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royal jordanian Samir Majali

Royal Jordanian losses mount due to conflict

Royal Jordanian is likely to record a loss of $11 million for the second year running, due to a sharp drop in passengers because of the Middle East conflict. The airline was expected last year to report its first profits since the Covid pandemic, and boasted a $15 million surplus in the first nine months […]

In the absence of any concrete structures as yet, Neom exhibitors provided virtual reality sets to give throngs of curious visitors a sense of what The Line will look like

Leaders of The Line share vision of a brave new world

Its managers and designers say it is the human society of the future, but others might see in it a dystopian vision of life shielded in a glass box from an uninhabitable world.  Leading figures behind the Neom city The Line – the boldest of Saudi Arabia’s $1.25 trillion giga-projects – made a coordinated pitch […]

Trending

  1. Landmark Group expands into Asia

  2. Algeria must forge own identity to hit tourism targets

  3. Bahrain bank merger to complete in 2025

  4. Kuwait appoints new head of $1trn wealth fund

  5. Adnoc Gas signs long-term deal with India’s Gail

OPINION & Analysis

Best of AGBI

MrBeast, whose real name is Jimmy Donaldson, is the world's most popular YouTuber with 329 million subscribers

UAE marketing enters the YouTube age with MrBeast video

Why is the world’s most popular YouTuber scaling the Burj Khalifa? He is helping the UAE to unlock a fresh demographic, marketing experts have told AGBI. MrBeast – a 26-year-old American whose real name is Jimmy Donaldson – is a pop culture phenomenon. His channel has 329 million subscribers and his gameshow-esque videos have racked […]

Saudis getting a taste for non-alcoholic drinks

The Saudi government’s drive to improve the nation’s health is boosting the food and beverage market in the most unlikely of places – zero-alcohol beer.  A report by MarkNtel Advisors shows the Gulf market is growing by 7.7 percent a year. The local and international brands vying for share include Aujan Group Holding, Anheuser-Busch InBev, […]

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 […]

Why Gulf governments keep investing in EVs

Oil-based economies need a Plan B – something they can turn to when crude markets are troubled. Gulf governments are using electric vehicles as that hedge, according to Kevin Chalhoub, CEO of EV Lab. “When oil won’t go well, probably electric cars will go well,” he says. “It’s a very exciting strategy. The Middle East […]

Aster DM Healthcare expects to close Saudi deals in months

Aster DM Healthcare is buying more clinics and hospitals in Saudi Arabia with some deals expected to close in the coming months.  The hospital operator, headquartered in Dubai, wants to increase its current roster of 250 hospital beds in Riyadh to 1,000 beds within the next three to four years to help meet the country’s […]

Donald Trump

economy

Trump’s second term poses challenges for the Gulf

Justin Alexander, Director, Khalij Economics

UAE latest

NMC Royal Hospital in Mohammed Bin Zayed City, Abu Dhabi, one of 85 medical facilities the company operates in the UAE

PureHealth in talks to buy hospital operator NMC

PureHealth Holding, the UAE’s largest healthcare group, is in discussions to acquire the UAE hospital operator NMC Healthcare, sources familiar with the matter say. A deal, if finalised, could be announced before the first half of 2025, sources told AGBI, speaking on condition of anonymity. Other potential bidders had explored the opportunity but were not […]

Landmark Group chairwoman Renuka Jagtiani Video length: 03:36

Landmark Group expands into Asia

Landmark Group, based in Dubai and one of the biggest retail chains in the Gulf region with annual revenue of more than $7 billion, is investing $1 billion in its Asia expansion. As the company celebrates its 50th anniversary, Renuka Jagtiani, chairwoman, and Landmark Retail CEO Kabir Lumba explain Landmark’s growth strategy and the challenges […]

Emirates took on $4.8bn in debt over the pandemic. Its deputy president and chief operations officer Adel Al Redha told AGBI that it has already paid back almost 70%

