Analysis Tech China-US tech tensions threaten GCC telecom strategy Gulf countries risk being dragged into the great power “rivalry” between China and the United States when it comes to advanced technology, forcing them to pick a side. As high-tech restrictions are rolled out by Beijing and Washington, the days of buying state-of-the-art semiconductors from the US while installing China’s 5G networks might be over, […] January 2, 2025
Economy Oman imposes 15% tax on multinationals Oman will impose a minimum top-up tax (DMTT) of 15 percent on multinational companies from January 1, according to a royal decree published by the Oman News Agency. The tax will apply to multinationals with consolidated annual revenue of OR300 million ($779.2 million), a tax official told the Reuters news agency. Last month the UAE’s […] January 2, 2025
Real Estate Burj Khalifa at 15: Ups and downs of the world’s tallest skyscraper It may have a few aches and pains but demand in Dubai's supertower remains strong January 2, 2025
OpinionEnergyClever strategic joint ventures this year will keep GCC states at the front of the energy packRobin Mills, CEO, Qamar Energy
OpinionAVIATIONGulf aviation is constantly evolving – and 2025 could be one of its most exciting yearsJohn Grant, Partner, Midas Aviation
OpinionfinanceWhat happens in US financial markets should be a matter of concern, especially in the GulfFrank Kane, Editor-at-Large, AGBI
Analysis Markets Low spreads propel UAE dollar bond issuance to four-year high UAE dollar bond sales in 2024 have hit the highest annual total in at least four years, as corporate and government bodies take advantage of historically low spreads. Issuance in 2025 may reach similar levels, observers believe, as issuers refinance maturing debt. Fifty separate UAE dollar-denominated bond issuances totalled $37.9 billion in the year to […]
Economy Poorest parts of Turkey to get $14bn investment The Turkish government has revealed plans to invest more than $14 billion into the country’s underdeveloped southeast. Spending will be ramped up in the nine of Turkey’s 81 provinces that constitute the area close to the borders of Syria and Iraq, traditionally the poorest in the country, with funding to be provided for 200 projects. […]
VIDEO Finance Investors wary of inflation as Trump pursues ‘America first’ policy When Donald Trump returns to the White House his “America First” policy is likely to increase inflation and global economic fragmentation, according to analysts. “We [the Middle East] need to be much more picky about particular geographies, asset classes and even themes that we favour,” said Ben Powell, chief investment strategist at BlackRock’s Investment Institute, […]
Analysis Real Estate Pricey homes and packed hotels: the year in GCC real estate The story of the Gulf property market this year was about decreased housing affordability and a growing gap between top-quality properties and second-tier ones. Meanwhile, surging numbers of international visitors in the UAE, Saudi Arabia and Qatar brought thriving hospitality and retail sectors in the main tourist hotspots. Industry observers expect 2025 to bring more […]
Analysis Food & Drink Gulf restaurants urged to keep it local Restaurant operators and investors in the Gulf should open local, authentic outlets rather than imported high-end brands, experts say. Saudi Arabia, where government-backed initiatives seek to double the number of restaurants, “is definitely a growth market”, according to Duncan Fraser-Smith, CEO of Craft Hospitality Group. But the establishment needs to suit the location. Craft turned […]
Tax Dubai distributor to swallow 30% tax on alcohol brands One of the main alcohol distributors in Dubai, Maritime and Mercantile International (MMI), has promised to absorb on some of its most popular brands the 30 percent tax that was reinstated on alcoholic drinks from January 1. The Dubai Municipality tax on alcoholic beverages was suspended from the start of 2023, continuing into 2024. It […] January 2, 2025
Economy Mubadala beats PIF in global sovereign spend in 2024 Abu Dhabi’s Mubadala Investment Company outpaced Saudi Arabia’s Public Investment Fund in spending last year after the PIF reduced its global investments in 2024. Mubadala and its subsidiaries invested $29.2 billion in 2024, up from $17.5 billion in 2023, Reuters reported citing the preliminary data from research company Global SWF. That accounted for nearly 20 […] January 2, 2025
