Oman’s only low-cost airline, SalamAir, plans to double its fleet size and almost treble passenger numbers over the next three years, its CEO has told AGBI. Adrian Hamilton-Manns said SalamAir’s fleet would increase from 13 Airbus planes today to 25 aircraft in 2028. It is aiming for annual passenger numbers of 8.5 million in three […]
People born in Egypt and Morocco may find it more difficult than those born in Saudi Arabia or the UAE to secure President Trump’s $5 million “gold card” US permanent residency because of restrictions on capital flows. The Gulf and wider Mena region punch above their weight globally when it comes to the number of […]
Saudi Aramco’s 2024 full-year results due this week are likely to again underline the importance of the world’s largest listed oil company to big-spending Saudi Arabia’s economic development plans. Aramco has said it expects to announce fourth-quarter dividends – payouts to the Saudi government are a core source of state revenue – of SAR116.5 billion […]
Opinion
energy
Poorer countries feel that the rich world is ‘drawing up the ladder’ of hydrocarbon energy
Opinion
INVESTMENTS
GCC investors might consider a pivot to Asian equities to provide diversification
Opinion
Aviation
A strategy of being smaller, smarter and more focused could be best for Egyptian aviation
Chinese car makers look set to win big over traditional manufacturers from the US, Japan and Europe among Ramadan bargain hunters in the UAE this year. For years, Japanese, American, and European carmakers have relied on Ramadan promotions, offering free insurance, extended warranties and zero percent financing, to increase sales. But buyers, squeezed by inflation, […]
Abu Dhabi-owned Etihad Airways is likely to attract “significant” investor interest if and when it sells shares in an initial public offering expected in March in the first Gulf Arab airline IPO in almost 20 years, analysts have said. Owned by Abu Dhabi sovereign wealth fund ADQ, the airline may raise as much as $1 […]
Could a spate of reports mean yet more Brits heading to the UAE?
Most UAE blue chip stocks provide much higher dividend yields than their counterparts in Europe and the United States, an AGBI analysis shows. The top 20 largest listed UAE businesses, excluding two non-dividend paying companies, offer an average dividend yield of 4.7 percent. This is almost 60 percent better than the average yield of 1.9 […]
Recruitment is the single biggest challenge facing the Gulf’s healthcare sector, according to industry experts. By 2029, the region will need around 12,300 additional hospital beds to serve a population that is not only growing in number but also aging and living longer, according to private equity group Alpen Capital. That is equivalent to growth […]
Matein Khalid, Investor
Dubai’s Road and Transport Authority (RTA) and Dubai Holding, a global investment conglomerate owned by Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum, will undertake major road works in five major developments to try and cut travel times by more than half. The AED6 billion ($1.6 billion) road upgrades will be carried out in Palm […]
Dubai company Gems Education plans to spend around $300 million over the next two to three years to increase organic growth, its CEO told Reuters, as it bets on population growth and an inflow of wealthy individuals. Dubai is one of the world’s fastest-growing cities whose population has been swollen by foreigners, particularly higher-income earners, […]
Could a spate of reports mean yet more Brits heading to the UAE?
Chinese car makers look set to win big over traditional manufacturers from the US, Japan and Europe among Ramadan bargain hunters in the UAE this year. For years, Japanese, American, and European carmakers have relied on Ramadan promotions, offering free insurance, extended warranties and zero percent financing, to increase sales. But buyers, squeezed by inflation, […]
Abu Dhabi-owned Etihad Airways is likely to attract “significant” investor interest if and when it sells shares in an initial public offering expected in March in the first Gulf Arab airline IPO in almost 20 years, analysts have said. Owned by Abu Dhabi sovereign wealth fund ADQ, the airline may raise as much as $1 […]
Saudi Tadawul Group, the owner and operator of the kingdom’s stock exchange, reported a 59 percent jump in 2024 profit, as annual trading value and listing services revenues rose by 38 percent and 27 percent, respectively. Net profit was SAR622 million ($166 million) compared to SAR390 million in 2023, the company said in a bourse […]
Saudi Arabia’s Public Investment Fund (PIF) has temporarily barred UK company PwC from securing advisory and consulting contracts until February 2026, according to a news report. The ban extends to the sovereign wealth fund’s more than 100 subsidiaries, Bloomberg reported citing informed sources. However, auditing projects continue as before. In May 2023, PwC received a license […]
Saudi Aramco’s 2024 full-year results due this week are likely to again underline the importance of the world’s largest listed oil company to big-spending Saudi Arabia’s economic development plans. Aramco has said it expects to announce fourth-quarter dividends – payouts to the Saudi government are a core source of state revenue – of SAR116.5 billion […]
