Tech Gulf reaches for vertical farming to bolster food security A joint venture has been set up to develop a network of indoor vertical farms across Saudi Arabia as GCC governments seek to reduce their reliance on imported food. Mowreq Specialised Agriculture Co and biotech firm YesHealth Group have founded Vertical Farms Company, which will begin by building the kingdom’s largest indoor vertical farm in Riyadh. The […] December 7, 2022
Xi Jinping visits Saudi as GCC looks east on trade When President Xi Jinping of China arrives in Saudi Arabia on Wednesday, it is likely to add further momentum to a flourishing relationship with the GCC that surpassed trade with the US and Europe combined last year. Three summits are planned during the three-day visit with over 20 agreements worth more than $29.3 billion expected […] December 7, 2022
Aviation Flight searches to Qatar soar from South Korea and Australia Searches for travel to Qatar from nations competing in the World Cup surged in November as fans raced to reserve last-minute flights and accommodation in the tournament’s host country. Enquiries for Qatar on travel aggregator website Wego from internet users in South Korea were up 168 percent in November versus the same period of 2021, […] December 7, 2022
Energy Adnoc chasing global growth with latest venture Abu Dhabi National Oil Company (Adnoc) is creating a dedicated unit for low carbon solutions and international business. It is an attempt to monetise the decarbonisation strategy mandated to it by its board and the wider UAE government. But the company must ensure that any future overseas work does not cannibalise that of the Abu […] December 7, 2022
Saudi Arabia Vision 2030 ‘Entertainment is the new retail’ for Riyadh malls More than half the new retail space being developed in Riyadh is dedicated to entertainment venues, research has found, as Saudi Arabia seeks to attract younger people to malls. At the Mall of Saudi, being developed by Majid Al Futtaim in north Riyadh, large areas will be allocated to dining, leisure and entertainment – and […] December 7, 2022
Banking and Finance Iraq: a hidden gem for bargain-hungry tech investors Flush with oil and boasting one of the Middle East’s largest and youngest populations, war-blighted Iraq could yet be the region’s next big investment destination. Many of the apparent disadvantages of Iraq, such as being a cash-based society and low startup valuations, present opportunities for the right investors looking to use their cash for maximum […] December 6, 2022
Construction Saudi giga-projects: ‘enough work for every sector of the industry’ While much of the global economy is reeling from a sharp slowdown in growth, Saudi Arabia recorded a GDP growth rate of 8.6 percent in the third quarter this year, with its economy being propelled forward by ambitious projects in its tourism sector. The Red Sea Global (RSG) giga-project, which comprises the kingdom’s flagship tourism […] December 6, 2022
World Cup 2022 World Cup has instant impact on Qatari retail and tourism The World Cup has had an immediate impact on private sector activity in Qatar, according to new figures. The Fifa tournament began on November 20 and the latest Purchasing Managers’ Index report, from Qatar Financial Centre, says the country’s wholesale, retail and service providers reported a rapid expansion in the second half of the month. […] December 5, 2022
Banking and Finance Abu Dhabi VC eyes booming Indian economy Abu Dhabi-based Indian venture capital (VC) firm AUM Ventures has launched a $30 million fund to offer international investors access to tech, tech-enabled and consumer startups in India. The early and pre-growth stage VC firm, which has offices in Abu Dhabi, Bangalore and Mumbai, is licensed and regulated by Abu Dhabi Global Market (ADGM). The […] December 5, 2022
Business of Sport How Qatar is handling the world’s football fans More than one million people are expected to visit Qatar during the World Cup and the authorities are hoping that is the start of a new tourism boom. The opportunity for a country to present itself to a global audience of billions does not come around often. As host of the tournament, Qatar certainly finds […] December 4, 2022
Retail Global luxury fashion brands look to the Gulf for growth in 2023 The Middle East and North America are expected to have the highest growth potential for the fashion industry in 2023, as executives deprioritise countries like China in the short term. The war in Ukraine, rising inflation and supply chain pressures are the biggest threats to the fashion industry in the run-up to a challenging year […] December 2, 2022
