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People, Person, Backpack

Bad loan provisions drop markedly at UAE banks

Most of the UAE’s top banks have significantly reduced how much they put aside to cover bad loans, in an indication of a generally benign economy and expectations of growth stretching into next year. During April and June this year, banks set aside AED1.3 billion ($350 million) in net loan loss provisions (LLPs) – the […]

Turkey hazelnut growers

Turkey’s hazelnut growers expect good season despite climate fears

Turkey’s hazelnut growers are hopeful for higher production this year, but they are increasingly fearful of the effect of climate change on their crops. Harvesting of one of Turkey’s key agricultural export products recently began, as experts forecast higher yields than last year. But concerns are mounting over the sector’s longer-term prospects. The country accounts […]

Trending

  1. Mubadala grows data centre portfolio with Yondr deal

  2. Arabian Mills to float 30% of its stake on Saudi bourse

  3. Abu Dhabi-backed financier among bidders for Hollywood giant

  4. Analysts question possible Adia bid for India telecoms group

  5. Kuwaiti lender sells stake in Sharjah Islamic Bank for $351m

OPINION & Analysis

Best of AGBI

GCC retail staff shortage Video length: 07:34

Retail staff shortage dents GCC shopper satisfaction

Shoppers across the Gulf Cooperation Council countries are being put off their purchases by a shortage of skilled staff in the region’s retail sector, as prices of products continue to rise. Annual retail sales in the six GCC countries are expected to grow to $300 billion by 2028, a 37 percent increase from 2022. But […]

Worst is over for Etisalat shares but don’t expect a rebound

Shares in UAE blue-chip e& – more commonly known as Etisalat – have fallen by more than half from a 2022 peak as investors fret over difficulties related to some of the telecom operator’s foreign investments. Yet analysts believe these issues are now priced in and so the worst should be over for the stock. Etisalat […]

Egypt launches Africa into carbon trading market

The first three trades were made on Egypt’s new carbon trading platform on Tuesday, the first of its kind in Africa. Two local food companies, Daltex and ISIS Organic, became the first Egyptian buyers of the instruments, purchasing a combined 2,000 carbon credits. Each credit represents a tonne of carbon reduced or removed from the […]

Saudi blue-chips help Gulf dividends dwarf global average

Saudi companies form the bulk of Gulf businesses that have announced second quarter dividends, but it is the Commercial Bank of Kuwait that provided the highest dividend yield. Saudi Aramco, Bahrain’s Batelco and Dubai’s Tecom Group are other standouts by this metric.  Of the listed Gulf companies with a market capitalisation of more than $1 […]

Telcos turning to tech to propel growth

Fear of market irrelevance has spurred former Gulf telecom operators such as e& to bet on providing more sophisticated, tech-based services to consumers and businesses. This strategy differs from earlier efforts to create a vast geographic footprint for their operations, which, in many cases, led Gulf telcos to nurse billion-dollar losses. E&, which is listed […]

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UAE latest

Aircraft, Airliner, Airplane

Emirates buys five A380 jets from London-listed lessor

Dubai’s Emirates will buy five A380 jumbo jets leased from London Stock Exchange-listed Doric Nimrod Air Two Limited for $200 million. The leases on the five jumbo jets are expected to end between October 1 and November 30, 2024. Emirates will pay $40 million per jet under the new deal. Doric Nimrod Air Two purchased seven […]

An artist rendering of Yondr's data centre in Northern Virginia, US. Mubadala says it aims to support Yondr's growth strategy

Mubadala grows data centre portfolio with Yondr deal

Abu Dhabi’s Mubadala Investment Company has invested in Yondr Group, a London-headquartered data centre developer, amid rising global demand for such facilities. The investment, through US alternative asset manager Apollo, aims to support Yondr’s growth strategy, the sovereign wealth fund said in a statement. No financial details were disclosed. Yondr specialises in providing scalable data […]

