Manufacturing EV maker Lucid’s CEO quits as total losses hit $13bn Peter Rawlinson, the CEO of the Saudi Arabia-backed electric car maker Lucid Motors, has resigned after the Californian company’s total accumulated losses rose to almost $13 billion. Earlier this week, Lucid announced that its losses in 2024 were up almost 11 percent to $3.1 billion, from $2.8 billion the year before. Shares in Lucid, which […] February 26, 2025
Finance Saudi’s first sovereign green bond oversubscribed six times Saudi Arabia’s sale of its first sovereign “green” bonds – together with more conventional fixed-income bonds – was oversubscribed six times, according to the Saudi National Debt Management Centre. The sale consisted of €1.5 billion ($1.58 billion) of seven-year, euro-denominated green bonds and €750 million 12-year conventional debt. A green bond is where the seller […] February 26, 2025
Analysis Tourism Omani tourism struggles against fierce Gulf competition Oman’s tourism industry is struggling, at least in comparison with its Gulf neighbours. Last year visitor numbers fell by almost 3 percent to 3.9 million, according to Oman’s National Centre for Statistics and Information. That compares with 9 percent increases for Dubai and Saudi Arabia, and a 25 percent rise for Qatar. Bahrain and Kuwait […] February 26, 2025
OpinionTRADEFrom minerals to green energy, opportunities abound in Kenya. But the market has its challengesLiz Bains, Journalist
OpinionPeople & LifestyleWill peace with Ukraine persuade Russians living in the UAE to return to the motherland?Frank Kane, Editor-at-Large, AGBI
OpinionTRANSPORT True love is hard to find, especially among embattled carmakers in need of a bailoutImthishan Giado, Motoring Middle East
Analysis Markets Gulf CEOs urged to conquer fear of earnings call Earnings calls for analysts, reporters or investors are a staple for listed companies in Western markets. The same is not true in the Gulf, however, and experts say that can make it harder to assess a company’s performance and justify its stock valuation. It can also deter institutional investors, limit liquidity and slow market growth. […]
Analysis Oil & Gas Egypt’s gas industry caught in vicious circle as demand rises Egypt’s gas industry is caught in a vicious circle. The country uses natural gas to generate almost 80 percent of its electricity, according to the International Energy Agency, and Globalpetrolprices.com says Egyptian households pay less than EGP1 ($0.02) per kilowatt hour. Demand for power and therefore for gas is surging at a time when production […]
Banking & Finance Dubai crypto regulator Vara monitoring Bybit hack Dubai’s Virtual Assets Regulatory Authority (Vara) has said it is “actively monitoring” the fallout from a $1.4 billion hack at Bybit, a cryptocurrency exchange that has fallen victim to what it calls crypto’s largest heist. Dubai-based Bybit said hackers exploited a smart contract – a self-executing program that automates blockchain transactions – during a routine […]
VIDEO EXCLUSIVE Tech Errol Musk: Tower will be a ‘truly international institute’ Errol Musk told AGBI in an exclusive video interview during his visit to Dubai that the Musk Tower that is to be built in the UAE will serve as an innovation centre. It will also foster developments in science “that are ignored”, including “space-time travel and gravity”, he said. Discussions are ongoing with Abu Dhabi-based […]
Food & Drink Climate change and rising costs challenge Turkish tea producers Turkey is one of the world’s biggest tea producers, and it is taking steps to increase its profile in the highly competitive international market
Mining UAE’s Ambrosia pays $500m to Allied Gold for Mali mine UAE fund Ambrosia Investment Holding has bought a 50 percent stake in a mine in the African state of Mali from Toronto-listed Allied Gold. Ambrosia Investment Holding, a newly formed investment fund chaired by Ahmed Amer Al Amry, agreed to invest about $500 million in Allied Gold, including $375 million for the stake in its […] February 26, 2025
Retail Multiply Group targets Europe with Tendam stake buyout Abu Dhabi-listed Multiply Group will acquire a 68 percent stake in Spanish fashion retailer Tendam as part of its global expansion strategy, the investment holding company said in a statement. The stake was purchased from private equity funds CVC and PAI Partners, who will remain minority shareholders in Tendam, which owns the Cortefiel, Women’s Secret, Milano […] February 26, 2025