Emirates repays over 70% of $4.8bn pandemic debt

Dubai’s Emirates airline has already repaid billions of dollars of debt it raised during the pandemic by the end of this year, a senior official told AGBI. The emirate’s flagship carrier raised AED17.5 billion ($4.8 billion) in debt during the pandemic, when the aviation industry was brought to its knees as planes were grounded globally […]

MrBeast, whose real name is Jimmy Donaldson, is the world's most popular YouTuber with 329 million subscribers

UAE marketing enters the YouTube age with MrBeast video

Why is the world’s most popular YouTuber scaling the Burj Khalifa? He is helping the UAE to unlock a fresh demographic, marketing experts have told AGBI. MrBeast – a 26-year-old American whose real name is Jimmy Donaldson – is a pop culture phenomenon. His channel has 329 million subscribers and his gameshow-esque videos have racked […]

Adnoc Gas expects to acquire Adnoc’s 60% stake in the Ruwais LNG plant in the second half of 2028, when first production is due

Adnoc Gas signs long-term deal with India’s Gail

The UAE’s Adnoc Gas has signed a 10-year deal with Gail India, the largest natural gas company in the Asian nation, to supply up to half a million tonnes per annum (mtpa) of liquefied natural gas (LNG) starting in 2026. The agreement converts the previous heads of agreement announced in January into a definitive agreement, […]

Saudi Arabia latest

In the absence of any concrete structures as yet, Neom exhibitors provided virtual reality sets to give throngs of curious visitors a sense of what The Line will look like

Leaders of The Line share vision of a brave new world

Its managers and designers say it is the human society of the future, but others might see in it a dystopian vision of life shielded in a glass box from an uninhabitable world.  Leading figures behind the Neom city The Line – the boldest of Saudi Arabia’s $1.25 trillion giga-projects – made a coordinated pitch […]

Saudi consumers are looking for non-alcoholic drinks that deliver the flavour of traditional cocktails

Saudis getting a taste for non-alcoholic drinks

The Saudi government’s drive to improve the nation’s health is boosting the food and beverage market in the most unlikely of places – zero-alcohol beer.  A report by MarkNtel Advisors shows the Gulf market is growing by 7.7 percent a year. The local and international brands vying for share include Aujan Group Holding, Anheuser-Busch InBev, […]

Saudi ride-hailing female with phone

Saudi ride-hailing enjoys prosperous summer

A busy summer for drivers has brought a 41 percent increase from the second quarter to the third in the number of trips facilitated through ride-hailing apps in Saudi Arabia. In the first nine months of the year more than 51.8 million ride-hailing trips were taken, an increase of 12 percent over last year, statistics […]

One goal for the kingdom's giga-projects is to 'provide for Saudis and Saudi families'

Saudi giga-projects are going local with new focus

A nationalist sensitivity towards the leadership and aims of Saudi Arabia’s massive giga-projects is slowly taking hold, as foreign CEOs are swapped out for locals and the government makes a stronger push on housing for Saudi citizens.  Last month, the King Abdullah Financial District replaced its Indian CEO Guatam Sashiittal with Mohammed Alsudairy – head […]

Around the Middle East

KIA will continue prioritising investments in artificial intelligence, digital infrastructure, data centres and semiconductors

Kuwait appoints new head of $1trn wealth fund

Kuwait Investment Authority (KIA), one of the world’s largest sovereign wealth funds, has appointed a new managing director. Sheikh Al-Sabah, a fund board member, will assume the role, replacing Ghanem Al-Ghenaiman, whose four-year term was cut short as he reached retirement age, Bloomberg reported, citing informed sources. The change in top leadership comes as the […]

Bahrain International Airport near Manama: British Airways says it is halting flights to Bahrain and Kuwait due to supply chain issues

Bahrain seeks reversal of BA route cut

Talks are underway between Bahrain and UK officials in a bid to reverse a decision by British Airways to cease flights to the Gulf state. The UK’s flag carrier announced earlier this month that it would be stopping direct flights to Bahrain and Kuwait as a result of supply chain pressures, which it is said […]

Habib Hazzan, managing general partner at Ibtikar Fund, which has just closed its second fund at $25 million

