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Revolut Dubai: Revolut offers physical and virtual debit cards, along with international money transfers and budgeting tools

Revolut tipped to ‘shake up’ UAE remittance market

UK fintech Revolut is stepping up recruitment in Dubai as it prepares to muscle in on the UAE’s $44 billion remittances market. Last month, more than a dozen Revolut insiders gathered at a cafe in Dubai’s Al Quoz district, courting talent for its UAE operations.  The company told AGBI last year that it was recruiting […]

El Sharara Libyan National Army Commander Khalifa Haftar takes part in a meeting with U.S. Africa Command General Michael Langley (not pictured) at an unidentified location, in Libya, in this handout image released on August 27, 2024. Libyan National Army/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. NO RESALES. NO ARCHIVES. MANDATORY CREDIT El Sharara oilfield was shut down in August by Khalifa Haftar, commander of the Libyan National Army

Oil production in Libya returns, but full recovery is uncertain

Oil production in politically divided Libya is slowly recovering, after a tumultuous August when fields across the country were shut down. But crude exports remain disrupted, and government revenues are still dampened, amid concerns over prolonged instability. Libyan factions failed last week to resolve crises over the central bank’s powers and oil revenues. Crude output […]

A shopping mall in Mecca, Saudi Arabia. The Gulf is behind the US and Europe when it comes to rolling out retail technology, says one expert

Saudi retail in tech race to lock in consumer loyalty

Saudi and Gulf retailers are running to catch up when it comes to deploying sophisticated tools being used in other markets to develop consumer loyalty, creating an opening for innovative companies, according to analysts.  “The Middle East is a bit behind the curve,” said Premal Patel, managing director of Catalina UK, a retail consultancy.  “Technology […]

Trending

  1. Australia and UAE hope for $678m boost after trade deal

  2. UK ministers visit Gulf in pursuit of free trade deal

  3. Saudi property market grows despite flurry of new units

  4. Egypt to receive half of Acwa Power’s $30bn Africa investment

  5. Turkey’s automotive sector is decelerating sharply

OPINION & Analysis

Best of AGBI

Saudi banks primed for leap in corporate lending

Saudi Arabia’s banks are financially well equipped to meet an expected surge in corporate borrowing once US interest rates start to fall, experts have said. They are unlikely to face lending constraints despite the industry’s loan-to-deposit ratio again edging higher, they added. In June 2022 Saudi Arabia’s central bank (Sama) placed about SAR50 billion ($13 […]

Hard-pressed Turks must wait longer for inflation to drop

Turkey’s main inflation rate may have fallen from the 75 percent-plus high seen earlier this year, but the latest forecasts suggest Turks will have to live with a rising cost of living for some time to come, maintaining pressure on consumers and producers alike.  On September 5, the Turkish government released revised medium-term economic projections, […]

US rate cuts will help Gulf bonds but oil worries persist

Imminent US interest rate cuts bode well for Gulf bonds and sukuk, although declining oil prices could lead to higher spreads on regional debt. Bonds are typically priced against 10-year US government treasuries and the difference between their yields is known as the spread. The yield on 10-year treasuries hit a 17-year high of nearly […]

Saudi Arabia plays the long game in a high-stakes market

Saudi Arabia has so far channeled $38 billion into the esports sector through its Public Investment Fund subsidiary Savvy Games Group. This includes high-profile acquisitions such as the $4.9 billion purchase of the Monopoly Go developer Scopely and the $1.5 billion buyout of ESL FaceIt Group, one of the world’s largest esports companies. Critics have […]

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UAE latest

Australian trade minister Don Farrell announces the UAE trade deal at Parliament House in Canberra

Australia and UAE hope for $678m boost after trade deal

Australian exports to the UAE are expected to increase by $678 million after the two countries completed discussions over a comprehensive economic partnership agreement (Cepa). The deal, expected to be signed later this year, will make more than 99 percent of Australian exports to the UAE tariff-free, saving exporters up to $160 million annually. The […]

