EXCLUSIVE Aviation Boeing delays are hampering Flydubai expansion, says CEO Delays in the delivery of Flydubai’s first wide-body aircraft from Boeing are hampering the carrier’s expansion into long-haul routes and it may seek compensation, its CEO has told AGBI. The low-cost carrier is waiting for 30 Boeing 787-9 twin-aisle planes, part of an $11 billion deal announced at the 2023 Dubai Airshow. The first deliveries […] April 29, 2025
Analysis Oil & Gas Gulf oil investment ‘can weather price slump’ International oil prices may have fallen to their lowest in four years but that is unlikely to disrupt the exploration and production investment plans of Gulf national oil producers, energy analysts have said. But Middle East and North Africa producers outside the GCC may not be so lucky. Crude oil fell below $60 a barrel […] April 29, 2025
Aviation Sheikh Ahmed: China’s Boeing rejects won’t fly for Emirates Emirates Airline’s chairman Sheikh Ahmed bin Saeed Al Maktoum has downplayed speculation that the carrier could buy Boeing planes originally destined for China. Speaking at the Arabian Travel Market in Dubai on Tuesday, Sheikh Ahmed said Emirates was actively exploring options to expand its fleet, but the Boeing aircraft – ordered by Chinese carriers but […] April 29, 2025
OpinionPeople & LifestyleThe UAE looks like a better bet for Irish citizens in the turbulence of the next four yearsFrank Kane, Editor-at-Large
OpinionMARKETSWhile US tariff hikes’ direct impact on Mena will be limited, $22bn in non-oil exports is at riskNasser Saidi, Economist, Nasser Saidi and Associates
OpinionmarketsIncreasing foreign investment in the Saudi stock market is vital for its economic evolutionSimon Kitchen, Macro-strategist, Emerging & Frontier Capital
Video length: 04:24 VIDEO Construction First phase of Oman’s Sultan Haitham City on track for 2030 Work on Oman’s $2.6 billion Sultan Haitham City housing project is in full swing. Spread over 14.8 million square metres, Sultan Haitham City will have 20,000 residential units distributed across 19 integrated residential neighbourhoods. The project, initiated a couple of years ago, is being developed in four phases. The first phase, featuring close to 7,000 […]
Analysis Transport Saudi Arabia’s EV ambitions face ‘chicken and egg’ dilemma Few of the car enthusiasts who attended Tesla’s launch in Riyadh last month arrived in electric vehicles. Hundreds turned out for the much-heralded opening event in Riyadh, an indication that the furore around the Tesla brand and its owner Elon Musk has not crossed the Atlantic. Despite this, public enthusiasm for electric vehicles (EVs) in […]
VIDEO EXCLUSIVE Economy Egypt’s prosperity rests on private sector, says billionaire Sawiris Egypt’s second-richest man Naguib Sawiris has predicted a long-awaited turnaround in the country’s private sector. Sawiris told AGBI that it had taken the Egyptian government a long time to acknowledge the importance of the private sector, but that it now knows that the country’s economic future rests on it. “The private sector is the most […]
Analysis Construction Quake lends urgency to Istanbul rebuild programme Istanbul, Turkey’s economic hub, has received a timely reminder that it is at the centre of a high-risk earthquake zone, having been rattled by a tremor of magnitude 6.2 on Wednesday. The hope is that the quake will jolt the city authorities into action to speed up a slow-moving building renewal scheme. Damage from the […]
Analysis Economy What a plunging dollar means to Gulf imports and inflation The dollar’s slump to multiyear lows against many major currencies risks raising import costs in the dollar-pegged Gulf economies, fuelling inflation and pressuring business profitability, analysts say. From mid-January, the dollar is down 11 percent against each of the euro (to its lowest in more than three years), the Japanese yen (its lowest since late 2023), […]
Video length: 04:24 VIDEO Construction First phase of Oman’s Sultan Haitham City on track for 2030 Work on Oman’s $2.6 billion Sultan Haitham City housing project is in full swing. Spread over 14.8 million square metres, Sultan Haitham City will have 20,000 residential units distributed across 19 integrated residential neighbourhoods. The project, initiated a couple of years ago, is being developed in four phases. The first phase, featuring close to 7,000 […]
Analysis Transport Saudi Arabia’s EV ambitions face ‘chicken and egg’ dilemma Few of the car enthusiasts who attended Tesla’s launch in Riyadh last month arrived in electric vehicles. Hundreds turned out for the much-heralded opening event in Riyadh, an indication that the furore around the Tesla brand and its owner Elon Musk has not crossed the Atlantic. Despite this, public enthusiasm for electric vehicles (EVs) in […]
