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Top stories

Investors need to know the full picture of a company so 'investor education' is key

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 […]

Office workers and other professionals in Oman are among those who may soon be paying income tax but the sultanate is expected to keep rates comparatively low

Omani lower house approves income tax

Oman is on the verge of becoming the first Gulf nation to introduce a personal income tax, as it seeks to diversify revenue streams beyond oil in line with its Vision 2040 plan. The Majlis al-Shura, the lower house of the Omani parliament, approved a draft law last week, forwarding it to the State Council, […]

public investment fund PIF and its subsidiaries’ stake in Aramco doubled to 16 percent this year via an 8 percent share transfer profit

Consolidating giga-projects pushes PIF into profit

Saudi Arabia’s Public Investment Fund (PIF) swung into profit in 2023, with revenues doubling to $88.3 billion. According to an audited financial statement the sovereign wealth fund has consolidated five schemes as it manages giga-project costs.  PIF owns the development projects at the heart of Saudi Arabia’s economic reform plan but is now facing funding […]

Trending

  1. UAE businesses increase prices to protect margins

  2. Turkish manufacturers struggle to regain momentum

  3. Tourist spending in Saudi Arabia rises 23% to $12bn

  4. Companies in Kuwait hiring staff at record rate

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

OPINION & Analysis

Best of AGBI

Saudi forex

Saudi forex reserves at 18-month high in boost to giga-projects

Saudi Arabia’s foreign exchange reserves have shot up by nearly 7 percent this year to $445 billion in May, or SAR167 trillion, the highest since November 2022.  The rise gives the government more scope to pump money into cash-constrained giga-projects.  Saudi Arabia has raised $17 billion in debt markets this year. The Public Investment Fund […]

Qatar moves to meet growing tourism demand

Qatar is seeking to build up its tourism infrastructure and capitalise on a sharp increase in international visitors by launching a $5.5 billion entertainment-focused development, according to industry experts. The Simaisma Project, by the Diar Real Estate Investment Company, was announced last week by Sheikh Mohammed bin Abdulrahman Al Thani, Qatar’s prime minister. It will […]

With or without foreign help, Libya’s 2m-barrel goal looks tough

Libya is hoping to double its crude oil production over the next three to five years, but analysts have warned that a lack of investment and the political crisis that has led to the country having two rival governments are jeopardising those plans. The country’s National Oil Corporation (LNOC) announced in June that it would […]

Saudi PIF is top global investor in first half of 2024

Saudi Arabia’s Public Investment Fund was the highest-spending state-owned investor in the first half of 2024, while three Abu Dhabi institutions were also in the top five. The PIF owns stakes in various domestic companies including Saudi Aramco, Saudi Telecom Co and Saudi National Bank and is spearheading the kingdom’s giga-project development programme. It invested […]

Water shortage and talent hole hinder Gulf chips ambition

Plans by the UAE and Saudi Arabia to become centres of computer chip manufacturing are threatened by everything from shortages of engineering talent to a lack of water, experts have warned. The ambitions of the two countries will fail unless they invest in training and form partnerships, they say. The demand for high-end semiconductors, otherwise […]

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UAE latest

BitOasis crypto Sumit Gupta and Neeraj Khandelwal, Cofounders, CoinDCX

Indian crypto exchange buys UAE’s BitOasis

CoinDCX, the largest cryptocurrency exchange in India, has bought UAE-based crypto exchange BitOasis for an undisclosed amount. CoinDCX co-founder Sumit Gupta said the move would “establish an even more formidable foothold across the Mena region”. The Middle East-focused BitOasis, founded in 2016 by Ola Doudin, Tarek Kaylani and Daniel Robenek, has processed more than $6 […]

BNPL uae saudi gulf

Buy now, pay later growing fast in UAE and Saudi Arabia

A tech-savvy society, an expanding e-commerce market and the appeal of flexible financing options is fuelling the UAE and Saudi Arabia’s buy-now-pay-later (BNPL) sector, according to industry experts. BNPL – when people can make immediate online purchases and spread payments over interest-free instalments – has grown in popularity in the Gulf since the Covid-19 pandemic. […]

A construction site in Dubai. Companies are increasing prices due to rises in wages and the cost of material

UAE businesses increase prices to protect margins

Companies in the UAE were forced to hike prices for a second month in succession in June, according to the latest business sentiment survey from ratings agency S&P Global. S&P attributed the sharp rise in input prices to material costs, shipping fees and overheads. Wages also grew marginally throughout the month, leading to the fastest […]

