Economy Kuwait consumer spending reaches record high Consumer spending in Kuwait hit record levels in 2024, underpinned by a growing preference for card payments and a thriving ecommerce industry. Figures from the Central Bank of Kuwait for 2024 showed spending reached KD47.81 billion ($155.7 billion), a rise of 4.4 percent from the previous year. The figures show an increase in card payments and […] January 30, 2025
Tax Oman makes key changes to draft income tax law Oman has issued a new draft personal income tax law with key amendments, raising the exemption threshold and lowering proposed tax rates. The timeline for the law’s implementation remains uncertain. The latest draft, which was delayed last year, has been approved by the State Council and Majlis Al Shura and will now move to Sultan […] January 30, 2025
EXCLUSIVE Markets AlMajal AlArabi considers listing on Saudi Arabia’s Tadawul Saudi Arabia’s AlMajal AlArabi Group (MAG) is considering an initial public offering on the Tadawul main market and has appointed Riyad Capital as an adviser, people familiar with the plans told AGBI. The Riyadh-based facilities management and construction company is exploring a share sale as Saudi Arabia’s infrastructure and services sectors expands, driven by multi-billion-dollar […] January 30, 2025
OpinionArtificial IntelligenceChina may have scored against US AI supremacy, but DeepSeek might end up being an own goalNish Kotecha, Tech entrepreneur
OpinionArtificial IntelligenceDeepSeek’s arrival has huge implications for Arabian Gulf investment strategiesFrank Kane, Editor-at-Large, AGBI
OpiniontradeGCC economies do not appear to be targets of Trump beyond the message to produce more oilTim Fox, Partner, Capital Gate Advisors
Banking & Finance Kuwait ready to move on long-awaited mortgage law Kuwait is close to finalising a mortgage law that aims to increase homeownership among its citizens. At present, only the government-controlled Kuwait Credit Bank (KCB) can provide property loans to Kuwaiti citizens and companies. The law has been in planning since 2018, when the central bank submitted liberalisation proposals that would allow commercial banks to […]
Analysis Health Saudi privatisation push fortifies healthcare companies The revenues of listed Saudi healthcare companies should rise more quickly than the broader stock market thanks to government efforts to increase the private sector’s involvement, analysts have said. Nine-month profits have risen for 10 of the 11 companies analysed by AGBI, with eight posting increases of at least 10 percent. Almoosa Health was the […]
Analysis Construction Mena construction industry braced for rise in disputes Construction professionals working in the Middle East and North Africa are bracing themselves for a surge in disputes, driven by delays, cost overruns and changes in scope, research has found. In a survey of Mena businesses including contractors and developers, more than 80 percent of the 95 respondents said they anticipated a rise in disputes […]
Real Estate Saudi Arabia opens up holy cities to foreign property investors Saudi Arabia’s Capital Markets Authority (CMA) has announced that foreigners will be allowed to invest in companies that own real estate in the holy cities of Mecca and Medina. The CMA said the decision would “stimulate investment” and “enhance the attractiveness and efficiency of the capital market”. It added that the reform would help the […]
Analysis Finance Vast Gulf wealth funds splinter to make targeted investments Sovereign wealth funds in the Gulf are increasingly doing business via wholly-owned or affiliated entities as they become too big to manage specialised investment efforts, industry watchers are saying. MGX, an Emirati artificial intelligence-focused vehicle founded last year by Abu Dhabi’s fund Mubadala and the artificial intelligence company G42, made a splash by being one […]
Logistics DP World and NSW Ports to invest in rail expansion Dubai’s DP World and Australia’s NSW Ports have announced plans to invest $249 million in doubling the rail capacity at Port Botany in Sydney. The project will extend the rail terminal at the port with the addition of five new rail sidings to accommodate 600-metre-long regional trains. Expected to start in June, it will take […] January 30, 2025
Tourism Growing number of Chinese celebrating new year in UAE The UAE has recorded an increase in the number of Chinese travellers making the journey for new year celebrations this year. Arrivals from China to the UAE have grown 9 percent year on year, a study by the travel insight specialist ForwardKeys has found. While exact details of the dates surveyed or total number of […] January 30, 2025
