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retail M&A Bindawood Danube Saudi Arabia Video length: 04:53

Rise in retail M&A predicted as Gulf stores struggle

An increase in mergers and acquisitions in the GCC’s retail sector has been predicted for this year, as operators try to cope with an increasingly uncertain economic environment. Six retail M&A deals have taken place since the beginning of 2023, all involving intra-regional players.  Thirteen retail M&A deals were concluded in 2022, of which five […]

Algeria is expanding with new oil and gas fields but some of its other hydrocarbon assets are ageing

Energy ambitions in Algeria go beyond oil and gas

Algeria has ambitious plans to revitalise its bread-and-butter energy industry. The country is Africa’s largest gas exporter and third-largest oil producer. World Bank figures show hydrocarbons make up 93 percent of its total exports.  The International Monetary Fund said Algeria’s economy grew by 4.2 percent to $244.75 billion in 2023, in part because of renewed hydrocarbon […]

Men on the Muscat waterfront. Omani citizens who earn more than $1m will have to pay income tax

Oman to impose income tax on high earners post-2026

Oman is expected to implement its proposed personal income tax on high earners after 2026, according to a new report. In July, the Majlis al-Shura, the lower house of the Omani parliament, approved a draft law on income tax – the first of its kind in the GCC region – forwarding it to the State […]

Trending

  1. UAE pledges $30m for Ghana’s biodiversity push

  2. Saudi unemployment drops again in second quarter

  3. Maldives nears first sovereign default on Islamic bonds

  4. Suez Canal revenues fall by $6bn as unrest continues

  5. Why Birmingham is the place to invest in the UK

OPINION & Analysis

Best of AGBI

The Maldives may be a paradise for holidaymakers but it is struggling with foreign debt

Maldives nears first sovereign default on Islamic bonds

The possibility of the first ever sovereign sukuk default by the Maldives would have negative repercussions for new sukuk issuance and the broader sharia-compliant fixed income market, industry experts have warned. Sukuk are sharia-compliant bonds that were developed as an alternative to conventional bonds, which are not considered permissible by many Muslims as they pay […]

Lack of plots gives Palm Jumeirah added air of exclusivity

Palm Jumeirah, Dubai’s world-famous man-made island, is running out of undeveloped land. Developer Nakheel’s announcement earlier this week that it will pay nearly $500 million to Alec Engineering & Contracting to build the new 75-storey Como residential tower on Palm Jumeirah is bound to be one of the last of its kind. Since it will […]

Egypt looks to Gulf investors to end power blackouts

Egypt’s energy blackouts have created new opportunities for Gulf investors, as the cash-strapped Cairo government tries to end the crisis and plug the gap in its electricity supply before next summer. Prime minister Mostafa Madbouly announced on September 19 that there would be no more power cuts over the coming period, potentially marking an end […]

What the rise of robotaxi means for your car insurance

As the Middle East continues to test autonomous vehicles, the big issue is the potential increase in multi-million-dollar lawsuits as a result of AV accidents, and the debate over who is liable for such payouts. Cruise, which is owned by General Motors and has been designated as the exclusive robotaxi service provider in Dubai until […]

Saudi Arabia leads in stock lending as short selling grows

Saudi Arabia is the Middle East’s most active market for stock lending – an important part of the process of short selling – and demand from borrowers is likely to increase as more sophisticated investors start trading, new research suggests. In stock lending, an entity – usually a broker or financial institution – pays a […]

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UAE latest

Farmers harvesting cocoa in Amankwaatia village, Ghana. The cocoa industry employs 17% of Ghana's workforce

UAE pledges $30m for Ghana’s biodiversity push

The UAE and Ghana have signed a $30 million partnership for nature-based community development and climate initiatives. The agreement covers six areas of investment, including biodiversity corridors, which allow animals to travel from one patch of native forest to another, reforestation and agroecology – sustainable farming that works with nature. The partnership aims to deliver […]

Why Birmingham is the place to invest in the UK

Strategically located in the centre of England and home to the largest economy outside London, Birmingham is a prosperous, high-growth investment city and one of the UK’s most important regional hubs.  But it is the city’s future growth projections that make it such an exciting investment opportunity. Birmingham is experiencing unparalleled growth, positioning itself as […]

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Person, Worker, Clothing Spectro Alloys is a secondary foundry alloy maker in the US, producing 110,000 tonnes of aluminium ingots per year

EGA buys majority stake in US aluminium recycler

Emirates Global Aluminium (EGA), the biggest non-oil industrial company in the UAE, has acquired an 80 percent stake in US-based aluminium recycling company Spectro Alloys Corporation. The owner-managers of Spectro will hold 20 percent. The funding will be in line with EGA’s green finance framework, launched in June, to support decarbonisation projects and enable the […]

