Education Education sector in UAE ripe for more M&A deals Mubadala is the latest big name to announce a foray into the UAE’s $7 billion education market as experts predict an increase in mergers and acquisitions in the sector, fuelled by the Gulf state’s rising population, economic diversification and expatriate demand. The Abu Dhabi sovereign wealth fund has more than $300 billion in assets under management. It has agreed to take a $600 million minority stake in Nord Anglia Education. It joins a consortium, led by Swedish buyout group EQT and including Dubai Holding, which ploughed $14.5 billion into acquiring the UK school operator last month. “The increasing demand for […] April 17, 2025
Banking & Finance Turkey raises interest rates for first time in a year Turkey’s central bank raised its key lending rate for the first time in a year, reversing a steady decline this year, on concerns of higher inflation in the coming months. The bank’s monetary policy committee (MPC) increased its one-week repo auction rate to 46 percent on April 17 from 42.5 percent, the rate to which it had cut in March. This is the first increase since March 2024, the month when rates went up to 50 percent, before a series of cuts that began in December. The bank lowered its main policy rate by 2.5 percentage points in December, January […] April 17, 2025
Analysis Tourism Affordability is the key for Saudi hotel expansion Al Farhan Group, a family-owned company with 16 three- to four-star hotels across Saudi Arabia, plans to open at least one hotel every year for the next several years. Its ambitions reflect those of the Saudi government, which wants to encourage more domestic and inbound business and leisure travel and almost double the number of hotel rooms in the country by 2030. Executive manager Farhan Bader Al Farhan’s father started the company in 2006 with a single hotel in a rented property. Since then it has expanded from its base in the capital Riyadh around the Arabian Peninsula, including eastwards […] April 17, 2025
OpinionbankingWhy are banks traditionally so bad at customer service? The reasons are manySuvo Sarkar, CEO, 3D Advisory
OpinionBanking & FinanceIt is politics, not finance, that prevents the resolution of the Lebanese banking crisisAndrew Cunningham, Middle East banking consultant
OpinionOIL & GASAfter the protectionist firestorm in Washington, recession is inevitable. The wolf is real, and hereMatein Khalid, Investor
Video length: 04:57 VIDEO Water Water scarcity: The GCC’s desalination challenge The Gulf is one of the most water scarce regions in the world, so it has had to adopt innovative solutions for its water resources. One of the most prominent of these is desalination. While less than 1 percent of the world’s drinking water is desalinated, GCC countries depend on their desalination plants for up to 90 percent of their total water needs. But desalination comes at a price. Technological advancements have made considerable strides in reducing these costs, but it is still more expensive than other water sources. Watch the video above to learn more about these challenges and the crucial […]
Exclusive Aviation IATA chief: Boeing and Airbus woes are a win for jet leasing Aircraft leasing companies in the Arabian Gulf are profiting from prolonged delivery delays at aircraft makers Boeing and Airbus, with order backlogs at the manufacturers unlikely to clear before the end of the decade. “These [aircraft leasing] guys are in a fantastic position because they have a fantastic fleet of aircraft,” Willie Walsh, director general of the International Air Transport Association (IATA), told AGBI. “They are the winners.” Dubai government-owned Dubai Aerospace Enterprise, the Middle East’s largest aviation leasing and engineering company, reported a 6 percent year-on-year increase in net profit to $149 million in July last year. In October […]
Giga-projects Red Sea giga-project launches new island despite PIF budget cuts Saudi Arabia’s Red Sea Global has launched its first island development on the $23.6 billion Red Sea giga-project. The opening comes despite the $925 billion Public Investment Fund ordering deep spending cuts across more than 100 of its companies, as AGBI reported last month. Some budgets have been cut by as much as 60 percent, sources said, as the government reprioritises projects. The cuts were approved at a PIF board meeting in December and are now being rolled out. Red Sea Global, the master developer that is also developing the Amaala tourism project, is backed by the PIF. Earlier this year, sources […]
