Analysis Petrochemicals Clouds still not lifting on Saudi petrochem industry Saudi Arabia’s petrochemical companies underperformed in the first quarter and little improvement is expected for the remainder of the year, analysts say. Saudi Basic Industries Corp (Sabic), the world’s seventh largest chemicals manufacturer by sales, made a net loss of $323 million in the three months to March 31, compared with a near $70 million […] May 14, 2025
Trade Arms, investment and AI top list of deals on busy day for Trump Tens of billions of dollars in new partnerships between the US and Saudi Arabia were announced on Tuesday in Riyadh during the first day of President Donald Trump’s visit to the Gulf. Artificial intelligence, aviation, energy and defence dominated the flurry of deals, with the White House again touting that the kingdom will invest $600 […] May 14, 2025
Analysis Banking and Finance Rise of Middle East fintechs gives banks a run for their money The growth of fintech in the Middle East is driving traditional banks to refocus on better serving their customers and invest in their own dedicated subsidiaries as the sector eats into their market share, industry experts say. In the three months to March 31, fintech funding accounted for almost 60 percent of all venture capital […] May 13, 2025
OpinionTRUMP IN the middle eastThe UAE, Qatar and Saudi Arabia bring something US biotech urgently needs: capitalMohammed Soliman, Senior Fellow, Middle East Institute
OpinionTRUMP IN the middle eastBack in Washington, the foreign policy bubble was open-mouthed at the size of the dealsSimon Henderson, Director, Washington Institute for Near East Policy
OpinionTRUMP IN the middle eastAs Donald Trump starts his Gulf tour, nuclear is one area where the US has plenty to giveRobin Mills, CEO, Qamar Energy
Trade Why Oman is off Trump’s travel plans Oman may have negotiated a ceasefire between the US and Yemen’s Houthis, and is the go-between the US and Iran in negotiations around nuclear weapons capability. But it is not among the countries President Donald Trump is visiting in the Arabian Gulf this week. “These Gulf countries Trump is currently visiting are offering trillions of […]
Analysis Oil & Gas Gulf ready for high-energy talks with Trump Security, technology transfer and inward investment into the US may dominate the headlines but Gulf leaders meeting President Donald Trump this week are also likely to raise a raft of more humdrum energy issues. For Trump, who makes the first state visit of his second presidency from May 13 to 16, cheaper gasoline at the […]
Opinion Trade Trump in Riyadh: power plays and photo ops It is hard to predict what the big headline will be, but it would be wise not to rule anything out
Analysis Trade Big money, big deals – but Gulf needs FDI clarity from Trump US President Donald Trump arrives in the Saudi capital Riyadh tomorrow on the first leg of his three-country Gulf visit that will also take in Qatar and the UAE. His overwhelming objective is money and big deals: to sell American goods and secure their investment to the US economy. With that in mind, the US […]
Analysis Retail Dollar rebound offers little relief to UAE retailers The dollar has jumped in the past 24 hours but it is still trading at around an eight-month low, at least against the euro. For Gulf oil producers, most of whose currencies are pegged to the US currency, the weaker dollar poses a challenge. “The dollar has been part of the collateral damage as investors […]
Markets Dubai lays out welcome mat for Chinese finance The Dubai International Financial Centre is stepping up efforts to attract Chinese securities firms and corporates hoping to raise funds through initial public offerings, positioning itself as an alternative jurisdiction to Hong Kong and New York. Set up in 2004, the DIFC provides a platform for financial institutions with a legal and regulatory framework that […]
Analysis Banking and Finance US treasuries: why it’s buy, buy, buy for the UAE as Saudi sells Saudi Arabia and the UAE are following divergent investment strategies around US government bonds, which have long been a safe haven for sovereign and institutional investors worldwide. The two countries are among the world’s top 20 biggest holders of the bonds, with a combined value of almost $250 billion. The UAE acquired almost $43 billion […]
Opinion Markets GCC investors need a multi-currency mindset to survive Investors are scrambling to reduce exposure to erratic US policies
Analysis Artificial Intelligence Dubai’s hottest new job title: chief AI officer Three years ago, finding a single person in the Middle East and the Gulf with the job title “chief AI officer” was rare, if not unheard of. Today, however, with the help of the world’s biggest technology companies and their complicated artificial intelligence tools, chief AI officers – or CAIOs as they are also known […]
