Cop28 ‘Loss and damage’ to take centre stage at Cop27 The United Nation’s Cop27 summit has opened in Egypt with secretary-general Antonio Guterres stating that climate change is happening with “catastrophic speed” and the planet is sending a “distress signal”. More than 120 world leaders are due to arrive at the Cop27 summit being staged in the Red Sea resort of Sharm el-Sheikh. This will […] November 7, 2022
Business of Sport Fifa ‘referee tech’ to transform the beautiful game at Qatar 2022 The 2022 Fifa World Cup in Qatar is set to kick off with some new technology that will prevent a replay of some of football’s most controversial moments and generate even more potential revenue streams for the game. The single biggest tournament for the single biggest sport will begin in Doha on November 20, with […] November 6, 2022
Sustainability 30 of the most sustainable companies in the Middle East With Cop27 beginning today in Egypt, we focus on 30 businesses tackling the social and environmental challenges that threaten the region Middle Eastern companies large and small are going green as they realise the environmental and commercial potential of being socially conscious. Governments are also focusing on sustainability, placing green projects at the heart of […] November 6, 2022
Health Region urged to support vaping to deter smoking black market High taxes and outright bans imposed in some Middle East countries on e-cigarettes and vaping products have been blamed for pushing smokers to the black market and slowing the transition away from nicotine products in the region. Black market numbers in Saudi Arabia, Jordan and the UAE are “alarming” and can only be resolved by […] November 4, 2022
Energy Middle East under pressure to fill oil gap left by Russia The Gulf states are in prime position to plug the global energy gap caused by the Ukraine war, but other countries must also step up, experts said this week at Adipec, the region’s top energy event. In recent months, the UAE and Qatar have been in talks with Europe to sell gas to those who […] November 4, 2022
Economy Gulf rate hike: Good for gold and bonds, bad for credit Gulf companies have been able to absorb rising interest rates but as regional central banks follow the US Federal Reserve’s latest hike, borrowing appetite is likely to be subdued. It may, however, be good for gold, bank deposits and fixed income. Four of the Gulf states announced on Wednesday that they would increase their key […] November 3, 2022
Manufacturing Saudi non-oil export orders rise at fastest pace for a year New export orders for Saudi Arabia’s non-oil sector in October increased at their fastest rate for nearly a year, the Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI) survey revealed on Wednesday. This demand helped the PMI, which gauges business confidence, to climb 0.6 percentage points to 57.2 in October. A reading above 50.0 shows […] November 2, 2022
World Cup 2022 Bahrain set for surge in visitors from Europe’s World Cup giants Europeans are flocking to Bahrain this autumn, with flight bookings from Germany, France and the UK up significantly on pre-pandemic levels in what could be a World Cup windfall for the island’s tourism industry. As nearby Qatar prepares to host the tournament, which starts on November 20, an influx of tourists from defending champions France, […] November 2, 2022
Tech Rise of the supercomputers: Gulf invests its oil profits in big tech Abu Dhabi Investment Authority, the world’s third-largest sovereign wealth fund, has revealed plans to launch ADIA Lab, a centre dedicated to cutting-edge research in data science, artificial intelligence, machine learning and quantum computing. From its base in the UAE capital, ADIA Lab will start work on December 2, supporting projects on climate change and energy […] November 1, 2022
Energy Adnoc chief warns 5m barrels a day at risk if oil investment halts The head of the state-owned Abu Dhabi National Oil Company (Adnoc) has warned that the world will lose five million barrels per day of oil each year from next year if investments in the sector grinds to a halt. “Now is not the time to point out that long-term underinvestment in oil and gas has […] October 31, 2022
Tech Cairo is the tech hub of Africa – and it’s just getting started Almost 20 percent of African tech startups are based in Egypt, and the vast majority in its sprawling capital of 10 million inhabitants. Egypt is Africa’s tech hub and Cairo is its heart. According to Access Partnership, a public policy consultancy focused on technology, more than a third of Egypt’s startups have benefited from national […] October 28, 2022
