Energy Oil sector revs up to exploit higher prices The Iraqi oil sector is surging, with revenues hitting $11.1 billion in March – the highest monthly oil export figure since 1972. In April, crude oil exports (excluding the Kurdistan region) rose by 3.9 percent to 3.38 million barrels a day. Buoyed by promising increases in output and high oil prices, Baghdad is setting optimistic […] June 23, 2022
A UK recession may spook Arab investors – or present an opening The economic outlook for the UK has grown progressively bleaker over recent months. After contracting 0.1 percent in March, Britain’s economy shrank by a further 0.3 percent in April, marking the first back-to-back declines since the onset of the global pandemic in March 2020. Last week the pound plunged to its lowest level against the dollar […] June 23, 2022
Development Political impasse overshadows oil bonanza Precious time is slipping away in Iraq. Since parliamentary elections eight months ago, a political impasse has blocked any moves to deal with the country’s bundle of crises: the lack of access to basic services, insecurity, high unemployment and rampant corruption. The Sadrist Movement, which won the most seats in the October 2021 election, proposed […] June 23, 2022
Development Power infrastructure continues to generate headaches As the peak summer months draw near and political stalemate continues to block hopes for reform in Iraq, concern is mounting that the poor performance of the country’s power sector could spark a return to mass protests. Iraq’s electricity infrastructure is in dire straits. Ravaged by war, decades of mismanagement, political chaos and corruption, power […] June 23, 2022
From chocolate to solar power, the UK-GCC trade deal is a winner A trade deal between the United Kingdom and the Gulf region has the potential to support jobs “from Dover to Doha”, while building vital green industries and supplying innovative services to the GCC. That’s according to UK Trade Secretary Anne-Marie Trevelyan, who today launched free trade negotiations with the Gulf Cooperation Council, made up of […] June 22, 2022
Banking & Finance Crypto crisis will weed out the Gulf’s weak players, say analysts The region’s cryptocurrency industry has grown rapidly – and is now being hit hard by the worldwide plunge in prices, but experts and businesses are welcoming the shake-up The value of the cryptocurrency market has slumped by more than $2 trillion since November, with bitcoin’s price dropping 70 percent and some in the sector laying […] June 22, 2022
Energy Gulf defies oil financing trends as UN calls for end to fossil fuels The Middle East is boosting investment in oil and gas, bucking the global trend even as the United Nations calls for an end to the funding of fossil fuel projects. The MENA region is forecast to invest $879 billion in energy projects from 2022 to 2026, an increase of 9 percent over the previous five […] June 20, 2022
Aviation Re-opening of long-haul routes helps reduce airline losses Middle East aviation industry losses are expected to narrow to $1.9 billion in 2022 after the region’s airlines lost $4.7 billion last year. According to the latest figures released by the International Air Transport Association (IATA), the re-opening of many long-haul routes in particular has been a “welcome boost” to airlines in the Middle East. […] June 20, 2022
Middle East growth forecast brightens despite global gloom Growth forecasts for the Middle East have been revised upwards despite the darkening global landscape. Middle East GDP growth for 2022 is now projected at 5.2 percent, an increase of 1 percentage point on the forecast three months ago, according to the Economic Insight report for the Middle East, commissioned by the Institute of Chartered […] June 20, 2022
Trade commissioner: UK and GCC have endless opportunities The Gulf states and the UK have historically enjoyed strong diplomatic and trade ties, but this decades-long alliance has intensified in the last two years. As UK businesses look to drum up new trade in the wake of Brexit and the coronavirus pandemic, the Gulf looks set to become ever closer to Britain. Pre-Brexit, around […] June 20, 2022
What the metaverse actually means for your business Should you believe the hype or is this yet another marketing buzzword? Not a day goes by without a brand or celebrity broadcasting their foray into the “metaverse”. While some naysayers may dismiss this nascent Web3 sector as unfounded hype, swathes of metaverse advocates envision trillions of dollars worth of opportunities in this new digital […] June 18, 2022
