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oman -0.4%
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Top stories

Speaking at the Future Hospitality Summit, Accor's CEO Sébastien Bazin said safety of the company's teams is a priority regional tensions

Gulf hospitality industry shrugs off war concerns

Middle East hospitality veterans downplayed concerns over wider regional tensions this week, saying the industry has survived crises before and is poised to do so again. Government officials and corporate executives spoke during the Future Hospitality Summit, which is taking place in Dubai this week, just as military action intensified in Israel, Lebanon and Iran, […]

Suhail Al Mazrouei, the UAE's energy minister, says he expects a large part of oil demand growth to come from the Global South

Without Opec+ ‘we would be in chaos’, says UAE minister

Opec+ is doing a “noble” job of balancing supply and demand in the oil market, the UAE energy minister has said. “Without this group, we would be in chaos,” Suhail Al Mazrouei told a conference on Wednesday. “Opec+ has sacrificed more than others,” the minister said, adding that although the energy group’s members do not […]

Passengers queue at Beirut-Rafic Al Hariri International Airport. Many airlines have suspended operations to Tel Aviv and Beirut

Airlines suspend flights to Middle East

Airlines in the Middle East have cancelled some flights and rerouted others after Iran fired more than 180 ballistic missiles at Israel.  Shares in some European airlines and travel companies fell on Wednesday by up to 2.7 percent after Israel’s neighbours closed airspace and airline crews skirted the conflict zone.  Many airlines have suspended operations […]

Trending

  1. Oil prices jump 3% as Middle East conflict intensifies

  2. Cerebras says success hinges on UAE’s G42 as it prepares for IPO

  3. Railways ‘at centre’ of Algeria’s evolution, says UK ambassador

  4. Abu Dhabi invites companies for greenfield solar project

  5. Turkey targets $10bn FDI in 2024 on Saudi support

OPINION & Analysis

Best of AGBI

A familly plays with a kite at the Mina district (Old Doha Port) in Doha, Qatar, January 31, 2024. REUTERS/Marko Djurica A family enjoys playing with a kite in Doha. Analysts say that expansion of the North Field will boost Qatar's economy

North Field expansion to power Qatar’s economy

Qatar’s economy is likely to record only modest growth this year, but analysts predict that revenues generated from a North Field gas expansion will make it among the fastest-growing globally in two years’ time. Gross domestic product is forecast to surge to nearly 13 percent in 2026, after sluggish growth of only 1.5 percent this […]

Maldives nears first sovereign default on Islamic bonds

The possibility of the first ever sovereign sukuk default by the Maldives would have negative repercussions for new sukuk issuance and the broader sharia-compliant fixed income market, industry experts have warned. Sukuk are sharia-compliant bonds that were developed as an alternative to conventional bonds, which are not considered permissible by many Muslims as they pay […]

Rise in retail M&A predicted as Gulf stores struggle

An increase in mergers and acquisitions in the GCC’s retail sector has been predicted for this year, as operators try to cope with an increasingly uncertain economic environment. Six retail M&A deals have taken place since the beginning of 2023, all involving intra-regional players.  Thirteen retail M&A deals were concluded in 2022, of which five […]

Lack of plots gives Palm Jumeirah added air of exclusivity

Palm Jumeirah, Dubai’s world-famous man-made island, is running out of undeveloped land. Developer Nakheel’s announcement earlier this week that it will pay nearly $500 million to Alec Engineering & Contracting to build the new 75-storey Como residential tower on Palm Jumeirah is bound to be one of the last of its kind. Since it will […]

Egypt looks to Gulf investors to end power blackouts

Egypt’s energy blackouts have created new opportunities for Gulf investors, as the cash-strapped Cairo government tries to end the crisis and plug the gap in its electricity supply before next summer. Prime minister Mostafa Madbouly announced on September 19 that there would be no more power cuts over the coming period, potentially marking an end […]

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UAE latest

Suhail Al Mazrouei, the UAE's energy minister, says he expects a large part of oil demand growth to come from the Global South

