Analysis Markets Gulf investors urged to switch from petrochems to fertiliser Gulf fertiliser companies are trading below their fair value, with investors not seeming to price in a rebound in product prices that analysts say is more than just a seasonal upswing. In the Gulf, fertilisers and petrochemicals are considered adjacent industries, since both rely on natural gas as a feedstock. While petrochemical companies’ earnings have […] March 6, 2025
Analysis Tax Bahrain considers raising taxes to reduce deficits Bahrain’s plan to end a long string of government budget deficits could prove burdensome to both businesses and people as it considers a raft of tax measures. The country is discussing a 12-point plan for its two-year budget, with measures including the introduction of a wider corporate tax, an increase in value added tax (VAT) […] March 6, 2025
Analysis Construction Saudi construction surge draws interest from around the world Brazil’s ProMarmo, a small family-owned supplier of marble, onyx and granite, has just two branches, both in the southern Brazilian state of Rio Grande do Sol. After more than 20 years in business, the company is considering opening its third branch in none other than distant Saudi Arabia. Growing numbers of small construction companies, contractors […] March 6, 2025
Opinionmedia & advertisingInfluencer marketing continues to be a powerful strategy during the holy month of RamadanMnawar Mohammed, CEO, CopyArabia
OpinionLOGISTICS GCC economies have held their own against larger rivals in a ranking of emerging marketsJohn Manners-Bell, CEO, Transport Intelligence Insight
OpinionRENEWABLE ENERGYA GCC carbon tax could drive meaningful change without damaging economic activityManal Abdel-Samad, Senior adviser in fiscal policy
Video length: 04:55 VIDEO Banking & Finance The $18 trillion challenge for family offices Family offices are set to transfer more than $18 trillion to the next generation by 2030 – and that can present challenges for both the old guard and the bright young things. Those taking over Middle East family offices may be interested in cross-border investment or in newer sectors such as sustainable technology or AI, […]
Analysis Banking & Finance Mashreq and First Abu Dhabi winning bank efficiency race Dubai’s Mashreq bank, the UAE’s fifth-largest by assets, slashed its cost-to-income ratio, an important banking metric, last year thanks to the partial sale of a subsidiary and more customers switching to non-interest-bearing accounts. The cost-to-income ratio shows the relation between income and the cost of acquiring that income. A declining ratio suggests that a bank […]
Employment $5m US golden visa may be out of reach for some Arabs People born in Egypt and Morocco may find it more difficult than those born in Saudi Arabia or the UAE to secure President Trump’s $5 million “gold card” US permanent residency because of restrictions on capital flows. The Gulf and wider Mena region punch above their weight globally when it comes to the number of […]
Analysis Markets Aramco dividend vital to big-spending Saudi Arabia Saudi Aramco’s 2024 full-year results due this week are likely to again underline the importance of the world’s largest listed oil company to big-spending Saudi Arabia’s economic development plans. Aramco has said it expects to announce fourth-quarter dividends – payouts to the Saudi government are a core source of state revenue – of SAR116.5 billion […]
Retail Chinese car makers target UAE’s Ramadan bargain hunters Chinese car makers look set to win big over traditional manufacturers from the US, Japan and Europe among Ramadan bargain hunters in the UAE this year. For years, Japanese, American, and European carmakers have relied on Ramadan promotions, offering free insurance, extended warranties and zero percent financing, to increase sales. But buyers, squeezed by inflation, […]
Trade GCC exports to Japan slump by more than $10bn in 2024 Exports by wealthy Gulf nations to Japan, a major economic partner, plunged by $10 billion in 2024 following a decline in oil prices, according to a trade organisation. The decline combined with an increase in Japan’s exports to the six-nation Gulf Cooperation Council (GCC) to depress the Gulf group’s trade surplus by nearly $11 billion. […] March 6, 2025
Banking & Finance First Abu Dhabi Bank plans major restructuring First Abu Dhabi Bank (FAB) is planning to split its operations into four new divisions in a bid to strengthen its business in the Gulf and boost shareholder returns, two sources familiar with the matter said. As part of the reorganisation, FAB is to hire Citi dealmaking veteran Linos Lekkas as its new head of […] March 6, 2025
Aviation Emirates to spend $5bn on refitting 220 aircraft UAE flag carrier Emirates will spend around $5 billion on refitting 220 of its aircraft in order to sustain its network, president Tim Clark said on Wednesday, as the industry struggles with delivery delays for newer jets. “We have no choice,” Clark told reporters. “This one is the only way we could sustain the network, grow the network.” […] March 6, 2025