Telecoms UAE telco e& earns $1bn from Khazna stake sale UAE telecommunications company e&, formerly known as Etisalat, will divest its 40 percent stake in Khazna Data Center Holdings for AED8 billion ($2.2 billion) to Abu Dhabi technology group G42, the telco said in a statement to the Abu Dhabi bourse on Tuesday. The deal will generate a capital gain of AED5.1 billion ($1.4 billion) before federal […] February 26, 2025
Telecoms Dubai fines companies millions for telemarketing violations Dubai has slapped a total of AED8 million ($2 million) in fines on 159 companies for breaching new telemarketing rules, in the emirate’s first crackdown on nuisance calls. Authorities introduced the regulations in August 2024, barring companies from calling numbers on the national “Do Not Call Registry” and restricting telemarketing hours to 9am to 6pm. […] February 25, 2025
Artificial Intelligence G42’s Presight agrees Albania ‘smart city’ deal Data analytics company Presight, a unit of Abu Dhabi technology group G42, has agreed to work with Albania’s ministry of interior to implement an artificial intelligence-powered “smart city” project in the Balkan state. The project will introduce a traffic management platform in 20 cities and towns across Albania with the aim of reducing congestion and […] February 25, 2025
Manufacturing EV maker Lucid’s CEO quits as total losses hit $13bn Peter Rawlinson, the CEO of the Saudi Arabia-backed electric car maker Lucid Motors, has resigned after the Californian company’s total accumulated losses rose to almost $13 billion. Earlier this week, Lucid announced that its losses in 2024 were up almost 11 percent to $3.1 billion, from $2.8 billion the year before. Shares in Lucid, which […] February 26, 2025
Finance Saudi’s first sovereign green bond oversubscribed six times Saudi Arabia’s sale of its first sovereign “green” bonds – together with more conventional fixed-income bonds – was oversubscribed six times, according to the Saudi National Debt Management Centre. The sale consisted of €1.5 billion ($1.58 billion) of seven-year, euro-denominated green bonds and €750 million 12-year conventional debt. A green bond is where the seller […] February 26, 2025
Petrochemicals Aramco-owned Sabic turns $400m profit in 2024 Saudi Basic Industries Corporation, a listed petrochemicals company that is 70 percent owned by Saudi Aramco, turned a profit last year after losing money in 2023. Sabic’s profit was SAR1.5 billion ($400 million) in 2024, compared with a loss of SAR2.8 billion in 2023. Annual revenue fell 1 percent to SAR140 billion and sales volumes […] February 26, 2025
Telecoms STC to pay special 2024 dividend as profit grows Saudi Telecom Company (STC), which trades on the Saudi stock exchange, has recommended a special dividend payout of nearly SAR10 billion ($2.7 billion) for 2024. That is over and above its fourth-quarter 2024 dividend of almost SAR3 billion. The special dividend announcement follows a near doubling in STC’s 2024 net profit to SAR25 billion. Revenue rose […] February 26, 2025
Analysis Petrochemicals Petrochemicals ‘won’t even get fleeting respite’, analysts warn Executives and investors in Saudi petrochemicals could be forgiven for needing a break from industry news after its biggest companies report what are widely expected to be lacklustre results for the final quarter of 2024. They won’t be getting that pause any time soon, however. Extra production capacity that was expected in 2024 is instead […] February 26, 2025
Analysis Markets Gulf CEOs urged to conquer fear of earnings call Earnings calls for analysts, reporters or investors are a staple for listed companies in Western markets. The same is not true in the Gulf, however, and experts say that can make it harder to assess a company’s performance and justify its stock valuation. It can also deter institutional investors, limit liquidity and slow market growth. […] February 25, 2025
