Manufacturing Alba and Ma’aden end merger discussions Aluminium Bahrain (Alba) and the Saudi Arabian Mining Company (Ma’aden) have ended talks over a merger of the two Gulf manufacturing giants. Discussions had been taking place since last year and it had been hoped that a deal could be completed in the first quarter of 2025, according to Alba’s chief executive, Ali Al Baqali. […] January 13, 2025
Energy Sale of enriched uranium announced by Saudi Arabia Saudi Arabia intends to export enriched uranium, the country’s energy minister, Prince Abdulaziz bin Salman, said on Monday. The announcement is the latest indication of Saudi nuclear ambitions. Saudi Arabia has long expressed an interest in developing a nuclear power sector and has engaged in talks with the United States over nuclear cooperation, which were […] January 13, 2025
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 […] January 13, 2025
OpinionREAL ESTATESafety and quality of life are non-negotiable for today’s elite, and the UAE excels in bothNick Candy, Property developer
OpinionTourismCompetitive pricing will become paramount as new supply enters the Gulf hospitality marketCarla Falcon, Managing consultant, PKF Hospitality
OpinionlogisticsSoaring ecommerce volumes will provide many opportunities in the Gulf in the year aheadJohn Manners-Bell, CEO, Transport Intelligence
Analysis Banking & Finance Gulf still struggling to attract private cash for public projects Lower oil prices are driving Gulf countries, particularly Saudi Arabia and the UAE, to involve private companies in financing critical infrastructure projects worth tens of billions of dollars. Despite some successes, the expansion of public-private partnerships (PPPs) is being hampered by inconsistent project delivery and changing regulatory frameworks that are holding back investor confidence, experts […]
Editor's insight Economy Balancing the Saudi books to improve growth The sixth line of the Riyadh metro has now opened – a considerable achievement executed at unprecedented speed, according to architects and engineers interviewed by Valentina Pasquali. But the IMF is predicting growth in the Saudi economy of only 1.5 percent this year. Not so great. It is easy to be sceptical of macroeconomic forecasts, subject as they […]
Analysis Finance Saudi startup funding tumbles as era of cheap money ends Funding for startups in Saudi Arabia dropped 44 percent to $750 million last year, the sharpest decline in the Middle East and North Africa, according to data analyst Magnitt. Across Mena, venture capital was down 29 percent to just under $2 billion, reflecting global trends of high interest rates and investor caution. Saudi Arabia was […]
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 Giga-projects End of ‘blank cheque’ culture for Saudi consultancy Saudi Arabia remains a boom town for the global consultancy industry, but experts have warned it is no longer the land of milk and honey for international operators and there is now a tighter hold being placed on budgets. The Saudi consultancy market, the largest in the GCC, expanded by 18.2 percent in 2023 with […]
Opinion Real Estate The UAE is the world’s new capital for entrepreneurs Dubai and Abu Dhabi have become magnets for investors and the world's super-rich January 13, 2025
Finance Aldar secures $2.5bn credit facility to support growth Aldar Properties, Abu Dhabi’s largest developer, has raised AED9 billion ($2.5 billion), taking its overall liquidity to AED27 billion to back its ongoing growth initiatives. The sustainability-linked multi-tranche revolving credit facility attracted orders from 15 global and regional financial institutions. The facility, which has a five-year tenor and incorporates conventional and Islamic tranches across AED […] January 13, 2025
Logistics ADQ unit explores offer to buy Aramex stake in cash A subsidiary of Abu Dhabi Development Holding Company (ADQ), a sovereign wealth fund, intends to submit an offer to buy 100 percent of the shares in Dubai-listed logistics company Aramex not already owned by Abu Dhabi Ports Company. Shareholders accepting the offer of Q Logistics Holding, an indirect subsidiary of ADQ Development Holding, will be […] January 13, 2025
Education Taaleem plans new schools in Dubai and Abu Dhabi Taaleem has revealed plans to add two “super premium” schools to its portfolio in 2026 as it takes advantage of the increasing number of high-net-worth individuals moving to the UAE. The Dubai-based company has secured a plot of land in the emirate for one of the schools and is “in the process of acquiring another […] January 10, 2025