ADNH Catering provides food and support services in the UAE and through a joint venture in Saudi Arabia with Compass Group

Abu Dhabi National Hotels launches IPO of catering unit

Abu Dhabi National Hotels (ADNH) said it will float a 40 percent stake in its catering unit, or 900 million shares, on the local stock exchange.   The final offer price, determined through a book-building process, will be announced on October 16. The sharia-compliant ADNH Catering shares sold are owned by ADNH, which trades on […]

The price of property on Dubai's Palm Jumeirah is only going to increase as less land becomes available

Lack of plots gives Palm Jumeirah added air of exclusivity

Palm Jumeirah, Dubai’s world-famous man-made island, is running out of undeveloped land. Developer Nakheel’s announcement earlier this week that it will pay nearly $500 million to Alec Engineering & Contracting to build the new 75-storey Como residential tower on Palm Jumeirah is bound to be one of the last of its kind. Since it will […]

Saudi Arabia latest

Young women at a careers fair in Riyadh. The unemployment rate for women in Saudi Arabia was 10.8% in the second quarter

Saudi unemployment drops again in second quarter

The unemployment rate for Saudi nationals fell to 7.1 percent in the second quarter of 2024, government data shows, down from 7.6 percent in the first quarter and 8.5 percent in the same period a year ago. The overall unemployment rate, which includes expatriate workers, dropped to 3.3 percent in Q2, down from 4.1 percent […]

The Saudi solar projects in Haden, Muwayh and Al Khushaybi are expected to begin commercial operations in the first quarter of 2027

Saudi Arabia secures funds for 5.5GW solar projects

The developers of solar power projects worth SAR12 billion ($3.2 billion) with a combined output of 5.5 gigawatts (GW) in Saudi Arabia have secured financing for their projects. Saudi-listed Acwa Power, Water and Electricity Holding Co (Badeel), a Public Investment Fund (PIF)-owned company, and Saudi Aramco Power Co (Sapco), a wholly-owned subsidiary of energy major […]

Diriyah, a Unesco World Heritage site, is expected to receive funding of SAR12 billion from PIF next year, says CEO Jerry Inzerillo

Global investors seek stake in Diriyah projects says CEO

The Diriyah Gate Development Authority is holding discussions with foreign investors interested in buying equity stakes in hotels and other real estate developments in the $63 billion Diriyah giga-project. The Public Investment Fund (PIF)-backed developer has secured deals worth $1 billion with an Italian developer and a French company, CEO Jerry Inzerillo told Reuters. The names and specifics of the […]

Aster DM Gulf unit explores $250m Saudi expansion

The UAE-based hospital chain Aster DM Healthcare’s Gulf unit is exploring acquisitions worth $250 million to expand its presence in Saudi Arabia. The deals will focus on medical centres and hospitals, Bloomberg reported, quoting Alisha Moopen, managing director and group CEO of Aster’s Gulf Cooperation Council unit.  These deals will be finalised in the next […]

Around the Middle East

Hydrocarbons account for 93 percent of Algeria's exports and draw international investment

Algeria’s UK ambassador: ‘We must modernise our economy’

Weeks after presidential elections in which the incumbent, Abdelmadjid Tebboune, was re-elected, Algeria has set its sights on systemically modernising its economy, having seen what it says are positive results from introducing investment reforms and enabling 100 percent foreign ownership in some sectors. “We hope the economy will continue to grow with more reforms … […]

Men on the Muscat waterfront. Omani citizens who earn more than $1m will have to pay income tax

Oman to impose income tax on high earners post-2026

Oman is expected to implement its proposed personal income tax on high earners after 2026, according to a new report. In July, the Majlis al-Shura, the lower house of the Omani parliament, approved a draft law on income tax – the first of its kind in the GCC region – forwarding it to the State […]

Bahrain’s unique economic situation and small size – with a population of less than two million – make it an exception in the region

Bahrain likely to hold off on corporate tax

Bahrain is unlikely to introduce corporate tax for as long as possible in order to maintain its competitive edge on Gulf rivals, a company formation expert has told AGBI, citing discussions with the kingdom’s minister of finance. However, with the highest debt-to-GDP ratio in the GCC, some experts believe the island state may eventually be […]

Alba Maaden Aluminium Ras al Khair

Maaden-Alba merger ‘a potential game changer’

