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 […] December 19, 2024
Analysis Artificial Intelligence ChatGPT’s search expansion raises concerns for businesses OpenAI’s decision to roll out its ChatGPT search to all users could indicate a shift in how people access information online and pose challenges for Gulf businesses when it comes to issues such as online advertising, data privacy and revenue models. The feature, introduced to premium subscribers two months ago, allows users to receive real-time […] December 19, 2024
Analysis Oil & Gas How Adnoc’s XRG will achieve its bold investment ambitions When XRG, the newly formed investment arm of the Abu Dhabi National Oil Company (Adnoc), launched last month it said that it wanted to double its $80 billion in assets under management by 2035. For comparison, Abu Dhabi’s ADQ, the world’s 10th largest sovereign wealth fund and the younger sibling of Adia and Mubadala, had […] December 19, 2024
Opinionbanking & financeCan there be optimism about Syria’s banks? Much depends on who enters the marketAndrew Cunningham, Middle East banking consultant
OpinionENERGYAdnoc would be the most obvious Gulf buyer for BP and its world-class trading businessRobin Mills, CEO, Qamar Energy
OpinionPEoPLE & LIFESTYLEA possible $20m partnership with Art Basel will elevate the Abu Dhabi Art Fair’s global roleAdeline Pilon, Co-founder, Elyx Foundation & Company
Analysis Transport Ineos and Porsche diverge on Middle East’s EV potential Ineos Automotive, the UK carmaker backed by billionaire Sir Jim Ratcliffe, is considering launching its Fusilier electric vehicle in the Middle East after encountering difficulties with governments across Europe. However other industry players such as Porsche remain cautious about the rollout of EVs in the region, with infrastructure remaining a central problem. London-based Ineos spent […]
Analysis Tax UAE’s corporate tax rules pose a complex challenge Companies operating in multiple countries with differing tax regulations face a complex challenge to comply with the UAE’s higher corporate earnings bracket announced this month. The UAE has said it will increase corporate tax on multinationals to 15 percent of profit from January 1, 2025. The higher rate will apply to companies operating in more […]
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 […]
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 […]
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 […]
Agriculture ADQ plans Abu Dhabi shrimp farm with Korean startup A land-based shrimp farm may be set up in Abu Dhabi, after a deal between the emirate’s sovereign wealth fund, ADQ, and a South Korean aquaculture startup. Aqua Development, based in Seoul, uses a combination of aquatic biology and technology to replicate the shrimp’s natural environment, which it says is more efficient than traditional fish […] December 19, 2024
Aviation BA’s suspension of Abu Dhabi flights likely to push up fares British Airways’ decision to suspend daily flights from London Heathrow to Abu Dhabi is likely to push up airfare prices and have an impact on tourism demand in the UAE capital. The UK flag carrier announced on Wednesday that flights from the west London airport will stop from March 30 next year through to October […] December 19, 2024
Infrastructure Dubai awards $5.6bn metro contract to Turkish-Chinese consortium Dubai Roads and Transport Authority (RTA) has awarded the AED20.5 billion ($5.6 billion) contract for the Dubai Metro Blue Line project to a consortium of three Turkish and Chinese companies. Three consortia advanced to the final stage before the contract was awarded to Mapa Group from Turkey, in partnership with Limak (Turkey), which will oversee […] December 19, 2024
Analysis Oil & Gas How Adnoc’s XRG will achieve its bold investment ambitions When XRG, the newly formed investment arm of the Abu Dhabi National Oil Company (Adnoc), launched last month it said that it wanted to double its $80 billion in assets under management by 2035. For comparison, Abu Dhabi’s ADQ, the world’s 10th largest sovereign wealth fund and the younger sibling of Adia and Mubadala, had […] December 19, 2024
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 […] December 19, 2024
Markets eXtra to pay ‘exceptional’ dividend of $107m Saudi retailer United Electronics Company (eXtra) will distribute “exceptional” cash dividends for the fourth quarter of 2024 after listing of its shariah-compliant consumer finance business. The company will pay SAR400 million ($106.5 million), or SAR 5 per share, to eligible shareholders who own the stock at the close of trading on December 31, 2024. The […] December 19, 2024
Aviation Gulf-backed Heathrow announces $3bn investment plan Heathrow Airport in London – now partly owned by two Gulf sovereign wealth funds: Saudi Arabia’s Public Investment Fund (PIF) and the Qatar Investment Authority – has announced a £2.3 billion ($2.9 billion) investment plan to upgrade the transport hub over the next two years. The investment will be used to introduce new baggage systems, resurface […] December 18, 2024
Aviation Cairo-Jeddah is world’s second busiest international route The Cairo to Jeddah flight route is the second busiest international route in the world, behind only Hong Kong-Taipei, according to the annual report from aviation data provider OAG. Using total airline capacity, OAG analysed the routes with the largest volume of scheduled seats this year, using round-trip flights rather than one-ways. The two-hour and […] 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
Banking & Finance Kuwait’s Burgan Bank to take over United Gulf in 2025 Burgan Bank, a subsidiary of KIPCO Group, is expected to complete the acquisition of Bahrain-based United Gulf Bank in the first quarter of 2025. The bank has received clearance from the Kuwaiti central bank to buy a 100 percent stake in United Gulf Bank, KIPCO Group said in a regulatory filing on Boursa Kuwait on […] December 19, 2024
Aviation Kuwait air traffic up 35% since 2014 The number of people using Kuwait International Airport increased by a third between 2014 and 2023, new data from Kuwait’s General Administration of Statistics shows. In 2023 15.5 million passengers came through the airport, up from 10.1 million nine years ago. Arriving and departing planes rose to almost 118,000, from 83,400 in 2014. Dubai International […] December 18, 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
Tech Turkey space race gains pace with Somalia launch facility Turkey is building a rocket-launching facility in Somalia, boosting its ambition to join the global space race. The project is expected to generate jobs and revenue, Bloomberg reported, citing Somalia president Hassan Sheikh Mohamud. “I personally believe that the importance of Somalia hosting a launchpad for Turkish satellites is even more significant than the billions […] December 19, 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
Markets Masdar-backed Infinity Power considers Abu Dhabi IPO Infinity Power, a joint venture between Egypt’s Infinity and the UAE’s Masdar, is considering listing on the Abu Dhabi stock exchange within the next three years, according to its chairman. “If we’re going to list today, our preference would be Abu Dhabi,” Mansour said. “Maybe that changes in a year or two. It depends on […] December 18, 2024
Aviation Cairo-Jeddah is world’s second busiest international route The Cairo to Jeddah flight route is the second busiest international route in the world, behind only Hong Kong-Taipei, according to the annual report from aviation data provider OAG. Using total airline capacity, OAG analysed the routes with the largest volume of scheduled seats this year, using round-trip flights rather than one-ways. The two-hour and […] December 18, 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
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
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 […]
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 […]
