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Top stories

The Forbes Tower is designed by architects Adrian Smith and Gordon Gill with a facade by BMW's Designworks

Egypt’s Forbes Tower has designs on Burj Khalifa records

Egypt’s 50-storey Forbes Tower is a self-consciously Dubai-esque development. It will have the world’s tallest central atrium, the fastest elevator, and is due to be the first net-zero tower in the Middle East and North Africa.  Magnom Properties, the Egyptian-Saudi-owned developer, plans to spend $1 billion building the 240m tall tower, and has embraced comparisons […]

Emirates NBD Capital, the investment banking unit of Dubai’s top lender, has issued a record number of bonds for its clients this year

Bond issuances to soar this year, says top Dubai banker

Emirates NBD Capital, the investment banking unit of Dubai’s top lender, has issued a record number of bonds for its clients this year as corporate and sovereign borrowers shrug off historically high interest rates and geopolitical uncertainties. The Emirates NBD subsidiary launched operations in 2007. Today, it has eight full-time employees in its Dubai office […]

Saudi aquaculture

Saudi Fisheries sets up aquaculture company

A specialist aquaculture company has been set up by Saudi Fisheries Company (Alasmak), which is part owned by the Public Investment Fund, as fish production in the kingdom grows.  Aquaculture is farming fish and aquatic plants for commercial use, such as food. Alasmak specialises in aquaculture and seafood manufacturing. It also operates fishing vessels, seafood processing […]

Trending

  1. Oil prices rise on Middle East conflict fears  

  2. Middle East on track to triple renewables capacity

  3. ‘Serious money laundering shortcomings in Kuwait’, says watchdog

  4. ADIA’s Thames Water write-off could discourage UK FDI

  5. UAE and Mitsubishi sign agreement for asteroid belt mission

OPINION & Analysis

Best of AGBI

Traditional Tunisian sweets for sale in the busy market of Tunis Medina, the historical Kasbah is a World Heritage Site and popular tourist destination in Tunisia. Shopping for traditional sweets in the medina in Tunis. Tunisia's government has refused to cut subsidies for fear of unrest

Tunisia’s tough decisions: to reform or face debt default

As Tunisia’s president Kais Saied celebrates his re-election, the former lawyer must decide whether to implement unpopular reforms to receive a foreign bailout or risk the North African country making its first ever debt default. Tunisia was close to reneging on some of its borrowings late last year and again earlier this year, but averted […]

National oil companies venture into trading business

Traditionally conservative national oil companies (NOCs) in the Middle East are developing their trading businesses in pursuit of new sources of income and to eat into the bumper profits of commodities houses. OQ of Oman, Saudi Aramco, UAE’s Adnoc and QatarEnergies have successfully developed their refined products and trading over the last decade to catch […]

Turkey’s real estate proposal: turn gold into bricks

A senior business leader in Turkey has proposed a radical plan to encourage Turks to take the gold bullion hidden under their mattresses and convert it into real estate. However, many people may be wary of exchanging a solid gold asset for the uncertainty of the country’s property market.  With the precious metal appreciating strongly […]

Costs versus profits in the energy transition debate

The Abu Dhabi-based International Renewable Energy Agency (Irena) last month reported that, once again, if you want cheap electricity, then renewable energy is by far your best bet. After “spectacular” declines in cost in recent years, according to Irena’s 2023 Costs Report, the global weighted average cost of photovoltaic (PV) solar – the most widespread […]

Fears for Strait of Hormuz oil gateway in Iran-Israel face-off

The prospect of a sustained Iran-Israel conflict is raising concerns that Iran could respond by closing the Strait of Hormuz, the waterway critical to GCC oil and gas exports. Last month about 15 million barrels per day (bpd) of crude passed through the Strait of Hormuz, 36 percent of global seaborne oil exports, according to […]

Lunch with Frank Kane: Dr Habib Al Mulla

lunch with Frank Kane

‘The biggest risk to Dubai is the cost of living’

Dr Habib Al Mulla

UAE latest

A Mitsubishi H3 rocket on the launchpad in Japan. The UAE will use the model in its asteroid belt mission

UAE and Mitsubishi sign agreement for asteroid belt mission

The UAE has signed an agreement with Mitsubishi Heavy Industries to provide services for its 2028 mission to the asteroid belt.  The Emirates Mission to the Asteroid Belt – the first multiple-asteroid tour and landing mission to the main belt that lies between Mars and Jupiter – will launch the Mohammed Bin Rashid Explorer spacecraft […]

