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Top stories

Co-working spaces, such as this one in Riyadh, complement state-led VC funding initiatives for Saudi startups

Saudi Arabia pumps funding into startups as it vies for Mena No 1

Saudi Arabia is piling money and government support into its venture capital industry as it competes with the UAE to attract startups. The VC market across the Middle East and North Africa raised $1.3 billion from January to September 2024 – and Saudi Arabia “led the region”, said startup analyst Magnitt, The kingdom secured “39 […]

The UAE hosts the largest concentration of data centres in the Middle East and North Africa but is grappling with a capacity crunch

Data centre projects struggle for funds despite soaring demand

Data centre projects in the UAE are struggling to secure financing in their early stages despite an urgent need for more facilities to meet soaring demand, observers say.  There are fears this financing gap threatens to slow development and exacerbate the region’s growing shortage of critical data infrastructure needed to fuel digital ambitions. Johan Nilerud […]

Lulu employs more than 65,000 people and operates 240 stores across the GCC

Lulu shrugs off rivals’ stock performance ahead of IPO

Lulu Retail Holdings, one of the Middle East’s largest hypermarket operators, has shrugged off the double-digit stock declines of its listed competitors as it kicked off its initial public offering, focusing on its expansion plans. The company is selling a 25 percent stake, and more than 2.5 billion shares are to be offered at a […]

Trending

  1. Oil prices up as Blinken flies to Israel for peace talks

  2. HSBC to fold Middle East operations into Hong Kong

  3. Qatar faces rising competition for LNG exports to Asia

  4. Manufacturing and agriculture drive Oman GDP growth

  5. Former UK chancellor Zahawi calls for UAE trade talks

OPINION & Analysis

Best of AGBI

Saudi healthcare

Health sector next target for Saudi private equity

Private equity is looking to Saudi Arabia’s healthcare and wellness sectors for the kingdom’s next growth areas as it tries to manage a burgeoning young population.  Some 60 percent of Saudi Arabia’s 32 million-plus population are under 30, and analysts from research company S&P say the kingdom’s demographics are the main reason for a sustainable […]

Energy security at centre of EU-GCC collaboration

The European Union and the GCC held their first summit this week, where they committed to “greater cooperation on energy security, including energy efficiency and renewable energies and hydrogen”, the parties said in a joint statement. The EU wants to strengthen its energy security by cementing ties with the GCC, following European states’ decision to […]

Gulf companies can capitalise on spare supply chain capacity

Global supply chains have more spare capacity than at any time in the last 14 months – marking a window of opportunity for the Gulf to increase production and cut costs, experts say. Overall global demand for raw materials and commodities has deteriorated, according to the GEP Global Supply Chain Volatility Index, whereas it has remained […]

Saudi petchem profits could rise but margin pressures persist

Saudi Arabian petrochemicals producers’ third-quarter earnings are likely to be better than the dismal results in the same period last year, but are unlikely to spark a stock price rebound as investors await further evidence that the industry is mounting a sustained recovery. The kingdom’s stock index of listed “materials” companies, which includes petrochemicals manufacturers […]

Clothing, Formal Wear, Suit

oIL & GAS

‘Gas is more at risk than oil as Iran and Israel trade threats’

Robin Mills, CEO, Qamar Energy

UAE latest

virtual lawyer Gitex Dubai 2024

AI-driven ‘virtual lawyers’ to launch in UAE

AI-powered “virtual lawyers” are to be launched in the UAE to help process simple cases. The country’s Ministry of Justice said the aim of the project was to speed up legal proceedings for simple cases, with the AI lawyers assisting with entering pleas, submitting documents, and providing services such as text-to-speech, or helping lawyers interact […]

Former UK chancellor Nadhim Zahawi says a UK-UAE Cepa could be agreed "immediately"

Former UK chancellor Zahawi calls for UAE trade talks

A former UK chancellor has called for the UK to initiate trade talks with the UAE as discussions over a UK-GCC-wide agreement head towards a seventh round. Nadhim Zahawi said a standalone free trade deal between the UK and UAE would “accelerate a full trade agreement” with the UAE, Bahrain, Kuwait, Saudi Arabia, Qatar and […]

