Banking & Finance Damac chairman Sajwani’s wealth doubles to more than $10bn The fortune of Hussain Sajwani, the chairman of Dubai-based Damac Properties, has doubled in the last year as he takes his place among the world’s wealthiest individuals to become the richest businessman in the Middle East. The 72-year-old real estate magnate is worth $10.2 billion, the annual rich list from Forbes says, significantly higher than […] April 2, 2025
Analysis Trade The Gulf must brace for indirect hits from Trump’s tariffs Gulf states may stave off new tariffs US president Donald Trump is expected to announce but the measures’ indirect impact on the global economy and oil prices loom large. The region’s focus, industry watchers say, should be on diversifying trade relationships while embracing the UAE and Saudi Arabia playbook of investing in the United States […] April 2, 2025
Economy US treasuries could become less of a safe bet for Gulf investors Economic advisers to President Donald Trump have proposed radical policies that could dim the allure of US government bonds for Gulf sovereign investors. The bonds, commonly known as treasuries, are considered among the lowest-risk investments. Many countries with excess dollars – from trade surpluses with the US or the sale of dollar-denominated goods such as […] April 2, 2025
OpinionentrepreneursUSAID’s shutdown will be devastating to the humanitarian space in the Middle EastTriska Hamid, Angel investor
Opinionrenewable energyBenefits from the China-GCC energy partnership flow both waysZeina Moneer, Climate practitioner
OpinioneconomyTrump has undermined the globalisation paradigm in which GCC economies have operatedMatein Khalid, global investor and adivsor
Leisure & Hospitality Corporate art collections on the rise in the UAE A shiny office tower in the heart of Downtown Dubai may not be an obvious home for a growing international art collection but ICD Brookfield Place is becoming just that. Among the works or exhibitions it has showcased recently are Canadian visual artist Jordan Söderberg Mill’s light and glass installation Standing Wave, Emirati artist Hashel […]
Analysis Finance Gold continues to soar as investors seek refuge Gold soared to an all-time high of $3,128.06 per ounce on March 31, as investors seek refuge from escalating geopolitical tension, unpredictable trade policies and a shifting monetary landscape. Gold has rallied more than 18 percent so far this year but analysts say that there is still room to run. A range of factors lies […]
Analysis Mining Tech may find Saudi Arabia’s mineral wealth but mining will take years The rocky hills of western Saudi Arabia hide huge wealth, prospectors insist. The crags and crevices are part of the Arabian-Nubian Shield, an exposed Precambrian rock formation which runs from the west of the kingdom across the Red Sea to eastern Egypt and Sudan. The government estimates total mineral wealth at $2.5 trillion, more than […]
Analysis Sustainability Funding model for water tech ‘holds back Gulf innovators’ An over-reliance on government funding for water startups in the Gulf may be holding back innovation, experts have told AGBI. The Middle East – a region that includes some of the world’s most water-stressed countries – gained its first water “unicorn” in February when Saudi-based GI Water as a Service raised eight figures in a […]
Analysis Markets Saudi bourse less affected by Ramadan than in previous years Trading on Saudi Arabia’s bourse has changed little this Ramadan as the growing influence of institutional and professional traders offsets the impact of a decline in retail investor activity. Historically, Gulf nationals have been the dominant force on the region’s stock markets. Individuals often meet at the bourses to trade and socialise. Such habits would […]
Leisure & Hospitality Corporate art collections on the rise in the UAE A shiny office tower in the heart of Downtown Dubai may not be an obvious home for a growing international art collection but ICD Brookfield Place is becoming just that. Among the works or exhibitions it has showcased recently are Canadian visual artist Jordan Söderberg Mill’s light and glass installation Standing Wave, Emirati artist Hashel […]
Analysis Finance Gold continues to soar as investors seek refuge Gold soared to an all-time high of $3,128.06 per ounce on March 31, as investors seek refuge from escalating geopolitical tension, unpredictable trade policies and a shifting monetary landscape. Gold has rallied more than 18 percent so far this year but analysts say that there is still room to run. A range of factors lies […]