Sustainability Real-time pollution tracking to help clear the air in Abu Dhabi Abu Dhabi has invited companies to bid for a contract to develop a “digital twin” focused on real-time monitoring of air quality in a desert region that is among the dustiest in the world. A digital twin is a virtual representation of an object or system designed to accurately reflect a physical object, in this case to enable the authorities to simulate environmental scenarios and make data-driven decisions. The Environment Agency Abu Dhabi (EAD) is seeking proposals for the first phase of a multi-year effort to build a virtual model of the emirate’s environment, beginning with pollution data. According to […]
Opinion Artificial Intelligence The Gulf’s time to seize AI leadership is now Deeper collaboration across states could significantly amplify the Gulf's impact
Video length: 04:57 VIDEO Water Water scarcity: The GCC’s desalination challenge The Gulf is one of the most water scarce regions in the world, so it has had to adopt innovative solutions for its water resources. One of the most prominent of these is desalination. While less than 1 percent of the world’s drinking water is desalinated, GCC countries depend on their desalination plants for up to 90 percent of their total water needs. But desalination comes at a price. Technological advancements have made considerable strides in reducing these costs, but it is still more expensive than other water sources. Watch the video above to learn more about these challenges and the crucial […]
Exclusive Aviation IATA chief: Boeing and Airbus woes are a win for jet leasing Aircraft leasing companies in the Arabian Gulf are profiting from prolonged delivery delays at aircraft makers Boeing and Airbus, with order backlogs at the manufacturers unlikely to clear before the end of the decade. “These [aircraft leasing] guys are in a fantastic position because they have a fantastic fleet of aircraft,” Willie Walsh, director general of the International Air Transport Association (IATA), told AGBI. “They are the winners.” Dubai government-owned Dubai Aerospace Enterprise, the Middle East’s largest aviation leasing and engineering company, reported a 6 percent year-on-year increase in net profit to $149 million in July last year. In October […]
Giga-projects Red Sea giga-project launches new island despite PIF budget cuts Saudi Arabia’s Red Sea Global has launched its first island development on the $23.6 billion Red Sea giga-project. The opening comes despite the $925 billion Public Investment Fund ordering deep spending cuts across more than 100 of its companies, as AGBI reported last month. Some budgets have been cut by as much as 60 percent, sources said, as the government reprioritises projects. The cuts were approved at a PIF board meeting in December and are now being rolled out. Red Sea Global, the master developer that is also developing the Amaala tourism project, is backed by the PIF. Earlier this year, sources […]
Sustainability Real-time pollution tracking to help clear the air in Abu Dhabi Abu Dhabi has invited companies to bid for a contract to develop a “digital twin” focused on real-time monitoring of air quality in a desert region that is among the dustiest in the world. A digital twin is a virtual representation of an object or system designed to accurately reflect a physical object, in this case to enable the authorities to simulate environmental scenarios and make data-driven decisions. The Environment Agency Abu Dhabi (EAD) is seeking proposals for the first phase of a multi-year effort to build a virtual model of the emirate’s environment, beginning with pollution data. According to […]
Opinion Artificial Intelligence The Gulf’s time to seize AI leadership is now Deeper collaboration across states could significantly amplify the Gulf's impact
Banking & Finance Abu Dhabi investor buys $25m in Trump crypto coins DWF Labs, an investment company based in Abu Dhabi, has bought $25 million of a cryptocurrency linked to Donald Trump. The company describes itself as a next-generation Web3 investor and cryptocurrency trader. Web3 includes concepts such as decentralisation, blockchain technologies and token-based economics. It said in a statement that it bought $25 million of World Liberty Financial (WLFI) governance tokens in a “strategic private transaction”. The US president is listed as “chief crypto advocate” of World Liberty. He and his family own 60 percent of the holding company that controls it. Steven Witkoff, Washington’s Middle East envoy, co-founded World Liberty. […] April 17, 2025
Banking & Finance Mashreq’s sukuk offer hits $3bn despite challenging markets Mashreq, the UAE’s fifth-largest bank by assets, said its first sukuk issued since US reciprocal tariffs were announced was oversubscribed six times. The Dubai-listed bank raised $500 million through a five-year sukuk at a profit rate of 5.03 percent per annum. The sukuk, rated “A” by global rating agency S&P, will be listed on Euronext Dublin. Sukuk are sharia-compliant bonds that were developed as an alternative to conventional bonds, which many Muslims do not consider permissible to hold as they pay interest. The transaction marks Mashreq’s return to the debt capital markets following its last issue in 2024. It is also […] April 17, 2025