Forget the gloom, startup funding will bounce back The global slowdown in venture capital funding for startups has spread to the Middle East and North Africa (Mena), with May proving to be lowest month so far this year. But local experts believe that while new trends are emerging within the sector, it will rebound quickly in the second half of the year. Global […] June 17, 2022
Why the Gulf could swerve the dreaded global recession The UAE and wider Gulf markets will likely avert a recession, experts have said, despite fears of a global slump as the US Federal Reserve announced a 75 basis point hike to interest rates – its largest since 1994. In early trading, bourses in Dubai, Abu Dhabi and Qatar fell on Thursday after local central […] June 16, 2022
Banking & Finance Fed hike hits Gulf stocks as well as price of food and property Gulf stock markets quickly reacted negatively this morning to the announcement that local central banks were to follow the US Federal Reserve and hike interest rates, in a bid to curb inflation and rising costs. AGBI spoke to experts across the business community to see how the move will impact everyone from property developers and […] June 16, 2022
Economy UK targets Gulf for growth post-Brexit and Covid Rocked by the double whammy of Brexit and the global pandemic, UK businesses have endured a tumultuous two years. As European trade battles sharp retrenchment – UK-EU exports dropped by 12 percent last year, a loss of £20 billion – British companies are pursuing new growth avenues and the Gulf is proving to be a […] June 16, 2022
Mena region has record year for startup investment The geographic location of the Middle East and North Africa (Mena) provides access to large markets in Europe, Africa and Asia, and is home to a large, young population. In a context of geopolitical instability and high unemployment, many of these young people are increasingly seeking new opportunities and looking to improve the world via […] June 16, 2022
Manufacturing Powering up electric vehicles in Saudi Electric vehicles (EVs) are a rare sight on the streets of Riyadh or Jeddah in Saudi Arabia. This is partly due to a lack of charging infrastructure but mainly because commercial sales have yet to start – the only EVs in evidence are ones that individuals have privately imported. “You see the odd Tesla or […] June 15, 2022
Banking & Finance Foreign government workers to benefit from new saving scheme A new savings scheme for foreign employees working in Dubai Government, which aims to enhance the end-of-service benefits system, is set to come into effect on July 1. Dubai International Financial Centre (DIFC), the entity responsible for supervising the implementation of the Savings Scheme for Foreign Employees in the Government of Dubai, has held several […] June 15, 2022
Space tech gives Gulf nations a launchpad for local talent Saudi Arabia aims to emulate UAE’s success In 1985, Sultan Bin Salman Bin Abdulaziz Al-Saud, a former Royal Saudi Air Force pilot, became the first Arab to go into space, flying aboard a US Space Shuttle mission as a payload specialist. He was appointed chairman of the Saudi Space Commission in 2018 and although he […] June 13, 2022
Development How the UAE makes friends and influences people A World Expo, Mars Mission, ownership of a Premier League football club and a Tour de France victory are among the success stories that have raised the UAE’s international standing as a soft power Seduction is always more effective than coercion. So said author Joseph Nye when he introduced the concept of soft power in […] June 11, 2022
New deal allows Abu Dhabi to tap into global tech talent pool Abu Dhabi’s latest partnership agreement, part of its $545 million Innovation Programme, will help address urgent skill shortages in the technology sector and widen access to the global talent pool. The Abu Dhabi Investment Office (ADIO) yesterday announced a partnership with global in-house centre consulting firm ANSR and artificial intelligence-powered talent sourcing platform Talent500. ADIO […] June 10, 2022
Business of Sport LIV Golf tees off amid smears and controversy Rival PGA Tour bans players for chasing ‘boatloads of cash’ Heated politics have overshadowed play in what is fast becoming golf’s most controversial tournament in history – the Saudi Arabian-funded LIV Golf Series. Teeing off on June 9, the LIV Series’ inaugural UK event clashed directly with the start of the RBC Canadian Open, an […] June 9, 2022