Finance UAE companies raise prices for a second month Companies in the UAE raised prices for a second consecutive month in February as they passed on higher input costs for materials, maintenance and technology. It was also the biggest price increase since September. Staffing costs also rose, adding to the price rises, according to S&P’s purchasing managers’ index (PMI), a monthly survey of economic […] March 5, 2025
Analysis Banking & Finance Mashreq and First Abu Dhabi winning bank efficiency race Dubai’s Mashreq bank, the UAE’s fifth-largest by assets, slashed its cost-to-income ratio, an important banking metric, last year thanks to the partial sale of a subsidiary and more customers switching to non-interest-bearing accounts. The cost-to-income ratio shows the relation between income and the cost of acquiring that income. A declining ratio suggests that a bank […] March 5, 2025
Retail Ramadan sharply boosts Saudi consumer spending Saudi consumers increased spending to one of its highest ever weekly levels as they rushed to build up food supplies ahead of the fasting month of Ramadan, local figures show. Consumer spending in the largest Arab economy soared by 35 percent to 17.6 billion riyals ($4.7 billion) in the period February 23 to March 1, […] March 6, 2025
Business of Sport Saudi Arabia signs deal with TKO for boxing promotion Saudi Arabia could land a blow to boxing traditionalists after the launch of a new promotion. TKO Group, the US media conglomerate that has World Wrestling Entertainment (WWE) and Ultimate Fighting Championship (UFC) under its banner, has entered a multi-year agreement with the Saudi General Entertainment Authority, vowing to implement widespread changes to how boxing […] March 6, 2025
Business of Sport Saudi-backed Newcastle United narrows losses to $14m Saudi Arabia-backed Newcastle United Football Club has reported an £11 million ($14 million) loss for the last financial year, despite a 30 percent increase in revenues. The deficit at the Public Investment Fund majority owned English Premier League club was reduced by £60 million year on year, attributed largely to the money gained from qualifying […] March 6, 2025
EXCLUSIVE Aviation US startup Doroni to bring recreational flying cars to Gulf Doroni Aerospace, a US developer of electric vertical take-off and landing (eVTOL) aircraft, last week secured an additional $150 million from a Saudi investor. The investment came only days after the company announced an initial $30 million deal with Kingdom Aero Industries (KAI). Florida-based Doroni was launched in 2017 and is working to manufacture US […] March 6, 2025
Oil & Gas Aramco explores potential bid for BP’s Castrol unit Saudi Aramco is in the early stages of considering a potential bid for BP’s lubricant business Castrol, according to a person with knowledge of the matter. BP has been exploring all options around its Castrol business, including a possible sale, as part of a strategic review. The business would be expected to be worth around $6 billion to […] March 6, 2025
Trade GCC exports to Japan slump by more than $10bn in 2024 Exports by wealthy Gulf nations to Japan, a major economic partner, plunged by $10 billion in 2024 following a decline in oil prices, according to a trade organisation. The decline combined with an increase in Japan’s exports to the six-nation Gulf Cooperation Council (GCC) to depress the Gulf group’s trade surplus by nearly $11 billion. […] March 6, 2025
Economy Higher current spending widens Jordan’s fiscal gap Higher current expenditure widened Jordan’s budget deficit last year despite growth in revenues, the country’s finance ministry has reported. Total spending was JD11.6 billion ($16.4 billion) in 2024 compared with JD11 billion in 2023, an increase of 5 percent, the ministry said in its January bulletin published on its website at the weekend. Current expenditure, […] March 6, 2025
Oil & Gas Qatar-US LNG export project back on track A liquefied natural gas export project co-owned by Qatar won approval from the Trump administration to have its starting date permit extended by three years on Wednesday. The Golden Pass LNG project in Texas, co-owned by the state-run QatarEnergy LNG and Exxon Mobil Corp, was required to commence operations by November 30, 2026. Negotiations to […] March 6, 2025
Trade Oman’s foreign trade up thanks to oil and gas Oman’s total foreign trade in 2024 rose by 7 percent year on year to $63 billion, led by a rise of 18 percent in oil and gas exports. However, non-oil revenues fell, underlining Oman’s continued heavy reliance on fossil fuels. Oil and gas exports jumped to $42 billion in 2024, up from $35.6 billion the […] March 5, 2025
Trade Oman plans commercial court to attract foreign investors Oman intends to set up a commercial court to resolve business disputes in a bid to increase foreign investment, the state-owned Oman News Agency (ONA) has reported. The country is keen to encourage domestic and international investment to spur economic growth. It hopes this will create jobs for an expanding population as the country’s oil […] March 5, 2025
