EXCLUSIVE Banking & Finance 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 […] March 7, 2025
Mining Ma’aden to invest billions after profit surge The Saudi state mining company Ma’aden is looking to invest between SAR8.6 billion and SAR10.6 billion ($2.3 billion to $2.8 billion) this year as profits bounce back after a three-year low. It announced an 82 percent year-on-year increase in profits for 2024 to reach SAR2.87 billion, according to a disclosure made to the Saudi Stock […] March 7, 2025
Analysis Markets 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 […] March 7, 2025
OpinionOil & GASThere are many weighty issues to be discussed at Houston’s CERAWeek, the ‘oil man’s Davos’Frank Kane, AGBI Editor-at-Large
OpinionECONOMYAramco’s proposed dividend cuts are equal in size to the economy of a small countryEdmund Bower, AGBI Saudi Arabia editor
Opinionbusiness of sportSaudi Arabia’s endgame is about sustaining strategic advantages in and through sportSimon Chadwick, professor of sport
Analysis Finance 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 […]
VIDEO Banking & Finance The $18 trillion challenge for family offices Family offices are set to transfer more than $18 trillion to the next generation by 2030 – and that can present challenges for both the old guard and the bright young things. Those taking over Middle East family offices may be interested in cross-border investment or in newer sectors such as sustainable technology or AI, […]
Analysis Tax 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) […]
Analysis Banking & Finance 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 […]
Analysis Markets Aramco dividend vital to big-spending Saudi Arabia Saudi Aramco’s 2024 full-year results due this week are likely to again underline the importance of the world’s largest listed oil company to big-spending Saudi Arabia’s economic development plans. Aramco has said it expects to announce fourth-quarter dividends – payouts to the Saudi government are a core source of state revenue – of SAR116.5 billion […]
Telecoms Abu Dhabi’s Thuraya enters satellite smartphone market Thuraya Mobile Satellite Communications Company, a unit of Abu Dhabi’s Space42, is moving into the smartphone market, hoping to access a global satellite-capable smartphone business that could be worth as much as $15 billion within a decade. Led by the emirate of Abu Dhabi, the UAE federation is investing in its capabilities in space. Combined, […] March 7, 2025
EXCLUSIVE Banking & Finance 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 […] March 7, 2025
Renewable Energy Dewa seeks developers for new phase of solar project Dubai Electricity and Water Authority (Dewa), which trades on the Dubai stock exchange, is seeking global companies to develop the 1,600 megawatt (MW) seventh phase of the Mohammed bin Rashid Al Maktoum Solar Park, according to the national news agency Wam. The phase, which is expandable to 2,000 MW, sufficient to power about 1.6 million homes, […] March 7, 2025
Renewable Energy 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, […] March 7, 2025
Trade GCC exports to Japan slump by more than $10bn in 2024 Exports by wealthy Gulf nations to Japan, a major economic partner, plunged by $10 billion in 2024 following a decline in oil prices, according to a trade organisation. The decline combined with an increase in Japan’s exports to the six-nation Gulf Cooperation Council (GCC) to depress the Gulf group’s trade surplus by nearly $11 billion. […] March 6, 2025
Analysis Finance 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 […] March 7, 2025
Telecoms Abu Dhabi’s Thuraya enters satellite smartphone market Thuraya Mobile Satellite Communications Company, a unit of Abu Dhabi’s Space42, is moving into the smartphone market, hoping to access a global satellite-capable smartphone business that could be worth as much as $15 billion within a decade. Led by the emirate of Abu Dhabi, the UAE federation is investing in its capabilities in space. Combined, […] March 7, 2025
Mining Ma’aden to invest billions after profit surge The Saudi state mining company Ma’aden is looking to invest between SAR8.6 billion and SAR10.6 billion ($2.3 billion to $2.8 billion) this year as profits bounce back after a three-year low. It announced an 82 percent year-on-year increase in profits for 2024 to reach SAR2.87 billion, according to a disclosure made to the Saudi Stock […] March 7, 2025
Opinion Economy Aramco’s $40bn dividends drop highlights Saudi spending The shortfall is a blow to ambitious projects and reducing dependence on the oil giant's profits March 7, 2025
