Saudi Arabia’s Public Investment Fund (PIF) has made some big gains but has also been hit by some substantial losses in listed US companies in the five years since it began publishing its holdings, AGBI analysis shows. Overall, the value of its assets in publicly traded companies in the US has plunged 55 percent from […]
Turkey’s customs entanglement with the European Union (EU) makes it vulnerable to retaliatory tariffs from the United States in the months ahead. The White House has collated a “dirty 15” list of countries which it alleges maintain unfair levies on goods and substantial trade surpluses over the US. They are expected to be the first […]
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Fulfilling the bold ambitions of Vision 2030 will require more foreign direct investment and private sector participation. AGBI spoke to Ali Raza, CIO at Saudi Arabia Holding Company, to find out about the impact of falling FDI. Raza says that although FDI inflows in 2024 have “perhaps not been at the levels we would like […]
Oil’s share of the global energy mix has hit a historic low, dipping below 30 percent of demand for the first time as renewables and electric vehicles reshape markets, according to the International Energy Agency. The IEA’s Global Energy Review 2025 reveals that energy demand rose by 2.2 percent last year, outpacing the average yearly […]
Shares in Kuwaiti banks are hitting new highs as investors bet on a long-mooted change in the law on mortgages coming into force soon and spurring a boom in property financing. However, analysts are warning that the sector’s equity rally may prove unjustified, with any earnings windfall unlikely to be as substantial as those enjoyed […]
Industrial activity in Turkey fell for a fourth straight month to a two-year low in March, hit by fewer export orders and cooling domestic demand, central bank data shows. The decline is likely to be exacerbated by political unrest and financial fallout from the arrest last week of the mayor of Istanbul, Ekram İmamoğlu, a […]
Saudi Arabia’s $925 billion Public Investment Fund (PIF) has ordered deep spending cuts across more than 100 of its companies, slowing projects and triggering layoffs, people familiar with the matter have told AGBI. The sovereign wealth fund at the heart of the government’s economic transformation strategy is mandating a minimum 20 percent reduction in 2025 […]
Gulf Arab airlines and other Middle East carriers will expand their fleets at almost double the rate of the global average over the next ten years, industry experts say. They will also increase the share of narrow-body planes over twin-aisle aircraft. Globally, fleet size is expected grow by 2.8 percent per year over the next […]
Valentina Pasquali, Senior editor, AGBI
Dubai’s traditional love of luxury hotels shows no signs of slowing. Five-star hotel openings dominated the sector in 2024, although industry experts insist mid-range and budget segments remain vital to the emirate’s long-term hospitality growth. Last year, nearly two-thirds of new hotel rooms added in 2024 were in the luxury and upper upscale segments, according […]
Our thinking remained that Dubai was still the perfect place for The Crypto Radio's main hub
National Central Cooling Company, also known as Tabreed, is exploring a bid for Multiply Group’s district cooling business that could be worth at least $1 billion, two sources with knowledge of the matter told Reuters. Dubai-listed Tabreed is working with Citi on the potential offer for Multiply’s PAL Cooling Holding (PCH), said the two sources. […]
UAE technology investment company MGX and US private equity company Silver Lake have bought a minority stake in Dubai-based Khazna Data Centers. Following the deal, UAE telecommunications company e& – formerly known as Etisalat – has exited from its investment in Khazna but remains a major business partner, Khazna said in a statement. Transaction and financial […]
Drake & Scull International turned a profit last year following the completion of its restructuring plan. The contracting company, which trades on the Dubai Financial Market, swung to a net profit of AED4 billion ($1 billion) last year, compared to a net loss of AED367 million in 2023. Revenue marked a 20 percent rise to […]
Saudi Arabia’s Public Investment Fund (PIF) has made some big gains but has also been hit by some substantial losses in listed US companies in the five years since it began publishing its holdings, AGBI analysis shows. Overall, the value of its assets in publicly traded companies in the US has plunged 55 percent from […]
Video length:
04:10
Fulfilling the bold ambitions of Vision 2030 will require more foreign direct investment and private sector participation. AGBI spoke to Ali Raza, CIO at Saudi Arabia Holding Company, to find out about the impact of falling FDI. Raza says that although FDI inflows in 2024 have “perhaps not been at the levels we would like […]
Saudi Aramco is in talks to invest in two planned refineries in India as the world’s top oil exporter looks for a stable outlet for its crude in the world’s fastest-growing emerging market, several Indian sources with direct knowledge of the matter said. India, the world’s third-biggest oil consumer and importer, wants to become a […]
