LUNCH WITH FRANK KANE Energy Ahmed Al Azkawi: ‘We are the national champion for oil and gas’ The chief executive of OQEP gives our Editor-at-Large a crash course in Omani energy past, present and future April 9, 2025
Energy Gulf partners will have many questions for US energy secretary US energy secretary Chris Wright arrives in the Gulf today at an especially turbulent time in the global economy and as oil prices plunge to more than four-year lows. Wright’s two-week visit to Saudi Arabia – the world’s second-largest oil producer – the UAE and Qatar may be in preparation for Donald Trump’s own trip […] April 9, 2025
Banking & Finance HSBC dominates as Mena investment banking fees soar Investment banking fee revenue in the Middle East and North Africa soared during the first quarter thanks to record debt arrangements, increased mergers and acquisitions and more initial public offerings. The industry’s regional earnings underline the growing importance of the Mena region to international banks, although the revenue from fees remains a fraction of those […] April 9, 2025
OpiniontradeAs with all moments of crisis, the tariff shock can mean opportunities for the GCCJohn Manners-Bell, CEO, Transport Intelligence Insight
OpinioneconomyAfter days of carnage on global equity and financial markets, I have that sinking Lehman feelingFrank Kane, AGBI Editor-at-Large
OpinionAviationUS airlines have shown little interest in flying directly to the Gulf, with virtually no presenceJohn Grant, Partner, Midas Aviation
Analysis Entrepreneurs Turkish startups scaling up, despite political unrest Turkey’s startups bucked global trends in 2024, posting significant increases in the number of transactions and volumes. Despite the current political turmoil, further growth is forecast for the year ahead. There were 331 transactions recorded last year, compared with 297 in 2023, according to a recent report by financial services firm KPMG. Value increased by […]
Analysis Real Estate Shortage of Dubai homes forces buyers to go off-plan A shortage of completed homes for sale in Dubai is pushing people to buy off-plan properties, which have hit record highs in terms of units bought and as a proportion of purchases. Off-plan investors in the emirate have long had to fund their own purchases, but the growing importance of yet-to-be-completed properties may spur more […]
Analysis Tech Gulf urged to add more to its data centre offerings 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 […]
Analysis Trade The golden question: where next for the UAE-India Cepa? 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 […]
Trade Middle East fails to escape Trump’s tariffs 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 […]
Analysis Entrepreneurs Turkish startups scaling up, despite political unrest Turkey’s startups bucked global trends in 2024, posting significant increases in the number of transactions and volumes. Despite the current political turmoil, further growth is forecast for the year ahead. There were 331 transactions recorded last year, compared with 297 in 2023, according to a recent report by financial services firm KPMG. Value increased by […]
Analysis Real Estate Shortage of Dubai homes forces buyers to go off-plan A shortage of completed homes for sale in Dubai is pushing people to buy off-plan properties, which have hit record highs in terms of units bought and as a proportion of purchases. Off-plan investors in the emirate have long had to fund their own purchases, but the growing importance of yet-to-be-completed properties may spur more […]
Analysis Tech Gulf urged to add more to its data centre offerings 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 […]
Analysis Trade The golden question: where next for the UAE-India Cepa? 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 […]
Trade Middle East fails to escape Trump’s tariffs 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 […]
Trade Cepa aims to double UAE trade with Republic of the Congo The signing of a comprehensive economic partnership agreement (Cepa) between the UAE and the Republic of the Congo is projected to more than double non-oil trade between the two nations. Non-oil trade will grow to $7.2 billion by 2032 from $3.1 billion in 2024, the UAE state-run Wam news agency reported. The Cepa will eliminate […] April 9, 2025
Analysis Real Estate Shortage of Dubai homes forces buyers to go off-plan A shortage of completed homes for sale in Dubai is pushing people to buy off-plan properties, which have hit record highs in terms of units bought and as a proportion of purchases. Off-plan investors in the emirate have long had to fund their own purchases, but the growing importance of yet-to-be-completed properties may spur more […] April 9, 2025