Banking & Finance QIA weighs new VC companies to join $1bn fund Qatar’s sovereign wealth fund is evaluating eight venture capital (VC) firms to add to its “fund of funds” venture capital programme. The programme has already invested nearly $500 million in six firms, the head of funds at the Qatar Investment Authority (QIA) told Reuters on Monday. The $1 billion programme will be almost fully invested […] February 25, 2025
Oil & Gas Iraq to propose new plan to offset extra oil output Iraq reaffirmed its commitment to the Opec+ agreement on Monday and said it would present an updated plan to compensate for any overproduction in previous periods, according to a statement from the Iraqi oil ministry. Baghdad, Opec’s second largest producer, said its oil minister Hayan Abdel-Ghani had spoken with Saudi Arabia’s energy minister Prince Abdulaziz […] February 25, 2025
Economy Fitch lowers Bahrain outlook on rising debt levels Fitch, one of three influential ratings agencies, has placed Bahrain on a negative outlook amid growing concerns over increasing debt, low levels of foreign currency and high budget deficits. Debt is projected to rise from 130 percent in 2024 to 136 percent of GDP in 2026 “with a continued upward trajectory over the medium term”, […] February 24, 2025
Artificial Intelligence Qatar opts for AI to boost public services Qatar’s government has signed a five-year deal with artificial intelligence (AI) data company Scale AI to deploy AI-powered tools and training. It is an attempt to improve government services in the Gulf state, a senior Scale AI executive told Reuters on Sunday. “(This deal) can be a blueprint for other governments around the world, and […] February 24, 2025
Renewable Energy Amea Power to build battery storage facilities in Egypt The UAE renewable energy company Amea Power has signed an agreement with the state-run Egyptian Electricity Transmission Company to develop two battery storage facilities with a total capacity of up to 1,500 megawatt-hours (MWh). The project involves a 1,000 MWh station at Benban in the far south of Egypt and a 500 MWh facility at […] February 24, 2025
Oil & Gas Iraq to export 185,000 bpd of crude from Kurdistan Iraq will export 185,000 barrels per day (bpd) from Kurdistan’s oilfields through the Iraq-Turkey pipeline once oil shipments resume, an Iraqi oil ministry official said on Sunday. Basim Mohammed, deputy oil minister for upstream operations, told Iraq’s state news agency that the quantity currently available for export from Kurdistan regional government oilfields is 300,000 bpd. […] February 24, 2025
Sustainability Oman set to start plastic recycling plant this year Oman is likely to start operations at its biggest plastic recycling plant in the third quarter of 2025, according to a news report. The project, located close to Sohar Port, will have a processing capacity of 200 metric tonnes per day, the Oman Daily Observer reported. The volume of recyclable waste, including plastics, produced in […] February 23, 2025
Agriculture Turkey meets US egg demand with increased exports Turkish producers are redirecting egg exports to the US in response to an outbreak of avian flu which is crippling the US poultry sector. The increased US sales could mean Gulf countries will shell out more for their breakfast staple. The Turkish government has given egg producers approval to increase US sales, with the packaged […] February 26, 2025
Logistics Turkey’s Ciner Shipping packs up and moves to Athens One of Turkey’s largest shipping companies is moving its headquarters to Athens, the latest in a string of Turkish businesses to take advantage of Greece’s EU membership and what they say is a more investment-friendly environment. Ciner Shipping issued a statement on February 21 saying it was shifting its base from Istanbul. Its Turkish staff […] February 26, 2025
Manufacturing Turkish industrial capacity use falls again The level of Turkish industrial capacity in use fell in February, continuing a trend of slowing activity in the country’s factories for a third month. Less than three quarters of Turkey’s industrial capacity was operational in February, according to data issued by the Turkish Central Bank’s statistics unit on February 24. The 74 percent total […] February 25, 2025
Tourism Turkish cruise industry expects a bumper 2025 Cruise port operator Global Ports Holding is expecting a successful year for passenger numbers in Turkey this year, driven by new winter cruises and disruptions to competing destinations in the eastern Mediterranean. Worth $3 billion in revenue to Turkish port operators in 2023, cruise ship traffic is a vital source of income to Global Ports, […] February 25, 2025