The UAE hosts the largest concentration of data centres in the Middle East and North Africa but is grappling with a capacity crunch

Data centre projects struggle for funds despite soaring demand

Data centre projects in the UAE are struggling to secure financing in their early stages despite an urgent need for more facilities to meet soaring demand, observers say.  There are fears this financing gap threatens to slow development and exacerbate the region’s growing shortage of critical data infrastructure needed to fuel digital ambitions. Johan Nilerud […]

Saudi Arabia latest

Co-working spaces, such as this one in Riyadh, complement state-led VC funding initiatives for Saudi startups

Saudi Arabia pumps funding into startups as it vies for Mena No 1

Saudi Arabia is piling money and government support into its venture capital industry as it competes with the UAE to attract startups. The VC market across the Middle East and North Africa raised $1.3 billion from January to September 2024 – and Saudi Arabia “led the region”, said startup analyst Magnitt, The kingdom secured “39 […]

Cenomi brands Aldo is one of an additional five brands Cenomi Retail's board agreed to dispose of

Cenomi to dispose of more brands in journey to black

The Saudi franchiser Cenomi Retail has agreed to sell more non-core brands as part of a programme to draw the company back into the black. At an extraordinary general meeting on Monday, shareholders gave the go-ahead for more sell-offs from the company’s portfolio of non-core assets, which was worth SAR2 billion ($530 million) when the […]

A Saudi trader observes the stock market. eXtra, the parent company of United International Holding Company, listed in 2011

Saudi financial services operator to list 30% on Tadawul

United Electronics Company (eXtra) has announced plans to list a 30 percent stake of its financial unit, United International Holding Company (UIHC), on the main market of the Saudi Exchange (Tadawul). UIHC is the parent company of Tasheel Finance, an Islamic consumer finance operator, and Procco Financial Services, which provides payment and loyalty services to the financial […]

W107M0 Female employee bookkeeper in hijab working in the office The central bank said there was a 7 percent year-on-year growth for personal loans, while business lending grew 16 percent

Saudi Central Bank says loans at 18-month high

Saudi Arabia’s bank loans reached their highest level in 18 months, according to the latest data from the Saudi Central Bank (Sama).  Figures released for August show loans reached SAR2.82 trillion ($753 billion), a 12 percent increase from the previous year. The monthly bulletin said personal loans made up 46 percent of the market total, […]

Around the Middle East

An LNG tanker in Tokyo. Japan is among Asian the countries moving away from Qatar for LNG

Qatar faces rising competition for LNG exports to Asia

Qatar is facing increasing competition for liquefied natural gas exports to Japan and South Korea because of inflexibility on contract terms, reports suggest.  The Gulf country is the third-largest exporter of natural gas behind the US and Australia and is traditionally the largest supplier of LNG to Asian nations.  However, competition from the US, the […]

An Omani date farmer. Agriculture was up almost 10 percent in Q2, contributing to GDP growth

Manufacturing and agriculture drive Oman GDP growth

Oman’s economy is continuing to expand off the back of strong non-oil sector growth. In the second quarter of 2024, Omani GDP at current prices rose 2.6 percent, while real GDP grew by 1.9 percent. Much of this growth was driven by the country’s non-oil sector, which rose by 4.2 percent, according to statistics released […]

The entrance to HSBC's headquarters in Hong Kong. The bank's Middle East operations will be based in the building from next year

HSBC to fold Middle East operations into Hong Kong

HSBC Holdings announced on Tuesday that the group’s operations in the Middle East and Turkey will be folded into a unit headquartered in Hong Kong from the beginning of next year.  Stephen Moss, who has been based in Dubai as chief executive of the giant bank’s Middle East operations since April 2021, is leaving at […]

US Secretary of State Antony Blinken boards a plane in Maryland, US, en route to the Middle East