DIFC Square aims to meet Dubai's demand for high-quality office space, as current levels 'simply won’t be sufficient'

DIFC Square launched to meet Dubai’s growing office demand

More than 500,000 sq ft of office space is to be added to the heart of Dubai International Financial Centre with the launch of three new towers. DIFC Square will be built over 1 million square feet, 60 percent of which will be dedicated to grade A office space. At a cost of around $270 […]

Drilling at Adnoc's Upper Zakum Concession. The new rigs will be the most advanced in the world, embracing AI, says the company

Adnoc Drilling bags $733m rigs contract for Zakum field

Abu Dhabi-listed Adnoc Drilling has won a $733 million contract from Adnoc Offshore for three island drilling rigs to support operations at the offshore Zakum field. The rigs will operate on existing and newly constructed innovative artificial islands at the Zakum field to drill and complete wells. Hong Kong-headquartered Honghua Group (HH) will construct the […]

Saudi Arabia latest

public investment fund PIF and its subsidiaries’ stake in Aramco doubled to 16 percent this year via an 8 percent share transfer profit

Consolidating giga-projects pushes PIF into profit

Saudi Arabia’s Public Investment Fund (PIF) swung into profit in 2023, with revenues doubling to $88.3 billion. According to an audited financial statement the sovereign wealth fund has consolidated five schemes as it manages giga-project costs.  PIF owns the development projects at the heart of Saudi Arabia’s economic reform plan but is now facing funding […]

BNPL uae saudi gulf

Buy now, pay later growing fast in UAE and Saudi Arabia

A tech-savvy society, an expanding e-commerce market and the appeal of flexible financing options is fuelling the UAE and Saudi Arabia’s buy-now-pay-later (BNPL) sector, according to industry experts. BNPL – when people can make immediate online purchases and spread payments over interest-free instalments – has grown in popularity in the Gulf since the Covid-19 pandemic. […]

Tourists visit the Nabatean tombs in AlUla. The ministry of tourism said more than 106 million tourists visited Saudi Arabia last year

Tourist spending in Saudi Arabia rises 23% to $12bn

Inbound visitor spending in Saudi Arabia rose 23 percent year on year in the first quarter of 2024. Spending reached SAR45 billion ($12 billion) in the January to March period from SAR36.6 billion a year ago, tourism ministry data showed. The surplus in the travel account stood at SAR24 billion during the period, rising 46 […]

UAE saudi microchip computer chip semiconductor

Water shortage and talent hole hinder Gulf chips ambition

Plans by the UAE and Saudi Arabia to become centres of computer chip manufacturing are threatened by everything from shortages of engineering talent to a lack of water, experts have warned. The ambitions of the two countries will fail unless they invest in training and form partnerships, they say. The demand for high-end semiconductors, otherwise […]

Saudi forex

Saudi forex reserves at 18-month high in boost to giga-projects

Saudi Arabia’s foreign exchange reserves have shot up by nearly 7 percent this year to $445 billion in May, or SAR167 trillion, the highest since November 2022.  The rise gives the government more scope to pump money into cash-constrained giga-projects.  Saudi Arabia has raised $17 billion in debt markets this year. The Public Investment Fund […]

Around the Middle East

Maersk says it will only return to sailing via the Red Sea/Gulf of Aden when the safety of seafarers and vessels is guaranteed

Red Sea disruption to stretch into Q3 says Maersk CEO

Disruption in the Red Sea is expected to stretch into the third quarter of 2024, making the situation challenging for carriers and businesses, Danish shipping major Maersk CEO Vincent Clerc has said. “For the time being, Maersk ships are continuing to divert around Africa via the Cape of Good Hope in South Africa,” he said, […]

A growth in passenger numbers of 26 percent contributed to Qatar Airways' record profit

Qatar Airways announces record profits

Qatar Airways Group has reported the strongest financial results in its 27-year history after announcing profits of more than QR6 billion (almost $2 billion) for the 2023-24 financial year. Revenues at the state-backed company increased by 6 percent year on year to QR81 billion. Passenger revenue was up by 19 percent, with a capacity increase […]

Oil workers on a rig in Libya's Sirte basin. The country's energy infrastructure needs large-scale investment, say analysts

With or without foreign help, Libya’s 2m-barrel goal looks tough

Libya is hoping to double its crude oil production over the next three to five years, but analysts have warned that a lack of investment and the political crisis that has led to the country having two rival governments are jeopardising those plans. The country’s National Oil Corporation (LNOC) announced in June that it would […]