Construction Damac to tokenise $1bn in real estate Damac Group, the Dubai property company, has partnered with the Hong Kong-based blockchain platform Mantra to tokenise assets worth at least $1 billion. The project will use blockchain technology to create digital tokens representing ownership or rights to Damac’s assets, allowing them to be traded online. Tokenisation is intended to lower barriers to investment by […] January 10, 2025
Energy Sale of enriched uranium announced by Saudi Arabia Saudi Arabia intends to export enriched uranium, the country’s energy minister, Prince Abdulaziz bin Salman, said on Monday. The announcement is the latest indication of Saudi nuclear ambitions. Saudi Arabia has long expressed an interest in developing a nuclear power sector and has engaged in talks with the United States over nuclear cooperation, which were […] January 13, 2025
Employment Saudi Arabia plans cash pay-offs to cut public sector jobs Saudi Arabia is to offer cash incentives to encourage unproductive employees in the public sector to resign in a bid to tackle inefficiency. Saudi newspapers have reported that the government has earmarked nearly 12.7 billion riyals ($3.38 billion) for the three-year plan, which it dubs the ‘Golden Handshake’. While Riyadh has not clarified why it […] January 13, 2025
Trade End sanctions on Syria, says Saudi Arabia Prince Faisal bin Farhan, Saudi Arabia’s foreign minister, has called for an end to economic sanctions on Syria, as the kingdom looks to repair trade and relations after the overthrow of the Assad regime. Speaking at a ministerial meeting in Riyadh to discuss Syria, Prince Faisal said that “continuing sanctions will hinder the aspirations of […] January 13, 2025
Manufacturing Alba and Ma’aden end merger discussions Aluminium Bahrain (Alba) and the Saudi Arabian Mining Company (Ma’aden) have ended talks over a merger of the two Gulf manufacturing giants. Discussions had been taking place since last year and it had been hoped that a deal could be completed in the first quarter of 2025, according to Alba’s chief executive, Ali Al Baqali. […] January 13, 2025
Editor's insight Economy Balancing the Saudi books to improve growth The sixth line of the Riyadh metro has now opened – a considerable achievement executed at unprecedented speed, according to architects and engineers interviewed by Valentina Pasquali. But the IMF is predicting growth in the Saudi economy of only 1.5 percent this year. Not so great. It is easy to be sceptical of macroeconomic forecasts, subject as they […] January 13, 2025
Economy Oman issues $460m in grants to support citizens Oman has provided funding of OR178 million ($460 million) to support more than 100,000 citizens in housing and businesses. Sultan Haitham bin Tariq, in a royal decree marking the fifth anniversary of his accession to the throne, increased the allocation for this year’s housing assistance programme, which provides housing to lower income families. The grants […] January 13, 2025
Oil & Gas Oil may hit $90 on Russia curbs and Iran output cut Brent crude oil prices could rise above $85 a barrel in the short-term if the latest round of US sanctions against Moscow leads to lower Russian oil output, Goldman Sachs said on Sunday. Prices could touch $90 a barrel if the decline in Russian output coincides with a reduction in Iranian production, the bank said. US president Joe Biden imposed the broadest package of sanctions so […] January 13, 2025
Renewable Energy Acwa Power awarded 1GW solar project in Iraq Iraq has invited Saudi Arabian utilities major Acwa Power to finalise an agreement for the construction of a 1,000 megawatt (MW) solar energy plant, local media reported. The country, Opec’s second largest oil producer, is engaged in a post-war programme to tackle a persistent power supply deficit. The plant in the Central Najaf governorate is […] January 10, 2025
Economy Trump tariffs could hit foreign investment, Oman warns Oman’s buoyant non-oil sector will help the sultanate’s economy expand this year at nearly twice the rate of 2024, its sovereign wealth fund has forecast. However, the fund warned that US president-elect Donald Trump’s plans to implement tariffs on its trading partners could hamper ambitions by the sultanate to increase foreign direct investment and reduce […] January 9, 2025