The proposed merger between the Saudi Arabian mining company Maaden and Bahrain’s aluminium smelter Alba looks likely to shake up the global aluminium industry, with the new company challenging for sixth place in the world rankings. “It’s almost a game-changing event, particularly in the GCC region,” says Andy Farida, a senior analyst at Fastmarkets, a […]

A food market south of Marrakech. Morocco's GDP growth and the agricultural sector are both expected to bounce back in 2025

Morocco’s economy slowed by agricultural slump

Morocco’s economic growth is projected to slow to 2.8 percent in 2024 due to a 7 percent contraction in the agricultural sector, the country’s central bank has said. GDP growth will rebound to 4.4 percent in 2025 as the agricultural sector is expected to grow 8.6 percent, assuming an average cereal production of 55 million […]

US President Joe Biden meeting with Qatari Emir Sheikh Tamim bin Hamad Al Thani in 2022; the US has announced new visa waiver arrangements between the two countries

Qatar is first Gulf state to join US visa waiver programme

Qatar has become the first Gulf state to join the US visa waiver programme, allowing Qatari citizens to visit visa-free for up to 90 days from December 1. The US Department of Homeland Security and the Department of State said in a statement on Tuesday that the move would help to “significantly enhance the security […]

Gulf London property Staple Inn

Gulf investors put $100m into London property fund

Gulf investors have given $100 million to a shariah-compliant fund run by the alternative asset manager Rasmala Investment Bank in Dubai to spend on the London residential property market. Adnan Adil, an investment director at the bank, told Citywire that he has seen interest from Gulf investors already well acquainted with real estate in London […]

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Turkey Latest

Turkey's Vice President Cevdet Yilmaz said 'The stock market tax is not on our agenda'

Turkey U-turns on taxing crypto and stock market earnings

Turkey’s government has scrapped plans to tax profits from trading in cryptocurrency and on the stock market. Vice President Cevdet Yılmaz said on September 24 that the proposal to impose a levy on stock market and crypto trading profits had been shelved.  “The stock market tax is not on our agenda. It was discussed for […]

Sales rose 159 percent in the first eight months of 2024 as 41,300 EVs rolled off Turkey’s lots, a third being the domestically-produced Togg

Turkey imposes restrictions on hybrid car imports  

Turkey has introduced stringent regulations on the import of plug-in hybrid vehicles from some countries, including China. The notice includes rules such as importers need to have at least 20 authorised service centres across seven regions in Turkey for chargeable hybrid vehicles not manufactured in the European Union or in countries with which Turkey has […]

Botas and TotalEnergies executives sign the long-term LNG supply deal in the presence of Turkish energy and natural resources minister Alparslan Bayraktar

Turkey’s Botas signs 10-year LNG deal with TotalEnergies

Turkish energy company Boru Hatları ile Petrol Taşıma AŞ (Botas) has signed a deal to purchase 16 billion cubic metres (bcm) of liquefied natural gas (LNG) from France’s TotalEnergies. The 10-year deal will start from 2027, Anadolu Agency reported, citing Turkish energy and natural resources minister Alparslan Bayraktar. The deal offers flexible and competitive terms, […]

Turkey tech visa digital nomad

Ankara’s twin tech challenge to woo foreign experts and keep its own

Turkey wants to persuade foreign tech entrepreneurs and innovators to move to the country with a scheme providing a fast-tracked business permit and residency visa, as it seeks to position itself as a leading international technology hub.  Ankara has already made a call to tech-savvy travellers through a programme launched in April offering an easy […]

Turkey, Ankara, 2024-02-10. Togg T10X fully electric SUV produced by Turkish car manufacturer Turkey’s Automobile Joint Venture Group (Togg) during 6th Efficiency and Technology Fair held by Ankara Science University at ATO Congresium International Convention and Exhibition Centre. The fair aims to exhibit advanced technological products that contribute to increasing productivity in the country with establishing close relations with international companies and organisations.

Turkey’s automotive sector is decelerating sharply

Output in Turkey’s powerful automotive sector decelerated sharply in August, in a year-long trend that has seen domestic production fall and exports slow. Local manufacturers say they are facing competition from imports and grappling with sky-high interest rates.  Total vehicle production in August was 53,000, down 27 percent compared to the same month last year, […]

Egypt Latest

Boat, Transportation, Vehicle

Suez Canal revenues fall by $6bn as unrest continues

Suez Canal revenues have fallen by $6 billion this year amid regional geopolitical issues, president Abdel Fattah El Sisi has said. The income from the waterway, connecting the Mediterranean and the Red Sea, declined by between 50 percent and 60 percent in the first eight months of 2024, local media reported, citing the president’s speech at […]

