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Top stories

Saudi HQs

Sharp slowdown in companies opening Saudi HQs

The number of companies setting up headquarters in Saudi Arabia slowed sharply in the second quarter of 2024, after a rush to Riyadh at the start of the year. The country’s regional headquarters programme came into operation at the start of 2024, forcing international companies wanting to win government contracts worth SAR1 million ($260,000) or […]

Gift City UAE

Instability in India’s Gift City could push investors to UAE

India’s Gift City – a special economic zone located in Prime Minister Narendra Modi’s Gujarat home state – has attracted commitments from backers including sovereign wealth funds from the Gulf. However a halt in approvals to set up family offices has put the brakes on its ambitions to become a global financial hub after regulators […]

Rua Al Madinah hotel

Mena hotel construction to focus on Saudi Arabia and Egypt

The Middle East and North Africa is forecast to see a rapid increase in hotel construction over the next 12 months, led in particular by high-end properties in Saudi Arabia and Egypt, new industry data suggests. During the second quarter of 2024 there were 607 projects and 147,088 rooms in the overall regional pipeline at […]

Trending

  1. New UAE space company to develop 50 satellites per year

  2. Qatari company launches first local currency sukuk

  3. Second phase of Jordan-Iraq power link to be ready in 2025

  4. Belgian company wins $220m Palm Jebel Ali dredging contract

  5. Backers of $17bn project to rival Suez Canal to meet in Turkey

OPINION & Analysis

Best of AGBI

economic benefits Morocco World Cup, Morocco economy

Morocco makes 2030 World Cup a focus for investment

The artist’s impression shows a massive polygonal structure, with an aluminium lattice roof draped in floating cream sheets.  This is the Grand Stade Hassan II de Casablanca at Benslimane, north of Morocco’s commercial capital. The successful design was unveiled earlier this week by the winning architects, the Casablanca-based Oualalou + Choi and the arena specialist […]

Egypt launches Africa into carbon trading market

The first three trades were made on Egypt’s new carbon trading platform on Tuesday, the first of its kind in Africa. Two local food companies, Daltex and ISIS Organic, became the first Egyptian buyers of the instruments, purchasing a combined 2,000 carbon credits. Each credit represents a tonne of carbon reduced or removed from the […]

Saudi blue-chips help Gulf dividends dwarf global average

Saudi companies form the bulk of Gulf businesses that have announced second quarter dividends, but it is the Commercial Bank of Kuwait that provided the highest dividend yield. Saudi Aramco, Bahrain’s Batelco and Dubai’s Tecom Group are other standouts by this metric.  Of the listed Gulf companies with a market capitalisation of more than $1 […]

Kuwait overhauls tax system and signs UAE treaty

Kuwait, which has developed a reputation as an economic laggard among wealthy Gulf states, is undertaking an overhaul of its tax regime to meet global standards and reduce reliance on oil revenues.  The Gulf state plans to introduce a 15 percent business profits tax, new rules on transparency and compliance with international agreements, and an […]

Worst is over for Etisalat shares but don’t expect a rebound

Shares in UAE blue-chip e& – more commonly known as Etisalat – have fallen by more than half from a 2022 peak as investors fret over difficulties related to some of the telecom operator’s foreign investments. Yet analysts believe these issues are now priced in and so the worst should be over for the stock. Etisalat […]

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UAE latest

Orbitworks will collaborate with US-based Loft Orbital to fly any payload to orbit in the shortest time possible

New UAE space company to develop 50 satellites per year

A $100 million space company, backed by Abu Dhabi-listed International Holding Company, will become the first company in the UAE to develop commercial low earth orbit (LEO) satellites. Orbitworks, a joint venture between Marlan Space and US-headquartered Loft Orbital, will be the Middle East’s first private space infrastructure company. It plans to develop 50 satellites […]

Gift City UAE

Instability in India’s Gift City could push investors to UAE

India’s Gift City – a special economic zone located in Prime Minister Narendra Modi’s Gujarat home state – has attracted commitments from backers including sovereign wealth funds from the Gulf. However a halt in approvals to set up family offices has put the brakes on its ambitions to become a global financial hub after regulators […]