Analysis Retail Dollar rebound offers little relief to UAE retailers The dollar has jumped in the past 24 hours but it is still trading at around an eight-month low, at least against the euro. For Gulf oil producers, most of whose currencies are pegged to the US currency, the weaker dollar poses a challenge. “The dollar has been part of the collateral damage as investors […]
Markets Dubai lays out welcome mat for Chinese finance The Dubai International Financial Centre is stepping up efforts to attract Chinese securities firms and corporates hoping to raise funds through initial public offerings, positioning itself as an alternative jurisdiction to Hong Kong and New York. Set up in 2004, the DIFC provides a platform for financial institutions with a legal and regulatory framework that […]
Analysis Banking and Finance US treasuries: why it’s buy, buy, buy for the UAE as Saudi sells Saudi Arabia and the UAE are following divergent investment strategies around US government bonds, which have long been a safe haven for sovereign and institutional investors worldwide. The two countries are among the world’s top 20 biggest holders of the bonds, with a combined value of almost $250 billion. The UAE acquired almost $43 billion […]
Opinion Markets GCC investors need a multi-currency mindset to survive Investors are scrambling to reduce exposure to erratic US policies
Analysis Artificial Intelligence Dubai’s hottest new job title: chief AI officer Three years ago, finding a single person in the Middle East and the Gulf with the job title “chief AI officer” was rare, if not unheard of. Today, however, with the help of the world’s biggest technology companies and their complicated artificial intelligence tools, chief AI officers – or CAIOs as they are also known […]
Retail Lulu profit and revenue up as online sales grow by quarter Net profit of Lulu Retail, the largest grocery retailer in the GCC, increased in the first quarter of 2025, supported by higher online sales. Net profit grew 16 percent year on year to $70 million, with net profit margin rising to 3 percent, up 25 basis points annually, the retailer said in a statement published […] May 14, 2025
Industry Fertiglobe revenue rises by a quarter but profit down Fertiglobe said revenues surged more than a quarter in the first three months of 2025, thanks to higher sales volumes and urea prices. The first quarter top line rose 26 percent year on year to $695 million. However, net profit attributable fell 24 percent annually to $73 million but rose 74 percent quarter on quarter, […] May 14, 2025
Aviation Air Arabia turnover rises despite challenges UAE low-cost airline Air Arabia said turnover registered a double-digit growth in the first quarter of 2025 despite fuel price volatility, currency fluctuations and supply chain challenges. Revenue rose 14 percent year on year to AED1.8 billion ($490 million), as passenger volume increased 11 percent annually to nearly 5 million, the Sharjah-headquartered airline said in a […] May 14, 2025
Analysis Banking and Finance Rise of Middle East fintechs gives banks a run for their money The growth of fintech in the Middle East is driving traditional banks to refocus on better serving their customers and invest in their own dedicated subsidiaries as the sector eats into their market share, industry experts say. In the three months to March 31, fintech funding accounted for almost 60 percent of all venture capital […] May 13, 2025
Markets Dubai Holding seeks up to $500m from REIT listing Dubai Holding aims to raise a maximum of AED1.8 billion ($490 million) from its residential real estate investment trust (REIT) listing. This month the investment conglomerate owned by Sheikh Mohammed bin Rashid Al Maktoum, the emirate’s ruler, announced floating 12.5 percent of its Dubai Residential REIT, or 1.63 billion units, on the Dubai Financial Market (DFM). […] May 13, 2025
Construction Saudi Arabia awarded deals worth $9bn in four months Saudi Arabia reportedly awarded public contracts with a combined value of around SAR34 billion ($9 billion) in the first four months of 2025. The government is also expected to award 10 other projects in May covering mainly construction and oil and gas, the Saudi Contractors’ Authority (SCA) said in its May bulletin. About 79 percent […] May 14, 2025
Opinion Trade Trump in his happy place: Purple carpets and big deals in Saudi Arabia The challenge now is to maintain the momentum and atmosphere of the trip May 14, 2025
