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GCC real estate: the expat population of Riyadh grew under Vision 2030 projects but the Saudi government is also targeting domestic home ownership

Pricey homes and packed hotels: the year in GCC real estate

The story of the Gulf property market this year was about decreased housing affordability and a growing gap between top-quality properties and second-tier ones. Meanwhile, surging numbers of international visitors in the UAE, Saudi Arabia and Qatar brought thriving hospitality and retail sectors in the main tourist hotspots. Industry observers expect 2025 to bring more […]

Vero Labs taps into the fan-based asset economy

Vero Labs, the social networking company owned by the Lebanese billionaire Ayman Hariri, has partnered with the blockchain platform Avalanche to tap into the multi-trillion-dollar fan-based asset economy sector of the sports and entertainment industry.  Last year Vero Labs acquired Tokenise Stock Exchange, a regulated global marketplace where users can buy, sell and trade fan-based […]

Talabat and Lulu post-listing slump dims allure of UAE IPOs

Talabat and Lulu Retail Holdings were the UAE’s biggest initial public offerings (IPOs) in 2024, raising $3.75 billion amid huge investor demand.  But the stock price of both companies have slid since listing on the Dubai and Abu Dhabi bourses respectively, threatening investor confidence in future UAE flotations involving privately run companies. It has also […]

Why Saudi Arabia expects public debt to rise

Saudi Arabia expects its public debt to steadily rise in the next three years, despite the massive financial reserves controlled by the central bank and the Public Investment Fund (PIF). Estimates by the Saudi Finance Ministry show that public debt will swell by around SAR375 billion ($100 billion) between the end of 2024 and the […]

How Adnoc’s XRG will achieve its bold investment ambitions

When XRG, the newly formed investment arm of the Abu Dhabi National Oil Company (Adnoc), launched last month it said that it wanted to double its $80 billion in assets under management by 2035.  For comparison, Abu Dhabi’s ADQ, the world’s 10th largest sovereign wealth fund and the younger sibling of Adia and Mubadala, had […]

UAE latest

More than 170 productions have been shot in Abu Dhabi since 2013, among them films from the hit franchises Star Wars, Dune and Mission: Impossible

Abu Dhabi raises TV and film rebate to lure studios

Abu Dhabi is hoping to attract the best of Hollywood, Bollywood and the Arab world to the emirate via an increased TV and film rebate that could save studios as much as $10 million on each production. Abu Dhabi Film Commission increased its refund for productions from 30 percent to 35 percent in October as […]

The approval of the tranches will allow Shuaa to grow at its full potential, said CEO Wafik Ben Mansour

Shuaa Capital reaches final phase of restructuring plan

Dubai-listed investment bank Shuaa Capital has reached the final phase of its restructuring plan with the approval of two mandatory convertible bond tranches of up to AED425.5 million ($115.85 million). The first tranche, valued at up to AED150 million, will be offered to existing shareholders through a private placement, with mandatory conversion into shares at […]

Dubai has broken up money laundering operations worth almost $175 million

Dubai busts global money laundering gangs

Dubai has broken up two major international networks conducting money laundering operations worth a total of AED641 million ($174.5 million). The Dubai Public Prosecution referred an Emirati national, 21 British nationals, two Americans, a Czech national, and two companies owned by the Emirati national to the Criminal Court of First Instance at Dubai Courts. The […]

Tourists view the Abu Dhabi skyline. Most visitors come from India, China, Russia, the UK and Saudi Arabia

Abu Dhabi records 26% rise in international visitors

Abu Dhabi welcomed almost five million guests to its hotels in the year through to October. The latest figures from the Department of Culture and Tourism (DCT) Abu Dhabi show that the number of international guests was up 26 percent year on year over the 10-month period. Visitors mainly came from India, China, Russia, the […]

Saudi Arabia latest

The expected market capitalisation of Almoosa Health will be SAR5.63bn, making it Saudi Arabia’s second-largest IPO this year