Logistics DP World starts work on expanding Canada port terminal Dubai ports operator DP World has started construction on the Duke Point Terminal expansion in western Canada, enhancing Vancouver Island’s connectivity and trade with international markets. Once completed, the terminal’s berth length will nearly double from 182m to 325m, while cargo handling capacity will expand to 280,000 twenty-foot equivalent units annually, the state-owned company said in […] April 8, 2025
Petrochemicals Borouge hikes dividend despite economic turmoil Emirati petrochemicals company Borouge will launch a share buyback programme and increase its dividend payout as it pushes ahead with global expansion, despite mounting trade tensions and sluggish demand. Shareholders at the company’s annual general meeting on Monday approved a final dividend of $650 million for 2024, bringing the full-year total to $1.3 billion, or […] April 8, 2025
Tourism High occupancy rates push UAE hotel revenues to $12bn UAE hotel revenues reached AED45 billion ($12.3 billion) in 2024, an increase of 3 percent year on year, according to the chairman of the Emirates Tourism Council. Hotel occupancy rates climbed to 78 percent last year, ranking among the highest regionally and globally, state-run Wam news agency reported, citing Abdulla bin Touq Al Marri, the […] April 8, 2025
Oil & Gas Aramco and Sinopec move ahead with petrochemical expansion Saudi Aramco says it has signed an agreement to move forward with expanding a petrochemical complex on the west coast of Saudi Arabia. The oil major, which trades on the Saudi stock exchange, has signed a venture framework agreement with China Petroleum & Chemical Corporation (Sinopec) and Yanbu Aramco Sinopec Refining Company (Yasref) to carry out engineering […] April 9, 2025
Oil & Gas Aramco finalises 20-year LNG supply from the US Saudi Aramco has signed a 20-year liquefied natural gas (LNG) purchase agreement with Houston-headquartered producer NextDecade. The Saudi energy major will purchase 1.2 million tonnes per annum (mtpa) of LNG on a free-on-board basis from NextDecade’s Rio Grande facility at the Port of Brownsville, Texas, the US company said in a statement. The Rio Grande facility […] April 9, 2025
Analysis Infrastructure Oil price raises $1 trillion question for Saudi Arabia Questions are being raised about the long-term future of Saudi Arabia’s trillion-dollar infrastructure strategy as oil prices hit a four-year low and global stock markets tumble, according to economists. For the world’s second-largest oil producer, much depends on the trajectory of crude prices. The price of Brent crude has fallen by about 13 percent to […] April 8, 2025
Mining Ma’aden seeks foreign partner for rare earth processing Saudi Arabia’s flagship mining company Ma’aden is considering choosing at least one of four foreign companies to form a rare earths processing partnership, three sources with knowledge of the matter said, as the kingdom bids to become a global critical minerals hub. Ma’aden is weighing a partnership with US-based MP Materials, China’s Shenghe Resources, Australia’s Lynas […] April 8, 2025
Aviation PIF-backed AviLease agrees Turkish Airlines rentals Saudi Arabia’s Aircraft Leasing Company (AviLease) has signed long-term leases with state-owned Turkish Airlines for Airbus A320neo aircraft. Two of the aircraft have already been delivered, with the remaining six scheduled for delivery throughout 2025, the airline said in a statement. Riyadh-based AviLease’s CEO Edward O’Byrne, said these aircraft will support Turkish Airlines’ growth plans and […] April 8, 2025
Oil & Gas Iraq offers gas site concessions amid power generation issues Iraq is offering 15 natural gas concession sites to international investors as part of a post-conflict drive to develop its hydrocarbon resources and increase production capacity, the state-owned Iraq news agency reported. Opec’s second largest oil producer is prioritising the development of its gas deposits to stop the long-standing practice of burning them off, or […] April 9, 2025
Banking & Finance Judge in Lebanon paves way for ex-central bank chief indictment A judge in Lebanon has published a court decision in the embezzlement charges against the country’s former central bank chief, Riad Salameh, paving the way for an indictment. Judge Bilal Halawi published a “presumptive decision” concluding that Salameh, who served as central bank governor for 30 years before his term ended in disgrace in July 2023, had engaged […] April 9, 2025
