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Qatar tourism

Qatar moves to meet growing tourism demand

Qatar is seeking to build up its tourism infrastructure and capitalise on a sharp increase in international visitors by launching a $5.5 billion entertainment-focused development, according to industry experts. The Simaisma Project, by the Diar Real Estate Investment Company, was announced last week by Sheikh Mohammed bin Abdulrahman Al Thani, Qatar’s prime minister. It will […]

Saudi forex

Saudi forex reserves at 18-month high in boost to giga-projects

Saudi Arabia’s foreign exchange reserves have shot up by nearly 7 percent this year to $445 billion in May, or SAR167 trillion, the highest since November 2022.  The rise gives the government more scope to pump money into cash-constrained giga-projects.  Saudi Arabia has raised $17 billion in debt markets this year. The Public Investment Fund […]

Some firms have sought to get out of their arbitration clauses based on the venue change

Abu Dhabi court rulings strengthen UAE arbitration

Recent court rulings in Abu Dhabi further tighten the UAE’s embrace of arbitration as the go-to mechanism to resolve commercial disputes, according to industry attorneys. Arbitration in the emirates has gone through a “groundbreaking” evolution ever since the Dubai ruler, Sheikh Mohammed bin Rashid Al Maktoum, issued Decree number 34 in September 2021, closing the […]

Trending

  1. Water shortage and talent hole hinder Gulf chips ambition

  2. Egypt hails record tourist numbers despite regional conflict

  3. Saudi PIF is top global investor in first half of 2024

  4. Qatar Airways announces record profits

  5. BP joins Masdar in Egyptian green hydrogen project

OPINION & Analysis

Best of AGBI

Oil workers on a rig in Libya's Sirte basin. The country's energy infrastructure needs large-scale investment, say analysts

With or without foreign help, Libya’s 2m-barrel goal looks tough

Libya is hoping to double its crude oil production over the next three to five years, but analysts have warned that a lack of investment and the political crisis that has led to the country having two rival governments are jeopardising those plans. The country’s National Oil Corporation (LNOC) announced in June that it would […]

Water shortage and talent hole hinder Gulf chips ambition

Plans by the UAE and Saudi Arabia to become centres of computer chip manufacturing are threatened by everything from shortages of engineering talent to a lack of water, experts have warned. The ambitions of the two countries will fail unless they invest in training and form partnerships, they say. The demand for high-end semiconductors, otherwise […]

Sustained sell-off makes Qatari stocks more attractive

Qatari stocks are among the Gulf’s most attractively priced, according to core metrics, after a sustained slump on Doha’s bourse. The decline – the Qatari index is down about 27 percent from its late 2021 peak – comes after a momentous rally that propelled the index to a seven-year high when investors bet on a […]

Morocco struggles to solve its water crisis

A seawater desalination plant that opened last month at Sidi Rahal near Casablanca is a major part of Morocco’s plans to tackle the country’s frightening decrease in water supplies. The plant will be built in two phases and is designed to produce 300 million cubic metres of water a year to supply 7.5 million people, […]

Mena football teams weigh appeal of revamped Club World Cup

Football teams from Saudi Arabia, the UAE, Egypt, Morocco and Tunisia will compete alongside the likes of Real Madrid and Bayern Munich at Fifa’s revamped Club World Cup next summer, potentially giving the Mena outfits unprecedented global exposure. The United States will host the 32-team tournament in June and July 2025. Yet less than a […]

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UAE latest

UAE saudi microchip computer chip semiconductor

Water shortage and talent hole hinder Gulf chips ambition

Plans by the UAE and Saudi Arabia to become centres of computer chip manufacturing are threatened by everything from shortages of engineering talent to a lack of water, experts have warned. The ambitions of the two countries will fail unless they invest in training and form partnerships, they say. The demand for high-end semiconductors, otherwise […]

Some firms have sought to get out of their arbitration clauses based on the venue change

Abu Dhabi court rulings strengthen UAE arbitration

Recent court rulings in Abu Dhabi further tighten the UAE’s embrace of arbitration as the go-to mechanism to resolve commercial disputes, according to industry attorneys. Arbitration in the emirates has gone through a “groundbreaking” evolution ever since the Dubai ruler, Sheikh Mohammed bin Rashid Al Maktoum, issued Decree number 34 in September 2021, closing the […]

