Analysis Trade Tariffs and tech on the UAE’s radar as Trump takes office When billionaire developer Hussain Sajwani appeared on stage with Donald Trump earlier this month to announce $20 billion worth of investment in US data centres, he did not hide his glee about the Republican’s return to the White House. The chairman of UAE-based Damac Properties called Trump’s re-election in November “amazing news” and said his […] January 17, 2025
Trade Turkey hit with tax on Syrian peace dividend Long delays at crossing points, increased bureaucracy and tariff hikes are stifling Turkey’s export flows to Syria, according to critics, as the new government in Damascus tries to unify customs rates at the country’s borders. On January 11 Damascus announced it was standardising duties on imports, with tariffs to be increased by 300 percent or […] January 17, 2025
Analysis Sustainability Climate and cost: the Gulf’s water scarcity challenge Over the past 18 months, Saudi Arabia has set up a Global Water Organisation, established a stand-alone Saudi Water Authority and presided over the One Water Summit in Riyadh. At the summit on December 5, Crown Prince Mohammed bin Salman called for “collective action” to address water scarcity in the region and around the world. […] January 17, 2025
OpinionpoliticsWhy not watch Donald Trump’s inauguration from the clubhouse of his golf course in Damac HillsFrank Kane, Editor-at-Large
Opinionmedia & advertisingPeople meters help TV advertisers know who is watching what, when and on what screensAustyn Allison, Middle East advertising expert
OpinionFinanceTrump can take inspiration from how the UAE has adopted crypto and its regulationsNish Kotecha, Tech entrepreneur
Analysis Tech How the UAE can make its push into space pay off Two years ago, the UAE’s Rashid Rover crashed into the moon’s Atlas crater during an attempted landing, marking an abrupt end to the country’s first mission to the moon’s surface. Now, back on Earth, the UAE is once again seeking to stake its claim as part of an elite club of countries with business to […]
EXCLUSIVE Aviation Wizz Air increases flights from UAE to Israel after ceasefire The budget carrier Wizz Air is increasing the number of flights between Abu Dhabi and Tel Aviv after the ceasefire agreement between Israel and Hamas. The airline had previously scaled back its Tel Aviv-Abu Dhabi service to four flights a week because of the conflict, down from its pre-crisis schedule of two flights a day. […]
Analysis Health Saudi Arabia’s biotech push fuels specialised consulting demand Saudi Arabia’s push to become a regional biotechnology hub is fuelling demand for specialised consulting services, as it navigates the challenges of building a life sciences sector from scratch. The kingdom is keen to develop a biotech sector to tackle the high local prevalence of diseases such as diabetes and to exploit commercial opportunities to […]
Analysis Banking & Finance Gulf sets ambitious targets in its quest to go cashless The Middle East has set ambitious targets in its bid to become a cashless society. The UAE is aiming for 75 percent of transactions to be cashless by 2026 and Saudi Arabia has set a target of 70 percent by 2030. Late last year, the process was made simpler by the introduction of Tap to […]
Analysis Banking & Finance Strong post-IPO performance bodes well for Saudi flotations Recently floated Saudi Arabian companies have thrived since listing on Riyadh’s bourse, thanks in part to astute pricing of initial public offerings and foreign institutional investors’ growing participation. Since the start of 2024, there have been 14 IPOs in Saudi Arabia that raised more than $100 million, according to data compiled by AGBI and London […]
Tech KKR signs a $5bn Gulf data centre deal in Dubai KKR, the American investment giant, and the data centre platform Gulf Data Hub (GDH), based in Dubai, have signed a strategic partnership to invest $5 billion in data centres serving the Gulf. A joint press release on Friday said that funds “affiliated with KKR” will also acquire a stake in GDH, although it did not […] January 17, 2025
Real Estate Eagle Hills plans Trump hotel project with Kushner The Abu Dhabi-based developer Eagle Hills and Affinity Partners, an investment firm founded by Donald Trump’s son-in-law, Jared Kushner, have agreed to build a luxury hotel and apartment complex in Serbia’s capital, Belgrade. The project, on the site of the former Yugoslav defence ministry, will feature a 175-room Trump hotel as its centrepiece, and 1,500 […] January 17, 2025