Analysis Oil & Gas Aramco focuses spending on gas and Jafurah fields Saudi Aramco, the world’s largest oil company by value, has said it is focusing its spending on developing natural gas over oil reserves because of higher returns. The Saudi kingdom, the world’s second-largest oil producer after the US, is developing its gas reserves to supply its petrochemical and fertiliser industries and to power its electricity-generating […] March 7, 2025
Economy 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 […] March 7, 2025
Renewable Energy 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 […] March 7, 2025
Oil & Gas 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, […] March 7, 2025
Renewable Energy 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, […] March 7, 2025
Analysis Markets 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 […] March 7, 2025
Analysis Tax 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) […] March 6, 2025
Trade GCC exports to Japan slump by more than $10bn in 2024 Exports by wealthy Gulf nations to Japan, a major economic partner, plunged by $10 billion in 2024 following a decline in oil prices, according to a trade organisation. The decline combined with an increase in Japan’s exports to the six-nation Gulf Cooperation Council (GCC) to depress the Gulf group’s trade surplus by nearly $11 billion. […] March 6, 2025
Economy Higher current spending widens Jordan’s fiscal gap Higher current expenditure widened Jordan’s budget deficit last year despite growth in revenues, the country’s finance ministry has reported. Total spending was JD11.6 billion ($16.4 billion) in 2024 compared with JD11 billion in 2023, an increase of 5 percent, the ministry said in its January bulletin published on its website at the weekend. Current expenditure, […] March 6, 2025
Economy 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 […] March 6, 2025
Banking & Finance 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 […] March 4, 2025
Economy 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 […] February 28, 2025
Banking & Finance 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 […] February 26, 2025
Agriculture Turkey meets US egg demand with increased exports Turkish producers are redirecting egg exports to the US in response to an outbreak of avian flu which is crippling the US poultry sector. The increased US sales could mean Gulf countries will shell out more for their breakfast staple. The Turkish government has given egg producers approval to increase US sales, with the packaged […] February 26, 2025
Trade 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 […] March 6, 2025
Economy 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 […] March 6, 2025
Oil & Gas 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 […] March 4, 2025
Employment 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 […] March 4, 2025
Economy Egypt’s net foreign assets jump in January Egypt’s net foreign assets (NFAs) jumped by $2.74 billion in January, boosted by the sale of $2 billion in dollar-denominated bonds, central bank data showed. NFAs climbed to the equivalent of $8.7 billion from $5.96 billion at the end of December, according to Reuters calculations based on the official central bank currency rates. The increase […] March 3, 2025
Retail 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, […]
VIDEO Education 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 […]
Analysis Markets 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. […]
VIDEO EXCLUSIVE Tech 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 […]
Analysis Real Estate 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 […]
Opinion Employment New UAE gratuity scheme could leave staff worse off Replacing end-of-service benefit with a defined contribution fund could cost expat workers thousands
Opinion Food & Drink Rising prices open door for Saudi Arabia to lead coffee market With its favourable topography and climate, the Arabian Peninsula has the potential to be a major producer
Analysis Food & Drink 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 […]
Analysis Tourism 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 […]
Opinion Media & Advertising What’s in a (badly spelt) brand name? Brands – and their branding and PR agencies – like to feel special
Analysis Health 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 […]
Opinion Leisure & Hospitality Sotheby’s first Saudi auction: a test of Gulf’s market potential The 150 lots will feature everything from Picasso to Hermès handbags, at prices up to $1.5m
Analysis Employment 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 […]
Oil & Gas 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 […]
Agriculture 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 […]
Trade 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 […]
Oil & Gas 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 […]