Leisure & Hospitality Dubai Duty Free sales stay flat in 2024 Dubai Duty Free achieved sales of AED7.9 billion ($2.16 billion) in 2024, almost exactly equalling its 2023 performance. December set an all-time monthly record, however, with sales of AED821.94 million, a 2 percent year-on-year increase and the highest in the retailer’s history, the UAE state-run Wam news agency reported. The December performance was fuelled by […] January 2, 2025
Real Estate Burj Khalifa at 15: Ups and downs of the world’s tallest skyscraper It may have a few aches and pains but demand in Dubai's supertower remains strong January 2, 2025
Finance Market cap of UAE stock markets top $1trn in 2024 The combined market capitalisation of the Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX) exceeded AED3.91 trillion ($1.06 trillion) in 2024, compared to AED3.65 trillion at the end of 2023. Growth was driven by a robust economy, foreign investments, and initial public offerings (IPOs), the UAE state-run Wam news agency reported. The ADX […] January 1, 2025
Food & Drink Foodtech startup Calo plans IPO after $25m funding round Saudi food technology startup Calo is planning to list on the country’s stock exchange following a raise of SAR94 million ($25 million) in its Series B funding round. Based in Riyadh, Calo specialises in personalised meal subscriptions and also has a bricks-and-mortar offering. It is embarking on an accelerated expansion phase, increasing its physical locations […] January 2, 2025
Tourism Clampdown begins on Saudi’s unlicensed hospitality Travel and tourism service providers and booking platforms have been ordered by Saudi Arabia’s Ministry of Tourism to remove unlicensed hospitality facilities from their listings or “face penalties”. The ruling, which came into effect from January 1, is to ensure outlets offering hospitality meet a certain standard, the ministry said in a statement. It urged […] January 2, 2025
Analysis Economy Saudi 2025 fiscal gap forecast could widen further Saudi Arabia has assumed a deficit of nearly $27 billion in its 2025 budget but the actual gap is likely to widen by the end of the year, experts predict. When the world’s largest oil exporter announced the draft budget in September and then endorsed it in late November, it was expecting more oil earnings […] January 2, 2025
Finance Emaar EC cuts accumulated losses by nearly 54% Emaar the Economic City (Emaar EC) has cut accumulated losses without disrupting business operations after shareholders approved a capital decrease. Abdulaziz Ibrahim Alnowaiser, CEO of the master developer of King Abdullah Economic City (KAEC) in Saudi Arabia, said: “The capital decrease is a critical enabler of our capital optimisation plan.” The approved capital cuts will reduce the company’s […] January 2, 2025
Employment Number of unemployed Saudis down in Q3 2024 Unemployment among Saudi nationals fell to 7.8 percent in the third quarter of 2024 from 8.8 percent in the same period a year ago, according to state-run General Authority for Statistics data. But unemployment increased quarter on quarter from 7.1 percent. The overall unemployment rate, including expatriate workers, climbed to 3.7 percent from 3.3 percent […] January 2, 2025
Analysis Oil & Gas Assad’s fall spurs calls to revive Iraq-Syria oil pipeline The overthrow of the former Syrian president, Bashar Al-Assad, has brought calls for the revival of the now-defunct pipeline that once carried crude oil from Iraq to a Syrian port on the Mediterranean. Several Iraqi experts have urged their government to consider rebuilding the facility as an outlet for the Opec member’s oil exports to […] January 2, 2025
Banking & Finance Oman appoints Al Musalmi to head central bank Ahmed Al Musalmi has been appointed governor of Oman’s central bank as the sultanate continues to diversify its economy away from a reliance on hydrocarbons. The appointment was confirmed in a royal decree by Sultan Haitham bin Tariq al Said. Sayyid Asaad bin Tariq Al Said has been named chairman of the board of directors […] January 2, 2025
Mining Oman resumes copper exports as global demand rises Minerals Development Oman (MDO) has resumed exporting copper from the Lasail mine in Sohar with its first shipment in nearly 30 years. The mine, developed by Oman Mining Company, a subsidiary of MDO, produces an average of 500,000 tonnes of copper ore per year. MDO said it also plans to initiate operations at the Al […] January 2, 2025