Industry Investcorp earns 40% profit on sale of US industrial assets Abu Dhabi-listed Investcorp Capital has sold its US industrial real estate portfolio, generating a high return on investment. The US National I portfolio, spanning six investments across six states and 2.3 million square feet, was sold for $360 million, a 40 percent gain over its initial purchase price of $262 million less than four years […] April 8, 2025
Banking & Finance Oman’s Sohar International Bank targets rival Ahli Sohar International Bank, Oman’s second-biggest bank by assets, has expressed an interest in buying smaller rival Ahli Bank as it seeks to compete with its bigger competitor, Bank Muscat, and others. Sohar International has sent a letter of intent to Ahli, one of the smaller banks in the country. Ahli, which was set up in 2007, […] April 8, 2025
Renewable Energy Jordan’s new electricity law to focus on hydrogen A new electricity law in Jordan will focus on expanding reliance on renewable energy and attracting investment in hydrogen production. Jordan’s parliamentary energy and mineral resources committee discussed the draft law on Sunday ahead of final endorsement by parliament. The draft law, approved by the cabinet in February, will replace provisional legislation which has been […] April 8, 2025
Defence Oman spends a quarter of its budget on defence Defence spending ate up just over a quarter of Oman’s budget in 2024, according to a government report. Allocations for defence and security stood at OR2.5 billion ($6.5 billion) for the first 10 months of last year, said the country’s latest Monthly Statistical Bulletin. This was nearly 26 percent of the sultanate’s total expenditure in […] April 8, 2025
Banking & Finance Iraq starts banking sector restructuring plan Iraq announced this week the start of a much-awaited post-war project to restructure its banking system with the help of the US consultancy company Oliver Wyman. The Central Bank of Iraq said restructuring would be implemented in stages. “Iraqi banks have gone a long way in developing their services but they are required to take […] April 8, 2025
Oil & Gas Kuwait to reverse decline of world’s second largest oilfield Kuwait has launched a project to reverse a decline in production at its giant Burgan oilfield nearly 80 years after it was brought on stream, according to the local Alseyassah newspaper. Almost the same size as the island of Bahrain, the 780 square km Burgan contains around 70 billion barrels of extractable crude oil, equivalent […] April 8, 2025
Analysis Entrepreneurs Turkish startups scaling up, despite political unrest Turkey’s startups bucked global trends in 2024, posting significant increases in the number of transactions and volumes. Despite the current political turmoil, further growth is forecast for the year ahead. There were 331 transactions recorded last year, compared with 297 in 2023, according to a recent report by financial services firm KPMG. Value increased by […] April 9, 2025
Aviation PIF-backed AviLease agrees Turkish Airlines rentals Saudi Arabia’s Aircraft Leasing Company (AviLease) has signed long-term leases with state-owned Turkish Airlines for Airbus A320neo aircraft. Two of the aircraft have already been delivered, with the remaining six scheduled for delivery throughout 2025, the airline said in a statement. Riyadh-based AviLease’s CEO Edward O’Byrne, said these aircraft will support Turkish Airlines’ growth plans and […] April 8, 2025
Markets Turkish stocks drop 3% during global selloff Turkish stocks dropped more than 3 percent on Monday, led by banks and fuelled by a global market selloff over US tariffs and counter moves. There is also ongoing pressure on the lira due to the jailing last month of Istanbul’s mayor. Istanbul’s main share index was off 2.5 percent at 08:50 GMT after opening […] April 7, 2025
Trade Turkey favours trade boost with US despite tariffs 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 […] April 7, 2025
Manufacturing Textile companies in Turkey move to Egypt to compete 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, […] April 4, 2025
Infrastructure Egypt secures France and EU funds to build infrastructure Egypt has signed agreements with France and the European Union (EU) worth €262 million ($290 million) to support its infrastructure projects. The agreements were signed this week during the visit of French President Emmanuel Macron to Egypt, local media reported. Cairo signed €132 million financing and grant agreements with the EU and the French Development […] April 9, 2025
Oil & Gas Italy’s Eni plans $26bn energy push in North Africa Italian energy group Eni will invest around €24 billion ($26.24 billion) in Algeria, Libya and Egypt over the next four years to help boost energy production, CEO Claudio Descalzi said on Tuesday. The investments would coincide with the Rome government’s efforts to relaunch its economic and political ties with Africa as part of its so-called Mattei […] April 9, 2025
