Economy Sharjah has world’s second-largest growth of millionaires Sharjah recorded the second-largest increase in millionaires in the first half of this year, as the Gulf claimed five of the top ten hotspots. The total number of millionaires residing in the emirate is now 3,700, up 20 percent from December. Riyadh, the Saudi Arabian capital, tops the list with 17,200, also up 20 percent. […] September 14, 2022
Business of Sport Dubai plays vital World Cup role with GDP goal in its sights Germany and Japan are setting up training camps in Dubai ahead of the FIFA World Cup in Qatar. The football associations’ plans demonstrate that the emirate has adopted the same model for sports as has proven so effective in tourism and real estate. The World Cup squads are following in the footsteps of several English […] September 13, 2022
Lifestyle Charles III will build on his mother’s close ties to the Gulf While the great republics of the United States and France, and the governments of China and Russia, grapple for influence in the Arabian peninsula, Britain’s constitutional monarchy has often provided an edge in fostering relations with the Gulf states. Much of the Arab world reacted with deep sadness to the death of Queen Elizabeth II. […] September 12, 2022
Manufacturing Factory investments triple in Abu Dhabi Investment in Abu Dhabi’s active industrial sector has tripled over the past year as the emirate seeks to become a regional manufacturing hub. Latest figures released by Industrial Development Bureau (IBD), part of the Abu Dhabi Department of Economic Development (ADDED), showed that the total value of factories that switched to the in-production stage rose […] September 12, 2022
People & Lifestyle Queen’s love of horses forged bond with Sheikh Mohammed As the world mourns the passing of Queen Elizabeth II, she bequeaths a monumental global legacy as a head of state. But beyond the pomp, ceremony and duty, she also leaves an indelible mark – just as close to her heart – on the equestrian world. Fittingly, when the Queen turned 96 in April, she […] September 10, 2022
New UK foreign secretary Cleverly to bolster Gulf ties New UK foreign secretary James Cleverly’s experience and knowledge of the Gulf region should help pave the way for a stronger start to relations between economies, according to industry professionals. Cleverly was given his new role by Britain’s new prime minister Liz Truss, who appointed many of her closest allies to key roles in her […] September 9, 2022
Energy Gas-rich Algeria struggles to assuage Europe’s energy crisis The Algerian energy sector looked well placed to capitalise on the war in Ukraine and the European energy crisis that it unleashed — but it has failed to live up to that expectation. In fact, rather than increasing gas exports to fill the gaping hole left by Russian energy, Algerian exports have plunged in 2022. […] September 8, 2022
Energy ADNOC sends first German cargo as it tests hydrogen ambitions Abu Dhabi National Oil Company (ADNOC) has announced that its first shipment of low-carbon ammonia has left the UAE bound for Hamburg, Germany, as the company aims to overcome one of the biggest obstacles to its hydrogen industry ambitions. The demonstration cargo will be delivered to Aurubis, a global provider of non-ferrous metals and one […] September 7, 2022
Economy UAE businesses fear recession, despite positive economic data The United Arab Emirates’ non-oil private sector saw business activity reach a 38-month high in August. S&P Global’s monthly UAE Purchasing Managers’ Index (PMI) identified strengthening demand, a drop in costs, which was mainly due to the decline in fuel prices, a sharp uplift in new orders, rising job creation and even faster repayments for […] September 6, 2022
Construction ‘The biggest construction site the world has ever seen’ Saudi Arabia was described on Tuesday as the biggest construction site the world has ever seen as projects valued at over $1.1 trillion are underway in the kingdom. That’s the total value of real estate and infrastructure projects since the launch of Saudi Arabia’s National Transformation Plan in 2016, according to global real estate consultancy […] September 6, 2022
Truss appointment as UK PM is good news for Gulf, say experts Liz Truss is to be the UK’s next prime minister, after beating former chancellor Rishi Sunak in the contest to lead the Conservative Party. Truss secured 81,326 votes to Sunak’s 60,399 in a ballot of party members. She will take office on Tuesday after a meeting with the Queen. The new prime minister’s in-tray is […] September 5, 2022
