Oil prices extended losses on Monday amid growing fears of a global trade war and bearish signals from major producers. Saudi Arabia cut its crude prices to Asia and Opec+ advanced plans to increase output. Brent crude futures fell $2.28, or 3.5 percent, to $63.30 a barrel, while US West Texas Intermediate (WTI) dropped $2.20, […]
As billions of dollars are thrown at developing Arabic versions of AI for businesses, the technology is improving, but it is an uphill struggle, experts have told AGBI. Spending on artificial intelligence in the Middle East, Turkey and Africa is expected to reach $5 billion this year and rise 35 percent a year to almost […]
Data centres are big business across the Gulf. But experts say the industry faces some major challenges: developing value-added goods and services, increasing research and development funding and identifying the right energy mix to power them. Sales in the GCC data centre market were worth nearly $3.5 billion last year, according to estimates by Research […]
Opinion
TRAVEL
Flicking through a passport’s dog-eared pages is like a conversation with an old companion
Opinion
Business of sport
The race for soft power through sport will only intensify – and Gulf states are in the mix
Opinion
TRADE
Wall Street expects US economic growth to slow while Trump’s tariffs cause an inflation spike
Earlier this week it emerged that Abu Dhabi conglomerate International Holding Company (IHC) and a US institutional investor had between them acquired a minority stake of 6 percent in Haldiram’s, an Indian snack maker, valuing the company at $10 billion. The IHC investment contributes to the UAE’s ranking as the seventh-largest foreign direct investor in […]
US president Donald Trump unveiled far-reaching new tariffs on Wednesday, including on the United Arab Emirates, Saudi Arabia and other countries in the Middle East. Speaking from the Rose Garden of the White House, the president outlined a minimum 10 percent universal tariff on all imports into the United States, regardless of origin. This will […]
Economic advisers to President Donald Trump have proposed radical policies that could dim the allure of US government bonds for Gulf sovereign investors. The bonds, commonly known as treasuries, are considered among the lowest-risk investments. Many countries with excess dollars – from trade surpluses with the US or the sale of dollar-denominated goods such as […]
The Investment Corporation of Dubai (ICD), the principal investment arm of the emirate’s government, could potentially turn to the capital markets with a raft of listings over the next year or so, according to analysts. Established in 2006, ICD is worth about $340 billion and already has one of its crown jewels – Emirates NBD, […]
The fortune of Hussain Sajwani, the chairman of Dubai-based Damac Properties, has doubled in the last year as he takes his place among the world’s wealthiest individuals to become the richest businessman in the Middle East. The 72-year-old real estate magnate is worth $10.2 billion, the annual rich list from Forbes says, significantly higher than […]
Matein Khalid, investor
State-controlled Abu Dhabi ports operator AD Ports Group is to upgrade Angola’s largest port as it expands its reach in Africa, the company said in a statement. The company has appointed UAE-based Mar Construction Civil & Obras Publicas to design and build the port’s infrastructure, the statement said. Additionally, the company has engaged Lebanon-based Dar Al […]
Growth in the UAE’s non-oil private sector eased in March, a survey showed on Friday, highlighting a softening in demand momentum in the Gulf region’s most diversified economy. The seasonally adjusted S&P Global Purchasing Managers’ Index (PMI) slipped to 54.0 last month from 55.0 in February, marking the slowest pace of growth since September. New […]
Earlier this week it emerged that Abu Dhabi conglomerate International Holding Company (IHC) and a US institutional investor had between them acquired a minority stake of 6 percent in Haldiram’s, an Indian snack maker, valuing the company at $10 billion. The IHC investment contributes to the UAE’s ranking as the seventh-largest foreign direct investor in […]
Satish Sanpal established ANAX Holding in Dubai in 2018 as a diversified investment entity. Today, ANAX Holding operates across multiple sectors, including real estate development, hospitality and financial services. ANAX Developments, one of its key subsidiaries, has emerged as a prominent real estate developer in Dubai, delivering high-demand projects across the city. What one piece […]
