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Massoud Pezeshkia

Pezeshkian has a strong mandate – and a slew of problems

It was not supposed to be this way. Massoud Pezeshkian, the sole reformist candidate, has won the second round of Iranian presidential elections to replace Ebrahim Raisi, and the fears of conservatives in the Iranian regime have come to pass.   Conventionally, conservative candidates withdraw at the last minute ahead of a first round of voting, […]

Families queue at the Spanish port of Algeciras to board a ferry to Morocco

The changing face of Morocco-Spain relations

For decades now, the start of the European school summer holidays has been the time when thousands of Moroccans living in Europe pile into their cars and head south.  This summer is no exception. Around 6 million car-loads of Moroccans resident abroad (MREs) travel back and forth across the Strait of Gibraltar during this annual, […]

A group of tourists sees Petra for the first time. Visitor numbers from Europe and North America are down sharply

Investors to build 1,400 hotel rooms in Petra despite tourism slump

Local investors are proceeding with plans to build 1,400 hotel rooms in Petra, a tourism official has said, as Jordan grapples with the impact of the Gaza conflict. Petra’s hotel occupancy rates tumbled to a record low of 3 percent last November and have remained in the single or the low double digits since then. […]

Trending

  1. Jordan’s economy grows 2% despite regional challenges

  2. UAE’s Murban crude futures trade at record high

  3. FDI into Morocco up 20% after business-friendly reforms

  4. Chinese EV maker Byd to open $1bn plant in Turkey

  5. Energy giants to take 40% of Adnoc LNG plant

OPINION & Analysis

Best of AGBI

Temporary LNG fix masks Egypt’s energy crunch

The first two liquefied natural gas cargos arrived at the Egyptian port of Ain Sokhna on the Red Sea this week, bringing hope of relief to a suffocating population trapped in the summer heat and suffering now daily blackouts. However, this temporary fix is unlikely to resolve Egypt’s energy crunch in the long term.  Falling […]

GCC investors can make money in Starmer’s Britain

Labour’s historic win on election day has reinforced the bullish case for investing in UK assets.  Sir Keir Starmer promises fiscal discipline to the UK at a time when its $3 trillion economy is just emerging from a technical recession, exports are rising and inflation has fallen sharply from its 11 percent post-pandemic high to […]

Gulf IPOs: what companies must do to go public

Owners of private Gulf companies mulling going public should ensure their businesses have a compelling narrative to tell investors and clear separation between shareholders and management, according to the chief financial officer of Dubai-based retailer Spinneys. In May the supermarket chain became the first company registered in the offshore Dubai International Finance Centre (DIFC) to […]

Middle East airlines in race to recruit as pilot shortage bites

A shortage of pilots is threatening the ambitions of the Middle East’s growing aviation industry, analysts have warned, forcing airlines to bolster their recruitment efforts. The global industry will be short nearly 80,000 pilots by 2032, according to management consultancy Oliver Wyman. The Middle East is projected to account for up to 18,000 of that […]

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UAE latest

Adnoc LNG Ruwais

Energy giants to take 40% of Adnoc LNG plant

Energy giants from France, the UK and Japan are expected to take stakes in the Ruwais liquefied natural gas project, run by Abu Dhabi National Oil Company. TotalEnergies, Shell, BP and Mitsui are expected to each take 10 percent of the project, which received a final investment decision last June. The Al Ruwais plant will […]

Tugboats at work with an oil tanker in Fujairah, from which Adnoc's Murban crude is delivered

UAE’s Murban crude futures trade at record high

Murban crude, the UAE’s flagship oil grade, has reported a record jump in trading activity in the second quarter of this year, according to operator the Intercontinental Exchange (ICE). Murban, the premium-grade light, sweet crude, is extracted from the onshore concessions of Abu Dhabi state oil company Adnoc and represents more than half of the […]

A Santos-owned rig in the Bass Strait south-west of Melbourne, Australia

Aramco says Santos is not a target

Saudi Aramco has denied reports that it was considering a bid for Santos, Australia’s second-largest oil and gas producer. In an emailed statement to Reuters, the Saudi oil giant said the information was inaccurate. The UAE’s Adnoc told AGBI that the company has no “comments on this report”. Earlier this week, Bloomberg reported that state-backed […]