Energy Energy crisis inflates Gulf demand and strains Europe The Opec+ oil production cuts announced in early October look set to ensure high energy prices continue for some time – a boon for Gulf producers but a headache for energy importers elsewhere. The situation is particularly acute in Europe, where countries have been scrambling to find alternatives to Russian gas. The first instinct of […] October 28, 2022
Energy Ukraine war brings oil and gas underinvestment into sharp focus Oil and gas companies have slashed capital expenditure since a 2014 price crash and underinvestment will likely persist, despite the sector’s record profits this year, industry experts have warned. Saudi Aramco’s second-quarter net income of $48.4 billion was its largest since going public in 2019. ExxonMobil and Chevron and many other international oil companies also […] October 28, 2022
Energy Aramco, Adnoc and the long road to decarbonisation As some of the world’s biggest carbon emitters, the Gulf’s national oil companies have come under considerable scrutiny in recent years. Several are now ramping up their decarbonisation efforts in response to the deepening climate crisis and tougher targets for environmental, social, and corporate governance. In October last year Saudi Aramco, the world’s largest oil-exporting […] October 28, 2022
Energy Top Oman drilling firm Abraj plans regional expansion Omani oil and gas service company Abraj has set its sights firmly on exporting to the Gulf and the wider region. That’s according to Salah Al Harthy, business development director, Abraj Energy Services, Oman’s leading drilling firm and a subsidiary of state-owned OQ (formerly known as Oman Oil Company). “Abraj has significant expansion opportunities in […] October 28, 2022
Abu Dhabi sovereign wealth fund to deploy more into private credit Abu Dhabi Investment Authority (ADIA) is upping its exposure to private credit to boost its returns, the world’s fifth largest sovereign wealth fund revealed in its 2021 annual review published on Thursday. Private credit has flourished since the 2008 global financial crisis as banks became more risk averse in their lending and interest rates plunged, […] October 27, 2022
Employment UAE warns against hiring ‘ghost’ Emiratis to meet quota targets UAE authorities have warned private sector organisations against hiring ‘ghost’ Emirati employees in the race to meet their Emiratisation targets. The Ministry of Human Resources and Emiratisation last week called on companies with more than 50 employees to expedite a target to fill 10 percent of their positions with Emiratis before the end of 2022. […] October 27, 2022
Economy 70 multinationals secure Riyadh licence after Saudi HQ ruling A total of 70 international companies have so far been issued licences to relocate their regional headquarters to the Saudi capital Riyadh as part of a major push to attract more overseas investment. The updated figure, revealed in a new report by Saudi Arabia’s Ministry of Investment (Misa), represents a significant increase compared to a […] October 27, 2022
PureGym eyes up to 130 branches as part of Mena expansion UK-based fitness brand PureGym has revealed plans to open branches in the Middle East and North Africa (Mena), beginning in the UAE but with Egypt, Kuwait and Oman also on the radar. The company has signed an agreement with its franchise partner, Ektimal, to open at least 130 gyms across the region over the next […] October 26, 2022
Mena markets buck global IPO downturn The Middle East and North Africa (Mena’s) IPO market continued to “forge its own path” during the first nine months of 2022, showing significant growth while the global landscape remained subdued. According to the latest EY Mena IPO Eye report, the Mena region witnessed a 288 percent year-on-year increase in the number of companies listing […] October 26, 2022
Sustainability Revealed: Gulf climate targets – and the progress so far The economies of the Middle East differ greatly in size and diversity – partly because of the distribution of oil and gas resources. Their impact on the climate varies accordingly. Governments’ willingness and ability to tackle climate change also differs. Many oil-rich Gulf states are engaged in high-profile renewable energy projects, for example, yet their […] October 26, 2022
GCC and South Korea kick off fresh round of trade talks The sixth round of trade talks between the GCC and South Korea has started in Seoul. The negotiations began on Monday and are scheduled to run until Friday. The two sides resumed talks on a free trade agreement earlier this year, following a 13-year hiatus. The agenda for the sixth round includes goods and services, […] October 25, 2022
