Markets Istanbul mayor’s arrest sends Turkish markets crashing Markets in Turkey were thrown into turmoil on Wednesday after the arrest of Ekrem İmamoğlu, a leading political opposition figure, with the stock exchange, lira and bonds all recording sharp losses. İmamoğlu, the mayor of Istanbul, was expected to be named on Sunday as the Republican People’s Party candidate for Turkey’s next presidential election. He […] March 19, 2025
Analysis Leisure & Hospitality Gulf hotel owners switch to franchises in search of profits Hotel owners in the Gulf are increasingly choosing franchise agreements with international hotel brands over the less profitable direct management route, industry experts and analysts say. This is especially true in the UAE and Saudi Arabia where the hotel industry is maturing and hotel owners know their business better, driving them to manage their own […] March 19, 2025
Employment Gulf consulting market expected to cross $8bn this year The Gulf consulting sector is expected to outperform the rest of the world in 2025 with growth of 12 percent, twice as fast as the United States. Although the regional market is predicted to be worth more than $8 billion, growth will be at a slightly slower pace. Last year the GCC market grew by […] March 19, 2025
OpinionLeisure & HospitalityOman’s rise in food prices may be due in part to its new pension for the over-60sSaleh Al-Shaibany, Journalist
OpinionLOGISTICSInvesting in Africa’s logistics and infrastructure could bring long-term returns but trust is keyJohn Manners-Bell, CEO, Transport Intelligence Insight
OpinionENERGYIt’s often cast as a villain in climate talks, but Saudi Arabia’s energy transition plan is highly ambitiousAmena Bakr, Head of ME energy, Kpler
SPECIAL REPORT Trade Bolstering Egypt’s trade with Africa Egypt's portfolio of multilateral trade deals includes the largest continental free trade agreement in the world. We look at how it can do more business in Africa – a market of 1.5 billion people In association with
VIDEO Real Estate Short-term rentals appeal to Dubai investors The holiday home market is growing rapidly in Dubai, with between 30,000 and 45,000 rental listings now compared to 7,000 in 2017. While they may no longer offer the 10 percent return on investment of a few years ago, rental properties are still an attractive and flexible option for investors, according to Anna Skigin CEO […]
Analysis Employment SMEs struggle as skills shortages drive up Saudi salaries Wassim Elaify is not short of work. Quite the opposite. Indicators, the accountancy firm he manages in Riyadh, is receiving more requests to be taken on as clients from expanding Saudi companies and newly arrived international groups than it can handle. Saudi Arabia‘s non-oil economy is expanding at more than four times the rate of […]
Analysis Oil & Gas Final kink obstructs reopening of Iraq-Turkey pipeline Iraq’s oil pipeline through Turkey – which has been closed for two years – is not just a pipeline. It raises a cornucopia of issues: declining Russian oil exports to Turkey, US pressure on Iraq to stop illicit Iraqi oil exports to Iran, peace with the militant Kurdistan Workers Party (PKK) in eastern Turkey, how […]
Analysis Aviation Saudia ‘still a flag carrier’ ahead of Riyadh Air launch Saudi Arabia’s flag carrier Saudia is upgrading its fleet with new Boeing and Airbus aircraft even as the government prepares to start a new airline later this year. The 80-year-old carrier has 118 aircraft on order, most of which will replace older models in its existing fleet of 147, and are scheduled to arrive through […]
Opinion Logistics Trust is paramount as Gulf states deepen African investment Legal disputes and infrastructure challenges could test long-term relations March 19, 2025
Renewable Energy Masdar in talks on $200m solar power deal in Spain Abu Dhabi renewable energy company Masdar is nearing a deal that would see it pay around $200 million for a 49.9 percent stake in a solar portfolio controlled by Spanish power utility Endesa, according to two sources familiar with the deal and a document seen by Reuters. The deal for the roughly 450-megawatt portfolio builds […] March 19, 2025
Economy UAE and US leaders discuss economy and tech tie-ups Sheikh Tahnoon bin Zayed Al Nahyan, Abu Dhabi’s deputy ruler and UAE national security advisor, met US President Donald Trump at the White House on Tuesday, holding talks on economic and technological cooperation. “Discussions included ways for our countries to increase our partnership for advancing our economic and technological futures,” Trump said in a Truth Social […] March 19, 2025
Finance Fences come down for businesses in Dubai free zones Businesses operating in Dubai’s free trade zones will be able to expand their activities into the emirate’s mainland areas after a government ruling. The new legislation will allow the Dubai Department of Economy and Tourism to issue licences or permits granting expansion into the wider city. Dubai has more than 30 free trade zones covering […] March 18, 2025
Banking & Finance Emirates NBD downplays reports of Egyptian acquisition Emirates NBD, Dubai’s largest bank by assets, has refuted media reports that it is undertaking due diligence on a state-owned Egyptian bank ahead of potentially buying a stake in the lender. Last week, Kuwaiti and Egyptian media published articles detailing how Emirates NBD – which has an Egyptian subsidiary – had begun examining the books […] March 18, 2025