Analysis Mining Tech may find Saudi Arabia’s mineral wealth but mining will take years The rocky hills of western Saudi Arabia hide huge wealth, prospectors insist. The crags and crevices are part of the Arabian-Nubian Shield, an exposed Precambrian rock formation which runs from the west of the kingdom across the Red Sea to eastern Egypt and Sudan. The government estimates total mineral wealth at $2.5 trillion, more than […]
Analysis Sustainability Funding model for water tech ‘holds back Gulf innovators’ An over-reliance on government funding for water startups in the Gulf may be holding back innovation, experts have told AGBI. The Middle East – a region that includes some of the world’s most water-stressed countries – gained its first water “unicorn” in February when Saudi-based GI Water as a Service raised eight figures in a […]
Analysis Markets Saudi bourse less affected by Ramadan than in previous years Trading on Saudi Arabia’s bourse has changed little this Ramadan as the growing influence of institutional and professional traders offsets the impact of a decline in retail investor activity. Historically, Gulf nationals have been the dominant force on the region’s stock markets. Individuals often meet at the bourses to trade and socialise. Such habits would […]
Leisure & Hospitality Corporate art collections on the rise in the UAE A shiny office tower in the heart of Downtown Dubai may not be an obvious home for a growing international art collection but ICD Brookfield Place is becoming just that. Among the works or exhibitions it has showcased recently are Canadian visual artist Jordan Söderberg Mill’s light and glass installation Standing Wave, Emirati artist Hashel […] April 2, 2025
Banking & Finance Damac chairman Sajwani’s wealth doubles to more than $10bn The fortune of Hussain Sajwani, the chairman of Dubai-based Damac Properties, has doubled in the last year as he takes his place among the world’s wealthiest individuals to become the richest businessman in the Middle East. The 72-year-old real estate magnate is worth $10.2 billion, the annual rich list from Forbes says, significantly higher than […] April 2, 2025
Analysis Economy UAE and Saudi Arabia to introduce their own currency symbols Within five weeks of each other, Saudi Arabia and the UAE have announced newly designed currency symbols for the riyal and the dirham, a decision that both countries says would strengthen their respective currencies’ place in the global economy. They join a small, but growing, list of states that use unique symbols to refer to […] April 2, 2025
Tech Damac’s data centre unit makes foray into Nordic region Edgnex, the data centre subsidiary of Dubai’s Damac Group, has acquired Finland-based data centre company Hyperco for an undisclosed sum. Hyperco mainly focuses on Finland and Sweden, using the Nordic region’s sustainable energy resources and high connectivity. The company’s three founders and existing team will continue to lead operations. Hussain Sajwani, founder of Damac, said the company aims to […] April 2, 2025
Finance Dubai’s ICD could tap IPO market to fund expansion The Investment Corporation of Dubai (ICD), the principal investment arm of the emirate’s government, could potentially turn to the capital markets with a raft of listings over the next year or so, according to analysts. Established in 2006, ICD is worth about $340 billion and already has one of its crown jewels – Emirates NBD, […] April 2, 2025
Analysis Economy UAE and Saudi Arabia to introduce their own currency symbols Within five weeks of each other, Saudi Arabia and the UAE have announced newly designed currency symbols for the riyal and the dirham, a decision that both countries says would strengthen their respective currencies’ place in the global economy. They join a small, but growing, list of states that use unique symbols to refer to […] April 2, 2025
Trade China’s investors seek shelter from Trump in Saudi Arabia President Trump’s trade war is strengthening economic ties between Saudi Arabia and China and encouraging Chinese investors to increase their holdings in the kingdom, analysts say. As China and its near neighbours face the imposition of economic tariffs – “the most beautiful word in the world”, according to the 47th president – Saudi Arabia has […] April 2, 2025
Opinion Gaming Saudi Arabia’s Pokémon Go deal is a gamechanger No longer a niche sector, gaming is driving the evolution of other cultural fields April 1, 2025
Analysis Mining Tech may find Saudi Arabia’s mineral wealth but mining will take years The rocky hills of western Saudi Arabia hide huge wealth, prospectors insist. The crags and crevices are part of the Arabian-Nubian Shield, an exposed Precambrian rock formation which runs from the west of the kingdom across the Red Sea to eastern Egypt and Sudan. The government estimates total mineral wealth at $2.5 trillion, more than […] April 1, 2025