Economy Confidence builds in Turkish real economy Turkish businesses are looking forward to better times but are still struggling with present day issues such as low levels of orders and a sluggish general economic environment. The Turkish Central Bank’s latest business tendency statistics and real sector confidence index, issued on February 24, recorded a steady increase in positive sentiment among the country’s […] February 25, 2025
Finance Egypt tops Arab list for international project investment Egypt received more international project investment than any other Arab country in the first 11 months of last year, with the UAE the biggest international investor. Egypt, the third largest Arab economy after Saudi Arabia and the UAE, attracted almost $30 billion in 122 international projects, equivalent to a third of all such projects in […] February 26, 2025
Tourism Egypt bets on $1bn Grand Museum to boost tourism Egypt’s tourism sector will get a major boost with the opening of a $1 billion antiquities museum following decades of development. The Grand Egyptian Museum, which is located nearly 2km from the Giza Pyramids, will open on July 3, Bloomberg reported, quoting prime minister Mostafa Madbouly. The museum, construction of which started in 2005, is expected […] February 26, 2025
Economy Expat remittances to Egypt up by a half to $30bn in 2024 Expatriate remittances to Egypt, a critical source of foreign exchange, jumped 52 percent year on year to $30 billion in 2024, according to the central bank. The surge was driven by economic reforms introduced in March 2024 and the flexible exchange rate regime, the government-run State Information Service reported. Remittances rose to $3.2 billion in […] February 25, 2025
Analysis Oil & Gas Egypt’s gas industry caught in vicious circle as demand rises Egypt’s gas industry is caught in a vicious circle. The country uses natural gas to generate almost 80 percent of its electricity, according to the International Energy Agency, and Globalpetrolprices.com says Egyptian households pay less than EGP1 ($0.02) per kilowatt hour. Demand for power and therefore for gas is surging at a time when production […] February 24, 2025
Renewable Energy Amea Power to build battery storage facilities in Egypt The UAE renewable energy company Amea Power has signed an agreement with the state-run Egyptian Electricity Transmission Company to develop two battery storage facilities with a total capacity of up to 1,500 megawatt-hours (MWh). The project involves a 1,000 MWh station at Benban in the far south of Egypt and a 500 MWh facility at […] February 24, 2025
Analysis Real Estate How Qatar escaped a World Cup property glut Three years on, it is clear that Qatar has by and large avoided what plagued many of its World Cup host predecessors – the big White Elephant. In spite of a rush of building projects to open a slew of new hotels and apartments for the November-December 2022 event, the gas-rich nation was shrewd enough […]
Food & Drink Climate change and rising costs challenge Turkish tea producers Turkey is one of the world’s biggest tea producers, and it is taking steps to increase its profile in the highly competitive international market
Analysis Telecoms Red Sea attacks put security spotlight on vital subsea cables What do Houthi attacks on shipping in the Red Sea, a new data centre in Saudi Arabia and the icy waters of the Baltic Sea have in common? In short, they reflect a new Gulf Arab, and indeed global, focus on protecting vital submarine cable networks and potentially developing alternative, terrestrial routes. The Yemeni militia’s […]
Analysis Finance UAE pension plans aim to ease end-of-service headaches Pensions are a headache for governments, companies and employees alike. How to provide staff with a comfortable retirement that could last for decades? Historically, staff leaving UAE companies receive a substantial one-off payout from their employer, the amount increasing significantly the longer the period of service. But this “defined benefit” system can cause financial difficulties […]
