Tourism Gallipoli takes centre stage in Turkey’s battlefield tourism plans Visitors from as far afield as Canada and Australia wishing to pay respects at Gallipoli are proving to be another string to Turkey's tourism bow February 7, 2025
Analysis Sustainability UAE companies have mixed success in cutting emissions While many of the UAE’s major corporations are making limited progress in cutting greenhouse gas emissions, analysis by AGBI reveals that Emsteel (formerly known as Emirates Steel Arkan) is the standout performer. The UAE, the second-largest Arab economy, is seeking to quantify and reduce its impact on the climate, and in November pledged to slash its scope 1 […] February 7, 2025
Economy Tunisia drafts plan to merge FDI agencies into one Tunisia’s government has reviewed plans to increase foreign direct investment by merging various agencies into a new Supreme Investment Authority. The SIA would merge six investment-focused government agencies and the Tunisian Investment Authority, plus various offices at home and abroad, into one, according to the local Alshuruq newspaper. A draft law has been reviewed by […] February 7, 2025
OpinionINFRASTRUCTUREIt will be news to some curmudgeons in the West that Dubai has a ‘soul and identity’ at allFrank Kane, Editor-at-Large, AGBI
OpinionartSotheby’s auction in Saudi Arabia will be an indicator of the strength of the Gulf art marketAdeline Pilon, Co-founder, Elyx Foundation & Company
OpiniontradeIt is clear with their minimal tariffs that Trump and Xi are trying to avoid a full-scale trade warMatein Khalid, Investor
Analysis Mining Canada’s Barrick seeks to tap $2trn of Saudi minerals A year ago Saudi Arabia almost doubled the estimated value of its mineral resources, from $1.3 trillion to $2.5 trillion, primarily on higher prices for strategic minerals. Now the country has the fastest-growing mining sector in the world, mining minister Bandar Alkhorayef said, speaking at an investment conference in Riyadh last month. Production rates are […]
Analysis Infrastructure Turkey’s rebuilding goes on two years after devastating quakes Two years since twin earthquakes devastated much of Turkey’s southern region, the country is still picking up the pieces. Fewer than one-third of the 680,000 homes lost have been rebuilt so far and 600,000 people are still living in converted shipping containers. More than 53,000 people lost their lives in the February 6 earthquakes, which […]
VIDEO Finance EVs and air taxis will shake up Mena insurance industry Motor insurance represents more than 50 percent of premiums in developing insurance markets such as the Middle East, says Vinay Surana, managing director for the region at Allianz Partners. The rapid development and introduction of electric vehicles, self-driving vehicles and air taxis will present new risks and demand new approaches and different ways of thinking, […]
Analysis Markets Trump’s tariffs inject volatility into metal markets President Donald Trump’s on-again, off-again tariffs have increased uncertainty for global metals and minerals markets. Demand for gold – a traditional safe haven – soared on Tuesday, with the price of international spot gold rising to $2,819.46 an ounce. The precious metal was trading still higher on Wednesday morning at $2,851.21 an ounce. This is despite […]
Analysis Business of Sport Saudi football spending takes youthful turn as big names depart It says much for the evolution of football in Saudi Arabia that the main talking points of the winter transfer-window were of individuals leaving the league rather than multi-million dollar signings. The majority of headlines in the last week of January were devoted to the departures of Brazilian forward Neymar, effectively having his contract ripped […]
Infrastructure Abu Dhabi seeks consultants for transport master plan The Abu Dhabi government has invited consultancy companies to apply to update its transport master plan, as it aims to modernise the emirate’s transport network. The updated capital surface transport master plan will replace previous transport strategies and will integrate new infrastructure, technology and regulatory measures to enhance connectivity and support economic diversification, according to […] February 7, 2025
Opinion Infrastructure Dubai’s urban masterplan to build ‘soul and identity’ The scale of the emirate's transformation is hugely ambitious February 7, 2025
Real Estate RAK Properties banks on new launches to spur 2025 growth RAK Properties, which trades on the Abu Dhabi stock exchange, said revenues hit a new high in 2024, rising 40 percent to AED1.4 billion ($381.2 million) from AED1 billion in 2023. The higher topline drove net profit up by 32 percent to AED280 million, compared to AED202 million in 2023. The company said it was fuelled […] February 7, 2025
Artificial Intelligence UAE and France to invest up to $50bn in AI data centre France and the United Arab Emirates agreed on Thursday to a framework accord for a 1 gigawatt data centre dedicated to artificial intelligence (AI) that represents investments of between $30 billion-$50 billion, the French presidency said. President Emmanuel Macron hosted his Emirati counterpart Sheikh Mohamed bin Zayed al-Nahyan on Thursday evening ahead of a summit […] February 7, 2025
