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Top stories

A trader works at the Egyptian Exchange. The rally on Egypt's bourse may continue if company valuations remain cheap

Egypt’s bourse rally endures despite shaky foundations

Cairo’s share index has trebled over the past two years as increasing numbers of Egyptians invest in stocks to preserve their wealth in response to double-digit inflation and a declining national currency. Company valuations remain cheap compared with regional peers, experts say, and so the market rally in Egypt may endure. However, the absence of […]

The Riyadh Western Metro Station, one of four main commuter hubs on the network

Riyadh Metro aims to break Saudi capital’s car gridlock

The first phase of Saudi Arabia’s $22.5 billion Riyadh Metro is opening today, marking a significant step toward transforming public transportation in a city known for its heavy car culture and gridlocked streets. The project, billed as the world’s longest driverless transit system, is a centerpiece of Saudi Arabia’s Vision 2030 plan, which aims to […]

Social media users concerned about their privacy are turning to decentralised platforms

It’s not just Elon Musk critics flocking to X rival Bluesky

Social media challenger Bluesky hit 20 million users this month, mostly by attracting people who have grown disillusioned with X and its owner Elon Musk. Bluesky has gained roughly 100,000 users a day since the US presidential election, when Musk was a full-throated supporter of Donald Trump. Its global user base reached 15 million people […]

Trending

  1. Saudi Arabia secures $9bn to unlock mining potential  

  2. Qatar awards $2.8bn contract for Doha desalination plant

  3. Retail investors offered 1.5% of Egypt’s United Bank in IPO

  4. UAE food companies aim to stack up 500 vertical farms

  5. Morocco gets $200m loan from EU for quake recovery

OPINION & Analysis

Best of AGBI

green hydrogen

Trump’s return may alter the future of renewable energy

Adnoc’s acquisition in September of a 35 percent stake in ExxonMobil’s low-carbon hydrogen facility in Baytown, Texas, might have been a sign of things to come. The deal between the Abu Dhabi-owned oil company and the US energy major came as interest in clean hydrogen was waning in the US while rising in the Gulf. Former […]

What next for Kingdom Holding’s $2bn X investment?

When Elon Musk took ownership of Twitter in 2022 for $44 billion, he did so with the help of Saudi Arabia’s Prince Alwaleed bin Talal and his Kingdom Holding, which put up nearly $2 billion of the price, and the Qatar Investment Authority, which handed over $375 million. The investment made the Saudi company the […]

Billionaires in UAE rise as Saudi numbers drop

The number of billionaires in the UAE increased in the last year as the amount of super-wealthy residents in neighbouring Saudi Arabia dropped.  Forty-eight billionaires lived in the UAE in 2023, with a combined wealth of $205 billion, a year-on-year increase of 7 percent. Dubai made up 39 of that total and welcomed one extra […]

Private money leading charge in Saudi construction industry

Private sector participation in Saudi Arabia’s construction industry is powering investment in the sector, according to a senior economist. Overall gross fixed capital formation – a measure of investment in an economy’s infrastructure, schools and other physical assets, as well as related tools and machinery – is up 3 percent year on year in the […]

Nobody likes methane seepage. Especially Europe

Liquefied natural gas has always had a heroic reputation in the energy world. Heroic engineering, heroic logistics and heroic expense, yes – but a heroic outcome: clean (or not-so-dirty) energy and a seat with the good guys at the high table of energy transition. Qatar of course, Egypt, Oman, Israel and the UAE – these are the lucky producers and […]

People, Person, Clothing

interview

The No 1 problem in a family business? ‘Not business, but family’

Mishal Kanoo, chairman, The Kanoo Group

UAE latest

The UAE's construction sector remains a key economic driver, underpinned by continued government investment in major infrastructure projects

UAE’s non-oil economy to grow nearly 5% in 2024

The UAE’s non-oil economy is projected to grow by 4.7 percent in 2024, thanks to economic diversification and fiscal surpluses that help overcome global challenges, a senior executive of UBS Global Wealth Management has said. The non-oil sector is heading towards sustainable growth, supported by a booming tourism and real estate sectors, increased government spending […]

Mubadala Capital's investment in CI Financial intends to supports its expansion in the US