Space Elon Musk says Saudi Arabia approves use of Starlink SpaceX CEO Elon Musk said Saudi Arabia has approved the use of the company’s Starlink satellite system for its aviation and maritime sectors. Starlink is a low-orbit satellite network offering high-speed broadband services, particularly in areas with limited internet connectivity. It is operated by SpaceX, Musk’s aerospace and defence company. Oman has already approved Starlink, […] May 14, 2025
Analysis Petrochemicals Clouds still not lifting on Saudi petrochem industry Saudi Arabia’s petrochemical companies underperformed in the first quarter and little improvement is expected for the remainder of the year, analysts say. Saudi Basic Industries Corp (Sabic), the world’s seventh largest chemicals manufacturer by sales, made a net loss of $323 million in the three months to March 31, compared with a near $70 million […] May 14, 2025
Oil & Gas Aramco explores stake in $18bn LNG project in US Saudi Aramco is considering buying a stake in Australia-based Woodside Energy’s liquefied natural gas (LNG) project in the US. The two companies signed a non-binding agreement to explore the stake buyout and LNG offtake from the $17.5 billion Louisiana LNG project, Woodside said in a statement on Wednesday. The collaboration agreement was signed in Riyadh […] May 14, 2025
Employment OQEP deals are part of Omani job creation drive Oman’s OQ Exploration and Production (OQEP) has signed four contracts worth $53 million with local companies to help create jobs for Omani nationals. The contracts include oil field operations, construction facility and rig drilling, as part of OQEP’s in-country value (ICV) programme. “These agreements not only create new business opportunities for Omani enterprises but also […] May 14, 2025
Manufacturing Alba earnings dented by rising raw-material prices Aluminium Bahrain (Alba), which is listed on the Bahrain Bourse, said its earnings were hit in the first quarter of 2025 due to higher raw material (alumina) prices. Net profit fell 26 percent to BD18.1 million ($48 million) in the quarter ended March 31, 2025, compared to BD25 million a year ago, the company said […] May 14, 2025
Trade Why Oman is off Trump’s travel plans Oman may have negotiated a ceasefire between the US and Yemen’s Houthis, and is the go-between the US and Iran in negotiations around nuclear weapons capability. But it is not among the countries President Donald Trump is visiting in the Arabian Gulf this week. “These Gulf countries Trump is currently visiting are offering trillions of […] May 14, 2025
Infrastructure Qatar to spend $22bn on water infrastructure works Qatar is to spend billions of dollars as part of its five-year strategy to develop drainage, sewage and flood prevention infrastructure. The government-backed Public Works Authority (Ashghal) will invest more than QAR81 billion ($22.3 billion) to implement various infrastructure projects, the state-run Qatar News Agency reported. These projects include the development of citizens’ lands, government […] May 14, 2025
Real Estate Commercial oversupply may explain drop in Oman property sales Oversupply in commercial properties may underpin a decline in the value of real estate transactions in Oman in the first quarter, according to one real estate agent. The value of real estate transactions in the country declined by 2.5 percent to OR573 million ($1.5 billion) in the three months to March 31, compared with the […] May 13, 2025
Aviation Trump dismisses concerns over Qatari plane gift US president Donald Trump has dismissed ethical concerns about his decision to accept a Boeing 747-8 jet as a gift from the Qatari royal family. Trump said it would be “stupid” to turn down the generous offer. The $400 million luxury plane, which would be outfitted to serve as Air Force One, would be one of […] May 13, 2025
Renewable Energy China to build large solar power plant in Kuwait China has won a contract to build a large solar power park at the Shagaya renewable energy complex in the heart of the Kuwaiti desert. The facility will allow the Gulf state to increase renewables’ share of its energy mix to more than a quarter, a Kuwaiti minister said. The unnamed Chinese government company has […] May 12, 2025
Analysis Finance VC funding in decline for female-led Mena startups Startups led by women in the Middle East and North Africa are at risk of being left far behind when it comes to raising venture capital funds, data shows. Since 2020 their share of the total has declined every year from 2.2 percent to less than 0.5 percent in 2023, before bouncing back up – […] May 12, 2025
Finance Turkish minister says economy on track despite slower growth Turkey’s finance minister has said the country’s economic transformation was on track and that the country was prepared to deal with slower growth. Finance minister Mehmet Simsek said that tighter financial conditions, lower oil prices and a weaker dollar were likely to be disinflationary, boosting the economy. “Growth is slower but we can live with […] May 14, 2025