Economy Chink of light shines on Lebanon’s economic gloom For nearly three years Lebanon’s economic meltdown has sunk the currency by more than 90 percent, spread poverty, paralysed the financial system and frozen depositors out of their savings. But new research released today suggests tentative signs of an improvement in private sector operating conditions. The August Blom Lebanon purchasing managers’ index (PMI) posted fractionally […] September 5, 2022
Manufacturing Ashok Leyland bus deal drives manufacturing push Ashok Leyland, the flagship brand of the India-based Hinduja Group, has bagged orders for 1,400 school buses to be built at its Ras Al Khaimah (RAK) factory for use across the UAE. The deal, the company’s largest in the UAE, will be supplied from Ashok Leyland’s $50 million manufacturing facility in RAK, which is the […] September 5, 2022
Something old, something new: The Quran goes NFT In a novel merging of yesterday and tomorrow, one million people have been invited to purchase a non-fungible token (NFT) version of a rare copy of the Quran. MetaDee, a London-based digital NFT marketplace offering artworks and rare collectibles from around the world, has tokenised an exclusive handwritten Holy Quran manuscript by the personal scribe […] September 4, 2022
UAE experts warn investors about ‘under-regulated fintech’ Financial technology (fintech) startups have been big business for investors and consumers in the UAE, but experts have raised concerns about whether they are under-regulated. Fintech startup funding saw steep growth in the UAE in the first half of this year, accounting for a third of all deals, well above the Middle East and North […] September 2, 2022
Class act: UAE is a magnet for private school investment The post-pandemic rise in migration to the UAE is fuelling demand for private schools, making the Emirates a “magnet” for investors and school operators, industry experts have said. The UAE’s population grew by one percent in 2021, according to the World Bank. The country’s population currently stands at 9.89 million people and is projected to […] September 2, 2022
Development Accountability ‘crucial’ for success of Saudi Vision 2030 Saudi Arabia is entering a “crucial” part of its ambitious Vision 2030 programme as the kingdom begins to deliver on its promises, described by a leading expert as the “moment of accountability”. Pedro Ribeiro, the recently appointed general manager for commercial real estate services and investment firm CBRE in Saudi Arabia, told AGBI that the […] September 1, 2022
Employment Saudi tops global expat salaries list while UAE slips Saudi Arabia continues to offer the highest expatriate salaries in the world, while wages in the UAE have fallen in real terms, recruitment experts have said. Expat salaries in Saudi Arabia rose by 11 percent year on year in 2021 to an average of $188,000 for middle management roles, according to the latest MyExpatriate Market […] August 31, 2022
Banking & Finance Gulf banks take $950m hit on Turkish economic woes The exposure of GCC banks to Turkey through their subsidiaries is increasingly credit-negative due to deteriorating operating conditions in the country, according to analysts. But Gulf-based banks are unlikely to exit Turkey despite the challenging conditions, mainly because of the lack of potential buyers, said Fitch Ratings in a new research note released on Tuesday. […] August 30, 2022
Retail Back-to-school is big business after home learning era The 2022 back-to-school season is forecast to be the best in history – and it’s typically the second biggest spending event for parents globally, behind holiday expenditures. Parents are forecast to spend a record amount this year, in a bid to treat their children, after two years of coronavirus pandemic uncertainty brought normal school life […] August 30, 2022
Retail Mall expansion fills ‘lifestyle’ gap in Bahrain retail market A massive new expansion of one of Bahrain’s biggest malls is a sign of renewed confidence in the Gulf kingdom’s retail sector as it looks to attract more Saudi shoppers from across the border, according to experts. The Avenues Company, a wholly owned subsidiary of Al-Sorouh Management Company, has announced the appointment of Nass Group […] August 26, 2022
Economy Britain looks to the Gulf as recession looms At the height of a long hot summer of discontent, the decision by PIF, Saudi Arabia’s sovereign wealth fund, to take a stake in Aston Martin came as welcome relief to British industry. As inflation soars and recession looms in the UK, it is hoped the £78 million pledge not only signals a turnaround for […] August 26, 2022