Analysis Sustainability UAE companies have mixed success in cutting emissions While many of the UAE’s major corporations are making limited progress in cutting greenhouse gas emissions, analysis by AGBI reveals that Emsteel (formerly known as Emirates Steel Arkan) is the standout performer. The UAE, the second-largest Arab economy, is seeking to quantify and reduce its impact on the climate, and in November pledged to slash its scope 1 […] February 7, 2025
Opinion Leisure & Hospitality Sotheby’s first Saudi auction: a test of Gulf’s market potential The 150 lots will feature everything from Picasso to Hermès handbags, at prices up to $1.5m February 7, 2025
Agriculture Poultry firm Balady to boost Saudi output by 200m chicks a year Saudi Arabia’s Balady Poultry Company is to invest SAR1.14 billion ($303 million) over five years to expand its business. The plans involve establishing two hatcheries with a combined capacity of 200 million chicks a year. In a statement to the Saudi stock exchange, Balady said it aims to establish a facility with the capacity to […] February 7, 2025
Manufacturing Ceer strikes $145m deal with Sabelt for EV sports seats Ceer, Saudi Arabia’s first electric vehicle (EV) brand, has struck a SAR543 million ($145 million) deal with Italy’s Sabelt to develop sports seats for its upcoming flagship E sedan and SUV models. The drivers will get the same seats as those in high-performance sports cars. Sabelt will create high-performance seats for Ceer, ensuring maximum protection, […] February 7, 2025
Analysis Mining Canada’s Barrick seeks to tap $2trn of Saudi minerals A year ago Saudi Arabia almost doubled the estimated value of its mineral resources, from $1.3 trillion to $2.5 trillion, primarily on higher prices for strategic minerals. Now the country has the fastest-growing mining sector in the world, mining minister Bandar Alkhorayef said, speaking at an investment conference in Riyadh last month. Production rates are […] February 6, 2025
Oil & Gas Aramco raises prices as demand from Asia grows Saudi Aramco, the world’s leading oil exporter, has sharply increased crude prices for March shipments to buyers in Asia. Demand from China and India is rising as US sanctions disrupt Russian supply. Aramco raised the official selling price for flagship Arab Light crude by $2.40 to $3.90 per barrel above the Oman/Dubai benchmark average, Saudi […] February 6, 2025
Economy Iraq’s external debt halves as projects start to pay off Iraq’s external debt has more than halved, driven by revenue-generating projects that help repay loans, according to a news report. External debt has declined to $9.8 billion from $20.9 billion, state-run Iraq News Agency reported, quoting technical advisor to the prime minister Mohammed Sahib Al-Daraji. He said the government is focussing on investing in productive […] February 7, 2025
Oil & Gas Iraq to stop taking Iranian gas by 2028 Iraq will phase out gas imports from neighboring Iran within three years because of persistent supply disruptions. It will instead increasingly rely on more domestic production to fuel its power stations, and electricity from other neighbours including Saudi Arabia and Jordan. Mohammed Al-Sudani, the Iraqi prime minister, said Iraq’s decision to end Iranian imports in […] February 7, 2025
Economy Tunisia drafts plan to merge FDI agencies into one Tunisia’s government has reviewed plans to increase foreign direct investment by merging various agencies into a new Supreme Investment Authority. The SIA would merge six investment-focused government agencies and the Tunisian Investment Authority, plus various offices at home and abroad, into one, according to the local Alshuruq newspaper. A draft law has been reviewed by […] February 7, 2025
Tourism Qatar stopover initiative draws thousands more visitors An initiative encouraging passengers passing through Qatar to stay a night in the country has already sold more than 100,000 room nights this year. Launched in August 2021, the Discover Qatar Stopover Programme allows travellers with Qatar Airways and its codeshare partners to book overnight stays from anywhere between one and four nights at lower […] February 6, 2025
Oil & Gas Opec oil cuts push Oman’s revenue down $1.7bn Oman’s adherence to Opec+ voluntary oil production cuts resulted in revenue from the sector falling by an average of $4.6 million a day last year. The country’s average daily crude oil production fell 5.4 percent in 2024 to 992,600 barrels per day (bpd), figures from the National Center of Statistical Information show. The average price […] February 6, 2025
Aviation Jazeera Airways to cut costs and double passengers by 2029 Kuwait’s Jazeera Airways plans to add more seats to its aircraft, expand its fleet and cut costs as part of a new five-year strategy to almost double the number of passengers in 2029. Adding seats this year will raise the average number per aircraft to 180 by the third quarter, the airline CEO Barathan Pasupathi […] February 6, 2025
Tourism Morocco aims to double airport capacity by 2030 Morocco expects airport traffic to reach 60 million passengers by 2030 and 90 million by 2035, according to a government official. The growth from 32 million passengers in 2024 is expected as a result of the 2030 Fifa World Cup, which Morocco will co-host with Spain and Portugal, Morocco World News reported, quoting transport and […] February 6, 2025