Thames Water serves more than 16 million households in England but is holding £15 billion of debt

ADIA’s Thames Water write-off could discourage UK FDI

Abu Dhabi’s decision to write off its investment in Thames Water will make international investors more cautious about backing UK projects, despite efforts by the UK government to make its water sector more attractive to investors. The Abu Dhabi Investment Authority (ADIA) owned 9.9 percent of the UK’s largest water supplier, but according to reports […]

Crowd, Person, People

Hafeet Rail secures $1.5bn loan for UAE-Oman rail link

Hafeet Rail, formerly Oman and Etihad Rail Company, has secured funding of $1.5 billion from a consortium of regional and global banks for the 238km railway network. The $2.5 billion Omani-Emirati railway network project is the first link in a unified regional transport and logistics chain and will link five major ports and various industrial and free […]

Emirates NBD Capital, the investment banking unit of Dubai’s top lender, has issued a record number of bonds for its clients this year

Bond issuances to soar this year, says top Dubai banker

Emirates NBD Capital, the investment banking unit of Dubai’s top lender, has issued a record number of bonds for its clients this year as corporate and sovereign borrowers shrug off historically high interest rates and geopolitical uncertainties. The Emirates NBD subsidiary launched operations in 2007. Today, it has eight full-time employees in its Dubai office […]

A new UAE VAT exemption will boost investment funds, digital or crypto-related services and foreign direct investment

UAE VAT exemptions to boost funds, crypto and FDI

New exemptions by the UAE on value added tax for investment funds and digital or crypto-related services will strengthen the Gulf state’s position as a financial hub and help attract more foreign business, experts have said. The Federal Tax Authority’s amendments announced this week exempt the management of investment funds from 5 percent VAT from […]

Saudi Arabia latest

Saudi aquaculture

Saudi Fisheries sets up aquaculture company

A specialist aquaculture company has been set up by Saudi Fisheries Company (Alasmak), which is part owned by the Public Investment Fund, as fish production in the kingdom grows.  Aquaculture is farming fish and aquatic plants for commercial use, such as food. Alasmak specialises in aquaculture and seafood manufacturing. It also operates fishing vessels, seafood processing […]

Cruise Saudi CEO Lars Clasen and Adnan Alshareef, CEO and president, PC Marine Services sign the private island development contract

New Red Sea private island to propel Saudi cruise sector

Saudi Arabia is developing a private island in the Red Sea to boost its cruise tourism sector. Cruise Saudi, a subsidiary of the Public Investment Fund, has awarded a contract to Jeddah-based PC Marine Services to carry out the project. The island will be exclusive to cruise passengers and have facilities such as a welcome centre, […]

Tony Douglas, CEO of Riyadh Air, seated left, and Miguel Ángel Gil, CEO of Atlético Madrid, seated right, unveil the new name of the football club's stadium

Riyadh Air signs stadium naming deal with Atlético Madrid

The new Saudi Arabian carrier Riyadh Air has agreed a deal with the Spanish football club Atlético Madrid to rename the team’s stadium after the Gulf state airline. Atlético Madrid’s stadium, the Estadio Metropolitano, opened in 2017, will now be called the Riyadh Air Metropolitano. The stadium sponsorship deal is scheduled to run until 2033, […]

Herfy operates 385 branches in Saudi Arabia and also has a presence in Kuwait, Bangladesh and Nigeria

Shareholder disputes worsen Saudi fast-food chain Herfy’s woes

As its profits and share price plunge, Saudi Arabia’s leading fast-food chain Herfy has become embroiled in disputes with its two biggest shareholders. Founded in 1981 by Ahmed Al-Said after he returned from studying in the United States, Herfy operates about 385 restaurants across the kingdom, plus bakeries and meat processing factories. It also has […]

Saudi Arabia’s geographic location allows access to Europe, Asia, and Africa within an eight-hour flight radius

Rise in direct flights to Saudi Arabia as 12 airlines start services

A dozen foreign airlines launched direct flights to Saudi Arabia in the first 10 months of 2024. In comparison, the global average is only two to four foreign carriers entering new markets annually, Air Connectivity Programme CEO Majid Khan told the state-backed Saudi News Agency. “This growth has helped increase inbound tourism and air traffic,” […]

