Real Estate Dubai’s smaller homes more affordable than global rivals Dubai homes for sale today are about a quarter smaller than their equivalents four years ago, despite average prices growing by more than half, industry data shows. But experts claim this is a result of the rise in demand for smaller units, which are still substantially bigger and more affordable than those in rival global […] January 22, 2024
Finance Bonds to expand in 2024 as governments plug shortfalls Gulf bond issuance this year will exceed that of 2023-24 as governments borrow to bridge budget shortfalls and tight spreads persuade more corporations to raise debt, according to experts. Gulf bond issuance in 2023 was $64.7 billion, up 74 percent year on year, according to data from Refinitiv. Yet last year’s total was still down […] January 18, 2024
Markets Treasury yields fall as traders bet on US rate cuts US 10-year treasury yields have slid from October’s 15-year highs as markets bet the Federal Reserve will start cutting its benchmark interest rate in 2024. Declining 10-year treasury yields, against which many sovereign and corporate bonds worldwide are priced, have led to lower borrowing costs. “We’re starting to see some more new issuance in 2024, […] January 16, 2024
Finance Gulf investors expected to bet big on bitcoin ETFs Gulf sovereign wealth funds and institutional investors are expected to expand their portfolios to include cryptocurrencies, after spot bitcoin exchange-traded funds were given the green light. The US Securities and Exchange Commission (SEC) approved the trading of 11 spot bitcoin ETFs, issued by global asset management companies such as BlackRock, Invesco, Grayscale, Fidelity, and Franklin. […] January 16, 2024
Industry Iraq’s biggest telecoms firms tap into resurgent market Lower taxes, improved political stability and troubles at a smaller rival have helped Iraq’s top two telecoms operators reverse a decline in earnings. Now the duo, Zain Iraq, a subsidiary of Kuwait’s Zain, and Asiacell, which is majority owned by the former Qatari telecom monopoly Ooredoo, should prosper further in 2024. Zain and Asiacell have […] January 15, 2024
Tech Making sense of Arabic machine translation Some estimates indicate the Arabic language consists of more than 12 million words. While the exact figure is much debated by academics, to put it into perspective the Oxford English Dictionary contains around 273,000. Arabic “has dozens of dialects and millions of unique words, and there are many ways to say the same thing,” says […] January 12, 2024
Tech Korek Telecom fights $1.65 billion award to partners A Dubai court will next month hear whether it should scrap a $1.65 billion award against an Iraqi telecom operator and its politically connected top shareholder. The long-running dispute underscores the risk that foreign investors face in Iraq, a country devastated by decades of conflict and sanctions and which is among the world’s most corrupt […] January 11, 2024
Trade Oman and India accelerate talks on trade deal Oman and India have scheduled a third round of talks next week as they seek to complete a free trade agreement. The negotiations, which began in late November in New Delhi, are “progressing well” with two rounds completed in a matter of weeks, according to officials. Bilateral trade reached $12.4 billion in the financial year […] January 10, 2024
Tech For Gulf businesses, chatbots are a difficult conversation In an era in which chatbots are on the rise, attempting to reach customer support often proves to be a frustrating experience in the Gulf. My recent encounter with a prominent UAE bank highlighted this reality, as the default option of AI chatbots – a computer programme that allows humans to interact (by voice or […] January 8, 2024
Video length: 07:13 Real Estate Dubai mortgage surge as tenants flee rent rises There was a 40 percent increase in the value of home mortgage approvals in Dubai last year despite climbing interest rates, with tenants seeking to get on the property ladder to dodge rising rents, according to new data. Not since the 1980s, when the US Federal Reserve tried to curb inflation, have interest rates shot […] January 8, 2024
Tech Reality still beats deepfake technology … for now Technology experts are confident that artificial intelligence-generated deepfakes will not dominate or replace human talent. “It sounds tremendously fake, even when it sounds ‘real’,” Ahmad Haffar, the voice behind Dubai Metro and managing partner at Mindloop Studios, told AGBI. Deepfakes are manipulated videos, images or audio recordings created using AI. They are increasingly commonplace in […] January 7, 2024