Funding increase to support Palestinian startups

Funding levels are being ramped up to support Palestinian startups in the war-torn territory and across the wider Middle East and North Africa. Just $8.8 million has been invested in Palestinian startups – marked as Ramallah, West Bank or Gaza-based – in 18 deals on record from 2022 to the present day, according to Racha […]

Architecture, Building, Cityscape

Qatar replaces chief of its $510bn sovereign fund

The Qatari government has appointed Mohammed Al Sowaidi to lead its $510 billion Qatar Investment Authority (QIA). He replaces Mansoor Al Mahmoud who had headed the sovereign wealth fund since 2018. Al Sowaidi joined the fund in 2010 and worked as the Americas region’s chief investment officer. The QIA, set up in 2005, manages revenues […]

Trump Iran oil

IEF head sees Gulf at the top of Trump’s agenda 

The head of the International Energy Forum has told AGBI he believes the Gulf states will benefit from Donald Trump’s election victory strategically and politically, as well as in terms of investment and trade. The IEF is headquartered in Riyadh and counts the energy ministers of 72 states as members. It describes itself as a […]

Audi Qatar F1

Audi slams brakes on Qatari F1 buyout rumours

Carmaker Audi has said its F1 team is not for sale, scuppering online rumours that the company was preparing to sell to Qatar’s QIA sovereign wealth fund. “We do not engage in speculation. The team is not for sale,” an Audi F1 spokesperson told AGBI on Tuesday. Qatar already holds a major stake in VW, […]

Saad Sherida Al Kaabi, Qatar’s minister of state for energy and CEO of QatarEnergy Saad Sherida Al Kaabi, CEO of QatarEnergy, said the deal strengthens the company's partnership with Chevron

QatarEnergy to acquire stake in Egyptian exploration basin

State-backed QatarEnergy has announced plans to buy a 23 percent stake in an offshore exploration block in Egypt from US oil company Chevron. Chevron will retain a 40 percent interest in the concession agreement for the North El-Dabaa (H4) Block in the Mediterranean Sea.  The other partners in the block, which is about 10km offshore […]

AlAbraaj has several franchises in Saudi Arabia, including Mezza-W-Mashawi at Riyadh's King Khalid airport

Restaurant chain AlAbraaj plans IPO on Bahrain Bourse

AlAbraaj Restaurants Group is planning to list on Bahrain Bourse before the end of 2024. Founded in 1987, the restaurant chain manages 15 brands across 37 locations in Bahrain. It employs about 1,200 people. AlAbraaj also franchises five restaurants, three of which are in Saudi Arabia – Khobar, Jeddah and Riyadh. The company is finalising […]

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Turkey Latest

An employee at a textile factory in Istanbul; Turkstat figures show female unemployment levels for September at 12.3 percent

Development bank targets female employment in Turkey

Turkish women are to be one of the main beneficiaries of the European Bank for Reconstruction and Development’s (EBRD) latest investment strategy, through a series of initiatives to fund training, skills growth and business development in the country.  In its 2024-29 strategy, released on November 12, the European lender identified four key areas that it […]

Power distribution in Bodrum. Turkey is working with the World Bank to upgrade its power transmission system

Turkey seeks World Bank funds to upgrade power grid

Turkey is in talks with the World Bank to access funding to strengthen and extend the country’s energy transmission grid, part of broader plans to quadruple renewable energy generation capacity and transition away from fossil fuel dependency.  World Bank country director for Turkey Humberto Lopez said the international lender will work with Ankara to unlock […]

Turkey tourism beach

More tourists in Turkey, but they spend less and leave quicker

Turkey is on track to break records for tourist arrivals this year, but it may fall short of revenue targets, as visitor numbers are up but spending is flatlining and average holiday stays are getting shorter.  Just over 23.2 million overseas visitors made Turkey their destination in the third quarter of the year, the statistics […]

A Turkish pistachio farmer. Prices for shelled pistachios have risen to $41 a kilo.