Revolut Dubai: Revolut offers physical and virtual debit cards, along with international money transfers and budgeting tools

Revolut tipped to ‘shake up’ UAE remittance market

UK fintech Revolut is stepping up recruitment in Dubai as it prepares to muscle in on the UAE’s $44 billion remittances market. Last month, more than a dozen Revolut insiders gathered at a cafe in Dubai’s Al Quoz district, courting talent for its UAE operations.  The company told AGBI last year that it was recruiting […]

Brands For Less has 117 stores across the GCC and is now targetting Singapore for its next opening

Dubai discount retailer BFL looks east to double store numbers

Retail chain Brands For Less has revealed plans to almost double the number of BFL stores it operates in the next five years as it looks to countries such as Singapore for expansion. The Dubai-based discount retailer is flush with cash from last month’s sale of a $360 million stake to the US giant TJX […]

UAE central bank liquidity

Bank liquidity in UAE surges 20% in Q2

Liquid assets in the UAE’s banking sector rose to AED801 billion ($218 billion) by the end of the second quarter of 2024, up 20 percent from the same period last year, the Central Bank of the UAE has revealed.  The increase was AED135 billion year on year, with a quarterly gain of 2 percent, or […]

Wizz Air is focusing on developing Saudi Arabia as an inbound market rather than setting up a local carrier, says CEO Jozsef Varadi

Wizz Air expects Abu Dhabi to beat global traffic growth

Abu Dhabi will likely beat global passenger volume growth of 15-20 percent next year, driven by new low-cost routes to the Middle East, Wizz Air CEO Jozsef Varadi has said. “I think Abu Dhabi is going to grow beyond this,” he said. Based in Hungary, the airline established its operations in Abu Dhabi in 2019 through […]

Saudi Arabia latest

An Acwa Power wind farm near Tangier. Its plans for Egypt include a 1.1GW wind power project on the Red Sea

Egypt to receive half of Acwa Power’s $30bn Africa investment

Saudi energy company Acwa Power is hoping for financial close on the first phase of a scheme to invest $15 billion in Egypt over the next six years, as part of a plan to quadruple its total investment in Africa. A flagship green hydrogen scheme in Egypt, as yet unnamed, could become the second-largest of […]

A shopping mall in Mecca, Saudi Arabia. The Gulf is behind the US and Europe when it comes to rolling out retail technology, says one expert

Saudi retail in tech race to lock in consumer loyalty

Saudi and Gulf retailers are running to catch up when it comes to deploying sophisticated tools being used in other markets to develop consumer loyalty, creating an opening for innovative companies, according to analysts.  “The Middle East is a bit behind the curve,” said Premal Patel, managing director of Catalina UK, a retail consultancy.  “Technology […]

Saudi real estate Saudi property

Saudi property market grows despite flurry of new units

The delivery of thousands of new residential units in Riyadh and Jeddah in the first half of the year failed to dent continued growth in Saudi property values and rents. A combined 27,500 units came onto the market from January to June in Saudi Arabia’s two largest cities, bringing the total residential stock to about […]

Aramco MidOcean Hunt Oil logo

Aramco raises stake in MidOcean

Saudi Aramco’s stake in MidOcean Energy, the liquefied natural gas unit of the US-based energy investor EIG, will rise to 49 percent after the oil giant agreed to fund an acquisition by MidOcean in Peru. MidOcean signed a deal to buy an additional 15 percent interest in Peru LNG from the American energy company Hunt […]

Around the Middle East

Work has commenced on Morocco's Khouribga pipeline project, which will have a total annual capacity of 80 million cubic meters

Moroccan company gets $108m to tackle water scarcity

A new €100 million ($108 million) loan from a World Bank unit will help Morocco tackle water scarcity, which has been hindering economic growth. The loan is being provided through the International Facility Corporation (IFC) to Casablanca-based OCP Group, a producer of plant nutrition solutions and phosphate-based fertilisers. It will fund the construction of a […]

