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Latest from the Middle East

Zlatan Ibrahimovic helped AC Milan win the Serie A title this season

Bahrain’s Investcorp ends talks for AC Milan buyout

Investcorp and US fund Elliott have ended talks over the buyout of Italian soccer champions AC Milan, a top executive of the Bahrain-domiciled asset manager said. Reuters last week reported that Investcorp had put on hold its plans to purchase the club, which is owned by Elliott, clearing the way for US investment firm RedBird […]

Qatar Airways is suing Airbus for $1 billion in damages for idled planes

Qatar Airways and Airbus set for $1bn court battle in London

Airbus and Qatar Airways are heading towards a three-month summer trial next year after a UK judge granted the airline a relatively quick timetable while dismissing its procedural claims in a bitter safety and contractual dispute. The judge told a division of London’s High Court there was “public interest” in the outcome of the dispute, […]

ADC, owned by Abu Dhabi state investor ADQ and Chimera Investment, will identify scalable businesses with strong management teams

Abu Dhabi’s first SPAC lists, raising $100m from share sale

Abu Dhabi’s first special-purpose acquisition company listed today, raising $100 million in the share sale, its co-owners said. ADC, owned by state investor ADQ and Chimera Investment, will identify scalable businesses with strong management teams and acquire one or more businesses, the statement said. Shares of ADC were trading at 10.50 dirhams, up from an […]

Abu Dhabi to allow investors to donate shares to charity

The Abu Dhabi Securities Exchange (ADX) has signed an agreement to allow investors to fund charitable causes by donating some of their shares. The agreement with Dubai’s Awqaf and Minor Affairs Foundation (AMAF) will see dividends from the shares donated used to fund a wide range of charitable causes, and investors can choose which charities […]

Rocketman’s jet-pack set to take off in the Gulf

A British technology firm which has developed jet suits allowing users to fly at altitudes of up to 12,000 feet has already sold some of its products in the region and is keen to set up a training facility in the Gulf. Based in Wiltshire, South-West England, Gravity Industries was launched in March 2017 and […]

Person, Human, Glasses

UK $350m venture capital fund sees Dubai on the Horizon

Founder of London-based Digital Horizon targets investment potential in UAE startups  London-based venture capital fund Digital Horizon is targeting the UAE for growth, with investments in its first Dubai-based startups expected to be completed later this year. Alan Vaksman, founder and general partner of Digital Horizon, which has $350 million of assets under its management, […]

Qatar already has a rich portfolio in the UK, including London's iconic department store, Harrods

Qatar promise may trigger deluge of Gulf investments in UK

More Gulf sovereign wealth funds could make huge investments in the United Kingdom following a £10 billion commitment from Qatar. On Tuesday the UK and Qatar signed a new Strategic Investment Partnership which will see the emir state invest billions over the next five years in key sectors of the UK economy including  fintech, zero […]

ADGM will regulate the exchange

World’s first carbon credit exchange boosts green projects

Abu Dhabi Global Market pioneers the milestone exchange allowing companies to trade carbon credits like conventional financial assets The launch of the world’s first regulated carbon credit exchange and clearing house to regulate carbon credits will help mobilise capital for renewable energy projects in the MENA region. It will also help companies reach their decarbonisation […]

Saudi Arabia latest

Person, Human, Flag

Oil top of the agenda on White House visit to Saudi this week

Two senior US officials visited Saudi Arabia this week for talks that included global energy supplies, Iran and other regional issues, the White House said on Thursday. Meeting senior Saudi officials in Riyadh were Brett McGurk, Biden’s top White House adviser on the Middle East, and Amos Hochstein, the State Department’s energy envoy. “I will […]

Clothing, Apparel, Person

Move over Hollywood, it’s Arab time at Cannes film festival

The Middle East is one of the big talking points among the international film set at this year’s Cannes Film Festival, especially the presence of Saudi Arabia which unveiled big-ticket incentives to lure Hollywood and Bollywood producers to the kingdom. “I think in the past [the Middle East] always had some sort of presence but […]

Princess Haifa bint Mohammed denied the kingdom is going to relax its laws on alcohol

