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UAE diabetics face Ozempic shortage due to weight-loss users

The manufacturer of Ozempic is “troubled” by the fact the drug, which was designed to help people with diabetes, is in short supply in the UAE because of the high number of consumers using it for its weight loss side-effects. Danish pharmaceutical company Novo Nordisk introduced Wegovy, a drug meant to specifically tackle obesity, to […]

UAE offices in demand – in contrast to the West

Offices in the UAE are outperforming Western equivalents, with a steady influx of foreign businesses and local developers’ preference for residential projects. “The need for more Grade A office space is becoming increasingly urgent,” Behnam Bargh, managing director at real estate agency CRC, told AGBI. “Addressing this issue will be crucial for maintaining the country’s […]

Austrian finance unicorn to open in UAE

Austria’s first unicorn has announced plans to set up in Dubai, as officials from the UAE hold top-level talks in Vienna to build on a 22 percent increase in bilateral trade last year A unicorn is a startup company valued at more than $1 billion that is privately owned and not listed on a share […]

Tunisia’s honey production hit by global warming

Almost three-quarters of beekeepers in Tunisia have seen their honey production curtailed by climate change. The North African country has 305,000 hives tended by 13,000 beekeepers, according to Hassene Ben Salem, chief engineer at the Office of Livestock and Pastures. But he said extreme weather conditions have almost halved honey production, from an average of […]

UAE latest

A welder at work in Ras Al Kaimah. The northern emirates will benefit from lower electricity tariffs under a new scheme for local manufacturers in the UAE

UAE to direct additional $6bn to local manufacturers

The UAE is to direct an additional AED23 billion ($6.3 billion) to local manufacturers as it strives to develop its homegrown sectors and diversify its economy away from a reliance on hydrocarbons. Abu Dhabi state oil company Adnoc will expand its local manufacturing procurement programme for critical industrial products by AED20 billion to AED90 billion […]

Organisations have protested US investment bank BlackRock’s participation in the bid to buy a stake in Malaysia Airports Holdings

Malaysian airport deal faces Gaza war backlash

Plans by a consortium, including the UAE’s largest sovereign wealth fund, to buy a stake in Malaysian airports have been hit by protests against the deal from local business organisations in the Asian country. As many as 22 organisations have called upon the Malaysian government to block US investment bank BlackRock’s participation in the bid […]

Offices need to offer flexibility, with a variety of spaces to allow for both collaboration and private conversations

Flexibility and amenities key to UAE office sector’s future

As workers globally grow resistant to spending all week at their desks, even the UAE’s strong-performing office sector must rethink its offering to meet shifting demand, industry professionals have told AGBI. “Since the pandemic, people have realised that the workplace has changed for ever. We are not going back to working in the office 80 […]

Adnoc's Ruwais LNG project. The company has approved capital expenditure of $150 billion for 2023-2027

Adnoc to reach its 5m bpd oil target before 2027

Abu Dhabi National Oil Company (Adnoc) is likely to reach its 5 million barrel per day (bpd) oil production capacity expansion by the end of next year or early 2026, Bloomberg reported, citing people aware of the operations. The oil company announced in November 2022 that the new target was to be achieved by 2027 […]

Saudi Arabia latest

Workers at a Riyadh construction site. The Tonomus competition aims to find innovation in the sector

Saudi Arabia races to find technologies for futuristic cities

Saudi Arabia is urgently seeking new technologies for its construction and real estate sectors as it races to make good on its pledge to build futuristic multi-billion-dollar cities. Tonomus, a subsidiary of crown prince Mohammed bin Salman’s $500 billion signature Neom development, has joined forces with the Public Investment Fund to launch a competition offering […]

Riyadh Air Comac C919

Riyadh Air not buying from China’s Comac ‘for now’

Riyadh Air, Saudi Arabia’s new national carrier, will not consider China’s Comac for its narrowbody order to be announced later this year. However, the airline said it saw a future in Saudi Arabia for Comac, the Commercial Aircraft Corporation of China, as the Chinese alternative to Boeing and Airbus.  “The narrowbody order is in its […]

A rendering of DP World's logistics park in Jeddah Islamic Port

$250m logistics park breaks ground in Jeddah

Dubai logistics company DP World has commenced work on a SAR900 million ($250 million) logistics park in Saudi Arabia’s Jeddah Islamic Port. The new storage and distribution facilities, being developed along with state-backed Saudi Ports Authority (Mawani), will boost trade in the kingdom and the wider region. The 415,000 sq m “greenfield” facility will provide […]