Construction Middle East is top recipient of Chinese Belt and Road deals The Middle East was the top recipient of construction and investment deals under China’s Belt and Road Initiative (BRI) in 2024, with the total value reaching $39 billion. That may not go down well in Washington. Saudi Arabia and construction topped the list, according to a report by Griffith Asia Institute, based in Queensland, Australia. […] March 5, 2025
Banking & Finance Kuwait prepares banks ahead of potential new bond sales Kuwait has launched a plan to develop a new electronic system within its banking sector to prepare for the resumption of government bond sales to fund projects and shore up fiscal deficits, a local newspaper reported. The central bank of Kuwait invited representatives of banks to discuss preparations to launch the system that will give […] March 4, 2025
Oil & Gas Libya to launch first oil exploration bids in 17 years Libya is planning its first bidding round for oil exploration in more than 17 years, Masoud Suleman, acting chairman of the National Oil Corporation (NOC), announced in a televised address on Monday. Libya is Africa’s second-largest oil producer and a member of the Organsation of the Petroleum Exporting Countries (Opec). Foreign investors have been wary […] March 4, 2025
Economy Turkey’s central bank cuts interest rates again Turkey’s central bank has cut interest rates for the third time since December, citing an easing of inflationary pressures and a cooling of domestic demand as factors in its decision. The bank’s monetary policy committee cut its headline lending rate by 250 basis points on March 6, lowering its interest rate to 42.5 percent from […] March 6, 2025
Banking & Finance Turkish inflation eases again, with interest rate cut likely Turkey’s inflation rate declined again in February, falling below 40 percent for the first time since mid-2023, while an indicator of industrial activity improved. The consumer price index fell to 39.05 percent, according to data issued by state statistics agency Turkstat this week, with a month-on-month price increase of 2.27 percent. The decline could mean […] March 4, 2025
Economy Turkey’s economic rebound softened by soaring imports Turkey’s economy recovered in the fourth quarter of 2024 after two consecutive quarters of contraction. However, imports soared in January, boding ill for the trade balance, according to data released by state statistics agency Turkstat. Gross domestic product expanded 3 percent in three months to December 31, helping – when combined with expansion in the […] February 28, 2025
Banking & Finance Turkey, Saudi and other emerging markets take on $4.5trn of debt Emerging markets took on $4.5 trillion of debt last year, according to the Institute of International Finance, and Saudi Arabia and Turkey were among the biggest borrowers. Global debt increased by nearly $7 trillion to $318 trillion in 2024, the highest figure on record, the Washington-based institute said in a report shared with AGBI. Emerging […] February 26, 2025
Agriculture Turkey meets US egg demand with increased exports Turkish producers are redirecting egg exports to the US in response to an outbreak of avian flu which is crippling the US poultry sector. The increased US sales could mean Gulf countries will shell out more for their breakfast staple. The Turkish government has given egg producers approval to increase US sales, with the packaged […] February 26, 2025
Trade Lower oil exports widen Egypt’s trade deficit Sharply lower crude oil exports allied with a surge in imports of gas caused Egypt’s trade deficit to widen by nearly 13 percent in December, implying a call on foreign exchange reserves, official data showed on Tuesday. Total exports increased slightly to $3.7 billion in December 2024 from $3.6 billion in December 2023, the country’s […] March 6, 2025
Economy Egypt’s private sector alliance targets UAE for growth A new entity comprising 41 Egyptian private companies will be set up to boost exports across the Arab countries to support economic growth, a news report said. The process of setting up Arab Alliance for Industrial Investment is expected to be completed next week, Ashraq Business reported, citing Mohamed El-Bahi, a board member of the […] March 6, 2025
Oil & Gas Swathe of new oil and gas sites opened to bids in Egypt Egypt has invited international companies to bid to develop 13 new oil and gas sites in the Mediterranean Sea, the Gulf of Suez and the western desert as the country seeks to reverse a fall in natural gas production. The bids cover concessions that include seven undeveloped discoveries and six exploration areas, according to the […] March 4, 2025
Employment Saudi jobs market buoyant as Egypt and Kuwait struggle Staffing levels in Saudi Arabia surged in February as companies prepare for growth opportunities ahead. But it was a different story in neighbouring Kuwait and Egypt where jobs were lost in the face of a slowdown in new orders, according to the latest business sentiment surveys. Employment numbers in Saudi Arabia increased at the quickest […] March 4, 2025
Economy Egypt’s net foreign assets jump in January Egypt’s net foreign assets (NFAs) jumped by $2.74 billion in January, boosted by the sale of $2 billion in dollar-denominated bonds, central bank data showed. NFAs climbed to the equivalent of $8.7 billion from $5.96 billion at the end of December, according to Reuters calculations based on the official central bank currency rates. The increase […] March 3, 2025