Alcohol is not on the menu in Saudi, says tourism official

Saudi Arabia has no plans to legalise the sale of alcohol in the kingdom, a senior tourism official confirmed this week at the World Economic Forum (WEF) in Davos. “The short answer is that we’re going to continue with our current laws,” assistant minister of tourism Princess Haifa bint Mohammed said during a session yesterday. […]

Gulf ports trump US in global efficiency rankings

Heavy investment has seen the Middle East dominate the top of the rankings of a list of the most efficient container ports in the world, with some Saudi ports up to four times more efficient than their North American rivals. The latest edition of the Container Port Performance Index (CPPI), which was developed by the […]

Saudi Aramco keen to buy stake in US-based motor oil firm

Oil giant Saudi Aramco has approached motor oil and lubricant maker Valvoline Inc to buy its segment that caters to commercial customers, sources familiar with the matter told Reuters on Wednesday. Valvoline, which is valued at $5.4 billion as of Tuesday’s closing price, had last year decided to separate its retail services and global products […]

UAE Latest

Dubai ranked most overworked city in the world

Dubai is the most overworked city in the world, according to a new global report out this week – but a workplace culture expert said this could be due to the type of workers the emirate traditionally attracts. Kisi, a New York-based cloud-based security systems provider, looked at the work-life balance in 100 global cities. […]

ADC, owned by Abu Dhabi state investor ADQ and Chimera Investment, will identify scalable businesses with strong management teams

Abu Dhabi’s first SPAC lists, raising $100m from share sale

Abu Dhabi’s first special-purpose acquisition company listed today, raising $100 million in the share sale, its co-owners said. ADC, owned by state investor ADQ and Chimera Investment, will identify scalable businesses with strong management teams and acquire one or more businesses, the statement said. Shares of ADC were trading at 10.50 dirhams, up from an […]

Beeah's headquarters in Sharjah

Commercial waste-to-energy plant to power 28,000 homes

A new commercial scale waste-to-energy plant inaugurated in Sharjah will produce enough electricity to power 28,000 homes per year and help the government to achieve its goal of becoming the Middle East’s first zero-waste city. The Emirates Waste to Energy company, a joint venture between Sharjah-headquartered Beeah and Abu Dhabi-based Masdar, was inaugurated yesterday and […]

Kabul Airport

UAE to operate ground services at three Afghan airports

The United Arab Emirates has won a contract to operate ground services at three airports in Afghanistan, UAE presidential adviser Anwar Gargash said today on Twitter, confirming an announcement made earlier by the Taliban. Turkey and Qatar were also competing for the contract and had sent technical teams to help airport operations and security after […]

Aluminium is lightweight and ideal for use in outer space

UAE’s aluminium drive is out of this world

Aluminium has been a bedrock of the UAE’s economy and its industrial ambitions for years with exports reaching more than 50 countries around the world. Now, Emirates Global Aluminium (EGA), the country’s largest industrial company outside oil and gas, is looking to enter the ultimate export market – outer space. The company is in talks […]

Around the world

Person, Human, Chair

Cryptocurrencies face regulation to avoid illicit dealings

Cryptocurrency firms, many of which lined the main street in Davos this week, were told they will need to clean up their act before gaining complete acceptance from the World Economic Forum’s old guard. “The future of crypto, I’m sorry to say, looks regulated to me,” said Nela Richardson, senior vice president and chief economist […]

Boat, Transportation, Vehicle

US seizes Russian ship with Iranian oil cargo

The United States has confiscated an Iranian oil cargo held on a Russian-operated ship near Greece and will send the cargo to the United States aboard another vessel, three sources familiar with the matter said. Greek authorities last month impounded the Iranian-flagged Pegas, with 19 Russian crew members on board, near the coast of the […]

Tie, Accessories, Accessory

US lawmakers voice doubts about Biden reaching a deal with Iran

The United States said on Wednesday it was ready to tighten sanctions and act with Israel and others to counter the Iranian threat if shaky efforts to revive the 2015 Iran nuclear deal fail, but lawmakers voiced doubts about both options. “We do not have a deal … and prospects for reaching one are, at […]

mandarins

South Africa looks to Middle East to replace Russia fruit exports

The conflict in Ukraine has throttled South Africa’s citrus exports to Russia and driven input costs higher, further squeezing fruit producers already suffering from spiralling shipping costs, an industry body said. The war, which started on Febuary 24, blocked South Africa’s citrus shipments to Russia in the immediate aftermath, Citrus Growers Association of Southern Africa […]