Chocolate trend sends Dubai nuts for Turkish pistachios

It may have started with a UAE resident trying to assuage her hunger cravings during pregnancy, but the latest taste sensation to sweep the Middle East and beyond is causing contractions in the supply of Turkish pistachios as demand for Dubai chocolate swells. Turkey is in line to post a record high pistachio harvest for […]

Shopping for groceries in Ankara; Turkey has benefitted recently from a period of stability and cooling of inflation

Turkey to boost borrowing to bridge budget gap

Turkey’s Treasury has issued its borrowing programme for 2025, seeking to build a bridge over the budget deficit through a mix of domestic and external debt offerings, though any instability in global markets could add to financing costs.  Under the programme, the government will seek to raise the equivalent of up to $13 billion from […]

Egypt Latest

Computer Hardware, Electronics, Hardware

Egypt’s United Bank set to raise $104m from listing

Egypt’s United Bank is set to raise between EGP4.2 billion and EGP5.1 billion ($85-104 million) through an initial public offering (IPO) on the Egyptian stock exchange. The bank set the indicative price range of EGP12.7 to EGP15.6 per share, according to local media reports. The final price will be determined through a book-building process. In […]

Egypt 5G

Vodafone and Telecom Egypt sign $600m deal to push 5G

Telecom Egypt and Vodafone Egypt have signed a series of infrastructure service agreements worth $609 million, including deals to prepare the country for the rollout of 5G. The agreements will enable Vodafone Egypt, the country’s largest mobile operator by market share, to use Telecom Egypt’s extensive infrastructure and fibre optic network. Amr Talaat, Egypt’s minister […]

Saad Sherida Al Kaabi, Qatar’s minister of state for energy and CEO of QatarEnergy Saad Sherida Al Kaabi, CEO of QatarEnergy, said the deal strengthens the company's partnership with Chevron

QatarEnergy to acquire stake in Egyptian exploration basin

State-backed QatarEnergy has announced plans to buy a 23 percent stake in an offshore exploration block in Egypt from US oil company Chevron. Chevron will retain a 40 percent interest in the concession agreement for the North El-Dabaa (H4) Block in the Mediterranean Sea.  The other partners in the block, which is about 10km offshore […]

A farm in Luxor. Egypt's agricultural exports have grown consistently year on year

Egypt’s food exports grow by a third

The value of Egyptian agricultural exports grew by $1 billion in the first 10 months of 2024, a year-on-year increase of around a third, as the government strives to open up new global markets and product lines. Egypt exported 7.1 million tonnes of agricultural goods between January 1 and October 30, with a total value […]

Egypt minerals

Minerals come into focus as Egypt wrestles with oil reforms

Egypt’s proposed platform to encourage investment into their minerals sector is likely to launch early next year, the minister of petroleum and mineral resources said this week. The so-called Mining Portal, which was originally scheduled to be operational by the end of 2024, is part of a drive to exploit what the government says is […]

Features

A Turkish pistachio farmer. Prices for shelled pistachios have risen to $41 a kilo.

Chocolate trend sends Dubai nuts for Turkish pistachios

It may have started with a UAE resident trying to assuage her hunger cravings during pregnancy, but the latest taste sensation to sweep the Middle East and beyond is causing contractions in the supply of Turkish pistachios as demand for Dubai chocolate swells. Turkey is in line to post a record high pistachio harvest for […]

Ras Al Khaimah’s tourist draw: concerts, casinos and crypto

Historically, the emirate of Ras Al Khaimah has been known for industry and manufacturing, but tourism has taken centre stage over the past decade. It has just 400,000 residents and attracted 600,000 visitors to its airport this year, but expects to increase its tourist numbers to 3.5 million overnight guests in the coming years. Raki […]

Minerals come into focus as Egypt wrestles with oil reforms

Egypt’s proposed platform to encourage investment into their minerals sector is likely to launch early next year, the minister of petroleum and mineral resources said this week. The so-called Mining Portal, which was originally scheduled to be operational by the end of 2024, is part of a drive to exploit what the government says is […]

Muscat maps out its future development plans

Muscat is set to approve a plan that will create a central 55km spine where much of the future development of the Omani capital city will take place.  The city is predicted to double in size by 2040. The Greater Muscat Structure Plan, awaiting approval at cabinet level, provides a map of where future growth […]