Education Education sector in UAE ripe for more M&A deals Mubadala is the latest big name to announce a foray into the UAE’s $7 billion education market as experts predict an increase in mergers and acquisitions in the sector, fuelled by the Gulf state’s rising population, economic diversification and expatriate demand. The Abu Dhabi sovereign wealth fund has more than $300 billion in assets under management. It has agreed to take a $600 million minority stake in Nord Anglia Education. It joins a consortium, led by Swedish buyout group EQT and including Dubai Holding, which ploughed $14.5 billion into acquiring the UK school operator last month. “The increasing demand for […] April 17, 2025
Renewable Energy Abu Dhabi’s Taqa buys UK’s Transmission Investment Abu Dhabi National Energy Company (Taqa) has fully acquired Transmission Investment (TI), a UK-based energy and utility investment company, giving the UAE company access to the European market. TI is one of the largest players in transmission systems, which connect offshore wind farms to the UK grid. The UK company will become part of Taqa Transmission, a subsidiary that will develop and operate high-voltage power and bulk water transmission infrastructure, Taqa said in a statement. The buyout gives the UAE company a foothold in the UK electricity transmission sector and access to European and global markets. No financial details were given. […] April 17, 2025
Banking & Finance Warburg Pincus and Adia to invest $877m in Indian bank India’s IDFC First Bank will raise up to 75 billion rupees ($877 million) from affiliate companies of private equity group Warburg Pincus and the Abu Dhabi Investment Authority sovereign wealth fund, the lender said on Thursday. IDFC First Bank will issue Warburg Pincus, an existing investor, and Adia convertible shares, which, if fully converted, will give them a combined 15 percent stake in the bank. Currant Sea Investments, a Warburg Pincus affiliate, will invest 48.76 billion rupees for a 9.8 percent stake, while Adia unit Platinum Invictus will invest about 26.24 billion rupees for a 5.10 percent stake, IDFC First said. The bank will use the investment to fund […] April 17, 2025
Analysis Tourism Affordability is the key for Saudi hotel expansion Al Farhan Group, a family-owned company with 16 three- to four-star hotels across Saudi Arabia, plans to open at least one hotel every year for the next several years. Its ambitions reflect those of the Saudi government, which wants to encourage more domestic and inbound business and leisure travel and almost double the number of hotel rooms in the country by 2030. Executive manager Farhan Bader Al Farhan’s father started the company in 2006 with a single hotel in a rented property. Since then it has expanded from its base in the capital Riyadh around the Arabian Peninsula, including eastwards […] April 17, 2025
Construction Diriyah awards opera house contract to Saudi-Chinese JV Diriyah Company has awarded a more than SAR5 billion ($1.4 billion) construction contract to a Saudi-Chinese joint venture to build the Royal Diriyah Opera House and surrounding assets. The joint venture partners include Saudi Arabia-based El Seif Engineering Contracting and Midmac Construction, and China State Construction Engineering Corporation. The opera house will be Diriyah’s flagship performing arts venue with a seating capacity for 2,000 people. “We are excited to have the opportunity to welcome the world’s leading operatic and artistic talent in the future,” said Khalid Alhazani of the Royal Commission for Riyadh City, which will manage the opera house. The […] April 17, 2025
Oil & Gas Saudi Arabia and UAE to cut oil output in Opec’s latest plan Opec has received updated plans for seven countries including Saudi Arabia and the UAE to make further oil output cuts to compensate for pumping above agreed quotas, the group said on Wednesday. Opec+, which includes Opec plus Russia and other allies, has implemented a series of output cuts since late 2022. Its compensation plan is designed to ensure that members who do not make the cuts in full implement further reductions. The latest plan requires seven nations to cut output by a further 369,000 barrels per day (bpd) in monthly steps between now and June 2026, compared with an earlier plan running from March […] April 17, 2025
