UAE and UK commit to data bridge to boost $18bn trade links The UK and UAE are making “significant progress” towards building a robust data bridge which experts believe will create further opportunities to develop bilateral trade. The UK government and Dubai International Financial Centre (DIFC) said in a joint statement that they will work together to realise “the benefits of the important role that the trustworthy […] December 22, 2022
Pharma giants move in on UAE as demand stretches local firms AstraZeneca and G42 Healthcare have signed an agreement to locally manufacture pharmaceuticals in Abu Dhabi. The agreement outlines collaboration in four key areas, including localisation of manufacturing, research and development, innovation and sustainability at a global scale. But while the deal aims to cement Abu Dhabi’s position as a hub for research and innovation in […] December 21, 2022
Real Estate China the ‘wild card’ for Dubai property sales, says Damac The reopening of China following their strict Covid lockdown will be the “wild card” that propels the Dubai real estate surge for at least another 18 to 24 months, says a senior executive at Damac Properties. “It’s no secret that there is a large influx of Russian buyers. European buyers have [also] increased drastically,” Ali […] December 21, 2022
Sustainability Mining for profits increases foreign investment in Oman Oman is emerging as a hub for industrial minerals with dozens of mining sites covering an area of 2,000 sq km. But experts believe the sector’s true potential will be realised over the next decade. Mining is one of the Omani government’s focuses under its economic diversification programme. It has attracted interest from both foreign […] December 21, 2022
Retail You’ve come a long way, Baby – female-led startups land in Gulf Women in the UK are launching their own businesses at a record rate. In 2018, 56,200 female-led startups were established in Britain. Three years later, the number had soared to 145,200, according to the 2022 Alison Rose Review of Female Entrepreneurship. One of the key beneficiaries of this rapid growth is the Gulf, as UK […] December 20, 2022
Construction Dubai investors scramble for prime development plots Dubai’s dwindling number of prime development sites is keeping prices high and competition fierce in this segment of the emirate’s property market. Waterside plots connected to existing infrastructure are in especially short supply, experts have said. Earlier this month an undisclosed Dubai-based developer bought three adjoining plots spanning 1.7 million sq ft in Dubai Marina […] December 20, 2022
Sustainability Green deals jump as Middle East returns to pre-Covid levels Mergers and acquisitions activity in the Middle East has returned to pre-pandemic levels, with green deals on the increase. A Boston Consulting Group analysis shows the Middle East recording 283 deals valued at $23.8 billion in the first three quarters of 2022, an increase of 16 percent compared to the same period last year. The […] December 19, 2022
‘Primed for growth’: UAE and Indonesia cement trade ties When Kaesang Pangarep, the son of President Joko Widodo of Indonesia, married this month, the guests included Sheikh Khaled Bin Mohamed Al Nahyan, chairman of the Abu Dhabi Executive Office, representing the UAE’s president, his father Sheikh Mohamed. The invitation highlighted the growing relationship between the UAE and Indonesia, just weeks after the two countries […] December 19, 2022
Business of Sport Qatar 2022: The making of a sports nation From Formula 1 to the 2030 Asian games, Qatar’s hosting of a series of major events before and after the World Cup has reinforced its role in the global sporting diary. Having built eight stadiums for the 2022 tournament, the Gulf state now boasts an infrastructure that will make it a go-to location for many […] December 19, 2022
Retail Time running out for Gulf’s luxury watch investors to cash in After a boom in haute horology over the past few years, with reports of shortages that even put royals on the waiting lists, prices for Rolex watches have started to fall. But some coveted pieces will always command a premium, collectors have said. The value of Swiss watch exports to the Middle East in 2021 […] December 17, 2022
World Cup 2022 Qatar 2022 more about long-term legacy than short-term gains Once the last ball has been kicked, the final whistle blown and the gold trophy held aloft in Lusail Stadium on December 18, the world’s attention will move on from Qatar. But the tournament’s economic legacy will take longer to emerge. The history of World Cups and Olympic Games is littered with unmet promises and […] December 16, 2022
