Analysis Renewable Energy Plans to bring African energy to Europe face big challenges At least five multi-billion dollar projects to bring up to 24 gigawatts of solar and wind power energy from sunny North Africa to chilly Europe, assisted by Gulf investment money, are currently being planned. But these ambitious schemes to reduce Europe’s reliance on fossil fuels generally, and energy supplies from Russia specifically, all face major […] March 28, 2025
Markets Masdar IPO could help accelerate Gulf’s energy transition An initial public offering by Abu Dhabi’s Masdar could mark a pivotal moment in the move towards cleaner sources of power in not only the world’s largest oil-producing region, but also in Europe, industry observers say. Masdar, more officially known as the Abu Dhabi Future Energy Co, is considering an IPO next year to fund […] March 28, 2025
Analysis Markets The ups and downs of PIF’s US holdings 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 […] March 28, 2025
OpinionECONOMYTurkey’s middle class is eroding as inflation tightens disposable income and eats away at savingsArda Tunca, Economist
OpinionLeisure & hospitalityThere’s something extra special about the excitement of spending Eid in a Muslim countryUfuk Seçgin, CMO, HalalBooking
OpinionMEDIAThere could be a good reason why there hasn’t been a radio station dedicated to cryptoJustin Harper, co-founder, The Crypto Radio
Video length: 04:10 VIDEO Giga-projects Saudi Arabia must capitalise on curiosity to grow investment 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 […]
Analysis Trade EU customs union makes Turkey a US tariff target 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 […]
Energy Oil’s share of energy demand dips below 30% for first time 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 […]
Giga-projects Saudi jobs growth ‘likely to halve’ as PIF reins in spending 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, […]
EXCLUSIVE Giga-projects PIF spending cuts slow giga-projects and trigger layoffs 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 […]
Real Estate Foreign buyers fuel Abu Dhabi real estate growth Increased interest from international buyers is helping to fuel the growth of Abu Dhabi’s real estate market. Aldar Properties, Abu Dhabi’s largest real estate developer, reported a sales increase of 20 percent in 2024, with much of this growth down to foreign buyers, the company’s CEO says . Aldar’s value of sales to foreigners residing […] March 28, 2025
Markets Masdar IPO could help accelerate Gulf’s energy transition An initial public offering by Abu Dhabi’s Masdar could mark a pivotal moment in the move towards cleaner sources of power in not only the world’s largest oil-producing region, but also in Europe, industry observers say. Masdar, more officially known as the Abu Dhabi Future Energy Co, is considering an IPO next year to fund […] March 28, 2025
Real Estate Emaar’s overseas units struggle to match home gains Dubai real estate developer Emaar Properties is doing well at home but its international operations – notably in India – are more chequered. Last year, Emaar posted a near 50 percent increase in earnings to AED5 billion ($1.4 billion). Its shares on the Dubai Financial Market are up 5.5 percent so far this year. By […] March 28, 2025
Oil & Gas Adnoc’s XRG seals a 10% stake in African gas projects XRG, the low-carbon energy and chemicals investment arm of Abu Dhabi National Oil Company (Adnoc), has completed its acquisition of a 10 percent stake from Portugal’s Galp Energia in the Rovuma basin concession in Mozambique. The Rovuma basin, one of the largest gas discoveries in the past 15 years, offers XRG access to liquefied natural […] March 28, 2025
Real Estate Mubadala puts more money in US commercial lender Abu Dhabi’s Mubadala Investment Company has increased its investment in 3650 Capital, a US commercial real estate lender. The UAE sovereign fund and California State Teachers’ Retirement System (CalSTRS), a pension fund, two existing investors, have invested $215 million to allow the US lender to broaden its investment products, 3650 Capital said in a statement. […] March 28, 2025
Oil & Gas Saudi Arabia may cut May oil prices for Asia to three-month low Top oil exporter Saudi Arabia may lower its crude prices for Asian buyers in May to a three-month low, tracking the steep declines in benchmark prices this month, traders said. The May official selling price (OSP) for flagship Arab Light crude may decline by $1.80 to $2 a barrel from April, four Asian refining sources […] March 28, 2025
Analysis Markets The ups and downs of PIF’s US holdings 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 […] March 28, 2025
Video length: 04:10 VIDEO Giga-projects Saudi Arabia must capitalise on curiosity to grow investment 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 […] March 27, 2025
Oil & Gas Saudi Aramco considering investment in Indian refineries 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 […] March 27, 2025
Markets Hospital operator SMC given approval for Saudi IPO 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 […] March 27, 2025
Trade Gold hits record high over trade war fears Gold prices scaled a record peak on Friday as concerns over US President Donald Trump’s fresh tariff plans ignited fears of a global trade war, driving a rush towards the safe-haven allure of the precious metal. Spot gold climbed 0.6 percent to $3,073.79 an ounce, as of 02:30 GMT, after hitting an all-time high of $3,077.44 earlier in […] March 28, 2025
Economy UK largest source of FDI in Oman, led by oil and gas Companies from the UK were once again the biggest source of foreign direct investment to Oman last year, with FDI focused primarily on oil and gas, Oman government data show. UK companies pumped nearly OR2.85 billion ($7.4 billion) into the sultanate last year, making them accountable for more than half the cumulative stock of FDI, […] March 28, 2025