Real Estate Al Akaria explores new launches after four-fold profit rise Saudi Real Estate Company (Al Akaria) said net profit for 2024 nearly quadrupled amid a rise in property sales and rental income. Profit surged to SAR215 million last year from SAR68 million in 2023 due to higher profit share from associates and a drop in zakat expenses. Revenue rose 10 percent year on year to […] March 19, 2025
Mining Saudi Arabia grants licences for first mineral sites Saudi Arabia has awarded the first exploration licences for mineralised belts at Jabal Sayid, northeast of Jeddah, and Al-Hijar in the south of the kingdom. The two sites, covering a total of 4,788 sq km, will speed up the exploration of mineral resources with an estimated worth of SAR9 trillion ($2.4 trillion), the ministry said […] March 19, 2025
Employment Gulf consulting market expected to cross $8bn this year The Gulf consulting sector is expected to outperform the rest of the world in 2025 with growth of 12 percent, twice as fast as the United States. Although the regional market is predicted to be worth more than $8 billion, growth will be at a slightly slower pace. Last year the GCC market grew by […] March 19, 2025
Logistics $1bn investment to advance Saudi Arabia’s logistics ambitions Saudi-listed Sal Logistics Services and master developer Sela have agreed to develop a logistics zone north of Riyadh. SAL Logistics Zone in Falcon City will cover more than 1.5 million square metres and will be developed at a cost of SAR4 billion ($1 billion), the companies said in a joint statement on Tuesday. The logistics […] March 18, 2025
Real Estate Riyadh adds 10 times as much office space as Dubai Riyadh added the most office space of any Middle Eastern city last year, nearly 10 times as much as its regional rival Dubai. However, the additional supply is unlikely to ease a chronic shortage of prime commercial property in the Saudi capital in the short term. Riyadh, which has a population of seven million, added […] March 18, 2025
Infrastructure Algeria cancels deep-water port project with China Algeria has officially shelved a $3 billion project to build what could have been one of Africa’s largest ports, nine years after a group of Chinese and Algerian companies signed an initial agreement, Ports Europe reported. The Algerian authorities, China State Construction Engineering Corporation and the China Harbour Engineering Company, signed an initial agreement in […] March 19, 2025
Employment Oman targets 45,000 new jobs this year The Omani government reportedly plans to create 45,000 job opportunities in 2025. The jobs include 11,000 positions for training and qualification, 10,000 in government offices and 24,000 in the private sector, the Oman Daily Observer reported, citing labour minister Dr Mahad bin Said Baowain. The ministry is focusing on providing work-related training and wage subsidies for […] March 19, 2025
Oil & Gas Iraq approves Kirkuk oilfield development deal with BP Iraq has officially endorsed an agreement with UK energy major BP for the development of four oilfields in the northern Kurdish Kirkuk region. The cabinet gave its final approval to the multi-billion dollar contract at a meeting this week headed by Prime Minister Mohammed Al-Sudani, the official news agency said. BP expects to invest up […] March 19, 2025
Employment Kuwaitis earn nearly five times as much as expats Kuwaiti nationals earn nearly five times as much as their expatriate colleagues, and more than four in every five Kuwaitis work for the government, data from the Central Statistics Administration has revealed. Of 450,000 working Kuwaitis at the end of September, 375,000, or 83 percent, were in the public sector, with the remainder in the […] March 19, 2025
Development Donors pledge $6bn in aid to Syria Donors at a European Union-led conference in Brussels on Monday pledged €5.8 billion ($6.3 billion) to help Syria’s new authorities as they struggle with humanitarian and security problems after the fall of Bashar al-Assad. The pledges at the Brussels gathering were less than last year’s €7.5 billion in grants and loans, as EU officials pointed to […] March 18, 2025
Aviation Kuwait Airways rules out profit for at least two years State-owned Kuwait Airways does not expect to turn a profit for at least another two years as it struggles to recover from losses built up during the Covid 19 pandemic, its chairman said. Abdulmohsen Alfagaan told Kuwait’s daily Alseyassah that the airline is looking into what airplanes it needs and its network of destinations, anticipating […] March 18, 2025
Infrastructure Iraq’s long delayed Faw port nears completion Iraq’s long-delayed redevelopment and construction of its Faw port near the Arabian Gulf will be completed this year, the Iraq state news agency reported, paving the way for improved access for goods to Iraq and beyond. South Korea’s Daewoo won a $2.6 billion contract to build five main piers at the port in 2010 and […] March 17, 2025
Banking & Finance Kuwait pension fund’s $1bn lawsuit begins in London Kuwait’s public pension fund has accused asset manager Man Group, Swiss bank EFG and others of laundering bribes paid to its late director as a $1 billion trial begins at London’s High Court. The Public Institution for Social Security, which operates Kuwait’s social security and pension scheme, is also suing the estate of Fahad Al Rajaan, its director from 1984 to […] March 17, 2025
