Indian exports to GCC boom ahead of free trade talks Indian exports to the GCC are booming, with nearly $30 billion of business in the first seven months of the fiscal year – and analysts are predicting more growth as talks resume on a free trade deal. The GCC is already India’s largest trading partner bloc, with bilateral trade valued at over $154 billion in […] January 11, 2023
Sustainability Gulf’s sustainability consulting market set to hit $1.3bn by 2025 Middle Eastern companies are calling in expert advisers to help them improve their environmental performance and analyse carbon-tracking and other sustainability indicators. As national carbon reduction policies roll out across the Gulf, the region’s market for sustainability consulting is forecast to grow by 10 percent each year between now and 2025, according to a report […] January 11, 2023
Agriculture Export deal with India tipped to boost Morocco’s fertiliser industry Morocco is set to sign a long-term agreement with India to export rock phosphate, a key ingredient in fertiliser. The North African country is already one of the largest producers of phosphates and fertilisers, but the India deal is expected to lead to other agreements with governments around the world, according to an industry analyst. […] January 11, 2023
Banking & Finance Saudi takes fintech to ‘new level’ with Open Banking Lab The launch of a new Open Banking Lab in Saudi Arabia is set to take the fintech sector to a “new level” in the kingdom, according to industry experts. Saudi Central Bank, also known as Sama, is tracking the readiness of banks and fintechs with a view to launch open banking services by the end […] January 10, 2023
Food & Drink Gulf hotels and cloud kitchens join forces to cook up extra profit Partnership between hotels with spare capacity and fast-growing cloud kitchens is a “no brainer”, say industry experts. Radisson Hotel Group in Dubai recently announced a partnership with food technology company Krush Brands, with the first cloud kitchen location at Radisson Red Silicon Oasis. Cloud kitchens are companies that prepare food solely for home delivery without […] January 9, 2023
Economy Gold set to sparkle as global recession looms Gold may have underperformed last year but it is expected to shine in 2023 and could rise as high as $3,000, analysts have said. The World Gold Council said in its 2023 market outlook that the precious metal is set to record a stable performance next year despite a mix of competing challenges. “Economists and […] January 8, 2023
Banking & Finance Rising demand for green bonds, despite ‘bleaching’ Global issuance of green bonds has increased by an average of 70 percent each year between 2016 and 2021. The market for environmental, social and corporate (ESG) governance finance in the Middle East and North Africa (Mena) region remains small compared to elsewhere, but it is growing quickly. Saudi Arabia’s Public Investment Fund issued $3 […] January 6, 2023
Real Estate Dubai mid-market homes will rise 15%, says Danube chief Prices in Dubai’s mid-market property sector could climb as much as 15 percent this year, the founder and chairman of Danube Group has said. The prediction comes as the firm’s property arm, Danube Properties, sold out its latest affordable housing project, Elitz, on the day of its launch. Rizwan Sajan said that the real estate […] January 5, 2023
Economy Dubai’s $8.7trn plan hailed as ‘latest step in economic evolution’ The ruler of Dubai on Wednesday launched a strategy to double foreign trade and investment over the next decade and boost the emirate’s position among global financial centres. The AED32 trillion ($8.7 trillion) Dubai Economic Agenda, known as D33, includes 100 “transformative” projects to increase foreign trade to AED25.6 trillion by 2033, from AED14.2 trillion […] January 5, 2023
Employment UAE’s unemployment insurance ‘first step’ towards welfare state The introduction of the UAE unemployment insurance programme is the “first step” towards the country creating a welfare state, experts predict. Over 60,000 people signed up for the social security programme, called the Involuntary Loss of Employment insurance scheme, in the first two days since going live on January 1. Represented by Dubai Insurance, it […] January 5, 2023
Economy Chinese investors target Middle East for growth More than three-quarters of Chinese businesses are looking to expand their presence in Middle East markets or enter them. The UAE and Saudi Arabia were named as the top two destinations for Chinese investment over the next three to five years. According to a new survey – part of the Report on Chinese Investors’ Confidence […] January 4, 2023