Oil & Gas Oman invites bids for 3 onshore oil and gas blocks Oman’s energy ministry has invited investors to bid for three oil and gas concessions. The onshore concessions – Block 36, Block 43A and Block 66 – are close to the sites of previous successful explorations. Scotiabank has been listed as the point of contact for potential investors. The concessions will bring in much needed revenue […] February 5, 2025
Tourism Gallipoli takes centre stage in Turkey’s battlefield tourism plans Visitors from as far afield as Canada and Australia wishing to pay respects at Gallipoli are proving to be another string to Turkey's tourism bow February 7, 2025
Economy EU’s $323m grant to support Turkey’s green transition The European Union (EU) will provide a $322.8 million grant to Turkey to bolster the country’s green and digital transformation drive. The European bloc has provided over €780 million ($810 million) to support Turkey’s green transformation, Jurgis Vilcinskas, deputy head of mission of the EU delegation to Turkey, told the state-run Anadolu Agency. The grant […] February 6, 2025
Analysis Infrastructure Turkey’s rebuilding goes on two years after devastating quakes Two years since twin earthquakes devastated much of Turkey’s southern region, the country is still picking up the pieces. Fewer than one-third of the 680,000 homes lost have been rebuilt so far and 600,000 people are still living in converted shipping containers. More than 53,000 people lost their lives in the February 6 earthquakes, which […] February 6, 2025
Employment Turkey’s new strategy targets skilled jobs for youth Turkish president Tayyip Erdoğan has launched a new youth skills development programme to increase employment. The “Iskur Youth Programme” will support one million students over the next four years, equipping them with new skills and financial assistance, Daily Sabah newspaper reported, citing the president’s speech. Nearly 200,000 students will benefit from the programme this year […] February 5, 2025
Economy High costs push up Turkish inflation in January A sharp jump in costs may hinder the Turkish government’s hopes of delivering further interest rate cuts, with inflation in the services sector, housing costs and food combining to pressure the consumer price index. Inflation rose by just over 5 percent in January, according to data from state statistics agency Turkstat. This was fuelled by […] February 3, 2025
Infrastructure Egypt and Spain sign Cairo metro extension study Egypt and Spain have signed a development financing agreement worth over $1 million for a preliminary feasibility study on extending Cairo Metro’s Line 1. The project involves extending the oldest of the city’s three metro lines from New Marg to Shibin El Qanater, north of Cairo. The 19km extension features 14 stations. Spanish company Typsa […] February 6, 2025
Oil & Gas Algeria and Egypt lead Arab LNG export decline Total Arab exports of liquefied natural gas (LNG) fell last year, led by drops in Algeria and Egypt. Algeria was doing maintenance work on gas facilities and Egypt was diverting gas to meet domestic summer demand. Arab exports of the gas declined by 3 percent from 112 million tonnes in 2023 to 108.6 million tonnes […] February 5, 2025
Tourism Marriott to convert Cairo’s Mogamma building into hotel Marriott International has agreed with the Sovereign Fund of Egypt to convert Al Mogamma Al Tahrir – a Cairo landmark and former government office – into a hotel as Egypt sells off state assets to raise funds. The 500-room hotel development is led by a group that includes Chicago-based property manager Oxford Capital Group, US […] February 5, 2025
Economy Egypt secures $1.6bn loan from Islamic Development Bank Egypt has secured $1.6 billion loan from Jeddah-based Islamic Development Bank (IsDB) Group to support its critical sectors and encourage private sector participation in economic growth. The government has signed a $1.5 billion deal with Islamic Trade Finance Corporation (ITFC), which is part of a five-year framework valued at $6 billion to enhance Egypt’s development […] February 5, 2025
Real Estate Talks start with Kuwait hotel group on $125m Egypt project Kuwait’s Bukhamseen Holding is considering investing in a $125 million new hotel project in Egypt. Hassan El-Khatib, Egypt’s minister of investment and foreign trade, met Jawad Bukhamseen, chairman of the family-owned conglomerate, to discuss current and future projects in hospitality, finance and restaurant management. In a statement, the ministry of investment said Bukhamseen Holding was […] February 4, 2025
LUNCH WITH FRANK KANE Media & Advertising Nayla Tueni: ‘I am a journalist, a journalist, a journalist’ Nayla Tueni is as close as you get in the Middle East to media aristocracy. She is the fourth generation of a family that, for the best part of a century – through wars, assassinations, man-made disasters and economic crises – has kept publishing Annahar, a Lebanese broadsheet described by Time magazine as “the newspaper […]
Analysis Mining Tight supply and strong demand pressure silver prices Gulf investors – and romantics – may have to keep a watchful eye on silver in the months ahead as tight supply and strong demand make their impact on prices. This will not only have consequences for those looking for jewellery, but also for industries ranging from solar photovoltaics (PV) to electric vehicles (EVs), and […]