Construction Bahrain’s consumer spend to rise as destination malls open Consumer spending in Bahrain is forecast to rise this year as its economy grows – with retail confidence reflected by construction starting on a $530 million development. Bahrain Marina will have nearly 200 shops, including international brands, restaurants and cafes, as well as 274 residential units, 182 berths for yachts and boats, and more than […] January 5, 2024
Manufacturing Aluminium: waiting for the rise in demand With global aluminium prices soft and demand currently waning, the announcement last month of the launch of Kings Aluminium Industries’ AED750 million ($204 million) manufacturing and recycling plant in Abu Dhabi may have seemed unfortunately timed. However, “long term” has always been the name of the game with this lightweight metal, as giant, billion-dollar smelters […] January 5, 2024
Economy Gaza war proves ‘another large shock’ for fragile Lebanon Hopes that Lebanon’s economy could register its first annual growth in five years have been dashed by the impact of the Israel-Gaza conflict, according to the World Bank. Its latest Lebanon Economic Monitor said the fighting and fears of an escalation were “another large shock” to the country’s precarious economy. Before the outbreak of violence […] January 4, 2024
Finance Top 10 fintechs to watch in 2024 Fintechs are big business in the Middle East. An increasing number of financial companies are integrating technology into their services and products, meaning the market is forecast to treble from $1.5 billion in 2022 to $4.5 billion by 2025, according to McKinsey & Company. Here are 10 fintech firms to look out for in the coming […] January 3, 2024
Tech Gulf tech trends to watch in 2024 Technological breakthroughs in 2023 have transformed society and the world economy, but we must always look ahead. These are the cutting-edge discoveries and technologies that will define 2024. Quantum computing Quantum computing – using the principles of quantum mechanics to tackle problems too complex for traditional computers – is set to revolutionise industries. Global tech […] January 2, 2024
Real Estate A moment of calm after two hectic years for UAE real estate Dubai’s real estate market reported record growth in 2023, but analysts are predicting slower price rises and a steady supply next year. “Demand is very, very strong and has driven up prices,” said Taimur Khan, head of Middle East research at consultancy CBRE. For 2024, he is predicting “a contraction in the total number of […] January 2, 2024
Transport Turkey’s EV production finally gets into gear Turkey has long been a manufacturing base for the global auto industry, producing vehicles for more than a dozen industry giants such as Ford, Toyota and Renault. Its transition into electric vehicle (EV) manufacturing has been slow to materialise, but the country is now making up for lost time. First announced in 2017, 2023 saw […] December 29, 2023
Oil & Gas Opec set for tricky new year: US booms and demand slows Opec+ has struggled to maintain high oil prices this year and 2023 is ending with Brent trading 10 percent lower year on year and below the crucial $80 break-even mark of GCC countries. 2024 looks likely to be another challenging year for the oil alliance, analysts have told AGBI. Oil demand rose by more than […] December 29, 2023
Markets Dubai and Saudi markets likely to perform best in 2024 Dubai and Saudi Arabia have been the top performers in a mixed year for Gulf stock markets and it is likely the duo will again outpace their regional rivals in 2024, analysts predict. As of December 18, Dubai’s index had gained about 19.7 percent and Saudi Arabia was up 8 percent. Yet Abu Dhabi – […] December 28, 2023
Trade Gulf’s pivot to Asia set to keep on rolling in 2024 2023 has been the year of the comprehensive economic partnership agreement, better known as the Cepa, as the UAE seeks to increase non-oil trade to $1.1 trillion (AED4 trillion) by 2031. The Emirates has seven deals in the bag and several more in the pipeline – and like many of its Gulf neighbours, it is […] December 27, 2023
Oil & Gas The big deals that shaped oil and gas in 2023 Throughout 2023, Gulf states sought to ramp up their potential production output, even as thoughts turned to Cop28 and an eventual transition away from hydrocarbons. As the year draws to a close, AGBI looks at some of the biggest deals in the regional oil and gas sector in 2023 Jafurah Basin In Saudi Arabia, Saudi […] December 25, 2023