Economy Oman imposes 15% tax on multinationals Oman will impose a minimum top-up tax (DMTT) of 15 percent on multinational companies from January 1, according to a royal decree published by the Oman News Agency. The tax will apply to multinationals with consolidated annual revenue of OR300 million ($779.2 million), a tax official told the Reuters news agency. Last month the UAE’s […] January 2, 2025
Oil & Gas Iraq gives go-ahead to $4.6bn oil pipeline Iraq has approved the construction of the 5.97 trillion dinars ($4.6 billion) Basrah-Haditha oil pipeline, according to a local media report. The project is being developed by state-backed Basra Oil Company and Oil Projects Company, and funded under the Iraq-China agreement, Shafaq News reported. In August, the oil ministry proposed a pipeline to transport crude […] December 31, 2024
Real Estate Abu Dhabi & Qatar to help fund Indonesian housing Abu Dhabi and Qatar have committed to support Indonesia’s plan to build 15 million houses, according to the head of the housing task force Hashim Djojohadikusumo. Djojohadikusumo said the Qatari government will finance the construction of five million houses, while an unnamed philanthropist from Qatar will contribute towards a further one million houses. He added […] December 27, 2024
Development Qatar reveals commitment to help rebuild Syria Qatar says it will play a central role in the reconstruction of Syria,and has plans to invest in sectors including energy and port infrastructure. Qatar’s state minister for foreign affairs, Mohamed Al-Khulaifi, made the commitment this week in what was the Gulf country’s first official visit to Syria in more than 13 years. In a […] December 24, 2024
Artificial Intelligence Regional investors rush to Musk’s $6bn xAI funding round Elon Musk’s artificial intelligence venture xAI has attracted funding from regional investors including Saudi Arabia’s Kingdom Holding, the Qatar Investment Authority and the Oman Investment Authority. The latest Series C funding round for xAI has closed after raising $6 billion from backers such as BlackRock, Fidelity, Sequoia Capital and Valor Equity Partners, as well as […] December 24, 2024
Economy Poorest parts of Turkey to get $14bn investment The Turkish government has revealed plans to invest more than $14 billion into the country’s underdeveloped southeast. Spending will be ramped up in the nine of Turkey’s 81 provinces that constitute the area close to the borders of Syria and Iraq, traditionally the poorest in the country, with funding to be provided for 200 projects. […] December 31, 2024
Economy Turkey minimum wage hike sparks inflation and strike threats Turkish workers on the minimum wage will receive a 30 percent pay increase from January 1, fuelling inflation but still well short of the expectations of opposition and unions who are threatening to go on strike. The government announced the pay increase late on December 24, following a series of meetings between representatives of the […] December 30, 2024
Economy Turkey plans ‘landmark’ rate cuts in 2025 says Erdoğan Turkey is planning additional interest rate cuts in 2025 after the central bank cut its key rate to 47.5 percent to tame inflation, president Tayyip Erdoğan has said. “The priority in our economy programme is to lower inflation,” Daily Sabah newspaper reported, quoting the president, who termed 2025 a “landmark year for rate cuts”. He […] December 30, 2024
Economy Turkish central bank surprises with large rate cut Turkey’s central bank has cut its key lending rate by a higher than expected 250 basis points. The bank lowered its lending rate to 47.5 percent on December 26, down from the 50 percent it has stood at since March. This is the first reduction in nearly two years and a sign that the bank […] December 27, 2024
Finance Turkey to end FX-protected lira deposits next year The Turkish central bank plans to end the forex-protected lira deposits (KKM) scheme in 2025 after its balance fell to $34.2 billion as of December 20 2024. The share of Turkish lira deposits within total deposits rose to 58.6 percent, and the share of KKM within total deposits fell to 6.2 percent, the central bank […] December 26, 2024
