Energy Foreign companies cash in as Gulf turns to smart power grids Saudi Arabia and the UAE are among the Gulf states investing billions to make their electricity grids ‘”smart” through the use of artificial intelligence, increasing the share of generation from solar and wind power in the region. That share in the Middle East and North Africa is expected to almost double over the next five […] April 22, 2025
EXCLUSIVE Real Estate Dubai Investments plans IPO before year end, says CEO Dubai Investments is preparing to sell shares in four subsidiaries to the public and may list one of them before the year end, its CEO Khalid bin Kalban has told AGBI. The government-backed company manages AED22.1 billion ($6 billion) of assets in the UAE and beyond, in sectors including real estate, construction and building materials […] April 22, 2025
Tax Saudi Arabia to expand VAT base as oil prices fall Saudi Arabia has introduced new regulations allowing visitors to the country to claim back value added tax (VAT) to facilitate the tourism industry, but it plans to widen the tax base to include online transactions. The world’s second largest oil producer is facing a steep decline in international oil prices on which the government relies […] April 22, 2025
OpinionINDUSTRYHere’s a little-known UAE trade secret: it can take up to a year for a vehicle’s price to adjustImthishan Giado, Partner, Motoring Middle East
Opinionfood & drinkA volatile commodity market is putting pressure on the UAE’s chocolate makersJosh Gilbert, Market analyst
OpinionlogisticsIt is estimated border waiting times result in a loss to the Gulf region of $266m a yearJohn Manners-Bell, CEO, Transport Intelligence Insight
Media & Advertising Dubai doubles down on social media with ‘influencer academy’ Sunsets, skyscrapers, shopping sprees. Type #Dubai into any social media platform and you will find thousands of them. Whether they’re promotional films or holiday snaps, the quality and reach of these images can vary widely. Now Dubai’s tourism authority is setting up an “influencer academy” to teach aspiring digital creators how to make the most […]
Markets Population burst bolsters Dubai’s listed companies Listed companies in Dubai were on average the most profitable last year among the Gulf exchanges as the emirate’s banking, real estate and telecom sectors benefited from its expanding population. Net profit at Dubai’s listed companies totalled $25.4 billion, up 16 percent compared with the year before, according to a report by Kuwaiti asset manager […]
Finance UAE tech investors seek security in the face of uncertainty UAE tech investors reported a strong start to the year but many are increasingly seeking out more mature companies to back, as global economic uncertainty makes them more risk averse, an industry expert has told AGBI. UAE tech startups raised a total of $872 million in the first quarter, nearly triple the $297 million raised […]
Tourism Turkey takes the plunge into swimming tourism Blue water swimming enthusiasts drawn to the Bosphorus and Dardanelles straits are providing a boost to the economy
Analysis Artificial Intelligence AI classes to prepare Saudi pupils for the new world Saudi secondary school pupils will soon have classes on artificial intelligence (AI) added to their curriculum. More than 50,000 17 and 18-year-olds will be offered the Introduction to Artificial Intelligence course, a joint initiative between the ministry of education and the Saudi Data and Artificial Intelligence Authority. It is part of an effort by the […]
Media & Advertising Dubai doubles down on social media with ‘influencer academy’ Sunsets, skyscrapers, shopping sprees. Type #Dubai into any social media platform and you will find thousands of them. Whether they’re promotional films or holiday snaps, the quality and reach of these images can vary widely. Now Dubai’s tourism authority is setting up an “influencer academy” to teach aspiring digital creators how to make the most […]
Markets Population burst bolsters Dubai’s listed companies Listed companies in Dubai were on average the most profitable last year among the Gulf exchanges as the emirate’s banking, real estate and telecom sectors benefited from its expanding population. Net profit at Dubai’s listed companies totalled $25.4 billion, up 16 percent compared with the year before, according to a report by Kuwaiti asset manager […]
Finance UAE tech investors seek security in the face of uncertainty UAE tech investors reported a strong start to the year but many are increasingly seeking out more mature companies to back, as global economic uncertainty makes them more risk averse, an industry expert has told AGBI. UAE tech startups raised a total of $872 million in the first quarter, nearly triple the $297 million raised […]
Tourism Turkey takes the plunge into swimming tourism Blue water swimming enthusiasts drawn to the Bosphorus and Dardanelles straits are providing a boost to the economy