Agriculture Luxury food producer Bateel seeks to triple in size by 2029 Bateel International, the Dubai-headquartered luxury food group that owns 40 international boutiques and 30 cafés, plans to double the number of organic date palm trees it cultivates in Saudi Arabia and to build a new factory in the kingdom to meet growing global demand. The company, which was founded by the Saudi Al Sudairy family and is chaired by the Saudi lawyer Ziad Al Sudairy, intends to triple revenues across its cafe and luxury foods outlets by 2029, Bloomberg reported, in an interview with Bateel’s CEO, Nurtac Afridi. Afridi, who was CEO of the luxury chocolatier Godiva until last year, said: […] April 17, 2025
Artificial Intelligence Aramco backs Riyadh-based construction AI startup Saudi Aramco’s venture arm has led a $1 million seed funding round for TruBuild, a construction technology startup based in Riyadh that uses artificial intelligence to cut project delays and cost overruns. “With growing scrutiny on giga-project timelines and budgets, there’s a clear urgency to prevent costly delays and rework,” Bisrat Degefa, CEO of TruBuild, told AGBI. “TruBuild’s AI flags risks early, before they escalate, ensuring every riyal is spent efficiently in today’s tighter fiscal climate.” Saudi Arabia is spending up to $1 trillion on tourist, infrastructure and other projects designed to reduce its reliance on oil and create jobs […] April 16, 2025
Economy Higher oil output supports Libya’s economic rebound Libya’s economy is projected to rebound in 2025, supported by the expansion of oil production, the International Monetary Fund has said. The growth is likely, however, to moderate in the medium term, it said. Non-hydrocarbon growth will remain at 5 to 6 percent this year, driven by sustained government spending, the IMF predicted. The country’s crude oil production jumped by 141,000 barrels per day (bpd) to 1.2 million bpd in November, according to Opec, the oil exporter’s club. The IMF said Libya’s current account and fiscal balances were likely to remain under pressure over the medium term because of likely […] April 17, 2025
Tourism Cruise passengers to Qatar on the rise Mwani Qatar, the state operator of seaports and shipping terminals, reported a 5 percent year-on-year increase in passenger numbers in the 2024-25 cruise season. Doha Port, the Gulf nation’s main gateway, received nearly 400,000 visitors from 87 cruises, a 19 percent annual rise in ship visits, the Peninsula newspaper reported. The latest season saw the first visit of five liners to Qatar, reflecting the expansion of global cruise itineraries. Doha Port’s terminal is located a short distance from attractions such as the National Museum of Qatar, Souq Waqif, a restored market, and Msheireb Downtown Doha, a contemporary area. By February […] April 17, 2025
Analysis Transport Mena business travel surged before tariff storm hit The number of business travel trips booked in the Mena region increased by more than 50 percent in the first quarter of 2025. However, the onset of a trade war and a projected slowdown in economic growth may temper performance for the foreseeable future, according to travel experts. Business travel company Tamodo said it expected the sector to grow by at least 8 percent per year for the next five years and be worth about $270 billion by 2030. The average length of business trips in Q1 was 10 days, suggesting that visitors were adding leisure days to work trips […] April 17, 2025
Banking & Finance Bank Muscat’s Q1 profit rises as the sector consolidates First quarter net income at Bank Muscat, Oman’s largest bank by assets, rose 8 percent on higher interest revenue from both conventional and Islamic sharia-compliant activities. The rise comes as rival Sohar International Bank, the country’s second-largest bank by assets, seeks to take over a smaller rival, raising concerns about competition in the Omani banking sector. Bank Muscat reported Q1 net income of OMR59 million ($153 million). Net interest income from conventional banking and Islamic financing grew by 6 percent to OMR102 million, according to Bank Muscat’s statement to the Muscat stock exchange. Operating expenses rose almost 6 percent to […] April 15, 2025
Aviation Kuwait’s Agility buys major US aviation support firm for $305m Agility Public Warehousing Company of Kuwait is buying the American company G2 Secure Staff, one of the world’s largest aviation service providers, for $305 million. G2 provides aviation support services to almost all major airlines in the US in more than 70 US airports, including ground handling, cabin cleaning and passenger assistance The company was bought by Menzies Aviation, a unit of Agility Global, Agility said in a statement to the Kuwait stock exchange. Agility said the transaction would be completed before June 30, and is subject to regulatory approval. G2’s finances will be consolidated with those of Menzies, boosting […] April 15, 2025