Turkish delivery company Getir to cut 14% of staff

Turkish fast grocery delivery company Getir plans to cut 14 percent of its staff globally, a source with knowledge of the matter told Reuters. Founded in 2015, Istanbul-based Getir operates in around 50 cities across seven European countries, the United States as well as all major cities in its home country. The source said the […]

Dubai among lead managers of Indonesia’s biggest Islamic bond

Indonesia has raised $3.25 billion by selling US dollar-denominated Islamic bonds with 5-year and 10-year tenures, the country’s biggest global sukuk issuance, the finance ministry said today. The 5-year notes carry a coupon of 4.40 percent, while the 10-year notes have a 4.70 percent coupon, below the sovereign’s initial price guidance, it said in a […]

Covid testing in Taiwan

Taiwan, now trying to ‘live with Covid’, has 80,000 cases a day

Taiwan was billed as a coronavirus success story when its economy boomed in the pandemic, but the island is now battling a record wave of infections as it eases restrictions to start “living with the virus”. For the whole of 2021, Taiwan reported under 15,000 locally transmitted cases. It is now registering around 80,000 cases […]

President Volodymyr Zelensky at Davos

Zelensky tells Davos the world is ‘at a turning point’

Ukrainian President Volodymyr Zelensky addressed global business leaders at Davos on Monday, telling them the world faced a turning point and had to ramp up sanctions against Russia as a warning to other countries considering using brute force.  “History is at a turning point… This is really the moment when it is decided whether brute […]

Turkey

Food, Invertebrate, Animal

Turkey to receive $500m from World Bank for COVID-19 vaccines

The World Bank said on Thursday that its board had approved $500 million in additional financing to support Turkey in its efforts to fight against COVID-19. The funds, which will have a maturity of 10.5 years with a five-year grace period, will be used to ensure access to safe and effective COVID-19 vaccines in Turkey, […]

Turkish delivery company Getir to cut 14% of staff

Turkish fast grocery delivery company Getir plans to cut 14 percent of its staff globally, a source with knowledge of the matter told Reuters. Founded in 2015, Istanbul-based Getir operates in around 50 cities across seven European countries, the United States as well as all major cities in its home country. The source said the […]

Turkey tourism Borden

Tourism growth stokes hopes of economic recovery

The number of foreigners arriving in Turkey last month more than tripled from a year earlier, reinforcing expectations that a rebound in the sector will help repair an economy battered by a weak currency and high inflation. Sector representatives expect tourist numbers this year to return to around 2019 levels, leaving the 2020-21 coronavirus slump […]

Tie, Accessories, Accessory

Turkey’s planned inflation-linked bonds could sap deposits

Some banks are concerned that Turkey’s deposit base could decline as investors, eager to protect savings from price rises, snap up the government’s expected inflation-protected bond issuance, officials and bankers say. Given that inflation has soared to 70 percent, the bonds could pull considerable savings from lira and hard currency deposits and even sap the […]

Qatar, Turkey won’t replace cancelled Russian Grand Prix

Formula One’s 2022 season will be reduced to 22 races after the sport said on Wednesday it would not be replacing the cancelled Russian Grand Prix on Sept. 25 despite interest from other countries. Formula One had scheduled a record 23 rounds this year but the race in Sochi was called off in February and […]

Egypt

Nature, Outdoors, Harvest

Ukraine war sees Egypt put pressure on local wheat farmers to replace shortfall

Egypt typically the world’s biggest wheat importer Most purchases came from Russia and Ukraine Local farmers have to sell 60% of crop to the state Government offer is well below international prices At an agricultural storage complex in the Egyptian city of Banha, Ahmed Nasser watches truck after truck offload freshly-threshed grain from the surrounding […]

Tie, Accessories, Accessory
  • Analysis

Rising inflation and falling tourism deals Egypt a ‘double whammy’

With inflation surging and the government forced to fix the price of bread to head off civil unrest, Egypt has felt the heat from the Ukraine crisis more acutely than most countries in the Middle East and North Africa (MENA) region. Higher commodity prices and the loss of tourism revenues from both Russian and Ukrainian […]