Manufacturing Gulf ceramics makers poised for 2025 rebound Following a turbulent 2024, the Gulf’s listed ceramics makers should perform better this year thanks to lower customs duties, rising demand for their products and fewer Red Sea shipping disruptions. For equity investors, Oman’s Al Anwar Ceramic Tiles and the UAE’s RAK Ceramics provide a play on the Gulf’s rising population and mega infrastructure spending, […] January 30, 2025
Leisure & Hospitality Alpha Dhabi takes majority stake in ADX-listed hotel operator Alpha Dhabi Holding, which is listed on the Abu Dhabi Securities Exchange (ADX), has acquired a controlling 73.73 percent stake in the National Corporation for Tourism and Hotels (NCTH) via a swap deal. The stake was acquired after selling assets from Alpha Dhabi Hospitality Holding and Murban Energy to Abu Dhabi-listed NCTH in exchange for […] January 30, 2025
Analysis Tax GCC weighs impact of Trump’s global corporate tax moves Tax professionals in the Gulf are assessing how President Donald Trump’s pull-back of US support for an international corporate tax framework might affect GCC states’ implementation of it. In a day-one executive order last week, the returning US president repudiated “any commitment” made by the previous Biden administration toward the Organisation for Economic Co-operation and […] January 30, 2025
Construction Contracts in Saudi Arabia rise 25% in value in 2024 The value of contracts issued by Saudi Arabia rose by almost a quarter year on year in 2024 to reach a record high of $146.8 billion. The kingdom accounted for more than half of all contracts issued across the GCC, which reached a new high of $273.2 billion, according to a report by the Kuwait-based […] January 30, 2025
EXCLUSIVE Markets AlMajal AlArabi considers listing on Saudi Arabia’s Tadawul Saudi Arabia’s AlMajal AlArabi Group (MAG) is considering an initial public offering on the Tadawul main market and has appointed Riyad Capital as an adviser, people familiar with the plans told AGBI. The Riyadh-based facilities management and construction company is exploring a share sale as Saudi Arabia’s infrastructure and services sectors expands, driven by multi-billion-dollar […] January 30, 2025
Markets Saudi poultry producer to list 30% stake on Tadawul Poultry producer Arabian Company for Agricultural and Industrial Investment (Entaj), plans to list a 30 percent stake on the Saudi Exchange (Tadawul). The Capital Market Authority, the kingdom’s market regulator, approved the offering of 9 million shares on Tadawul in September 2024. The offering price will be set following the end of the institutional bookbuilding […] January 30, 2025
Economy Saudi economy grows 1.3% in 2024 after Q4 surge Saudi Arabia’s economy grew by 1.3 percent in 2024 driven by a surge in the fourth quarter and growth in non-oil activities. Real GDP growth increased to 4.4 percent year on year in the last three months of 2024, having remained around 1.6 percent in the first half of the year. Growth in the non-oil […] January 30, 2025
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 […] January 30, 2025
Tax Oman makes key changes to draft income tax law Oman has issued a new draft personal income tax law with key amendments, raising the exemption threshold and lowering proposed tax rates. The timeline for the law’s implementation remains uncertain. The latest draft, which was delayed last year, has been approved by the State Council and Majlis Al Shura and will now move to Sultan […] January 30, 2025
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 […] January 30, 2025
Economy GCC central banks align with Fed to keep rates steady The central banks in the six-nation Gulf Cooperation Council (GCC) have aligned with the US Federal Reserve to hold their interest rates steady. The Central Bank of the UAE will maintain its base rate on overnight deposit facility (ODF) at 4.4 percent, the UAE state-run Wam news agency reported. No other central banks in the […] January 30, 2025
Artificial Intelligence Oman to release new artificial intelligence policy Oman will release a revised national Artificial Intelligence (AI) policy in the first quarter of 2025, according to a local media report. The updated policy will provide a governing framework for the use and development of AI and safeguard national interests, the Oman Daily Observer reported, citing Hassan Al Lawati, national program head for AI […] January 30, 2025