Analysis Real Estate Dubai WFH push unlikely to curb strong office space demand Dubai’s policy of encouraging people to work from home to help curb the city’s growing traffic congestion is unlikely to dent the high demand for office space and rising commercial rental rates, real estate experts say. “Remote work is here to stay, let us it embrace together,” Omar Al Olama, UAE minister of state for […]
Analysis Renewable Energy Trump’s climate agenda ‘may push UAE investors away from US’ Masdar and the UAE’s other renewable energy companies may need to rethink their US investments now that President Donald Trump has pulled the plug on new offshore wind projects, industry watchers have warned. “We’re not going to do the wind thing. Big, ugly windmills. They ruin your neighbourhood,” Trump said on his return to the […]
Analysis Health Saudi privatisation push fortifies healthcare companies The revenues of listed Saudi healthcare companies should rise more quickly than the broader stock market thanks to government efforts to increase the private sector’s involvement, analysts have said. Nine-month profits have risen for 10 of the 11 companies analysed by AGBI, with eight posting increases of at least 10 percent. Almoosa Health was the […]
Analysis Real Estate Dubai WFH push unlikely to curb strong office space demand Dubai’s policy of encouraging people to work from home to help curb the city’s growing traffic congestion is unlikely to dent the high demand for office space and rising commercial rental rates, real estate experts say. “Remote work is here to stay, let us it embrace together,” Omar Al Olama, UAE minister of state for […]
Tourism Growing number of Chinese celebrating new year in UAE The UAE has recorded an increase in the number of Chinese travellers making the journey for new year celebrations this year. Arrivals from China to the UAE have grown 9 percent year on year, a study by the travel insight specialist ForwardKeys has found. While exact details of the dates surveyed or total number of […]
Employment Saudi fund helps 17% more citizens join private sector The Human Resources Development Fund (Hadaf) contributed to the employment of 437,000 Saudi citizens in the private sector in 2024, 17 percent more than the year before, the fund has announced. The fund said it also provided training and guidance services to 2 million people last year in support of the kingdom’s “Saudisation” efforts to […]
Opinion People & Lifestyle The top hotspots for millionaire migrants Dubai, Australia and Singapore are expected to emerge as the biggest beneficiaries
Analysis Media & Advertising The million-dirham draw of digital billboards Revenues for billboard operators have grown as much as eightfold in the past few years as digitalisation has given out-of-home (OOH) advertising a notable boost. Sometimes seen as a bellwether for the local economy, billboards get plenty of viewing time in places such as Dubai during morning and evening traffic rush hours when cars are […]
Opinion Media & Advertising Television: Who watches the watchers? Saudi Arabia is taking a long-awaited step forward in audience measurement
Economy Turkey faces $3bn payout for pensioners and wage support Turkey will have to pay out an estimated TL110.8 billion ($3.12 billion) after increasing minimum pension payments and wage support to companies. Vedat Isıkhan, the labour minister, announced on January 7 that the minimum monthly state pension would be increased by 15.75 percent, taking the base rate payment to TL14,469 ($409). Nearly 3.87 million pensioners will benefit […]
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 […]
Oil & Gas Opec+ to take joint stance on Trump oil policy The Opec+ group of leading oil producers is set to discuss President Donald Trump’s efforts to raise US oil production and take a joint stance on the matter, Kazakhstan said on Wednesday. Trump last week laid out a sweeping plan to help maximise oil and gas production, including by declaring a national energy emergency to speed up permitting […]
Economy EU’s $3bn to back Jordan’s economy amid challenges The European Union (EU) will provide a €3 billion ($3.13 billion) financial package to Jordan to support its growth, as it manages the impact of regional geopolitical challenges. The 2025-2027 financial package will include €640 million in grants, €1.4 billion in investments, and €1 billion in macro-financial assistance. “Jordan is a key partner for Europe in the Middle […]
Banking & Finance Adia-backed bidders close in on Malaysia Airports buy-out A $4.2 billion bid to buy out Malaysia Airports backed by the Abu Dhabi Investment Authority (Adia), the emirate’s biggest sovereign wealth fund, has moved a step closer. Shareholder acceptance of the bid is above 95 percent. The offer is by a consortium called the Gateway Development Alliance (GDA), which is led by Malaysia’s sovereign […]
Real Estate London tower project announced by Abu Dhabi’s Modon A joint venture with property developer British Land and the Singapore sovereign wealth fund GIC to develop a dual high-rise office-led tower project in central London has been announced by Abu Dhabi’s Modon Holding. The partnership will deliver a 750,000 square feet mixed-use project at an office-led campus in Broadgate in the City of London. It […]