Oil & Gas Iraq proposes moving one of its oldest oil refineries Iraq is considering dismantling one of its oldest oil refineries and moving it outside the capital Baghdad for environmental reasons, but it faces parliamentary objections because of the high cost of the removal. A member of parliament’s oil and gas committee said that dismantling and moving Daura refinery to a remote location outside Baghdad could […] January 9, 2025
Artificial Intelligence Middle East wary of US AI chip export rules The US government’s proposed new rule to control global access to its artificial intelligence chips has ignited widespread debate, and has implications for the Middle East’s AI ecosystem. The “Export Control Framework for Artificial Intelligence Diffusion” would restrict exports of US-made AI chips in the hopes of curbing China’s military advancements using the technology. However, […] January 9, 2025
Tech US PC makers bank on AI to regain Gulf market share US technology majors Dell and HP have launched a range of PCs featuring artificial intelligence capabilities. Industry analysts believe this may help them regain lost market share in the Gulf region and reverse the decline in demand for PCs. Global PC shipments, including in Europe, the Middle East and Africa, dropped 14.6 percent in the […] January 9, 2025
Real Estate Kuwait real estate transaction value up 34% in 2024 The value of real estate transactions in Kuwait grew 34 percent year on year in 2024. In total, 4,950 transactions were worth KD3.73 billion, or around $9 billion, in 2024, compared with 4,442 transactions worth KD2.78 billion in 2023. Only the country’s coastal strip saw a decline in transactions, with deals dropping 44 percent. Residential […] January 8, 2025
Logistics Fall of Assad reopens Syria route to Gulf for Turkey’s truckers The overthrow of the Bashar Al-Assad regime is great news for Turkey’s logistics sector, with hopes that the direct land route to the Gulf region through Syria may soon be re-established. While there will be strong demand for logistics in Syria as the country rebuilds after 13 years of civil war, Turkey’s truckers are looking […] January 13, 2025
Energy Turkey to invest $20bn to promote energy efficiency Turkey intends to invest more than $20 billion in energy efficiency projects by 2030 to combat climate change and boost sustainable development, according to a news report. The first national energy efficiency action plan attracted investments of $8.5 billion between 2017 and 2023, state-run Anadolu Agency reported, citing Bilal Düzgün, head of the ministry’s energy […] January 13, 2025
Tourism Winter resorts add to Turkey’s tourist hotspots Sun, sand, sea … and ski. Turkey is ramping up efforts to extend its tourism season to a year-round offering by trying to raise the profile of the country’s winter resorts. This way it hopes to attract a new cohort of visitors, seeking the thrill of skiing on snow rather than water. Turkey has more […] January 10, 2025
Aviation Turkish Airlines carries 83m passengers in 2024 State-owned Turkish Airlines flew 83.4 million passengers in 2024, up 2 percent annually, driven by its global expansion drive. The flag carrier served 31.7 million international passengers, an increase of 6.4 percent year on year, as the number of destinations rose 4 percent annually to 352. Overall, the load factor fell by 0.4 percentage points […] January 10, 2025
Trade Turkey hopes trade deals will protect it from Trump’s tariffs Turkey’s network of trade agreements, combined with its pivotal role as a major regional logistics and services provider, should help it weather any trade policy shifts by Washington in the coming years, according to the country’s finance minister. Speaking at a meeting hosted by the Independent Industrialists and Businessmen’s Association in Istanbul on January 8, […] January 9, 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
Retail MAF Lifestyle awaits ‘stability’ before entering Egypt The lifestyle arm of the UAE conglomerate Majid Al Futtaim is looking for opportunities to expand into Egypt. However, there must be “stability” in the country before any move is made, MAF Lifestyle’s CEO, Fahed Ghanim, has told AGBI. Majid Al Futtaim as a group already runs operations in Egypt, including the Mall of Egypt […] December 30, 2024