Banking & Finance IMF says Lebanon needs new strategy to reboot economy Lebanon needs a comprehensive strategy for rebooting its economy in order to access a programme with the International Monetary Fund, with stress on data transparency, the IMF said on Thursday. “First and foremost, what is needed is a comprehensive strategy for economic rehabilitation,” said spokesperson Julie Kozack in a press briefing. She confirmed that the […] March 28, 2025
Telecoms Elon Musk’s Starlink starts operations in Oman Oman’s telecom authority has permitted Elon Musk’s Starlink satellite internet service to start retail and commercial operations. The service will cover all regions of Oman, including remote and challenging terrains, offering speeds of up to 100 Mbps, state-run Oman News Agency reported, citing a statement from the Telecommunications Regulatory Authority (TRA). Starlink Muscat was given […] March 28, 2025
Economy Law change enables Kuwait to tap global debt markets 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 […] March 27, 2025
Finance Lebanon bondholders pick US bank for debt talks 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 […] March 27, 2025
Aviation Qatari bank buys stake in Edinburgh Airport 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 […] March 27, 2025
Analysis Finance Cheque ban and banking changes endanger Tunisian growth 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 […] March 26, 2025
Opinion Economy Inflation and political strife test Turkey’s stability Recent events have revealed deeper vulnerabilities in the country’s economy March 28, 2025
Analysis Trade EU customs union makes Turkey a US tariff target 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 […] March 27, 2025
Industry Protests in Turkey predicted to worsen fall in industrial activity 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 […] March 26, 2025
Finance UAE banks back Turkey Wealth Fund’s $1.2bn loan 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 […] March 26, 2025
Agriculture ‘Unprecedented’ cold weather hammers Turkey’s citrus crops 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 […] March 25, 2025
Analysis Renewable Energy Plans to bring African energy to Europe face big challenges At least five multi-billion dollar projects to bring up to 24 gigawatts of solar and wind power energy from sunny North Africa to chilly Europe, assisted by Gulf investment money, are currently being planned. But these ambitious schemes to reduce Europe’s reliance on fossil fuels generally, and energy supplies from Russia specifically, all face major […] March 28, 2025
Construction Modon to build industrial zone near Egypt’s Ras El Hekma A joint venture between Abu Dhabi-listed Modon Holding and Egypt’s Elsewedy Industrial Development is planning to build a new industrial zone near the $35-billion Ras El Hekma megaproject. The two companies have signed a letter of intent for the project, state-run news agency Wam reported. The 10 million sq m new industrial zone, located south […] March 28, 2025
Economy Egypt unveils $91bn budget amid IMF reform pressure 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 […] March 27, 2025
Economy Egypt poised to receive more EU funding this year 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 […] March 27, 2025
Economy Egypt’s deficit stretched by high imports and regional tension 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 […] March 26, 2025
Analysis Banking & Finance Caution advised over upsurge in Kuwaiti bank shares 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 […]
Agriculture ‘Unprecedented’ cold weather hammers Turkey’s citrus crops 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 […]
Markets High hopes for Kuwait reforms lift its stock market 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 […]
SPECIAL REPORT Trade Bolstering Egypt’s trade with Africa 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 In association with
Analysis Finance Growth-stage investment heats up as Gulf IPOs gain traction 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 […]
Employment Kuwaitis earn nearly five times as much as expats 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 […]
Analysis Leisure & Hospitality Gulf hotel owners switch to franchises in search of profits 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 […]
Analysis Aviation Saudia ‘still a flag carrier’ ahead of Riyadh Air launch 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 […]
Opinion Aviation Schedule shift signals a busy summer for Middle East airlines As airlines prepare to switch timetables, the Gulf looks set for growth, new routes and cautious optimism
Analysis Tax Bahrain considers raising taxes to reduce deficits 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) […]
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
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 […]
Real Estate Jumeirah Village Circle: ‘Where the normal people live’ 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
Oil & Gas Saudi Aramco considering investment in Indian refineries 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 […]
Aviation Qatari bank buys stake in Edinburgh Airport 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 […]
Tourism Abu Dhabi’s Adia buys stake in European Camping Group The UAE’s sovereign fund Abu Dhabi Investment Authority (Adia) has agreed to buy a significant minority stake in European Camping Group (ECG), a key player in the European outdoor hospitality sector, from private equity company PAI Partners. The deal, expected to close in the second quarter of this year, is subject to regulatory approvals, ECG […]
Banking & Finance Kuwait pension fund’s $1bn lawsuit begins in London Kuwait’s public pension fund has accused asset manager Man Group, Swiss bank EFG and others of laundering bribes paid to its late director as a $1 billion trial begins at London’s High Court. The Public Institution for Social Security, which operates Kuwait’s social security and pension scheme, is also suing the estate of Fahad Al Rajaan, its director from 1984 to […]
