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The prospect of passing down wealth to the next generation is forcing families to rethink financial governance

Citigroup hiring to tap the Gulf family office market

Citigroup says it is expanding its presence in the UAE, the second-largest Arab economy, as it competes to manage more of the assets of wealthy Gulf merchant families. $1 trillion of these assets are expected to shift to the next generation by the end of this decade. To boost its capabilities, the US bank says […]

Gulf investors urged to switch from petrochems to fertiliser

Gulf fertiliser companies are trading below their fair value, with investors not seeming to price in a rebound in product prices that analysts say is more than just a seasonal upswing. In the Gulf, fertilisers and petrochemicals are considered adjacent industries, since both rely on natural gas as a feedstock. While petrochemical companies’ earnings have […]

Canada must do more to capitalise on billion dollar Saudi projects

Canada and Saudi Arabia have made progress towards ending a five-year diplomatic spat and mending trade and economic relations. However experts say that more could be done to deepen exchanges and investment ties – especially as US President Donald Trump kicks off a tariff war that may encourage Ottawa to widen its circle of trading […]

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) […]

Mashreq and First Abu Dhabi winning bank efficiency race

Dubai’s Mashreq bank, the UAE’s fifth-largest by assets, slashed its cost-to-income ratio, an important banking metric, last year thanks to the partial sale of a subsidiary and more customers switching to non-interest-bearing accounts. The cost-to-income ratio shows the relation between income and the cost of acquiring that income. A declining ratio suggests that a bank […]

UAE latest

An older white woman checks a smart meter at home. Mubadala says Calisen has an installed base of 16 million smart meters

Mubadala sells stake in UK smart meter provider Calisen

Abu Dhabi’s sovereign wealth fund Mubadala Investment Company has completed the sale of its indirect stake in Calisen, a UK supplier of energy smart meters. Private equity infrastructure investors EQT and Singaporean sovereign wealth fund GIC will buy Calisen in a deal that values the company at around $5 billion. Mubadala, BlackRock and Goldman Sachs […]

The Cepa will create further growth and business opportunities in the UAE and Central African Republic, said minister of state for foreign trade Ahmed Al Zeyoudi

UAE and Central African Republic target $1bn trade

Trade between the UAE and the Central African Republic is estimated to surpass AED3.7 billion ($1 billion) following the signing of a comprehensive economic partnership agreement (Cepa) last week. Cepa will create further growth and business opportunities in both countries, boosting bilateral trade over the next five to seven years, UAE minister of state for […]

A view of the existing Dubai Metro Red Line. The Gold Line will start at Al-Ghubaiba in Bur Dubai

Dubai seeks consultant for new metro Gold Line

Dubai’s Roads & Transport Authority (RTA) is seeking a lead consultant for its Dubai Metro Gold Line project, according to a news report. The RTA has issued a request for proposals for the consultancy role, Dubai-based Middle East Economic Digest (Meed) reported. Potential bidders are US-based Aecom, Jacobs and Parsons, Canada’s AtkinsRealis, UK-based Mott MacDonald […]

UAE President Sheikh Mohamed bin Zayed Al Nahyan presides over the annual meeting of the Adnoc board of directors in November 2024

Adnoc targets foreign listing of investment arm XRG

Abu Dhabi National Oil Company (Adnoc) is considering listing its international investment arm XRG on an exchange outside of the UAE, three people with knowledge of the matter said. This could potentially create one of the largest listed energy companies in the world. The discussions to list a minority stake of XRG, which was established late […]

Saudi Arabia latest

Acwa Power workers at the Sakaka solar site in Saudi Arabia

Acwa Power bolsters renewables presence in China

Saudi Arabian energy company Acwa Power has opened a renewable-energy innovation centre in Pudong New Area in Shanghai.  The move is part of the company’s aim to expand its renewables presence in China, according to a statement. The new facility will focus on five areas: photovoltaics, wind, energy storage, green hydrogen and seawater desalination, Acwa […]

Two men working in finance at computers displaying charts. Derayah Financial CEO Mohammed AlShammas believes its listing will encourage other local and regional players to do the same