As part of its push to make mineral mining a pillar of its otherwise hydrocarbon-dominated economy, Saudi Arabia is investigating how to increase extraction by recycling mining waste. This is providing a valuable opportunity for local startups and US technology companies. Since the start of the year, several startups in the critical minerals and rare […]
The Arab Energy Fund, formerly known as Apicorp, has raised $650 million in a five-year bond issue that was oversubscribed 1.4 times. AEF is a multilateral lender focused on the Mena energy sector, with headquarters in Riyadh. It initially planned to raise $500 million but increased the issue size after demand surged, attracting more than […]
Kuwait’s budget deficit for the fiscal year to March 31 2025 may be as much as 40 percent smaller than projected because of higher-than-forecast oil revenue, a local consultancy has said. Kuwait based its 2024-25 budget on a price per barrel of $70 but prices have been above this level for most of the fiscal […]
Microsoft has asked President Trump’s administration to ease export restrictions on artificial intelligence chips for a group of US allies, including the UAE and Saudi Arabia. The AI Diffusion Rule, introduced in the final days of President Joe Biden’s administration, controls access to US-made advanced AI tech, particularly high-performance computing chips and AI models. In […]
Recruitment is the single biggest challenge facing the Gulf’s healthcare sector, according to industry experts. By 2029, the region will need around 12,300 additional hospital beds to serve a population that is not only growing in number but also aging and living longer, according to private equity group Alpen Capital. That is equivalent to growth […]
Man has gone there before, but for the Gulf Arab states the space race is only just picking up. Led primarily by the UAE and Saudi Arabia, Middle Eastern countries have spent $25 billion on satellites and other space projects and equipment over the past decade. That number is expected to triple to $75 billion […]
The Australian government has cleared an offer by state-backed Qatar Airways to acquire a minority 25 percent stake in Virgin Australia from Bain Capital, a US private equity company, the companies said in a statement. The Gulf carrier made the offer to buy the stake in October, but the Australian transport minister, Catherine King, rejected […]
Higher than projected oil prices look likely to give Oman a budget surplus for 2024, 10 months of data suggest. The country, which pumps about 1 million barrels of crude a day and depends in it for two thirds of its revenue, based its 2024 budget on a price of $60 a barrel. Last year, […]
Hyundai Rotem, South Korea’s railway rolling-stock maker, will supply double-decker trains to Morocco’s state-backed National Railway Office (ONCF), as the country prepares to co-host the football World Cup in 2030. The contract, valued at MAD15 billion ($1.5 billion), will support the modernisation of the country’s rail network. The new trains are designed to reach speeds of […]
Iraq’s central bank is planning to issue its own digital currency to gradually replace local paper notes. The country’s central bank governor Ali Al-Allaq told a local press conference in Baghdad that the new currency is part of “radical” changes in the global financial and banking system. “These changes include the decline of paper notes […]
Turkey’s economy recovered in the fourth quarter of 2024 after two consecutive quarters of contraction. However, imports soared in January, boding ill for the trade balance, according to data released by state statistics agency Turkstat. Gross domestic product expanded 3 percent in three months to December 31, helping – when combined with expansion in the […]
Emerging markets took on $4.5 trillion of debt last year, according to the Institute of International Finance, and Saudi Arabia and Turkey were among the biggest borrowers. Global debt increased by nearly $7 trillion to $318 trillion in 2024, the highest figure on record, the Washington-based institute said in a report shared with AGBI. Emerging […]
Turkish producers are redirecting egg exports to the US in response to an outbreak of avian flu which is crippling the US poultry sector. The increased US sales could mean Gulf countries will shell out more for their breakfast staple. The Turkish government has given egg producers approval to increase US sales, with the packaged […]
One of Turkey’s largest shipping companies is moving its headquarters to Athens, the latest in a string of Turkish businesses to take advantage of Greece’s EU membership and what they say is a more investment-friendly environment. Ciner Shipping issued a statement on February 21 saying it was shifting its base from Istanbul. Its Turkish staff […]
The level of Turkish industrial capacity in use fell in February, continuing a trend of slowing activity in the country’s factories for a third month. Less than three quarters of Turkey’s industrial capacity was operational in February, according to data issued by the Turkish Central Bank’s statistics unit on February 24. The 74 percent total […]
Egypt’s net foreign assets (NFAs) jumped by $2.74 billion in January, boosted by the sale of $2 billion in dollar-denominated bonds, central bank data showed. NFAs climbed to the equivalent of $8.7 billion from $5.96 billion at the end of December, according to Reuters calculations based on the official central bank currency rates. The increase […]
Improved connectivity and new infrastructure will help the country regain market share
