Finance Saudi Arabia pushes easy mortgage financing scheme Saudi Arabia has increased funding for home ownership for citizens over the past year in an effort to reach Vision 2030 targets. The kingdom’s sluggish mortgage market has been affected by high US interest rates. The Saudi riyal is pegged to the US dollar, tying the Saudi mortgage market to US interest rate fluctuations. Residential […] August 29, 2023
Finance Bahrain adds ‘smart factories’ to strategy to lift private sector Bahrain plans to develop 300 “smart factories” by 2026 as it seeks to boost private sector activity and tackle its sluggish growth rate. The iFactories initiative aims to support the manufacturing sector’s move to digitalisation, reduce dependence on unskilled work and strengthen national industries, said Abdulla bin Adel Fakhro, the kingdom’s industry and commerce minister, […] August 28, 2023
Business of Sport Saudi football sells TV rights in hope of net profit Saudi Arabia’s professional football league has sold broadcast rights to 12 networks across 130 countries for coverage of the 2023-24 season, following a spending spree on players that has captured global attention. But wary of previous experience with China, broadcasters will be following closely to see if a global appetite exists for Saudi Arabia. “The […] August 27, 2023
Trade New Middle East members expand Brics reach Four Middle East countries are to join the Brics bloc of developing countries, bridging regional political divides and signaling increased Chinese influence around the world. The new memberships of Saudi Arabia, Iran, the United Arab Emirates and Egypt, as well as those of Argentina and Ethiopia, will be effective from 2024. The decision to add […] August 24, 2023
Trade Joramco flies high as UAE and Jordan deepen industrial ties Commercial aircraft maintenance operator Joramco is establishing a new Boeing Converted Freighter production line in the Jordanian capital of Amman. The company, which is part of Dubai Aerospace Enterprise, is flying the flag for trade relations between the UAE and Jordan as they expand their joint industrial ambitions. Joramco said the new venture will support […] August 24, 2023
Trade Aid turns to trade as UAE plans Ethiopia investments The UAE is planning to increase its investments in Ethiopia as the economic relationship between the two countries evolves from aid to trade. More than a dozen memoranda of understanding were signed between public and private entities in Addis Ababa during an official visit to Ethiopia by UAE President Sheikh Mohamed bin Zayed al Nahyan […] August 21, 2023
Oil & Gas Saudi Arabia and Abu Dhabi bet on crude-to-chemicals Saudi Arabia and Abu Dhabi’s state-run oil companies both want to expand their chemicals production capacity in a strategic shift that will have huge implications for a petrochemicals industry already suffering from its lowest margins in two decades. Saudi Aramco and Abu Dhabi National Oil Co (Adnoc) together provide around almost half of Opec’s crude […] August 18, 2023
Energy Saudi Arabia’s markets to feel petrochemicals slump Saudi Arabia’s petrochemicals producers reported plunging profits in the second quarter, and are likely to face further struggles due to weak demand, oversupply and high costs. There seems little scope for the industry to rebound until at least 2024, analysts now predict, as a hoped-for turnaround failed to materialise. This gloomy outlook will weigh on […] August 17, 2023
Manufacturing Abu Dhabi’s industrial ambitions begin to bear fruit Abu Dhabi has registered a 63 percent jump in the number of industrial licences issued during the first half of 2023 as the emirate makes progress on plans to double the size of the sector by 2031. In the first full year since the launch of the Abu Dhabi Industrial Strategy, nearly AED15.4 billion ($4.2 […] August 17, 2023
Transport Careem could yet be hailed a smart buy for Uber The hefty premium Uber paid for Dubai ride-hailing rival Careem will prove worth it in the long run, analysts believe. Uber, which has racked up nearly $33 billion in losses since its inception in 2009, paid $3.1 billion for Careem in January 2020 in what remains the largest deal for a homegrown Gulf tech startup. […] August 16, 2023
Economy Saudi tourism revenue grows as budget surplus shrinks Tourism revenue is beginning to emerge as a serious component on Saudi Arabia’s balance of payments, tripling in a year, and experts see the sector as a “very important” offset to any decline in oil earnings. While the kingdom’s current account returned another surplus in the first quarter of 2023 of $17.7 billion, this was […] August 16, 2023