The Zero Bureaucracy initative aims to streamline processes and reduce administrive burdens on companies and individuals

UAE to axe 2,000 procedures in ‘Zero Bureaucracy’ drive

The Central Bank of the UAE has announced plans to eliminate at least 2,000 bureaucratic procedures as part of a sweeping “Zero Bureaucracy” plan to enhance efficiency in the country’s financial sector.  The change is aimed at reducing administrative burdens on businesses and individuals, according to state news agency Wam. The bank, in collaboration with […]

Startup Purplle’s valuation has increased by 14 percent to $1.25 billion after the latest funding round

ADIA leads Indian beauty retailer’s $120m fundraising

The UAE’s Abu Dhabi Investment Authority (ADIA) has led the $120 million funding round of Indian online beauty retailer Purplle Group, local media reported. The startup’s valuation has increased by 14 percent to $1.25 billion after the latest funding round, Mint, an Indian financial daily, reported. Overall, Purplle has raised more than $500 million. “ADIA […]

Saudi Arabia latest

UAE saudi microchip computer chip semiconductor

Water shortage and talent hole hinder Gulf chips ambition

Plans by the UAE and Saudi Arabia to become centres of computer chip manufacturing are threatened by everything from shortages of engineering talent to a lack of water, experts have warned. The ambitions of the two countries will fail unless they invest in training and form partnerships, they say. The demand for high-end semiconductors, otherwise […]

Saudi forex

Saudi forex reserves at 18-month high in boost to giga-projects

Saudi Arabia’s foreign exchange reserves have shot up by nearly 7 percent this year to $445 billion in May, or SAR167 trillion, the highest since November 2022.  The rise gives the government more scope to pump money into cash-constrained giga-projects.  Saudi Arabia has raised $17 billion in debt markets this year. The Public Investment Fund […]

Passengers on a cruise ship watch activities in Jeddah port, Saudi Arabia

Saudi shipping line to link Jeddah with Chinese ports

The Saudi Ports Authority has launched a new shipping service, CBS, at Jeddah Islamic Port in partnership with China’s NewNew Shipping Line, strengthening trade links between the two nations. The arrangement also aims to improve Saudi Arabia’s position on the Liner Shipping Connectivity Index, increase operational efficiency at ports, and strengthen the country’s connectivity with […]

Saudi Arabia announced the discovery of two unconventional oil fields, a reservoir of light Arabian oil, two natural gas fields and two natural gas reservoirs

Saudi Arabia reveals seven oil and gas discoveries

Saudi Arabia has announced seven new oil and gas deposits in the Eastern Province and Empty Quarter. Two unconventional oil fields, a reservoir of light Arabian oil, two natural gas fields, and two natural gas reservoirs were discovered, energy minister Prince Abdulaziz bin Salman said. The unconventional oil fields and one reservoir were found in […]

The PIF's domestic stakes include Saudi Telecom STC but it is also a top investor abroad

Saudi PIF is top global investor in first half of 2024

Saudi Arabia’s Public Investment Fund was the highest-spending state-owned investor in the first half of 2024, while three Abu Dhabi institutions were also in the top five. The PIF owns stakes in various domestic companies including Saudi Aramco, Saudi Telecom Co and Saudi National Bank and is spearheading the kingdom’s giga-project development programme. It invested […]

Around the Middle East

Maersk says it will only return to sailing via the Red Sea/Gulf of Aden when the safety of seafarers and vessels is guaranteed

Red Sea disruption to stretch into Q3 says Maersk CEO

Disruption in the Red Sea is expected to stretch into the third quarter of 2024, making the situation challenging for carriers and businesses, Danish shipping major Maersk CEO Vincent Clerc has said. “For the time being, Maersk ships are continuing to divert around Africa via the Cape of Good Hope in South Africa,” he said, […]

A growth in passenger numbers of 26 percent contributed to Qatar Airways' record profit