Dubai’s stock index tumbled on Thursday, poised for its biggest daily decline this year, and other Gulf bourses slid after US president Donald Trump announced wide-ranging tariffs on importers. Losers outnumbered gainers 34 to 10 on Dubai’s benchmark, which was down as much as 2 percent in early trade, mirroring declines on Asian bourses as […]
Saudi Arabia’s aviation watchdog has granted official permission to Riyadh Air to commence flights to and from airports across the kingdom. The General Authority of Civil Aviation (GACA) chairman Saleh Al-Jasser handed the air operator certificate to Riyadh Air CEO Tony Douglas, state-run SPA news agency reported. The certificate follows the Public Investment Fund-backed airline’s completion […]
Saudi Arabia, the world’s top oil exporter, has slashed crude oil prices for Asian buyers in May to their lowest in four months. This follows a recent shock decision by the Opec+ oil group to speed up oil output hikes. State oil company Saudi Aramco cut the May official selling price (OSP) for flagship Arab […]
Gulf co-investors in Elon Musk’s X could benefit from the social media platform’s purchase by xAI, analysts have told AGBI. The deal is expected to help artificial intelligence company xAI train Grok, its AI assistant, to compete in the increasingly competitive generative AI market. Musk’s xAI acquired privately-held X last week in a deal that […]
Spending by people visiting Saudi Arabia last year hit a record high, bringing the kingdom closer to its Vision 2030 tourism targets. Inbound tourists spent SAR154 billion ($41 billion) last year, a 14 percent increase from 2023, which was also a record year. It also meant a record SAR50 billion ($13 billion) travel surplus, after […]
Saudi Aramco has entered into an agreement with Japanese startup Terra Drone to inspect its oil and gas facilities using drones, robotics and artificial intelligence (AI). The memorandum of understanding will advance drone technologies to enhance safety and operational efficiency in the energy sector, Terra Drone said in a statement. In 2023, Terra Drone received […]
Jordan’s gross domestic product (GDP) expanded 2.7 percent year on year in the fourth quarter of 2024, beating a consensus forecast of 2.5 percent, according to official government data. Full-year growth reached 2.5 percent, surpassing the initial forecast of 2.3 percent despite regional headwinds, state-run Jordan News Agency reported citing data from the statistics department. […]
Tougher anti-money laundering rules in Kuwait have forced more than 100 exchange companies to close, according to local reports. The Central Bank of Kuwait’s new rules, which took effect on April 1, include closer scrutiny and an increase in minimum capital to KWD2 million ($6.6 million). On Tuesday Khalifa Al Ajeel, Kuwait’s commerce and industry […]
Production from Khor Mor, Iraq’s largest non-associated gas field, has reached 500 million barrels of oil equivalent, according to a joint statement issued by Abu Dhabi-listed Dana Gas and Sharjah-based Crescent Petroleum. The two companies, each owning a 35 percent stake in Pearl Petroleum consortium, the operator of the gas field in the Kurdistan Region […]
The International Monetary Fund (IMF) has approved a new credit facility for Morocco to help in crisis prevention and to support reform. The new two-year $4.5 billion flexible credit line (FCL) will assist the country in rebuilding buffers and accelerating structural reforms in an uncertain external environment, the IMF said in a statement. The facility […]
US president Donald Trump unveiled far-reaching new tariffs on Wednesday, including on the United Arab Emirates, Saudi Arabia and other countries in the Middle East. Speaking from the Rose Garden of the White House, the president outlined a minimum 10 percent universal tariff on all imports into the United States, regardless of origin. This will […]
Kuwait temporarily cut electricity in some industrial and agricultural areas on Wednesday as demand for power surged due to hot weather, outstripping generating capacity that had been restricted by maintenance at power plants. Kuwait, a member of the Organization of the Petroleum Exporting Countries (Opec), last summer resorted to programmed load-shedding for the first time […]
Economic advisers to President Donald Trump have proposed radical policies that could dim the allure of US government bonds for Gulf sovereign investors. The bonds, commonly known as treasuries, are considered among the lowest-risk investments. Many countries with excess dollars – from trade surpluses with the US or the sale of dollar-denominated goods such as […]