Almoosa Health IPO’s retail tranche orders hit $372m

The retail tranche of Almoosa Health Company’s initial public offering (IPO) on the Saudi stock exchange was 408.7 percent oversubscribed, with the order book reaching SAR1.4 billion ($372.8 million). It ran two days from December 23 and comprised 2.66 million shares, representing 20 percent of the IPO, at SAR127 per share. Individual investors will receive […]

Workers at a solar panel factory in Uyayna, Saudi Arabia. The country's main non-oil trading partners are China, India, Japan and South Korea

Saudi Arabian non-oil exports increase by 13%

Non-oil exports from Saudi Arabia increased by almost 13 percent to SAR25.38 billion ($6.76 billion) in October compared to the same month last year, according to the latest government trade report. Chemical products made up 26.8 percent of non-oil exports over the month, followed by plastics and rubber products at 23.7 percent, the General Authority […]

Person, Worker, Clothing

Saudi Arabia extends bids deadline for largest mineral belts

Saudi Arabia has extended the deadline for submitting exploration licence proposals for its first mineralised belts. The extension was granted following a request from qualified bidders, seeking more time to complete the procedures, the Ministry of Industry and Mineral Resources said. In November the ministry announced 14 pre-qualified bidders for the five mineralised sites. The […]

A diver off the coast of Neom. About 106m people visited Saudi Arabia in 2023

Saudi hotel rates are flat, but tourists are staying longer

Room rates in Saudi hotels are flat, but visitors to the kingdom are staying for longer, according to government figures. The average daily room rate was SAR725.50 ($193.50) in the second quarter of 2024, said the General Authority for Statistics. This was a dip of 0.4 percent year on year. Average room occupancy rates in […]

Around the Middle East

Jakarta's skyline blends colonial architecture with modern skyscrapers. Abu Dhabi and Qatar will support Indonesia's 15-million-home, five-year plan

Abu Dhabi & Qatar to help fund Indonesian housing

Abu Dhabi and Qatar have committed to support Indonesia’s plan to build 15 million houses, according to the head of the housing task force Hashim Djojohadikusumo. Djojohadikusumo said the Qatari government will finance the construction of five million houses, while an unnamed philanthropist from Qatar will contribute towards a further one million houses. He added […]

Qatar has committed to help the rebuilding of Syria, which could cost as much as $400 billion

Qatar reveals commitment to help rebuild Syria

Qatar says it will play a central role in the reconstruction of Syria,and has plans to invest in sectors including energy and port infrastructure. Qatar’s state minister for foreign affairs, Mohamed Al-Khulaifi, made the commitment this week in what was the Gulf country’s first official visit to Syria in more than 13 years. In a […]

Elon Musk xAI funding

Regional investors rush to Musk’s $6bn xAI funding round

Elon Musk’s artificial intelligence venture xAI has attracted funding from regional investors including Saudi Arabia’s Kingdom Holding, the Qatar Investment Authority and the Oman Investment Authority.  The latest Series C funding round for xAI has closed after raising $6 billion from backers such as BlackRock, Fidelity, Sequoia Capital and Valor Equity Partners, as well as […]

Opec's oil quota for Iraq is lower than its production capacity, and it has granted new contracts such as with BP for development of Kirkuk

Iraq has a tough job to balance Opec quotas with its capacity goals

Iraq is facing some tough choices and conflicts when it comes to its national oil policy. While its oil production is expected to rise by only around 200,000 barrels per day (bpd) in the next two years, in line with a new supply restraint accord by Opec+, it already has plans to boost output capacity […]

Mena ecommerce

Mena ecommerce up 44% in November

Ecommerce in the Middle East and North Africa enjoyed a prosperous November with sales 44 percent higher than the year’s monthly average. Online transactions in 2024 were healthy as a whole, with 5 percent growth on the previous 12 months. Unsurprisingly Black Friday, the global marketing ploy that businesses use to offer big discounts, was […]

Adnoc demonstrates a robotic fueling arm. The expected GCC growth will be due to higher oil production, as Opec+ has gradually liberalised production quotas in 2024