Traders shaking hands at the Israel Diamond Exchange. Diamonds are among the items that have not been greatly affected by the conflict in Gaza

Trade flourishes between Israel and Arab states

Israel’s trade with Middle Eastern countries including Egypt, Morocco and Bahrain grew in the year to the end of May despite regional tensions and the Gaza war, a think tank report has revealed. The figures, compiled by the Abraham Accords Peace Institute (AAPI), rely on data from Israel’s Central Bureau of Statistics. Israel’s trade with […]

Jordan's $400m Masar programme aims to equip Jordanian children and youth with the relevant skills for the labour market

World Bank to support Jordan’s social sectors

The World Bank has approved $700 million programmes to support Jordan’s health, education and social assistance sectors. The $300 million Jordan human capital programme aims to improve the governance and effectiveness of social sectors, as well as safeguard households from the adverse effects of climate change. In addition, the $400 million Masar programme will equip […]

People celebrate after Eid al-Adha morning prayers inside Education City Stadium, Doha. The completion of infrastructure projects leading up to the 2022 World Cup meant there were few opportunities and catalysts left for the market

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 […]

Oman's Nama Power received 12 submissions for qualification from local and international developers

Masdar and Acwa Power vie for Oman solar project

The UAE’s Masdar and Saudi Arabia’s Acwa Power have been shortlisted to develop Oman’s 500-megawatt (MW) Ibri III solar project. The plant, launched by Nama Power and Water Procurement Company, will be built at a cost of OR155 million ($401 million).  The state-backed company received 12 submissions for qualification from local and international developers, of […]

Mabanee Kuwait

$65m credit boost for Kuwait developer Mabanee

The Kuwait real estate developer Mabanee has signed a deal to increase its credit facility by 80 percent, from KD25 million ($81.5 million) to KD45 million. The agreement was reached with “a local bank”, according to a filing on the Boursa Kuwait. Details of the bank were not disclosed. The facility, which has been extended for […]

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Turkey Latest

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 […]

Geopolitical risks and food prices are helping keep inflationary pressures alive, said Turkey's central bank

Turkey holds interest rate at 50% despite inflation risks 

Turkey’s central bank maintained its benchmark interest rate at 50 percent and will retain a tight monetary stance until inflation is tamed. The last 500 basis points rise to the benchmark rate was announced in March following a deteriorating inflation outlook. The rate has been hiked by 4,150 basis points since June 2023 to ease inflation […]

The e& stand at World Mobile Congress. The GlassHouse acquisition is its latest, following ventures in Egypt and Saudi Arabia

UAE’s e& buys Turkish cloud provider GlassHouse

The UAE telecom operator e&, formerly Emirates Telecommunications Group company and Etisalat, has acquired the Turkish cloud services provider GlassHouse through its wholly owned subsidiary e& enterprise. A binding agreement has been signed between e& enterprise and Mediterra Capital, a private equity firm that provides investments in Turkey, to take over 100 percent of GlassHouse […]

Egypt Latest

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 […]

Maersk says it will only return to sailing via the Red Sea/Gulf of Aden when the safety of seafarers and vessels is guaranteed

Red Sea disruption to stretch into Q3 says Maersk CEO

Disruption in the Red Sea is expected to stretch into the third quarter of 2024, making the situation challenging for carriers and businesses, Danish shipping major Maersk CEO Vincent Clerc has said. “For the time being, Maersk ships are continuing to divert around Africa via the Cape of Good Hope in South Africa,” he said, […]

Traders shaking hands at the Israel Diamond Exchange. Diamonds are among the items that have not been greatly affected by the conflict in Gaza

Trade flourishes between Israel and Arab states

Israel’s trade with Middle Eastern countries including Egypt, Morocco and Bahrain grew in the year to the end of May despite regional tensions and the Gaza war, a think tank report has revealed. The figures, compiled by the Abraham Accords Peace Institute (AAPI), rely on data from Israel’s Central Bureau of Statistics. Israel’s trade with […]

An engineer works on electricity turbines partially powered by green hydrogen in Sharm El-Sheikh, Egypt

BP joins Masdar in Egyptian green hydrogen project

BP, the British oil and gas company, has agreed to join a consortium including Masdar, the UAE’s state renewable energy company, and others to develop a multi-phase green hydrogen project in Egypt.  ​​The plans come as Reuters reports suggest that BP has frozen new offshore wind projects, as it renews emphasis on oil and gas […]

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

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 […]