Construction Gulf construction may face imminent sand shortage A little-known fact: the sand used in the concrete to build Dubai’s 829-metre tall Burj Khalifa was imported from Australia. While water scarcity generates much concern, sand shortages are only beginning to receive attention – especially in the desert metropolises of the Gulf. A report in April by the United Nations Environment Programme (UNEP) highlighted […] July 5, 2022
Real Estate Prime London property one third cheaper for Arab investors Wealthy buyers of prime London property have already seen prices fall since the start of this year, but Gulf buyers have been enjoying an additional dollar discount bonus thanks to their home currencies being pegged to the US currency. “The dollar has strengthened against all major currencies including the pound since January,” said Liam Bailey, […] July 1, 2022
Employment Saudi unemployment rate drops as over 1 million expats leave The unemployment rate among Saudi nationals, especially women, continues to decline, as the latest data from the Saudi General Authority for Statistics (GASTAT) also showed that over a million expats left the kingdom during the pandemic. The population at the mid-year point in 2021 was 34.1 million, a 2.6 percent year-on-year decrease. Foreign workers and […] July 1, 2022
Sustainability $50bn climate change pledge critical to UAE’s oil reduction The UAE’s big-ticket promise to pledge a further $50 billion to abate global climate change must be wisely planned to deliver a meaningful path towards a sustainable economy, according to experts. “[Such investments] are likely to generate the most efficiency if allocated to reduce the reliance of productive sectors on hydrocarbons which will further diversify […] June 28, 2022
Business of Sport The pros (and cons) of big stars backing your business As French footballer Paul Pogba becomes an angel investor and brand ambassador for Islamic fintech Wahed, we look at the benefits and pitfalls of celebrities from David Beckham to Jay-Z teaming up with brands When global Islamic fintech Wahed announced its latest list of investors, Paul Pogba, the Manchester United and French international footballer, stood […] June 25, 2022
Business of Sport Football stars who invest in startups Cristiano RonaldoIn 2012, Ronaldo invested in a startup named Mobitto, a Portuguese app, while also becoming a brand ambassador. In 2017, he purchased a minority stake in the Portuguese agency Thing Pink, responsible for the technology in the CR7 museum in Funchal, Madeira. David BeckhamFormer Manchester United and Real Madrid star Beckham reportedly invested $319,000 […] June 24, 2022
Banking & Finance UK Islamic fintech wants to take on the world UK fintech has enjoyed meteoric growth in recent years, and Islamic fintech has been a key part of that success. AGBI speaks to industry experts to get the inside track on the sector’s development UK fintech investment hit $37.3 billion in 2021, up sevenfold from $5.2 billion in 2020, according to figures published by global […] June 24, 2022
Aftershocks: Afghan economy crumbles as disaster strikes The Taliban spent two decades fighting and brokering with Western powers to secure their demands for US-backed troops to leave Afghanistan after the 2001 invasion. But after storming back to power with a rapid military campaign in August 2021, the Islamist group has turned to the same governments with an urgent appeal for aid after […] June 23, 2022
Electric vehicles cost more to insure than petrol cars in the UAE Electric vehicles (EVs) are more expensive to insure in the UAE than their traditional fuel-powered alternatives. This is due to the higher number of claims, cost of repairs and parts, and the fact that some drivers are not used to them, industry experts told AGBI. “It’s true that some insurers price electric and hybrid car […] June 23, 2022
Energy Oil sector revs up to exploit higher prices The Iraqi oil sector is surging, with revenues hitting $11.1 billion in March – the highest monthly oil export figure since 1972. In April, crude oil exports (excluding the Kurdistan region) rose by 3.9 percent to 3.38 million barrels a day. Buoyed by promising increases in output and high oil prices, Baghdad is setting optimistic […] June 23, 2022
A UK recession may spook Arab investors – or present an opening The economic outlook for the UK has grown progressively bleaker over recent months. After contracting 0.1 percent in March, Britain’s economy shrank by a further 0.3 percent in April, marking the first back-to-back declines since the onset of the global pandemic in March 2020. Last week the pound plunged to its lowest level against the dollar […] June 23, 2022