Mubadala Capital’s $8.7bn bid to privatise CI Financial

Mubadala Capital, the Abu Dhabi-based alternative asset manager, has made an all-cash offer of C$12.1 billion ($8.66 billion) to privatise CI Financial, a Canadian asset and wealth manager. As part of the agreement, all issued and outstanding shares of CI will be acquired for C$32 per share in cash, except for shares held by senior management […]

green hydrogen

Trump’s return may alter the future of renewable energy

Adnoc’s acquisition in September of a 35 percent stake in ExxonMobil’s low-carbon hydrogen facility in Baytown, Texas, might have been a sign of things to come. The deal between the Abu Dhabi-owned oil company and the US energy major came as interest in clean hydrogen was waning in the US while rising in the Gulf. Former […]

UAE bank ADCB signed up 210,000 new customers in Q3, with 84% joining via digital channels

UAE bank lending rises but profits hit by impairment charges

The aggregate net income of UAE banks dropped 5.5 percent in the third quarter of this year, as a jump in impairment charges dented profitability. Among the top 10 lenders in the UAE, aggregate income fell to AED20.3 billion ($5.5 billion) in Q3 2024, according to a report by professional services firm Alvarez & Marsal. […]

Saudi Arabia latest

Crowd, Person, Helmet

Americana to invest $100m in Saudi French fries factory

A subsidiary of fast-food brand operator Americana will invest SAR375 million ($100 million) in a greenfield frozen French fries manufacturing plant in Riyadh. The new processing factory will be set up in Sudair Industrial and Business City as a collaboration between Agricultural Growth and Processing Company, an Americana unit, and Egypt-based potato processing company Farm […]

Saudi Arabia is currently importing much of its copper to meets its annual demand of 365,000 mtpa

Saudi Arabia secures $9bn to unlock mining potential  

Saudi Arabia has announced investment agreements with global mining companies worth SAR35 billion ($9.32 billion), as the country seeks to capitalise on its estimated $1.3 trillion worth of untapped mineral resources. India-based Vedanta will build SAR7.5 billion copper facilities at Ras Al Khair Industrial City, including a greenfield smelter and refinery with a capacity of […]

The Riyadh Western Metro Station, one of four main commuter hubs on the network

Riyadh Metro aims to break Saudi capital’s car gridlock

The first phase of Saudi Arabia’s $22.5 billion Riyadh Metro is opening today, marking a significant step toward transforming public transportation in a city known for its heavy car culture and gridlocked streets. The project, billed as the world’s longest driverless transit system, is a centerpiece of Saudi Arabia’s Vision 2030 plan, which aims to […]

Baker Hughes

Aramco’s debt push threatens Saudi banks’ liquidity

Saudi Aramco’s plans to keep tapping the local debt market could place further liquidity pressures on the country’s banking sector, as the government looks for new ways to raise cash for its economic development plans.  The oil giant’s chief financial officer Ziad Al-Murshed told Bloomberg last week that plans were underway to take on more […]

Around the Middle East

McDonald's China

QIA invests in owner of McDonald’s China

The Qatar Investment Authority has invested in a continuation fund that will hold a controlling stake in McDonald’s China.  Trustar Capital, a Chinese private equity firm, raised $1 billion for the fund, sources told Reuters, with the QIA, Qatar’s sovereign wealth fund, committing the largest amount, to become the anchor investor.  Other investors include the […]

Employees outside Samsung C&T headquarters in Seoul, Korea; the company has won the contract to build a gas-fired power plant near Doha

Qatar awards $2.8bn contract for Doha desalination plant

Qatar Electricity and Water Authority (Kahramaa) has awarded Samsung C&T Construction Group a $2.84 billion contract to build a combined-cycle power plant in Doha.  The gas-fired power plant, Facility E, will produce up to 2,400 megawatts of electricity and 500,000 tons of desalinated water per day. When completed in 2029, the plant will account for […]

Fishing huts and boats in Muharraq. New free zones in the governorate could help to diversify Bahrain's economy

Bahrain plans free zones to draw manufacturers

Bahrain is to set up new industrial free zones within the kingdom with a view to attracting key players in the foodstuffs, pharmaceuticals and garments industries and generating thousands of new jobs. The plans are for the Muharraq governorate, situated in the north east of the Gulf island, which is also home to Bahrain International […]

