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Climate change and rising costs challenge Turkish tea producers
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
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
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 […]
The UAE signed contracts worth more than AED23 billion ($6.3 billion) for military equipment and defence this week, wrapping up the Middle East’s largest defence exhibition in Abu Dhabi. It also further expanded its supplier base beyond its traditional US partners and encouraged local manufacturing. Though no contracts were signed with Israel – with which […]
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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 […]
How can corporations compete globally if American AI is more expensive than China?
Last year, eight companies launched initial public offerings (IPO) on the two main stock exchanges in the UAE, attracting more than $7 billion in investment. The same number could float this year and list in neighbouring Saudi Arabia, analysts say. UAE-based technology company Alpha Data has already announced plans to list 40 percent of its […]
Pensions are a headache for governments, companies and employees alike. How to provide staff with a comfortable retirement that could last for decades? Historically, staff leaving UAE companies receive a substantial one-off payout from their employer, the amount increasing significantly the longer the period of service. But this “defined benefit” system can cause financial difficulties […]
It is early days yet but the commercial case for local and international private sector companies sponsoring sports arenas in Saudi Arabia may yet emerge, after the 2034 host of the Fifa World Cup opened its stadiums to naming rights. For the moment, however, it looks as if state-backed companies with a mandate to promote […]
Robin Mills, CEO, Qamar Energy
Emirates intends to fly to more cities in China this year. The airline plans to start daily flights to Shenzhen using Boeing’s widebody 777 jets by mid-year, Bloomberg said, citing informed sources. The launch date has been postponed multiple times due to delivery delays from Boeing and Airbus and a retrofit programme, the sources said. In addition, […]
The Pakistani subsidiary of the UAE’s Mashreq, which trades on the Dubai Financial Market, has been granted a licence for a digital retail bank. This is the first restricted licence for pilot operations, which will allow Mashreq Bank Pakistan to use artificial intelligence and cloud computing to offer personalised banking services, the State Bank of Pakistan […]
The UAE ranked at the top of a global list last year of sea vessels abandoned by their owners as a result of there being limited regulations, according to a seaman’s union. Of 312 vessels abandoned in 2024, 42 – or 13 percent – were in the UAE, the International Transport Workers’ Federation (ITF) said. […]
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 […]
The UAE signed contracts worth more than AED23 billion ($6.3 billion) for military equipment and defence this week, wrapping up the Middle East’s largest defence exhibition in Abu Dhabi. It also further expanded its supplier base beyond its traditional US partners and encouraged local manufacturing. Though no contracts were signed with Israel – with which […]
Saudi Aramco is forecast to have no performance-linked dividend this year after a more balanced 2024 cash cycle followed earlier bumper results that backed the special payout, JPMorgan said in a research note. “The past 18 months has delivered elevated performance-linked dividends funded by premium 2022-23 financials and we remind this cycle ends with year-end […]
Improvements in Saudi Arabian companies’ environmental, social and governance (ESG) performance are likely to attract more investment to the kingdom from international institutional investors, experts say, as new financial products with a focus on sustainability come to market. This week the kingdom’s first ESG exchange-traded fund (ETF) listed on the Saudi Stock Exchange (Tadawul) by […]
The fourth Saudi Media Forum discussed how the kingdom can exploit its position as a news fulcrum
The start of Saudi Arabia’s new government-owned airline Riyadh Air could be delayed yet again. Riyadh Air CEO Tony Douglas told a Saudi investment conference in Miami that the airline would start operations “by the end of the year”. But he was not more specific. Last month, the carrier pushed back its launch date by […]
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 […]
Oman is likely to start operations at its biggest plastic recycling plant in the third quarter of 2025, according to a news report. The project, located close to Sohar Port, will have a processing capacity of 200 metric tonnes per day, the Oman Daily Observer reported. The volume of recyclable waste, including plastics, produced in […]
Bring back smoking! That is how desperate restaurateurs and cafe owners feel in Jordan after a drop in tourism last year, linked primarily to the wars in the Middle East. Among other measures, restaurateurs want the return of the shisha, the waterpipe smoking device that is popular across the Arab world, and over which smokers can […]
Orders for Qatar’s $3 billion bonds attracted bids of more than $12 billion, with spreads tightening significantly amid high demand, a news report said. The three-year senior unsecured notes of $1 billion were priced at 30 basis points (bps) over US treasuries compared to the initial pricing of 60 bps, Bloomberg reported, quoting informed sources. […]
Iraq has hired two of the world’s most prominent financial consulting firms to help restructure its banking sector, which has been wrecked by long-term violence, according to an adviser to the prime minister. London-based EY and Oliver Wyman of the US will prepare a roadmap for a plan that could include merging the country’s two […]
JPMorgan will remove Qatar and Kuwait’s government bonds from its influential Emerging Market bond index, while the United Arab Emirates (UAE) is on course to follow next year, due to rising income levels in the Middle East. The US investment bank, whose EMBI indexes are the main global benchmark of EM debt, said it will […]