VIDEO EXCLUSIVE Economy Egypt’s prosperity rests on private sector, says billionaire Sawiris Egypt’s second-richest man Naguib Sawiris has predicted a long-awaited turnaround in the country’s private sector. Sawiris told AGBI that it had taken the Egyptian government a long time to acknowledge the importance of the private sector, but that it now knows that the country’s economic future rests on it. “The private sector is the most […]
Analysis Construction Quake lends urgency to Istanbul rebuild programme Istanbul, Turkey’s economic hub, has received a timely reminder that it is at the centre of a high-risk earthquake zone, having been rattled by a tremor of magnitude 6.2 on Wednesday. The hope is that the quake will jolt the city authorities into action to speed up a slow-moving building renewal scheme. Damage from the […]
Analysis Economy What a plunging dollar means to Gulf imports and inflation The dollar’s slump to multiyear lows against many major currencies risks raising import costs in the dollar-pegged Gulf economies, fuelling inflation and pressuring business profitability, analysts say. From mid-January, the dollar is down 11 percent against each of the euro (to its lowest in more than three years), the Japanese yen (its lowest since late 2023), […]
Aviation Sheikh Ahmed: China’s Boeing rejects won’t fly for Emirates Emirates Airline’s chairman Sheikh Ahmed bin Saeed Al Maktoum has downplayed speculation that the carrier could buy Boeing planes originally destined for China. Speaking at the Arabian Travel Market in Dubai on Tuesday, Sheikh Ahmed said Emirates was actively exploring options to expand its fleet, but the Boeing aircraft – ordered by Chinese carriers but […] April 29, 2025
Real Estate Abu Dhabi developer Aldar reports $520m first quarter profit Aldar Properties, Abu Dhabi’s largest real estate developer, has reported a rise in first-quarter profits driven by sales to international buyers. Net profit after tax increased 22 percent year on year to AED1.9 billion ($520 million). Revenue was up 39 percent to AED7.8 billion. Overseas investors and expatriates living in the UAE accounted for AED7.4 […] April 29, 2025
EXCLUSIVE Aviation Boeing delays are hampering Flydubai expansion, says CEO Delays in the delivery of Flydubai’s first wide-body aircraft from Boeing are hampering the carrier’s expansion into long-haul routes and it may seek compensation, its CEO has told AGBI. The low-cost carrier is waiting for 30 Boeing 787-9 twin-aisle planes, part of an $11 billion deal announced at the 2023 Dubai Airshow. The first deliveries […] April 29, 2025
Aviation ‘I expect more Europeans to come’: Etihad chief shrugs off tariffs Abu Dhabi’s Etihad Airways is not seeing any effects from the turmoil caused by US President Donald Trump’s tariff policies, its CEO Antonoaldo Neves told Reuters on Monday, while adding it was too early to fully gauge the impact of the levies. Trump’s announcement of sweeping tariffs on dozens of US trading partners this month […] April 29, 2025
Petrochemicals UAE’s Borouge to expand its production capacity UAE petrochemical company Borouge, a specialist in polyethylene and polypropylene, has unveiled expansion plans to increase annual production capacity to more than 6.6 million tonnes by 2028. The expansion is expected to contribute $165-$200 million in earnings before interest, tax and depreciation, the company said in a statement. Borouge, backed by Abu Dhabi National Oil […] April 29, 2025
Finance iMENA Group plans IPO with backing of PIF’s Sanabil A unit of Saudi Arabia’s Public Investment Fund (PIF) is investing in iMENA Group as the technology company seeks to raise $135 million from investors and prepare for an initial public offering. Riyadh-based Sanabil Investments – which is owned by $940 billion PIF – made the investment among other financiers including venture capital firm FJ […] April 29, 2025
Construction Emaar EC reschedules loan with consortium of Saudi banks Emaar the Economic City (Emaar EC), the developer of King Abdullah Economic City, has signed an agreement with four Saudi banks to reschedule a total of SAR3.4 billion ($904 million) in existing financing. The agreement also includes securing a new credit facility of SAR287 million from Alinma Bank, Saudi Awwal Bank, Banque Saudi Fransi and […] April 29, 2025
Telecoms Q1 profits and revenue up for Saudi Telecom Company Profits at Saudi Telecom Company (STC) rose in the first quarter of this year, pushing the share price of the kingdom’s biggest telecoms operator to a yearly high. Net profit rose 11 percent year on year to SAR3.6 billion ($973 million) in the first three months of 2025. Revenues for the quarter rose 2 percent […] April 29, 2025
Petrochemicals China’s Sinopec in $4bn joint venture with Saudi Aramco China’s state-run Sinopec said on Monday it had signed an agreement with a unit of Saudi Aramco to establish a joint venture company with a registered capital of 28.80 billion yuan ($3.95 billion). The agreement was signed by Sinopec, its unit Fujian Petroleum Chemical Industry Co, and Saudi Aramco’s Singaporean unit Aramco Asia Singapore. Sinopec and its unit […] April 29, 2025