Logistics Emirates increases capacity to meet rising cargo demand Dubai national carrier Emirates Airline has taken delivery of two additional aircraft to increase capacity and meet growing demand for its cargo service. The company has signed multi-year leasing deals for two Boeing 747 freighters, which have raised Emirates’ cargo capacity by 15 percent, the airline said in a statement. Emirates SkyCargo transported almost 1.2 […] January 17, 2025
Industry Adnoc produces graphene and hydrogen at Habshan plant Adnoc Gas has started producing hydrogen and graphene – a “miracle material” stronger than diamond, more conductive than copper and more flexible than rubber. A subsidiary of Abu Dhabi National Oil Company, Adnoc Gas has teamed up with Baker Hughes of the US to install decarbonisation technology patented by Levidian, a British climate technology enterprise, […] January 17, 2025
Opinion Real Estate On the 19th hole with Trump and Damac What better place than Trump International Golf Course to watch the inauguration January 17, 2025
Aviation Riyadh Air delays launch after Boeing setbacks Riyadh Air has been forced to push back its launch date to the third quarter of 2025 after delays to deliveries from Boeing. The new Saudi airline had been scheduled to begin flying early this year. It is a blow to Saudi Arabia’s tourism ambitions to attract 150 million visits a year. Riyadh Air was founded […] January 17, 2025
Analysis Sustainability Climate and cost: the Gulf’s water scarcity challenge Over the past 18 months, Saudi Arabia has set up a Global Water Organisation, established a stand-alone Saudi Water Authority and presided over the One Water Summit in Riyadh. At the summit on December 5, Crown Prince Mohammed bin Salman called for “collective action” to address water scarcity in the region and around the world. […] January 17, 2025
Energy Acwa Power joins China’s renewable energy surge Saudi renewables major Acwa Power has struck joint ventures with Chinese companies to launch two renewable energy projects worth $312 million in China. The company, which trades on the Saudi Exchange (Tadawul), started due diligence on up to eight projects in China, CEO Marco Arcelli said last May. Acwa Power will develop a 132-megawatt (MW) solar photovoltaic […] January 17, 2025
Opinion Media & Advertising Television: Who watches the watchers? Saudi Arabia is taking a long-awaited step forward in audience measurement January 17, 2025
Mining Ma’aden signs $1bn contracts to develop industrial cities Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] January 16, 2025
Oil & Gas Iraq and Halliburton near deal to up oilfield output by 500% Iraq is close to finalising a development deal with Halliburton, a US oil services provider, to expand the capacity of its Nahr Bin Omar oilfield by 500 percent, a news report said. The oil ministry and Halliburton are expected to sign a confidentiality agreement in the coming days, Bassem Abdul Karim, director general of state-owned […] January 17, 2025
Economy Opec oil cuts add to economy decline in Kuwait The economy of Kuwait shrank by about 4 percent year on year in the third quarter of 2024 because of Opec oil production cuts and under-performance in parts of the non-oil sector. However, the economy is expected to rebound through 2025, a report by the Kuwait Statistical Bureau said. Lower production caused the oil sector […] January 17, 2025
Banking & Finance Iraq lowers ceiling to crack down on money laundering Iraq is slashing the ceiling of the value of property transactions that require dealers to make disclosure to the authorities. The Central Bank’s decision on Thursday is the latest in a series of measures taken by the Opec member over the past few years to tighten its grip on the local market and to combat […] January 17, 2025
Finance Bahrain’s Investcorp agrees to buy Italy’s Epipoli Bahrain’s Investcorp has finalised a deal to acquire Epipoli, an Italian alternative payments company. The asset will be purchased from London-headquartered private equity Bregal Milestone and Epipoli founder and CEO Gaetano Giannetto. Giannetto will continue to hold a significant minority stake and lead the company. No terms of the transaction were disclosed. Epipoli owns the […] January 17, 2025
Tax $660m a year ‘sin tax’ target set by Kuwait Kuwait hopes to raise 200 million dinars ($660 million) a year through a “sin tax” on unhealthy products as part of tax reforms proposed by the International Monetary Fund, the country’s finance minister said on Wednesday. Noora Al-Fassam told the official Kuwaiti news agency that her ministry was working on a new law for a […] January 16, 2025