Renewable Energy Egypt and France sign $7bn green hydrogen deal Egypt and France will jointly develop, finance and operate a €7 billion ($7.7 billion) green hydrogen facility at Ras Shokair on Egypt’s Gulf of Suez coast. Egypt’s state-run Red Sea Ports Authority and the New & Renewable Energy Authority will partner with Green Fuel Alliance, which comprises France’s EDF Renewables and Egyptian-Emirati company Zero Waste, […] April 8, 2025
Markets Oil price drop leads Gulf’s government bonds to fall Dollar-denominated sovereign bonds of Middle East and North African countries slid on Monday as President Donald Trump took effective US tariff rates to their highest in more than a century, causing steep declines in global stock markets and a flight to safety in US government debt. Saudi Arabia’s stock index tumbled to a 17-month low […] April 7, 2025
Tech Taiwanese chipmaker buys into Egyptian startup 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 […] April 4, 2025
Leisure & Hospitality Corporate art collections on the rise in the UAE 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 […]
Analysis Sustainability Funding model for water tech ‘holds back Gulf innovators’ 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 […]
Analysis Renewable Energy Plans to bring African energy to Europe face big challenges 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 […]
Analysis Markets The ups and downs of PIF’s US holdings 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 […]
SPECIAL REPORT Trade Bolstering Egypt’s trade with Africa 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 In association with
Analysis Real Estate Shortage of Dubai homes forces buyers to go off-plan A shortage of completed homes for sale in Dubai is pushing people to buy off-plan properties, which have hit record highs in terms of units bought and as a proportion of purchases. Off-plan investors in the emirate have long had to fund their own purchases, but the growing importance of yet-to-be-completed properties may spur more […]
Lifestyle Shisha smokers turn to healthier alternatives 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 […]
Employment Kuwaitis earn nearly five times as much as expats 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 […]
Analysis Artificial Intelligence AI ‘employees’ make their mark in the Gulf 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 […]
Analysis Aviation Saudia ‘still a flag carrier’ ahead of Riyadh Air launch 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 […]
Analysis Tax Bahrain considers raising taxes to reduce deficits 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) […]
Analysis Employment UAE and Kuwait companies struggling to hire staff 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 […]
Entrepreneurs 60 seconds with Satish Sanpal, chairman of ANAX Holding 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 association with
Trade Cepa aims to double UAE trade with Republic of the Congo The signing of a comprehensive economic partnership agreement (Cepa) between the UAE and the Republic of the Congo is projected to more than double non-oil trade between the two nations. Non-oil trade will grow to $7.2 billion by 2032 from $3.1 billion in 2024, the UAE state-run Wam news agency reported. The Cepa will eliminate […]
Oil & Gas Italy’s Eni plans $26bn energy push in North Africa Italian energy group Eni will invest around €24 billion ($26.24 billion) in Algeria, Libya and Egypt over the next four years to help boost energy production, CEO Claudio Descalzi said on Tuesday. The investments would coincide with the Rome government’s efforts to relaunch its economic and political ties with Africa as part of its so-called Mattei […]
Renewable Energy Egypt and France sign $7bn green hydrogen deal Egypt and France will jointly develop, finance and operate a €7 billion ($7.7 billion) green hydrogen facility at Ras Shokair on Egypt’s Gulf of Suez coast. Egypt’s state-run Red Sea Ports Authority and the New & Renewable Energy Authority will partner with Green Fuel Alliance, which comprises France’s EDF Renewables and Egyptian-Emirati company Zero Waste, […]
Logistics DP World starts work on expanding Canada port terminal Dubai ports operator DP World has started construction on the Duke Point Terminal expansion in western Canada, enhancing Vancouver Island’s connectivity and trade with international markets. Once completed, the terminal’s berth length will nearly double from 182m to 325m, while cargo handling capacity will expand to 280,000 twenty-foot equivalent units annually, the state-owned company said in […]