Specialized Medical Company (SMC), which operates two hospitals in Riyadh, has received approval from Saudi Arabia’s Capital Markets Authority to launch an initial public offering (IPO). The announcement allows SMC to issue 75,000 shares, representing 30 percent of its share capital. No further details about the listing were released. SMC’s CEO, Bassam Chahine, told AGBI […]
Employment growth in Saudi Arabia will halve by 2026 as the kingdom reins in spending and focuses on delivering Vision 2030 projects, recruitment and real estate specialists are saying. Growth in recruitment for jobs in the Saudi economy, after hitting a high of nearly 10 percent in 2022, will slow to 3 percent by 2026, […]
Kuwait can now borrow money from international markets after an eight-year hiatus. The government has issued a new law that sets the public debt ceiling at KD30 billion ($97.4 billion) and allows the issuance of financial instruments with maturities extending up to 50 years, the state-run Kuna news agency reported. The law will bolster financial stability and […]
Oman is planning to increase the minimum wage by a fifth to counter higher costs of living, according to manpower minister Mahad Baawain. Baawain said in a radio interview that the cabinet is considering a recommendation to raise the minimum wage to OR400 ($1,035) per month. “We have already made a decision to increase the […]
Lebanon’s bondholders have hired US investment bank Houlihan Lokey as financial adviser for eventual debt talks, two sources familiar with the situation told Reuters. Lebanon has been engulfed in a severe economic crisis since 2019, when its financial system collapsed under the weight of massive state debts, which prompted a sovereign default in 2020. In […]
A sharia-compliant Qatari investment bank has acquired a minority stake in Edinburgh Airport through an infrastructure-focused investment fund. “This investment aligns with the bank’s strategic focus on resilient asset classes and marks the bank’s entry into the global infrastructure investment market,” Lesha Bank said in a press release. Edinburgh Airport, Scotland’s busiest and the sixth […]
Oman is planning to offer 11 new oil concession blocks across the country this year, as it seeks to raise production by a third by the end of the decade. The ministry of energy and minerals, through the state-run company OQ Exploration and Production (OQEP) and the Canadian-based Scotiabank, have started marketing the potential blocks. […]
Shares in Kuwaiti banks are hitting new highs as investors bet on a long-mooted change in the law on mortgages coming into force soon and spurring a boom in property financing. However, analysts are warning that the sector’s equity rally may prove unjustified, with any earnings windfall unlikely to be as substantial as those enjoyed […]
Reforms aimed at reducing Tunisians’ usage of cheques and thereby cutting consumer debt are having a negative impact on the country’s overall economic growth, according to economists. Cheques had until recently been an important tool for both payments and credit in Tunisia, but in February new laws aimed at strengthening the ailing Tunisian economy and […]
Kuwait has endorsed its budget for the next fiscal year 2025-26 with a higher deficit because of lower expected oil income. An emiri decree published in the official gazette set allocations for ministries and other government offices for the budget which starts on April 1. Spending was put at KD24.5 billion ($80.8 billion) and the […]
Turkey’s customs entanglement with the European Union (EU) makes it vulnerable to retaliatory tariffs from the United States in the months ahead. The White House has collated a “dirty 15” list of countries which it alleges maintain unfair levies on goods and substantial trade surpluses over the US. They are expected to be the first […]
Industrial activity in Turkey fell for a fourth straight month to a two-year low in March, hit by fewer export orders and cooling domestic demand, central bank data shows. The decline is likely to be exacerbated by political unrest and financial fallout from the arrest last week of the mayor of Istanbul, Ekram İmamoğlu, a […]
State-backed Turkey Wealth Fund has secured its first loan without a treasury guarantee, backed by UAE-listed banks, a local newspaper reported. The sovereign fund raised €1.1 billion ($1.2 billion) two-year syndicated loan from 20 banks from 12 countries, Daily Sabah reported. The interest rate was set at Euro interbank offered rate, plus 2 percent annually for […]
Sharp frosts in important agricultural districts in Turkey’s south have wrought havoc on citrus production, with some regions reporting losses of up to 80 percent. Long-term damage to plantations is adding to the problems of an industry already struggling with climate change. Temperatures fell well below zero over a series of nights in the normally […]
Last week’s arrest of the mayor of Istanbul and resulting political unrest in Turkey’s financial capital may cool US companies’ interest in doing business in the country, industry observers say. Ekrem İmamoğlu, a popular opposition figure who had been gearing up to run in the 2028 presidential election, was detained last Wednesday on charges of […]