Derayah share price soars on first day of trading

Shares in the online brokerage Derayah Financial rose by 30 percent on their first day of trading, the maximum allowed for newly listed companies, the Saudi stock exchange said. Derayah, the third-largest broker in Saudi Arabia, floated 20 percent of its shares on the Tadawul, the main market of the Saudi Stock Exchange, in a […]

Riyadh Air has acquired a substantial number of delivery slots from AirAsia’s backlog of 350 narrowbody aircraft booked with Airbus

AirAsia raises $226m but stays quiet on PIF

The parent company of Malaysian budget airline AirAsia has raised 1 billion ringgit ($226 million) to complete its reorganisation plan, according to a news report. “We have a 1 billion (ringgit) placement,” Capital A group CEO Tony Fernandes said at a press conference. “Don’t ask me questions on PIF’s placement order book – we are not […]

Aramco rigs in the Hasbah field. The state-owned company has cut the official selling price by 40 cents

UAE and Saudi Arabia cut prices of flagship crude

State-owned oil companies in the UAE and Saudi Arabia have lowered their benchmark crude oil prices. Saudi Aramco, the world’s top oil exporter, lowered crude oil prices for Asian buyers in April for the first time in three months, in line with market expectations and after Opec+ agreed to gradually increase supply in the same […]

Around the Middle East

Tourism contributes an estimated 15 percent to Jordan's GDP, about three-quarters of which comes from Arab visitors

Jordan’s economy on growth track as tourism recovers

Jordan’s economy is forecast to grow by 2.7 percent in 2025 as tourism recovers and trade with Syria and Iraq starts to rise gradually, S&P Global said. Tourism contributes an estimated 15 percent to Jordan’s GDP, with about three-quarters of it sourced from Arab visitors, including Jordanians living abroad. “We expect the number of Arab […]

A soybean farm in Brazil. Brazil's Agribrasil traded in 1.858 million tonnes of soybeans and corn in the first nine months of 2024

GCC companies vie for stake in Brazilian grain trader 

Brazilian grain trader Agribrasil has held talks with suitors interested in buying a stake in the company, according to two sources familiar with the matter speaking on condition of anonymity because the discussions are private, and GCC companies are reported in the mix. Two sources named Solaris Commodities, an independent commodity trader headquartered in Dubai, […]

Syria's interim President Ahmed al-Sharaa disembarks an airplane. He has repeatedly called for the lifting of sanctions

UK lifts sanctions on Syrian central bank and oil companies

The UK unfroze the assets of Syria’s central bank and 23 other entities, including banks and oil companies, on Thursday, reversing sanctions imposed during Bashar al-Assad’s presidency. The West is rethinking its approach to Syria after insurgent forces led by the Islamist Hayat Tahrir al-Sham ousted Assad as president in December after more than 13 years […]

TotalEnergies' energy deal with Iraq is worth $27bn, with various phases to be completed between 2025 and 2027

TotalEnergies starts building Iraq’s largest solar plant

France’s TotalEnergies has started constructing Iraq’s largest solar power plant as part of a $27 billion energy deal it signed in 2023. The plant, based in the southern oil hub of Basra, has a production capacity of 1,000 megawatt (MW) and includes installing two million solar panels, the official news agency said, citing an Electricity […]

A worker checks an oil pipeline at Nahr Bin Umar oil field in Iraq

Oil set for biggest weekly drop since October  

Oil prices were little changed on Friday but were set for their biggest weekly decline since October as the uncertainty around US tariff policy creates concerns about demand growth when major producers are set to increase output. Brent futures rose 13 cents, or 0.19 percent, to $69.59 a barrel by 02:17 GMT. US West Texas Intermediate (WTI) crude futures rose 8 cents, […]

Morocco hydrogen

Gulf companies win slice of $32bn Morocco hydrogen projects

The Moroccan government has selected companies from the UAE and Saudi Arabia to help develop hydrogen projects worth MAD319 billion ($32 billion) in the country’s southern province, the prime minister’s office has announced. A government committee finalised five local and global investors to build six projects, said a statement from the office of Aziz Akhannouch, […]

Workers carry fertiliser bags to be mixed with water at a farm in Sharjah: the World Bank’s fertiliser price index has rebounded to 124 from a three-year low last May of 108