Without Opec+ ‘we would be in chaos’, says UAE minister

Opec+ is doing a “noble” job of balancing supply and demand in the oil market, the UAE energy minister has said. “Without this group, we would be in chaos,” Suhail Al Mazrouei told a conference on Wednesday. “Opec+ has sacrificed more than others,” the minister said, adding that although the energy group’s members do not […]

Speaking at the Future Hospitality Summit, Accor's CEO Sébastien Bazin said safety of the company's teams is a priority regional tensions

Gulf hospitality industry shrugs off war concerns

Middle East hospitality veterans downplayed concerns over wider regional tensions this week, saying the industry has survived crises before and is poised to do so again. Government officials and corporate executives spoke during the Future Hospitality Summit, which is taking place in Dubai this week, just as military action intensified in Israel, Lebanon and Iran, […]

'Speculative demand' for off-plan and an 'overvalued' luxury segment are driving up risk of a real estate bubble in Dubai, says UBS

Off-plan luxury projects drive real estate risk in Dubai

The rapid growth in off-plan development, particularly luxury properties, is injecting vulnerability in Dubai’s otherwise solid real estate market. Developers launched 391 projects in Dubai between January and mid-September, a 43 percent year-on-year increase. Many of the apartment towers in the pipeline are designed as high-end, and often branded, residences.  “I feel there’s an oversupply […]

mortgage mortgages Mortgage Real estate transactions in Abu Dhabi reached AED22.7 billion in the third quarter of 2024

Abu Dhabi mortgage deals surge as real estate thrives

Mortgage transactions in Abu Dhabi rose 20 percent year on year in the third quarter of 2024 amid robust growth in the real estate sector. The total value of the mortgage deals reached AED13.5 billion from 2,594 transactions, the UAE state-run Wam news agency reported, citing Dari, a unified property services platform. Overall, real estate […]

Saudi Arabia latest

A rendering of the 47,000-seat stadium by Roshn and Aramco in Khobar. Roshn's credit facility has been provided by six Tadawul-listed lenders

PIF-backed Roshn raises $2.4bn for expansion

Saudi Arabian giga-project developer Roshn has secured a new SAR9 billion ($2.4 billion) credit facility from a consortium of locally-listed banks. The loan will support the developer’s expansion and growth plans over the next five years, state-run Saudi Press Agency reported. “We intend to use these funds to further advance our ambitious strategy in the […]

Saudi company Entaj has an annual bird capacity of 185 million following an expansion project completed in the first quarter of 2024

Saudi poultry producer gets nod to sell 30% stake in IPO

Arabian Company for Agricultural and Industrial Investment (Entaj), a Riyadh-based poultry producer, has received the green light from the Saudi market regulator to list shares on the main market (Tasi). The company will float 9 million shares through an initial public offering (IPO), representing 30 percent of the total issued share capital. The prospectus detailing […]

Commercial development near Mecca's Grand Mosque can be sensitive and PIF keeps projects tightly guarded

PIF companies push ahead with Mecca expansion plans

Saudi Arabia’s Public Investment Fund is building a vast commercial district in Mecca with an estimated value of $10 billion, giving the Islamic holy city a radical makeover.  After a series of ownership changes, two companies have emerged as the lead developers of commercial space around the Grand Mosque in Mecca – the 100 percent […]

Members of Saudi Arabia's security forces participate in a parade in Mecca. Military spending decreased by 6.3 percent in the first half of the year Video length: 06:31

Saudi Arabia cuts military spending as deficit increases

Saudi Arabia estimates its military spending will be 15 percent lower than budgeted this year, while capital expenditure rises, according to figures released on Monday. The kingdom’s budget deficit will increase to 2.9 percent of GDP in 2024, according to the preliminary budget statement released by the ministry of finance, as spending on the Vision […]

Dr. Sulaiman Al Habib's second-quarter net earnings rose 14 percent year on year to SAR555 million