People & Lifestyle

Men on the Muscat waterfront. Omani citizens who earn more than $1m will have to pay income tax

Oman to impose income tax on high earners post-2026

Oman is expected to implement its proposed personal income tax on high earners after 2026, according to a new report. In July, the Majlis al-Shura, the lower house of the Omani parliament, approved a draft law on income tax – the first of its kind in the GCC region – forwarding it to the State […]

A perfume shop in Sabya, Saudi Arabia. The country's fragrance sector is worth $2.3bn

Investors scent riches in Middle East perfume

The retail offering of Al Majed for Oud Company was more than nine times oversubscribed this week, as investors rushed to buy up the first tranche of 1.5 million shares in the Riyadh-based perfume and oud products manufacturer. The full listing of 7.5 million shares, or a 30 percent stake in the company, will raise […]

Saudi Arabia tourism projects Dragon Ball theme park

Arab Disneyland and Da Vinci: Saudi Arabia’s two great hopes

Saudi Arabia is spending billions on tourism projects at the heart of its grand plan to transform a once isolated kingdom into a global tourist destination. But a nagging question is haunting policymakers: will the world pay attention?   Tourism numbers are rising, hitting 27.4 million in 2023, but half of those were religious visitors.  The […]

Saudi healthcare

Health sector next target for Saudi private equity

Private equity is looking to Saudi Arabia’s healthcare and wellness sectors for the kingdom’s next growth areas as it tries to manage a burgeoning young population.  Some 60 percent of Saudi Arabia’s 32 million-plus population are under 30, and analysts from research company S&P say the kingdom’s demographics are the main reason for a sustainable […]

Lionel Messi poses for a photo at Dubai Expo 2020. He and his Argentina teammates will soon be appearing on 'giant billboard on Sheikh Zayed Road' to advertise property

Project stardust: why Dubai developers still want celeb tie-ins

Lionel Messi, Rohit Sharma and Chris Hemsworth are just some of the famous faces who have promoted UAE real estate in recent years. Superstar sportsmen and Hollywood heroes do not come cheap, but are they really a good investment for developers or just an excuse for the CEO to get a selfie?  Many industry observers […]

Around the world

Swiss gold

Record gold price dents demand for Swiss bullion in Gulf

Swiss gold exports to Saudi Arabia and the UAE have slumped in the past year, as its price rose by more than 30 percent driven by geopolitical challenges. Gold passed $2,700 per ounce on Friday for the first time ever. A year ago it was $1,980 per ounce, and a month ago $2,559. While global […]

Manara's stake in First Quantum Minerals’ Zambian operations could be worth between $1.5bn and $2bn

PIF’s Manara in talks to buy minority stake in Zambian mines 

Manara Minerals, a joint venture between Saudi Arabian Mining Co (Maaden) and the sovereign Public Investment Fund (PIF), is in advanced talks to acquire 15 to 20 percent in Canadian miner First Quantum Minerals’ Zambian copper and nickel assets. The stake could be potentially valued between $1.5 billion and $2 billion, Reuters reported, citing informed […]

Visitors tour the exhibition halls at Gitex Global. This year's expo runs until October 18

Tech startups drive rise in Ireland’s exports to UAE

Exports from Ireland to the UAE rose by 21 percent last year, driven by Irish technology and healthcare companies.  The trade agency Enterprise Ireland says exports to the GCC increased 13 percent last year, reaching €532.5 million ($580 million). Qatar had the region’s fastest growth in exports from Ireland last year, with a rise of […]

A Mitsubishi H3 rocket on the launchpad in Japan. The UAE will use the model in its asteroid belt mission

UAE and Mitsubishi sign agreement for asteroid belt mission

The UAE has signed an agreement with Mitsubishi Heavy Industries to provide services for its 2028 mission to the asteroid belt.  The Emirates Mission to the Asteroid Belt – the first multiple-asteroid tour and landing mission to the main belt that lies between Mars and Jupiter – will launch the Mohammed Bin Rashid Explorer spacecraft […]