Mohammed El-Kuwaiz, chairman of Saudi Arabia's Capital Market Authority

Saudi investors fined $1m for insider trading

Saudi financial authorities have fined five investors and one company almost SAR5 million ($1.3 million) for insider trading and other capital market law violations, the latest in a series of crackdowns on corruption in the kingdom.  The investors and the company, Erada and Riyada for Development and Commercial Investment, committed crimes including buying shares of […]

Around the Middle East

Photography, Clothing, Glove Qatari origin urea will be supplied to the agricultural sectors of the US and other international markets

Qatar signs 15-year urea supply pact with US company

Qatar, the world’s second-largest exporter of urea, has signed a long-term urea supply agreement with US-based Koch Fertilizer.  The 15-year agreement, starting in July, will lead to the supply of up to 0.74 million tonnes per annum (MTPA) of urea, state-backed QatarEnergy said in a statement. Locally manufactured urea will be supplied to the agricultural […]

Passengers at Muscat International Airport. Oman plans for it to be joined by six more locations

Oman plans six new airports in tourism push

The majority of Oman’s six new airports are expected to be operational by 2028 and 2029, as part of the government’s initiative to promote tourism, a senior government official has said. Work is under way on designing the new projects, which will increase the number of airports to 13, Naif Al Abri, chairman of the Civil […]

The under-construction Golden Pass LNG facility in Texas

Builder of Qatar-Exxon LNG facility files for bankruptcy

Zachry Holdings, the lead contractor on the QatarEnergy and ExxonMobil Golden Pass LNG project in Texas, has filed for Chapter 11 bankruptcy protection. Zachry Holding’s share of the $10 billion Golden Pass project is valued at $5.8 billion. The company said it is pursuing a “structured exit”. “Because we have been unable to find a […]

The number of ships traversing the Suez Canal has almost halved and Egypt expects a substantial revenue fall

Red Sea crisis could drop Suez Canal revenue by 60%

Suez Canal revenues may decrease by up to 60 percent due to elevated tensions in the Red Sea, according to assessments cited by Egyptian finance minister Mohamed Maait. Speaking at a ministerial event at Cairo University on Monday, Maait said the revenue fall would further exacerbate the state’s budget deficit which has grown to EGP120 […]

Lesha Bank's total assets under management increased to QAR6.4 billion, an 11 percent increase year on year

Qatari Islamic bank buys Kazakhstan’s Bereke Bank

Lesha Bank, a sharia-compliant bank in Qatar, has acquired Bereke Bank from Kazakhstan government-backed Baiterek Holding for QAR532 million ($146 million). The Qatar Stock Exchange-listed company said in a statement that the transaction is, however, subject to regulatory approvals. Last month the bank reported an all-time high quarterly net profit of QAR28.8 million in the first quarter of […]

Heidi Kunkel, senior VP at Hyatt, says high-end customers are less sensitive to price increases Video length: 4:19

GCC hoteliers unfazed by rising costs

As global inflationary pressures continue to vex businesses, hospitality chains are faced with a choice: increase room rates or sacrifice profit margins.  GCC hoteliers seem to be opting for squeezing profit margins rather than increase room rates, even as geopolitical tensions and supply chain challenges threaten to push up costs.  Average daily rates (ADR) in […]

Mineral products contributed the highest value at OMR839 million among Oman's non-oil commodity exports, a 143 percent surge year on year

Oman’s trade surplus rises 21% on higher crude exports

Oman’s trade surplus rose 21 percent year on year to OMR1.7 billion ($4.4 billion) by the end of February 2024, according to government data. The total value of merchandise exports reached OMR4.4 billion during the period, a 20 percent increase, compared to OMR3.7 billion a year ago, state-run Oman News Agency reported, citing statistics from the […]

A construction site in Cairo. Egypt received the final tranche of ADQ funding for Ras El Hekma last week

Work on ADQ-backed resort in Egypt ‘to start this year’

ADQ will begin building the infrastructure for its Ras El Hekma development on Egypt’s north coast before the end of this year, according to housing minister Assem El Gazzar. The Abu Dhabi sovereign wealth fund had said it would break ground in early 2025, but it has yet to announce the names of contractors or […]

Topics:

Turkey Latest

Russians Turkey Istanbul Bridge

Russians rush from Turkey as costs and restrictions bite

Rising costs, increased difficulties in obtaining residency permits and tighter enforcement of restrictions on the number of foreign nationals who can live in popular regions are prompting an exodus of Russian citizens from Turkey.  The number of Russian nationals holding Turkish residence permits has plunged to just over 96,000 as of May 16, down from […]

Turkey's finance minister Mehmet Simsek says he has faith in the country's measures to curb inflation

Turkey tightens monetary policy but holds rate steady

Turkey will continue to maintain a tight monetary stance until a “significant and sustained” decline in monthly inflation is seen, the country’s central bank said. The bank’s monetary policy committee kept the key policy rate steady at 50 percent, adding it remains “highly attentive to inflation risks”.  The central bank raised interest rates by 500 […]