Economy Algeria’s GDP growth to slow as oil production dips Algeria’s economic growth is expected to slow this year and in 2024 as oil production drops. Analysts at BMI, formerly Fitch Solutions, forecast that the country’s real GDP will be 2.1 percent in 2023 and 1.9 percent next year – down from 3.3 percent in 2022. Algeria’s hydrocarbon production – made up of one-third gas […] August 16, 2023
Renewable Energy Oman takes green hydrogen gamble Sometimes it takes a country. Oman is dedicating an area the size of Slovakia to solar power projects to produce green hydrogen – gas produced entirely from renewable sources. On June 1 Salim bin Nasser Al Aufi, minister of energy and minerals, signed $20 billion of contracts with partners including BP, Shell and the newly […] August 14, 2023
Tourism Moscow still a key destination for Middle East tourists Moscow remains popular for tourists from the Middle East despite the ongoing conflict between Russia and Ukraine. Russia launched a war against its neighbour in February last year, yet tourists from the Middle East made 139,600 trips to Moscow throughout 2022, according to statistics from the Moscow City Tourism Committee (MCTC). At the end of […] August 14, 2023
Banking & Finance Gulf property buyers in the dark over UK ‘death tax’ Whether it is a second home in Kensington or an apartment for their children studying at university, Gulf investors have spent billions on UK property over the decades – but many are oblivious to the tax implications, especially when it comes to inheritance tax. His Majesty’s Revenue & Customs (HMRC) applies 40 percent inheritance tax […] August 14, 2023
Tourism UAE taps multi-billion dollar inclusive tourism market Amsaan Accessible Tours claims to be the first company in the Mena region specialising in creating unique tours for deaf people, tapping into the underserved and yet multi-billion dollar inclusive tourism market. The Dubai company uses technology to provide tours with all information in sign language. There are deaf guides for group tours, on-demand sign […] August 13, 2023
Sustainability Middle East economies feel the heat from climate change Iraq’s Tigris and Euphrates rivers famously gave birth to some of the world’s first civilisations thousands of years ago. Now, climate change advocates warn that drought means they are now too weak to sustain agriculture and feed the communities who depend on them. At a press conference in Baghdad on Wednesday, United Nations human rights […] August 11, 2023
Energy Carbon capture and storage cheaper in Gulf Carbon capture and storage in the Gulf is considerably cheaper than in many regions including Europe, although there are several other variables that determine the overall cost of cutting CO2 emissions from industrial activity. Carbon capture and storage (CCS) will account for 20 percent of the emissions reductions needed to achieve global net zero by […] August 11, 2023
Oil & Gas Gulf geology ideal for carbon capture, say experts The Gulf’s geology and decades-old oil and gas industry could enable the region to become a world leader in carbon capture, utilisation and storage (CCUS), experts believe. Gulf oil producers have been using carbon dioxide (CO2) capture technology for more than 40 years to remove the compound from natural gas before it is shipped for […] August 10, 2023
Trade Nuclear energy to power UAE-Romania trade growth Dubai International Chamber has set up a Romanian Business Council as part of efforts to build on non-oil trade between the UAE and the Eastern European nation, which exceeded $1 billion last year. The council will promote the interests of Romanian businesses and Romanian-owned UAE-registered companies in Dubai. It will also support Dubai’s presence in […] August 10, 2023
Finance ‘Hi, this is your bank…’ Inside the war on payment fraud “Hello. This is the Central Bank of the UAE. We are contacting you because you need to surrender your debit card.” The call comes from a conventional mobile number while you’re on the way home from work. Welcome to the scamdemic – claim your prize, share your one-time password, update your bank details, click […] August 9, 2023
Oil & Gas Adnoc gas deal fires up UAE-Azerbaijan ties Abu Dhabi National Oil Company (Adnoc) is to acquire a 30 percent equity stake in the Absheron gas and condensate field off the coast of Azerbaijan, as part of a plan to grow its international gas business. The deal will allow the state-owned company to facilitate a route into global markets for gas in Europe […] August 8, 2023