Qatar Airways announces record profits

Qatar Airways Group has reported the strongest financial results in its 27-year history after announcing profits of more than QR6 billion (almost $2 billion) for the 2023-24 financial year. Revenues at the state-backed company increased by 6 percent year on year to QR81 billion. Passenger revenue was up by 19 percent, with a capacity increase […]

Oil workers on a rig in Libya's Sirte basin. The country's energy infrastructure needs large-scale investment, say analysts

With or without foreign help, Libya’s 2m-barrel goal looks tough

Libya is hoping to double its crude oil production over the next three to five years, but analysts have warned that a lack of investment and the political crisis that has led to the country having two rival governments are jeopardising those plans. The country’s National Oil Corporation (LNOC) announced in June that it would […]

Traders shaking hands at the Israel Diamond Exchange. Diamonds are among the items that have not been greatly affected by the conflict in Gaza

Trade flourishes between Israel and Arab states

Israel’s trade with Middle Eastern countries including Egypt, Morocco and Bahrain grew in the year to the end of May despite regional tensions and the Gaza war, a think tank report has revealed. The figures, compiled by the Abraham Accords Peace Institute (AAPI), rely on data from Israel’s Central Bureau of Statistics. Israel’s trade with […]

Jordan's $400m Masar programme aims to equip Jordanian children and youth with the relevant skills for the labour market

World Bank to support Jordan’s social sectors

The World Bank has approved $700 million programmes to support Jordan’s health, education and social assistance sectors. The $300 million Jordan human capital programme aims to improve the governance and effectiveness of social sectors, as well as safeguard households from the adverse effects of climate change. In addition, the $400 million Masar programme will equip […]

People celebrate after Eid al-Adha morning prayers inside Education City Stadium, Doha. The completion of infrastructure projects leading up to the 2022 World Cup meant there were few opportunities and catalysts left for the market

Sustained sell-off makes Qatari stocks more attractive

Qatari stocks are among the Gulf’s most attractively priced, according to core metrics, after a sustained slump on Doha’s bourse. The decline – the Qatari index is down about 27 percent from its late 2021 peak – comes after a momentous rally that propelled the index to a seven-year high when investors bet on a […]

Oman's Nama Power received 12 submissions for qualification from local and international developers

Masdar and Acwa Power vie for Oman solar project

The UAE’s Masdar and Saudi Arabia’s Acwa Power have been shortlisted to develop Oman’s 500-megawatt (MW) Ibri III solar project. The plant, launched by Nama Power and Water Procurement Company, will be built at a cost of OR155 million ($401 million).  The state-backed company received 12 submissions for qualification from local and international developers, of […]

Mabanee Kuwait

$65m credit boost for Kuwait developer Mabanee

The Kuwait real estate developer Mabanee has signed a deal to increase its credit facility by 80 percent, from KD25 million ($81.5 million) to KD45 million. The agreement was reached with “a local bank”, according to a filing on the Boursa Kuwait. Details of the bank were not disclosed. The facility, which has been extended for […]

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Turkey Latest

Turkey off grey list

Turkey moves out of FATF grey zone

Turkey has been removed from an international watch list of countries with lax regulations on international money laundering and countering funding to illegal groups. The Financial Action Task Force (FATF) announced it was taking Turkey off its grey list at the watchdog’s plenary session in Singapore on Friday. It said the country had made significant […]

Geopolitical risks and food prices are helping keep inflationary pressures alive, said Turkey's central bank

Turkey holds interest rate at 50% despite inflation risks 

Turkey’s central bank maintained its benchmark interest rate at 50 percent and will retain a tight monetary stance until inflation is tamed. The last 500 basis points rise to the benchmark rate was announced in March following a deteriorating inflation outlook. The rate has been hiked by 4,150 basis points since June 2023 to ease inflation […]

The e& stand at World Mobile Congress. The GlassHouse acquisition is its latest, following ventures in Egypt and Saudi Arabia

UAE’s e& buys Turkish cloud provider GlassHouse

The UAE telecom operator e&, formerly Emirates Telecommunications Group company and Etisalat, has acquired the Turkish cloud services provider GlassHouse through its wholly owned subsidiary e& enterprise. A binding agreement has been signed between e& enterprise and Mediterra Capital, a private equity firm that provides investments in Turkey, to take over 100 percent of GlassHouse […]