Tourism Second resort city planned for Salalah in Oman Oman has approved a second major resort in Salalah on the Indian Ocean in the south of the sultanate in an effort to attract more tourists as part of the country’s economic diversification programme. The $100 million, 470,000 square metre project has been named Boulevard Razaz and will include canals, landscaped gardens, a shopping mall, restaurants, a marina, a hotel and an exhibition centre. “The objective of this project is to attract more tourists to Salalah while the big picture is to reduce Oman’s dependence on revenues from oil production,” Sayyid Marwan Al-Said, the governor of Salalah, told Oman Television. […] April 15, 2025
Oil & Gas Kuwait starts merging state oil companies to cut costs Opec producer Kuwait has started to merge its state oil companies to reduce their number, improve efficiency and trim costs, according to the official news agency, Kuna. The Kuwait National Petroleum Company (KNPC), the Gulf emirate’s downstream investment arm, has started to take over the Kuwait Integrated Petroleum Industries Company (KIPIC), which manages the Al-Zour oil refinery, one of the world’s largest refining units with capacity of 615,000 barrels per day, Kuna reported on Tuesday. “The rapidly evolving global oil and gas industries place a great responsibility on the country’s energy sector to adapt and enhance to such changing dynamics,” […] April 15, 2025
Finance Indonesia and Qatar to set up $4bn joint fund Indonesian sovereign wealth fund Danantara Indonesia and Qatar Investment Authority will set up a joint fund worth $4 billion to invest in so-called domestic priority sectors in the southeast Asian country. These include food and energy security, downstream processing, digital infrastructure, healthcare and tourism, Indonesian state-run Antara news agency reported, quoting Danantara chief investment officer Pandu Sjahrir. Each country will contribute $2 billion to the fund, he said. The announcement comes a day after Masdar, the renewables champion of Abu Dhabi, said that it would build floating solar power projects in Indonesia. Sjahrir said the investment is separate from Qatar’s […] April 15, 2025
Banking & Finance Turkey raises interest rates for first time in a year Turkey’s central bank raised its key lending rate for the first time in a year, reversing a steady decline this year, on concerns of higher inflation in the coming months. The bank’s monetary policy committee (MPC) increased its one-week repo auction rate to 46 percent on April 17 from 42.5 percent, the rate to which it had cut in March. This is the first increase since March 2024, the month when rates went up to 50 percent, before a series of cuts that began in December. The bank lowered its main policy rate by 2.5 percentage points in December, January […] April 17, 2025
Oil & Gas Turkey’s largest refiner buys Russian oil after price drop Turkey’s largest oil refiner Tupras has returned to buying Russian Urals crude cargoes, after it stopped doing so earlier this year due to stronger US sanctions on Moscow, according to three trading sources and shipping data. Tupras did not immediately reply to a Reuters request for comment. The three sources said Tupras resumed its purchases after prices for Urals crude fell to its lowest levels since 2023, earlier this month, dropping comfortably below a G7 price cap level of $60 a barrel. The price cap imposed by the Group of Seven countries, the European Union and Australia bans the use of Western […] April 17, 2025
Real Estate Turkish property sales jump may temper on market turmoil Turkish property sales rose by 20 percent in the first quarter, but recent political unrest and economic uncertainty from mid-March onwards may weigh on the market. The number of property transactions rose to 335,786 in the three months to March 31 compared with the same period last year, according to data issued this week by state statistics agency Turkstat. March sales of almost 111,000 units were just slightly lower than for each of January and February, the data showed. Political unrest stirred after the March 19 detention and subsequent arrest of Ekram İmamoğlu, the opposition mayor for Istanbul widely seen […] April 16, 2025
Banking & Finance Turkey’s central bank records second-biggest ever loss The Central Bank of Turkey lost 700 billion lira ($18 billion) last year, its second biggest loss ever after a record 2023. The loss came as the central bank made efforts to defend the Turkish lira while at the same time offering depositors higher interest rates on the local currency versus other currencies, paving the way for so-called carry trades. A carry trade is an investment strategy that involves borrowing money in a currency with low interest rates and using it to invest in assets based on a currency with higher interest rates. The 2024 loss compared with a record […] April 16, 2025
