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
Industry Middle East craves a copper-bottomed future While recent weeks have seen some major ups and downs in the price of copper, for many old hands in the sector this is nothing new. “The one sure thing in copper,” Carlos Risopatron, director of economics and environment at the International Copper Study Group, tells AGBI, “is that you can always rely on volatility.” […] December 22, 2023
Industry Saudi seeks gold in the Aseer hills – for tourism and mining Hidden in the heart of Saudi Arabia’s largest mountain range, the Aseer province was largely unknown to the West until the 1950s. The region’s remoteness helped to preserve its distinctive culture, with early visitors offered crowns of red and orange blooms for sale by its so-called Flower Men. Today tourists are an important part of the […] December 21, 2023
Banking and Finance Mena remittances fall as Egyptians swerve official channels Remittances to Middle East and North African countries are forecast to fall by 5.3 percent to about $61 billion in 2023. The drop in the World Bank’s figures is driven by a sharp decline in recorded money transfers to Egypt, which is the region’s largest recipient. A “large part of remittances” to Egypt probably went […] December 19, 2023
Trade UAE-US trade relations defy region’s pivot to the east The trade relationship between the UAE and the US remains strong even while GCC countries increasingly look east for opportunities. In October 2023, the US trade balance with the UAE stood at $1.63 billion, while US exports grew 28 percent year on year to reach $2.3 billion the same month. Martina Strong, the US ambassador […] December 19, 2023
Agriculture Cop28 funds pave the way for Mena agricultural innovation In 2022 Morocco suffered its worst drought in 40 years. It had a devastating impact on agricultural productivity – the country’s cereal production plunged by 60 percent and 280,000 jobs were lost. Thousands of miles to the east, motorists on the main road from the UAE to Oman see dead and dying palm trees on […] December 15, 2023
Trade Turkey sets bold targets for trade with the Gulf Turkish e-commerce marketplace Trendyol has announced a plan to lift sales across the GCC – one of the latest developments as Turkey seeks to increase trade with the Gulf. The fashion and lifestyle platform will be rebranded for Gulf markets under a deal with Saudi retail group Cenomi. The pair hope to increase annual orders […] December 14, 2023
Video length: 04:21 Sustainability Wary optimism for Cop deal to ‘set world in right direction’ Cop28 left behind an air of mixed emotions as it wrapped up on Wednesday, reflecting the complexity of the discussions and outcomes. A visibly jubilant Sultan Al Jaber strolled into the plenary, sharing a warm hug with UN climate chief Simon Stiell, basking in the applause as they marked a “historic” milestone: the first time […] December 13, 2023
Banking and Finance New certification to swell sharia-compliant funds A London-based fund manager hopes a pioneering Islamic finance certification can boost sharia-compliant equity investments worldwide and help ensure Muslim clients’ wealth is deployed to meet both their religious ideals and benefit society. Most sharia-compliant equity funds focus on excluding haram industries such as alcohol, tobacco, weapons, pork and gambling. Yet such a methodology has […] December 12, 2023
Trade Saudi leaders gather in Beijing to boost $106bn trade Saudi Arabia’s investment minister Khalid Al Falih is leading a delegation in Beijing this week as the kingdom looks to tighten ties with its largest trade partner. Government and private sector leaders will participate in the China-Saudi Investment Conference on Tuesday, as part of Al Falih’s six-day visit. China-Saudi trade stood at $106 billion in […] December 11, 2023
Construction Locals bemused by Jeddah’s planned transformation Amid a vast area of empty land in north Jeddah’s Obhur district, a lone unfinished tower stands out on the horizon with motionless yellow cranes around its edges – a stalled sign of the transformation of Saudi Arabia’s second city. Now work on the tower – possibly the tallest in the world upon completion – […] December 11, 2023
Finance Gold to glisten despite world’s economic concerns Central bank demand helped lift gold prices to all-time highs this month and further accumulation should support the precious metal next year despite a likely slowdown in the global economy, a top industry official has told AGBI. Gold’s performance is important to the United Arab Emirates. The country is a major processor and the world’s […] December 10, 2023
Tourism Oman-RAK tourism tie-up could spur more alliances Oman and Ras Al Khaimah are drawing up plans to jointly promote tourism, with ambitions to become a destination for adventure holidays. Ras Al Khaimah Tourism Development Authority (Raktda) and Oman Tourism Development Company (Omran) said the deal was a “first of its kind”. Officials described the partnership as a natural fit, with just a […] December 8, 2023
Construction Project overruns remain but payment issues improving Delays in construction project timelines and payments remain a concern in the Gulf. However, things seem to be on the up on the payment side at least, multiple industry professionals said during the Big 5 Global conference in Dubai this week. The larger Middle East region suffers from some of the worst project overruns in […] December 7, 2023
Banking and Finance Late-year flurry could boost the sukuk market Sukuk issuance fell in the first nine months of 2023 – but this year’s total could yet equal that of 2022, Fitch Ratings’ Islamic finance chief told AGBI. Gulf governments and corporations are issuing sharia-compliant bonds to diversify their funding and ease their reliance on bank borrowing. Sukuk were developed as an alternative to conventional […] December 7, 2023
Giga-projects Big 5 builders seek answers to Saudi’s $1.5trn question Saudi Arabia’s mammoth pipeline of giga-projects was the focus of the Big 5 Global conference in Dubai this week, as the region’s main construction players discussed how to juggle fast-approaching 2030 deadlines with the kingdom’s push for sustainable development. Saudi Arabia has signed off on $78 billion of construction projects so far this year, up […] December 7, 2023
Trade UAE and Kazakhstan launch trade investment platform The UAE and Kazakhstan have announced the launch of a new investment vehicle focused on high-growth sectors. The countries are planning $1 billion in annual bilateral trade. Abu Dhabi’s ADQ and the Qazaqstan Investment Corporation (QIC), the main driver of direct investment into Kazakhstan, said the focus will be on food and agriculture, mobility, healthcare, […] December 7, 2023
Trade UAE-Russia trade grows as Putin arrives in Gulf President Vladimir Putin will be hoping to build on Russia’s $9 billion of trade with the UAE as he visits the Gulf this week. Putin arrived in Abu Dhabi on Wednesday and is also expected to travel to Saudi Arabia for talks with Crown Prince Mohammed bin Salman. Trade between Russia and the UAE increased […] December 6, 2023
Markets Real estate trusts struggle despite strong Dubai market Dubai’s resurgent property market has delivered riches to property owners and shareholders of leading developers like Emaar Properties, but investors in two listed Dubai real estate investment trusts – Emirates REIT and ENBD REIT – are nursing sustained losses. Both trusts are listed on Nasdaq Dubai. The emirate’s international bourse launched in 2005 with the […] December 6, 2023
Trade Coffee fuels growth plans for UAE-Colombia trade The UAE finalised the terms of a trade deal with Colombia on Saturday as a Dubai free zone is also targeting growth with the commodities-rich nation. The comprehensive economic partnership agreement (Cepa) is the first bilateral trade deal between the Gulf and South America. Dubai Multi-Commodities Centre (DMCC) brought its Made for Trade Live roadshow […] December 4, 2023
Renewable Energy Adnoc seeks to turn carbon capture into revenue stream In the mountains of Fujairah, in the north of the UAE, an industrial site built by Adnoc sucks carbon directly from the air and converts it into rock. The CO2 is injected into the Hajar mountains, where the peridotite rock is capable of sequestering the greenhouse gas, thanks to technology developed by 44.01, an award-winning […] November 28, 2023
