Trade Exports to India from UAE more than double in November Exports to India from the UAE more than doubled year on year to over $6 billion in November, as demand for gold and energy products soared. Imports from India were up by over 11 percent in the same month, reaching $3 billion, data released by India’s commerce ministry showed. Emirati exports to India from April […] December 18, 2024
Analysis Retail UAE retailers face rising costs as shoppers demand more Rising costs for UAE retailers risk hitting marketing budgets in 2025 – even though consumers are spending more cash. Increases in raw material costs and supply chain delays are tightening the margins for companies, experts have pointed out. Still, a sharp increase in the use of artificial intelligence in the retail industry next year is […] December 18, 2024
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 currently has […] December 18, 2024
OpinionPEoPLE & LIFESTYLEA possible $20m partnership with Art Basel will elevate the Abu Dhabi Art Fair’s global roleAdeline Pilon, Co-founder, Elyx Foundation & Company
OpinionCONSTRUCTIONDubai will not rest on its laurels, regardless of the competition from Abu Dhabi and RiyadhFrank Kane, Editor-at-Large
OpinionInfrastructureStability in Syria and regional integration is of more than just marginal interest to the GCCJohn Manners-Bell, CEO, Transport Intelligence
Analysis Health Gulf’s growth in retirees drives demand for senior services Changing demographics globally are paving the way for a new seniors industry in the Gulf. UAE-headquartered Aster DM Healthcare and Bahrain’s GFH Financial Investment Group are Gulf household names that have entered this fledgling but promising business with targeted medical and property services. The baby boomer generation now ranges between 60 and nearly 80 years […]
People & Lifestyle Global inspirations for Dubai’s ‘walkability’ mission From Singapore to Bologna, Dubai should cast its net wide for examples in its ambitions to transform into a pedestrian-friendly city
Analysis Economy 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 […]
Analysis Oil & Gas 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 growth is about half that of its oil producing rival – the duo’s latest monthly reports […]
Analysis Sustainability 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 […]
Construction Underwater marine museum bids sought by Abu Dhabi The Environment Agency Abu Dhabi (EAD) has launched a public tender for the construction of an underwater marine museum. The project scope includes construction, production, transportation, installation and handover of the museum elements, according to the pre-specified design. It will also require the fabrication and transportation of museum components, along with site preparation of the […] December 18, 2024
Trade Exports to India from UAE more than double in November Exports to India from the UAE more than doubled year on year to over $6 billion in November, as demand for gold and energy products soared. Imports from India were up by over 11 percent in the same month, reaching $3 billion, data released by India’s commerce ministry showed. Emirati exports to India from April […] December 18, 2024
Oil & Gas Kenya extends oil deals with Saudi Arabia and UAE Kenya has extended oil import agreements with one Saudi and two UAE oil companies to ease pressure on its currency, according to media reports. The deals were initially signed with Saudi Aramco, Abu Dhabi National Oil Company and Emirates National Oil Company in March 2023, offering a 180-day credit period, Business Daily newspaper reported. Reuters […] December 18, 2024
Analysis Retail UAE retailers face rising costs as shoppers demand more Rising costs for UAE retailers risk hitting marketing budgets in 2025 – even though consumers are spending more cash. Increases in raw material costs and supply chain delays are tightening the margins for companies, experts have pointed out. Still, a sharp increase in the use of artificial intelligence in the retail industry next year is […] December 18, 2024
Retail Abu Dhabi sells 69% stake in Liverpool shopping centre Abu Dhabi Investment Authority (Adia), the UAE’s largest sovereign wealth fund, has sold its 69 percent stake in the Liverpool One shopping centre. As part of the deal with the Land Securities – the largest commercial property development and investment company in the UK, with a portfolio valued at around £10 billion – an unnamed […] December 18, 2024
Real Estate Seven awards $346m contract for new entertainment venue Saudi Arabian developer Seven is investing SAR1.3 billion ($346 million) to develop a new entertainment destination in the Jazan region. The development has been awarded to Riyadh-based Alfanar Projects. Located adjacent to the North Corniche Park along Jazan’s waterfront, it will span more than 60,000 sq m, with 73,000 sq m of built-up space. Designed […] December 18, 2024