Agility Korek

Iraqi telecoms firm loses appeal against $1.5bn corruption award

A $1.5 billion decision against an Iraqi telecom operator and a prominent Iraqi businessman has been upheld by the International Court of Arbitration, part of the  International Chamber of Commerce (ICC). The arbitrators found that Korek Telecom and its chairman and top shareholder, Sirwan Saber Barzani, had “participated in a corrupt scheme” to defraud the […]

Saipem's EPC contract will help sustain production at QatarEnergy LNG's North Field offshore natural gas reservoir

QatarEnergy LNG awards $4bn contract to Saipem

QatarEnergy LNG, one of the world’s largest liquefied natural gas (LNG) companies, has awarded a $4 billion contract to Italy’s Saipem to boost its gas production. The engineering, procurement and construction (EPC) contract will aid in sustaining production at the North Field natural gas reservoir off the northeast coast of Qatar. The work scope includes the […]

Computer, Electronics, Laptop Iraq's central bank has conducted thorough studies before establishing the regulatory framework for licensing digital banks Iraq bank

Iraq reviews 70 digital bank applications

Iraq’s central bank is reviewing applications for 70 digital banks to drive fintech growth. Digital banks are prevalent worldwide, managing financial transactions between $5 to $7 trillion annually, state-run Iraqi News Agency reported, citing Central Bank of Iraq governor Ali Al-Alaq. He said Iraq has conducted thorough studies before establishing the regulatory framework for licensing […]

The Aramco-Bapco pipeline can transport up to 350,00 barrels per day of crude oil

BlackRock buys stake in Saudi-Bahraini oil pipeline

Bahrain’s state-run Bapco Energies has sold a minority stake in an oil pipeline linking Saudi Arabia and Bahrain to a fund managed by US investment bank BlackRock. The BlackRock Diversified Infrastructure fund purchased a stake in the Saudi Bahrain Pipeline Co (SBPC), which owns a section of the 112-km pipeline. It supplies crude oil from […]

A view of Oman's Al Rusayl Industrial City. Manufacturing industries expanded 6.3 percent year on year in Q1 2024

Industrial growth in Oman beats global rate

Oman’s industrial sector expanded by 9.2 percent year on year, ten times faster than the global rate. Production value reached OR951 million ($2.5 billion) in the first quarter of 2024. The sector contributed 10 percent to the Gulf state’s GDP, data from the National Centre for Statistics and Information shows. The basic chemical industries led […]

Opec says worldwide oil demand is going to fall this year and next

Opec trims oil demand outlook again

Opec has reduced its oil demand forecast for 2024 for the second consecutive time, but it remains optimistic despite bearish markets. The oil producers group said on Tuesday that it was revising down world oil demand by 80,000 barrels per day to about 2 million bpd “reflecting data received so far this year”. It also […]

Oman wealth fund to launch IPOs in divestment push

The Oman Investment Authority (OIA) has framed a new five-year divestment plan, which includes initial public offerings (IPOs) in key sectors. The 2024-2028 plan will float companies in the energy, services and logistics sectors, the fund said in a post on social messaging platform X. In addition to the IPOs, the sovereign wealth fund will […]

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

Turkey Latest

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, […]

Almost half of all Turkish accommodation and food service providers took advantage of IT, up from 36 percent in 2022

Shortage of IT specialists slows Turkish business growth

A shortage of trained IT specialists is slowing Turkish companies’ growth and their development of artificial intelligence applications, according to a new report.  The report, issued by Turkey’s state statistics agency Turkstat, found some sectors had a strong uptake of ecommerce sales and services. Almost half of all accommodation and food service providers took advantage […]

A cafe in the Cengelkoy district on the Asian side of Istanbul: cafe and restaurant prices have risen by more than two thirds

Hard-pressed Turks must wait longer for inflation to drop

Turkey’s main inflation rate may have fallen from the 75 percent-plus high seen earlier this year, but the latest forecasts suggest Turks will have to live with a rising cost of living for some time to come, maintaining pressure on consumers and producers alike.  On September 5, the Turkish government released revised medium-term economic projections, […]