Aviation Low-cost carrier Flynas to offload 30% on Saudi bourse Saudi low-cost carrier Flynas has received the market regulator’s approval to offload nearly a third of its shares on the local stock exchange in the latest of a series of bourse flotations. The airline, partly owned by billionaire Prince Alwaleed Bin Talal, will sell 51.3 million shares or 30 percent of its stock in an initial public […] April 1, 2025
Economy US treasuries could become less of a safe bet for Gulf investors Economic advisers to President Donald Trump have proposed radical policies that could dim the allure of US government bonds for Gulf sovereign investors. The bonds, commonly known as treasuries, are considered among the lowest-risk investments. Many countries with excess dollars – from trade surpluses with the US or the sale of dollar-denominated goods such as […] April 2, 2025
Tourism Thai earthquake increases Omani Eid bookings to Dubai The earthquake which has devastated parts of southeast Asia has forced many Eid holiday makers from Oman to divert from flying to Thailand and to choose Dubai instead as is a preferred destination. Travel agents in Oman have seen a surge of bookings to Dubai with most of them leaving by air. “In last year’s […] April 2, 2025
Trade Iraq’s trade balance surplus with US at $6bn Iraq has a trade balance surplus of nearly $6 billion with the US, a senior government official has said. This comes from oil exports to the US more than doubling in two years, state-run Iraq News Agency reported, quoting prime minister’s financial advisor Mazhar Mohammed Salih. The trade volume between the two countries has more […] April 2, 2025
Analysis Trade The Gulf must brace for indirect hits from Trump’s tariffs Gulf states may stave off new tariffs US president Donald Trump is expected to announce but the measures’ indirect impact on the global economy and oil prices loom large. The region’s focus, industry watchers say, should be on diversifying trade relationships while embracing the UAE and Saudi Arabia playbook of investing in the United States […] April 2, 2025
Oil & Gas Profits at Oman-listed OQBI surged in 2024 Oman’s state-controlled OQ Base Industries (OQBI) has reported that net profits for 2024 increased by 38 percent to $81 million, up from $25 million a year earlier. OQBI, which produces methanol, ammonia and liquefied petroleum gas (LPG), is the downstream arm of state-owned OQ. It started trading on the Muscat Security Market (MSM) on December […] April 2, 2025
Oil & Gas Opec+ meeting this week to discuss oil output increase Opec+ ministers from eight nations that are gradually raising oil output will meet online on Thursday and are likely to approve a further hike in production from May, sources from the producer group told Reuters. Eight members of Opec+, a group that includes the Organization of the Petroleum Exporting Countries and allies led by Russia, […] April 2, 2025
Aviation Mid-East passenger demand keeps rising but cargo slows Middle Eastern carriers have reported a yearly increase in passenger demand in February, albeit slightly down on the previous month because of factors including trade tensions, according to the International Air Transport Association (Iata). The latest monthly figures from Iata showed a 3 percent year-on-year increase in demand, measured in revenue passenger kilometres, in February, […] April 1, 2025
Economy Trump to visit Saudi Arabia, UAE and Qatar by May US President Donald Trump said on Monday he plans to visit Saudi Arabia as early as May to sign an investment agreement in what will be the first foreign trip of his second term, with stops also planned in Qatar and the UAE. “It could be next month, maybe a little later,” Trump told reporters […] April 1, 2025
Economy World Bank gives $500m to create new jobs in Turkey Turkey is to receive $500 million from the World Bank to support economic recovery in areas devastated by the February 2023 earthquakes, according to a statement. The earthquakes killed more than 50,000 people and displaced more than 3.3 million. They are estimated to have inflicted a $104 billion hit on the Turkish economy, the Strategy and […] April 2, 2025
Real Estate Golden visa lure draws Turks to Dubai real estate An increasing number of Turkish citizens are investing in real estate overseas, with Dubai and Greece emerging as top destinations, according to a news report. Last year, Turks spent more than $2.5 billion, up 21 percent year on year, in foreign property purchases, Daily Sabah newspaper reported, citing central bank data. In January 2025 alone, […] April 1, 2025