Tourists among houses in Bodrum. Turkey's housing costs rose 93 percent year on year, well above the general inflation rate of 75 percent

Turkey announces plans to drop cap on rent increases

Turkey is set to remove a two-year-old cap on residential rental increases, but some analysts warn that the lifting of restrictions may spark a further rise in rents and feed into already high inflation.  On May 20 treasury minister Mehmet Şimşek announced restrictions on rental increases would be abandoned at the beginning of July, saying […]

Mubadala injects $250m to revive Turkey’s Getir

Abu Dhabi’s Mubadala Investment Company will invest $250 million in Turkish grocery delivery startup Getir as part of a restructuring programme that will split it into two standalone units. The first standalone business will focus on domestic online groceries and food delivery services, with Mubadala, an existing shareholder, holding the management and majority stake, Reuters […]

Egypt Latest

Tourists at the Temple of Hathor, in Dendera, Egypt. 7.1m people visited the country in the first half of 2024

Egypt hails record tourist numbers despite regional conflict

Egypt received a record number of tourists during the first two quarters of 2024 despite ongoing conflict in the region. The Ministry of Tourism and Antiquities said on Monday that 7.1 million tourists visited the country in the first half of the year, breaking the previous record for the same period of 6.9 million in […]

Maersk says it will only return to sailing via the Red Sea/Gulf of Aden when the safety of seafarers and vessels is guaranteed

Red Sea disruption to stretch into Q3 says Maersk CEO

Disruption in the Red Sea is expected to stretch into the third quarter of 2024, making the situation challenging for carriers and businesses, Danish shipping major Maersk CEO Vincent Clerc has said. “For the time being, Maersk ships are continuing to divert around Africa via the Cape of Good Hope in South Africa,” he said, […]

Traders shaking hands at the Israel Diamond Exchange. Diamonds are among the items that have not been greatly affected by the conflict in Gaza

Trade flourishes between Israel and Arab states

Israel’s trade with Middle Eastern countries including Egypt, Morocco and Bahrain grew in the year to the end of May despite regional tensions and the Gaza war, a think tank report has revealed. The figures, compiled by the Abraham Accords Peace Institute (AAPI), rely on data from Israel’s Central Bureau of Statistics. Israel’s trade with […]

An engineer works on electricity turbines partially powered by green hydrogen in Sharm El-Sheikh, Egypt

BP joins Masdar in Egyptian green hydrogen project

BP, the British oil and gas company, has agreed to join a consortium including Masdar, the UAE’s state renewable energy company, and others to develop a multi-phase green hydrogen project in Egypt.  ​​The plans come as Reuters reports suggest that BP has frozen new offshore wind projects, as it renews emphasis on oil and gas […]

Egyptian president Abdel Fattah El-Sisi talks with European Commission president Ursula von der Leyen in Cairo

Deals between European and Egyptian companies worth $43bn

European companies are signing more than €40 billion ($43 billion) worth of deals with Egyptian companies across a range of sectors, European Commission president Ursula von der Leyen has said. “We have companies in sectors ranging from hydrogen to water management, from construction to chemicals, from shipping to aviation and to automotive,” she said at […]

Features

Field, Nature, Outdoors In 2023, El Niño arrived early, impacting crops. The Indian government reacted by banning exports of non-basmati white rice

Weather and politics keep pressure on price of rice

The status of rice as a global food staple means that it is also a political minefield for producer nations. So all eyes are on India as rice prices fluctuate at around a 15-year high.  Different varietals and markets command different prices, but trading on “contracts for difference”, which track benchmark prices, saw the cost of […]

Adnoc, Emirates Global Aluminium and the outlook for net zero

It is a tall order. The UAE is striving to develop its industrial capacity while also decarbonising in a world that needs a 40 percent-plus reduction in emissions by the end of the decade to avoid devastating climate change. Two of the country’s biggest state-owned enterprises – Adnoc and Emirates Global Aluminium (EGA) – are […]