Sulaiman Al Habib secures $347m loan for Saudi expansion

Dr. Sulaiman Al Habib Medical Services Group Company has secured long-term financing to expand across Saudi Arabia amid growing competition for healthcare services in the kingdom. The company, which trades on the Saudi stock exchange, has signed a sharia-compliant credit facility worth SAR1.3 billion ($347 million) with Al Rajhi Bank, a Saudi-listed lender. The 13-year-long facility will […]

Around the Middle East

Israelis take shelter during Iran's missile attack. Oil prices have jumped over fears of a wider war

Oil prices jump 3% as Middle East conflict intensifies

Oil prices rose by more than 3 percent on Wednesday as Israel vowed retribution for Iran’s ballistic missile attack on its regional adversary. The conflict has intensified rapidly, with Israel also ordering more soldiers into Lebanon to battle the Iran-backed group Hezbollah. There is little sign of de-escalation despite international pleas. That has sent oil […]

Passengers queue at Beirut-Rafic Al Hariri International Airport. Many airlines have suspended operations to Tel Aviv and Beirut

Airlines suspend flights to Middle East

Airlines in the Middle East have cancelled some flights and rerouted others after Iran fired more than 180 ballistic missiles at Israel.  Shares in some European airlines and travel companies fell on Wednesday by up to 2.7 percent after Israel’s neighbours closed airspace and airline crews skirted the conflict zone.  Many airlines have suspended operations […]

Speaking at the Future Hospitality Summit, Accor's CEO Sébastien Bazin said safety of the company's teams is a priority regional tensions

Gulf hospitality industry shrugs off war concerns

Middle East hospitality veterans downplayed concerns over wider regional tensions this week, saying the industry has survived crises before and is poised to do so again. Government officials and corporate executives spoke during the Future Hospitality Summit, which is taking place in Dubai this week, just as military action intensified in Israel, Lebanon and Iran, […]

Algiers railways Parts of Algeria cannot be developed without new railways, its ambassador to the UK says railway

Railways ‘at centre’ of Algeria’s evolution, says UK ambassador

Algeria is putting its railways at the centre of national infrastructure plans in part because roads are expensive and difficult to maintain, according to the country’s ambassador to the UK. A significant expansion of the country’s railway network is scheduled to start this year, with the construction of 2,773km of railway lines – the equivalent […]

Egyprt cotton

Egypt’s cotton fields expand as demand grows

The amount of land in Egypt devoted to growing cotton has increased by almost a quarter as global demand for the crop rises. The area available nationwide for cotton has expanded by 23 percent from 255,000 acres to 311,700, the Ministry of Agriculture announced.  It said 70,584 acres of the land (22 percent) has been […]

Tata Morocco WhAP 8x8

Tata signs deal with Morocco to build armoured vehicles

Morocco’s Department of Defence and India’s Tata Group have signed an agreement to build armoured combat vehicles in the North African country.  Under the agreement, Tata Advanced Systems, a subsidiary of the Indian conglomerate, will produce Tata’s WhAP 8×8 wheeled amphibious armoured platform in Morocco.  The project is expected to create 90 direct jobs and […]

A familly plays with a kite at the Mina district (Old Doha Port) in Doha, Qatar, January 31, 2024. REUTERS/Marko Djurica A family enjoys playing with a kite in Doha. Analysts say that expansion of the North Field will boost Qatar's economy

North Field expansion to power Qatar’s economy

Qatar’s economy is likely to record only modest growth this year, but analysts predict that revenues generated from a North Field gas expansion will make it among the fastest-growing globally in two years’ time. Gross domestic product is forecast to surge to nearly 13 percent in 2026, after sluggish growth of only 1.5 percent this […]

A study found that up to two thirds of Turks between the ages of 18 and 25 would leave the country if given the chance, with the rate even higher for those with advanced education

Turkey aims for higher level of cybersecurity

Turkey has outlined plans for a new cybersecurity directorate to encourage private sector research and new startups. Vice President Cevdet Yılmaz said last week that the directorate would be established in the autumn as part of a campaign to strengthen the state’s defences against all forms of cyber attack.  “We have more or less completed […]