Features

Clothing, Apparel, Person

Move over Hollywood, it’s Arab time at Cannes film festival

The Middle East is one of the big talking points among the international film set at this year’s Cannes Film Festival, especially the presence of Saudi Arabia which unveiled big-ticket incentives to lure Hollywood and Bollywood producers to the kingdom. “I think in the past [the Middle East] always had some sort of presence but […]

Face, Person, Human
  • How I got to the top

Ayham Gorani, co-founder and CEO, Pemo

What does your company do?Pemo empowers businesses across the Middle East, North Africa and Pakistan by offering them a fast, transparent, and simplified way to manage their company spend. We’ve built a platform that addresses the day-to-day spend management challenges faced by small and medium-sized enterprises (SMEs) in the region. Our offering includes smart corporate […]

Elie Habib's Anghami generates close to one billion streams a month with a catalogue of more than 72 million Arabic and international tracks

Make some noise for Anghami’s Elie Habib

The Lebanese music streaming mogul talks to AGBI about the meteoric rise of his Nasdaq-listed company, its battles with music pirates, relocation to Abu Dhabi and his ambition to launch Arab music stars Elie Habib fell in love with coding early. He started selling software at the age of 17 and launched several companies in […]

Lifestyle & People

Ecclestone denies arrest for carrying illegal gun

Former Formula One supremo Bernie Ecclestone today denied he had been arrested in Brazil and said an illegal gun found in his luggage before boarding a flight was never used and had no ammunition. The 91-year-old Briton, now in Portugal, said a “silly, tiny little incident” had caused a lot of aggravation as he and […]

Person, Human, Icing

Greek graviera cheese could soon be off the menu

In a small factory on the Greek island of Naxos, workers are busy churning out its famous graviera cheese. At least, they are for now. A crisis unfolding on the island’s farms is sparking fears that the locally-produced pale yellow wheels may soon start to disappear from the cheese counter. Standing among his cows in […]

Juan Carlos and Felipe of Spain

Juan Carlos to visit Spain after two years in UAE exile

The former king of Spain, Juan Carlos, will travel to his country this weekend for the first time since he left under a cloud of scandal in August 2020, making his home in the United Arab Emirates. Juan Carlos, 84, is visiting the northern region of Galicia for a boating event, according to the mayor […]

Person, Human, Sunglasses

Chiara Ferragni reveals investor interest in fashion brand

Chiara Ferragni has received various expressions of interest from potential investors in her brand, the Italian Instagram star said in an interview with Milano Finanza. Ferragni, 35, is Italy’s top fashion influencer with 27 million followers on Instagram. In January she mandated BNP Paribas to find an investor to help expand her fashion brand internationally. […]

UK-Gulf deal will be ‘tough nut to crack,’ says top Johnson ally

The co-chairman of the UAE-UK Business Council and former chief strategic adviser to Prime Minister Boris Johnson says the upcoming UK-Gulf trade agreements could be delayed but bilateral opportunities remain immense Lord Udny-Lister, co-chairman of the UAE-UK Business Council and one of Boris Johnson’s closest political allies, cuts a distinguished figure amid the sumptuous surroundings […]

Clothing, Apparel, Suit

Hollywood actress Jolie visits Lviv, trip interrupted by sirens

Hollywood actress Angelina Jolie visited the Ukrainian city of Lviv on Saturday, going to the station to meet people displaced by the war with Russia before later leaving after air-raid sirens sounded. Jolie, 46, is a special envoy for the United Nations refugee agency, which says more than 12.7 million people have fled their homes […]

Netflix drops Meghan Markle’s animated series

Streaming platform Netflix Inc said on Sunday it had decided to stop work on Meghan Markle’s family series “Pearl” as it reviewed animated content. Dropping several projects, including Markle’s, was part of strategic decisions on production of animated series, the company said in a statement, without providing further details on its decision. Archewell Productions, the […]

How I got to the top: Kamal Al Samarrai, co-founder, Verity

What does your company do? Verity is a UAE-based fintech startup on a mission to teach kids and teens how to earn, save, give and spend responsibly, while offering parents the ability to guide their money management. By integrating our family banking and financial literacy app with a personalised pre-paid debit card, we’re making learning […]