People, Person, Backpack

Bad loan provisions drop markedly at UAE banks

Most of the UAE’s top banks have significantly reduced how much they put aside to cover bad loans, in an indication of a generally benign economy and expectations of growth stretching into next year. During April and June this year, banks set aside AED1.3 billion ($350 million) in net loan loss provisions (LLPs) – the […]

Paramount The Godfather An offer they can't refuse? Among the best-known films from Paramount Pictures, currently the subject of two takeover bids, is The Godfather, from 1972

Abu Dhabi-backed financier among bidders for Hollywood giant

A New York investment company backed by Abu Dhabi is part of a group that has launched a bid to take over Paramount Global, one of Hollywood’s biggest entertainment companies. The conglomerate, led by the industry veteran Edgar Bronfman Jr, a former CEO of Warner Music Group, submitted a $4.3 billion bid on Monday to […]

Saudi Arabia latest

Powder, Flour, Food

Arabian Mills to float 30% of its stake on Saudi bourse

Arabian Mills for Food Products Company (Arabian Mills) will sell 15.4 million shares, or 30 percent of its share capital, on the Saudi stock exchange. The sale comprises existing shares by Abdulaziz Al-Ajlan Sons for Trading and Real Estate Investment Company (Ajlan & Bros), Sulaiman Abdulaziz Al-Rajhi International Company, and National Agricultural Development Company (NADEC). […]

The Rig infrastructure Saudi giga-projects

Saudi infrastructure provider signs on for The Rig giga-project

Saudi adventure tourism project The Rig has contracted a local company to develop the infrastructure for one of the kingdom’s more outlandish giga-projects.  The Public Investment Fund (PIF) company said International Maritime Industries (IMI) had formally agreed to provide maritime logistics and infrastructure for the project, which has an ambitious target date of 2027.  The […]

Saudi Arabia wants King Salman International Airport to boost annual passenger numbers from the current 29 million to 120 million by 2030

UK companies win contracts for new Riyadh airport

British and American companies are among those who have won contracts for developing the massive King Salman International Airport in Riyadh. Foster + Partners, a British architecture company, will design the airport’s master plan, which covers a total area of 57 sq km, the state-owned Saudi Press Agency reported, citing the Public Investment Fund-owned King […]

PIF is investing in growing sectors in the Saudi economy with IT making up 9.4% of its domestic investments

Saudi Arabia’s PIF is focused on the home advantage

The value of Saudi Arabia’s sovereign wealth fund’s domestic assets under management have doubled year on year in further evidence of a strategy to focus investments in the kingdom. The AuM, referred to in the fund’s annual report as “Saudi sector development (SSD)” increased from 21 percent to 33 percent last year. The investments are […]

Accessories, Bag, Handbag

Cenomi in brand merger talks with global fashion retailer

The Saudi Arabia-based franchiser Cenomi Retail is in talks with an unnamed international fashion retailer for a potential merger of some of its brands. The investment bank Lazard has been appointed as financial advisor while AS&H Clifford Chance will take on the task of legal adviser, the Saudi-listed company said in a statement. Updates on the […]

Around the Middle East

Jordan is one of the most water-stressed countries in the world, with its population facing absolute water scarcity

Jordan selects preferred bidder for $3bn water project

A consortium led by French investment firm Meridiam has been selected as the preferred bidder for Jordan’s $3.3 billion Aqaba Amman water desalination and conveyance project. The Meridiam-led group includes Orascom Construction, Vinci Construction Grands Projets and Suez. Jordan is one of the most water-stressed countries in the world, with its population facing absolute water scarcity, according […]

Smartphone shipments in the Middle East recorded a 20 percent year-on-year increase in Q2 2024

Chinese brands gain ground as Mena smartphone sales surge

Economic stability and rising populations have fuelled a 20 percent year-on-year surge in the sale of smartphones in the Middle East and North Africa. Chinese brands have made significant gains on other, more established manufacturers. Smartphone shipments in the Middle East reached 11.5 million units in the second quarter of 2024. That was a 20 […]