Around the Middle East

Fatih Birol, the IEA’s managing director, said that policy incentives allow the Middle East to take advantage of the cost-competitiveness of solar power Mena Middle East

Middle East on track to triple renewables capacity

Middle East and North African countries are on track to triple their renewable capacity by 2030, mainly due to expansion of solar photovoltaic projects, the International Energy Agency has said. Renewables are forecast to increase from 53GW in 2023 to almost 150GW by the end of the decade, in which solar PV is expected to […]

Ooredoo will use the net proceeds from the bond sale for general corporate purposes, including refinancing its existing debt

Ooredoo’s $500m bond oversubscribed more than 3 times

Qatar telecom company Ooredoo has raised $500 million from a bond sale as part of its $5 billion global fund-raising initiative. The 10-year unsecured bonds, issued by Ooredoo International Finance Limited, a wholly owned subsidiary, are listed on the Irish Stock Exchange. Priced with an annual coupon rate of 4.625 percent, the bonds achieved a […]

A UN report says 'Bahrain has established itself as a digital development leader' Bahrain GDP economy

Transport and finance help Bahrain overcome oil slump

Bahrain’s economy expanded by 1.3 percent in the second quarter of 2024, thanks to double-digit growth in some of its non-oil sectors.  The ministry of finance and national economy said 2.8 percent growth in its non-oil sector, which accounted for 85 percent of gross domestic product in Q2, helped to offset a 6.7 percent decline […]

The National Bank of Bahrain says its bitcoin fund will protect investors from losses

Bahraini bank launches Gulf’s first bitcoin investment fund

The National Bank of Bahrain has launched a bitcoin-pegged structured investment product, aimed at targeting growing demand for the cryptocurrency among institutional investors in the Gulf countries.  The fund, developed in partnership with digital asset firm ARP Digital, will offer investors access to any rise in bitcoin’s price, capped within a predetermined threshold, and guarantee […]

BP Iraq Kuwait

BP seeking new investments in Iraq and Kuwait

BP is in talks for new investments in Iraq and Kuwait as the company refocuses on oil and gas. The British energy giant is in discussions to invest in three new projects in Iraq, including one in the Majnoon field near Basra, sources have told Reuters. In August BP signed an agreement with the Iraqi […]

Bank Dhofar has almost OMR5 billion of assets

Omani banking sector ripe for further mergers

Oman’s banking sector has more than doubled in size since 2013 but may lack the scale to meet state financing needs. Lenders are already stretched in terms of their loan-to-deposit ratios, and further sector consolidation is probably needed along with borrowing on international bond markets. Bank Muscat is Oman’s largest with assets of OMR13.7 billion […]

Gulf airlines, Gulf airlines conflict, Gulf conflict risk, Gulf flights cancelled rerouted

Conflict risk leads Gulf airlines to cancel regional routes

Gulf airlines are among airlines that have cancelled and rerouted flights across the Middle East as the conflict between Iran and Israel escalates. They are avoiding Iranian airspace and many have cancelled routes entirely following a major missile attack by Iran against Israel on Tuesday. Immediately after the attacks about 80 flights operated by carriers […]

Despite challenges to the economy, Kuwait's bank sector remained resilient, the country's central bank says

Kuwait’s economy holds up against challenges, says central bank

Robust spending and “long-due” structural reforms expected to accelerate following “recent political developments” will help Kuwait’s economy overcome some challenges, according to the Central Bank of Kuwait (CBK). Kuwait faced multiple challenges in 2023 in the face of high inflation, rising global interest rates and bubbling geopolitical tensions in the region, according to CBK’s 12th […]

Topics:

Neom
HYDROGEN
SAUDI VISION 2030
IPOs
mergers & acquisitions
crypto
Electric cars
israel-hamas war
FOOD SECURITY
islamic finance
ukraine-russia war
OPEC
SPACE

Turkey Latest

A worker at a natural gas control centre in Turkey. Epias trades wholesale natural gas and electricity markets

Turkey’s energy bourse Epias to expand and may consider IPO

Turkish energy bourse Enerji Piyasalari Isletme AS (Epias) will expand its operations over the next few years and an initial public offering may be considered after the expansion, Turkish energy minister Alparslan Bayraktar said on Wednesday. Speaking at an Atlantic Council conference in Istanbul on Wednesday, Bayraktar said Epias, which currently operates wholesale electricity and […]

turkey renewable auctions: Ankara aims to scale up solar energy to 52.9 GW by 2035 from 9.5 GW in 2022