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HYDROGEN
SAUDI VISION 2030
IPOs
mergers & acquisitions
crypto
Electric cars
israel-hamas war
FOOD SECURITY
islamic finance
ukraine-russia war
OPEC
SPACE

Turkey Latest

Turkey has received more than $6 billion FDI in the past seven months, said vice president Cevdet Yılmaz

Turkey targets $10bn FDI in 2024 on Saudi support

Turkey is targeting more than $10 billion in foreign direct investment (FDI) in 2024, supported by a planned $5 billion investment from an unnamed Saudi company. Vice president Cevdet Yılmaz claimed the Saudi-owned company plans to invest in the country’s energy and other sectors, Daily Sabah newspaper reported. Ankara received credit upgrades from three global […]

A study found that up to two thirds of Turks between the ages of 18 and 25 would leave the country if given the chance, with the rate even higher for those with advanced education

Turkey aims for higher level of cybersecurity

Turkey has outlined plans for a new cybersecurity directorate to encourage private sector research and new startups. Vice President Cevdet Yılmaz said last week that the directorate would be established in the autumn as part of a campaign to strengthen the state’s defences against all forms of cyber attack.  “We have more or less completed […]

Turkey's Vice President Cevdet Yilmaz said 'The stock market tax is not on our agenda'

Turkey U-turns on taxing crypto and stock market earnings

Turkey’s government has scrapped plans to tax profits from trading in cryptocurrency and on the stock market. Vice President Cevdet Yılmaz said on September 24 that the proposal to impose a levy on stock market and crypto trading profits had been shelved.  “The stock market tax is not on our agenda. It was discussed for […]

Sales rose 159 percent in the first eight months of 2024 as 41,300 EVs rolled off Turkey’s lots, a third being the domestically-produced Togg

Turkey imposes restrictions on hybrid car imports  

Turkey has introduced stringent regulations on the import of plug-in hybrid vehicles from some countries, including China. The notice includes rules such as importers need to have at least 20 authorised service centres across seven regions in Turkey for chargeable hybrid vehicles not manufactured in the European Union or in countries with which Turkey has […]

Botas and TotalEnergies executives sign the long-term LNG supply deal in the presence of Turkish energy and natural resources minister Alparslan Bayraktar

Turkey’s Botas signs 10-year LNG deal with TotalEnergies

Turkish energy company Boru Hatları ile Petrol Taşıma AŞ (Botas) has signed a deal to purchase 16 billion cubic metres (bcm) of liquefied natural gas (LNG) from France’s TotalEnergies. The 10-year deal will start from 2027, Anadolu Agency reported, citing Turkish energy and natural resources minister Alparslan Bayraktar. The deal offers flexible and competitive terms, […]

Egypt Latest

Egyprt cotton

Egypt’s cotton fields expand as demand grows

The amount of land in Egypt devoted to growing cotton has increased by almost a quarter as global demand for the crop rises. The area available nationwide for cotton has expanded by 23 percent from 255,000 acres to 311,700, the Ministry of Agriculture announced.  It said 70,584 acres of the land (22 percent) has been […]

Boat, Transportation, Vehicle

Suez Canal revenues fall by $6bn as unrest continues

Suez Canal revenues have fallen by $6 billion this year amid regional geopolitical issues, president Abdel Fattah El Sisi has said. The income from the waterway, connecting the Mediterranean and the Red Sea, declined by between 50 percent and 60 percent in the first eight months of 2024, local media reported, citing the president’s speech at […]

A student studies for his high school certificate exams at the Library of Alexandria during the power-off time that the government applied to overcome the overload amid a heatwave, as Egyptians experience frequent power cuts after the government said the lack of natural gas supplies feeding the country's electricity grid has fueled the crisis, in the Mediterranean city of Alexandria, Egypt, June 26, 2024. REUTERS/Mohamed Abd El Ghany