Airlink Qatar

Slice of South Africa’s Airlink bought by Qatar Airways

Qatar Airways has acquired a 25 percent stake in the Southern African independent carrier Airlink, expanding its operations further into Africa. The privately-owned, Johannesburg-based Airlink already has a code-sharing partnership with the Doha airline and flies to 45 destinations in 15 African countries. Financial details of the deal were not revealed. Qatar Airways’ group chief […]

Gaza conflict hits passenger volume at Jordan’s airport

The number of passengers at Queen Alia International Airport in Jordan fell 5 percent year on year to 5.1 million in the first seven months of this year, as a result of the ongoing Gaza conflict. Aircraft movement declined by 5 percent, while cargo volumes dropped 35 percent between January and July, Airport International Group, […]

Kuwait power cuts, Kuwait blackouts

Heat blackouts blamed on Kuwait’s fuel supply issues

Rolling power cuts that have beset oil-rich Kuwait over the last two days have been blamed on technical issues experienced in fuel supplies. Several residential neighbourhoods experienced rolling blackouts over the weekend due to “a fuel supply disruption”, according to a statement from state-run Kuna news agency. The cuts also closed down desalination plants and […]

Qatar Financial Centre forged 12 MoUs with local and international organisations in the first half of 2024

Qatar Financial Centre reports huge rise in registrations

Qatar Financial Centre (QFC), an onshore business and financial centre, reported a 230 percent year-on-year surge in new registrations in the first six months of 2024. The financial centre registered 505 new companies during the period, taking the total count to more than 2,200, the state-run Qatar News Agency reported. The technology sector accounted for […]

Adult, Male, Man

Oman achieves 54% of 2024 employment plan in first half

The Omani government has achieved 54 percent of its 2024 employment plan in the first six months, a news report said. A total of 14,074 Omanis were employed in the public and private sectors through direct employment or replacement of expatriates, the state-run Oman News Agency said citing a ministry of labour statement. The ministry […]

Oman visitors tourism Sultan Qaboos Grand Mosque in Oman

Surge in Yemeni visitors to Oman

The tourism sector in Oman recorded a 5 percent year-on-year increase in visitors to 2 million visits in the first half of 2024, up from 1.9 million visits recorded over the same period in 2023. Visitors from Yemen more than doubled, to just under 108,000, from 52,000 in the first half of 2023, Omani local […]

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Turkey Latest

Turkey holds interest rate steady for fifth straight month

Turkey’s central bank held interest rates steady at 50 percent for a fifth consecutive month despite geopolitical developments keeping inflationary risks alive. Indicators for the third quarter suggest that domestic demand will continue to slow down with a diminishing inflationary impact, the central bank’s monetary policy committee said in a statement.  The disinflation process will […]

Turkey hazelnut growers

Turkey’s hazelnut growers expect good season despite climate fears

Turkey’s hazelnut growers are hopeful for higher production this year, but they are increasingly fearful of the effect of climate change on their crops. Harvesting of one of Turkey’s key agricultural export products recently began, as experts forecast higher yields than last year. But concerns are mounting over the sector’s longer-term prospects. The country accounts […]

Turkey Wealth Fund will continue its diversified investments in strategic sectors, President Erdogan said in the 2022 annual report

Turkey transfers shares in 12 companies to its wealth fund

The Turkish government has transferred treasury shares of 12 companies to the state-run Turkey Wealth Fund (TWF), according to a presidential decree published in the official gazette. Among these companies are Borsa Istanbul-listed Koza Altin Isletmeleri, Koza Anadolu Metal Madencilik Isletmeleri and Ipek Dogal Enerji Kaynaklari Arastirma, the decree said. However, no details on the […]

A farmer harvests grain in Haymana, near Ankara. Agriculture contributed 9.5% of Turkey's GDP 20 years ago but that was down to 6% in 2023

Turkey gets $100m to support quake-hit agriculture sector

Turkey has secured $100 million from the Jeddah-based Islamic Development Bank to support its agricultural industry, which was impacted by last year’s earthquakes. The International Islamic Trade Finance Corporation (ITFC), a member of the development bank, has provided funding to the Development and Investment Bank of Türkiye (TKYB). The funding, guaranteed by the Ministry of Treasury […]