Analysis Banking & Finance Gulf sets ambitious targets in its quest to go cashless The Middle East has set ambitious targets in its bid to become a cashless society. The UAE is aiming for 75 percent of transactions to be cashless by 2026 and Saudi Arabia has set a target of 70 percent by 2030. Late last year, the process was made simpler by the introduction of Tap to […] January 16, 2025
Tech Oman starts work on first space economic zone Oman has started construction of Zone 88, the Sultanate’s first scientific and economic zone committed to space industries and advanced technologies. The project is being developed at the Special Economic Zone in Duqm and is 25 percent complete, Bahiya Al Shuaibi, founder and CEO of Global Space and Technology Company, told Duqm Economist magazine. The […] January 16, 2025
Economy Inflation, not war, is Gulf states’ top concern, says WEF Economic concerns such as inflation dominate risk perception for the coming year in the Gulf and across Mena, according to the World Economic Forum. Its survey of thousands of experts and business leaders, the Global Risks Report 2025, found that geopolitical conflict was the No 1 risk globally, selected by respondents as the “most likely […] January 15, 2025
Trade Turkey hit with tax on Syrian peace dividend Long delays at crossing points, increased bureaucracy and tariff hikes are stifling Turkey’s export flows to Syria, according to critics, as the new government in Damascus tries to unify customs rates at the country’s borders. On January 11 Damascus announced it was standardising duties on imports, with tariffs to be increased by 300 percent or […] January 17, 2025
Economy Turkey to get $1bn from World Bank for quake recovery Turkey will receive $1 billion (TL35.43 billion) from the World Bank this year to support the recovery of its earthquake-hit regions, a news report said. The total assistance from the World Bank to Ankara will reach $4 billion since the 2023 earthquakes. The World Bank and the International Finance Corporation work jointly on projects involving […] January 17, 2025
Analysis Banking & Finance Problem loans soar at Qatar National Bank’s Turkish unit Qatar National Bank (QNB), the Middle East and Africa’s largest lender by assets, this week reported another solid set of annual earnings. Yet within its financials lurks a potentially worrying statistic: rising loan defaults by consumers and small companies. As the Qatari government’s lender of choice – the state owns half the bank – QNB […] January 16, 2025
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 […] January 16, 2025
Energy Turkey needs $80bn for energy transition, says minister Turkey needs $80 billion to meet growing energy demand, which has tripled in the last two decades, the energy minister said on Monday. “We need to attract capital into our energy markets. We need to find new business solutions,” Alparslan Bayraktar said at the International Renewable Energy Agency assembly in Abu Dhabi, adding that the […] January 14, 2025
Manufacturing China’s Geely opens Mena’s first car assembly plant in Egypt China’s Geely Auto has opened its first car assembly plant in the Middle East and North Africa near the Egyptian capital to produce 10,000 vehicles per year for the domestic market and up to 30,000 for export. Cairo-based Auto Mobility company (Geely Egypt), said it has invested around $100 million in the new car assembly […] January 17, 2025
Economy Arab investments in Egypt’s economy reach nearly $40bn Foreign direct investments from Arab countries in Egypt totalled $39.5 billion in the final quarter of the fiscal year 2023-24, led by the UAE. The UAE’s investments in the construction sector stood at $37.5 billion, accounting for 95 percent of the total, Al Arabiya Business reported citing data from Egypt’s central bank. Last February Abu […] January 14, 2025
Economy Egypt’s inflation reached two-year low in December Egypt’s annual urban consumer price inflation rate fell to 24.1 percent year on year in December, as expected, from 25.5 percent in November, its lowest in two years, data from statistics agency Capmas showed on Thursday. Inflation began surging in 2022 following the Russian invasion of Ukraine, which prompted foreign investors to withdraw billions of dollars from Egyptian treasury markets. It […] January 9, 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
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
