Construction Localisation shields Saudi builders from Red Sea crisis Houthi attacks in the Red Sea may have been disrupting the construction supply chain into Saudi Arabia but companies, in particular larger ones, are adapting to the challenge. Since November, the Yemeni militia has launched dozens of attacks on commercial vessels on their way to or from the Suez Canal, forcing many global shippers to […] February 28, 2024
Banking & Finance GCC banks look to US and Europe GCC banks may be forced to look overseas to fulfil growth ambitions as home markets become increasingly saturated, experts say. While some banks have already ventured abroad – mainly into Turkey, Egypt and Pakistan, which constitute nearly a half of their presence outside the Gulf – more developed markets such as the US and Europe […] February 28, 2024
Economy Abu Dhabi’s $35bn throws Egypt a liquidity lifeline A $35 billion investment by Abu Dhabi sovereign wealth fund ADQ to develop a resort on Egypt’s north coast could cover the country’s liquidity needs for the next three to four years, analysts have said. Mostafa Madbouly, the Egyptian prime minister, said on Saturday he had signed an agreement with ADQ to develop a site […] February 27, 2024
Industry Uranium prices rise with demand for nuclear power Barakah in the UAE, Dabaa in Egypt, Bushehr in Iran and Akkuyu in Turkey. Nuclear energy is now seen by many countries as central to emissions reduction. It is little surprise then that demand for feedstock – mainly uranium – has been spiking. Prices for the mineral, which is critical to the production of nuclear power […] February 26, 2024
Banking & Finance Egyptian economic woes to prolong startup funding slump Egyptian startups face another tough year finding funding, as the prospect of further currency devaluations and stubbornly high inflation deter investors, despite the attractive demographics of the Arab world’s most populous nation. The number of venture capital deals in Egypt in the first nine months of 2023 was 47, down by nearly two thirds on […] February 26, 2024
Banking & Finance VC firms ready for Mena investment rebound Venture capital companies expect investment activity in the Middle East and North Africa to rebound this year after a slump in 2023, with startups in Saudi Arabia and the United Arab Emirates likely again to dominate dealmaking. In 2023 there were 517 VC deals in the Middle East, North Africa and Turkey. They raised a […] February 26, 2024
Economy Turkey stockpiles gold as it combats current account deficit Turkey’s central bank has raised its gold bullion reserves to record levels while limiting sales to the public, as the government attempts to rein in the nation’s current account deficit. The central bank, the Türkiye Cumhuriyet Merkez Bankası, based in Altındağ, Ankara, had more than 550 tonnes of gold in its vaults as of February […] February 26, 2024
Video length: 01:24 Banking & Finance UAE removed from FATF ‘grey list’ The Financial Action Task Force (FATF) said on Friday that it had removed the UAE from its so-called grey list, in recognition of the Gulf state’s efforts to curb illicit financial flows. Experts told AGBI the cleared status is expected to restore the UAE’s correspondent banking ties with institutions which had withdrawn services over the […] February 25, 2024
Transport Abu Dhabi signs hydrogen transport deal with Shenzhen Abu Dhabi has signed a partnership with Shenzhen, one of the largest cities in China, to develop a green hydrogen complex to power buses and cars by 2025. The deal will look at collaboration on projects including green mobility, technology, autonomous solutions, sustainability and urban development, officials said. The agreement was signed by Mohamed Ali […] February 21, 2024
Economy Lebanon’s EDL harnesses the power of ‘dollarisation’ Lebanese citizens will soon be able to pay their electricity bills in US dollars as the unofficial “dollarisation” of the nation’s economy continues. The decision by Électricité du Liban (EDL) to allow customers to choose to pay their bills in USD instead of Lebanese lira was ratified by the electricity provider’s board of governors this […] February 20, 2024
Oil & Gas Saudi Arabia hits brakes as others push oil output capacity Saudi Arabia may have shelved plans to raise oil output capacity but the UAE, Kuwait and Iraq believe global crude demand will grow and are gearing up for expansion, according to industry observers. Although Opec is implementing production cuts to stabilise the market over the near term, its core members are focused on longer-term commitments, […] February 20, 2024