Palm Jebel Ali

Belgian company wins $220m Palm Jebel Ali dredging contract

The AED 810 million ($220 million) contract to complete dredging, land reclamation, beach profiling and other work at Palm Jebel Ali has been awarded to a subsidiary of the Belgian-owned Jan De Nul Group. In May the Dubai state-owned developer Nakheel announced that local contractor DBB Contracting and Khansaheb Civil Engineering, a subsidiary of Khansaheb […]

The deal includes UCB’s neurology and allergy portfolios in mainland China and its Zhuhai manufacturing site

Mubadala joins $680m acquisition of UCB’s Chinese business

Abu Dhabi-based Mubadala Investment Company and Singapore’s CBC Group have jointly acquired the neurology and allergy business of UCB, a Belgian biopharmaceutical company, for $680 million. The deal includes UCB’s neurology portfolio (Keppra, Vimpat and Neupro) and allergy portfolio (Zyrtec and Xyzal) in mainland China and its Zhuhai manufacturing site. The combined net sales for […]

Saudi Arabia latest

Saudi HQs

Sharp slowdown in companies opening Saudi HQs

The number of companies setting up headquarters in Saudi Arabia slowed sharply in the second quarter of 2024, after a rush to Riyadh at the start of the year. The country’s regional headquarters programme came into operation at the start of 2024, forcing international companies wanting to win government contracts worth SAR1 million ($260,000) or […]

Rua Al Madinah hotel

Mena hotel construction to focus on Saudi Arabia and Egypt

The Middle East and North Africa is forecast to see a rapid increase in hotel construction over the next 12 months, led in particular by high-end properties in Saudi Arabia and Egypt, new industry data suggests. During the second quarter of 2024 there were 607 projects and 147,088 rooms in the overall regional pipeline at […]

This month, Saudi Electricity reported a 17 percent year-on-year rise in net profits to SAR5.2 billion

Saudi Electricity raises $4bn from 15 banks

Saudi Electricity Company, 75 percent-owned by the sovereign Public Investment Fund, has obtained SAR15 billion ($4 billion) in funding from 15 regional and global banks. The three-year credit facility will be used for general corporate purposes. The facility is not backed by any guarantees, the company said in a statement to the Saudi stock exchange […]

Al Majed for Oud has 650 products under 132 brands, with a daily production capacity of 50,000 products

Saudi perfume maker sets IPO price guidance

Al Majed for Oud Company, a Riyadh-based perfume and oud products manufacturer, has set the price range for its initial public offering (IPO) between SAR90 and SAR94 ($23.99-$25.05) per share. The institutional book-building period started on Sunday and will end on August 29. The company is floating 30 percent of its capital, or 7.5 million shares, on the Saudi stock exchange. […]

Around the Middle East

Jordan's crude oil output fell to 43,988 barrels from 94,675 barrels in 2022, according to the government

Jordan’s crude oil output drops by half in 2023

Jordan’s crude oil output suffered a 50 percent decline year on year in 2023, official data shows. Oil production fell to just below 44,000 barrels last year, from just below 95,000 barrels in 2022, the Jordan Times reported, quoting from the Ministry of Energy and Mineral Resources’ annual report. However, natural gas production rose 14 […]

A cashier counts Qatari riyal notes at a money changer in Doha. Estithmar's three-year sukuk offers 8.75 percent coupons

Qatari company launches first local currency sukuk

Doha-based Estithmar Holding has issued a QAR500 million ($137 million) sukuk (Islamic bond), the first corporate local currency-denominated sukuk in the country. This issuance is the first tranche of its QAR3.4 billion sukuk programme, listed on the London Stock Exchange’s international securities market. The three-year sukuk offers 8.75 percent coupons, attracting interest from banks, insurance companies and […]

Jordan says its electrical connection project with Iraq is progressing as planned