Economy Tensions in trade and politics weigh on Turkish money markets Political instability in Turkey and tariff-driven global trade tensions are weighing on Turkish money markets as international investors move out of local debt and locals buy up foreign currency. In the three weeks ending April 4, non-resident investors sold $8.5 billion of Turkish debt, according to a report released by the central bank last week. On April 2 US President Donald Trump announced a near tripling in US tariffs to their highest in more than a century, leading to a sharp sell-off in global stocks and other assets. Filiz Eryılmaz, chief economist with brokerage company ALB Yatırım and associate professor […] April 15, 2025
Finance Remittances to Egypt rise as reforms instill confidence Remittances from Egyptian expatriates rose for 11 consecutive months following the start of economic reforms introduced in March 2024. Overseas Egyptians sent home $20 billion between July and January — the first seven months of the 2024-2025 fiscal year — an increase of 81 percent from $11 billion a year ago, according to the Central Bank of Egypt. In January remittances increased by 83 percent to nearly $3 billion from $1.6 billion in January 2024, marking a record high for the month In its March report, the International Monetary Fund (IMF) said remittances from Egyptian workers overseas and tourism receipts […] April 17, 2025
Renewable Energy Egypt’s largest wind farm begins operations ahead of schedule Egypt-listed Orascom Construction has commenced commercial operations at the newly expanded Red Sea wind farm six months ahead of schedule. The largest operational wind farm in Africa is being developed by the Red Sea Wind Energy consortium under a 25-year build-own-operate scheme, the company said in a statement. The alliance comprises France’s Engie (35 percent), Orascom (25 percent) and Japan’s Toyota Tsusho Corporation and Eurus Energy Holdings Corporation holding 20 percent each. This phase includes commercial operations of 500MW at the 650MW site in Ras Ghareb, Egypt. Two years ago Egyptian minister of electricity and renewable energy, Mohamed Shaker, said the […] April 16, 2025
Economy Qatar to invest over $7bn in Egypt’s economy Qatar has pledged to invest $7.5 billion in Egypt as the North African country seeks to attract new money and boost economic growth, the countries said in a joint statement. The commitment was given during a meeting between Egypt’s President Abdel Fattah El-Sisi and Qatar’s Emir Sheikh Tamim Bin Hamad A-Thani, the state-owned State Information Service reported. No details of the proposed investment were given. Egypt is in the middle of a IMF-mandated reform programme under which it is committed to sell state assets but its economy has been hit by inflation, exchange rate depreciation, and an unresolved system of […] April 15, 2025
Real Estate Egypt and Saudi Arabia plan joint real estate fund Saudi Arabia and Egypt are planning to create a joint fund to carry out real estate projects in the two countries, an Egyptian official has revealed. Egypt, which is locked in an IMF-recommended programme to stimulate its economy, also wants Saudi investors for new projects in central Cairo, in line with a plan to be announced later this year. “We are working to set up a joint Egyptian-Saudi real estate fund,” said Abdul Khaliq Ibrahim, Egypt’s assistant housing minister, at an Egyptian-Saudi investment forum in Cairo at the weekend. “There are also plans to organise meetings to discuss joint real […] April 14, 2025
Manufacturing Egypt’s Hassan Allam to build concrete hub for Ras El Hekma Egypt’s Hassan Allam Holding has said one of its subsidiaries has signed a memorandum of understanding with Abu Dhabi-listed Modon Holding to supply construction materials for the Ras El Hekma megaproject on the Mediterranean. 3S Ready Mix, one of the country’s largest ready mix concrete suppliers, will develop a ready mix factory and a concrete products hub in the newly announced industrial zone adjacent to Ras El Hekma project, the company said in a statement. No other details were given. Last year, ADQ, one of Abu Dhabi’s sovereign wealth funds, appointed Modon as the master developer for the $35-billion mega development. Last […] April 14, 2025
Analysis Logistics Fujairah’s grand plan could fall victim to tariff shock The emirate of Fujairah’s plans to expand its storage facilities and develop cleaner fuels and petrochemical production may be delayed as a result of the impact of tariff-led global trade tensions, according to a local authority. After Singapore and Rotterdam, Fujairah is the largest so-called “bunkering”, or ship-fuelling, port. It lies almost immediately outside the […]