Analysis Artificial Intelligence AI classes to prepare Saudi pupils for the new world Saudi secondary school pupils will soon have classes on artificial intelligence (AI) added to their curriculum. More than 50,000 17 and 18-year-olds will be offered the Introduction to Artificial Intelligence course, a joint initiative between the ministry of education and the Saudi Data and Artificial Intelligence Authority. It is part of an effort by the […]
Energy Foreign companies cash in as Gulf turns to smart power grids Saudi Arabia and the UAE are among the Gulf states investing billions to make their electricity grids ‘”smart” through the use of artificial intelligence, increasing the share of generation from solar and wind power in the region. That share in the Middle East and North Africa is expected to almost double over the next five years to close to 10 percent by 2030 from under 6 percent now, according to a report by Fitch Solutions’ research arm BMI. This as the population of the six-member Gulf Cooperation Council in the world’s largest oil producing region grows beyond 60 million. Grids […] April 22, 2025
Banking & Finance Emirates NBD profit slips despite strong loan growth Net profit at Emirates NBD, Dubai’s biggest bank by assets, fell in the first quarter of 2025 compared to a year ago despite growth in loans and interest income. Tax paid caused the bottom line to decline more than 7 percent to AED6.2 billion ($1.7 billion) for the first three months, from AED6.7 billion a year ago, the lender said in a statement. Total income, comprising net interest and non-funded incomes — earnings from services – jumped 11 percent year on year to AED12 billion. Profit before tax increased by 56 percent quarter on quarter, thanks to a 5 percent […] April 22, 2025
Oil & Gas Adnoc strikes another LNG deal with Chinese energy major China National Offshore Oil Corporation (Cnooc) has agreed a term deal to buy liquefied natural gas from Abu Dhabi National Oil Company (Adnoc), according to two Chinese trading sources and a state media report. It is the third supply contract Adnoc has signed with Chinese buyers recently, following the deals over the weekend with ENN Natural Gas and state energy trader Zhenhua Oil. A tariff war with the US has pushed Chinese buyers to resell US-sourced cargoes and secure new supply deals as tit-for-tat tariffs drive up import costs. China imported no US LNG during March, data from Kpler and LSEG […] April 22, 2025
Artificial Intelligence Khazna builds data centres to plug UAE capacity shortage State-controlled Khazna, the UAE’s largest data centre operator, has started building two new facilities to support the federation’s digital and artificial intelligence (AI) growth as the Gulf state grapples with a capacity shortage. Originally owned by Abu Dhabi’s Mubadala sovereign wealth fund, Khazna was in 2022 transferred to the emirate’s G42 and e&, the national telecommunications company previously known as Etisalat. The two owners – Etisalat is also state-controlled – merged their respective data centre businesses to create the UAE’s largest data centre operator. The two new centres will be built in Abu Dhabi’s Mafraq and Masdar City, joining the […] April 22, 2025
Banking & Finance Fractional sukuk platform launched by UAE bank Sukuk investing in the Gulf has long been the preserve of institutional and wealthy investors because of a six-figure minimum investment threshold, effectively excluding ordinary people from buying sharia-compliant bonds directly. Now though, Abu Dhabi Islamic Bank (ADIB) has launched an investment platform, Smart Sukuk, on which retail investors can buy so-called fractional sukuk for as little as $1,000. This is direct ownership of the sukuk, not a derivative, Amit Malhotra, ADIB’s group head of retail banking told AGBI via email. Until now, the best alternatives for religiously minded Gulf retail investors have been to invest through platforms such as […] April 22, 2025
Energy Foreign companies cash in as Gulf turns to smart power grids Saudi Arabia and the UAE are among the Gulf states investing billions to make their electricity grids ‘”smart” through the use of artificial intelligence, increasing the share of generation from solar and wind power in the region. That share in the Middle East and North Africa is expected to almost double over the next five […] April 22, 2025
Tax Saudi Arabia to expand VAT base as oil prices fall Saudi Arabia has introduced new regulations allowing visitors to the country to claim back value added tax (VAT) to facilitate the tourism industry, but it plans to widen the tax base to include online transactions. The world’s second largest oil producer is facing a steep decline in international oil prices on which the government relies […] April 22, 2025
Energy Saudi Arabia and China to advance nuclear cooperation Barely a week after a deal on cooperation with the US, Saudi Arabia and China have agreed to work more closely on nuclear energy development, China’s state-run Global Times reported. The two countries signed a memorandum of understanding at a China-Gulf Cooperation Council forum on nuclear technology in Chengdu on Monday. The agreement comes after […] April 22, 2025