Renewable Energy Turkey gives five companies go-ahead to build solar cell factories Turkey’s government has approved a series of projects designed to boost the country’s self-sufficiency in renewables technology – and lay the groundwork for exports. Last week, as protests continued in Istanbul and interest rates spiralled, Mehmet Kacır, Turkey’s industry and technology minister, announced that five private sector businesses – Alfa Solar, Astroenergy, CW Solar Cell, […] April 1, 2025
Food & Drink Turkish fish processors adapt as taste for sushi grows Turkish seafood processors are expanding their product range to cash in on new tastes, eating habits and markets, adding the Japanese delicacy sushi to their offerings. Not so long ago sushi was a rarity in Turkey. It featured on the menus of a few Japanese restaurants in tourist areas catering to foreign visitors rather than […] March 31, 2025
Infrastructure Turkey to tender rail project under Development Road plan Turkey plans to float a tender for a new rail project that is part of the Development Road Project, a new freight link planned between Asia and Europe, according to a news report. The tender will be issued in the coming months, Daily Sabah newspaper reported, citing transport and infrastructure minister Abdulkadir Uraloğlu. Ankara is […] March 31, 2025
Analysis Renewable Energy Plans to bring African energy to Europe face big challenges At least five multi-billion dollar projects to bring up to 24 gigawatts of solar and wind power energy from sunny North Africa to chilly Europe, assisted by Gulf investment money, are currently being planned. But these ambitious schemes to reduce Europe’s reliance on fossil fuels generally, and energy supplies from Russia specifically, all face major […] March 28, 2025
Construction Modon to build industrial zone near Egypt’s Ras El Hekma A joint venture between Abu Dhabi-listed Modon Holding and Egypt’s Elsewedy Industrial Development is planning to build a new industrial zone near the $35-billion Ras El Hekma megaproject. The two companies have signed a letter of intent for the project, state-run news agency Wam reported. The 10 million sq m new industrial zone, located south […] March 28, 2025
Economy Egypt unveils $91bn budget amid IMF reform pressure Egypt’s cabinet approved an EGP4.6 trillion ($91 billion) draft state budget for the 2025/26 financial year that will begin in July, a government statement said on Wednesday, as it continues to tighten its finances under an International Monetary Fund programme. Expenditures will rise by 18 percent and revenue by 19 percent over the current 2024/25 […] March 27, 2025
Economy Egypt poised to receive more EU funding this year Egypt is expected to sign a memorandum of understanding with the European Union (EU) on previously agreed financing worth €4 billion ($4.3 billion) in the second half of the year, planning minister Rania Al-Mashat said on Wednesday. The financing is part of a €7.4 billion funding package agreed between Egypt and the EU in March […] March 27, 2025
Economy Egypt’s deficit stretched by high imports and regional tension Egypt’s current account deficit more than doubled in the first quarter of the current fiscal year and the gap is expected to widen further, a Kuwaiti bank says. Key factors for the massive deficit include a surge in imports and lower Suez Canal revenues due to regional tensions, National Bank of Kuwait (NBK) said in […] March 26, 2025
Analysis Renewable Energy Plans to bring African energy to Europe face big challenges At least five multi-billion dollar projects to bring up to 24 gigawatts of solar and wind power energy from sunny North Africa to chilly Europe, assisted by Gulf investment money, are currently being planned. But these ambitious schemes to reduce Europe’s reliance on fossil fuels generally, and energy supplies from Russia specifically, all face major […]
Analysis Markets The ups and downs of PIF’s US holdings Saudi Arabia’s Public Investment Fund (PIF) has made some big gains but has also been hit by some substantial losses in listed US companies in the five years since it began publishing its holdings, AGBI analysis shows. Overall, the value of its assets in publicly traded companies in the US has plunged 55 percent from […]
Analysis Banking & Finance Caution advised over upsurge in Kuwaiti bank shares Shares in Kuwaiti banks are hitting new highs as investors bet on a long-mooted change in the law on mortgages coming into force soon and spurring a boom in property financing. However, analysts are warning that the sector’s equity rally may prove unjustified, with any earnings windfall unlikely to be as substantial as those enjoyed […]
