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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 […]

Saudi government debt insurance costs jump as oil prices fall

The cost of insuring government debt in the Middle East and North Africa (Mena) has jumped this month, in some cases – including Saudi Arabia – to multi-year highs. Investors are fretting over the impact of global trade tensions on economic growth and international oil prices, and the risk of Israeli-US military action against Iran. […]

Saudi Arabia’s debt burden ‘to rise more quickly’, says IMF

The International Monetary Fund has revised its forecast for Saudi Arabia’s debt burden as tumbling oil prices dent the country’s revenues. The IMF is now projecting that Saudi government gross debt will be 44.5 percent of GDP by 2029, according to the twice-yearly Fiscal Monitor released in Washington DC on Wednesday.  In last October’s report, […]

Fractional sukuk platform launched by UAE bank

Sukuk investing in the Gulf has long been the preserve of institutional and wealthy investors because of a six-figure minimum investment threshold, effectively excluding ordinary people from buying sharia-compliant bonds directly. Now though, Abu Dhabi Islamic Bank (ADIB) has launched an investment platform, Smart Sukuk, on which retail investors can buy so-called fractional sukuk for […]

Dubai Investments plans IPO before year end, says CEO

Dubai Investments is preparing to sell shares in four subsidiaries to the public and may list one of them before the year end, its CEO Khalid bin Kalban has told AGBI. The government-backed company manages AED22.1 billion ($6 billion) of assets in the UAE and beyond, in sectors including real estate, construction and building materials […]

UAE latest

Amirah al-Turkistani, a graphic design lecturer at Jeddah International College, shops with her children and husband at a supermarket in Jeddah, Saudi Arabia, February 3, 2018. REUTERS/Reem Baeshen SEARCH "BAESHEN WOMEN" FOR THIS STORY. SEARCH "WIDER IMAGE" FOR ALL STORIES.

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), […]

A drive-through ADIB ATM in Ras al Khaimah, UAE. The bank is ranked as the Middle East's 12th most valuable lender

ADIB profit up 18% on increased lending and fee income

Abu Dhabi Islamic Bank (ADIB) reported a double-digit growth in net profit for the first quarter, on the back of an increase in lending and income from fees and commissions. The bank, which is ranked by Forbes as the Middle East’s 12th most valuable lender, reported a net profit after tax of AED1.7 billion ($463 […]

A new study suggests the UAE labour market cannot provide work for all job seekers

UAE labour market: Too many people, not enough jobs

More people are looking for jobs in the UAE than there is work available for them, according to a labour market report from recruitment consultancy Cooper Fitch. Hiring in the second-largest Arab economy grew by less than 1.3 percent in the three months to March 31 compared with the same period last year, the report […]

The latest payment brings DAE's total insurance recovery to $601m

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 […]

Saudi Arabia latest

India's Prime Minister Narendra Modi and Saudi Crown Prince Mohammed Bin Salman lead countries with young populations that benefit from global 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 – […]

Amirah al-Turkistani, a graphic design lecturer at Jeddah International College, shops with her children and husband at a supermarket in Jeddah, Saudi Arabia, February 3, 2018. REUTERS/Reem Baeshen SEARCH "BAESHEN WOMEN" FOR THIS STORY. SEARCH "WIDER IMAGE" FOR ALL STORIES.

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), […]

Indian prime minister Narendra Modi meets Saudi Crown Prince Mohammed Bin Salman in Jeddah

New oil refineries in India among Saudi trade deals

Saudi Arabia and India have strengthened their trade partnership in the areas of energy, defence, tourism and culture following a visit by Indian prime minister Narendra Modi this week. Energy sector agreements include plans for two new oil refineries in India and collaboration on petrochemicals, electricity, renewable energy and climate policy, Bloomberg reported.  The countries, […]

Saudia will buy up to 20 A330 aircraft from Airbus

Saudia signs Airbus deal for up to 20 wide-body aircraft

Saudia, Saudi Arabia’s national airline, has finalised a new agreement with European manufacturer Airbus to buy up to 20 new wide-body A330neo aircraft. Of these, 10 are firm orders for Flyadeal, the group’s budget airline, the carrier said in a statement. The delivery of these aircraft is set to start in 2027, with the last […]

FORMULA 1 STC SAUDI ARABIAN GRAND PRIX 2023

Saudi ticketing app webook plans European expansion

Riyadh-based Webook, which describes itself as Saudi Arabia’s largest booking platform for events and experiences, says it is expanding beyond the Middle East into Europe to tap a growing market for ticketing. Set up in 2016 under the name Hala Yalla, Webook initially focussed as a service to book football pitches, before expanding to include […]

Around the Middle East

Amirah al-Turkistani, a graphic design lecturer at Jeddah International College, shops with her children and husband at a supermarket in Jeddah, Saudi Arabia, February 3, 2018. REUTERS/Reem Baeshen SEARCH "BAESHEN WOMEN" FOR THIS STORY. SEARCH "WIDER IMAGE" FOR ALL STORIES.

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), […]

Man walks by a sign for The World Bank Group at their global headquarters in Washington, D.C.