Egypt looks to Gulf investors to end power blackouts

Egypt’s energy blackouts have created new opportunities for Gulf investors, as the cash-strapped Cairo government tries to end the crisis and plug the gap in its electricity supply before next summer. Prime minister Mostafa Madbouly announced on September 19 that there would be no more power cuts over the coming period, potentially marking an end […]

ExxonMobil has been associated with the UAE since 1939 and became a joint venture partner in Zakum Development Company operating the Upper Zakum Oilfield

UAE tops list of tax payments from ExxonMobil

US energy giant ExxonMobil paid the UAE $7.4 billion in taxes and royalties last year, more than it paid any other country in the world. From declared annual earnings of almost $41 billion, Exxon paid $49 billion of global tax and duties, including more than $16 billion in income taxes, according to a regulatory filing […]

To meet Egypt's growing demand, more gas will come from Leviathan, Israel's largest gas field

Egypt to increase gas imports from Israel

Egypt plans to increase natural gas imports from Israel by 20 percent from October, to meet its fast-growing domestic demand for electricity. Imports will reach 1.2 billion cubic feet per day (cfpd), according to reports. They were already up 18 percent in September from 850 million cfpd in July. The two countries have agreed to […]

Features

A perfume shop in Sabya, Saudi Arabia. The country's fragrance sector is worth $2.3bn

Investors scent riches in Middle East perfume

The retail offering of Al Majed for Oud Company was more than nine times oversubscribed this week, as investors rushed to buy up the first tranche of 1.5 million shares in the Riyadh-based perfume and oud products manufacturer. The full listing of 7.5 million shares, or a 30 percent stake in the company, will raise […]

Save now, buy later: the new shopping model cutting debt

A new “save up before you buy” online shopping model is emerging in the UAE, offering an alternative to the debt-driven “buy now, pay later” approach that has surged in popularity across the Gulf. “Save now, buy later” (SNBL) platforms are betting on a shift towards financial responsibility, especially as concerns over household debt and […]

The digital currency that could upend how the Gulf trades

Project mBridge – a China-led central bank digital currency initiative, which the UAE and Saudi Arabia are part of – could have “broad strategic implications” for regional trade, according to market analysts.  A CBDC is a digital form of a country’s fiat currency, which is backed by a government. It eliminates the need for intermediaries […]

The huge ambitions of PIF come at vast expense

The scale of the holdings is vast and the ambition is huge. Saudi Arabia’s Public Investment Fund was the world’s highest-spending state-owned investor in the first half of 2024, according to Global SWF, a consultancy.   It is due to raise its annual spending to $70 billion in 2025, a year earlier than previously announced, according […]

People & Lifestyle

Dnata provides ground handling and cargo services, as well as catering, ramping and more

Dnata is 65, but its globetrotting is just getting started

Dnata began life 65 years ago as a small travel agency in Dubai. Today it is the airport services arm of Emirates Group, operating in over 30 countries and planning to expand to even more. This month, it signed ground handling contracts with Royal Jordanian Airlines at John F Kennedy airport in New York and […]

Saudi Arabia tourism projects Dragon Ball theme park

Arab Disneyland and Da Vinci: Saudi Arabia’s two great hopes

Saudi Arabia is spending billions on tourism projects at the heart of its grand plan to transform a once isolated kingdom into a global tourist destination. But a nagging question is haunting policymakers: will the world pay attention?   Tourism numbers are rising, hitting 27.4 million in 2023, but half of those were religious visitors.  The […]

Turkey tech visa digital nomad

Ankara’s twin tech challenge to woo foreign experts and keep its own

Turkey wants to persuade foreign tech entrepreneurs and innovators to move to the country with a scheme providing a fast-tracked business permit and residency visa, as it seeks to position itself as a leading international technology hub.  Ankara has already made a call to tech-savvy travellers through a programme launched in April offering an easy […]

Students in shared accommodation. According to one expert, international investors have put more money into student housing than any other US real estate asset

