Oil & Gas Aramco pays $21bn dividend despite 2024 profit slip Saudi Aramco will distribute a dividend of SAR80 billion ($21.4 billion) for the fourth quarter of 2024 despite full-year net profit falling 12 percent year on year to $106 billion. The company declared a base dividend of $21 billion for the fourth quarter, a 4 percent year-on-year increase, which will be paid in the first […] March 4, 2025
Aviation SalamAir adds planes and routes in Oman tourism drive Oman’s only low-cost airline, SalamAir, plans to double its fleet size and almost treble passenger numbers over the next three years, its CEO has told AGBI. Adrian Hamilton-Manns said SalamAir’s fleet would increase from 13 Airbus planes today to 25 aircraft in 2028. It is aiming for annual passenger numbers of 8.5 million in three […] March 4, 2025
Employment $5m US golden visa may be out of reach for some Arabs People born in Egypt and Morocco may find it more difficult than those born in Saudi Arabia or the UAE to secure President Trump’s $5 million “gold card” US permanent residency because of restrictions on capital flows. The Gulf and wider Mena region punch above their weight globally when it comes to the number of […] March 3, 2025
OpinionenergyPoorer countries feel that the rich world is ‘drawing up the ladder’ of hydrocarbon energyFrank Kane, Editor-at-Large, AGBI
OpinionINVESTMENTSGCC investors might consider a pivot to Asian equities to provide diversificationMatein Khalid, Investor
OpinionAviationA strategy of being smaller, smarter and more focused could be best for Egyptian aviationJohn Grant, Partner, Midas Aviation
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 […]
Health Gulf healthcare battling staff shortages as demand rises Recruitment is the single biggest challenge facing the Gulf’s healthcare sector, according to industry experts. By 2029, the region will need around 12,300 additional hospital beds to serve a population that is not only growing in number but also aging and living longer, according to private equity group Alpen Capital. That is equivalent to growth […]
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 Aviation Etihad IPO likely to attract ‘significant’ investor interest Abu Dhabi-owned Etihad Airways is likely to attract “significant” investor interest if and when it sells shares in an initial public offering expected in March in the first Gulf Arab airline IPO in almost 20 years, analysts have said. Owned by Abu Dhabi sovereign wealth fund ADQ, the airline may raise as much as $1 […]
Opinion Media & Advertising Why the British media is suddenly obsessed with Dubai Could a spate of reports mean yet more Brits heading to the UAE?
Petrochemicals Adnoc and OMV seal deal for $60bn chemicals JV Abu Dhabi National Oil Company (Adnoc) and Austria’s energy group OMV have agreed to merge their polyolefin operations to form a $60 billion joint venture. Borouge Group International (BGI) will be the world’s fourth largest by nameplate production capacity, the UAE company said. BGI will acquire Canada-headquartered Nova Chemicals Corporation from Abu Dhabi’s sovereign wealth fund […] March 4, 2025
Infrastructure Dubai communities to undergo $1.6bn road upgrade Dubai’s Road and Transport Authority (RTA) and Dubai Holding, a global investment conglomerate owned by Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum, will undertake major road works in five major developments to try and cut travel times by more than half. The AED6 billion ($1.6 billion) road upgrades will be carried out in Palm […] March 3, 2025
Education Gems Education plans to spend $300m on growth Dubai company Gems Education plans to spend around $300 million over the next two to three years to increase organic growth, its CEO told Reuters, as it bets on population growth and an inflow of wealthy individuals. Dubai is one of the world’s fastest-growing cities whose population has been swollen by foreigners, particularly higher-income earners, […] March 3, 2025
Opinion Media & Advertising Why the British media is suddenly obsessed with Dubai Could a spate of reports mean yet more Brits heading to the UAE? February 28, 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, […] February 28, 2025
Oil & Gas Aramco pays $21bn dividend despite 2024 profit slip Saudi Aramco will distribute a dividend of SAR80 billion ($21.4 billion) for the fourth quarter of 2024 despite full-year net profit falling 12 percent year on year to $106 billion. The company declared a base dividend of $21 billion for the fourth quarter, a 4 percent year-on-year increase, which will be paid in the first […] March 4, 2025
Banking & Finance PIF to anchor Goldman Sach’s new GCC-focused funds Saudi Arabia’s Public Investment Fund (PIF) is to be an anchor investor in Goldman Sachs Asset Management’s new funds focused on Gulf Cooperation Council (GCC) countries, the Fund said in a statement. The two companies have signed a non-binding memorandum of understanding (MoU) focusing on private credit and public equity. The new funds aim to […] March 4, 2025
Markets Saudi Tadawul profit surges 60% on higher trading value Saudi Tadawul Group, the owner and operator of the kingdom’s stock exchange, reported a 59 percent jump in 2024 profit, as annual trading value and listing services revenues rose by 38 percent and 27 percent, respectively. Net profit was SAR622 million ($166 million) compared to SAR390 million in 2023, the company said in a bourse […] March 3, 2025
Finance PIF temporarily suspends PwC from advisory work Saudi Arabia’s Public Investment Fund (PIF) has temporarily barred UK company PwC from securing advisory and consulting contracts until February 2026, according to a news report. The ban extends to the sovereign wealth fund’s more than 100 subsidiaries, Bloomberg reported citing informed sources. However, auditing projects continue as before. In May 2023, PwC received a license […] March 3, 2025
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 […] March 3, 2025