Turkey investment

Erdoğan to meet US business leaders to draw investment to Turkey

The president of Turkey, Tayyip Erdoğan is due to meet top US business leaders in New York this month, in an attempt to attract new investment. A high-level delegation led by the president will engage with investors and corporate executives at four events scheduled alongside the UN General Assembly in the final week of September, […]

Water, Waterfront, Shipping Container

Turkish exports to the UK hit all-time high

Turkey’s exports to the United Kingdom reached a record high in the first eight months of 2024, according to official data. Exports rose 11 percent year on year to $8.3 billion between January and August, Anadolu Agency reported, citing data from the Turkish Exporters Assembly. The automotive sector led the way, with exports reaching $2.7 […]

Egypt Latest

An Acwa Power wind farm near Tangier. Its plans for Egypt include a 1.1GW wind power project on the Red Sea

Egypt to receive half of Acwa Power’s $30bn Africa investment

Saudi energy company Acwa Power is hoping for financial close on the first phase of a scheme to invest $15 billion in Egypt over the next six years, as part of a plan to quadruple its total investment in Africa. A flagship green hydrogen scheme in Egypt, as yet unnamed, could become the second-largest of […]

Scuba diving in the Red Sea off Egypt. The Ras Banas headland is close to the St John's coral reef system, a scuba-diving hotspot

Egypt offers Red Sea peninsula for development

Egypt has started promoting another sizeable Red Sea peninsula, the Ras Banas headland, to tourism developers. Egypt’s minister of housing and urban communities Sherif El Sherbiny said on Saturday that the area is being offered in a deal similar to the Ras El Hekma scheme on the Mediterranean coast agreed in February.  The state retained […]

Egyptian prime minister Mostafa Madbouly and Saudi crown Prince and prime minister Mohammed bin Salman meet in Riyadh on Monday

PIF to initiate $5bn investment in Egypt

Saudi Arabia’s Public Investment Fund (PIF) will pump $5 billion into Egypt in a first investment phase. The directive was given by crown prince Mohammed bin Salman during his meeting with Egyptian prime minister Mostafa Madbouly, the Egyptian cabinet said in a statement. No other details were given on the planned investment. In August, Saudi […]

The company will develop a 1GW solar power plant and 100MW battery storage project

Egypt’s first hybrid solar project to break ground next year

Norway’s renewable energy producer Scatec will begin work on Egypt’s first hybrid solar power and battery storage project in the first half of 2025. The company has signed a US dollar-denominated 25-year power purchase agreement with the state-run Egyptian Electricity Transmission Company for a 1GW solar power plant and 100MW battery storage project. Financial details […]

Egypt tax reforms Ahmed Kouchouk

Tax reforms launched by Egypt to entice more investors

A range of measures to make the Egyptian tax system more transparent and attract further investors to the country has been unveiled by finance minister Ahmed Kouchouk. The reforms will boost the country’s competitiveness and make it easier for foreign investors to work there, Kouchouk said in a press conference on Wednesday.  “It’s evident that […]

Features

ESG index Emirates NBD

ESG-focused companies ‘give better shareholder returns’

Middle East listed companies that score highly on environmental, social and governance criteria provide a bigger total return for shareholders than their less ESG-conscious rivals. The Hawkamah Middle East and North Africa ESG Index includes the top 50 companies by ESG score from the 150 blue-chip stocks that constitute the wider S&P Pan Arab Composite […]

‘Common sense has returned’ to fintech investment market

There was a 31 percent increase in unique investors in the fintech market in Mena during the first half of 2024. But there was a distinct lack of “mega-deals”. Gautam Jain, head of investments at SC Ventures, told AGBI that he believes this is a good thing for the future of the market. “People were […]

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 […]

Prince Faisal: growth, not profit, is focus for esports

Cost-intensive spectator events are not going to be a “serious profit generator”, Prince Faisal bin Bandar Al Saud told AGBI, as Saudi Arabia concluded the first Esports World Cup last week.  The event was watched by more than 500 million people but Prince Faisal, president of the Arab Esports Federation, said: “In esports, sustainability is […]