Investors size up Gulf student housing after US success

Gulf entities have invested billions of dollars in student housing in the United States over the past few years, and are now considering making the same play locally. Accommodation for university students has become a hot asset class amid demographic growth fueled by the millennial generation, which recently passed the baby boomers to become the […]

Rents in the area surrounding Abu Dhabi's Hazza Bin Zayed Stadium are around 20 to 30% higher than in nearby neighbourhoods

GCC stadium projects have multifaceted impact on real estate

Entertainment and sports-focused construction across the Gulf is most likely to push property prices up despite bringing more traffic and noise, according to industry observers. A few of the region’s many projects include the 47,000-spectator Aramco stadium in Saudi Arabia’s Al Khobar, large amusement parks in Qatar and Kuwait, and the region’s inaugural ballpark on […]

Around 3.5 million bottles of Champagne were shipped to the Gulf states in 2023, an increase of about 40 percent

Champagne shipments to the Gulf slow but still flowing

The growth in champagne shipments to the Gulf has slowed in recent years but the market is still one of the strongest in the world, bucking a global trend for declining sales. Around 3.5 million bottles of champagne were shipped to the Gulf states in 2023, an increase of about 40 percent, according to data […]

Architecture, Building, Outdoors

One year on, Atlas earthquake still highlights Morocco’s divide

Last Sunday marked one year since a devastating earthquake hit Morocco, flattening entire villages in the Atlas Mountains and killing around three thousand people. Within a week of the disaster, the country’s deadliest earthquake in 63 years, King Mohammed VI pledged MAD120 billion ($11.6 billion) over five years for reconstruction of the area.  That included […]

Electronics, Phone, Mobile Phone

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Around the world

Petronas says it will use advanced technology and AI solutions to boost Abu Dhabi’s energy resources

Abu Dhabi awards oil concession to Malaysia’s Petronas

Abu Dhabi has awarded a new onshore oil and gas exploration concession to Malaysia’s state-run Petroliam Nasional Berhad (Petronas). The concession, located in onshore block 2 in the Al Dhafra region, was granted by the Supreme Council for Financial and Economic Affairs (SCFEA), the state-run Abu Dhabi Media Office reported. The award gives Petronas 100 […]

A view of Emaar India's Gurgaon Greens project in Haryana. Adani Realty and Emaar executives are holding talks in Dubai

Adani in talks to buy stake in Emaar’s Indian subsidiary

Adani Realty, owned by Indian billionaire Gautam Adani, is holding discussions with Emaar Properties to buy a stake in the Dubai-based developer’s Indian subsidiary, a news report said. Adani Realty and Emaar executives are discussing a possible transaction for a stake sale in Emaar India in Dubai, Business Today magazine reported, citing unnamed sources. The talks […]

Hon Todd McClay, Member for Rotorua, National Party, Minister of Trade at Parliament House in Wellington, New Zealand, Tuesday, December 12, 2023. (AAP Image/Mark Coote) NO ARCHIVINGNo Use Australia. No Use New Zealand. Todd McClay, New Zealand's minister for trade, said the deal will eliminate duties on 98.5 percent of New Zealand’s exports

UAE adds New Zealand to long list of trade partners

The UAE’s plans to increase non-oil foreign trade to AED4 trillion ($1 trillion) by 2031 took another step forward on Thursday as New Zealand became the 12th country to sign a comprehensive economic partnership agreement (Cepa) with the Gulf state. The deal will reduce or remove tariffs, eliminate barriers to trade, improve market access and […]

Through its Dubai office Investec will target high-net-worth clients, family offices and financial institutions across the Gulf region

South Africa’s Investec joins financial giants in DIFC

South African bank Investec has joined the growing list of global financial institutions operating from the Dubai International Financial Centre (DIFC). Through its Dubai office, the lender will target high-net-worth clients, family offices and financial institutions across the Gulf region. The bank will provide advisory and arranging services in private banking, wealth and investment management, as well […]