Analysis Manufacturing Jordan’s surging pharma industry may hit US tariff speedbump Growing Gulf spending on health is boosting Jordan’s pharmaceutical industry, but new US tariffs pose a risk to its future, according to analysts. Pharmaceutical exports from Jordan grew by 15 percent last year to $862 million. Another 11 percent growth was projected for this year and further expansion to $1.4 billion in 2029, according to […]
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 […]
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
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 […]
Opinion Media & Advertising Dubai chocolate is the golden ticket of city branding Food is part of a place's cultural identity. Plenty of cities and countries have dishes associated with them
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 Food & Drink Saudi Arabia’s expanding food sector faces high costs As the population grows and the economy swells, the food and beverage service industry in Saudi Arabia is expanding. Half Million, a coffee shop chain that started in the capital Riyadh in 2018, now operates 59 stores across the kingdom. Its 60th recently opened on London’s Oxford Street. Barn’s, a Jeddah-based coffee chain that already […]
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 […]
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 […]
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 […]
Food & Drink Turkish fish processors adapt as taste for sushi grows Turkish seafood processors are expanding their product range to cash in on new tastes, eating habits and markets, adding the Japanese delicacy sushi to their offerings. Not so long ago sushi was a rarity in Turkey. It featured on the menus of a few Japanese restaurants in tourist areas catering to foreign visitors rather than […]
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
Banking & Finance Warburg Pincus and Adia to invest $877m in Indian bank India’s IDFC First Bank will raise up to 75 billion rupees ($877 million) from affiliate companies of private equity group Warburg Pincus and the Abu Dhabi Investment Authority sovereign wealth fund, the lender said on Thursday. IDFC First Bank will issue Warburg Pincus, an existing investor, and Adia convertible shares, which, if fully converted, will give them a combined 15 percent stake in the bank. Currant Sea Investments, a Warburg Pincus affiliate, will invest 48.76 billion rupees for a 9.8 percent stake, while Adia unit Platinum Invictus will invest about 26.24 billion rupees for a 5.10 percent stake, IDFC First said. The bank will use the investment to fund […]
Food & Drink UK company enters Dubai’s crowded rapid-delivery market Despite the congestion – in the market and on the streets of the UAE’s most populous city – yet another competitor, UK company Zapp, is entering Dubai’s rapid-delivery market. This is evidence there is still room for growth, analysts say. Zapp focuses on rapid grocery deliveries from its own so-called dark stores. A dark store is a retail outlet or distribution centre that exists exclusively for online shopping. Having outlasted competitors in the UK market such as Turkish company Getir and Germany’s Gorillas, Zapp is now seeking out new markets. Despite the challenges, Zapp’s business model, which focuses on driving higher-value […]
Renewable Energy Chinese company to build $200m wind turbine plant in Oman China’s Shanghai Electric Wind Power Group has signed a $200 million agreement to build a wind turbine factory in Oman’s central industrial city of Duqm. Duqm, which sits on international shipping routes, has attracted over $15 billion in project spending, including a 230,000 barrels per day oil refinery, a crude oil storage facility, a free zone, a dry dock for ship repair and a port. In the last five years Oman has been active in moving away from fossil energy investments to greener power generation. “Eventually, all these projects will be powered by clean energy and this wind turbine plant […]
Finance Indonesia and Qatar to set up $4bn joint fund Indonesian sovereign wealth fund Danantara Indonesia and Qatar Investment Authority will set up a joint fund worth $4 billion to invest in so-called domestic priority sectors in the southeast Asian country. These include food and energy security, downstream processing, digital infrastructure, healthcare and tourism, Indonesian state-run Antara news agency reported, quoting Danantara chief investment officer Pandu Sjahrir. Each country will contribute $2 billion to the fund, he said. The announcement comes a day after Masdar, the renewables champion of Abu Dhabi, said that it would build floating solar power projects in Indonesia. Sjahrir said the investment is separate from Qatar’s […]
