Banking and Finance Arab banks shun Russian Mir payments system after pressure Along with losing ground on the battlefield in recent weeks, Moscow’s foothold in the Arab world’s financial system has also hit setbacks. Turkey’s finance minister Nureddin Nebati last Thursday announced that three state banks – Vakifbank, Ziraat Bank and Halkbank – had suspended the use of the Russian Mir payment system which is the country’s […] October 3, 2022
Energy Answer to UK’s energy needs is blowing in the Moroccan wind The UK is working with Morocco on an £18 billion ($20bn) plan to build vast solar panel and wind farms in the desert that could power more than seven million British homes by 2030. It will also deliver electricity at about half the rate of that produced by nuclear power plants. With the world in […] October 3, 2022
UAE and Germany grow ever closer with shared net zero goals The first four Mercedes Benz cars arrived in Abu Dhabi in 1965, imported by the Al Fahims, who founded Emirates Motor Company three years earlier. Last year, the UAE imported German automobiles worth nearly $1.2 billion. Also in the mid Sixties, the German company Siebert discovered enough water close to Al Ain to enable the […] September 30, 2022
Real Estate Saudi developer to sell utility NFTs on its $1.6bn Oman project Saudi Arabia’s largest listed real estate developer plans to drop a limited number of utility non-fungible tokens (NFTs) for its $1.6 billion project in Oman next month. Unlike the art and collectibles digital asset, utility non-fungible tokens (NFTs) are built to give their holders certain perks, such as exclusive access to events and items or […] September 29, 2022
Energy Algeria’s gas in demand as Europe looks beyond Russia Recent legal changes to woo international oil companies and new projects by state-owned Sonatrach should help Algeria maintain record natural gas production and raise exports to the European Union, industry experts predict. EU countries have scrambled to find alternative gas suppliers following Russia’s invasion of Ukraine in February. In 2020 Russia provided 43 percent of […] September 29, 2022
Aviation Gulf carriers set to benefit from ‘reordering’ of aviation industry Gulf carriers are likely to strike up new partnerships with foreign airlines as the war in Ukraine and the lingering impact of the coronavirus pandemic threatens to reorder the global aviation scene. The reshaping of the airline industry as a result of pandemic-induced change is opening up new, and more competitive avenues for global airlines […] September 28, 2022
Venture builder launches new $200m fund in Abu Dhabi Further, a new venture building and investment firm in Abu Dhabi, has launched a $200 million fund dedicated to co-creating ventures focused on digital assets, fintech and supply chain. Backed by ADQ, an Abu Dhabi-based investment and holding company, Further seeks to partner with entrepreneurs as an institutional co-founder to launch and grow new ventures. […] September 27, 2022
Economy Oman set to be the first Gulf state to introduce income tax Oman’s government is on track to implement income tax to high-wage earners by 2024, after having first announced the plans back in 2020. “There is no delay in the target set for 2024 implementation,” Dr Said Al Saqri, Oman’s Minister of Economy, said during the MSX Investors Roadshow conference held earlier this month. The Gulf […] September 27, 2022
India reaps early benefits from its trade deal with UAE India’s non-oil exports to the UAE have recorded double-digit growth since the two nations signed a trade deal earlier this year. New Delhi’s Ministry of Commerce reported that exports to the UAE, excluding petroleum products, grew to $5.92 billion in June-August, from $5.17 billion during June-August 2021 – an increase of 14 percent. India’s global […] September 27, 2022
Banking and Finance Islamic finance set to embrace metaverse and cryptos The Islamic finance industry is ripe for growth in the fields of crypto, digital assets and open banking, according to new research published by IslamicMarkets.com. A study published this week by the platform found that nearly two-thirds (63 percent) of Islamic finance professionals predict the sector’s level of adoption of crypto and digital assets will […] September 27, 2022
Economy UAE staff told to wait until next year for salary increases The majority of UAE companies are resisting giving staff a boost in their salaries to help compensate for the rising cost of living, with most putting any increases off until next year. Reuters reported in August that Emirates NBD, Dubai’s largest bank, had given its staff a pay rise of up to eight percent to […] September 26, 2022