Video length: 04:45 VIDEO Education Universities have to change to bridge the skills gap Education in the Mena region must transform to reflect the changing market, according to experts. Ismael Al-Hinti, president of Al Hussein Technical University in Jordan told AGBI that young people entering the jobs market in the region face a skills mismatch, with unemployment rates highest among the most educated. The answer, according to Al-Hinti, is […]
Analysis Markets Gulf CEOs urged to conquer fear of earnings call Earnings calls for analysts, reporters or investors are a staple for listed companies in Western markets. The same is not true in the Gulf, however, and experts say that can make it harder to assess a company’s performance and justify its stock valuation. It can also deter institutional investors, limit liquidity and slow market growth. […]
VIDEO EXCLUSIVE Tech Errol Musk: Tower will be a ‘truly international institute’ Errol Musk told AGBI in an exclusive video interview during his visit to Dubai that the Musk Tower that is to be built in the UAE will serve as an innovation centre. It will also foster developments in science “that are ignored”, including “space-time travel and gravity”, he said. Discussions are ongoing with Abu Dhabi-based […]
Analysis Real Estate How Qatar escaped a World Cup property glut Three years on, it is clear that Qatar has by and large avoided what plagued many of its World Cup host predecessors – the big White Elephant. In spite of a rush of building projects to open a slew of new hotels and apartments for the November-December 2022 event, the gas-rich nation was shrewd enough […]
Food & Drink Climate change and rising costs challenge Turkish tea producers Turkey is one of the world’s biggest tea producers, and it is taking steps to increase its profile in the highly competitive international market
Opinion Employment New UAE gratuity scheme could leave staff worse off Replacing end-of-service benefit with a defined contribution fund could cost expat workers thousands
Opinion Food & Drink Rising prices open door for Saudi Arabia to lead coffee market With its favourable topography and climate, the Arabian Peninsula has the potential to be a major producer
Analysis Food & Drink Dubai restaurants risk out-pricing customers on alcohol costs The cost of eating out in Dubai’s restaurants is rising, especially if you’re washing your meal down with an alcoholic drink. Last year, Dubai was named the third-most expensive city in the world for a half-litre of draught beer at an average of $10.89, according to price comparison website Numbeo. Qatar was number one, followed […]
Analysis Tourism Moroccan tourism startups build momentum ahead of World Cup Startup innovation and entrepreneurship are helping to fuel growth in Morocco’s tourism industry. The sector’s importance to the economy is increasing as the country prepares to co-host the Fifa World Cup in 2030. Morocco welcomed 17.4 million international tourists in 2024, a 20 percent increase on 2023, the latest data from the UN World Tourism […]
Opinion Media & Advertising What’s in a (badly spelt) brand name? Brands – and their branding and PR agencies – like to feel special
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 […]
Opinion Leisure & Hospitality Sotheby’s first Saudi auction: a test of Gulf’s market potential The 150 lots will feature everything from Picasso to Hermès handbags, at prices up to $1.5m
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+ hesitant on oil output rise amid US sanctions Opec+ is debating whether to raise oil output in April as planned or freeze it, as its members struggle to read the global supply picture because of fresh US sanctions on Venezuela, Iran and Russia, eight Opec+ sources said. Opec+ usually confirms its supply policy one month in advance to have time to allocate crude […]
Agriculture UAE’s Aqua Bridge to build aquaculture farm in India A UAE aquaculture company linked to the ruling Al-Maktoum family of Dubai has agreed to develop an aquaculture farm and research centre in the Indian state of Uttar Pradesh at an initial cost of $461 million. Aqua Bridge Group, whose chairman is Sheikh Ahmed bin Mana bin Khalifa Al-Maktoum, said the partnership project in the […]
Trade InvestSaudi to open second US office in Miami Saudi Arabia’s investment promotion authority, InvestSaudi, will establish its second office in the United States in Miami to target flows to and from North and South America. Khalid A. Al-Falih, the Saudi investment minister, made the announcement on Thursday at the Future Investment Initiative summit in the South Florida city. “By selecting Miami as our […]
Oil & Gas Brazil joins Opec+ oil producers’ group Brazil, the largest oil producer in South America, has officially joined the Opec+ group of more than 20 countries that attempts to manage global oil output. The participation formalises an initial announcement in November 2023, a statement by Opec said. Brazil’s membership will be limited to the Opec+ Charter of Cooperation, a permanent forum between […]