Experts says attendees at the Cop29 conference must agree binding rules on carbon credits to improve reliability and trust

Governments urged to agree carbon credit rules at Cop29

Experts have said governments need to reach binding agreements on carbon credits at Cop29 underway in Baku, Azerbaijan, to improve transparency, accountability and quality.  Among the topics being debated over the two weeks at the UN conference is Article 6 of the Paris Accord, which aims to help set rules on global carbon trade.  Countries […]

Passengers at Bahrain airport. British Airways has been flying there for 92 years

British Airways reverses decision to scrap Bahrain flights

British Airways has reversed its decision to scrap flights to Bahrain but is still reviewing plans to end direct flights to Kuwait.  The UK’s flag carrier announced two weeks ago that it would end its direct flights to Bahrain and Kuwait in the first quarter next year due to delays to the delivery of Rolls […]

Customers use ATMs at a Barclays branch in London. Qatari investors helped the bank avoid a state bailout

UK regulator fines Barclays $51m over Qatar deals

Britain’s financial regulator has fined Barclays Bank £40 million ($50.9 million) in total for its failure to disclose certain arrangements with Qatari entities in 2008. The fine by the Financial Conduct Authority (FCA) dates back to the height of the 2008-2009 financial crisis, when Barclays scrambled to raise funds from overseas investors including Qatar in […]

Ngozi Okonjo-Iweala, WTO director-general, said the potential escalation of conflicts in the Middle East could lead to further increases in transport and energy costs

WTO predicts Middle East trade slowdown in 2025

Lower oil prices, the potential for conflicts to escalate and the impact of a Trump presidency are factors supporting the World Trade Organization’s prediction that trade in the Middle East will slow down in 2025, experts have said.  In its latest Global Trade Outlook and Statistics report, the WTO said Middle East exports will grow 5 […]

Topics:

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

Turkey Latest

HSBC's Middle East operations will be overseen from Hong Kong

HSBC appoints former Turkey chief as Middle East CEO

British banking giant HSBC has appointed a new head of its Middle East operations following an internal restructuring. The company has appointed Selim Kervanci, the current CEO of HSBC Turkey, as CEO of the Middle East region. His appointment is subject to regulatory approval. Kervanci, who joined HSBC in Istanbul in 1996, replaces Stephen Moss […]

The Dubai Marina promenade. The emirate's constant population growth and stable economy attracts Turkish property investors

Turks drawn to overseas property investments

Turkish property investors are increasingly looking further afield as they seek real-estate opportunities.  High interest rates and cooling returns on assets at home make the domestic market less appealing both to Turks and foreigners. While Turkey remains a property investment destination, with a net positive balance of capital movement, inflows are tapering off just as […]

A Beko manufacturing plant. The company said Italian operations were financially unsustainable, with factory utilisation rates falling below 40 percent

Turkey’s Beko to cut jobs in Italy over underperformance

Beko, a Turkish white goods and electronic brand owned by manufacturer Arcelik, is to reduce its workforce in Italy by nearly half amid mounting industry challenges and financial underperformance. The company will lay off 1,935 of 4,440 employees, Reuters reported, citing a statement issued by Italy’s industry ministry, the FIM, FIOM, UILM and UGLM trade […]

Olives being harvested in the Eceabat region of northwestern Turkey

Turkey’s olive growers mine liquid gold

Turkey is likely to set a new record for olive oil output this year, as millions of new trees planted in a drive to expand supply reach maturity. The crop should consolidate the country’s position as the one of the world’s largest olive oil producers.  This year, Turkey is on course to produce around 475,000 […]

Shoppers walk past a coffee shop at a shopping mall in Ankara, Turkey

Turkish consumer confidence slides as inflation persists

Turks appear to have taken to heart government efforts to cool the economy and rein in inflation, with the latest consumer confidence survey showing a dip in outlook, reversing a five-month upward trend. Turkey’s consumer confidence slipped further into negative territory in November, according to data issued by statistics agency Turkstat on November 21, as […]

Egypt Latest

A trader works at the Egyptian Exchange. The rally on Egypt's bourse may continue if company valuations remain cheap