Analysis Banking & Finance Share price rally tipped to keep rolling for UAE banks A year-long rally in share prices for major UAE banks still has some steam in it, underpinned by loans growth and attractive dividend yields, analysts have said. In the 12 months to February 11, the share price of Abu Dhabi Commercial Bank (ADCB) surged by almost 40 percent. Shares in Emirates NBD, Mashreq and Dubai […]
Opinion Employment New UAE gratuity scheme could leave staff worse off Replacing end-of-service benefit with a defined contribution fund could cost expat workers thousands
Opinion Food & Drink Rising prices open door for Saudi Arabia to lead coffee market With its favourable topography and climate, the Arabian Peninsula has the potential to be a major producer
Analysis Food & Drink Dubai restaurants risk out-pricing customers on alcohol costs The cost of eating out in Dubai’s restaurants is rising, especially if you’re washing your meal down with an alcoholic drink. Last year, Dubai was named the third-most expensive city in the world for a half-litre of draught beer at an average of $10.89, according to price comparison website Numbeo. Qatar was number one, followed […]
Analysis Tourism Moroccan tourism startups build momentum ahead of World Cup Startup innovation and entrepreneurship are helping to fuel growth in Morocco’s tourism industry. The sector’s importance to the economy is increasing as the country prepares to co-host the Fifa World Cup in 2030. Morocco welcomed 17.4 million international tourists in 2024, a 20 percent increase on 2023, the latest data from the UN World Tourism […]
Opinion Media & Advertising What’s in a (badly spelt) brand name? Brands – and their branding and PR agencies – like to feel special
Analysis Health Tech specialists tap into Gulf’s market of the sleep deprived People in the Gulf are among the worst sleepers in the world, research has found – and that makes the region a rousing proposition for sleep-aid businesses such as the US pair Whoop and Eight Sleep. A survey of 2,727 people across the GCC, published last month, found that only half manage to sleep for […]
Opinion Leisure & Hospitality Sotheby’s first Saudi auction: a test of Gulf’s market potential The 150 lots will feature everything from Picasso to Hermès handbags, at prices up to $1.5m
Analysis Employment UAE and Kuwait companies struggling to hire staff Companies in the UAE and Kuwait are struggling to afford new staff as a result of squeezed margins, according to the latest business sentiment survey. For the third successive month, non-oil companies operating in the UAE highlighted a reduction in prices charged, with discounting used to support sales amid a highly competitive market. This was […]
Agriculture UAE’s Aqua Bridge to build aquaculture farm in India A UAE aquaculture company linked to the ruling Al-Maktoum family of Dubai has agreed to develop an aquaculture farm and research centre in the Indian state of Uttar Pradesh at an initial cost of $461 million. Aqua Bridge Group, whose chairman is Sheikh Ahmed bin Mana bin Khalifa Al-Maktoum, said the partnership project in the […]
Trade InvestSaudi to open second US office in Miami Saudi Arabia’s investment promotion authority, InvestSaudi, will establish its second office in the United States in Miami to target flows to and from North and South America. Khalid A. Al-Falih, the Saudi investment minister, made the announcement on Thursday at the Future Investment Initiative summit in the South Florida city. “By selecting Miami as our […]
Oil & Gas Brazil joins Opec+ oil producers’ group Brazil, the largest oil producer in South America, has officially joined the Opec+ group of more than 20 countries that attempts to manage global oil output. The participation formalises an initial announcement in November 2023, a statement by Opec said. Brazil’s membership will be limited to the Opec+ Charter of Cooperation, a permanent forum between […]
Aviation Australia likely to approve Qatar Airways-Virgin deal The Australian Competition and Consumer Commission (ACCC) is leaning towards approving a five-year deal between Qatar Airways and Virgin Australia, allowing them to sell long-haul return flights starting in June, the watchdog said. The approval, if granted, will allow the two airlines to commence 28 new weekly return flights between Doha and Perth, Brisbane, Sydney and Melbourne. […]