Renewable Energy Equipment and workforce key for Saudi renewables Nacelles and blades, battery energy storage systems (BESS) and high voltage direct current (HVDC) cables, solar modules and wafers. A surge in large-scale renewable projects – such as the 2GW Al Shuaibah 2 solar project and 1.5GW Dawadmi wind farm – means the kingdom needs to secure equipment and expertise if it is to come […] April 29, 2025
Real Estate Kuwait wealth fund sues over London tower project Kuwait Investment Authority, the world’s fifth-biggest sovereign wealth fund, is suing global investment company Axa Investment Managers in connection with a planned tower in London’s financial district that risks blocking light to a KIA building. St Martins Property, the investment authority’s property development unit, is suing Hygie, a special purpose vehicle controlled by Axa Investment […] April 29, 2025
Real Estate New Kuwait laws will stimulate banks, says Fitch Kuwait’s approval of a debt law and the easing of housing curbs on foreigners is likely to stimulate banks after a period of subdued activity, according to a US rating agency. Fitch said it expects 8-9 percent growth in 2025 if planned large government projects are awarded, following last month’s approval of the debt law. […] April 29, 2025
Video length: 04:24 VIDEO Construction First phase of Oman’s Sultan Haitham City on track for 2030 Work on Oman’s $2.6 billion Sultan Haitham City housing project is in full swing. Spread over 14.8 million square metres, Sultan Haitham City will have 20,000 residential units distributed across 19 integrated residential neighbourhoods. The project, initiated a couple of years ago, is being developed in four phases. The first phase, featuring close to 7,000 […] April 28, 2025
Finance Official email to be required for Kuwait business licences Oil-rich Kuwait intends to force its companies to set up an official email address for correspondence with government offices as part of a new law designed to speed up business and slash paper work, according to local media. Companies that fail to abide by the new rules will have their business suspended and banned from […] April 28, 2025
Aviation Oman Air cuts a quarter of workforce after losses Loss-making national airline Oman Air has let go of at least 900 people – equivalent to almost a quarter of its workforce – after posting yet another loss last year, newspapers including the Times of Oman reported. Of the 900, more than 500 are expatriates and the remaining 400 Omani nationals, Saeed bin Hamoud Al […] April 28, 2025
Economy Saudi Arabia and Qatar to settle Syria’s World Bank debt Saudi Arabia and Qatar have jointly agreed to cover Syria’s arrears of $15 million with the World Bank. “This commitment will pave the way for the World Bank Group to resume support and operations in Syria after a suspension of more than fourteen years,” Saudi Arabia’s finance ministry said in a statement, according to UAE […] April 28, 2025
Renewable Energy Oman to build 400km hydrogen pipeline network Oman’s natural gas network operator OQ Gas Networks (OQGN) is planning to build a dedicated hydrogen pipeline by 2030, in line with a strategy to develop the sultanate’s renewables sector. The funding approval for the 300-400 kilometre project is expected by 2027, Oman Daily Observer reported, citing the majority state-owned company’s 2024 annual report. OQGN […] April 28, 2025
Transport Morocco launches 430km high-speed train project Morocco has started construction of the Kenitra-Marrakech high-speed rail line in the capital city of Rabat. This phase will add 430 kilometres of high-speed rail connecting Kenitra (an industrial centre on the coast in north-western Morocco) to the country’s economic hub, Casablanca, and further south to the historic city of Marrakech, serving the airports of […] April 28, 2025
Economy Risks for Turkey’s economy despite stable credit rating Turkey’s economic outlook has retained its “stable” rating, according to ratings agency S&P Global, despite heightened political and economic uncertainty since March, with more downside risk than upside opportunity. The agency had raised Ankara’s sovereign debt rating to its present BB-, just below investment grade, in November, the second increase in 2024. It affirmed that […] April 29, 2025
Development Turkey hopes for funding surge from global institutions Turkey is hoping to attract more than $40 billion in project funding from global financial institutions over the next three years to increase environmental investment, boost infrastructure and reduce risk from natural disasters. Treasury and finance minister Mehmet Şimşek said on April 26 he anticipated Turkey would receive $41 billion in low-cost, long-term finance from […] April 29, 2025
Tourism Turkey’s domestic tourism sector heats up Turkey’s domestic tourism sector surged in 2024, with more Turks holidaying at home than ever before, shrugging off high inflation and economic uncertainty by taking to the road in record numbers. Between them, Turkey’s 85 million citizens took 67 million domestic trips last year, an increase of 9 percent on 2023, according to state statistics […] April 28, 2025