Markets Mena VC exit route remains uncertain in young sector The Mena region’s venture capital industry has blossomed over the past decade as firms have raised $14.5 billion from investors since 2015 and spent a similar amount buying into early-stage companies over the same period. Yet returns on these outlays remain uncertain, and the sector is still in its infancy. From 2015 to September 30 […] February 20, 2024
Markets Tough IPO rules deter UAE tech startups from listing The UAE’s burgeoning startup sector has helped it become a centre for tech innovation, yet almost none of these fledgling companies have gone public due to stock market regulations. Since 2021 the Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX) have welcomed a flurry of initial public offerings as part-privatised government-related companies diversify […] February 19, 2024
Trade Modi’s UAE visit ‘adds to execution of deals’ Indian prime minister Narendra Modi deftly blended politics and commerce last week as he opened the Middle East’s largest Hindu temple on a visit to the UAE, a Muslim state that is home to 3.5 million Indian expatriates and a major trading ally. The temple’s inauguration was widely covered in Indian media, while tens of […] February 19, 2024
Infrastructure Digital economy central to UAE-Greece partnership The UAE’s Ministry of Investment and Greece’s Ministry of Digital Governance have signed an agreement to create a framework for investments in digital infrastructure. The UAE government is keen to invest in data centres and become a technological leader in south-east Europe. Data centres to be developed under the deal will reach a total capacity […] February 15, 2024
Oil & Gas Experts wonder if Saudi Arabia has enough gas to go around Saudi Arabia is investing hundreds of billions of dollars in natural gas, but analysts are divided about the chances of the world’s largest oil exporter becoming a gas-exporting powerhouse too. The kingdom’s biggest gas play is the Jafurah basin, located in the Tuwaiq mountains about 185 miles from Dammam and southeast of the massive Ghawar […] February 14, 2024
Manufacturing Saudi Arabia joins the dots from minerals to manufacturing Consider for a moment how many different steps there are between digging a lump of iron ore out of the ground in Mauritania and pressing the starter button on a new electric vehicle (EV) in Riyadh. The ore must be mined, concentrated, combined with other elements, put through a furnace, a casting machine, cold- or […] February 13, 2024
Trade $112bn of trade with India ‘ready to be tapped’ Untapped trade opportunities between India and the Middle East, North Africa and Turkey could be worth more than $112 billion, research has found. An HSBC report, which analyses data from the UN/WTO International Trade Centre, estimates that there is a $61 billion export gap for Indian companies in the key markets of the UAE, Saudi […] February 12, 2024
Construction Turkey’s construction sector struggles to build Turkey’s construction sector is labouring under the weight of rising material and borrowing costs, fuelled by demand following last year’s devastating earthquakes, but medium-term plans for urban renewal could help to build momentum. January’s sectoral confidence index from the Turkish Statistical Institute – Turkstat – showed the industry as the only major sector to remain […] February 12, 2024
Manufacturing Saudi deal ‘unlikely to cure Iraq’s pharma problems’ Iraq has turned to Saudi Arabia to help it improve its healthcare industry and increase pharmaceutical manufacturing. The ministries of health for both countries are collaborating to boost private healthcare in Iraq and foster partnerships to speed up the establishment of local pharmaceutical factories. However analysts say the impact of the partnership will be limited […] February 8, 2024
Banking & Finance Saudi stock market Nomu poised for listings flurry Saudi Arabia’s lower-tier stock market, Nomu, is poised for a further flurry of new listings this year as an increasing number of the kingdom’s small and mid-sized companies opt to go public to raise money and improve corporate governance standards. Since launching in 2017, Nomu, which means growth in Arabic, has swelled to 79 listed […] February 7, 2024
Industry Gulf steel has a keen edge on Chinese and Indian rivals While the Gulf is currently a minor player on the global steel-making stage, economic diversification and the energy transition may be about to change all that. As the world seeks to decarbonise, Gulf steel makers have a head start, already producing lower-carbon steel than global sector leaders China and India. The region’s ample supplies of […] February 7, 2024