GCC economy to grow at 4.5% in 2025 on oil support

The GDP of the six Gulf Cooperation Council (GCC) countries is forecast to grow at a higher pace in 2025 to reach 4.5 percent. While the regional GDP is expected to grow by 3.7 percent in 2024, it will stabilise at 3.5 percent in 2026, the UAE state-run Wam news agency reported, quoting a Statistical […]

Qatar's energy minister Saad Al-Kaabi said the 5 percent of generated revenue of QatarEnergy means '5 percent of generated revenue of the Qatar state'

Qatar threatens LNG halt over EU due diligence law

Qatar has threatened to cease liquefied natural gas (LNG) shipments to the European Union (EU) if the bloc enforces a corporate sustainability due diligence directive, according to a news report. The directive, set to take effect in 2027, imposes penalties for companies failing to meet stringent standards on environmental protection and forced labour in supply […]

Topics:

Turkey Latest

President Tayyip Erdoğan said the government had mostly achieved its economic programme goals for 2024

Turkey plans ‘landmark’ rate cuts in 2025 says Erdoğan

Turkey is planning additional interest rate cuts in 2025 after the central bank cut its key rate to 47.5 percent to tame inflation, president Tayyip Erdoğan has said. “The priority in our economy programme is to lower inflation,” Daily Sabah newspaper reported, quoting the president, who termed 2025 a “landmark year for rate cuts”. He […]

Shoppers stroll through the Grand Bazaar in Istanbul

Turkish central bank surprises with large rate cut

Turkey’s central bank has cut its key lending rate by a higher than expected 250 basis points. The bank lowered its lending rate to 47.5 percent on December 26, down from the 50 percent it has stood at since March. This is the first reduction in nearly two years and a sign that the bank […]

Text, Document, Driving License

Turkey to end FX-protected lira deposits next year

The Turkish central bank plans to end the forex-protected lira deposits (KKM) scheme in 2025 after its balance fell to $34.2 billion as of December 20 2024. The share of Turkish lira deposits within total deposits rose to 58.6 percent, and the share of KKM within total deposits fell to 6.2 percent, the central bank […]

Turkey nuclear plant Akkuyu

Turkey closing in on nuclear energy aspirations

Turkey’s first nuclear power plant reactor will come online in 2025, two years behind schedule, the country’s energy minister has confirmed.  Three more will follow in the next three years as part of Turkey’s efforts to diversify energy production and reduce carbon emissions.  The first reactor at the $20 billion Akkuyu nuclear power plant, in […]

Turkey’s central bank forecast to slash policy rate

Turkey’s central bank is expected to reduce its key policy rate by 150 basis points (bps) from the existing 50 percent, according to a survey by state-run Anadolu Agency. Among the 14 economists surveyed, 10 projected a rate cut between 47.5 percent and 50 percent. The remaining four economists forecast no change. Looking ahead, the […]

Egypt Latest

The Egyptian government is pressing ahead with modernisation projects for the Suez Canal

Suez Canal revenue drops $7bn amid Red Sea instability

Suez Canal revenue fell 60 percent, or $7 billion, year on year in 2024 as ongoing instability in the Red Sea disrupted global shipping traffic, according to a news report. Despite the significant earnings drop, the Egyptian government is pressing ahead with modernisation projects to enhance the canal’s capacity and maintain its pivotal role in […]

Field, Grassland, Nature

Egypt secures $275m loan for largest wind farm in Africa

Egypt has secured $275 million in funding for the construction and operation of the largest wind farm in Africa. The loan, granted to Suez Wind, includes $200 million from the European Bank for Reconstruction (EBRD) and Development and $75 million from Arab Bank and Standard Chartered. The project is co-financed by the African Development Bank, […]

Person, Walking, Adult

Egypt gets IMF’s initial nod for $1.2bn loan tranche

The International Monetary Fund (IMF) and Egypt have reached a staff-level agreement, paving the way for the release of $1.2 billion on the fourth review under its extended fund facility. The loan disbursal, however, is subject to approval by the fund’s executive board. “The Egyptian authorities have continued to implement key policies to preserve macroeconomic […]