Oil prices up as Blinken flies to Israel for peace talks

Oil prices rose to $75 a barrel on Tuesday, extending gains from the previous session as investors weighed the impact of China’s stimulus measures to boost its economy, while concerns over conflict in the Middle East persisted. Brent crude futures for December delivery were up 43 cents, or 0.6 percent, to $74.72 at 13:19 GMT. US West Texas […]

Planned tech improvements at Dubai International Airport include increased use of biometrics and better accessibility

Dubai Airports has big plans for biometric tech

Dubai Airports is pushing ahead with its plans for Dubai International Airport (DXB), and air taxis, biometric upgrades and improved accessibility for disabled passengers are among its efforts to modernise the passenger experience. Omar Binadai, Dubai Airports’ chief technology and infrastructure officer, told AGBI the operator is working with regulators to secure licences and establish […]

Swiss gold

Record gold price dents demand for Swiss bullion in Gulf

Swiss gold exports to Saudi Arabia and the UAE have slumped in the past year, as its price rose by more than 30 percent driven by geopolitical challenges. Gold passed $2,700 per ounce on Friday for the first time ever. A year ago it was $1,980 per ounce, and a month ago $2,559. While global […]

gulf capacity supply chain

Gulf companies can capitalise on spare supply chain capacity

Global supply chains have more spare capacity than at any time in the last 14 months – marking a window of opportunity for the Gulf to increase production and cut costs, experts say. Overall global demand for raw materials and commodities has deteriorated, according to the GEP Global Supply Chain Volatility Index, whereas it has remained […]

Group of corporate arab businessmen meeting in the office - Middle-eastern businesspeople wearing emirati kandora working in a meeting room, Dubai

Gulf stocks steady despite regional geopolitical issues

In previous eras, the merest hint of renewed geopolitical tensions or an oil price slump would send Gulf stock markets tumbling. Currently, though, regional bourses are proving resilient despite the spectre of a widening Middle East conflict. Experts attribute this stability to wider and deeper stock markets than during earlier crises, investors’ increasing sophistication, falling […]

Topics:

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

Turkey Latest

Antalya, Turkey - This photograph captures the contrast between the traditional Ottoman-style house and the modern apartment building in Kaleici, the Old Town of Antalya.

Housing market in Turkey bounces back to 2022 levels

Cooling prices and increased potential for strong returns on investment have fuelled a rebound in the Turkish housing market, with sales hitting heights not seen in almost two years.  Just under 141,000 residential properties were sold in September, a 37 percent year-on-year improvement, and the best result since December 2022, data from the state statistics […]

VC companies have been less willing to invest in Turkish startups

High interest rates cause slump in Turkish VC startup funding

Turkey has recorded a sharp drop off in venture capital activity so far in 2024, and a leading analyst says investors are exercising patience and being selective in the startups they buy into. There has been a general slowing of funding for new projects and deals being done in emerging markets in the region, Dubai-based […]

Founded in 2012, Odeabank is Turkey’s 13th largest private bank by total gross loans and customer deposits

ADQ buys 96% of Bank Audi’s Turkish unit

The Abu Dhabi sovereign wealth fund ADQ has signed an agreement to acquire 96 percent of Lebanon-based Bank Audi’s Turkish subsidiary, Odeabank. The transaction is subject to regulatory approvals, including from Turkey’s banking regulation and supervision authority and the competition authority. As part of the deal, Bank Audi and other investors such as the International Finance […]

Shoppers in Istanbul's Grand Bazaar. Consumers are expected to push back against Turkey's tax plan because large corporations are 'not seen as contributing fairly'

Turkey ramps up taxes to spend on defence tech

Turkey’s government has proposed a raft of taxes on everything from credit cards to watches in order to fund increased spending on defence research and development. The ruling Justice and Development Party tabled draft legislation for the levies with parliament’s finance committee on October 11.  In recent years Turkey has made a priority of developing its […]

Turkey is using AI to study the tax returns of hundreds of thousands of citizens and thousands of businesses

