Retail Lucid opens first Saudi showroom as regional EV rivalry hots up Lucid Group announced the opening of its first showroom in the Middle East, located in Riyadh, Saudi Arabia, as it looks to get ahead of rivals in the regional push for electric vehicles. The Lucid Studio in the heart of the Saudi capital’s Al Nakheel district will offer a “digitally oriented premium experience”, the company […] October 24, 2022
Food & Drink PIF sets up company to make Saudi a global hub for halal Saudi Arabia’s Public Investment Fund is launching a new business, the Halal Products Development Company (HPDC), to support the production of halal goods in the kingdom. The PIF company, unveiled today, aims to make Saudi Arabia a major exporter of halal products including food, cosmetics and pharmaceuticals. It also plans to drive innovation and efficiency […] October 24, 2022
Sustainability Egypt’s Cop27 will see developing nations call for ‘climate justice’ Drought and famine haunt the Middle East. The Dead Sea has fallen to its lowest level in centuries. Starved of food and fresh water, desperate migrants criss-cross the Mediterranean, fomenting social unrest and violence. Within a few decades, a healthy global trade network has collapsed. Every major settlement has been abandoned or razed to the […] October 21, 2022
Real Estate Dubai tenants jump on property ladder as rents soar Dubai has seen an increase in end-user homeowners as its property market matures and begins to move away from the speculators and flippers of the boom days before 2008. Surging rental rates and expats opting to live in the UAE longer have also made the jump from tenant to homeowner increasingly more attractive, industry experts […] October 21, 2022
Economy $35bn ‘locked’ in balance sheets of Middle East listed companies Listed businesses in the Middle East have experienced a rebound with revenues rising above pre-pandemic levels, but billions of dollars remain trapped on balance sheets due to working capital inefficiencies. The annual working capital study by PwC Middle East says the recovery has been driven by a strong response by the region’s governments to the […] October 20, 2022
UAE investors keen to fund $226m net zero village in UK UAE investors are in talks to help finance a 21st-century net zero development inspired by a Victorian English village. A planning application has been submitted for the Heath Park project in Runcorn, northwest England, which aims to test future living trends in areas such as employment, housing, leisure, community, transport and energy consumption. Heath Park […] October 19, 2022
Food & Drink Bean there, done that: Saudi takes coffee to US and Europe Saudi Arabia is targeting some of the world’s biggest cities as part of its campaign to promote the kingdom’s burgeoning coffee sector. The Ministry of Culture said it concluded a campaign this week to introduce Saudi coffee to New York, London, Rome and Paris as the country’s Year of Saudi Coffee 2022 initiative gathers pace. […] October 18, 2022
MENA startup valuations take a hit as funding tightens Funding for startups in the Middle East and North Africa (MENA) has continued to decline this year, in line with global trends, but industry experts remain optimistic that the end of the year will see a resurgence. The tightening of cash has also meant investors are looking for increasingly bigger stakes, resulting in startup valuations […] October 18, 2022
Manufacturing Abu Dhabi eyes aviation services giant to boost its manufacturing ADQ, an Abu Dhabi-based investment and holding company, announced plans on Monday to create a global aviation champion as part of the emirate’s push to grow its manufacturing sector. The company has submitted an offer to Abu Dhabi Aviation (ADA) to combine its 100 percent share of Etihad Engineering and Advanced Military Maintenance, Repair and […] October 17, 2022
Tourism Pyramid selling: Egypt wants to get tourism back on its feet The Grand Egyptian Museum, a $1 billion mega-project close to the Giza pyramids, will open to the public next month. The opening, which coincides with the COP27 climate change conference in the resort town of Sharm el-Sheikh, is an opportunity to focus attention on a tourism industry that has been blighted by terrorism, conflict and […] October 17, 2022
Economy Egypt aims to double private sector to tackle economic woes Weakened by the consequences of the war in Ukraine, Egypt has been forced to negotiate a new loan from the International Monetary Fund and wants to double the private sector’s share in its economy. By 2025 Egypt’s government wants the country’s private sector’s investment contribution to more than double to 65 percent from the current […] October 17, 2022