Oil & Gas Libya to launch first oil exploration bids in 17 years Libya plans its first bidding round for oil exploration in more than 17 years, Masoud Suleman, acting chairman of the National Oil Corporation (NOC), announced in a televised address on Monday. Libya is Africa’s second-largest oil producer and a member of the Organization of the Petroleum Exporting Countries (Opec). Foreign investors have been wary of […] March 4, 2025
Economy Oil revenues could trim Kuwait’s 2025 budget deficit Kuwait’s budget deficit for the fiscal year to March 31 2025 may be as much as 40 percent smaller than projected because of higher-than-forecast oil revenue, a local consultancy has said. Kuwait based its 2024-25 budget on a price per barrel of $70 but prices have been above this level for most of the fiscal […] March 3, 2025
Artificial Intelligence Microsoft urges rule change on US exports of AI chips to Gulf Microsoft has asked President Trump’s administration to ease export restrictions on artificial intelligence chips for a group of US allies, including the UAE and Saudi Arabia. The AI Diffusion Rule, introduced in the final days of President Joe Biden’s administration, controls access to US-made advanced AI tech, particularly high-performance computing chips and AI models. In […] February 28, 2025
Health Gulf healthcare battling staff shortages as demand rises Recruitment is the single biggest challenge facing the Gulf’s healthcare sector, according to industry experts. By 2029, the region will need around 12,300 additional hospital beds to serve a population that is not only growing in number but also aging and living longer, according to private equity group Alpen Capital. That is equivalent to growth […] February 27, 2025
Space Why Gulf demand for satellites is taking off Man has gone there before, but for the Gulf Arab states the space race is only just picking up. Led primarily by the UAE and Saudi Arabia, Middle Eastern countries have spent $25 billion on satellites and other space projects and equipment over the past decade. That number is expected to triple to $75 billion […] February 27, 2025
Aviation Qatar Airways gets nod to buy 25% of Virgin Australia The Australian government has cleared an offer by state-backed Qatar Airways to acquire a minority 25 percent stake in Virgin Australia from Bain Capital, a US private equity company, the companies said in a statement. The Gulf carrier made the offer to buy the stake in October, but the Australian transport minister, Catherine King, rejected […] February 27, 2025
Economy Higher than forecast oil prices mean likely budget surplus for Oman Higher than projected oil prices look likely to give Oman a budget surplus for 2024, 10 months of data suggest. The country, which pumps about 1 million barrels of crude a day and depends in it for two thirds of its revenue, based its 2024 budget on a price of $60 a barrel. Last year, […] February 27, 2025
Transport Morocco to get double-decker trains ahead of World Cup Hyundai Rotem, South Korea’s railway rolling-stock maker, will supply double-decker trains to Morocco’s state-backed National Railway Office (ONCF), as the country prepares to co-host the football World Cup in 2030. The contract, valued at MAD15 billion ($1.5 billion), will support the modernisation of the country’s rail network. The new trains are designed to reach speeds of […] February 27, 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
Logistics Turkey’s Ciner Shipping packs up and moves to Athens One of Turkey’s largest shipping companies is moving its headquarters to Athens, the latest in a string of Turkish businesses to take advantage of Greece’s EU membership and what they say is a more investment-friendly environment. Ciner Shipping issued a statement on February 21 saying it was shifting its base from Istanbul. Its Turkish staff […] February 26, 2025
Manufacturing Turkish industrial capacity use falls again The level of Turkish industrial capacity in use fell in February, continuing a trend of slowing activity in the country’s factories for a third month. Less than three quarters of Turkey’s industrial capacity was operational in February, according to data issued by the Turkish Central Bank’s statistics unit on February 24. The 74 percent total […] February 25, 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
Opinion Aviation Egypt’s aviation sector must strive to reach its potential Improved connectivity and new infrastructure will help the country regain market share February 28, 2025
Economy Egypt’s economic growth likely to accelerate, says bank Economic growth in Egypt, the third-largest Arab economy, is expected to accelerate this year, driven by expansion in several sectors including transport, financial services and housing, according to a European development bank. In the 2024-2025 fiscal year to June 30, growth may accelerate to 3.6 percent from 2.4 percent a year before, and 4.6 percent […] February 28, 2025
Economy Egypt unveils sizeable social package with wage hike Egypt will increase minimum wages for public sector employees to EGP7,000 ($139) per month starting in July, aligning with a similar hike for the private sector this month, according to local media. The wage increase is part of the EGP200 billion ($4 billion) social support package unveiled by Prime Minister Mostafa Madbouly, the local media reported. […] February 27, 2025
Giga-projects Billionaire calls for review of Egyptian mega-projects Egyptian billionaire Naguib Sawiris said his country’s mega-projects should be reconsidered to save money as they require a lot of foreign currency. “I will be polite and I would say we have an overambitious president who is doing mega projects that are requiring a lot of foreign currency and we should have a second look […] February 27, 2025
Video length: 04:45 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 […]
Food & Drink Climate change and rising costs challenge Turkish tea producers Turkey is one of the world’s biggest tea producers, and it is taking steps to increase its profile in the highly competitive international market
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 […]
