO Vladimir Burdun. The company's initial expansion phase will focus on the UAE

UAE sports hotel brand plans regional expansion

A sports hotel brand developed in the UAE intends to expand in the Gulf region, its CEO has said.  Emirates Sports Hotel and Apartments is a 192-bed facility in Dubai that is specifically designed to cater to the needs of athletes and sportspeople.  Large rooms, health and fitness-conscious meals, and the availability of yoga mats […]

Saudi Arabia latest

Construction worker pours concrete on rebar using concrete pump

Neom invests in Danish robotics company

Neom Investment Fund (NIF) has invested in a Danish robotics company that specialises in automation technology for the construction industry. NIF, the investment arm of Saudi Arabia’s $500 billion futuristic giga-project Neom, will put funding into GMT Robotics, which builds robotic systems for the rebar concrete-reinforcing sector. The value of the investment was not revealed.  […]

Zahid Barloworld Caterpillar

Zahid bids for South African equipment firm

Zahid Group, a Jeddah-based conglomerate involved in everything from mining to hospitality, is leading a proposed $1 billion-plus takeover of Barloworld, a listed South African construction equipment company.  Gulf Falcon Holding, a Zahid Group subsidiary, and Entsha, a South African construction company that is linked to Barloworld’s CEO, Dominic Sewela, have made an offer of […]

The King Abdullah Financial District in Riyadh. Goldman Sachs received a license to open its Saudi HQ in May

Goldman Sachs appoints new CEO for Saudi Arabia

US investment bank Goldman Sachs has appointed Omar Alzaim as chief executive officer of its operations in Saudi Arabia.  Alzaim joined Goldman in 2021 from HSBC Saudi Arabia and replaces Khalid Albdah, who left Goldman in October after nearly a decade and took up a position at Neuberger Berman. Goldman received a licence to set […]

A rendering of the $530m Trump Tower in Jeddah. The developers plan another Trump Tower in Riyadh

Trump Towers proposed for Saudi and UAE capitals

The Trump Organization intends to build Trump Towers in Riyadh and Abu Dhabi, marking its expansion across the Gulf region. The projects will be developed in partnership with Dar Global, the global development arm of Saudi-listed Dar Al Arkan, Eric Trump, the US president-elect’s son, told Reuters. The Abu Dhabi project is scheduled for launch next year, he said. Ziad El […]

Around the Middle East

ACJ TwoTwenty cabin interior

Used private jets soar as Gulf aircraft deliveries stall

The Gulf’s second-hand private jet market has enjoyed a surge in popularity due to an influx of wealthy residents and delays in the delivery of new aircraft. “It is hard for [buyers] to get access to assets,” Vincent Rolland, director of JetNet IQ, a US-based market analysis and business aviation consultancy company, told AGBI. Clients […]

The Temple of Hercules in Jordan. Ongoing conflict in the middle east is having a larger impact than initially expected on the country

Jordan to get $131m under IMF’s finance programme

Jordan will receive $131 million from the International Monetary Fund (IMF) under its $1.2 billion extended fund facility programme. The four-year programme, approved in January 2024, remains on track, the IMF said in a statement following the completion of a second review. Jordan’s economy continues to grow amid low inflation, the fund said, adding that […]

Celebrations in Syria for the downfall of Assad, which Standard Chartered's Eric Robertsen says could have a positive effect on the region

Syria upheaval could be a sign of progress for the region

The removal of the Assad regime in Syria is a “step in the right direction for the region”, according to a leading economist from Standard Chartered. Eric Robertsen, managing director of global head of research and chief strategist at Standard Chartered, was discussing the fallout of a series of geopolitical crises during a media round […]

Shoppers in Nizwa. Oman already has VAT and a corporate income tax, but has now postponed its plans for personal income tax for high earners

Oman delays introduction of personal income tax

Oman’s plan to introduce personal income tax for high earners has been put on hold following a meeting on Wednesday of the sultanate’s State Council. Under the initial draft bill, first introduced in 2022, foreign nationals in Oman who earn over $100,000 would be taxed between 5 to 9 percent from 2026. Omani citizens would […]

The Muscat Stock Exchange. Oman is working to diversify its economy, which remains heavily reliant on hydrocarbons

Oman plans funds to enhance stock exchange liquidity

Oman plans to introduce additional liquidity funds to increase trading volumes and support activity on the Muscat Stock Exchange, the exchange’s CEO has said. The move is part of a broader strategy to attract more investors to the Sultanate’s comparatively small and illiquid capital markets.  Oman is working to diversify its economy, which remains heavily […]