A student studies for his high school certificate exams at the Library of Alexandria during the power-off time that the government applied to overcome the overload amid a heatwave, as Egyptians experience frequent power cuts after the government said the lack of natural gas supplies feeding the country's electricity grid has fueled the crisis, in the Mediterranean city of Alexandria, Egypt, June 26, 2024. REUTERS/Mohamed Abd El Ghany

Egypt looks to Gulf investors to end power blackouts

Egypt’s energy blackouts have created new opportunities for Gulf investors, as the cash-strapped Cairo government tries to end the crisis and plug the gap in its electricity supply before next summer. Prime minister Mostafa Madbouly announced on September 19 that there would be no more power cuts over the coming period, potentially marking an end […]

ExxonMobil has been associated with the UAE since 1939 and became a joint venture partner in Zakum Development Company operating the Upper Zakum Oilfield

UAE tops list of tax payments from ExxonMobil

US energy giant ExxonMobil paid the UAE $7.4 billion in taxes and royalties last year, more than it paid any other country in the world. From declared annual earnings of almost $41 billion, Exxon paid $49 billion of global tax and duties, including more than $16 billion in income taxes, according to a regulatory filing […]

To meet Egypt's growing demand, more gas will come from Leviathan, Israel's largest gas field

Egypt to increase gas imports from Israel

Egypt plans to increase natural gas imports from Israel by 20 percent from October, to meet its fast-growing domestic demand for electricity. Imports will reach 1.2 billion cubic feet per day (cfpd), according to reports. They were already up 18 percent in September from 850 million cfpd in July. The two countries have agreed to […]

Saudi Arabia is investing in the development of a sports culture and infrastructure; the first of Melee's Al Khobar social sports club is scheduled to be completed first

Egyptian developer invests $1bn in Saudi sports clubs

Egyptian real estate developer Melee will spend SAR4.5 billion ($1.2 billion) to establish three new sports clubs in the Saudi cities of Riyadh, Jeddah and Al Khobar, according to a company executive. The club in Al Khobar is slated to be first in line for completion before the end of the year, Gasser Bahgat, Melee […]

Features

A perfume shop in Sabya, Saudi Arabia. The country's fragrance sector is worth $2.3bn

Investors scent riches in Middle East perfume

The retail offering of Al Majed for Oud Company was more than nine times oversubscribed this week, as investors rushed to buy up the first tranche of 1.5 million shares in the Riyadh-based perfume and oud products manufacturer. The full listing of 7.5 million shares, or a 30 percent stake in the company, will raise […]

Mineral wealth leads global lab to open in Saudi Arabia

The drive to exploit Saudi Arabia’s estimated $2.5 trillion of untapped mineral wealth has moved another step forward with the opening by the global laboratory testing company Bureau Veritas of a new metal and minerals facility in Jeddah. “Saudi Arabia is one of our key markets. It’s fast growing and that’s what makes it quite […]

The huge ambitions of PIF come at vast expense

The scale of the holdings is vast and the ambition is huge. Saudi Arabia’s Public Investment Fund was the world’s highest-spending state-owned investor in the first half of 2024, according to Global SWF, a consultancy.   It is due to raise its annual spending to $70 billion in 2025, a year earlier than previously announced, according […]

Save now, buy later: the new shopping model cutting debt

A new “save up before you buy” online shopping model is emerging in the UAE, offering an alternative to the debt-driven “buy now, pay later” approach that has surged in popularity across the Gulf. “Save now, buy later” (SNBL) platforms are betting on a shift towards financial responsibility, especially as concerns over household debt and […]

The digital currency that could upend how the Gulf trades

Project mBridge – a China-led central bank digital currency initiative, which the UAE and Saudi Arabia are part of – could have “broad strategic implications” for regional trade, according to market analysts.  A CBDC is a digital form of a country’s fiat currency, which is backed by a government. It eliminates the need for intermediaries […]

People & Lifestyle

Dnata provides ground handling and cargo services, as well as catering, ramping and more

Dnata is 65, but its globetrotting is just getting started

Dnata began life 65 years ago as a small travel agency in Dubai. Today it is the airport services arm of Emirates Group, operating in over 30 countries and planning to expand to even more. This month, it signed ground handling contracts with Royal Jordanian Airlines at John F Kennedy airport in New York and […]

Saudi Arabia tourism projects Dragon Ball theme park

Arab Disneyland and Da Vinci: Saudi Arabia’s two great hopes

Saudi Arabia is spending billions on tourism projects at the heart of its grand plan to transform a once isolated kingdom into a global tourist destination. But a nagging question is haunting policymakers: will the world pay attention?   Tourism numbers are rising, hitting 27.4 million in 2023, but half of those were religious visitors.  The […]