Renewable Energy Acwa Power signs up for 1GW Egyptian wind farm The Saudi energy company Acwa Power has signed agreements worth more than $700 million to fund the development, construction, operation and maintenance of a wind power plant in Egypt. Acwa Power said it signed the 20-year senior debt agreement, worth SAR2.63 billion ($703 million), with a syndicate of development financial institutions. The 1.1GW wind power […] December 31, 2024
Retail MAF Lifestyle awaits ‘stability’ before entering Egypt The lifestyle arm of the UAE conglomerate Majid Al Futtaim is looking for opportunities to expand into Egypt. However, there must be “stability” in the country before any move is made, MAF Lifestyle’s CEO, Fahed Ghanim, has told AGBI. Majid Al Futtaim as a group already runs operations in Egypt, including the Mall of Egypt […] December 30, 2024
Logistics Suez Canal revenue drops $7bn amid Red Sea instability Suez Canal revenue fell 60 percent, or $7 billion, year on year in 2024 as ongoing instability in the Red Sea disrupted global shipping traffic, according to a news report. Despite the significant earnings drop, the Egyptian government is pressing ahead with modernisation projects to enhance the canal’s capacity and maintain its pivotal role in […] December 30, 2024
Energy Egypt secures $275m loan for largest wind farm in Africa Egypt has secured $275 million in funding for the construction and operation of the largest wind farm in Africa. The loan, granted to Suez Wind, includes $200 million from the European Bank for Reconstruction (EBRD) and Development and $75 million from Arab Bank and Standard Chartered. The project is co-financed by the African Development Bank, […] December 26, 2024
Economy Egypt gets IMF’s initial nod for $1.2bn loan tranche The International Monetary Fund (IMF) and Egypt have reached a staff-level agreement, paving the way for the release of $1.2 billion on the fourth review under its extended fund facility. The loan disbursal, however, is subject to approval by the fund’s executive board. “The Egyptian authorities have continued to implement key policies to preserve macroeconomic […] December 25, 2024
Video length: 04:08 VIDEO Tech Vero Labs taps into the fan-based asset economy Vero Labs, the social networking company owned by the Lebanese billionaire Ayman Hariri, has partnered with the blockchain platform Avalanche to tap into the multi-trillion-dollar fan-based asset economy sector of the sports and entertainment industry. Last year Vero Labs acquired Tokenise Stock Exchange, a regulated global marketplace where users can buy, sell and trade fan-based […]
Analysis Markets Talabat and Lulu post-listing slump dims allure of UAE IPOs Talabat and Lulu Retail Holdings were the UAE’s biggest initial public offerings (IPOs) in 2024, raising $3.75 billion amid huge investor demand. But the stock prices of both companies have slid since listing on the Dubai and Abu Dhabi bourses respectively, threatening investor confidence in future UAE flotations involving privately run companies. It has also […]
Analysis Oil & Gas How Adnoc’s XRG will achieve its bold investment ambitions When XRG, the newly formed investment arm of the Abu Dhabi National Oil Company (Adnoc), launched last month it said that it wanted to double its $80 billion in assets under management by 2035. For comparison, Abu Dhabi’s ADQ, the world’s 10th largest sovereign wealth fund and the younger sibling of Adia and Mubadala, had […]
Tourism Winter resorts add to Turkey’s tourist hotspots Sun, sand, sea … and ski. Turkey is ramping up efforts to extend its tourism season to a year-round offering by trying to raise the profile of the country’s winter resorts. This way it hopes to attract a new cohort of visitors, seeking the thrill of skiing on snow rather than water. Turkey currently has […]
People & Lifestyle Global inspirations for Dubai’s ‘walkability’ mission From Singapore to Bologna, Dubai should cast its net wide for examples in its ambitions to transform into a pedestrian-friendly city
Economy Billionaires in UAE rise as Saudi numbers drop The number of billionaires in the UAE increased in the last year as the amount of super-wealthy residents in neighbouring Saudi Arabia dropped. Forty-eight billionaires lived in the UAE in 2023, with a combined wealth of $205 billion, a year-on-year increase of 7 percent. Dubai made up 39 of that total and welcomed one extra […]