Construction Diriyah begins second-phase work with $202m contract Diriyah Company, backed by Saudi Arabia’s Public Investment Fund, has awarded a SAR758.5 million ($202.2 million) contract to China Harbour Engineering Company for bulk excavation works in the second phase of the Diriyah giga-project. The excavation will span 6.3 sq km, covering much of the second phase of the 14 sq km development. More than 600 […] December 18, 2024
Real Estate Ardco sets up $933m fund to develop Riyadh project The Riyadh Development Company (ArdCo) and three partners have set up a SAR3.5 billion ($933 million) real estate investment fund to develop a mixed-use project in the Saudi capital. The project will include residential, office and commercial spaces, as well as hotels. When built, the towers in the Urban Wadi, part of the Sports Boulevard […] December 17, 2024
Finance PIF ‘interested in Newcastle Airport stake’ Saudi Arabia’s Public Investment Fund (PIF) is understood to be interested in buying a minority stake in Newcastle airport, UK media say. The sovereign wealth fund is believed to be the frontrunner in a deal to buy the 49 percent shareholding owned by Infrabridge, a global infrastructure investment company based in Florida, The Times reports. […] December 17, 2024
Markets Almoosa Health’s Saudi IPO order book hits $46bn The institutional book-building process for Almoosa Health Company’s upcoming initial public offering (IPO) has reached SAR173 billion ($46 billion) and was oversubscribed 103 times. The company set the final offering price at SAR127 per share, raising SAR1.69 billion on the Saudi stock market listing. The expected market capitalisation will be SAR5.63 billion, making it the […] December 17, 2024
Oil & Gas Opec+ wary of rise in US oil output under Trump Opec+ members are contemplating a renewed rise in US oil output when Donald Trump returns to the White House, delegates from the group said. More US oil would further erode Opec+ market share and hamper the producer group’s efforts to support prices. Opec+ pumps about half of the world’s oil and earlier this month delayed […] December 18, 2024
Oil & Gas UAE and Qatari energy giants strike LNG deals State-owned energy companies in the UAE and Qatar have struck long-term liquefied natural gas (LNG) deals with international companies. The UAE’s Adnoc has signed its third agreement to supply LNG from its Ruwais plant. The 15-year deal is with Germany’s energy infrastructure company, EnBW Energie Baden-Württemberg AG (EnBW), and will deliver 0.6 million tonnes per […] December 17, 2024
Finance Brics currency branded ‘fantasy’ as Trump threatens tariffs Suggestions that the UAE would drop its dollar peg in favour of a Brics currency have been described as “fantasy” by the head economist at Standard Chartered bank. The UAE, along with Iran, Egypt and Ethiopia, joined the non-Western-aligned Brics group – named for its earliest members Brazil, Russia, India, China and South Africa – […] December 16, 2024
Renewable Energy Oman and TotalEnergies target renewable projects OQ Alternative Energy (OQAE), Oman’s state-backed renewable energy company, has signed joint-venture agreements with France’s TotalEnergies to develop 300 megawatts (MW) of renewable energy projects nationwide. The power generated will be supplied through long-term power purchase agreements (PPA) to Petroleum Development Oman (PDO), an exploration and production company. TotalEnergies and OQAE will own 49 percent […] December 16, 2024
Oil & Gas QatarEnergy acquires stake in offshore Namibia block State-backed QatarEnergy has agreed to acquire a 27.5 percent interest in Block 2813B offshore Namibia from Harmattan Energy Limited (HEL), an indirect subsidiary of US company Chevron Corporation. HEL is the operator of the block and will retain a 52.5 percent interest. Trago Energy Limited and the National Petroleum Corporation of Namibia are the other partners, […] December 16, 2024
Aviation 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 […] December 13, 2024
Economy 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 […] December 13, 2024
Development 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 […] December 13, 2024
Banking & Finance Banks strike debt deal to take stake in Istanbul’s cruise port Five banks will take a 49 percent stake in Istanbul’s luxury cruise terminal after striking a debt restructuring deal worth €1.02 billion ($1.1 billion) with Dogus Group, owned by Turkish billionaire Ferit Şahenk. Under the agreement, Yapi Kredi Bankasi AS will acquire up to a 13 percent stake in Galataport Istanbul Liman İşletmeciliği ve Yatırımları […] December 18, 2024
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 currently has […] December 18, 2024
Opinion Infrastructure Rebuilding Syria would revive its nexus status A stable environment in Syria, Lebanon and Iraq would encourage an influx of foreign capital December 16, 2024