Manufacturing Gulf ceramics makers poised for 2025 rebound Following a turbulent 2024, the Gulf’s listed ceramics makers should perform better this year thanks to lower customs duties, rising demand for their products and fewer Red Sea shipping disruptions. For equity investors, Oman’s Al Anwar Ceramic Tiles and the UAE’s RAK Ceramics provide a play on the Gulf’s rising population and mega infrastructure spending, […] January 30, 2025
Renewable Energy Tunisia turns to waste to tackle power supply gap Tunisia needs to encourage investment in waste-to-energy projects in order to tackle a massive power supply gap of nearly 60 percent, an energy official was reported on Wednesday as saying. Incentives for such projects include the purchase of their production by the state-owned Tunisian Electricity and Gas Company, said Wael Chouchane, secretary of state for […] January 29, 2025
Analysis Trade Turkey becomes a short-term investor haven from Trump Turkey is being seen as a relatively safe harbour among emerging markets by investors looking to shield their funds from aggressive US trade policies, although Ankara is not immune to Washington’s ire. There has been a recent move back into Turkish debt stock, with local bonds attracting $1.9 billion in foreign capital in the first […] January 29, 2025
Manufacturing No investment, more efficiency, say GCC aluminium smelters Aluminium producers in the Gulf are not planning any fresh investments in 2025, despite a projected rise in global demand, an industry official said this week. Production in the six Gulf Cooperation Council (GCC) countries grew by around 120,000 tonnes to reach a record high of nearly 6.45 million tonnes in 2024, said Mahmoud Al-Daylami, […] January 29, 2025
Analysis Trade Turkey becomes a short-term investor haven from Trump Turkey is being seen as a relatively safe harbour among emerging markets by investors looking to shield their funds from aggressive US trade policies, although Ankara is not immune to Washington’s ire. There has been a recent move back into Turkish debt stock, with local bonds attracting $1.9 billion in foreign capital in the first […] January 29, 2025
Economy Saudi Arabia in talks for $6bn Turkish arms deal Turkey expects to strike a $6 billion agreement with Saudi Arabia for the sale of warships, tanks and missiles. The deal may include Saudi Arabia joining Turkey’s fighter jet development project, which could be signed during the visit of President Tayyip Erdoğan to the kingdom in March, Bloomberg reported, citing unnamed officials. Ankara aims to […] January 28, 2025
Aviation Istanbul Airport remains Europe’s busiest Daily flight arrivals in Turkey’s Istanbul Airport have surpassed major European airports such as Amsterdam, London, and Paris in 2024, making it the continent’s busiest. The airport received an average of 1,401 daily flights last year, an increase of 2 percent year on year, thus retaining its position as the busiest air hub in Europe […] January 27, 2025
Banking & Finance Credit and debit card use rises steeply in Turkey Cash could be dethroned as king in Turkey as consumers increasingly turn to plastic when paying for goods and services. But the rise in card usage also comes at a cost, as more Turks fall behind in servicing their debt. Credit and debit card spending reached a total of TL14.87 trillion ($420 billion) in 2024, […] January 24, 2025
Economy Turkey cuts interest rate by 250 basis points Turkey’s central bank cut its key interest rate by 250 basis points to 45% as expected on Thursday, carrying on an easing cycle it launched last month alongside a decline in annual inflation that is expected to continue. The central bank indicated it would continue to ease policy in the months ahead, noting that it anticipated a rise in trend inflation in January, […] January 23, 2025
Real Estate Design for new city in Iraq approved The design for a new city in Iraq to be built by an Egyptian developer that will house 700,000 people has been approved by the country’s ministry of construction and housing. Ora Developers, owned by the Egyptian tycoon Naguib Sawiris, was awarded the contract to build Ali Al-Wardi City a year ago. The company will […] January 29, 2025