Gulf investors urged to switch from petrochems to fertiliser

Gulf fertiliser companies are trading below their fair value, with investors not seeming to price in a rebound in product prices that analysts say is more than just a seasonal upswing. In the Gulf, fertilisers and petrochemicals are considered adjacent industries, since both rely on natural gas as a feedstock. While petrochemical companies’ earnings have […]

A shopping street in Manama, Bahrain. The government is said to be considering a raise in VAT for the country's 1.6m people

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) […]

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Turkey Latest

Two men and a child eating dates. Many Muslims turn to dates to break their fast during Ramadan but prices in Turkey have risen

Supply restrictions send Turkey date prices soaring

Prices for dates in Turkey ahead of Ramadan pretty much always rise because that is when demand surges. The Turks are otherwise not big eaters of the dried fruit. But during Ramadan it is usually the first food muslims in the Middle East and elsewhere tend to eat to break the fast after a long […]

People at a currency exchange in Izmir, Turkey. The Turkish government has a 2026 inflation target of 12 percent

Turkey’s central bank cuts interest rates again

Turkey’s central bank has cut interest rates for the third time since December, citing an easing of inflationary pressures and a cooling of domestic demand as factors in its decision. The bank’s monetary policy committee cut its headline lending rate by 250 basis points on March 6, lowering its interest rate to 42.5 percent from […]

Workers using steam turbines in a factory. Turkey's manufacturing sector improved in February

Turkish inflation eases again, with interest rate cut likely

Turkey’s inflation rate declined again in February, falling below 40 percent for the first time since mid-2023, while an indicator of industrial activity improved. The consumer price index fell to 39.05 percent, according to data issued by state statistics agency Turkstat this week, with a month-on-month price increase of 2.27 percent.  The decline could mean […]

A container vessel at Ambarli Port in Istanbul, Turkey. Import growth outpaced exports growth in January leaving a $7.5bn trade shortfall

Turkey’s economic rebound softened by soaring imports

Turkey’s economy recovered in the fourth quarter of 2024 after two consecutive quarters of contraction.  However, imports soared in January, boding ill for the trade balance, according to data released by state statistics agency Turkstat.  Gross domestic product expanded 3 percent in three months to December 31, helping – when combined with expansion in the […]

Customers use cash dispensers in Istanbul. The Institute of International Finance says 'many emerging markets have experienced a marked deterioration in their debt-carrying capacity'

Turkey, Saudi and other emerging markets take on $4.5trn of debt

Emerging markets took on $4.5 trillion of debt last year, according to the Institute of International Finance, and Saudi Arabia and Turkey were among the biggest borrowers. Global debt increased by nearly $7 trillion to $318 trillion in 2024, the highest figure on record, the Washington-based institute said in a report shared with AGBI. Emerging […]

Egypt Latest

Red Bull will not put its logo on the Al Ahly team's shirts or around the team's stadium in Cairo

Boost for Arab soccer as Red Bull sponsors Al Ahly

Egypt’s most successful football club has kicked off what could become a sponsorship rush from European companies into the country’s top league. Al Ahly of Cairo, winners of 44 Egyptian Premier League titles and 12 Confederation of African Football Champions League titles, has agreed a marketing partnership with the Austrian drinks company Red Bull.  No […]

A date palm orchard in Memphis, Egypt: exports of fresh fruit were up 23% in December

Lower oil exports widen Egypt’s trade deficit

Sharply lower crude oil exports allied with a surge in imports of gas caused Egypt’s trade deficit to widen by nearly 13 percent in December, implying a call on foreign exchange reserves, official data showed on Tuesday. Total exports increased slightly to $3.7 billion in December 2024 from $3.6 billion in December 2023, the country’s […]

Egypt’s private sector alliance targets UAE for growth

A new entity comprising 41 Egyptian private companies will be set up to boost exports across the Arab countries to support economic growth, a news report said. The process of setting up Arab Alliance for Industrial Investment is expected to be completed next week, Ashraq Business reported, citing Mohamed El-Bahi, a board member of the […]

An oil platform in the Gulf of Suez. Egypt hopes to attract investment worth $700m

Swathe of new oil and gas sites opened to bids in Egypt

Egypt has invited international companies to bid to develop 13 new oil and gas sites in the Mediterranean Sea, the Gulf of Suez and the western desert as the country seeks to reverse a fall in natural gas production. The bids cover concessions that include seven undeveloped discoveries and six exploration areas, according to the […]

