Like Abu Dhabi’s Etihad Airways before, Qatar Airways is expanding by buying stakes in other airlines. Only Etihad’s acquisition strategy ended badly. Three airlines in which it invested went bust and it lost $1.87 billion in one year alone in 2016. Qatar Airways, however, may have better luck, analysts say. The state-owned carrier, which started […]
Prices for dates in Turkey ahead of Ramadan pretty much always rise because that is when demand surges. The Turks are otherwise not big eaters of the dried fruit. But during Ramadan it is usually the first food muslims in the Middle East and elsewhere tend to eat to break the fast after a long […]
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 […]
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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 […]
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 […]
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, […]
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) […]
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 […]
GCC is ‘beacon of resilience’ but more challenges are coming
John Manners-Bell, CEO, TII
Trade between the UAE and the Central African Republic is estimated to surpass AED3.7 billion ($1 billion) following the signing of a comprehensive economic partnership agreement (Cepa) last week. Cepa will create further growth and business opportunities in both countries, boosting bilateral trade over the next five to seven years, UAE minister of state for […]
Dubai’s Roads & Transport Authority (RTA) is seeking a lead consultant for its Dubai Metro Gold Line project, according to a news report. The RTA has issued a request for proposals for the consultancy role, Dubai-based Middle East Economic Digest (Meed) reported. Potential bidders are US-based Aecom, Jacobs and Parsons, Canada’s AtkinsRealis, UK-based Mott MacDonald […]
Abu Dhabi National Oil Company (Adnoc) is considering listing its international investment arm XRG on an exchange outside of the UAE, three people with knowledge of the matter said. This could potentially create one of the largest listed energy companies in the world. The discussions to list a minority stake of XRG, which was established late […]
Like Abu Dhabi’s Etihad Airways before, Qatar Airways is expanding by buying stakes in other airlines. Only Etihad’s acquisition strategy ended badly. Three airlines in which it invested went bust and it lost $1.87 billion in one year alone in 2016. Qatar Airways, however, may have better luck, analysts say. The state-owned carrier, which started […]
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, […]
The parent company of Malaysian budget airline AirAsia has raised 1 billion ringgit ($226 million) to complete its reorganisation plan, according to a news report. “We have a 1 billion (ringgit) placement,” Capital A group CEO Tony Fernandes said at a press conference. “Don’t ask me questions on PIF’s placement order book – we are not […]
State-owned oil companies in the UAE and Saudi Arabia have lowered their benchmark crude oil prices. Saudi Aramco, the world’s top oil exporter, lowered crude oil prices for Asian buyers in April for the first time in three months, in line with market expectations and after Opec+ agreed to gradually increase supply in the same […]
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 […]
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, […]
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 […]
Jordan’s economy is forecast to grow by 2.7 percent in 2025 as tourism recovers and trade with Syria and Iraq starts to rise gradually, S&P Global said. Tourism contributes an estimated 15 percent to Jordan’s GDP, with about three-quarters of it sourced from Arab visitors, including Jordanians living abroad. “We expect the number of Arab […]
Brazilian grain trader Agribrasil has held talks with suitors interested in buying a stake in the company, according to two sources familiar with the matter speaking on condition of anonymity because the discussions are private, and GCC companies are reported in the mix. Two sources named Solaris Commodities, an independent commodity trader headquartered in Dubai, […]
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 […]
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 […]
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, […]
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, […]
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 […]
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) […]
Prices for dates in Turkey ahead of Ramadan pretty much always rise because that is when demand surges. The Turks are otherwise not big eaters of the dried fruit. But during Ramadan it is usually the first food muslims in the Middle East and elsewhere tend to eat to break the fast after a long […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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, […]
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 […]
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. […]
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 […]
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 […]
Replacing end-of-service benefit with a defined contribution fund could cost expat workers thousands
With its favourable topography and climate, the Arabian Peninsula has the potential to be a major producer
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 […]
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 […]
Brands – and their branding and PR agencies – like to feel special
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 […]
The 150 lots will feature everything from Picasso to Hermès handbags, at prices up to $1.5m
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 […]
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 […]
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 […]
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 […]
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 […]
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