People & Lifestyle

Executive, Person, Adult

Recruitment portals try to ease logjam in Saudi labour market

Saudi Arabia presents a golden opportunity for recruitment platforms that seek to match multitudes of job seekers with a plethora of employers looking to hire, labour market specialists say.   There are around 168 Public Investment Fund companies working on the $1.25 trillion Vision 2030 economic diversification programme, as well as foreign companies setting up offices […]

Turkish transport and infrastructure minister Abdulkadir Uraloğlu said that the user rights of social media accounts belonging to Turkish citizens will be protected

Turkey lifts ban after Instagram agrees to demands

Turkey has lifted its more than week-long ban on Instagram after the social media company agreed to collaborate with the government to address its concerns. The ban was removed on Saturday night after Instagram promised to work on demands regarding “catalogue crimes” and censorship on users, transport and infrastructure minister Abdulkadir Uraloğlu said in a […]

Oman biofuels

Oman’s entrepreneurs hope to turn biofuels into liquid gold

A bus powered partly by date kernels launched on the streets of Muscat at the end of 2022. It was a Sultan Qaboos University project, set up as Oman strives to develop sustainable sources of energy. The bus successfully runs on a mix of biodiesel made from the oil extracted from date kernels and conventional […]

Turkey's President Recep Tayyip Erdogan hit out at social media platforms on Monday after his government blocked Instagram

Turkey’s Instagram ban hits $57m-a-day ecommerce trade

For four days and counting, Instagram has been blocked in Turkey – not only putting a dent in the social lives of millions of users but also placing additional pressure on an economy under strain.  Turkish regulators gave no reason when they imposed a ban on the Meta-owned platform on August 2.  However, the shutdown […]

'Growing local talent is not a luxury' – experts say the UAE must move beyond hiring AI workers from abroad

Local talent vital for UAE to achieve AI ambitions

The UAE is on a quest to lead the artificial intelligence sector but one of the stumbling blocks it is striving to address is the lack of local professionals coming into the industry. AI is expected to contribute $320 billion to the Mena region’s economy by 2030 – $96 billion of which will be attributed […]

Electronics, Phone, Mobile Phone

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Around the world

Redbird Spectator

Abu Dhabi-backed RedBird IMI sells The Spectator for $131m

RedBird IMI, a US investment group backed by Abu Dhabi’s International Media Investments, has sold the British magazine The Spectator to hedge fund boss Paul Marshall. The deal with Marshall, through his Old Queen Street Ventures fund, was worth £100 million ($131 million). Marshall is co-founder and chief investment officer of the global hedge fund […]

Motorcyclists riding in Jakarta last month to celebrate the 79th anniversary of Indonesia's Independence. GCC investments in the country are worth $25m

Indonesia-GCC trade talks start in Jakarta

The GCC has formally opened negotiations with Indonesia over a free trade agreement. The bloc of six – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE – started the trade talks in Jakarta on Monday. Total trade between Indonesia and the GCC in 2022 was $16 billion. The amount of investments from the Gulf […]

A container vessel docked at Jeddah Islamic Port, which handled 5.58m containers in 2023

New shipping route links Jeddah to major Indian ports

Saudi Arabia has launched a new shipping route between Jeddah Islamic Port and Mundra and Nhava Sheva, two of India’s largest ports.  The 10-day service, operated by Folk Maritime Services, a subsidiary of the Public Investment Fund, started this month. The new route aims to increase the movement of goods such as petrochemicals, aligning with […]

Federal Reserve chairman Jerome Powell. If the Fed cuts US interest rates, UAE banks will feel the effect because of the dollar peg

US interest rate cut will impact UAE bank margins  

UAE banking sector profits have soared as higher-for-longer interest rates boosted margins and loan defaults remained low. Yet analysts predict that imminent US interest rate cuts will squeeze profitability, despite the likelihood of reduced borrowing costs bolstering loan growth. Dubai’s Emirates NBD reported a record first-half profit of AED13.8 billion ($3.76 billion), while First Abu […]