Health AI in healthcare is not a cure-all solution Large language models such as the AI chatbot ChatGPT are gaining traction in healthcare, and Gulf states are investing heavily in the prospect, but LLMs’ integration into clinical practice presents challenges. A study led by Dr Ethan Goh, published last month in the Journal of the American Medical Association Open Network, tested whether ChatGPT could […]
Analysis Health Golden returns draw investors to fitness markets Investors are showing increasing interest in homegrown fitness companies, tempted by the “golden egg” returns on offer. The fitness market in the Middle East and North Africa (Mena) has been growing at an annual rate of 30 percent since 2020, with the UAE sector valued at an estimated $550 million and Saudi Arabia at $1.7 […]
Tourism Salvator Mundi destined for Riyadh giga-park The $450 million Leonardo Da Vinci painting Salvator Mundi is destined for a museum of art inside the King Salman Park giga-project in Riyadh in time for hosting the World Expo in 2030, two separate sources have said. The artwork is a big part of Saudi Arabia’s plans to rebrand itself globally as a socially […]
Analysis Real Estate Building more homes a better strategy for Kuwait, say experts Kuwait has tightened property ownership restrictions on non-GCC nationals in an attempt to make real estate more affordable for locals, but industry watchers say building more homes would be the better strategy. The small, oil-rich emirate has already imposed strict standards on nationals of countries from outside the Gulf who wanted to purchase domestic real […]
Analysis Health Bahrain government rebuffs citizens’ quota in healthcare A unanimous call by the Bahraini parliament for half the jobs in private healthcare to be reserved for citizens has been rejected by the government on the grounds of possible harm to patients and the potential impact on foreign direct investment. Government officials told the National Assembly that the proposed quota would constrain private healthcare’s […]
Analysis Health Healthy progress made in Saudi Arabia’s wellness drive Private health services in Saudi Arabia are rapidly expanding as its growing population and the focus on improving citizens’ wellbeing under the Vision 2030 programme bring in billions of dollars in new domestic and foreign investments. During the Global Health Exhibition, held in Riyadh at the end of October, Saudi officials announced deals worth $13.3 […]
Editor's Insight Transport Trains, planes and more trains (or metros) Is it finally happening? It was conceived back in 2013 and was supposed to take four years to build but the Riyadh metro looks like it is about to open. To the hard-pressed inhabitants of the Saudi capital, that can only be a good thing. Alternatives to the car and bus – Riyadh has a new […]
Trade Exports to India from UAE more than double in November Exports to India from the UAE more than doubled year on year to over $6 billion in November, as demand for gold and energy products soared. Imports from India were up by over 11 percent in the same month, reaching $3 billion, data released by India’s commerce ministry showed. Emirati exports to India from April […]
Oil & Gas Kenya extends oil deals with Saudi Arabia and UAE Kenya has extended oil import agreements with one Saudi and two UAE oil companies to ease pressure on its currency, according to media reports. The deals were initially signed with Saudi Aramco, Abu Dhabi National Oil Company and Emirates National Oil Company in March 2023, offering a 180-day credit period, Business Daily newspaper reported. Reuters […]
Markets US fund managers expected to accelerate Gulf investment North American fund managers are underinvested in Gulf equities but that may soon change, according to new research. The region’s low correlation to global and other emerging markets, accelerating economic diversification and improving bourse diversification could make Gulf investments more attractive. Saudi Arabia (4.41 percent), the UAE (1.28 percent), Qatar (0.86 percent) and Kuwait (0.84 […]
Oil & Gas Oil shipments from UAE to Asia to be cut next year The UAE is reducing its oil shipments early next year as Opec+ pushes for compliance with production cuts in order to try to stop prices falling. However it is unclear if this means that the country – Opec’s fifth largest producer – is cutting its output, analysts have told AGBI. Adnoc, the UAE’s state-owned oil […]