Turkish Airlines flew 18.5 million passengers from January to March 2024, up 8.4 percent annually

Turkish Airlines revenue rises 10% to nearly $5bn

Revenue at Turkey’s national carrier Turkish Airlines rose 10 percent year on year in the first quarter of 2024 to $4.8 billion, driven by growing passenger numbers. Turkish Airlines flew 18.5 million passengers from January to March, up 8.4 percent annually, it said in its latest investor presentation. Passenger revenue climbed 5 percent year on year […]

The Egyptian government is focusing on growing tourism in Sharm el-Sheikh, Gouna and Luxor

Egypt to host more Turkish tourists as relations improve

Egypt will likely host 250,000 Turkish tourists this year as relations between the two nations improve. Cairo hosted around 80,000 Turkish tourists in the first four months of 2024, Amr El-Kady, CEO of the Egyptian Tourism Authority, told the state-run Anadolu Agency. The Egyptian government is working on several initiatives to boost tourism, with a […]

Turkey FAB Yapi Kredi

First Abu Dhabi Bank targets Turkish lender

One of Turkey’s largest corporations has confirmed it is in talks with First Abu Dhabi Bank (FAB) over the sale of a majority holding in the Istanbul-headquartered lender Yapı Kredi, the country’s fourth largest private bank in terms of assets.  A report by Reuters on May 21 said sources told it FAB was offering around […]

Egypt Latest

A market in Cairo. The meeting of the central bank’s MPC was its first since Egypt secured $8 billion in financial support from the IMF in March

Egypt holds interest rate hike despite slowdown

The Central Bank of Egypt has kept its key interest rates unchanged despite a slowdown in economic growth. The monetary policy committee (MPC) left the lending rate unchanged at 28.25 percent and the deposit rate at 27.25 percent. Inflation has eased since the annual headline and core inflation peaked at 38 percent in September 2023 […]

Cigarette sellers in Aswan, Egypt. US company Philip Morris says it wants to give smokers in Egypt 'better options than cigarettes'

US cigarette giant buys slice of Egyptian rival

The American tobacco giant Philip Morris International (PMI) has acquired a minority stake in Egypt’s largest cigarette manufacturer. PMI, which owns brands such as Marlboro, L&M, Merit and Parliament and is the world’s top tobacco company by market value, has bought 14.7 percent of Egypt’s Eastern Company, which also includes cigars and pipe tobacco in […]

An orange vendor in Cairo. The country will export 2 million tonnes of oranges this year

Egyptian agricultural exports hit record levels

Egypt exported a record 7.5 million tonnes of agricultural produce last year, compared with 6.4 million tonnes in 2022 and 5.6 million in 2021. The total value of agricultural exports in 2023 was $8.8 billion, according to minister of agriculture and land reclamation Al Sayed Al Quseir. Egypt’s total number of export partners has increased […]

The Egyptian government is focusing on growing tourism in Sharm el-Sheikh, Gouna and Luxor

Egypt to host more Turkish tourists as relations improve

Egypt will likely host 250,000 Turkish tourists this year as relations between the two nations improve. Cairo hosted around 80,000 Turkish tourists in the first four months of 2024, Amr El-Kady, CEO of the Egyptian Tourism Authority, told the state-run Anadolu Agency. The Egyptian government is working on several initiatives to boost tourism, with a […]

The number of ships traversing the Suez Canal has almost halved and Egypt expects a substantial revenue fall

Red Sea crisis could drop Suez Canal revenue by 60%

Suez Canal revenues may decrease by up to 60 percent due to elevated tensions in the Red Sea, according to assessments cited by Egyptian finance minister Mohamed Maait. Speaking at a ministerial event at Cairo University on Monday, Maait said the revenue fall would further exacerbate the state’s budget deficit which has grown to EGP120 […]

Features

Shipping needs cheaper green methanol for its route to net zero

Higher costs and undersupply remain the biggest concerns for shipping companies seeking to reduce their greenhouse gas emissions by switching to green methanol.  Danish logistics company Maersk has ordered 25 vessels that can run on sustainably produced e-methanol. Its first large methanol container ship, Ane Maersk, arrived at Jebel Ali port in Dubai last week. […]

Chinese carmakers ‘taking Gulf by storm’

Chinese carmakers now claim a sizeable chunk of new car sales in the Gulf and it is likely they will increase their market share further by wooing regional consumers through their vehicles’ innovative designs and perceived value for money. That is the prediction of Amir Khurshid, CEO of Saudi Arabia’s ThinkDirect Automotive Consulting and an […]