Second phase of Jordan-Iraq power link to be ready in 2025

Jordan will complete the second phase of its electrical connection project with Iraq by the first quarter of 2025, its ministry of energy and mineral resources said in its 2023 annual report. The project is progressing as planned with ongoing civil and engineering work that includes supplying essential materials, circuit breakers, transformers and related equipment, […]

An LNG carrier operated by Qatar Energy. Kuwait imported 6.3m tonnes of LNG in 2023

Kuwait signs fresh LNG supply deal with Qatar

Kuwait has arranged a second liquefied natural gas supply agreement with Qatar. The deal, signed on Monday, consists of importing three million tonnes of LNG a year for 15 years beginning in 2025. A similar 15-year deal was signed in 2020. Kuwait is striving to ease power outages, with extreme summer temperatures putting pressure on its […]

The average cost of 24-carat gold increased to OMR29.95 per gram by the end of the second quarter of 2024, up from OMR 26.40 per gram in the first quarter

Gold exports from the UAE to Oman reach $433m

The UAE emerged as the leading gold exporter to Oman in the first five months of 2024, with exports valued at OMR170 million ($443 million). Hong Kong followed with exports of OMR3.2 million and Turkey with OMR1.4 million, state-run Oman News Agency reported, citing data from the National Center for Statistics and Information. The total […]

The Singapore CBD. Dubai is being viewed as an increasingly important destination by the Bank Of Singapore

Bank of Singapore says Middle East vital to growth

One of Asia’s biggest private banks, the Bank of Singapore, aims to expand its business in the Middle East. Ranjit Khanna, the bank’s head of private banking for Europe and the Middle East, said the region could contribute up to 20% of its overall revenue and private banking assets over the next three to five […]

A construction site in Istanbul. Demand for rebuilding after last year's earthquakes in Turkey has resulted in a shortage of skilled workers

Turkey’s construction sector battles costs and credit

A tightening credit environment and higher costs have weakened demand in Turkey’s construction sector, causing a fall in new building licences and completion permits in the residential segment.  The number of new permits for buildings issued fell by 22.7 percent to 24,082 in the second quarter of 2024 compared to the same period last year, […]

Jordan is one of the most water-stressed countries in the world, with its population facing absolute water scarcity

Jordan selects preferred bidder for $3bn water project

A consortium led by French investment firm Meridiam has been selected as the preferred bidder for Jordan’s $3.3 billion Aqaba Amman water desalination and conveyance project. The Meridiam-led group includes Orascom Construction, Vinci Construction Grands Projets and Suez. Jordan is one of the most water-stressed countries in the world, with its population facing absolute water scarcity, according […]

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Turkey Latest

Turkey, Iraq, Qatar and the UAE signed a preliminary agreement in April to cooperate on the Development Road project

Backers of $17bn project to rival Suez Canal to meet in Turkey

The four backers of the $17 billion Development Road project will meet this week in Turkey to advance the mega plan, a news report said. Turkey, Iraq, Qatar and the UAE signed a preliminary agreement in April to cooperate on the project, which was launched last year. “We are moving into a critical phase following the […]

A construction site in Istanbul. Demand for rebuilding after last year's earthquakes in Turkey has resulted in a shortage of skilled workers

Turkey’s construction sector battles costs and credit

A tightening credit environment and higher costs have weakened demand in Turkey’s construction sector, causing a fall in new building licences and completion permits in the residential segment.  The number of new permits for buildings issued fell by 22.7 percent to 24,082 in the second quarter of 2024 compared to the same period last year, […]

Turkey hazelnut growers

Turkey’s hazelnut growers expect good season despite climate fears

Turkey’s hazelnut growers are hopeful for higher production this year, but they are increasingly fearful of the effect of climate change on their crops. Harvesting of one of Turkey’s key agricultural export products recently began, as experts forecast higher yields than last year. But concerns are mounting over the sector’s longer-term prospects. The country accounts […]

Turkey holds interest rate steady for fifth straight month

Turkey’s central bank held interest rates steady at 50 percent for a fifth consecutive month despite geopolitical developments keeping inflationary risks alive. Indicators for the third quarter suggest that domestic demand will continue to slow down with a diminishing inflationary impact, the central bank’s monetary policy committee said in a statement.  The disinflation process will […]