Lebanon receives $250m World Bank loan to ease power problems

The World Bank has granted Lebanon a $250 million loan aimed at helping to alleviate persistent power cuts worsened by last year’s war between Israel and Hezbollah, the country’s finance ministry said on Thursday. Even before the conflict, Lebanon had for years been struggling with a severe shortage of imported fuel and poor infrastructure. Following the conflict, however, […]

Morocco’s energy minister Leila Benali said the pipeline project has "made considerable progress" and is in the execution stage

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 […]

alalah Port, Oman. Oman's hydrocarbon exports jumped by $6.5 billion in 2024, primarily due to the explosive growth in refined product sales from the Duqm Refinery

Duqm refinery fuels $6.5bn growth in Oman’s oil exports

Oman’s hydrocarbon exports swelled by nearly $6.5 billion last year due to a surge in sales of refined products following the commissioning of the sultanate’s largest oil refinery. The Gulf country’s hydrocarbon exports surged from OR13.8 billion ($35.8 billion) in 2023 by nearly 18 percent to OR16.3 billion ($42.4 billion) in 2024. Crude exports edged […]

Shoppers in Tripoli, northern Lebanon. Rising food prices contributed to a small inflation increase in March

Lebanon inflation falls to 14% as exchange rate stabilises

Lebanon’s annual inflation rate fell to 14 percent in March, from 70 percent in the same month last year, according to news reports. The primary cause of the drop is the stabilisation of the country’s exchange rate, Arab News reported, citing data from the Central Administration of Statistics in Beirut. The rate has stood at […]

IMF Syria new chief Van Rooden is currently mission chief for Ukraine and an assistant director in the IMF's European Department

IMF appoints first mission chief to Syria in 14 years

The International Monetary Fund (IMF) has appointed Ron van Rooden as head of its mission to Syria, the first country mission chief since war erupted there 14 years ago. Syria’s finance minister Mohammed Yosr Bernieh said in a written statement, that van Rooden’s appointment came “following our request”. “This important appointment marks an important step […]

A Russian oil rig in the Caspian Sea. India's increasing reliance on cheaper Russian oil erodes the dominance of traditional Middle Eastern suppliers like Saudi Arabia and Iraq

Gulf share of India oil market slides on Russia gains

India’s pivot toward discounted Russian crude oil has accelerated, eroding the dominance of traditional Middle Eastern suppliers in one of the world’s fastest-growing oil markets. In the Indian fiscal year ending March 31, Russia retained its position as India’s top oil supplier for a third year in row, Reuters reported, based on ship tracking data […]

Industrial shipping Maersk container shipping at Salalah Oman Middle east

Oman’s free zones attracted $4bn in investments last year

Private businesses invested OR1.6 billion ($4.1 billion) in Oman’s free zones, economic zones and industrial cities last year, highlighting the sultanate’s growing appeal as a regional business hub. The sultanate signed a total of 325 investment agreements across six major jurisdictions, Oman Daily Observer, a local news outlet, reported, citing a report by Duqm Economist […]

Turkey Latest

Government ecommerce reforms in Turkey have decreased the duty free amount on foreign purchases to just €27

New ecommerce rules spur cost-benefit debate in Turkey

Turkish officials have denied media reports that they were about to block access to the popular Chinese online shopping platform Temu after it allegedly failed to comply with new regulations governing ecommerce. This has highlighted the debate in Turkey around the cost and benefit for the multi-billion dollar industry following this month’s introduction of the […]

Container vessels in Istanbul's Ambarli Port. Turkey's manufacturing base is struggling with rising borrowing costs

Turkey worried that cheap Asian goods will hurt economy

Turkey is concerned that an enduring trade war between the US and China and other Asian countries may encourage manufacturers to flood Turkey’s market with cut-price goods to make up for US losses, the finance minister has said. That could damage Turkey’s own manufacturing base, already struggling with high and rising borrowing costs and domestic […]

2SBHG03 Serious thinking businessman working with tablet computer inside office. Businessman in shirt working at workplace, using laptop, sitting at desk, using financial app.

Turkish startup funding plunges in first quarter

Uncertainty in the Turkish economy and government budget cuts are weighing on the country’s startup environment, with venture capital funding for new projects falling in the first quarter to their lowest in more than 18 months. Turkish technology startups attracted $58 million in the three months to March 31, almost 50 percent down on the […]

Rail tracks maintenance process. Railroad workers repairing a broken track

Iraq and Turkey to devise roadmap for expanded trade

Iraq and its northern neighbour Turkey will hold a series of meetings in the coming weeks to devise a roadmap for increasing bilateral trade, which hit an all-time high of nearly $15 billion in 2024. “There is a plan in this respect and it has been prepared with the help of various Iraqi economic parties… […]

Turkish finance minister Mehmet Simsek said he would attend around 15 meetings each day in the US

Turkey courts US companies and investors during visit

Turkish finance minister Mehmet Simsek said he will meet with rating agencies, investors and companies planning to shift supply to Turkey during a visit to the US this week. “I will be in America this week for the IMF, World Bank and G20 meetings. We will meet with rating agencies in New York at the […]