Food & Drink PIF food unit builds Jeddah factory with Brazilian partner Halal Products Development Company, a wholly owned subsidiary of Saudi Arabia’s Public Investment Fund, and Brazilian food processor BRF have started constructing a processed-food factory in Jeddah. The factory is being developed by the joint venture BRF Arabia Holding Company at a cost of $160 million, BRF said in a statement. Established in 2023, the venture […] April 22, 2025
Food & Drink PepsiCo to open Saudi research centre for Arab tastes PepsiCo has said it plans to open a research and development facility in Saudi Arabia focused on developing new products for Middle Eastern consumers. At a cost of SAR30 million ($8 million), the centre will be the largest of its kind in the Gulf region and located in Riyadh, the US company said as it […] April 21, 2025
Infrastructure Morocco to borrow for World Cup rail and airport projects Morocco is planning to seek loans to fund multi-billion dollar rail and airport projects as it prepares to co-host the Fifa World Cup in 2030, according to a minister. The projects include a high speed train network linking the commercial capital of Casablanca on the Atlantic with Marrakesh and a new civilian airport in Casablanca, […] April 22, 2025
Construction Bangladeshis dominate foreign labour in Oman Nearly 1.8 million foreigners work in Oman and more than a third of them are from Bangladesh, a major source of labour for oil-rich Gulf nations, according to official data. Around 637,000 Bangladeshis work in the sultanate, accounting for nearly 35 percent of the total expatriate labour force, reports the April bulletin of the National […] April 22, 2025
Banking & Finance National Bank of Kuwait earnings hit by corporate tax Earnings of the National Bank of Kuwait (NBK), the Gulf state’s largest financial institution, fell 9 percent year on year in the first quarter following the imposition of 15 percent corporate tax from January. Net profit fell to KD134 million ($435 million) from January to March, compared to KD147 million a year ago, the lender […] April 22, 2025
Markets Gulf issuers plan debt sales, undeterred by market turmoil Gulf issuers, including Saudi Arabia’s $925 billion sovereign wealth fund, are working on a round of bond offerings, according to sources, braving debt markets despite recent turmoil ignited by US President Donald Trump’s tariff policies. Markets have been volatile since Trump announced sweeping tariffs on April 2, even after he rolled most of them back, as investors struggle to […] April 22, 2025
Markets Value of GCC bonds down in first quarter The value of bonds issued by the six-nation Gulf Cooperation Council (GCC) slumped by 7 percent in the first quarter of 2025 following a steep fall in Saudi Arabia, according to a Kuwaiti think-tank. The total value of bonds and Islamic sukuk issued by Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Oman was $51.5 […] April 21, 2025
Real Estate Property market in Oman cools Oman’s real estate market slowed in February, as total deal value fell 8 percent year-on-year to OR362 million ($941 million), the state-run Oman News Agency reported. The figure dropped from OR395 million in February 2024, the news agency said, citing data from the National Centre for Statistics and Information. Despite the overall market cooling, transaction […] April 21, 2025
Trade UAE remains Oman’s primary exporter despite increase from China The UAE maintained its position as the top exporter to nearby Oman last year despite a sharp increase in China’s exports to the sultanate, official figures show. The UAE, the second largest Arab economy and a major centre for re-exports, exported OR4 billion ($10 billion) to Oman in 2024 and accounted for almost a quarter […] April 21, 2025
Tax Trump tariffs threaten $22bn in Arab exports says UN Bahrain and Jordan are the countries likely to be most affected by tariffs planned by President Donald Trump on non-oil exports by the Arab world to the US worth nearly $22 billion, a United Nations body has warned. Despite a sharp fall in the region’s sales of oil to the US over the past decade, […] April 21, 2025
Trade Turkey courts US companies and investors during visit Turkish finance minister Mehmet Simsek said he will meet with rating agencies, investors and companies planning to shift supply to Turkey during a visit to the US this week. “I will be in America this week for the IMF, World Bank and G20 meetings. We will meet with rating agencies in New York at the beginning of the week and then with direct investors based in America,” Simsek told reporters during a weekend visit to Turkey’s Black Sea province of Giresun. “We will meet with real sector representatives, especially US companies that plan to shift their supply to Turkey, especially […] April 21, 2025