Turkey using AI in crackdown on corporate tax evaders

Turkey is to unleash hundreds of auditors and artificial intelligence technology on the country’s leading companies to identify those that are avoiding paying tax on earnings or that are downplaying their revenue to escape higher payouts. Up to 500 inspectors will be deployed in the first stage of a long term programme to stamp out […]

Egypt Latest

Body Part, Finger, Hand Karim Badawi, Egypt's minister for petroleum, has been meeting with international companies to restore trust

Egypt slashes renewables target to focus on natural gas

Egypt has cut its renewable energy goal for 2040 from 58 percent down to 40 percent and will focus on natural gas in order to meet increasing energy demand, according to Karim Badawi, the minister for petroleum. Before hosting the Cop27 climate conference in 2022, the North African state announced a target of achieving a […]

A petrol station in Cairo. Egypt has raised fuel prices three times this year as it aims to comply with IMF requirements

Egypt plans bonds drive and may review IMF measures

Egypt plans to issue new sukuks and green bonds worth between EGP5 billion ($102.9 million) and EGP10 billion ($205.8 million) before June 2025, the end of its current financial year. The country’s finance minister Ahmed Kouchouk told reporters on Saturday of the ministry’s intentions to issue the new bonds. Earlier in the year Kouchouk spoke […]

Kristalina Georgieva, managing director of the International Monetary Fund (IMF), speaks at a news conference following a Eurogroup meeting in Luxembourg, on Thursday, June 20, 2024

IMF changes debt charges to save Egypt $190m a year

Egypt looks set to save up to $190 million a year following changes the International Monetary Fund has made to the charges paid by debtors, an expert has told AGBI. The benefits of this extra cash are likely to be tempered, though, as Egypt faces a significant debt burden and persistent inflation. The IMF announced […]

Saudi Crown Prince Mohammed bin Salman receives Egyptian President Abdel Fattah al-Sisi, in Jeddah, Saudi Arabia, July 16, 2022. Saudi Press Agency/Handout via REUTERS ATTENTION EDITORS - THIS PICTURE WAS PROVIDED BY A THIRD PARTY

Saudi Arabia signs deals worth $15bn with Egypt

Egypt and Saudi Arabia provisionally agreed investment deals worth a combined $15 billion following the meeting of President Abdel Fattah El Sisi and Crown Prince Mohammed bin Salman in Cairo on Tuesday. Speaking to Al Arabiya TV on Wednesday, the head of the Saudi-Egyptian Business Council, Bandar Al-Ameri, said that the deals include projects in […]

Output at Egypt's Zohr field fell to 1.9 Bcf/d by early 2024 due to foreign oil companies’ hesitance to invest

Egypt to ramp up gas output from major concessions

Egypt is planning to increase natural gas output from major concessions, including its largest field Zohr, petroleum minister Karim Badawi has said. The government intends to increase production at Zohr by drilling new wells starting in the first quarter of 2025, the ministry said in a statement. Average production from the field remained at two […]

Features

Most of the 300 manmade World islands remain undeveloped and only three projects have come to fruition

World Islands ‘still a decade away from completion’

The multi-billion dollar World Islands off the coast of Dubai will not be complete for another decade at least as logistics and costs stymie development, the man behind its biggest project has revealed. The $14 billion development, originally consisting of 300 man-made islands, was launched by the government-backed property company Nakheel more than 20 years […]

‘Holograms won’t replace Zoom and Teams… yet’

Star Wars depicted the use of hologram tech for video conferencing way back in the 80s, but the technology is yet to move from science fiction to mainstream media, mainly because of monetary and logistical limitations. During an interview with HPE president Antonio Nearly’s holographic avatar at Gitex Global in Dubai, it was revealed that […]

Christie’s to open new office in Saudi Arabia

British auction house Christie’s announced last month that it had received a commercial licence to conduct sales and exhibitions in Saudi Arabia. From its new base in Riyadh it is hoping to tap into a secondary market for luxury goods and state institutions’ growing appetite for art.  The company, which has its headquarters in London, […]