Qatar is the world’s largest LNG supplier and plans to expand output from 77 mtpa to 126 mtpa by 2027

$500bn QIA to go ‘aggressive’ and close big deals says CEO

The $500-billion Qatar Investment Authority (QIA) will be investing more “aggressively” and closing more “big-ticket” deals, according to a news report. Mohammed Al-Sowaidi, the fund’s new chief executive officer, told the Financial Times that QIA will invest with “more frequency” and undertake a review of its investment strategy. The fund remains bullish on the US, […]

Morocco has manufactured one million vehicles annually, including four electric models, over the past two decades

Morocco partners with central African nations on EV plan

Morocco, the Democratic Republic of Congo (DRC) and Zambia have joined together to develop the infrastructure needed for electric vehicles (EVs), as they strive to lower their dependence on fossil fuels. The three nations will club their resources and experiences to support the development of EV batteries and battery precursors. Developing carbon-free transportation is essential […]

Middle East airlines earn highest global profit per passenger

Middle East airlines earn highest profit per passenger, says Iata

Airlines across the Middle East generated the most profit per passenger carried this year, according to the International Air Travel Association. The region’s carriers made $23.10 profit per passenger in 2024, Iata said. This is more than double the figure for the second-placed market, North America. Iata expects the Middle East’s figure to rise to […]

Topics:

Turkey Latest

A Syrian family crosses into Syria from Turkey at the Oncupinar border crossing near the town of Kilis in southern Turkey. Syrian refugees in Turkey started their journey back home following the collapse of the regime of Bashar al-Assad

The pros and cons for Turkey of a Syrian exodus

The end of the civil war in Syria will, at least in time, offer strong economic opportunities for neighbouring Turkey, though there could also be a few unwanted costs coming as part of any peace dividend.  On December 10 Turkish officials said they were developing plans to support up to 2 million of the 3.2 […]

Syrians living in Istanbul hold a picture of Turkey's President Erdoğan as they celebrate the fall of Syria's President Assad

Turkish builders sense opportunity in Syria

Turkey’s construction sector is hoping to build on the rubble of the collapsed Assad regime in Syria.  There are high expectations that Turkish companies will be in the running to win valuable contracts to replace damaged housing and infrastructure. There were sharp rises in building shares on the Istanbul Stock Exchange on December 9, the […]

Turkish president Recep Tayyip Erdoğan drives a Togg car at the opening ceremony of a factory to begin mass production

Turkish electric vehicle sales up 39% in a year

Turkey’s electric vehicle market is expanding rapidly, with sales increasing almost 39 percent year on year as new models become available and supporting infrastructure is put in place. The rise is in contrast to conventional car sales, which are showing modest growth compared to their greener rivals. Turkey is also bucking global trends, which has […]

Turkish arms exports

Turkish arms exports up 19% year on year

Turkish defence companies have posted another record-breaking year for exports, with a 19 percent increase year on year and sales to 178 countries. Sales from January to November this year have already eclipsed 2023’s total of arms and equipment shipments to overseas clients, reflecting the arms industry’s technical developments and broader product range.  Defence and […]

Egypt Latest

Celebrations in Syria for the downfall of Assad, which Standard Chartered's Eric Robertsen says could have a positive effect on the region

Syria upheaval could be a sign of progress for the region

The removal of the Assad regime in Syria is a “step in the right direction for the region”, according to a leading economist from Standard Chartered. Eric Robertsen, managing director of global head of research and chief strategist at Standard Chartered, was discussing the fallout of a series of geopolitical crises during a media round […]

Egypt wind farm opec Zafarana Suez

Loan for Egypt wind farms passed by Opec Fund

A $40 million loan to Egypt to support the construction of two wind farms in the Gulf of Suez and Jabal Al-Zeit regions has been approved by the Opec Fund for International Development. The two wind farms, with a total capacity of 1.1GW, will provide energy to more than 1.3 million households and contribute to Egypt’s […]

The 350-key Hilton Cairo Suez Road. Egypt is Hilton's longest-standing market in the Middle East and Africa region, where it has been operating for more than 60 years

Hilton to triple Egypt presence with new brands

Hilton is planning to triple its presence in Egypt, increasing the number of hotels to 25 and expanding its footprint to more than 40 properties. The expansion includes the opening of its lifestyle brand, Tapestry Collection, on the African continent, as well as Egypt’s first Curio Collection and a resort under the Hilton Hotels & […]

Rent on older housing in Cairo can be set at historically low amounts, which the government is now attempting to address