Morocco struggles to solve its water crisis

A seawater desalination plant that opened last month at Sidi Rahal near Casablanca is a major part of Morocco’s plans to tackle the country’s frightening decrease in water supplies. The plant will be built in two phases and is designed to produce 300 million cubic metres of water a year to supply 7.5 million people, […]

Silver is riding high but the market remains volatile

With a gain in its spot price of nearly one-third since the start of the year, silver is now 2024’s best-performing precious metal.  It is a major industrial material with an important role in the green energy transition. Yet, while these factors are combining to give silver a moment, analysts are quick to warn of […]

Saudi sports push ‘winning global audiences’

Saudi sports investments are winning a global audience as the kingdom tries to overcome charges of “sport washing”, a major survey of media coverage said this month. Media analytics consultancy Carma found that coverage of human rights in Saudi Arabia fell in favour of “a sports-related narrative” around the world, including in the West. The […]

People & Lifestyle

The WakeCap system being used on a construction site

Aramco adopts heat-sensing construction helmets

Saudi Aramco is deploying advanced safety helmets equipped with heat stress sensors to protect workers on some of its construction sites, a critical concern in the Gulf region’s scorching climate. The helmets, developed by Dubai and Saudi Arabia-based construction tech startup WakeCap, utilise internet-of-things (IoT) technology that monitors worker attendance, location, and safety incidents in […]

A stall holder in the Grand Bazaar in Istanbul. People in Istanbul faced rises in the cost of living this year, as soaring inflation impacted wages

Cairo and Istanbul feel biggest cost of living squeeze

Dubai has become the most expensive city in the Middle East for expatriate workers, while Cairo and Istanbul were among the cities that saw the biggest rise in the cost of living this year, as soaring inflation impacted wages. Dubai, the UAE’s largest city, saw rental prices rise by about a fifth in the last […]

A pilgrim prays on Mount Arafat, Mecca. Saudi Arabia has been enforcing a strict crackdown on performing Hajj without a permit Video length: 07:15

Hajj pilgrims feel the pinch as costs rise

The costs of Hajj are getting ever higher for pilgrims coming from around the world to perform the annual rites, which are a duty for every able-bodied Muslim to perform once in a lifetime.  Even pilgrims coming from within Saudi Arabia, for whom the costs are cheaper, are paying around SAR23,500 ($6,266) for up to […]

Electronics, Phone, Mobile Phone

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Around the world

A miner inside a tunnel of the Parrilla silver mine, Mexico. Mexico is the world's biggest producer of mined silver.

Silver is riding high but the market remains volatile

With a gain in its spot price of nearly one-third since the start of the year, silver is now 2024’s best-performing precious metal.  It is a major industrial material with an important role in the green energy transition. Yet, while these factors are combining to give silver a moment, analysts are quick to warn of […]

Covestro CEO Dr Markus Steilemann. The company has rejected two previous offers from Adnoc

Adnoc makes final bid for German chemicals maker

German chemical company Covestro AG has confirmed that it has started “concrete negotiations” over a $12.5 billion offer from Abu Dhabi National Oil Company (Adnoc). Covestro said in a statement that Adnoc had offered €62 ($67) a share as a starting point for the negotiations, which are subject to the completion of due diligence. In […]

ADIA Hargreaves Lansdown

ADIA group raises offer for UK stock trading platform

A consortium including Abu Dhabi’s biggest sovereign wealth fund is poised to buy stock trading platform Hargreaves Lansdown after making an improved non-binding offer for the British company. Abu Dhabi Investment Authority’s (ADIA) wholly owned subsidiary Platinum Ivy has teamed up with private equity firms CVC and Nordic Capital to offer £11.40 ($14.51) per share […]

Two companies are dominant in the lithium industry – Chile’s SQM and US business Albemarle. In 2023, each commanded about 20 percent of global supply

Saudi Arabia targets Chile for lithium investments

Saudi Arabia’s mining minister Bandar Alkhorayef will visit Chile next month to negotiate a deal to secure lithium to support the kingdom’s ambition to expand its electric vehicle (EV) sector, a news report said. Alkhorayef will meet with his counterpart in Santiago, Reuters reported, quoting a Chilean government statement. The report said the two officials will discuss […]