Manufacturing Turkey holds 65% of global drones market Turkey accounts for 65 percent of the global unmanned aerial vehicle (UAV) market, a senior executive with drone maker Baykar has said. The company alone commands nearly 60 percent of this market, Daily Sabah reported, citing chairman and chief technology officer Selcuk Bayraktar. Baykar has been the world’s largest drone company for three consecutive years […] December 16, 2024
Energy Turkey’s first nuclear plant to start trial production in 2025 Turkey is to begin trial production at its first nuclear plant in 2025, energy and natural resources minister Alparslan Bayraktar has said. Ankara plans to load the first fuel in its more than 90 percent complete first reactor at the Akkuyu Nuclear Power Plant next year, he said in a post on the social messaging […] December 16, 2024
Energy BP and Adnoc launch joint gas platform Arcius Energy BP and XRG, the new lower carbon energy and chemicals investment company set up by Abu Dhabi National Oil Company (Adnoc), have completed the formation of a joint venture named Arcius Energy. The new venture, 51 percent owned by BP and the remaining 49 percent by XRG, will focus on international gas operations. It will […] December 16, 2024
Industry Egypt to localise 23 industrial sectors Egypt aims to localise 23 high-priority sectors to spur industrial development and reduce reliance on imports, according to a local media report. These industries are critical to the country’s economic growth and leverage locally available raw materials, Egypt Daily reported, citing deputy prime minister for industrial development and minister of industry and transport Kamel El-Wazir […] December 16, 2024
Renewable Energy Egypt and UAE company to develop $600m wind power plant Egypt has signed an agreement with Dubai-based energy company AMEA Power to build a 500-megawatt (MW) wind power project in the Gulf of Suez, according to media reports. The $600 million project reflects the country’s commitment to expand its renewable energy capacity, prime minister Mostafa Madbouly said. The renewable energy sector is a key focus […] December 15, 2024
Development 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 […] December 13, 2024
Energy 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 […] December 13, 2024
People & Lifestyle 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 […]
Analysis Finance 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, […]
Analysis People & Lifestyle 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 […]
EXCLUSIVE Media & Advertising 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 […]
Analysis Finance 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. […]
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 […]
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 […]
Analysis Health 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 […]
Tourism 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 […]
Analysis Real Estate 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 […]
Analysis Health 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 […]
Analysis Health 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 […]
Editor's Insight Transport 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 […]
Trade Exports to India from UAE more than double in November Exports to India from the UAE more than doubled year on year to over $6 billion in November, as demand for gold and energy products soared. Imports from India were up by over 11 percent in the same month, reaching $3 billion, data released by India’s commerce ministry showed. Emirati exports to India from April […]
Oil & Gas Kenya extends oil deals with Saudi Arabia and UAE Kenya has extended oil import agreements with one Saudi and two UAE oil companies to ease pressure on its currency, according to media reports. The deals were initially signed with Saudi Aramco, Abu Dhabi National Oil Company and Emirates National Oil Company in March 2023, offering a 180-day credit period, Business Daily newspaper reported. Reuters […]
Markets US fund managers expected to accelerate Gulf investment North American fund managers are underinvested in Gulf equities but that may soon change, according to new research. The region’s low correlation to global and other emerging markets, accelerating economic diversification and improving bourse diversification could make Gulf investments more attractive. Saudi Arabia (4.41 percent), the UAE (1.28 percent), Qatar (0.86 percent) and Kuwait (0.84 […]
Oil & Gas Oil shipments from UAE to Asia to be cut next year The UAE is reducing its oil shipments early next year as Opec+ pushes for compliance with production cuts in order to try to stop prices falling. However it is unclear if this means that the country – Opec’s fifth largest producer – is cutting its output, analysts have told AGBI. Adnoc, the UAE’s state-owned oil […]