Manufacturing Factory activity in Turkey falls to lowest in two years Turkey’s manufacturing sector has posted its fifth monthly decline in activity, reflecting a slowdown in domestic demand and the impact of political and economic instability. The manufacturing capacity utilisation rate – how much a factory’s full potential is being used – fell to 74.3 percent in April, according to a report issued this week by […] April 27, 2025
Retail Gains in Egypt and Turkey help PepsiCo profit Revenue growth at PepsiCo Inc.’s Europe, Middle East and Africa (Emea) division outpaced all its other regional divisions in the first quarter, lifted by stronger demand in Egypt and Turkey. However, the US snacks and drinks company trimmed its full-year profit outlook and warned of rising global trade costs. The maker of Pepsi, Gatorade and […] April 25, 2025
Economy IMF urges Egypt to accelerate sale of state assets The International Monetary Fund has urged Egypt to move faster in selling off state assets to spur growth and reduce debt. The country’s economic growth is forecast to increase from 2.4 percent in fiscal year 2024 to 4.3 percent in fiscal year 2026, according to Jihad Azour, director of the IMF’s Middle East and Central […] April 29, 2025
Construction Egyptian minister touts Ras El Hekma as blueprint for global deals Egypt’s Ras El Hekma deal with the United Arab Emirates shows how creditor and debtor countries around the world can work together for mutual benefit, the Egyptian minister of planning has said. It may also lead to similar agreements with other Gulf nations, according to Rania Al Mashat. “What Ras El Hekma has done is […] April 28, 2025
Retail Gains in Egypt and Turkey help PepsiCo profit Revenue growth at PepsiCo Inc.’s Europe, Middle East and Africa (Emea) division outpaced all its other regional divisions in the first quarter, lifted by stronger demand in Egypt and Turkey. However, the US snacks and drinks company trimmed its full-year profit outlook and warned of rising global trade costs. The maker of Pepsi, Gatorade and […] April 25, 2025
Video length: 3:09 VIDEO EXCLUSIVE Economy Egypt’s prosperity rests on private sector, says billionaire Sawiris Egypt’s second-richest man Naguib Sawiris has predicted a long-awaited turnaround in the country’s private sector. Sawiris told AGBI that it had taken the Egyptian government a long time to acknowledge the importance of the private sector, but that it now knows that the country’s economic future rests on it. “The private sector is the most […] April 25, 2025
Trade Egypt targets 15% trade growth with Tunisia Egypt has set a target to increase trade with Tunisia by 15 percent as it seeks to develop regional economic ties. Trade between the two countries, both of which are subject to reform programmes overseen by the International Monetary Fund, is expected to reach $485 million in 2025 from $421 million in 2024. The plan […] April 21, 2025
Construction RAK sets out $272m plan for ‘our version of Central Park’ Ras Al Khaimah is preparing an AED1 billion ($272 million) mixed-use masterplan to link two of its most prominent waterfront developments – Al Hamra and Al Marjan Island. The project is being led by Marjan, the master developer of freehold properties in the northern emirate, and will have its official launch later this year. “What […]
Media & Advertising Dubai doubles down on social media with ‘influencer academy’ Sunsets, skyscrapers, shopping sprees. Type #Dubai into any social media platform and you will find thousands of them. Whether they’re promotional films or holiday snaps, the quality and reach of these images can vary widely. Now Dubai’s tourism authority is setting up an “influencer academy” to teach aspiring digital creators how to make the most […]
Finance Binance powers crypto dialogue with community events Binance, the world’s largest cryptocurrency exchange by volume, is helping to unite the industry, facilitate connections and drive conversation through its calendar of live and online events. Kim Murphy, its head of global event marketing, gives us the lowdown Why are events so important to Binance and the industry? Events bring crypto to life. They […] In association with
Retail Gold’s record run brings little joy for Dubai jewellers In the bustling Gold Souk in Dubai, dubbed the “City of Gold”, 22-karat gold jewellery is a traditional favourite for weddings, religious celebrations, and as a family investment. Yet with bullion prices hitting record highs above $3,400 an ounce, there are signs of change, as buyers opt for diamonds and lighter gold jewellery instead. While […]
VIDEO Utilities Water scarcity: The GCC’s desalination challenge The Gulf is one of the most water scarce regions in the world, so it has had to adopt innovative solutions for its water resources. One of the most prominent of these is desalination. While less than 1 percent of the world’s drinking water is desalinated, GCC countries depend on their desalination plants for up to […]
