Oil & Gas US sanctions unlikely to stop Iran’s oil smugglers Tighter US economic sanctions are unlikely to disrupt Iran’s oil exports in the long run because Tehran has developed a sophisticated system of oil smuggling, using a dedicated fleet of tankers and middlemen in multiple countries, industry observers say. The regime in Tehran has been under US sanctions since the Islamic revolution of 1979. But […] October 23, 2024
Banking and Finance Analysts expect ‘mixed’ picture from Gulf banks’ Q3 results The Gulf’s largest banks are likely to report mixed earnings for the third quarter, analysts say, as pressure on margins lessens the benefit of lending growth. Qatar National Bank and Dubai’s Emirates NBD – the Middle East and Africa’s largest and fifth largest banks by assets – have already published Q3 results. QNB’s profit rose […] October 23, 2024
Banking and Finance 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 […] October 22, 2024
Tech 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 […] October 22, 2024
Construction UAE warehousing attracts new institutional investors A lack of suitable warehousing across Dubai and Abu Dhabi is providing opportunity for institutional investors to get into industrial real estate. Non-industrial developers are also poised to take advantage of the gap. Strong demand for facilities in ecommerce and logistics, and the expansion of oil and gas companies in Abu Dhabi in particular, has led […] October 21, 2024
Health 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 […] October 21, 2024
Logistics 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 […] October 18, 2024
Energy 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 […] October 18, 2024
Markets 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 […] October 18, 2024
Markets 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 […] October 17, 2024
Real Estate Mid-range housing leapfrogs affordable competition in Dubai Sales of affordable housing in Dubai declined over the past six years as a share of total transactions amid changing developers’ preferences and broader cost-of-living increases, industry professionals say. Properties below AED1 million ($272,000) peaked at 46 percent of all residential deals in the emirate in the third quarter of 2018. That figure has steadily […] October 16, 2024
Mining Saudi Arabia’s zinc project is set for the long term In the deserts of Saudi Arabia, 170km southwest of Riyadh, the Khnaiguiyah mining project is the kingdom’s largest mineral exploration site. Geologists and miners are looking to extract 25 million tonnes of zinc and copper ore from this opencast prospect over the next 12 years. That would establish Khnaiguiyah as the Gulf’s first world-level zinc mine […] October 16, 2024
Video length: 05:57 Artificial Intelligence UAE data centres struggling to meet AI demand The UAE has the largest concentration of data centres in the Middle East and North Africa, but it is grappling with a capacity crunch. A surge in demand from the artificial intelligence sector is putting a strain on existing infrastructure, driving up costs and posing a challenge to future growth, industry experts have told AGBI. […] October 16, 2024
Oil & Gas Middle East to dominate oil exports by 2050, says Opec The Middle East is forecast to provide almost 60 percent of the world’s oil exports by 2050, according to Opec’s long-term outlook. Its oil producers are pursuing aggressive marketing strategies aimed at Southeast Asia and the Pacific region, where energy demand is growing. The Middle East accounted for 49 percent of global crude and condensate […] October 15, 2024
Real Estate Real estate picks up in Saudi Arabia’s Eastern Province The Gulf city of Dammam and the Eastern Province that surrounds it have long trailed behind Riyadh, Jeddah and Mecca in the push for glitzy development, but real estate activity is picking up across the hospitality, residential and industrial sectors. The province, which has deep pockets thanks to its importance to the Saudi energy industry, […] October 14, 2024
Manufacturing Global car makers expand Egyptian operations Car makers in Egypt are expanding their operations after the conclusion of a long-running currency crisis earlier this year. The devaluation of the Egyptian pound in March has made the country a more attractive proposition both as a consumer market and a base from which to export. Among those who have announced expansion plans since […] October 13, 2024
Banking and Finance Japanese fund fails to deliver for Gulf investors Eight years ago next week Saudi Arabia became a founding investor in SoftBank’s Vision Fund, pledging $45 billion, and Abu Dhabi soon committed another $15 billion. The creator of the private equity fund, the world’s largest, was Japanese tech guru Masayoshi Son, who, at the time, predicted it would “accelerate the information revolution”. In October […] October 11, 2024
Lifestyle 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, […] October 11, 2024
Trade Morocco-EU trade in turmoil after court ruling It has been a difficult week for Morocco and its partnership with the European Union. The European Court of Justice (ECJ) ruled last week that fishing and farming deals between the two parties struck in 2019 are now invalid. The agreements faltered over the thorny – and sensitive – issue of the Western Sahara, which […] October 11, 2024
Economy Qatar to write off SME loans in bid to boost non-oil growth Qatar will write off some private sector loans as part of government efforts to boost the subdued non-oil economy. Its government said on Wednesday that the loan write-offs will include those for Qatari companies “benefiting” from the National Response Guarantee Program (NRGP), launched in 2020 to support businesses during the Covid-19 pandemic. State-run Qatar Development […] October 11, 2024
Renewable Energy Middle East on track to triple renewables capacity Middle East and North African countries are on track to triple their renewable capacity by 2030, mainly due to expansion of solar photovoltaic projects, the International Energy Agency has said. Renewables are forecast to increase from 53GW in 2023 to almost 150GW by the end of the decade, in which solar PV is expected to […] October 10, 2024
Banking and Finance Adia’s Thames Water write-off could discourage UK FDI Abu Dhabi’s decision to write off its investment in Thames Water will make international investors more cautious about backing UK projects, despite efforts by the UK government to make its water sector more attractive. The Abu Dhabi Investment Authority (Adia) owned 9.9 percent of the UK’s largest water supplier, but according to reports citing accounts […] October 10, 2024