Egypt Latest

A tourist walks near the water at Egypt's Red Sea coast in Marsa Alam

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 […]

Egypt's interest rates had not been lowered in five years

Egypt cuts interest rates for first time in 5 years

Egypt’s central bank lowered overnight interest rates by 225 basis points (bps) on Thursday, its first cut in more than five years, saying lower inflation had opened the way to yet further rate cuts in the future. The bank lowered the lending rate to 26 percent and the deposit rate to 25 percent. The median forecast in […]

Body Part, Hand, Person

Remittances to Egypt rise as reforms instill confidence

Remittances from Egyptian expatriates rose for 11 consecutive months following the start of economic reforms introduced in March 2024. Overseas Egyptians sent home $20 billion between July and January — the first seven months of the 2024-2025 fiscal year — an increase of 81 percent from $11 billion a year ago, according to the Central […]

The wind farm will generate clean energy for more than 1 million homes, reducing carbon emissions by 1.5 million tonnes annually

Egypt’s largest wind farm begins operations ahead of schedule

Egypt-listed Orascom Construction has commenced commercial operations at the newly expanded Red Sea wind farm six months ahead of schedule. The largest operational wind farm in Africa is being developed by the Red Sea Wind Energy consortium under a 25-year build-own-operate scheme, the company said in a statement. The alliance comprises France’s Engie (35 percent), Orascom […]

Qatar's Emir Sheikh Tamim Bin Hamad Al Thani, right, and Egypt's President Abdel Fattah El-Sisi in Doha

Qatar to invest over $7bn in Egypt’s economy

Qatar has pledged to invest $7.5 billion in Egypt as the North African country seeks to attract new money and boost economic growth, the countries said in a joint statement. The commitment was given during a meeting between Egypt’s President Abdel Fattah El-Sisi and Qatar’s Emir Sheikh Tamim Bin Hamad A-Thani, the state-owned State Information […]

Features

The influencer academy course set up by Dubai’s tourism authority and content agency Beautiful Destinations will last 3 months

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 […]

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 […]

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 […]

AI classes to prepare Saudi pupils for the new world

Saudi secondary school pupils will soon have classes on artificial intelligence (AI) added to their curriculum. More than 50,000 17 and 18-year-olds will be offered the Introduction to Artificial Intelligence course, a joint initiative between the ministry of education and the Saudi Data and Artificial Intelligence Authority. It is part of an effort by the […]

People & Lifestyle

Noura bint Mohammed Al Kaabi, minister of state at the UAE's Ministry of Foreign Affairs, with Iris Projects founder Maryam Al Falasi

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 […]

Women enjoy a meal in a restaurant in Riyadh. Full-service restaurants make up more than half the food service sector in Saudi Arabia

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 […]

Pc screen view, islamic woman dressed in national hijab talking with male colleague, chatting using virtual modern video conference application, communicating from home, enjoy distant conversation

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 […]

Healthier, vape-like electronic shisha that use electronic elements tend to appeal to female smokers

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 […]

Construction in Dubai. Two-thirds of the 176,737 homes bought in the emirate last year were off plan

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 […]

A sushi production line at Turkey's Kocaman Fisheries. The company exports to 30 countries and will soon be sending its sushi products to the Gulf region

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 […]

Satish Sanpal: 'Luck might place you at the foot of the ladder, but without hard work you won’t climb very far'

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 […]

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Around the world

IDFC First Bank is to receive a big cash injection

Warburg Pincus and Adia to invest $877m in Indian bank

India’s IDFC First Bank will raise up to 75 billion rupees ($877 million) from affiliate companies of private equity group Warburg Pincus and the Abu Dhabi Investment Authority sovereign wealth fund, the lender said on Thursday. IDFC First Bank will issue Warburg Pincus, an existing investor, and Adia convertible shares, which, if fully converted, will give them a combined 15 percent […]

A Zapp delivery courier in London. The company is said to have started hiring in Dubai

UK company enters Dubai’s crowded rapid-delivery market

Despite the congestion – in the market and on the streets of the UAE’s most populous city – yet another competitor, UK company Zapp, is entering Dubai’s rapid-delivery market. This is evidence there is still room for growth, analysts say. Zapp focuses on rapid grocery deliveries from its own so-called dark stores. A dark store is […]

China is to build wind turbines in Oman

Chinese company to build $200m wind turbine plant in Oman

China’s Shanghai Electric Wind Power Group has signed a $200 million agreement to build a wind turbine factory in Oman’s central industrial city of Duqm. Duqm, which sits on international shipping routes, has attracted over $15 billion in project spending, including a 230,000 barrels per day oil refinery, a crude oil storage facility, a free […]

Jakarta, the capital of Indonesia. Qatar is investing heavily in the country

Indonesia and Qatar to set up $4bn joint fund

Indonesian sovereign wealth fund Danantara Indonesia and Qatar Investment Authority will set up a joint fund worth $4 billion to invest in so-called domestic priority sectors in the southeast Asian country. These include food and energy security, downstream processing, digital infrastructure, healthcare and tourism, Indonesian state-run Antara news agency reported, quoting Danantara chief investment officer […]