Analysis Banking & Finance Riyadh’s financial ambitions bump up against hard reality Saudi Arabia wants to emulate London or Hong Kong in the international money markets and become a global financial centre, Saudi investment minister Khalid Al-Falih said at a capital markets conference in Riyadh in February. “We need to channel global capital,” he said. “We want to become a regional financial hub.” But judging by the […]
SPECIAL REPORT Trade Bolstering Egypt’s trade with Africa Egypt's portfolio of multilateral trade deals includes the largest continental free trade agreement in the world. We look at how it can do more business in Africa – a market of 1.5 billion people In association with
Lifestyle Shisha smokers turn to healthier alternatives In the same way that non-alcoholic drinks are now a regular feature in restaurants and bars in the UAE, hookah smokers are increasingly turning to healthier substitutes to satisfy their shisha fix. “People are seeking alternatives that are better for their health yet do not impact lifestyle choices,” said Naim Madaad, a founding member of […]
Employment Kuwaitis earn nearly five times as much as expats Kuwaiti nationals earn nearly five times as much as their expatriate colleagues, and more than four in every five Kuwaitis work for the government, data from the Central Statistics Administration has revealed. Of 450,000 working Kuwaitis at the end of September, 375,000, or 83 percent, were in the public sector, with the remainder in the […]
Analysis Leisure & Hospitality Gulf hotel owners switch to franchises in search of profits Hotel owners in the Gulf are increasingly choosing franchise agreements with international hotel brands over the less profitable direct management route, industry experts and analysts say. This is especially true in the UAE and Saudi Arabia where the hotel industry is maturing and hotel owners know their business better, driving them to manage their own […]
Analysis Aviation Saudia ‘still a flag carrier’ ahead of Riyadh Air launch Saudi Arabia’s flag carrier Saudia is upgrading its fleet with new Boeing and Airbus aircraft even as the government prepares to start a new airline later this year. The 80-year-old carrier has 118 aircraft on order, most of which will replace older models in its existing fleet of 147, and are scheduled to arrive through […]
Opinion Aviation Schedule shift signals a busy summer for Middle East airlines As airlines prepare to switch timetables, the Gulf looks set for growth, new routes and cautious optimism
Analysis Tax Bahrain considers raising taxes to reduce deficits 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) […]
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 […]
Real Estate Jumeirah Village Circle: ‘Where the normal people live’ It might not have the glamour of the Palm but JVC has its own enduring appeal and was Dubai's busiest location for ready-home sales in 2024
Mining Oman-backed Kazakh gold miner explores GCC funding Kazakh gold miner Solidcore is considering issuing bonds in the Gulf region to finance investment, including in new projects in Kazakhstan estimated to cost up to $350 million, the company’s CEO Vitaly Nesis told Reuters. Solidcore, formerly Polymetal International, is the second-largest gold miner in Kazakhstan. The company had to sell its Russian assets, which represented […]
Construction Review deals latest blow to Sidara’s takeover of John Wood UAE construction consultancy Sidara is facing another setback in its planned takeover of British oil services firm John Wood Group, which this week said it had to restate its financial results and probably suspend its shares after a review found information had been withheld from auditors. Dubai-based Sidara, formerly Dar Global, was in discussions last […]
Finance IHC invests in Indian snack maker Haldiram’s Abu Dhabi conglomerate International Holding Company (IHC), New York-based Alpha Wave Global and Singapore sovereign wealth fund Temasek have invested in an Indian snack maker as part of an equity financing round, PwC, the financial advisor to the deal, said in a statement. Indian government-owned Press Trust of India (PTI) reported that IHC and Alpha Wave collectively acquired […]
Oil & Gas Uganda signs deal with UAE company over oil refinery Uganda signed an oil refinery agreement with UAE-based Alpha MBM Investments on Saturday, for a 60 percent stake in a crude oil refinery in Kabaale, Hoima district. The country’s state-run Uganda National Oil Company will retain the remaining 40 percent stake in the 60,000-barrel-per-day refinery, according to a statement from President Yoweri Museveni office. Besides […]