A cinema in Jeddah, Saudi Arabia. Demand for non-English and Arabic content is growing rapidly in the Middle East

Arabic films gain star status in Middle East cinema

An Emirati family’s life spirals out of control when the behaviour of their son Ahmed, a once softly spoken, confident young boy changes – with terrifying consequences. As his actions become increasingly unpredictable, the lives of those around him are placed in serious danger. Some counsel medical intervention, but the boy’s mother Maryam is convinced […]

Saudi Arabia latest

PIF governor Yasir Al-Rumayyan says Saudi Arabia has the 'political will' to make AI projects happen

Saudi companies form AI cloud services partnership

The Saudi IT company Al Moammar Information Systems, an investor in the US artificial intelligence (AI) research company OpenAI, has formed a partnership with the investment banker Saudi Fransi Capital to look into launching cloud services for the kingdom’s AI market.  Al Moammar will “recommend an optimal business model considering demand, regulations, and technology, assess […]

Chinese modular Saudi project

Chinese builders pitch modular tech for giga-projects

Chinese contractors are leveraging their size and access to innovative construction techniques to lay claim to increasing numbers of projects in Saudi Arabia, as the kingdom’s massive development push puts pressure on resources. Some $1.25 trillion in giga-projects, spanning the residential, commercial and hospitality sectors, are in the pipeline across the vast and arid Saudi […]

PIF-owned STC had offered $8.67bn for Altice Portugal, part of Altice Group founded by Patrick Drahi

Saudi telco STC ends talks to buy Altice Portugal

Saudi telecom group STC has ended talks with French-Israeli tycoon Patrick Drahi to buy Altice Portugal after a disagreement over the price.  The Public Investment Fund-owned company, which is listed on the Saudi stock market, had offered 8 billion euros ($8.67 billion) for Altice Portugal, the European country’s largest telecommunications player, Portuguese online business site […]

Almarai expects top-line growth to continue this year amid stable macroeconomic growth and improved business performance

Fall in Almarai’s Q2 revenue hits bottom line

Revenues for Saudi Arabia’s Almarai, the Middle East’s largest dairy farm, fell 6 percent year on year in the second quarter of 2024, driven by seasonal changes in consumption patterns. The top line fell to SAR5.2 billion ($1.4 billion) during the April to June period, compared to SAR5.46 billion a year earlier. The drop in […]

Around the Middle East

Preparing fruit for sale in Nizwa, Oman. The country's agriculture and fishing sector grew 3.2 percent in Q1

Oman’s non-oil trade drives GDP growth in first quarter

Non-oil activity in Oman increased by almost 4 percent in the first quarter of the year, helping to prop up a decline in revenues from the sultanate’s energy sector. Oman’s GDP for the first three months of 2024 was up marginally by 0.8 percent year on year to OMR10.45 billion ($27 billion), according to data […]

Morocco FDI market food

FDI into Morocco up 20% after business-friendly reforms

Foreign direct investment into Morocco was up by almost one-fifth year on year through to the end of May 2024, a rise attributed to business-friendly government reforms. Morocco attracted MAD16.1 billion ($1.6 billion) in FDI over the period, believed to be the second highest level in the history of the national economy, according to government […]

Jordan's extractive industries sector reported the highest growth at 6.3%, contributing 0.18% to GDP

Jordan’s economy grows 2% despite regional challenges

Jordan’s gross domestic product (GDP) grew 2 percent year on year in the first quarter of 2024 despite regional geopolitical challenges, the state-run Jordan News Agency (Petra) reported. The extractive industries sector reported the highest growth at 6.3 percent, contributing 0.18 percent to GDP. Following this, the agriculture sector grew by 5.7 percent, the electricity […]