The earthquake which has devastated parts of southeast Asia has forced many Eid holiday makers from Oman to divert from flying to Thailand and to choose Dubai instead as is a preferred destination. Travel agents in Oman have seen a surge of bookings to Dubai with most of them leaving by air. “In last year’s […]
Turkey aims to increase bilateral trade with the US to $100 billion, despite facing a 10 percent traffic from the Trump administration, according to a news report. Ankara is working towards removing the new tariffs imposed by Washington, Hurriet Daily News an English daily, reported citing trade minister Ömer Bolat. The country is ramping up trade […]
Producers in Turkey’s once vibrant textiles industry are looking at moving to Egypt and elsewhere to stay afloat in the face of rising costs and fierce international competition. Company closures and job losses mean employment in the textiles sector has dropped below one million for the first time since the height of the Covid pandemic, […]
Turkish exporters expressed mixed feelings on the news of President Donald Trump’s “Liberation Day” tariffs. There was relief that most sectors escaped with just a 10 percent impost, but Turkey’s car and parts producers, one of the country’s leading manufacturing and exporting sectors, were much less happy with the 25 percent tariff on all automotive […]
Turkey’s inflation rate eased for the tenth straight month in March, although there are concerns that persistent political unrest could lead to a reversal of this trend in coming months, as the cost of a weaker currency and disruptions to the economy flow into the pricing chain. The consumer price index fell to 38.1 percent […]
Turkey’s exports to the GCC bloc rose sharply in February, driven by a strong increase in shipments to the United Arab Emirates. The UAE figures offset falls in sales to some other GCC member states. The numbers were released before the detention two weeks ago of Istanbul mayor and leading opposition figure Ekrem İmamoğlu, which […]
A leading Taiwanese semiconductor design company has invested $10 million in an Egyptian company that specialises in energy-efficient chip technology, according to a statement. InfiniLink, a New Cairo-based startup, has developed technology which uses light instead of electric signals to move data faster, helping AI data centres handle more information at higher speeds with less […]
Owners of imported mobile phones in Egypt will have their devices disabled next week unless they pay tax as part of a drive by Cairo to protect international phone producers operating in Egypt. When the most populous Arab nation invited South Korea’s Samsung and other major smartphone manufacturers to produce their devices in Egypt four […]
Producers in Turkey’s once vibrant textiles industry are looking at moving to Egypt and elsewhere to stay afloat in the face of rising costs and fierce international competition. Company closures and job losses mean employment in the textiles sector has dropped below one million for the first time since the height of the Covid pandemic, […]
The European parliament has approved €4 billion ($4.3 billion) in funding to Egypt to bolster economic resilience in what is the most populous country in the Middle East. The parliament adopted Egypt’s macro-financial assistance with 452 votes in favour, 182 against, and 40 abstentions, it said in a statement. In March 2024, the EU […]
2PointZero, a subsidiary of Abu Dhabi-listed International Holding Company (IHC), has acquired ADVA, an Egyptian consumer finance company. The buyout by Maseera Holding for Financial Investments (Maseera), a subsidiary of 2PointZero, is part of its parent company’s $1 billion investment plan, the state-run Wam news agency reported. ADVA will be Maseera’s technology and data analytics […]
A shiny office tower in the heart of Downtown Dubai may not be an obvious home for a growing international art collection but ICD Brookfield Place is becoming just that. Among the works or exhibitions it has showcased recently are Canadian visual artist Jordan Söderberg Mill’s light and glass installation Standing Wave, Emirati artist Hashel […]
An over-reliance on government funding for water startups in the Gulf may be holding back innovation, experts have told AGBI. The Middle East – a region that includes some of the world’s most water-stressed countries – gained its first water “unicorn” in February when Saudi-based GI Water as a Service raised eight figures in a […]