Logistics Suez Canal revenue drops $7bn amid Red Sea instability Suez Canal revenue fell 60 percent, or $7 billion, year on year in 2024 as ongoing instability in the Red Sea disrupted global shipping traffic, according to a news report. Despite the significant earnings drop, the Egyptian government is pressing ahead with modernisation projects to enhance the canal’s capacity and maintain its pivotal role in […] December 30, 2024
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'
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, […]
Real Estate Burj Khalifa at 15: Ups and downs of the world’s tallest skyscraper It may have a few aches and pains but demand in Dubai's supertower remains strong
VIDEO Finance Investors wary of inflation as Trump pursues ‘America first’ policy When Donald Trump returns to the White House his “America First” policy is likely to increase inflation and global economic fragmentation, according to analysts. “We [the Middle East] need to be much more picky about particular geographies, asset classes and even themes that we favour,” said Ben Powell, chief investment strategist at BlackRock’s Investment Institute, […]
Analysis Real Estate Pricey homes and packed hotels: the year in GCC real estate The story of the Gulf property market this year was about decreased housing affordability and a growing gap between top-quality properties and second-tier ones. Meanwhile, surging numbers of international visitors in the UAE, Saudi Arabia and Qatar brought thriving hospitality and retail sectors in the main tourist hotspots. Industry observers expect 2025 to bring more […]
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
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
Opinion Entrepreneurs Top Middle East startup trends for 2025 Investors will continue to be hesitant, but funding activity is likely to pick up after the cut in US interest rates
Media & Advertising Abu Dhabi raises TV and film rebate to lure studios Abu Dhabi is hoping to attract the best of Hollywood, Bollywood and the Arab world to the emirate via an increased TV and film rebate that could save studios as much as $10 million on each production. Abu Dhabi Film Commission increased its refund for productions from 30 percent to 35 percent in October as […]
Health Thriving women’s fitness market offers ‘significant potential’ Exercise rates among women in the Middle East are higher than the global average, creating opportunities for companies to tap into this underdeveloped market segment. Participation in intense physical activities among women in the Middle East has grown from 20 percent of the population in 2019 to 31 percent in 2024. That’s a much larger […]
Opinion People & Lifestyle An Art Basel deal will take UAE culture to the next level The world’s largest arts fair is rumoured to be taking a stake in Abu Dhabi’s local offering
Health 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 […]
Economy 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 […]
Analysis Real Estate Gulf property investors return to London Gulf investors are returning to the UK property market after four years, with experts attributing the change to the new Labour government and falling interest rates. Rashid Khan-Gandapur, director of real estate finance at the Bank of London and the Middle East, says the bank has seen a “massive uplift in GCC investment flow since […]
Oil & Gas Turkey hopes to offer Russia a gas route into Europe Turkey hopes it can cash in on Ukraine’s decision to halt gas exports from Russia across its territory by offering Moscow an alternative route into Europe through its own network of pipelines for increased transit fees. In the short term, however, its ambitions may be restricted by gaps in infrastructure. As of January 1, Russian […]
Tech US PC makers bank on AI to regain Gulf market share US technology majors Dell and HP have launched a range of PCs featuring artificial intelligence capabilities. Industry analysts believe this may help them regain lost market share in the Gulf region and reverse the decline in demand for PCs. Global PC shipments, including in Europe, the Middle East and Africa, dropped 14.6 percent in the […]
Tech Trump reveals $20bn from Sajwani for US data centres Incoming US president Donald Trump and Hussain Sajwani, the billionaire chairman of Damac Properties, announced on Tuesday that the emirati will invest “at least” $20 billion in data centres across the US. The move represents the official entry of EDGNEX, Damac’s specialised subsidiary, into the American market as demand for cloud computing and artificial intelligence […]