Markets Istanbul mayor’s arrest sends Turkish markets crashing Markets in Turkey were thrown into turmoil on Wednesday after the arrest of Ekrem İmamoğlu, a leading political opposition figure, with the stock exchange, lira and bonds all recording sharp losses. İmamoğlu, the mayor of Istanbul, was expected to be named on Sunday as the Republican People’s Party candidate for Turkey’s next presidential election. He […] March 19, 2025
Analysis Oil & Gas Final kink obstructs reopening of Iraq-Turkey pipeline Iraq’s oil pipeline through Turkey – which has been closed for two years – is not just a pipeline. It raises a cornucopia of issues: declining Russian oil exports to Turkey, US pressure on Iraq to stop illicit Iraqi oil exports to Iran, peace with the militant Kurdistan Workers Party (PKK) in eastern Turkey, how […] March 17, 2025
Oil & Gas Turkey imports crude from Brazil after Russian oil ban Turkey’s largest oil refiner Tupras is set to receive a cargo of Itapu crude early next month, its first such purchase from Brazil, according to a source, and ship tracking data. Tupras last month said it had stopped buying Russian crude after the US announced new sanctions on Russia’s oil industry on January 10. The cargo of […] March 17, 2025
Economy Turks turn to credit cards for foreign purchases Turks are increasingly using credit cards to buy goods and services abroad, as inflation and taxes eat away at their buying power at home. Turkish people used their credit cards more than 380 million times for overseas purchases last year, spending $11.5 billion, according to a new report by the central bank’s Bankalarası Kart Merkezi […] March 14, 2025
Oil & Gas Turkey ties up with US to develop its shale fields State-backed Turkish Petroleum Corporation and US energy companies Continental Resources and TransAtlantic Petroleum will jointly develop unconventional oil and natural gas resources in the Diyarbakir Basin in the east of Turkey, according to a statement. “This cooperation will greatly contribute to our goal of bringing Turkey’s oil and gas resources to our economy,” energy minister […] March 13, 2025
Banking & Finance Emirates NBD downplays reports of Egyptian acquisition Emirates NBD, Dubai’s largest bank by assets, has refuted media reports that it is undertaking due diligence on a state-owned Egyptian bank ahead of potentially buying a stake in the lender. Last week, Kuwaiti and Egyptian media published articles detailing how Emirates NBD – which has an Egyptian subsidiary – had begun examining the books […] March 18, 2025
SPECIAL REPORT Trade Bolstering Egypt’s trade with Africa Egypt's portfolio of multilateral trade deals includes the largest continental free trade agreement in the world. We look at how it can do more business in Africa – a market of 1.5 billion people March 18, 2025 In association with
Oil & Gas UK’s Capricorn seeks better term for investments in Egypt The British oil and gas producer Capricorn Energy is in advanced talks with the state-owned Egyptian General Petroleum Corporation to improve the terms for its gas concession agreements in the Western Desert. The talks include an improved gas price for incremental production and new discoveries, plus “modernised” commercial terms, the company said. Capricorn and the […] March 17, 2025
Tourism UAE to fund new luxury hotel near Egypt’s Giza pyramids The UAE will back the development of a five-star hotel near the pyramids in Giza outside the capital Cairo to support Egypt’s tourism, state-run Wam news agency reported. State-backed Abu Dhabi Fund for Development (ADFD), which specialises in development financing at below market rates, will provide AED440 million ($120 million) to build a 302-key Sofitel […] March 14, 2025
Banking & Finance Emirates NBD to buy stake in Egypt’s Banque du Caire Emirates NBD, Dubai’s largest bank by assets, has begun due diligence ahead of buying a stake in Egypt’s sixth-largest commercial bank, Banque du Caire. The purchase would be the latest sale of a government-owned asset in a stalled privatisation programme, according to regional media. Egypt agreed an expanded $8 billion loan from the International Monetary […] March 13, 2025
Analysis Finance Growth-stage investment heats up as Gulf IPOs gain traction Global investors are increasingly vying for stakes in later-stage Gulf startups, betting on the region’s economic expansion and stronger exit opportunities, as the regional IPO markets gain momentum. The region, long overlooked for growth-stage capital – minority investments in established companies aimed at accelerating expansion – is witnessing a surge of interest from giants such […]
Analysis Employment Barriers remain high for women seeking jobs in the Middle East A “shocking” lack of care facilities for the elderly, few options for childcare, unsafe transport and poor access to credit all combine to make it hard for even highly educated women in the Middle East and North Africa to progress in their careers. That is the belief of Hela Cheikhrouhou, a senior official with the […]
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, […]
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 […]
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 […]