New Iranian president Masoud Pezeshkian

Masoud Pezeshkian is elected president of Iran

Masoud Pezeshkian urged people on Saturday to stick with him on “the difficult road ahead” after beating Saeed Jalili in the run-off for Iran’s presidential election. The election was called following the death of former president Ebrahim Raisi in a helicopter crash in May. Pezeshkian, a 69-year-old cardiac surgeon, has pledged to promote a pragmatic foreign policy, ease […]

Oman’s Asyad Group plans to float shipping subsidiary

Asyad Group, Oman’s national logistics company, intends to float its subsidiary, Asyad Shipping, by year-end, according to a media report. The state-backed company has appointed Jefferies Group and EFG Hermes as advisers, Reuters reported, citing unnamed sources. Details on the initial public offering (IPO) were not given. Asyad Group, owned by Oman Investment Authority (OIA), has […]

Old merchant houses in Basra, Iraq. A Japanese company will provide construction machinery for a project there

Japan to increase investment in Iraq

Japanese companies are set to expand their investments in Iraq, launching critical infrastructure projects to aid the country’s economic recovery and development. Futoshi Matsumoto, the Japanese ambassador, told Iraq state news agency that companies like Komatsu, a construction equipment supplier, are “eager” to enter the Iraqi market. A delegation from the company recently visited Basra, […]

Iran will receive 10 billion cubic meters a year of gas from Turkmenistan, which will be shipped to Iraq

Iran to build new pipeline for Turkmenistan gas

Iranian companies will construct a new 125 km pipeline to expand Turkmenistan’s gas delivery capacity to 40 billion cubic metres a year, according to a media report. Iran will receive 10 billion cubic metres a year of gas from Turkmenistan, which will be shipped to Iraq, Associated Press reported, quoting Turkmenistan’s foreign ministry statement. The value […]

The trading floor of Boursa Kuwait. State revenues are projected at KD18.9 billion, down 2.8 percent from last year

Kuwait expects budget deficit of $18bn

Kuwait expects to report a budget deficit of KD5.6 billion ($18.3 billion) for 2024-2025, finance minister Dr. Anwar Al-Mudhaf has said. Revenues are projected at KD18.9 billion, down 2.8 percent from last year, state-run Kuna news agency reported, quoting the minister. Expenditure will reach KD24.5 billion, a 6.6 percent decline from a year ago. Salaries […]

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Turkey Latest

The Byd booth at the Auto Shanghai show in April 2023. The new Byd factory in Turkey will boost its access to the EU

Chinese EV maker Byd to open $1bn plant in Turkey

Chinese electric vehicle (EV) manufacturer Byd will construct a $1 billion plant in Turkey, according to a news report. The announcement is likely on Monday by Turkey’s president Tayyip Erdogan, Bloomberg reported citing officials. The new factory will boost Byd’s access to the European Union (EU), given Turkey’s customs-union agreement with the trade bloc, the report […]

The average value of Turkish contractors' projects increased to $92.3 million in the first half of 2024, up from $65 million in 2023

Turkish contractors bag $7.6bn worth of overseas projects

Turkish contractors have started work on overseas projects valued at $7.6 billion in the first half of 2024, according to official data. The number of projects reached 82 in the January-June period, state-run Anadolu Agency said, quoting trade ministry data. The average project value increased to $92 million in the first half of 2024, up […]

Turkey manufacturing textile factory

Turkish manufacturers struggle to regain momentum

Turkey’s powerful manufacturing sector is still pessimistic about the country’s short-term economic prospects, with new orders slowing further and reduced employment levels, a closely watched survey of confidence has revealed.  There were, however, some hopes that a softening of inflation could herald better sales later in the year, the survey found.  The Istanbul Chamber of […]

Tesla introduced a Model Y variant in Turkey with a single motor and power output under 160KW

Tesla outpaces Togg with Turkey-specific model

Tesla sales in Turkey surpassed those of the local brand Togg in June, following the introduction of a model tailored for the Turkish market. The US electric vehicle (EV) maker sold 2,670 units of the Model Y RWD sport-utility vehicle (SUV), designed to avoid high taxes on vehicles exceeding 160 kilowatts of power, the Daily […]