A supermarket in Cairo. The European Commission's funding will support macroeconomic stability and support Egypt's reform agenda

Europe to loan $1bn to Egypt to meet part funding needs

The European Commission has agreed to disburse €1 billion ($1.04 billion) in loans to Egypt to cover part of its financing needs for 2024/2025. The loan will be released after Cairo fulfils the policy conditions agreed with the European Union (EU) under the ongoing macro-financial assistance. The funding will also support macroeconomic stability and support […]

Power generating wind farm in Egypt

Masdar-backed Infinity Power considers Abu Dhabi IPO

Infinity Power, a joint venture between Egypt’s Infinity and the UAE’s Masdar, is considering listing on the Abu Dhabi stock exchange within the next three years, according to its chairman. “If we’re going to list today, our preference would be Abu Dhabi,” Mansour said. “Maybe that changes in a year or two. It depends on […]

Features

Erciyes in central Turkey’s Kayseri region is among the best known and most popular resorts ski

Winter resorts add to Turkey’s tourist hotspots

Sun, sand, sea … and ski. Turkey is ramping up efforts to extend its tourism season to a year-round offering by trying to raise the profile of the country’s winter resorts. This way it hopes to attract a new cohort of visitors, seeking the thrill of skiing on snow rather than water.  Turkey currently has […]

Gulf’s growth in retirees drives demand for senior services

Changing demographics globally are paving the way for a new seniors industry in the Gulf. UAE-headquartered Aster DM Healthcare and Bahrain’s GFH Financial Investment Group are Gulf household names that have entered this fledgling but promising business with targeted medical and property services. The baby boomer generation now ranges between 60 and nearly 80 years […]

Abu Dhabi thinks big to attract super-wealthy

From exclusive schools and members’ clubs to private banking and wealth management institutions, Abu Dhabi is ramping up efforts to attract family offices and ultra-high-net-worth individuals to the emirate. US private equity investor Leon Black, who has a net worth of about $14 billion, in September opened a branch of his family office in Abu […]

Cultural factors reduce risk for Gulf BNPL providers

Buy-now-pay-later companies in the US and Europe have endured prolonged losses due to high operating costs and rising customer defaults, but BNPL operators in the Gulf may be faring better thanks to differing market dynamics, according to analysts. BNPL has soared in popularity in many regions as an easy and cheap form of consumer debt, […]

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

India UAE exports

Exports to India from UAE more than double in November

Exports to India from the UAE more than doubled year on year to over $6 billion in November, as demand for gold and energy products soared. Imports from India were up by over 11 percent in the same month, reaching $3 billion, data released by India’s commerce ministry showed. Emirati exports to India from April […]

A petrol station in Nairobi, Kenya. Kenya is purchasing fuel at fixed premiums from Saudi and UAE companies

Kenya extends oil deals with Saudi Arabia and UAE

Kenya has extended oil import agreements with one Saudi and two UAE oil companies to ease pressure on its currency, according to media reports. The deals were initially signed with Saudi Aramco, Abu Dhabi National Oil Company and Emirates National Oil Company in March 2023, offering a 180-day credit period, Business Daily newspaper reported. Reuters […]

Investors remain concerned about corporate governance and transparency despite substantial improvements over the past decade

US fund managers expected to accelerate Gulf investment

North American fund managers are underinvested in Gulf equities but that may soon change, according to new research. The region’s low correlation to global and other emerging markets, accelerating economic diversification and improving bourse diversification could make Gulf investments more attractive. Saudi Arabia (4.41 percent), the UAE (1.28 percent), Qatar (0.86 percent) and Kuwait (0.84 […]

UAE oil cut tanker

Oil shipments from UAE to Asia to be cut next year

The UAE is reducing its oil shipments early next year as Opec+ pushes for compliance with production cuts in order to try to stop prices falling. However it is unclear if this means that the country – Opec’s fifth largest producer – is cutting its output, analysts have told AGBI. Adnoc, the UAE’s state-owned oil […]