Agriculture Livestock imports from Qatar and Egypt banned by China China has banned imports of sheep and goats from Egypt and animals and meat products from Qatar and nine other countries after outbreaks of highly infectious disease in those countries. The ban, which includes processed and unprocessed products, comes after China’s General Administration of Customs issued a series of announcements outlining the outbreaks in several countries based […] January 27, 2025
Finance Bonyan gets approval to list on Egyptian bourse Bonyan, an Egyptian real estate investment company, has secured approval to list on the Egyptian Exchange (EGX) within the first half of 2025. The listing is subject to regulatory approval by the Egyptian Financial Regulatory Authority and the stock exchange. No details of the IPO were given. “The listing reinforces our ambition to make real […] January 27, 2025
Logistics Shipping giants not yet ready to resume Red Sea route Two shipping giants said on Friday that they are in no rush to resume routes through the Suez Canal after a Yemeni militia announced earlier this week it will scale back hostilities against vessels transiting through the Gulf of Aden and Red Sea if the ceasefire in Gaza holds. Danish shipper Maersk and Abu Dhabi […] January 24, 2025
Transport Suez Canal extension to be operational in first quarter The Suez Canal expansion, which will extend the waterway’s two-way section by 10km, is expected to be operational in the first quarter of 2025, the authority’s chairman has said. Egypt announced on Saturday that the new stretch, near the canal’s southern end and close to Little Bitter Lake, was successfully tested without incident. Osama Rabie, chairman of […] January 22, 2025
Analysis Real Estate Dubai real estate sector welcomes freehold drive Dubai’s decision this month to convert the ownership of 457 plots to freehold status was welcomed enthusiastically by the emirate’s real estate sector, but industry experts are divided on whether this will lead to more restricted plots in prime areas becoming available to foreign freehold buyers. The policy shift – in which 128 plots in […]
Analysis Food & Drink Middle Eastern coffee market expected to hit $11bn The price of your half-caff, soya milk, extra hot with a pump of vanilla and a sprinkle of cinnamon is likely to go up this year, as the cost of coffee is set to increase by as much as one fifth. The Middle Eastern coffee market alone is projected to reach $11.5 billion in 2025, […]
Analysis Employment Companies seek new CEOs for maximum profits The number of UAE and Saudi companies looking to replace their CEOs reached record levels in the fourth quarter of 2024, according to a leading recruitment company. Trefor Murphy, founder and CEO of Dubai-based Cooper Fitch, says the number of companies launching searches for the top job during the end of last year saw “heavy […]
Analysis Banking & Finance Middle East banks still keen on green despite pushback Green investments remain a trillion-dollar opportunity for Middle East investors, analysts say, despite global pushback among other banks. About $30 billion was withdrawn from climate-focused mutual funds last year as increased interest rates and scepticism over socially responsible investing or “greenwashing” generated strong headwinds. The situation will be exacerbated by President Donald Trump’s day-one executive […]
Analysis Sustainability Companies scramble to meet UAE carbon emissions laws UAE companies have less than six months to comply with the country’s new emissions laws, but experts warn that some details are still unclear and a proposed carbon credit trading system may not meet its goals. The UAE introduced two pivotal pieces of environmental legislation last year. Cabinet Resolution No 67 on carbon credits came […]
Tourism Growing number of Chinese celebrating new year in UAE The UAE has recorded an increase in the number of Chinese travellers making the journey for new year celebrations this year. Arrivals from China to the UAE have grown 9 percent year on year, a study by the travel insight specialist ForwardKeys has found. While exact details of the dates surveyed or total number of […]
Analysis Health Saudi privatisation push fortifies healthcare companies The revenues of listed Saudi healthcare companies should rise more quickly than the broader stock market thanks to government efforts to increase the private sector’s involvement, analysts have said. Nine-month profits have risen for 10 of the 11 companies analysed by AGBI, with eight posting increases of at least 10 percent. Almoosa Health was the […]
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 […]