GCC-EU trade drops by $8bn as talks pause

Trade between the GCC and the European Union fell by 4 percent last year to $180 billion, as the two trading blocs struggled to agree terms for a free trade agreement. Figures shared exclusively with AGBI by Eurostat, the EU’s statistics authority, show Saudi Arabia was the bloc’s biggest trade partner from the GCC, with […]

Saudi Arabia grapples with new penal code

A legislative committee is grappling with the text of a new penal code which could cement — or jeopardise — the gains made by Saudi Arabia after it introduced a new commercial law code last year.  The kingdom is trying to shake off a reputation for opaque and arbitrary justice to meet ambitious tourism and […]

People & Lifestyle

SWVL CEO Mostafa Kandil Video length: 04:15

Unicorn SWVL survives share slump to turn a profit

Scaling back operations, chasing profitability over investor funding and divesting from acquisitions has resulted in the Middle East’s first unicorn finally turning profitable.  Egypt-born ride hailing app SWVL has survived a turbulent time during which the Nasdaq-listed startup faced the possibility of being delisted.  SWVL was valued at $1.5 billion when it went public in […]

A Diwali celebration held during Expo 2020 in Dubai. GCC officials want to work together to prevent event clashes

Tourism chiefs call for GCC-wide events calendar

Gulf Cooperation Council nations should co-ordinate their event schedules to avoid overlaps and entice tourists to make multiple stops in the region, officials have said at the Arabian Travel Market conference. The six GCC governments – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE – are exploring ways to co-operate on tourism, including a […]

GCC boards female

UAE leads GCC on board gender mix but region still lags

More than 10 percent of board seats at listed companies in the UAE are filled by women, well ahead of its Gulf neighbours, but still lagging the global average. At the 168 companies listed on the Abu Dhabi Securities Exchange and Dubai Financial Market, just 133 out of 1,231 board seats, or 10.8 percent, are […]

Investor Tim Draper told AGBI the US must 'swing back to freedom' to avoid losing innovation to countries such as the UAE

Tim Draper: UAE benefits from US crypto ‘overregulation’

Billionaire venture capitalist Tim Draper has criticised the US for its restrictive stance on cryptocurrency, claiming it is driving innovators towards more encouraging and friendlier markets such as the UAE. The Gulf state is actively developing regulatory frameworks to lure new forms of business, amid intense regional economic competition. Dubai and Abu Dhabi have set […]

Egypt's wealthiest man, Nassef Sawiris, who lives in Cairo, has interests in construction, manufacturing and sports

Cairo has most billionaires in Africa, but wealthy are leaving

Cairo is home to more billionaires than any other African city, but Egypt is facing an exodus of its wealthiest citizens. The international wealth advisory firm Henley & Partners said Cairo is home to four billionaires, and 30 centi-millionaires – those worth $100 million or more. Most reside in affluent parts of Greater Cairo, including […]

Around the world

Organisations have protested US investment bank BlackRock’s participation in the bid to buy a stake in Malaysia Airports Holdings

Malaysian airport deal faces Gaza war backlash

Plans by a consortium, including the UAE’s largest sovereign wealth fund, to buy a stake in Malaysian airports have been hit by protests against the deal from local business organisations in the Asian country. As many as 22 organisations have called upon the Malaysian government to block US investment bank BlackRock’s participation in the bid […]

A Geely Galaxy E8 electric vehicle at Auto China 2024. Geely is one of the most popular Chinese car brands in the Gulf

Chinese carmakers ‘taking Gulf by storm’

Chinese carmakers now claim a sizeable chunk of new car sales in the Gulf and it is likely they will increase their market share further by wooing regional consumers through their vehicles’ innovative designs and perceived value for money. That is the prediction of Amir Khurshid, CEO of Saudi Arabia’s ThinkDirect Automotive Consulting and an […]

UAE Spain Marbella

Marbella beckons for Abu Dhabi real estate developers

A joint venture with a high-end Spanish residential developer has been launched by two Abu Dhabi real estate companies to build ten hectares of luxury homes in the Golden Mile, a premier area in Marbella. The deal with Mabel Real Estate to co-build Mabel Marbella Residences is the first luxury project in Europe for Bloom […]

An energy company representative submits his company's bid during the latest licensing rounds at the Iraqi Oil Ministry's headquarters in Baghdad

Chinese companies snap up Iraqi oil and gas blocks

Iraq has awarded Chinese companies a large share of oil and gas exploration concessions as it attempts to boost its hydrocarbon reserves and attract investment. Opec’s second largest oil producer hopes to add 1 million barrels per day (bpd) of oil and nearly 3.5 billion cubic feet of gas per day. Out of 22 prequalified […]