Economic growth in Egypt, the third-largest Arab economy, is expected to accelerate this year, driven by expansion in several sectors including transport, financial services and housing, according to a European development bank. In the 2024-2025 fiscal year to June 30, growth may accelerate to 3.6 percent from 2.4 percent a year before, and 4.6 percent […]
Egypt will increase minimum wages for public sector employees to EGP7,000 ($139) per month starting in July, aligning with a similar hike for the private sector this month, according to local media. The wage increase is part of the EGP200 billion ($4 billion) social support package unveiled by Prime Minister Mostafa Madbouly, the local media reported. […]
Egyptian billionaire Naguib Sawiris said his country’s mega-projects should be reconsidered to save money as they require a lot of foreign currency. “I will be polite and I would say we have an overambitious president who is doing mega projects that are requiring a lot of foreign currency and we should have a second look […]
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Education in the Mena region must transform to reflect the changing market, according to experts. Ismael Al-Hinti, president of Al Hussein Technical University in Jordan told AGBI that young people entering the jobs market in the region face a skills mismatch, with unemployment rates highest among the most educated. The answer, according to Al-Hinti, is […]
Earnings calls for analysts, reporters or investors are a staple for listed companies in Western markets. The same is not true in the Gulf, however, and experts say that can make it harder to assess a company’s performance and justify its stock valuation. It can also deter institutional investors, limit liquidity and slow market growth. […]
Errol Musk told AGBI in an exclusive video interview during his visit to Dubai that the Musk Tower that is to be built in the UAE will serve as an innovation centre. It will also foster developments in science “that are ignored”, including “space-time travel and gravity”, he said. Discussions are ongoing with Abu Dhabi-based […]
Three years on, it is clear that Qatar has by and large avoided what plagued many of its World Cup host predecessors – the big White Elephant. In spite of a rush of building projects to open a slew of new hotels and apartments for the November-December 2022 event, the gas-rich nation was shrewd enough […]
Turkey is one of the world’s biggest tea producers, and it is taking steps to increase its profile in the highly competitive international market
Replacing end-of-service benefit with a defined contribution fund could cost expat workers thousands
With its favourable topography and climate, the Arabian Peninsula has the potential to be a major producer
The cost of eating out in Dubai’s restaurants is rising, especially if you’re washing your meal down with an alcoholic drink. Last year, Dubai was named the third-most expensive city in the world for a half-litre of draught beer at an average of $10.89, according to price comparison website Numbeo. Qatar was number one, followed […]
Startup innovation and entrepreneurship are helping to fuel growth in Morocco’s tourism industry. The sector’s importance to the economy is increasing as the country prepares to co-host the Fifa World Cup in 2030. Morocco welcomed 17.4 million international tourists in 2024, a 20 percent increase on 2023, the latest data from the UN World Tourism […]
Brands – and their branding and PR agencies – like to feel special
People in the Gulf are among the worst sleepers in the world, research has found – and that makes the region a rousing proposition for sleep-aid businesses such as the US pair Whoop and Eight Sleep. A survey of 2,727 people across the GCC, published last month, found that only half manage to sleep for […]
The 150 lots will feature everything from Picasso to Hermès handbags, at prices up to $1.5m
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 […]
Opec+ is debating whether to raise oil output in April as planned or freeze it, as its members struggle to read the global supply picture because of fresh US sanctions on Venezuela, Iran and Russia, eight Opec+ sources said. Opec+ usually confirms its supply policy one month in advance to have time to allocate crude […]
A UAE aquaculture company linked to the ruling Al-Maktoum family of Dubai has agreed to develop an aquaculture farm and research centre in the Indian state of Uttar Pradesh at an initial cost of $461 million. Aqua Bridge Group, whose chairman is Sheikh Ahmed bin Mana bin Khalifa Al-Maktoum, said the partnership project in the […]
Saudi Arabia’s investment promotion authority, InvestSaudi, will establish its second office in the United States in Miami to target flows to and from North and South America. Khalid A. Al-Falih, the Saudi investment minister, made the announcement on Thursday at the Future Investment Initiative summit in the South Florida city. “By selecting Miami as our […]
Brazil, the largest oil producer in South America, has officially joined the Opec+ group of more than 20 countries that attempts to manage global oil output. The participation formalises an initial announcement in November 2023, a statement by Opec said. Brazil’s membership will be limited to the Opec+ Charter of Cooperation, a permanent forum between […]
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