Egypt’s historic rent controls are a problem to be solved

Ahmed lives in a four-bedroom apartment in a concrete tenement with his ailing mother. The flat has been in the family since his father, who died several years ago, began renting it when he graduated from university in the 1960s.  It is in Manial, a bustling, lower-middle-class area of Cairo, the kind of place where […]

Features

Rent on older housing in Cairo can be set at historically low amounts, which the government is now attempting to address

Egypt’s historic rent controls are a problem to be solved

Ahmed lives in a four-bedroom apartment in a concrete tenement with his ailing mother. The flat has been in the family since his father, who died several years ago, began renting it when he graduated from university in the 1960s.  It is in Manial, a bustling, lower-middle-class area of Cairo, the kind of place where […]

Imax seeks investors in its vision of growth in the Gulf

Imax Corporation, the US cinema technology giant, is in discussions with Gulf investors including sovereign wealth funds as it seeks to deepen its presence in one of its fastest-growing markets. The UAE and Saudi Arabia rank among Imax’s top 20 global markets, its popularity driven by rising demand for premium cinematic experiences. “We’re meeting various […]

GCC sukuk’s best-kept secret: Dublin

For many people, the city of Guinness and James Joyce may not be the first place that comes to mind when thinking about Islamic bonds. Yet, according to a report last month from Fitch Ratings, the Dublin stock exchange – Euronext Dublin – is now the world’s largest listing venue for hard currency global sukuk. […]

Drone deliveries all about speed, not profit, says Careem

Drone deliveries across the Middle East are expected to grow significantly over the next decade. However, the commercial viability is up for debate, says a Careem executive. Mohamad Charafeddine, Careem’s vice president of product for data and AI, says that drone deliveries have their value in speed, such as for essential medical products. But the […]

Reforms pay off as Sharjah property market surges ahead

Successive reforms in Sharjah’s property market and sky-high rental prices in neighbouring Dubai are contributing to a surge in the price and popularity of the emirate’s rental properties. According to a report by property management firm Asteco, rental prices for the third quarter of 2024 in Sharjah increased 16 percent year on year for typical […]

People & Lifestyle

Luxury yachts in Dubai. The emirate is now home to 39 billionaires

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 […]

For AI to be properly integrated into healthcare, doctors need proper guidance, experts say

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 […]

A woman works out at a gym in Qatif, Saudi Arabia. One investor said they had never seen as much interest from VCs in the fitness industry

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 […]

Salvator Mundi Salman park

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 […]

People on Kuwait City's Marina Beach. It is estimated that housing costs in Kuwait absorb one third of an average household's income

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 […]

Bahrain healthcare

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 […]

Saudi private healthcare

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 […]

Trains: A Dubai metro station – a third line is due by 2029

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 […]

Around the world

EU GCC FTA, EU Gulf trade

EU and GCC officials aim to resume FTA negotiations

European and Gulf officials are holding “informal” efforts to “revive” and even “upgrade” negotiations over a free trade agreement between the two blocks. Efforts towards such an agreement are three and a half decades in the making, Luigi Di Maio, the EU’s special envoy to the Gulf has said. “I have to say it’s a […]

A woman sorts plastic bottles in Quezon City, Philippines. 170 nations took part in the latest round of UN talks

Latest talks on global plastics treaty end in stalemate

Negotiations over creating a legally binding global treaty to combat plastic pollution adjourned on Monday with the 170 participating nations failing again to reach agreement. Some oil-producing countries, including Saudi Arabia and Russia, objected to proposals supported by more than 100 other nations to limit plastic production, Reuters reported. Plastics are made from hydrocarbons – […]

Adani Group's Gautam Adani has been accused of bribery payments to Indian government officials, something the group strongly denies

US charges billionaire Gautam Adani in $265m bribery case

US prosecutors have indicted Indian billionaire Gautam Adani and seven others, including his nephew Sagar Adani, in connection with an alleged $265 million bribery scheme tied to India’s largest solar power project. Adani has extensive business interests in the Arabian Gulf. The indictment, unsealed in New York on Wednesday, accuses the Adanis and Vneet Jaain, […]

On the agenda: Ed Miliband, UK secretary of state for energy security and net zero, and World Bank president Ajay Banga at the summit on methane at COP29 in Baku

Nobody likes methane seepage. Especially Europe

Liquefied natural gas has always had a heroic reputation in the energy world. Heroic engineering, heroic logistics and heroic expense, yes – but a heroic outcome: clean (or not-so-dirty) energy and a seat with the good guys at the high table of energy transition. Qatar of course, Egypt, Oman, Israel and the UAE – these are the lucky producers and […]