Manufacturing Egypt’s industrial sector ‘building on strong foundations’ Egypt defied global trends – and the expectations of many – to grow throughout the coronavirus crisis. With its sizeable population, rising middle class and tech-savvy population, the country “showed resilience in the face of the pandemic” and is forecast to record GDP growth of 5.9 percent in 2022, according to the International Monetary Fund. […] October 17, 2022
Development The Golden Triangle: treasures of the Eastern Desert In Ancient Egypt, real wealth was measured in grain. Temple granaries were the reserve banks of their day, with gold and silver seen as lesser commodities. “In my brother’s country, gold is as plentiful as dirt,” marvelled one foreign king in a begging letter to Pharaoh Amenhotep III. Even so, mining was a serious business. […] October 17, 2022
Energy Saudi’s 2030 clean electricity target behind schedule Saudi Arabia will fall far short of its goal to generate half its electricity from renewables by 2030, industry analysts warn. The kingdom has made bold environmental promises, pledging to become net zero in terms of carbon emissions by 2060, while in March 2021 crown prince and de facto ruler Mohammed bin Salman reiterated the […] October 14, 2022
Energy How the UAE and UK can reap multi-billion hydrogen rewards The UK and UAE could create up to 100,000 new jobs each in the hydrogen sector by maximising opportunities for collaboration, which may also include a joint investment vehicle. A report by the World Green Economy Organisation (WGEO) and UAE-based sustainability consultancy Zest Associates concludes the two countries can become “influential players in this emerging […] October 14, 2022
Energy Emerging ‘consequences’ of the US-Gulf fallout over OPEC’s cuts OPEC+’s announcement last week of a two million barrel per day (bpd) production cut from November has rocked already fragile US-Gulf relations. Joe Biden pledged that “there will be consequences” for Saudi Arabia in the same week that the UAE president flew to Moscow to meet Vladimir Putin. In response to Biden’s threat of retaliation, […] October 13, 2022
Real Estate Dubai property values ‘fairly priced’ despite 30 months of rises Property prices in Dubai are still fair despite more than two years of increases seen during its “Covid comeback”, according to new research. The UBS Global Real Estate Bubble Index 2022 said that despite a “buoyant year”, the market in Dubai is not overpriced. “Dubai’s housing market has been a rollercoaster ride over the past […] October 12, 2022
Banking and Finance UAE government’s IPO juggernaut raises $13.3bn and counting A flurry of government-backed initial public offerings (IPOs) on the Dubai and Abu Dhabi stock markets has helped rejuvenate UAE bourses, as local and international investors seek exposure to the country’s buoyant economy. While Europe and the US fret over soaring inflation and likely recession, and most emerging market currencies wilt versus the dollar, Gulf […] October 12, 2022
Aviation Flight bookings soar as Gulf benefits from Qatar 2022 fever Flight bookings to Qatar from the UAE and 31 countries competing in the FIFA World Cup are currently 10 times the volume of pre-pandemic levels, according to new data. The latest analysis by UK-based ForwardKeys shows that the UAE will perform most strongly during the Qatar 2022 World Cup period in November and December, where […] October 11, 2022
Oil to outer space: the changing face of UAE-Japan trade When the Emirates lunar mission is launched next month, the trade relationship between the UAE and Japan will be taken to a whole new level – approximately 384,400km higher. The Rashid rover will be transported to the moon on a lunar lander made by Japanese company ispace. The exact date has yet to be confirmed, […] October 11, 2022
Construction Dubai developers relaunch stalled projects as demand surges The number of new residential real estate project launches in Dubai is soaring and has exceeded pre-pandemic levels in the third quarter of 2022. Developers are relaunching previously on-hold projects to capitalise on favourable market conditions, according to real estate consultancy CORE. It said about 5,700 units were delivered in Dubai in Q3, taking the […] October 10, 2022
Energy Hopes rise in Beirut of a deal to end border dispute with Israel Lebanon appears to be nearing an agreement with Israel over their disputed maritime border, which could kick-start long-delayed oil and gas exploration. A deal between the longstanding foes could provide some rare cheer in Lebanon, which is reeling from hyperinflation, the collapse of its banking sector and currency, and soaring unemployment. More than 80 percent […] October 4, 2022