Egypt’s cabinet approved an EGP4.6 trillion ($91 billion) draft state budget for the 2025/26 financial year that will begin in July, a government statement said on Wednesday, as it continues to tighten its finances under an International Monetary Fund programme. Expenditures will rise by 18 percent and revenue by 19 percent over the current 2024/25 […]
Egypt is expected to sign a memorandum of understanding with the European Union (EU) on previously agreed financing worth €4 billion ($4.3 billion) in the second half of the year, planning minister Rania Al-Mashat said on Wednesday. The financing is part of a €7.4 billion funding package agreed between Egypt and the EU in March […]
Egypt’s current account deficit more than doubled in the first quarter of the current fiscal year and the gap is expected to widen further, a Kuwaiti bank says. Key factors for the massive deficit include a surge in imports and lower Suez Canal revenues due to regional tensions, National Bank of Kuwait (NBK) said in […]
Egypt’s civil aviation ministry has partnered with the International Finance Corporation (IFC) to introduce public private partnerships (PPP) at 11 airports, in a bit to improve infrastructure, connectivity and passenger services. As a pilot project, the IFC, a member of the World Bank, will act as the lead PPP transaction adviser for Hurghada International Airport, […]
A consortium comprising Egypt-listed Orascom Construction and Spain’s Técnicas Reunidas has signed a contract to build a 3 gigawatt gas-fired power plant in Saudi Arabia’s Eastern Province. The consortium signed an engineering, procurement and construction contract worth around $2.6 billion for expanding the Qurayyah independent power project, Orascom said in a statement on Monday. In […]
Sharp frosts in important agricultural districts in Turkey’s south have wrought havoc on citrus production, with some regions reporting losses of up to 80 percent. Long-term damage to plantations is adding to the problems of an industry already struggling with climate change. Temperatures fell well below zero over a series of nights in the normally […]
Kuwait’s stock market is the Gulf’s top performer this year as local and foreign investors bet that economic reforms and increased infrastructure spending will bolster corporate profits. Investors seem more confident Kuwait will make good on its long-awaited plans following the suspension of parliament last May. Parliament and the government were often at loggerheads, derailing […]
Egypt's portfolio of multilateral trade deals includes the largest continental free trade agreement in the world. We look at how it can do more business in Africa – a market of 1.5 billion people
Global investors are increasingly vying for stakes in later-stage Gulf startups, betting on the region’s economic expansion and stronger exit opportunities, as the regional IPO markets gain momentum. The region, long overlooked for growth-stage capital – minority investments in established companies aimed at accelerating expansion – is witnessing a surge of interest from giants such […]
A “shocking” lack of care facilities for the elderly, few options for childcare, unsafe transport and poor access to credit all combine to make it hard for even highly educated women in the Middle East and North Africa to progress in their careers. That is the belief of Hela Cheikhrouhou, a senior official with the […]
Kuwaiti nationals earn nearly five times as much as their expatriate colleagues, and more than four in every five Kuwaitis work for the government, data from the Central Statistics Administration has revealed. Of 450,000 working Kuwaitis at the end of September, 375,000, or 83 percent, were in the public sector, with the remainder in the […]
Hotel owners in the Gulf are increasingly choosing franchise agreements with international hotel brands over the less profitable direct management route, industry experts and analysts say. This is especially true in the UAE and Saudi Arabia where the hotel industry is maturing and hotel owners know their business better, driving them to manage their own […]
Saudi Arabia’s flag carrier Saudia is upgrading its fleet with new Boeing and Airbus aircraft even as the government prepares to start a new airline later this year. The 80-year-old carrier has 118 aircraft on order, most of which will replace older models in its existing fleet of 147, and are scheduled to arrive through […]
As airlines prepare to switch timetables, the Gulf looks set for growth, new routes and cautious optimism
Bahrain’s plan to end a long string of government budget deficits could prove burdensome to both businesses and people as it considers a raft of tax measures. The country is discussing a 12-point plan for its two-year budget, with measures including the introduction of a wider corporate tax, an increase in value added tax (VAT) […]
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 […]
It might not have the glamour of the Palm but JVC has its own enduring appeal and was Dubai's busiest location for ready-home sales in 2024
Opec+ is debating whether to raise oil output in April as planned or freeze it, as its members struggle to read the global supply picture because of fresh US sanctions on Venezuela, Iran and Russia, eight Opec+ sources said. Opec+ usually confirms its supply policy one month in advance to have time to allocate crude […]
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 […]
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