At least five multi-billion dollar projects to bring up to 24 gigawatts of solar and wind power energy from sunny North Africa to chilly Europe, assisted by Gulf investment money, are currently being planned. But these ambitious schemes to reduce Europe’s reliance on fossil fuels generally, and energy supplies from Russia specifically, all face major […]
Saudi Arabia’s Public Investment Fund (PIF) has made some big gains but has also been hit by some substantial losses in listed US companies in the five years since it began publishing its holdings, AGBI analysis shows. Overall, the value of its assets in publicly traded companies in the US has plunged 55 percent from […]
Egypt's portfolio of multilateral trade deals includes the largest continental free trade agreement in the world. We look at how it can do more business in Africa – a market of 1.5 billion people
Satish Sanpal established ANAX Holding in Dubai in 2018 as a diversified investment entity. Today, ANAX Holding operates across multiple sectors, including real estate development, hospitality and financial services. ANAX Developments, one of its key subsidiaries, has emerged as a prominent real estate developer in Dubai, delivering high-demand projects across the city. What one piece […]
In the same way that non-alcoholic drinks are now a regular feature in restaurants and bars in the UAE, hookah smokers are increasingly turning to healthier substitutes to satisfy their shisha fix. “People are seeking alternatives that are better for their health yet do not impact lifestyle choices,” said Naim Madaad, a founding member of […]
Kuwaiti nationals earn nearly five times as much as their expatriate colleagues, and more than four in every five Kuwaitis work for the government, data from the Central Statistics Administration has revealed. Of 450,000 working Kuwaitis at the end of September, 375,000, or 83 percent, were in the public sector, with the remainder in the […]
From customer service to the C-suite, AI “employees” are climbing the corporate ladder in the Gulf as the technology behind them improves. Regional wealth funds such as ADQ are now using AI “boardroom advisers” to help make decisions according to Middle East AI News, while startups are raising capital and launching so-called “AI employees”. These […]
Hotel owners in the Gulf are increasingly choosing franchise agreements with international hotel brands over the less profitable direct management route, industry experts and analysts say. This is especially true in the UAE and Saudi Arabia where the hotel industry is maturing and hotel owners know their business better, driving them to manage their own […]
Saudi Arabia’s flag carrier Saudia is upgrading its fleet with new Boeing and Airbus aircraft even as the government prepares to start a new airline later this year. The 80-year-old carrier has 118 aircraft on order, most of which will replace older models in its existing fleet of 147, and are scheduled to arrive through […]
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) […]
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 […]
Goldman Sachs has raised the odds of a US recession to 45 percent in the next 12 months. It joins other investment banks in revising their forecast as fears of a trade war grip markets after sweeping tariffs from US President Donald Trump. Goldman raised the probably of a recession in the next 12 months from a previous estimate of 35 percent. The decision followed a sharp […]
A leading Taiwanese semiconductor design company has invested $10 million in an Egyptian company that specialises in energy-efficient chip technology, according to a statement. InfiniLink, a New Cairo-based startup, has developed technology which uses light instead of electric signals to move data faster, helping AI data centres handle more information at higher speeds with less […]
Earlier this week it emerged that Abu Dhabi conglomerate International Holding Company (IHC) and a US institutional investor had between them acquired a minority stake of 6 percent in Haldiram’s, an Indian snack maker, valuing the company at $10 billion. The IHC investment contributes to the UAE’s ranking as the seventh-largest foreign direct investor in […]
Saudi Aramco has entered into an agreement with Japanese startup Terra Drone to inspect its oil and gas facilities using drones, robotics and artificial intelligence (AI). The memorandum of understanding will advance drone technologies to enhance safety and operational efficiency in the energy sector, Terra Drone said in a statement. In 2023, Terra Drone received […]
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