Egypt’s bourse rally endures despite shaky foundations

Cairo’s share index has trebled over the past two years as increasing numbers of Egyptians invest in stocks to preserve their wealth in response to double-digit inflation and a declining national currency. Company valuations remain cheap compared with regional peers, experts say, and so the market rally in Egypt may endure. However, the absence of […]

Egypt United Bank IPO

Retail investors offered 1.5% of Egypt’s United Bank in IPO

A small stake in Egypt’s United Bank is to be offered to retail investors on Wednesday, when 16.5 million shares of the state-owned bank will be floated on the Egyptian Exchange as part of an IPO. The retail tranche, 1.5 percent of the bank’s shares, is part of an initial public offering of 330 million […]

A green ammonia plant under construction in Norway. Poland's Hynfra plans to build plants in Egypt and Jordan

Poland’s Hynfra to build green ammonia plant in Egypt

Egypt’s General Authority for Investment and Free Zones is linking up with Polish energy company Hynfra to build a green ammonia plant. The facility will produce ammonia for export from Egypt to the European Union, the GAFI and Hynfra said in a joint statement. It will require an investment of $1.6 billion in its first […]

The Benban solar plant in Aswan. Among the MOUs the UAE signed with Egypt is a 300 MW solar plant in Benban

UAE companies sign renewable energy deals in Egypt

Companies from the UAE signed a series of memoranda of understanding in Egypt last week to develop and support green energy projects in the country. The non-binding agreements are the latest in a string of planned Gulf energy investments in Egypt. UAE renewable energy company Masdar signed an agreement to develop a floating photovoltaic solar […]

Egypt's inflation is projected to ease significantly in the first quarter of 2025

Egypt’s central bank keeps key rates steady

The Central Bank of Egypt has kept its key interest rates steady as economic growth remains below potential. The lending rate was unchanged at 28.25 percent, while the deposit rate remained at 27.25 percent, the monetary policy committee (MPC) said in a statement. “Projections for Q4 2024 show that while economic activity continues to pick […]

Features

Olives being harvested in the Eceabat region of northwestern Turkey

Turkey’s olive growers mine liquid gold

Turkey is likely to set a new record for olive oil output this year, as millions of new trees planted in a drive to expand supply reach maturity. The crop should consolidate the country’s position as the one of the world’s largest olive oil producers.  This year, Turkey is on course to produce around 475,000 […]

Bankruptcy law change lures private credit to UAE

A new bankruptcy law which came into effect in the UAE earlier this year is attracting an influx of private credit into the country after boosting investor confidence. Private credit is non-bank lending to businesses, by private investors. Introduced on 1 May 2024, the new regulations shook up insolvency laws that had only been in force […]

Trump’s prospective energy team is a mixed blessing for Gulf

The nomination of a fossil fuels veteran and climate sceptic as US energy secretary is likely to chime with Gulf expectations that the second Trump administration will aggressively promote oil and gas as integral parts of the energy mix, according to industry observers. On Saturday President-elect Donald Trump named Chris Wright, the boss of fracking […]

Algeria must forge its own identity to hit tourism targets

If Algeria’s tourism industry is to become the vital engine of the country’s economy its tourism minister hopes, it must find a way to differentiate itself from its neighbours, experts have told AGBI. The Algerian government aims to welcome more than 12 million foreign visitors by the end of the decade, as part of its national tourism […]

People & Lifestyle

Luxury yachts in Dubai. The emirate is now home to 39 billionaires

Billionaires in UAE rise as Saudi numbers drop

The number of billionaires in the UAE increased in the last year as the amount of super-wealthy residents in neighbouring Saudi Arabia dropped.  Forty-eight billionaires lived in the UAE in 2023, with a combined wealth of $205 billion, a year-on-year increase of 7 percent. Dubai made up 39 of that total and welcomed one extra […]

For AI to be properly integrated into healthcare, doctors need proper guidance, experts say

AI in healthcare is not a cure-all solution

Large language models such as the AI chatbot ChatGPT are gaining traction in healthcare, and Gulf states are investing heavily in the prospect, but LLMs’ integration into clinical practice presents challenges.  A study led by Dr Ethan Goh, published last month in the Journal of the American Medical Association Open Network, tested whether ChatGPT could […]

A woman works out at a gym in Qatif, Saudi Arabia. One investor said they had never seen as much interest from VCs in the fitness industry