Carry traders are attracted by Turkey's high interest rates that allow them to profit on borrowed currencies

Turkey’s courting of carry traders risks leaving it exposed

While fund managers are still moving into the Turkish carry trade market, there are rising concerns these flows could reverse, leaving the economy exposed.  In this instance, carry trading involves borrowing currency in low-yield foreign economies to convert into the lira to reap rewards from Turkey’s high interest rate environment. Turkey became very attractive to […]

Egypt Latest

Architecture, Building, Factory Nissan's car factory in Sunderland in the UK; the company is to invest in manufacturing 10,000 cars for the local market over the next year in Egypt

Nissan to invest $56m in Egyptian car market

Nissan plans to invest $56 million into the Egyptian car market over the next two years and increase exports of locally assembled vehicles, as government officials seek to enhance the homegrown manufacturing sector. A statement released by the government said that Nissan has exported 15,000 locally assembled Sunny models since August 2022. Mohamed Abdel Samad, […]

Sultan Al Jaber, chairman of Masdar, Egypt's prime minister Moustafa Madbouly and electricity and energy minister Mahmoud Mustafa Kamal Esmat at the project signing ceremony

Masdar joint venture to build wind farm in Egypt

Infinity Power, a joint venture between Egypt’s Infinity and the UAE’s Masdar, has signed a power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for their 200-megawatt (MW) wind farm. The onshore wind project, located in Ras Ghareb, Gulf of Suez region, is estimated to produce 810,000 megawatt-hours (MWh) annually. Consequentially, it will […]

A hydrogen purification and production plant in Kazakhstan. Egypt hopes to produce 5.6 million tonnes of hydrogen a year by 2040

Egypt reveals ambitious hydrogen strategy

Egypt’s newly launched hydrogen energy strategy will require the investment of around $60 billion over the coming decades to achieve its ambitious targets. However, research by Bloomberg this week highlighted the fact that the majority of existing hydrogen plants around the world have failed to attract sufficient buyers for their output. On Thursday Egypt launched […]

Egypt's Financial Regulatory Authority is overseeing the carbon trading market in partnership with the stock exchange. Seven Egyptian brokerage firms have applied for licences

Egypt launches Africa into carbon trading market

The first three trades were made on Egypt’s new carbon trading platform on Tuesday, the first of its kind in Africa. Two local food companies, Daltex and ISIS Organic, became the first Egyptian buyers of the instruments, purchasing a combined 2,000 carbon credits. Each credit represents a tonne of carbon reduced or removed from the […]

Egyptian president Abdel Fattah El-Sisi pictured last year reviewing plans to improve Egypt's healthcare system

Egypt’s government approves private health investments

Egypt’s government on Wednesday approved executive regulations for a bill that allows private investment in its public hospitals for the first time. The law, which obtained presidential ratification in June, allows Egyptian and foreign companies to bid to manage and operate existing public hospitals for a period of between three to 15 years. A statement […]

Features

Gulf shoppers want more chilled foods – and are also turning to grocery delivery services that depend on cold storage

Cold storage in hot demand across the Gulf

Demand for chilled and frozen foods is rising across the Gulf, driving growth in the region’s cold chain infrastructure. Maersk, the Danish logistics company, says this demand – along with food security concerns – motivated it to open its first UAE cold store at Dubai Industrial City last summer. Population growth and concerns around climate […]

Climate change drying up Turkish agricultural production

Drought conditions across much of Turkey have led to authorities in one prime agricultural region banning new crop plantings. There are rising concerns across local government, academia and the farming industry that climate-driven water shortages are dramatically weakening food security in the country. In late July, agricultural authorities in the Seyhan region of the southern […]

Why gold ETFs are losing their shine

Even as gold prices hit record highs – analysts believe they could range between $2,200 and $2,600 per ounce until the end of this year – exchange traded funds that follow the precious metal have had their worst first half since 2013, losing almost $7 billion in value. The World Gold Council’s Andrew Naylor and […]