Tourism Turkey could receive 5 million UK tourists this year More visitors from the UK are expected to visit Turkey this year, thanks to the long summer season and the expansion of Antalya airport. British tourists could reach 5 million this year, British envoy to Ankara Jill Morris told the state-run Anadolu Agency. She said the number of UK visitors rose from 3.3 million in […] May 13, 2025
Analysis Mining Turkey keen to cash in on rare earth potential Turkey plans to become one of the world’s leading suppliers of rare earths, seeking to parlay its extensive reserves into a position of international strength by investing in extraction and processing while also looking to develop downstream industries. In 2022 Ankara identified a massive mineral deposit in the central Turkish province of Eskişehir containing 10 […] May 9, 2025
Agriculture Turkey’s red meat output tumbles as costs keep climbing Rising costs and falling returns have contributed to a drop in red meat production in Turkey, threatening the government’s plan to halt imports by 2028. Red meat production fell by almost 12 percent in 2024, according to the state statistics agency Turkstat. Just 2.1 million tonnes were processed last year, down on the 2.38 million […] May 7, 2025
Leisure & Hospitality Uber enters Turkey’s food delivery sector with $700m buyout Uber Technologies will foray into Turkey’s food delivery sector as part of its expansion plans. The company has agreed to acquire an 85 percent stake in Alibaba-backed Trendyol Group’s Go online meal and grocery delivery business in Turkey for $700 million. The acquisition is expected to close in the second half of 2025 following regulatory […] May 7, 2025
Logistics Suez Canal considers transit fees discount to revive traffic Egypt’s Suez Canal Authority chief, Osama Rabie, said the authority is considering offering discounts ranging from 12 to 15 percent on transit fees to help restore traffic in the strategic waterway reeling from attacks by Yemen’s Houthis on Red Sea shipping. Rabie told privately owned Sada Al-Balad television channel in a phone interview that the […] May 13, 2025
Banking and Finance Egypt renews warning over dealing in cryptocurrencies Egypt has issued a fresh warning against dealing in bitcoin and other cryptocurrencies following a surge in local online advertisements for investment in these tools. The Financial Regulatory Authority (FRA) said these currencies lack official financial backing that guarantees their stability and that they could be used in terror funding. In a weekend statement on […] May 12, 2025
Trade Egypt and Russia increase trade after record 2024 Trade between Russia and Egypt rose sharply in the first two months of 2025 after setting a new record in 2024. “Last year bilateral trade turnover increased by more than 30 percent, reaching $9 billion,” state-run TASS news agency reported quoting Russian president Vladimir Putin speaking at a meeting with Egyptian President Abdel Fattah El-Sisi. […] May 12, 2025
Oil & Gas Egypt clears $1.2bn in dues to foreign oil companies Egypt has reportedly paid $1.2 billion this month to foreign oil companies to settle part of its overdue debts. Total arrears to foreign oil companies operating in oil and gas exploration and extraction has reached $7.5 billion, up from $6.3 billion at the beginning of April, an unnamed government official told Asharq Business, an Arabic […] May 12, 2025
Economy Egypt’s inflation climbs as fuel becomes expensive Egypt’s annual urban consumer price inflation accelerated to 13.9 percent in April from 13.6 percent in March, matching analyst expectations, data from statistics agency Capmas showed on Saturday. Month on month, prices were 1.5 percent higher at the end of April than at end-March. Food and beverage prices decelerated by 1.5 percent. Annually, food and […] May 12, 2025
Analysis Tourism Riyadh wants the world to visit the ‘Arabian Highlands’ of Aseer The streets of Abha become festooned with lilacs and mauves throughout May, when the city’s 25,000 jacaranda trees come into bloom. Pockets of purple burst throughout the hilltop capital of the southern province of Aseer, bringing an increasing number of tourists. Aseer’s botanical diversity has helped it become the fastest growing tourism prospect in Saudi […]
Renewable Energy DP World trials hydrogen cranes to reduce emissions DP World, the world’s biggest container port operator, is testing out a hydrogen powered crane to reduce its reliance on diesel and cut carbon dioxide emissions. The Dubai logistics giant, which handles 70 million containers each year, operates 1,500 cranes in over 60 ports around the world. While it is considering converting half of those from […]