Africa’s gas dilemma as Europe offers ‘get rich quick’ opportunity Africa is facing a dilemma: provide gas for Europe now with short-term economic gain or focus funding on the development of renewable energy sources, with long-term energy security, economic growth and stability. Driven by the opportunity to take advantage of soaring prices, gas-exporting African countries are adjusting their energy development plans to meet demand, particularly […] December 2, 2022
Development UAE developer picks Albania for ‘Monaco of the Adriatic’ project An Abu Dhabi-based developer is playing a major role in the transformation of Albania from one of the poorest countries in Europe to a modern open market economy by creating a $2.5 billion marina. Thirty-two years after mass demonstrations by students led to the fall of communism in Albania, Eagle Hills Properties has announced the […] December 2, 2022
Banking and Finance Dubai’s wealth fund hunts for opportunities after H1 profit The Investment Corporation of Dubai (ICD) said it would remain “cautious and selective” when making new investments, having reported a tenfold annual increase in net profit to $4 billion for the first six months of 2022. Described by ICD as “exceptional”, the results mark a return to pre-pandemic-level earnings by the Dubai sovereign wealth fund, […] December 2, 2022
Banking and Finance Heavy industries replace tech in Middle East funding rounds More traditional industries such as manufacturing and oil and gas services have replaced technology as the driving force behind capital flows between Europe and the Middle East, according to new research The switch comes as technology giants including Alphabet, Microsoft, Meta and Amazon reported disappointing third-quarter results and the tech-heavy Nasdaq stock market has lost […] December 1, 2022
World Cup 2022 Saudi and Mexico get back to business after World Cup exit The deepening relationship between Saudi Arabia and Mexico may have been tested for 90 minutes on Wednesday as the central American team prevailed 2-0 in their World Cup match in Qatar. Both teams went out of the tournament due to results elsewhere in their group, but, more importantly, the two countries are enjoying a bounce […] December 1, 2022
Tourism Global hotel brands rush to be part of Saudi tourism push International hotel brands are flooding into Saudi Arabia as the transformation of Diriyah, the birthplace of Saudi Arabia, gathers pace. Diriyah Gate Development Authority (DGDA), responsible for the Diriyah project, has announced the addition of 16 new global hotel brands to its hospitality portfolio. This brings the total of hotel management agreements to 32, with […] November 30, 2022
Real Estate Bahrain real estate trends: From drive-thrus to cheaper hotels Economic recovery, an increase in tourism and a reputation as one of the safest places in the GCC for international trade has put Bahrain on the investment map. And property is one hot sector. The total number of real estate transactions in Bahrain in the third quarter of this year was 5,482, according to an […] November 30, 2022
Real Estate Young Saudi workers demand more affordable, smaller flats The total value of homes sold in Saudi Arabia rose 6 percent in the first three quarters of this year, with prices in some of the most affluent areas of the capital Riyadh rising by up to 40 percent year-on-year. Despite this, industry research showed the total number of Saudi real estate sales during the […] November 29, 2022
Real Estate UAE offices filling up as research says more prime space needed The return of employees to the workplace and rising business confidence are driving up demand for top-quality office space across Dubai and Abu Dhabi, according to new research. “Businesses feel good about life right now and demand for office space is rising across the board,” said Faisal Durrani, partner and head of Middle East research […] November 28, 2022
Manufacturing Abu Dhabi’s industrial strategy helps to lift GDP When US aerospace firm Triumph agreed to set up the Middle East’s first engine accessory repair and overhaul centre by 2024, it became the latest in a growing list of international companies attracted to Abu Dhabi. Supplement manufacturer Thorne, petrochemical services provider Elliot Group and biopharma firm OnePointOne are waiting in the wings as Abu […] November 28, 2022
Energy UK energy windfall tax ‘could scare off Gulf investors’ London’s plan to introduce a windfall tax on the profits of energy producers has prompted widespread disdain from the industry. Experts have warned that the tax could harm the country’s long-term economic growth and deter international investors, including those from the Gulf, from pursuing new deals. On November 17, chancellor Jeremy Hunt announced he would […] November 28, 2022
