Trade Trump tariffs: Middle East braces for pain after gain Middle East exporters to the US are likely to see a short-term increase in business ahead of the much talked about trade tariffs which are expected to be announced when Donald Trump returns to the White House this month. The US president-elect campaigned on a protectionist America-first agenda, promising to introduce sweeping tariffs globally. Trump […] January 10, 2025
Analysis Entrepreneurs Pace of patent filings shows a leap in GCC innovation Patent applications filed by residents of Saudi Arabia have more than doubled in the past eight years, from 3,213 in 2016 – when Crown Prince Mohammed Bin Salman launched his Vision 2030 programme – to 6,510 in 2023. Saudi filers submitted 86.3 patent applications per million inhabitants last year, up from 39.4 in 2016. However, […] January 10, 2025
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 […] January 10, 2025
OpinionLIFESTYLEAfter the punishing festive party season, Dry January in Dubai is a pleasureFrank Kane, Editor-at-Large, AGBI
OpinionlogisticsSoaring ecommerce volumes will provide many opportunities in the Gulf in the year aheadJohn Manners-Bell, CEO, Transport Intelligence
OpinionBanking & FinanceGCC banks will remain strong and profitable, but it will be some time before they are global playersAndrew Cunningham, Middle East banking consultant
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 […]
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. But 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 say. “Four […]
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 […]
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 […]
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
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
Renewable Energy Abu Dhabi kicks off bidding for 1,500MW solar project Abu Dhabi’s Emirates Water and Electricity Company (Ewec) has issued a request for proposals (RFP) to pre-qualified companies for the development of the 1,500-megawatt (MW) Zarraf solar photovoltaics (PV) project. The greenfield independent power producer (IPP) will be able to power 160,000 homes and reduce CO2 emissions by up to 2.4 million metric tonnes annually. The […] January 10, 2025
Finance Order book for Aldar hybrid notes hits nearly $5bn Aldar Properties, which trades on the Abu Dhabi Securities Exchange (ADX), said the order book for its inaugural $1 billion hybrid capital issuance exceeded $4.9 billion from global institutional investors. The issuance, oversubscribed by 3.8 times, will provide the developer with financial stability and resilience. The proceeds will support the transformational growth plan and strategic […] January 10, 2025
Leisure & Hospitality Jumeirah appoints acting CEO to lead expansion plans Jumeirah Hotels Group, the owner of Dubai’s Burj Al Arab hotel, has appointed Thomas Meier as CEO to lead the luxury hotel chain in its global expansion push. Swiss national Meier has been acting CEO for the past 10 months following the departure of Katerina Giannouka in late February last year. Meier, who has been chief […] January 9, 2025
Manufacturing Lenovo completes $2bn deal to open Saudi PC factory The Chinese computer maker Lenovo Group will open a PC manufacturing facility next year in Saudi Arabia after the completion of a $2 billion investment deal with Alat, a Public Investment Fund-backed manufacturing company. The agreement means the company, which has headquarters in Hong Kong, will establish its Middle East and Africa HQ in Riyadh. The deal, […] January 10, 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
Energy PIF-backed Tabreed explores Saudi listing this year Tabreed District Cooling is planning to launch an initial public offering (IPO) on the Saudi stock market this year, according to a news report. Backed by the Public Investment Fund (PIF), the refrigeration and cooling company has hired Citigroup and SNB Capital for a potential flotation, Bloomberg reported, citing informed sources. While no final decisions […] January 10, 2025
Agriculture Middle East’s biggest ‘livestock city’ set for Saudi province A SAR9 billion ($2.4 billion) plan to develop the largest “livestock city” in the Middle East has been announced by the Saudi Eastern Province city of Hafr Al Batin. The project, which is expected to provide 30 percent of Saudi Arabia’s demand for red meat, was announced at the Hafr Al Batin Investment Forum 2025 […] January 10, 2025
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. But 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 say. “Four […] January 10, 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
Economy Oman’s GDP projected to reach $102bn in 2025 Oman’s gross domestic product (GDP) at constant prices is projected to grow to OR39.43 billion ($102.42 billion) in 2025, up from the anticipated OR38.39 billion in 2024, according to a media report. The Sultanate recorded a GDP increase of 1.9 percent to OR28.15 billion by the end of the third quarter of 2024, compared to […] 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
Sustainability New net zero centre to support Oman’s carbon neutrality A “net zero centre” has been established by Oman’s Ministry of Energy and Minerals to support the sultanate’s carbon neutrality efforts. The centre will develop strategies, monitor the implementation of net-zero projects and provide technical support to government and private sectors to improve energy efficiency and reduce carbon emissions. The new centre “will play a […] January 8, 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
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
Food & Drink KFC and Pizza Hut owner ends franchise deal in Turkey Yum! Brands, the US-based owner of KFC and Pizza Hut, has terminated its franchise agreements with Turkish operator IS Gida. The decision was taken after IS Gida failed to meet its standards, Yum! Brands said. “Prior to termination, we engaged with IS Gida over several months to provide assistance and resolve key issues,” said Chris […] January 9, 2025
Trade Turkish exporters cashing in on end of Syrian conflict The end of the civil war in Syria is already paying dividends for Turkish exporters. Shipments have increased in the first weeks after the overthrow of the Assad regime, with a further ramping up forecast as stability is established. Turkey’s exports to Syria increased by just under 20 percent year-on-year in December, with more than […] 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 […]
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 […]