Turkey off grey list

Turkey moves out of FATF grey zone

Turkey has been removed from an international watch list of countries with lax regulations on international money laundering and countering funding to illegal groups. The Financial Action Task Force (FATF) announced it was taking Turkey off its grey list at the watchdog’s plenary session in Singapore on Friday. It said the country had made significant […]

Egypt Latest

Blackouts are a common occurence across Egypt as the country wrestles with its energy crisis

Temporary LNG fix masks Egypt’s energy crunch

The first two liquefied natural gas cargos arrived at the Egyptian port of Ain Sokhna on the Red Sea this week, bringing hope of relief to a suffocating population trapped in the summer heat and suffering now daily blackouts. However, this temporary fix is unlikely to resolve Egypt’s energy crunch in the long term.  Falling […]

Workers at a textile factory in Bilbeis, Egypt. S&P Global says businesses may soon be able to expand their output

Egyptian business confidence improves but pessimism remains

Egyptian businesses reported significant new sales for the first time since 2021 in June but are still more pessimistic than optimistic, according to the latest purchasing managers index (PMI) report. The survey released by S&P Global reported a headline PMI of 49.9, the highest in almost three years and just shy of the 50.0 mark […]

President Abdel Fattah al-Sisi poses for a group photo with Egypt's new cabinet

New oil and finance ministers in Egyptian cabinet reshuffle

The Egyptian government has conducted a long-awaited cabinet reshuffle resulting in a series of new appointees to important ministries including foreign affairs, finance and petroleum. A handful of existing ministers expanded their portfolios. Abdel Fattah al-Sisi, the Egyptian president, swore in the new cabinet, which will be led by the incumbent prime minister Mostafa Madbouly, […]

Initial bookings for SouthMed reached $1.25 billion in 12 hours of pre-launch sales, Talaat Moustafa Group said

Egypt’s $21bn project to rival Europe’s top holiday destinations

Cairo-based Talaat Moustafa Group (TMG) is investing $21 billion to develop a new tourism project on Egypt’s Mediterranean coast to compete with Europe. Named SouthMed, the development will cover 23 million square metres and is expected to generate sales of $35 billion, Reuters reported, citing CEO Hisham Talaat Moustafa. Initial bookings reached EGP60 billion ($1.25 billion) […]

Tourists at the Temple of Hathor, in Dendera, Egypt. 7.1m people visited the country in the first half of 2024

Egypt hails record tourist numbers despite regional conflict

Egypt received a record number of tourists during the first two quarters of 2024 despite ongoing conflict in the region. The Ministry of Tourism and Antiquities said on Monday that 7.1 million tourists visited the country in the first half of the year, breaking the previous record for the same period of 6.9 million in […]

Features

Field, Nature, Outdoors In 2023, El Niño arrived early, impacting crops. The Indian government reacted by banning exports of non-basmati white rice

Weather and politics keep pressure on price of rice

The status of rice as a global food staple means that it is also a political minefield for producer nations. So all eyes are on India as rice prices fluctuate at around a 15-year high.  Different varietals and markets command different prices, but trading on “contracts for difference”, which track benchmark prices, saw the cost of […]

Sustained sell-off makes Qatari stocks more attractive

Qatari stocks are among the Gulf’s most attractively priced, according to core metrics, after a sustained slump on Doha’s bourse. The decline – the Qatari index is down about 27 percent from its late 2021 peak – comes after a momentous rally that propelled the index to a seven-year high when investors bet on a […]

Adnoc, Emirates Global Aluminium and the outlook for net zero

It is a tall order. The UAE is striving to develop its industrial capacity while also decarbonising in a world that needs a 40 percent-plus reduction in emissions by the end of the decade to avoid devastating climate change. Two of the country’s biggest state-owned enterprises – Adnoc and Emirates Global Aluminium (EGA) – are […]

Morocco struggles to solve its water crisis

A seawater desalination plant that opened last month at Sidi Rahal near Casablanca is a major part of Morocco’s plans to tackle the country’s frightening decrease in water supplies. The plant will be built in two phases and is designed to produce 300 million cubic metres of water a year to supply 7.5 million people, […]