Saudi Arabia's Future Investment Initiative is one of its many efforts to increase employment. The kingdom's jobs market surged in February

Saudi jobs market buoyant as Egypt and Kuwait struggle

Staffing levels in Saudi Arabia surged in February as companies prepare for growth opportunities ahead. But it was a different story in neighbouring Kuwait and Egypt where jobs were lost in the face of a slowdown in new orders, according to the latest business sentiment surveys. Employment numbers in Saudi Arabia increased at the quickest […]

Features

Factory workers building an H9 off-road vehicle from Haval, one of the Chinese car brands gaining ground in the UAE

Chinese car makers target UAE’s Ramadan bargain hunters

Chinese car makers look set to win big over traditional manufacturers from the US, Japan and Europe among Ramadan bargain hunters in the UAE this year. For years, Japanese, American, and European carmakers have relied on Ramadan promotions, offering free insurance, extended warranties and zero percent financing, to increase sales.  But buyers, squeezed by inflation, […]

Universities have to change to bridge the skills gap

Education in the Mena region must transform to reflect the changing market, according to experts. Ismael Al-Hinti, president of Al Hussein Technical University in Jordan told AGBI that young people entering the jobs market in the region face a skills mismatch, with unemployment rates highest among the most educated. The answer, according to Al-Hinti, is […]

Gulf CEOs urged to conquer fear of earnings call

Earnings calls for analysts, reporters or investors are a staple for listed companies in Western markets. The same is not true in the Gulf, however, and experts say that can make it harder to assess a company’s performance and justify its stock valuation. It can also deter institutional investors, limit liquidity and slow market growth. […]

Errol Musk: Tower will be a ‘truly international institute’

Errol Musk told AGBI in an exclusive video interview during his visit to Dubai that the Musk Tower that is to be built in the UAE will serve as an innovation centre. It will also foster developments in science “that are ignored”, including “space-time travel and gravity”, he said. Discussions are ongoing with Abu Dhabi-based […]

How Qatar escaped a World Cup property glut

Three years on, it is clear that Qatar has by and large avoided what plagued many of its World Cup host predecessors – the big White Elephant. In spite of a rush of building projects to open a slew of new hotels and apartments for the November-December 2022 event, the gas-rich nation was shrewd enough […]

People & Lifestyle

Restaurant costs: Dubai was named as one of the most expensive cities in the Middle East for expatriates in a survey last year

Dubai restaurants risk out-pricing customers on alcohol costs

The cost of eating out in Dubai’s restaurants is rising, especially if you’re washing your meal down with an alcoholic drink. Last year, Dubai was named the third-most expensive city in the world for a half-litre of draught beer at an average of $10.89, according to price comparison website Numbeo. Qatar was number one, followed […]

A tourist takes pictures in Chefchaouen, northern Morocco. The country's tourism startup culture is opening new markets beyond the traditional centres

Moroccan tourism startups build momentum ahead of World Cup

Startup innovation and entrepreneurship are helping to fuel growth in Morocco’s tourism industry. The sector’s importance to the economy is increasing as the country prepares to co-host the Fifa World Cup in 2030. Morocco welcomed 17.4 million international tourists in 2024, a 20 percent increase on 2023, the latest data from the UN World Tourism […]

A survey found that only half of Gulf respondents managed to sleep the recommended six to eight hours per night

Tech specialists tap into Gulf’s market of the sleep deprived

People in the Gulf are among the worst sleepers in the world, research has found – and that makes the region a rousing proposition for sleep-aid businesses such as the US pair Whoop and Eight Sleep. A survey of 2,727 people across the GCC, published last month, found that only half manage to sleep for […]

Shoppers in Dubai Mall. Retail price discounting in the UAE has been described by one analyst as 'a race to the bottom'

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 […]

Around the world

Opec+ hesitant on oil output rise amid US sanctions

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 […]

The project in the Uttar Pradesh town of Unnao includes the development of a 1 million tonne aquafeed plant to supply India's growing aquaculture sector

UAE’s Aqua Bridge to build aquaculture farm in India

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 […]

Donald Trump spoke at the FII summit on Wednesday

InvestSaudi to open second US office in Miami

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 Opec

Brazil joins Opec+ oil producers’ group

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 […]