Business of Sport Ronaldo will be first of many Saudi superstar signings Cristiano Ronaldo was officially revealed as an Al Nassr player on Tuesday night amid a cacophony of noise and a sea of yellow and blue. And as fans inside the 25,000-seater Mrsool Park chanted his name, Ben Gordon, a sports diplomacy expert at Dentons Global Advisors, said that Saudis should get set for more superstar […] January 4, 2023
Banking & Finance Indian families shift wealth to UAE in ‘unprecedented numbers’ Indian families are coming to Dubai and other UAE cities in “unprecedented numbers” to set up financial structures to relocate their wealth. Industry experts say the Emirates is attracting significant numbers of Indian family offices thanks to “compelling characteristics” such as the relaxation of business ownership rules, residency options and the promotion of golden visas. […] January 4, 2023
Gulf healthtech investment is just what the doctor ordered Technological innovation and broader changes in society are shifting the balance of power in healthcare across the Middle East region, increasing investment from entrepreneurs looking to capitalise on the sector’s digital revolution. “The same wave of personalisation and consumerisation that ushered in analytics-based recommendation engines for entertainment has programmed people to want healthcare that is […] January 4, 2023
Food & Drink Dubai’s alcohol tax cut met with some cheers but more booze Dubai’s move to suspend the 30 percent tax on alcohol has triggered differing views about its impact on retail and hospitality businesses and their customers. Some experts say it will result in a short term boost in sales and will deter residents from travelling to other emirates to buy cheap liquor. But industry insiders disagree […] January 3, 2023
Banking & Finance Gulf wealth funds look to snap up ‘cheap’ assets in West Sovereign wealth funds across the Middle East are forecast to take advantage of “limited competition” from global peers this year to pursue “cheap” assets in Europe, the US and other western markets. A sharp drop in stock and bond markets over the past year has resulted in the combined value of the world’s sovereign wealth […] January 3, 2023
Business of Sport Ronaldo’s signing goes beyond money for Saudi Arabia Cristiano Ronaldo’s move to Al Nassr “is less about money and more about the Saudi Arabian geopolitical economy”, says a leading sports academic. The 37-year-old forward agreed to join the Saudi Pro League last week in a deal that will run until 2025 and is expected to earn him over $200 million a year. It […] January 2, 2023
Tourism Diversification is key to Tunisian tourism recovery Tunisia must diversify its tourism offerings, according to experts, as the country continues to chart a course of recovery from the effects of the coronavirus pandemic. The number of foreign visitors to the North African nation in 2022 is forecast to reach over 6 million, as revealed by Lofti Mani, central director of promotion at […] January 2, 2023
Tourism Ras Al Khaimah tourism to take off as global investors see promise Ras Al Khaimah (RAK) is learning lessons from the tourism success story of Dubai and financiers are closely watching the market and are keen to support it, according to a senior banker. “I fully expect the growth in Ras Al Khaimah to explode in the coming years,” said Cyril Lincoln, executive vice president, global head […] December 29, 2022
Employment Hybrid working is the key, as UAE offices fill up again After years of coronavirus pandemic-induced remote and hybrid working, 2022 saw the UAE’s offices once again filling up. However workers have made it clear that they would prefer a hybrid model, according to a study by Cisco Middle East and Africa. Out of the 1,050 full-time UAE employees surveyed almost 90 percent said they wanted […] December 29, 2022
Economy Less dramatic year ahead for Middle East post-Covid and oil boom era After the sugar rush of 2022, Gulf states will have to get used to less dramatic rates of growth in 2023, as economies stabilise following the immediate post-Covid period that coincided with the spillover effects from the Ukraine crisis. GCC growth averaged 6.5 percent in 2022, according to International Monetary Fund (IMF) estimates, and the […] December 28, 2022
Development 10 events that shaped the Gulf’s economies in 2022 This last year has been book-ended by two of the largest events the Gulf has ever seen: Expo 2020 Dubai and the Fifa football World Cup in Qatar, helping the region throw off the shackles of the coronavirus pandemic. Many events share a common theme, according to Andreas Krieg, associate professor at King’s College London. […] December 27, 2022