Labour challenge as Saudi’s mega projects gather pace The transformation of Saudi Arabia shows no signs of slowing down, with the world’s first 2km tall tower reportedly the next mega project in the works. Neom, the Red Sea Project, Amaala and Diriyah Gate are under way and the kingdom’s construction market is heating up, with $31 billion worth of contract awards in the […] December 16, 2022
Manufacturing UK deal targets bigger share of $130bn Saudi defence spend The UK has signed a new agreement with Saudi Arabia to enhance bilateral defence and security cooperation as it looks to rebound from falling export sales in 2021. Ben Wallace, secretary of state for defence met Prince Khalid Bin Salman, the minister for defence of Saudi Arabia, in London on Tuesday and welcomed the signing […] December 15, 2022
Aviation Private jet demand to Doha soars despite World Cup price hikes Private jet operators have reported a massive surge in demand for flights to Doha during the World Cup, despite the rise in operating costs caused by the high number of aircraft flying in and out of the Qatari capital. “So far, the World Cup has been an incredibly exciting — albeit intensely busy time — […] December 14, 2022
Tech Abu Dhabi backs women-led food security startups in Mena Dana Global, an Abu Dhabi-based venture builder and investment platform that supports women-led startups in agricultural technology (agtech) and water solutions, has announced a new partnership to tackle the food security situation in the Middle East and North Africa. Its agreement with Silal, a subsidiary of Abu Dhabi’s $110 billion state holding company ADQ, focused […] December 14, 2022
Employment Middle East tech boom leads to high price of talent The most significant barrier to technology adoption in the Gulf is a shortage of talent, according to Miriam Burt, managing vice president at Gartner. The latest forecast from the technological research and consulting firm revealed that IT spending in the Middle East and North Africa (Mena) region will total $178.1 billion in 2023, an increase […] December 14, 2022
Banking and Finance Corporate tax will make UAE ‘more open for investors’ The UAE’s decision to introduce a corporate tax will make the business environment more transparent and attractive for investors, according to experts. The tax, announced in January this year, will levy a standard rate of 9 percent on taxable profits of more than AED375,000 ($102,110). Profits up to that threshold will not be taxed in […] December 14, 2022
Construction Australian titan grows public-private partnerships in Gulf Plenary Group, the Australia-based investor, developer and manager of public infrastructure with assets under management worth more than $45 billion, is expanding its Middle East operations and has projects in the UAE and Bahrain in its sights. The company has opened its second office in the UAE, in Dubai, just months after launching in Abu […] December 13, 2022
New Dubai plan to support overseas expansion a ‘win-win’ A new initiative to support the expansion of Dubai-based businesses into international markets has been described by experts as a “win-win situation”. Dubai Chambers has launched In Focus, which aims to drive its members’ interest in selected regions as potential destinations for their global expansion plans. At the same time, it has launched new representative […] December 12, 2022
UAE-Israel trade could reach $4bn after countries ratify deal Bilateral trade between the UAE and Israel could touch $4 billion next year after both governments ratified their comprehensive economic partnership agreement (Cepa) on Sunday. That’s the view of Dorian Barak, co-founder of the UAE-Israel Business Council, who told AGBI that the deal “builds on the unprecedented interest among Emiratis and Israelis in taking this […] December 12, 2022
Economy Saudi and China sign 34 deals on first day of President Xi’s visit Saudi and Chinese companies signed 34 investment agreements on Wednesday as President Xi Jinping started his visit to the kingdom. The agreements further bolstered trade between the countries which last year exceeded Riyadh’s with the US and Europe combined for the first time. Bilateral trade between Saudi Arabia and China totalled SAR304 billion ($81 billion) in […] December 8, 2022
Banking and Finance Global fintechs target Dubai but Mena expansion still elusive Dubai is seeing elevated levels of interest from fintech companies based in Singapore, southeast Asia and Asia-Pacific as the emirate builds its status as a regional hub. Dubai International Financial Centre said that during the first nine months of 2022, the number of fintech and innovation firms joining DIFC exceeded the total for the whole […] December 8, 2022