Golden returns draw investors to fitness markets

Investors are showing increasing interest in homegrown fitness companies, tempted by the “golden egg” returns on offer. The fitness market in the Middle East and North Africa (Mena) has been growing at an annual rate of 30 percent since 2020, with the UAE sector valued at an estimated $550 million and Saudi Arabia at $1.7 […]

Salvator Mundi Salman park

Salvator Mundi destined for Riyadh giga-park

The $450 million Leonardo Da Vinci painting Salvator Mundi is destined for a museum of art inside the King Salman Park giga-project in Riyadh in time for hosting the World Expo in 2030, two separate sources have said.   The artwork is a big part of Saudi Arabia’s plans to rebrand itself globally as a socially […]

People on Kuwait City's Marina Beach. It is estimated that housing costs in Kuwait absorb one third of an average household's income

Building more homes a better strategy for Kuwait, say experts

Kuwait has tightened property ownership restrictions on non-GCC nationals in an attempt to make real estate more affordable for locals, but industry watchers say building more homes would be the better strategy.  The small, oil-rich emirate has already imposed strict standards on nationals of countries from outside the Gulf who wanted to purchase domestic real […]

Bahrain healthcare

Bahrain government rebuffs citizens’ quota in healthcare

A unanimous call by the Bahraini parliament for half the jobs in private healthcare to be reserved for citizens has been rejected by the government on the grounds of possible harm to patients and the potential impact on foreign direct investment. Government officials told the National Assembly that the proposed quota would constrain private healthcare’s […]

Saudi private healthcare

Healthy progress made in Saudi Arabia’s wellness drive

Private health services in Saudi Arabia are rapidly expanding as its growing population and the focus on improving citizens’ wellbeing under the Vision 2030 programme bring in billions of dollars in new domestic and foreign investments. During the Global Health Exhibition, held in Riyadh at the end of October, Saudi officials announced deals worth $13.3 […]

Trains: A Dubai metro station – a third line is due by 2029

Trains, planes and more trains (or metros)

Is it finally happening? It was conceived back in 2013 and was supposed to take four years to build but the Riyadh metro looks like it is about to open. To the hard-pressed inhabitants of the Saudi capital, that can only be a good thing. Alternatives to the car and bus – Riyadh has a new […]

Around the world

Customers use ATMs at a Barclays branch in London. Qatari investors helped the bank avoid a state bailout

UK regulator fines Barclays $51m over Qatar deals

Britain’s financial regulator has fined Barclays Bank £40 million ($50.9 million) in total for its failure to disclose certain arrangements with Qatari entities in 2008. The fine by the Financial Conduct Authority (FCA) dates back to the height of the 2008-2009 financial crisis, when Barclays scrambled to raise funds from overseas investors including Qatar in […]

Adani Group's Gautam Adani has been accused of bribery payments to Indian government officials, something the group strongly denies

US charges billionaire Gautam Adani in $265m bribery case

US prosecutors have indicted Indian billionaire Gautam Adani and seven others, including his nephew Sagar Adani, in connection with an alleged $265 million bribery scheme tied to India’s largest solar power project. Adani has extensive business interests in the Arabian Gulf. The indictment, unsealed in New York on Wednesday, accuses the Adanis and Vneet Jaain, […]

On the agenda: Ed Miliband, UK secretary of state for energy security and net zero, and World Bank president Ajay Banga at the summit on methane at COP29 in Baku

Nobody likes methane seepage. Especially Europe

Liquefied natural gas has always had a heroic reputation in the energy world. Heroic engineering, heroic logistics and heroic expense, yes – but a heroic outcome: clean (or not-so-dirty) energy and a seat with the good guys at the high table of energy transition. Qatar of course, Egypt, Oman, Israel and the UAE – these are the lucky producers and […]

Sir Keir Starmer is set to follow in his trade minister's footsteps and visit Saudi Arabia and the UAE

UK PM Starmer to visit Saudi Arabia and UAE

UK prime minister Sir Keir Starmer is to visit Saudi Arabia and the UAE next month, according to media reports. The trip in December will seek to secure new investment for the UK and strengthen its diplomatic relations in the region, the Financial Times reports, citing people familiar with his plans. It said Saudi Crown […]