Real Estate Istanbul needs more houses as Turkey’s largest city grows Istanbul, Turkey’s largest city, will need 122,000 new homes every year to support its growing population, a PwC report has said. The city will need 1.22 million houses over the next 10 years with the population expected to rise by 3 percent to 16.2 million by 2034, Hurriyet Daily newspaper reported, citing PwC Turkey. The growth will be driven by an increase in single-person households, leading to downsizing of housing types. “The household structure and demographics are changing,” said Ramadan Kumova, chairman of the Housing Developers and Investors Association, which commissioned the report. He said smaller apartments, such as studio […] April 21, 2025
Tourism Turkey takes the plunge into swimming tourism Blue water swimming enthusiasts drawn to the Bosphorus and Dardanelles straits are providing a boost to the economy April 18, 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 on Thursday, 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 […] April 18, 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
Trade Egypt targets 15% trade growth with Tunisia Egypt has set a target to increase trade with Tunisia by 15 percent as it seeks to develop regional economic ties. Trade between the two countries, both of which are subject to reform programmes overseen by the International Monetary Fund, is expected to reach $485 million in 2025 from $421 million in 2024. The plan […] April 21, 2025
Economy Egypt cuts interest rates for first time in 5 years Egypt’s central bank lowered overnight interest rates by 225 basis points (bps) on Thursday, its first cut in more than five years, saying lower inflation had opened the way to yet further rate cuts in the future. The bank lowered the lending rate to 26 percent and the deposit rate to 25 percent. The median forecast in […] April 18, 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 […] 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 […] 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 […] April 15, 2025
Video length: 04:57 VIDEO Utilities 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 […]
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 […]
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 […]
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, […]
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 […]
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 Al Lamki’s oil painting Anees, and Palestinian-American ceramicist Lena Kassicieh’s Cloud Hopping. At the other end of the Sheikh Zayed Road, Abu Dhabi’s state-owned Mubadala Investment Company is building a collection of regional and global art, the Mubadala Corporate Collections. In December, it announced its […]
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 had 130 stores when Half Million started, now has more than 550 stores worldwide and ambitions to double that by 2030. “It’s a growing market, it’s a new market,” says Tina Blackmon, a specialist in food and beverage at consultancy Keane. “There’s a lot of […]
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 are AI-powered chatbots equipped to work in what are called “digital ecosystems” to answer queries or generate work-related responses, which the technology website Tahawultech says “function as full-fledged digital workforce members”. Bahrain’s Bank ABC launched its own AI employee, named Fatema, in 2019. Since then, […]
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 Dubai Restaurant Group. Originating in the Middle East and South Asia, the shisha is a device used to smoke specially prepared, often flavoured tobacco mixtures. The smoking process, traditionally associated with social gatherings, involves passing charcoal-heated air through the tobacco and a water-filled chamber before […]
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 developers to partner with banks to provide mortgages to owner-occupiers. That increases the risk for lenders, even if a shift in buyer type towards owner-occupiers reduces the likelihood of another crash in Dubai’s property market. The crash of 2008-11 and the more gradual downturn from […]
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 locals. However, tastes have changed during the past 10 years. Many Turks – along with a growing international market – have acquired a taste for Japan’s bite-sized portions as well as for ready-to-eat meals. The latest company to dive into the sushi market is Kocaman […]
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 of advice do you wish you’d had when you were starting out? I wish I had known earlier how important it is to focus on personal wellbeing alongside professional success. In the long run, maintaining a healthy balance between work and life is crucial, and […] 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 […]
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 […]
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 […]
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 […]