Rare earth elements: a complex issue that’s vital to net zero

Used in everything from car batteries and fridges to iPhones and elevators, rare earth elements are an ever-present – but rarely noticed – part of daily lives.  They are also now central to the global energy transition, and their importance to Gulf states was highlighted this week by a $180 million investment by Qatar. The […]

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 […]

People & Lifestyle

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 […]

Riyadh's King Abdullah Finance District. Amended labour laws, in addition to increased funding for businesses, should boost job creation in the kingdom

Improved labour laws benefit Saudi workers

Saudi Arabia has enacted amendments to its labour laws to establish more clarity on hiring and firing and improve employee rights.  The regulations, which cabinet approved on August 6, will “enhance job stability, protect the rights of all parties involved in employment contracts and increase job opportunities for Saudi citizens”, the state-owned Saudi Press Agency […]

Gulf hospitality recruitment

Recruitment a sticking point for Gulf hospitality

The tourism industry is expected to support the creation of thousands of jobs in the UAE and wider GCC this year, yet hospitality firms might struggle to fill many of these vacancies. Heightened competition, the physical and emotional intensity of the work, and more flexible professional alternatives are among the factors luring prospective staff in […]

Saudi real estate hiring

Saudi real estate hiring drops amid giga-project review

Saudi Arabia’s review of its many giga-projects dented real estate hiring in the country in the second quarter of this year, driving a larger decline across the GCC. The drop, revealed by Cooper Fitch’s latest Gulf Employment Index which tracks new hires, mirrors a broader slowdown in the Saudi property and construction markets. However, it […]

The event industry in Dubai was worth over AED165 billion ($45 billion) in 2023 and is forecast to grow at a compound annual growth rate (CAGR) of 25 percent through to 2027

Corporate travel rising as Dubai plays perfect host

Dubai has won 175 deals so far this year that will boost the emirate’s corporate and business travel sector over the next four years. The events, representing an increase of almost a quarter year on year, include international conferences, congresses and meetings. They’re expected to bring more than 92,000 delegates to the city, according to […]

'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

ADQ's investment will support Sotheby’s' expansion into new markets, including establishing a robust presence in the Middle East

Abu Dhabi’s ADQ buys minority stake in Sotheby’s

Abu Dhabi sovereign wealth fund ADQ and Patrick Drahi, majority owner of auction house Sotheby’s, will jointly invest $1 billion in the company to support its expansion plans. As part of the agreement, ADQ will acquire a minority stake in Sotheby’s, a British-founded company that has its headquarters in New York. The value of the sovereign […]

India has attracted more than half of Gulf wealth fund investments in recent years and ADIA alone has invested hundreds of millions of dollars

Partnerships prove central as ADIA looks to India and beyond

Abu Dhabi Investment Authority, the UAE’s largest sovereign wealth fund, is increasingly forming consortiums to make its deals – and focusing on purchases in India. After a string of acquisitions in Asia, ADIA is now leading a consortium with CVC Advisers with a view to bidding for UK investment platform Hargreaves Lansdown. In June the […]

A currency exchange in Cairo. The pound hit EGP49.55 against the dollar on Monday

Egyptian currency and stocks slide on fears of US recession

The Egyptian pound dropped to a five-month low this week as regional tensions spiked and speculation mounted about a recession in the US. It briefly reached EGP49.55 against the dollar on Monday morning, close to the record EGP49.56 set when the Central Bank of Egypt floated the currency on March 6.  By midday on Monday, […]

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the UAE's deputy prime minister and finance minister, visiting the London Gateway port

DP World’s London Gateway to become UK’s largest seaport

The official launch this month of a new berth at London Gateway Port makes the facility the UK’s largest seaport, with operator DP World outlining plans for three more berths. The port, which currently handles 2.4 million containers, will expand its capacity to 3.4 million containers with the opening of berth 4, the UAE state-run […]