Turkey tech visa digital nomad

Ankara’s twin tech challenge to woo foreign experts and keep its own

Turkey wants to persuade foreign tech entrepreneurs and innovators to move to the country with a scheme providing a fast-tracked business permit and residency visa, as it seeks to position itself as a leading international technology hub.  Ankara has already made a call to tech-savvy travellers through a programme launched in April offering an easy […]

Students in shared accommodation. According to one expert, international investors have put more money into student housing than any other US real estate asset

Investors size up Gulf student housing after US success

Gulf entities have invested billions of dollars in student housing in the United States over the past few years, and are now considering making the same play locally. Accommodation for university students has become a hot asset class amid demographic growth fueled by the millennial generation, which recently passed the baby boomers to become the […]

Rents in the area surrounding Abu Dhabi's Hazza Bin Zayed Stadium are around 20 to 30% higher than in nearby neighbourhoods

GCC stadium projects have multifaceted impact on real estate

Entertainment and sports-focused construction across the Gulf is most likely to push property prices up despite bringing more traffic and noise, according to industry observers. A few of the region’s many projects include the 47,000-spectator Aramco stadium in Saudi Arabia’s Al Khobar, large amusement parks in Qatar and Kuwait, and the region’s inaugural ballpark on […]

Around 3.5 million bottles of Champagne were shipped to the Gulf states in 2023, an increase of about 40 percent

Champagne shipments to the Gulf slow but still flowing

The growth in champagne shipments to the Gulf has slowed in recent years but the market is still one of the strongest in the world, bucking a global trend for declining sales. Around 3.5 million bottles of champagne were shipped to the Gulf states in 2023, an increase of about 40 percent, according to data […]

Architecture, Building, Outdoors

One year on, Atlas earthquake still highlights Morocco’s divide

Last Sunday marked one year since a devastating earthquake hit Morocco, flattening entire villages in the Atlas Mountains and killing around three thousand people. Within a week of the disaster, the country’s deadliest earthquake in 63 years, King Mohammed VI pledged MAD120 billion ($11.6 billion) over five years for reconstruction of the area.  That included […]

Electronics, Phone, Mobile Phone

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Around the world

Petronas says it will use advanced technology and AI solutions to boost Abu Dhabi’s energy resources

Abu Dhabi awards oil concession to Malaysia’s Petronas

Abu Dhabi has awarded a new onshore oil and gas exploration concession to Malaysia’s state-run Petroliam Nasional Berhad (Petronas). The concession, located in onshore block 2 in the Al Dhafra region, was granted by the Supreme Council for Financial and Economic Affairs (SCFEA), the state-run Abu Dhabi Media Office reported. The award gives Petronas 100 […]

A view of Emaar India's Gurgaon Greens project in Haryana. Adani Realty and Emaar executives are holding talks in Dubai

Adani in talks to buy stake in Emaar’s Indian subsidiary

Adani Realty, owned by Indian billionaire Gautam Adani, is holding discussions with Emaar Properties to buy a stake in the Dubai-based developer’s Indian subsidiary, a news report said. Adani Realty and Emaar executives are discussing a possible transaction for a stake sale in Emaar India in Dubai, Business Today magazine reported, citing unnamed sources. The talks […]

Hon Todd McClay, Member for Rotorua, National Party, Minister of Trade at Parliament House in Wellington, New Zealand, Tuesday, December 12, 2023. (AAP Image/Mark Coote) NO ARCHIVINGNo Use Australia. No Use New Zealand. Todd McClay, New Zealand's minister for trade, said the deal will eliminate duties on 98.5 percent of New Zealand’s exports

UAE adds New Zealand to long list of trade partners

The UAE’s plans to increase non-oil foreign trade to AED4 trillion ($1 trillion) by 2031 took another step forward on Thursday as New Zealand became the 12th country to sign a comprehensive economic partnership agreement (Cepa) with the Gulf state. The deal will reduce or remove tariffs, eliminate barriers to trade, improve market access and […]

Through its Dubai office Investec will target high-net-worth clients, family offices and financial institutions across the Gulf region

South Africa’s Investec joins financial giants in DIFC

South African bank Investec has joined the growing list of global financial institutions operating from the Dubai International Financial Centre (DIFC). Through its Dubai office, the lender will target high-net-worth clients, family offices and financial institutions across the Gulf region. The bank will provide advisory and arranging services in private banking, wealth and investment management, as well […]