Turkey to restart auctions to expand renewable capacity

Turkey’s energy ministry is set to restart auctions next year for specially designated renewable energy zones to draw global investment, a news report said. The country plans to add 2,000 megawatts of new renewable energy capacity every year until 2035 through these auctions, Bloomberg reported, citing informed sources. In addition, the ministry is exploring incentives […]

The Chinese electric vehicle manufacturer BYD is advancing plans to develop a $1bn production facility in Turkey

China files trade complaint against Turkey over EV tariffs

Beijing has lodged a trade dispute complaint against Turkey at the World Trade Organisation over Ankara’s efforts to stem a potential tide of imported Chinese electric vehicles. China’s launching the first stage of the dispute mechanism (termed a request for consultations) comes more than two years after Turkey first imposed tariffs on Chinese made-EVs, with […]

Turkey gold real estate. From bracelets to buildings: the proposal suggests selling gold directly to the central bank

Turkey’s real estate proposal: turn gold into bricks

A senior business leader in Turkey has proposed a radical plan to encourage Turks to take the gold bullion hidden under their mattresses and convert it into real estate. However, many people may be wary of exchanging a solid gold asset for the uncertainty of the country’s property market.  With the precious metal appreciating strongly […]

Accessories, Formal Wear, Tie

Turkey SMEs bolstered by $2.3bn global funding

The Turkish government has secured $2.3 billion from international institutions to bolster small and medium-sized enterprises and exporters this year, treasury and finance minister Mehmet Şimşek has said. The funding has been secured from various international institutions through Türk Eximbank and development banks to improve financing access for the sector in the midst of ongoing […]

Egypt Latest

The Forbes Tower is designed by architects Adrian Smith and Gordon Gill with a facade by BMW's Designworks

Egypt’s Forbes Tower has designs on Burj Khalifa records

Egypt’s 50-storey Forbes Tower is a self-consciously Dubai-esque development. It will have the world’s tallest central atrium, the fastest elevator, and is due to be the first net-zero tower in the Middle East and North Africa.  Magnom Properties, the Egyptian-Saudi-owned developer, plans to spend $1 billion building the 240m tall tower, and has embraced comparisons […]

Regional and international hotel operators are keen to expand in Egypt, but it also needs to improve infrastructure such as airports to support its tourism ambitions

Infrastructure needed to support Egypt’s tourism ambitions

Regional and international hotel operators are keen to expand in Egypt, but the country needs to improve infrastructure such as airports to support its tourism ambitions, industry sources have said. Egypt aims to emulate the high-end hospitality and entertainment development that the UAE and other Gulf countries have pioneered, at the same time bringing in […]

Switzerland-based Barry Callebaut is the world's largest manufacturer of industrial chocolate, with about a 40 percent market share in volume terms

World’s largest chocolatier plans factory in Egypt

The world’s largest producer of chocolate has said it plans to build a $30 million factory in Egypt. Switzerland’s Barry Callebaut is the world’s largest manufacturer of chocolate, with about a 40 percent market share in volume terms, and is the largest processor of cocoa beans with about 20 percent market share. Vamsi Mohan Thati, […]

Egyprt cotton

Egypt’s cotton fields expand as demand grows

The amount of land in Egypt devoted to growing cotton has increased by almost a quarter as global demand for the crop rises. The area available nationwide for cotton has expanded by 23 percent from 255,000 acres to 311,700, the Ministry of Agriculture announced.  It said 70,584 acres of the land (22 percent) has been […]

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 […]

Features

Polysilicon is used for the production of solar panels and the Gulf could complement China in making them in-country with local materials

Gulf spots opening in China’s polysilicon boom-bust cycle

Solar power capacity across the Middle East region trebled from 3 gigawatts to 9GW between 2020 and 2023, according to the trade association Energy Industries Council.  In the Gulf alone, a further 40GW of photovoltaic (PV) solar power are scheduled for installation by 2030, the International Renewable Energy Agency (Irena), an intergovernmental organisation, says.  For […]

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 […]

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 […]

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 […]

People & Lifestyle

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 […]

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 […]

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 […]