Tunisia’s tough decisions: to reform or face debt default

As Tunisia’s president Kais Saied celebrates his re-election, the former lawyer must decide whether to implement unpopular reforms to receive a foreign bailout or risk the North African country making its first ever debt default. Tunisia was close to reneging on some of its borrowings late last year and again earlier this year, but averted […]

People & Lifestyle

A perfume shop in Sabya, Saudi Arabia. The country's fragrance sector is worth $2.3bn

Investors scent riches in Middle East perfume

The retail offering of Al Majed for Oud Company was more than nine times oversubscribed this week, as investors rushed to buy up the first tranche of 1.5 million shares in the Riyadh-based perfume and oud products manufacturer. The full listing of 7.5 million shares, or a 30 percent stake in the company, will raise […]

Saudi Arabia tourism projects Dragon Ball theme park

Arab Disneyland and Da Vinci: Saudi Arabia’s two great hopes

Saudi Arabia is spending billions on tourism projects at the heart of its grand plan to transform a once isolated kingdom into a global tourist destination. But a nagging question is haunting policymakers: will the world pay attention?   Tourism numbers are rising, hitting 27.4 million in 2023, but half of those were religious visitors.  The […]

Lionel Messi poses for a photo at Dubai Expo 2020. He and his Argentina teammates will soon be appearing on 'giant billboard on Sheikh Zayed Road' to advertise property

Project stardust: why Dubai developers still want celeb tie-ins

Lionel Messi, Rohit Sharma and Chris Hemsworth are just some of the famous faces who have promoted UAE real estate in recent years. Superstar sportsmen and Hollywood heroes do not come cheap, but are they really a good investment for developers or just an excuse for the CEO to get a selfie?  Many industry observers […]

Around 3.5 million bottles of Champagne were shipped to the Gulf states in 2023, an increase of about 40 percent

Champagne shipments to the Gulf slow but still flowing

The growth in champagne shipments to the Gulf has slowed in recent years but the market is still one of the strongest in the world, bucking a global trend for declining sales. Around 3.5 million bottles of champagne were shipped to the Gulf states in 2023, an increase of about 40 percent, according to data […]

Around the world

Swiss gold

Record gold price dents demand for Swiss bullion in Gulf

Swiss gold exports to Saudi Arabia and the UAE have slumped in the past year, as its price rose by more than 30 percent driven by geopolitical challenges. Gold passed $2,700 per ounce on Friday for the first time ever. A year ago it was $1,980 per ounce, and a month ago $2,559. While global […]

Manara's stake in First Quantum Minerals’ Zambian operations could be worth between $1.5bn and $2bn

PIF’s Manara in talks to buy minority stake in Zambian mines 

Manara Minerals, a joint venture between Saudi Arabian Mining Co (Maaden) and the sovereign Public Investment Fund (PIF), is in advanced talks to acquire 15 to 20 percent in Canadian miner First Quantum Minerals’ Zambian copper and nickel assets. The stake could be potentially valued between $1.5 billion and $2 billion, Reuters reported, citing informed […]

Visitors tour the exhibition halls at Gitex Global. This year's expo runs until October 18

Tech startups drive rise in Ireland’s exports to UAE

Exports from Ireland to the UAE rose by 21 percent last year, driven by Irish technology and healthcare companies.  The trade agency Enterprise Ireland says exports to the GCC increased 13 percent last year, reaching €532.5 million ($580 million). Qatar had the region’s fastest growth in exports from Ireland last year, with a rise of […]

A Mitsubishi H3 rocket on the launchpad in Japan. The UAE will use the model in its asteroid belt mission

UAE and Mitsubishi sign agreement for asteroid belt mission

The UAE has signed an agreement with Mitsubishi Heavy Industries to provide services for its 2028 mission to the asteroid belt.  The Emirates Mission to the Asteroid Belt – the first multiple-asteroid tour and landing mission to the main belt that lies between Mars and Jupiter – will launch the Mohammed Bin Rashid Explorer spacecraft […]