Analysis Banking & Finance Strong post-IPO performance bodes well for Saudi flotations Recently floated Saudi Arabian companies have thrived since listing on Riyadh’s bourse, thanks in part to astute pricing of initial public offerings and foreign institutional investors’ growing participation. Since the start of 2024, there have been 14 IPOs in Saudi Arabia that raised more than $100 million, according to data compiled by AGBI and London […]
Analysis Aviation Middle East investors turn to airports for safe returns Middle Eastern money is making its way into airports around the world as investment in aviation assets continues to catch the eye. Abu Dhabi Investment Authority (Adia), the UAE’s largest sovereign wealth fund, is the latest headline-grabber as its estimated $4 billion takeover bid as part of a consortium for Malaysia’s Airports Holdings was confirmed […]
Construction ‘Few other nations have dared to attempt this’ Architects and engineers tell AGBI about the positives and pitfalls of Saudi Arabia's push to build it all, 'all at once'
Real Estate Jumeirah Village Circle: ‘Where the normal people live’ It might not have the glamour of the Palm but JVC has its own enduring appeal and was Dubai's busiest location for ready-home sales in 2024
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, […]
Opinion Media & Advertising Television: Who watches the watchers? Saudi Arabia is taking a long-awaited step forward in audience measurement
Health Health insurance shake-up for care in Northern Emirates Mandatory health insurance in the poorer Northern Emirates of the UAE is likely to lead to an expansion of healthcare facilities and increased M&A activity, experts have said. In March last year the UAE announced a plan to introduce mandatory health insurance for all workers in the Northern Emirates – Sharjah, Ajman, Umm Al Quwain, […]
Opinion Tourism Oman hopes tourism can foster entrepreneurship and create jobs The Sultanate has only recently begun to use its history as an economic attraction
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 […]
Opinion Manufacturing How China won over the car market in the UAE Japanese, American and Korean brands retreated following the pandemic
Education Gems Education announces $100m Dubai school Gems Education has revealed plans to open the most expensive school in the Gulf, which is set for completion later this year. It is spending $100 million to develop Gems School of Research and Innovation in Dubai Sports City. Annual fees will start from AED116,000 ($31,582) for early-years education and rise to AED206,000 by the […]
Opinion Employment UAE and Saudi Arabia are magnets for global talent Recruiters say the region is attracting applications from global workers on an unprecedented scale
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 […]
Energy Acwa Power joins China’s renewable energy surge Saudi renewables major Acwa Power has struck joint ventures with Chinese companies to launch two renewable energy projects worth $312 million in China. The company, which trades on the Saudi Exchange (Tadawul), started due diligence on up to eight projects in China, CEO Marco Arcelli said last May. Acwa Power will develop a 132-megawatt (MW) solar photovoltaic […]
EXCLUSIVE Aviation Wizz Air increases flights from UAE to Israel after ceasefire The budget carrier Wizz Air is increasing the number of flights between Abu Dhabi and Tel Aviv after the ceasefire agreement between Israel and Hamas. The airline had previously scaled back its Tel Aviv-Abu Dhabi service to four flights a week because of the conflict, down from its pre-crisis schedule of two flights a day. […]
Mining Saudi development fund might invest $100m in Pakistan mining Saudi Arabia might invest more than $100 million in Pakistan’s mining infrastructure through its development fund to scale up operations to meet demand. Minister of industry and mineral resources Bandar Alkhorayef also confirmed that mining company Manara Minerals, a joint venture between Saudi sovereign wealth fund the Public Investment Fund and miner Ma’aden, is interested in investing […]
Trade Kenya-UAE Cepa may increase food exports and investment The UAE and Kenya have signed a comprehensive economic partnership agreement (Cepa) that is predicted to lead to a threefold increase in food exports from the East African nation. The trade deal, which was agreed in February last year, is expected to accelerate trade and investment in agriculture, infrastructure, healthcare, travel and tourism, financial services and […]