Turkey Wealth Fund will continue its diversified investments in strategic sectors, President Erdogan said in the 2022 annual report

Turkey transfers shares in 12 companies to its wealth fund

The Turkish government has transferred treasury shares of 12 companies to the state-run Turkey Wealth Fund (TWF), according to a presidential decree published in the official gazette. Among these companies are Borsa Istanbul-listed Koza Altin Isletmeleri, Koza Anadolu Metal Madencilik Isletmeleri and Ipek Dogal Enerji Kaynaklari Arastirma, the decree said. However, no details on the […]

Egypt Latest

Rua Al Madinah hotel

Mena hotel construction to focus on Saudi Arabia and Egypt

The Middle East and North Africa is forecast to see a rapid increase in hotel construction over the next 12 months, led in particular by high-end properties in Saudi Arabia and Egypt, new industry data suggests. During the second quarter of 2024 there were 607 projects and 147,088 rooms in the overall regional pipeline at […]

Architecture, Building, Factory Nissan's car factory in Sunderland in the UK; the company is to invest in manufacturing 10,000 cars for the local market over the next year in Egypt

Nissan to invest $56m in Egyptian car market

Nissan plans to invest $56 million into the Egyptian car market over the next two years and increase exports of locally assembled vehicles, as government officials seek to enhance the homegrown manufacturing sector. A statement released by the government said that Nissan has exported 15,000 locally assembled Sunny models since August 2022. Mohamed Abdel Samad, […]

Sultan Al Jaber, chairman of Masdar, Egypt's prime minister Moustafa Madbouly and electricity and energy minister Mahmoud Mustafa Kamal Esmat at the project signing ceremony

Masdar joint venture to build wind farm in Egypt

Infinity Power, a joint venture between Egypt’s Infinity and the UAE’s Masdar, has signed a power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for their 200-megawatt (MW) wind farm. The onshore wind project, located in Ras Ghareb, Gulf of Suez region, is estimated to produce 810,000 megawatt-hours (MWh) annually. Consequentially, it will […]

A hydrogen purification and production plant in Kazakhstan. Egypt hopes to produce 5.6 million tonnes of hydrogen a year by 2040

Egypt reveals ambitious hydrogen strategy

Egypt’s newly launched hydrogen energy strategy will require the investment of around $60 billion over the coming decades to achieve its ambitious targets. However, research by Bloomberg this week highlighted the fact that the majority of existing hydrogen plants around the world have failed to attract sufficient buyers for their output. On Thursday Egypt launched […]

Egypt's Financial Regulatory Authority is overseeing the carbon trading market in partnership with the stock exchange. Seven Egyptian brokerage firms have applied for licences

Egypt launches Africa into carbon trading market

The first three trades were made on Egypt’s new carbon trading platform on Tuesday, the first of its kind in Africa. Two local food companies, Daltex and ISIS Organic, became the first Egyptian buyers of the instruments, purchasing a combined 2,000 carbon credits. Each credit represents a tonne of carbon reduced or removed from the […]

Features

UAE back to school

Retailers rejoice as shoppers prepare for new school term

An estimated 1.5 million students across the UAE are expected to enrol for the new term on Monday – and retailers are welcoming the traditional spending spree for everything from school uniforms to stationery. This year’s back-to-school shopping sales in the UAE are predicted to reach about AED3 billion ($820 million). “Overall, there is expected to […]

Turkey’s hazelnut growers expect good season despite climate fears

Turkey’s hazelnut growers are hopeful for higher production this year, but they are increasingly fearful of the effect of climate change on their crops. Harvesting of one of Turkey’s key agricultural export products recently began, as experts forecast higher yields than last year. But concerns are mounting over the sector’s longer-term prospects. The country accounts […]

Why gold ETFs are losing their shine

Even as gold prices hit record highs – analysts believe they could range between $2,200 and $2,600 per ounce until the end of this year – exchange traded funds that follow the precious metal have had their worst first half since 2013, losing almost $7 billion in value. The World Gold Council’s Andrew Naylor and […]