Opinion Media & Advertising Dubai chocolate is the golden ticket of city branding Food is part of a place's cultural identity. Plenty of cities and countries have dishes associated with them
Leisure & Hospitality Corporate art collections on the rise in the UAE A shiny office tower in the heart of Downtown Dubai may not be an obvious home for a growing international art collection but ICD Brookfield Place is becoming just that. Among the works or exhibitions it has showcased recently are Canadian visual artist Jordan Söderberg Mill’s light and glass installation Standing Wave, Emirati artist Hashel […]
Analysis Food & Drink Saudi Arabia’s expanding food sector faces high costs As the population grows and the economy swells, the food and beverage service industry in Saudi Arabia is expanding. Half Million, a coffee shop chain that started in the capital Riyadh in 2018, now operates 59 stores across the kingdom. Its 60th recently opened on London’s Oxford Street. Barn’s, a Jeddah-based coffee chain that already […]
Analysis Artificial Intelligence AI ‘employees’ make their mark in the Gulf From customer service to the C-suite, AI “employees” are climbing the corporate ladder in the Gulf as the technology behind them improves. Regional wealth funds such as ADQ are now using AI “boardroom advisers” to help make decisions according to Middle East AI News, while startups are raising capital and launching so-called “AI employees”. These […]
Lifestyle Shisha smokers turn to healthier alternatives In the same way that non-alcoholic drinks are now a regular feature in restaurants and bars in the UAE, hookah smokers are increasingly turning to healthier substitutes to satisfy their shisha fix. “People are seeking alternatives that are better for their health yet do not impact lifestyle choices,” said Naim Madaad, a founding member of […]
Analysis Real Estate Shortage of Dubai homes forces buyers to go off-plan A shortage of completed homes for sale in Dubai is pushing people to buy off-plan properties, which have hit record highs in terms of units bought and as a proportion of purchases. Off-plan investors in the emirate have long had to fund their own purchases, but the growing importance of yet-to-be-completed properties may spur more […]
Food & Drink Turkish fish processors adapt as taste for sushi grows Turkish seafood processors are expanding their product range to cash in on new tastes, eating habits and markets, adding the Japanese delicacy sushi to their offerings. Not so long ago sushi was a rarity in Turkey. It featured on the menus of a few Japanese restaurants in tourist areas catering to foreign visitors rather than […]
Entrepreneurs 60 seconds with Satish Sanpal, chairman of ANAX Holding Satish Sanpal established ANAX Holding in Dubai in 2018 as a diversified investment entity. Today, ANAX Holding operates across multiple sectors, including real estate development, hospitality and financial services. ANAX Developments, one of its key subsidiaries, has emerged as a prominent real estate developer in Dubai, delivering high-demand projects across the city. What one piece […] In association with
Editor's Insight Trade India and Saudi Arabia’s common bonds Events may have overshadowed Narendra Modi’s trip to Jeddah this week – the Indian prime minister was forced to cut his visit short because of an attack in Kashmir – but there was much for him to discuss with his Saudi hosts. Amid market volatility and the new dispensation from Washington, Saudi Arabia and India – […]
Oil & Gas Morocco and Nigeria agree terms for $25bn gas pipeline Morocco and Nigeria have agreed to create a joint venture to manage a long-planned $25 billion pipeline which will ship gas to Europe, a Moroccan minister has said. Leila Benali, minister of energy transition and sustainable development, told Morocco’s parliament that a floating gas storage terminal would also be installed at Nador on the Mediterranean […]
Aviation Dubai jet leaser wins $282m settlement in Russian case Dubai Aerospace Enterprise (DAE), the Middle East’s largest aviation leasing company, has received a $282 million cash settlement from unnamed insurers for aircraft leased to Russian Federation carriers. This latest payment brings DAE’s total insurance recovery to $601 million. With this settlement DAE and its partners have resolved all claims against the involved insurance and […]
Manufacturing Volkswagen to export surplus stock from China to Middle East Volkswagen is to start exporting cars from China, aiming to sell in other Asian markets, South America and the Middle East, its China chief Ralf Brandstaetter has said. Brandstaetter also said that the carmaker was ready to tackle domestic competition in the country. Carmakers in China, including Volkswagen, are grappling with how to make use […]