Banking and Finance UK tipped to see record levels of Middle East capital in 2022 Outbound investment from the Middle East to the UK is forecast to rise sharply this year, particularly for deals up to $250 million. Corporate finance specialist Lumina Capital Advisers said the strong dollar, weak sterling and the UK’s uncertain economic outlook made it a “highly attractive destination” for Middle East capital. Sterling tumbled to a […] September 26, 2022
Biden Middle East UAE reforms seen as magnet for further US investment A series of new economic and social reforms, known as the Projects of the 50, will make the UAE an even more attractive environment for American businesses. According to Danny E Sebright, president of the US-UAE Business Council, the UAE is already widely recognised by American businesses for these strengths. “Another important strength of the […] September 26, 2022
Tourism From Bulgari to Versace: Dubai’s rich splash out on branded homes The UAE is expected to attract the largest net inflow of high net worth individuals globally in 2022 – and with that comes a growing demand for luxury housing. Catering to this income bracket, the branded residences sector has grown by 230 percent across the world over the past decade. Savills, the real estate services […] September 25, 2022
Economy Will latest interest hike dampen GCC’s non-oil sector recovery? GCC central banks raised their interest rates on Wednesday, in lockstep with the US Federal Reserve, raising concerns as to whether this will disincentivise borrowing in the region’s non-oil sector and result in a slowdown in the post-pandemic recovery. However, consensus among the analysts AGBI spoke to was that the impact of the current levels […] September 23, 2022
Lifestyle Arab youth’s negative stance on Israel challenges trade growth Israel is still seen as an enemy by the majority of young Arabs, despite the thaw in relations after the signing of the Abraham Accords in 2020. The sentiment could impact future business growth projections, experts have said. Eighty-eight percent of Arab youth described Israel as an enemy or somewhat of an enemy, according to […] September 22, 2022
Employment Young Arabs want action on wasta, lack of jobs and rising costs Nearly two thirds of young adults in the Levant are struggling financially and a sizeable minority have fallen into debt, according to this year’s Arab Youth Survey. The report also highlights spiralling living costs and scarce job opportunities for much of the Middle East and North Africa’s Generation Z. The 14th Arab Youth Survey interviewed […] September 21, 2022
Real Estate ‘Jury’s still out’ on hybrid working, says top fund manager “The jury’s still out” on the post-pandemic model of working partly in the office and partly at home, according to a leading UAE real estate investment trust (REIT) manager. Thierry Leleu, CEO of Equitativa, told AGBI that the “office sector is a sector that we are confident in here in the UAE.” Equitativa is manager […] September 21, 2022
Economy Abu Dhabi sets up KEZAD Group to bolster its industrial ambitions AD Ports Group has set up a new business, KEZAD Group, to expand its economic cities and free zones offering. KEZAD, which stands for Khalifa Economic Zones Abu Dhabi, merges the operations of Khalifa Industrial Zone Abu Dhabi (KIZAD) and Specialised Economic Zones (ZonesCorp). It operates 12 economic zones with a total area of 550 […] September 20, 2022
Economy Saudi capital spending surges 38% on back of higher oil prices Capital expenditure surged in Saudi Arabia in the first half of 2022, part of a wider spending spree on the back of higher oil prices. S&P Global Ratings said capital expenditure (capex) rose by 38 percent to SR51 billion ($13.6 billion) despite this year’s initial budget statement forecasting it would fall. Revenue was up 43 […] September 20, 2022
Injection of interest in beauty industry as men turn to ‘Brotox’ Botox injections are becoming increasingly commonplace among men in the business world, but could they really prove the difference in securing that big, career-defining deal? It may sound far fetched but businessmen in the Middle East are turning to botulinum toxin type A, as the pressure to look good in the “Zoom Boom” era continues […] September 18, 2022
Banking and Finance Sukuk issuances slow as belt tightens around the world Global sukuk issuance is projected to moderate, settling at $185 billion in 2022, amid a worldwide tightening cycle and a surge in oil prices. However, sukuk issuance is still projected to grow at an estimated compound annual growth rate (CAGR) of 6.8 percent over the next five years, reaching $257 billion in 2027, according to […] September 16, 2022