SalamAir, Oman’s first low-cost airline, plans to expand its fleet with 10 new aircraft over the next three years amid a rising surge in budget travel, the company said in a statement. The airline has formally requested 10 Airbus A320 aircraft with multiple leasing companies to support its growth strategy over the coming five years, […]
Higher than anticipated tax income helped Tunisia bring down its budget deficit last year. The ministry said last weekend that the deficit declined despite a 5 percent rise in actual spending and was funded through borrowing, Ultra Tunisia reported. Last year’s budget deficit stood at 10 billion Tunisia dinars ($3 billion), down from 11 billion […]
Qatar has agreed to invest $10 billion in India as trade ties between the two deepen. The countries have committed to double the level of imports and exports to $28 billion in the next five years and to establish a free trade agreement. A joint statement said Qatar would explore investment opportunities in sectors including […]
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
The Turkish government has confirmed that talks with Abu Dhabi Ports Group (AD Ports) over operating rights at the Alsancak freight and passenger port in Western Turkey have failed. “The aim there was to get a partner for the Alsancak port and adding capital to expand it,” Turkish transport minister Abdulkadir Uraloglu told Bloomberg. No […]
Turkey has secured a $5 billion investment commitment from the Asian Infrastructure Investment Bank (AIIB), a Beijing-based multilateral funding agency, to support its long-term climate strategy. Turkish finance minister Mehmet Simsek and AIIB president Jin Liqun signed a memorandum of understanding for the investment programme, at a conference in Saudi Arabia, the bank said. The programme […]
Turkey’s electric vehicle (EV) maker Togg is looking to expand manufacturing to Asian countries such as Malaysia, Indonesia and Pakistan, President Tayyip Erdoğan has said. Pakistan has already expressed interest in producing Togg vehicles, Daily Sabah reported citing the president. Erdoğan has given Toggs to each of the leaders of the three nations, saying it is […]
Hotel bookings in the popular tourist resort of Bodrum on Turkey’s Aegean coast are down because of fears over earthquakes and tsunamis. The Greek island of Santorini has recently suffered a spate of quakes, which has prompted an exodus of tourists. The Bodrum Hoteliers Association said early season hotel reservations are down on this time […]
Egypt’s central bank kept its key overnight interest rates unchanged on Thursday, as expected, citing the impact on inflation of uncertainty around US protectionism and geopolitics. The bank’s monetary policy committee kept the lending rate at 28.25 percent and the deposit rate at 27.25 percent, it said. The median forecast in a Reuters poll of 10 analysts […]
Egypt will announce a tax relief package for taxpayers and businesses next month, to increase the transparency of the tax system and encourage more foreign direct investment, it has been reported. The finance minister is overseeing the package’s implementation to ensure it meets business needs, the Egypt Today newspaper reported, citing Rasha Abdel Aal, head […]
After years of high hopes and false starts, Cyprus’s natural gas industry might finally be flowing after the island state agreed this week to pipe prospective gas to Egypt, which is likely to be exported to Europe in liquid form. The deal highlights the potential importance of Cypriot gas in the Eastern Mediterranean, particularly after […]
Emaar Properties, Dubai’s largest listed developer by market capitalisation, intends to increase its investments in Egypt to $25 billion over the next three years, up from the existing $18 billion, the company’s founder Mohamed Alabbar has said. The increase reflects growing confidence in Egypt’s real estate market, Al Arabiya, an Arabic-language news channel, reported citing […]
Global ports operator and logistics company DP World has completed nearly two-thirds of the work on the first phase of a $80 million logistics hub in Egypt’s Suez Canal Economic Zone. The 300,000 sq m complex is due for completion in June. It aims to reduce logistics costs and strengthen connections between Egypt, the Middle East […]
What do Houthi attacks on shipping in the Red Sea, a new data centre in Saudi Arabia and the icy waters of the Baltic Sea have in common? In short, they reflect a new Gulf Arab, and indeed global, focus on protecting vital submarine cable networks and potentially developing alternative, terrestrial routes. The Yemeni militia’s […]
A year-long rally in share prices for major UAE banks still has some steam in it, underpinned by loans growth and attractive dividend yields, analysts have said. In the 12 months to February 11, the share price of Abu Dhabi Commercial Bank (ADCB) surged by almost 40 percent. Shares in Emirates NBD, Mashreq and Dubai […]
Saudi Arabia has focused on high-end tourism to create a name for itself, but will need to cater to the broader market in the longer term
With the Grand Hyatt Dubai due to open a new onsite water park this year, the UAE and wider Gulf region will add to an already vast collection of slides, lazy rivers, splash parks and other water-based leisure facilities. There being so many is perhaps not surprising given near year-round sunshine and heat in the […]
Saudi investor Prince Khaled bin Alwaleed’s KBW Ventures has invested 90 percent of its funds in US companies such as Colossal Biosciences, but now it is keen to invest closer to home, its chief investment officer tells AGBI. CIO Ekta Tolani says KBW Ventures now wants to invest at least 30 percent of its funds […]
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 […]
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 […]
The Australian Competition and Consumer Commission (ACCC) is leaning towards approving a five-year deal between Qatar Airways and Virgin Australia, allowing them to sell long-haul return flights starting in June, the watchdog said. The approval, if granted, will allow the two airlines to commence 28 new weekly return flights between Doha and Perth, Brisbane, Sydney and Melbourne. […]