Analysis Employment Oman steps up efforts to curb rising unemployment The IMF may laud Oman for cutting its debt and bringing its budget deficit under control but unemployment in the Gulf’s third most populous country is growing, posing a policy challenge to the government. In January, the month for which the latest data is available, unemployment rose to 3.6 percent, compared with 3.3 percent the month […]
Analysis Aviation Kuwait’s aviation industry loses altitude as foreign airlines exit Kuwait’s ambitions for its aviation industry are faltering as a growing number of international carriers quit the market and airport upgrades are delayed. British Airways ceased its daily service from London in March, ending more than 60 years of operations. This follows withdrawals from Kuwait International Airport (KWI) by at least 14 other airlines since 2019, […]
Tourism ‘Tourism is the new oil’, says man trying to bring 150 million people to Saudi Investment in tourism will remain a priority in Saudi Arabia despite falling oil prices and increased budgetary pressures, according to the kingdom’s top industry official. The underserved three-star and four-star hotel sector is a particular focus, Fahd Hamidaddin, CEO of the Saudi Tourism Authority, told AGBI. “The darker it gets, the more reason we should […]
Media & Advertising Ad spend in Mena among world’s lowest thanks to digital media Early and widespread adoption of digital media means countries across the Middle East and North Africa are spending less on advertising per capita than almost any other region. The UAE, Saudi Arabia and Turkey are among the economies with the lowest ad spending as a percentage of GDP in the world, according to data from […]
Employment Trade tensions may stifle expatriate employment in Saudi Arabia A global economic downturn is likely to result in fewer jobs for expatriates in Saudi Arabia, a local bank has said. Instead, policies aimed at incentivising the hiring of more nationals are increasingly putting Saudis in pole position for jobs, according to Jadwa Investment, an advisory group and investment bank in Riyadh. Last year, expatriate […]
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 […]
People & Lifestyle Art Dubai fair buzz drowns out roiling global markets While Dubai art gallery Lawrie Shabibi was exhibiting at last month’s Art Basel Hong Kong, Donald Trump was ramping up his trade war with China, and the event had slower sales and a distinct feeling of unease. The ambiance could not have been more different at last week’s Art Dubai, the largest art fair in […]
Employment 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 […]
Analysis Artificial Intelligence 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 […]
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
LUNCH WITH FRANK KANE Energy Ahmed Al Azkawi: ‘We are the national champion for oil and gas’ The chief executive of OQEP gives our Editor-at-Large a crash course in Omani energy past, present and future
Trade Malaysia continues GCC trade talks that began in 2011 Malaysian prime minister Anwar Ibrahim has said that talks on closing a free trade agreement (FTA) with the Gulf Cooperation Council are continuing, 14 years after they first began. The deal will deepen commercial partnerships and expand economic growth, Kuwait’s state-run Kuna news agency reported, quoting Ibrahim. The GCC and Malaysia agreed on a trade […]
Construction Qatari royal backs Maldives $9bn financial freezone MBS Global Investments and the Maldives government will jointly develop a $8.8 billion Maldives International Financial Centre (MIFC) in the Maldivian capital city of Malé. The freezone will have no corporate tax and tax-free inheritance in a bid to attract digital nomads, entrepreneurs and high net worth individuals. Based in Dubai, MBS Global is the investment […]
Renewable Energy Masdar delists Terna Energy to spur European expansion Abu Dhabi’s Masdar said its Greek clean energy subsidiary Terna Energy has been delisted from the Athens stock exchange. The UAE renewables major completed the acquisition of 100 percent of Terna Energy last month to accelerate renewable energy growth in southeastern and central Europe, the UAE state-run Wam news agency reported. Sultan Al Jaber, chairman of […]
Oil & Gas QatarEnergy in talks with Japan on long-term LNG supply One of the world’s biggest liquefied natural gas suppliers, QatarEnergy, is in talks with Japanese firms for a long-term deal to supply LNG from its North Field expansion project, five trading and industry sources told Reuters. Under the deal, Qatar would supply a consortium of Japanese importers and a volume of at least 3 million […]