Silver is riding high but the market remains volatile

With a gain in its spot price of nearly one-third since the start of the year, silver is now 2024’s best-performing precious metal.  It is a major industrial material with an important role in the green energy transition. Yet, while these factors are combining to give silver a moment, analysts are quick to warn of […]

People & Lifestyle

A cinema in Jeddah, Saudi Arabia. Demand for non-English and Arabic content is growing rapidly in the Middle East

Arabic films gain star status in Middle East cinema

An Emirati family’s life spirals out of control when the behaviour of their son Ahmed, a once softly spoken, confident young boy changes – with terrifying consequences. As his actions become increasingly unpredictable, the lives of those around him are placed in serious danger. Some counsel medical intervention, but the boy’s mother Maryam is convinced […]

The WakeCap system being used on a construction site

Aramco adopts heat-sensing construction helmets

Saudi Aramco is deploying advanced safety helmets equipped with heat stress sensors to protect workers on some of its construction sites, a critical concern in the Gulf region’s scorching climate. The helmets, developed by Dubai and Saudi Arabia-based construction tech startup WakeCap, utilise internet-of-things (IoT) technology that monitors worker attendance, location, and safety incidents in […]

A stall holder in the Grand Bazaar in Istanbul. People in Istanbul faced rises in the cost of living this year, as soaring inflation impacted wages

Cairo and Istanbul feel biggest cost of living squeeze

Dubai has become the most expensive city in the Middle East for expatriate workers, while Cairo and Istanbul were among the cities that saw the biggest rise in the cost of living this year, as soaring inflation impacted wages. Dubai, the UAE’s largest city, saw rental prices rise by about a fifth in the last […]

A pilgrim prays on Mount Arafat, Mecca. Saudi Arabia has been enforcing a strict crackdown on performing Hajj without a permit Video length: 07:15

Hajj pilgrims feel the pinch as costs rise

The costs of Hajj are getting ever higher for pilgrims coming from around the world to perform the annual rites, which are a duty for every able-bodied Muslim to perform once in a lifetime.  Even pilgrims coming from within Saudi Arabia, for whom the costs are cheaper, are paying around SAR23,500 ($6,266) for up to […]

Electronics, Phone, Mobile Phone

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Around the world

A miner inside a tunnel of the Parrilla silver mine, Mexico. Mexico is the world's biggest producer of mined silver.

Silver is riding high but the market remains volatile

With a gain in its spot price of nearly one-third since the start of the year, silver is now 2024’s best-performing precious metal.  It is a major industrial material with an important role in the green energy transition. Yet, while these factors are combining to give silver a moment, analysts are quick to warn of […]

Covestro CEO Dr Markus Steilemann. The company has rejected two previous offers from Adnoc

Adnoc makes final bid for German chemicals maker

German chemical company Covestro AG has confirmed that it has started “concrete negotiations” over a $12.5 billion offer from Abu Dhabi National Oil Company (Adnoc). Covestro said in a statement that Adnoc had offered €62 ($67) a share as a starting point for the negotiations, which are subject to the completion of due diligence. In […]

ADIA Hargreaves Lansdown

ADIA group raises offer for UK stock trading platform

A consortium including Abu Dhabi’s biggest sovereign wealth fund is poised to buy stock trading platform Hargreaves Lansdown after making an improved non-binding offer for the British company. Abu Dhabi Investment Authority’s (ADIA) wholly owned subsidiary Platinum Ivy has teamed up with private equity firms CVC and Nordic Capital to offer £11.40 ($14.51) per share […]

Two companies are dominant in the lithium industry – Chile’s SQM and US business Albemarle. In 2023, each commanded about 20 percent of global supply

Saudi Arabia targets Chile for lithium investments

Saudi Arabia’s mining minister Bandar Alkhorayef will visit Chile next month to negotiate a deal to secure lithium to support the kingdom’s ambition to expand its electric vehicle (EV) sector, a news report said. Alkhorayef will meet with his counterpart in Santiago, Reuters reported, quoting a Chilean government statement. The report said the two officials will discuss […]