Rare earth elements: a complex issue that’s vital to net zero

Used in everything from car batteries and fridges to iPhones and elevators, rare earth elements are an ever-present – but rarely noticed – part of daily lives.  They are also now central to the global energy transition, and their importance to Gulf states was highlighted this week by a $180 million investment by Qatar. The […]

People & Lifestyle

Executive, Person, Adult

Recruitment portals try to ease logjam in Saudi labour market

Saudi Arabia presents a golden opportunity for recruitment platforms that seek to match multitudes of job seekers with a plethora of employers looking to hire, labour market specialists say.   There are around 168 Public Investment Fund companies working on the $1.25 trillion Vision 2030 economic diversification programme, as well as foreign companies setting up offices […]

Turkish transport and infrastructure minister Abdulkadir Uraloğlu said that the user rights of social media accounts belonging to Turkish citizens will be protected

Turkey lifts ban after Instagram agrees to demands

Turkey has lifted its more than week-long ban on Instagram after the social media company agreed to collaborate with the government to address its concerns. The ban was removed on Saturday night after Instagram promised to work on demands regarding “catalogue crimes” and censorship on users, transport and infrastructure minister Abdulkadir Uraloğlu said in a […]

Oman biofuels

Oman’s entrepreneurs hope to turn biofuels into liquid gold

A bus powered partly by date kernels launched on the streets of Muscat at the end of 2022. It was a Sultan Qaboos University project, set up as Oman strives to develop sustainable sources of energy. The bus successfully runs on a mix of biodiesel made from the oil extracted from date kernels and conventional […]

Turkey's President Recep Tayyip Erdogan hit out at social media platforms on Monday after his government blocked Instagram

Turkey’s Instagram ban hits $57m-a-day ecommerce trade

For four days and counting, Instagram has been blocked in Turkey – not only putting a dent in the social lives of millions of users but also placing additional pressure on an economy under strain.  Turkish regulators gave no reason when they imposed a ban on the Meta-owned platform on August 2.  However, the shutdown […]

'Growing local talent is not a luxury' – experts say the UAE must move beyond hiring AI workers from abroad

Local talent vital for UAE to achieve AI ambitions

The UAE is on a quest to lead the artificial intelligence sector but one of the stumbling blocks it is striving to address is the lack of local professionals coming into the industry. AI is expected to contribute $320 billion to the Mena region’s economy by 2030 – $96 billion of which will be attributed […]

Electronics, Phone, Mobile Phone

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Around the world

Palm Jebel Ali

Belgian company wins $220m Palm Jebel Ali dredging contract

The AED 810 million ($220 million) contract to complete dredging, land reclamation, beach profiling and other work at Palm Jebel Ali has been awarded to a subsidiary of the Belgian-owned Jan De Nul Group. In May the Dubai state-owned developer Nakheel announced that local contractor DBB Contracting and Khansaheb Civil Engineering, a subsidiary of Khansaheb […]

The deal includes UCB’s neurology and allergy portfolios in mainland China and its Zhuhai manufacturing site

Mubadala joins $680m acquisition of UCB’s Chinese business

Abu Dhabi-based Mubadala Investment Company and Singapore’s CBC Group have jointly acquired the neurology and allergy business of UCB, a Belgian biopharmaceutical company, for $680 million. The deal includes UCB’s neurology portfolio (Keppra, Vimpat and Neupro) and allergy portfolio (Zyrtec and Xyzal) in mainland China and its Zhuhai manufacturing site. The combined net sales for […]

Apex Botswana giant diamond

Diamond weighing 1lb cheers Mubadala-backed financier

The discovery in Botswana of a rough diamond weighing more than a pound, the second largest ever found, is likely to prove timely for Apex Group, the global financial services provider, which counts the Abu Dhabi sovereign wealth fund Mubadala among its key backers. The huge gem’s discovery was announced on Thursday by Lucara Diamond Corp, […]