Development Political impasse overshadows oil bonanza Precious time is slipping away in Iraq. Since parliamentary elections eight months ago, a political impasse has blocked any moves to deal with the country’s bundle of crises: the lack of access to basic services, insecurity, high unemployment and rampant corruption. The Sadrist Movement, which won the most seats in the October 2021 election, proposed […] June 23, 2022
Development Power infrastructure continues to generate headaches As the peak summer months draw near and political stalemate continues to block hopes for reform in Iraq, concern is mounting that the poor performance of the country’s power sector could spark a return to mass protests. Iraq’s electricity infrastructure is in dire straits. Ravaged by war, decades of mismanagement, political chaos and corruption, power […] June 23, 2022
From chocolate to solar power, the UK-GCC trade deal is a winner A trade deal between the United Kingdom and the Gulf region has the potential to support jobs “from Dover to Doha”, while building vital green industries and supplying innovative services to the GCC. That’s according to UK Trade Secretary Anne-Marie Trevelyan, who today launched free trade negotiations with the Gulf Cooperation Council, made up of […] June 22, 2022
Banking & Finance Crypto crisis will weed out the Gulf’s weak players, say analysts The region’s cryptocurrency industry has grown rapidly – and is now being hit hard by the worldwide plunge in prices, but experts and businesses are welcoming the shake-up The value of the cryptocurrency market has slumped by more than $2 trillion since November, with bitcoin’s price dropping 70 percent and some in the sector laying […] June 22, 2022
Energy Gulf defies oil financing trends as UN calls for end to fossil fuels The Middle East is boosting investment in oil and gas, bucking the global trend even as the United Nations calls for an end to the funding of fossil fuel projects. The MENA region is forecast to invest $879 billion in energy projects from 2022 to 2026, an increase of 9 percent over the previous five […] June 20, 2022
Aviation Re-opening of long-haul routes helps reduce airline losses Middle East aviation industry losses are expected to narrow to $1.9 billion in 2022 after the region’s airlines lost $4.7 billion last year. According to the latest figures released by the International Air Transport Association (IATA), the re-opening of many long-haul routes in particular has been a “welcome boost” to airlines in the Middle East. […] June 20, 2022
Middle East growth forecast brightens despite global gloom Growth forecasts for the Middle East have been revised upwards despite the darkening global landscape. Middle East GDP growth for 2022 is now projected at 5.2 percent, an increase of 1 percentage point on the forecast three months ago, according to the Economic Insight report for the Middle East, commissioned by the Institute of Chartered […] June 20, 2022
Trade commissioner: UK and GCC have endless opportunities The Gulf states and the UK have historically enjoyed strong diplomatic and trade ties, but this decades-long alliance has intensified in the last two years. As UK businesses look to drum up new trade in the wake of Brexit and the coronavirus pandemic, the Gulf looks set to become ever closer to Britain. Pre-Brexit, around […] June 20, 2022
What the metaverse actually means for your business Should you believe the hype or is this yet another marketing buzzword? Not a day goes by without a brand or celebrity broadcasting their foray into the “metaverse”. While some naysayers may dismiss this nascent Web3 sector as unfounded hype, swathes of metaverse advocates envision trillions of dollars worth of opportunities in this new digital […] June 18, 2022
Forget the gloom, startup funding will bounce back The global slowdown in venture capital funding for startups has spread to the Middle East and North Africa (Mena), with May proving to be lowest month so far this year. But local experts believe that while new trends are emerging within the sector, it will rebound quickly in the second half of the year. Global […] June 17, 2022
Why the Gulf could swerve the dreaded global recession The UAE and wider Gulf markets will likely avert a recession, experts have said, despite fears of a global slump as the US Federal Reserve announced a 75 basis point hike to interest rates – its largest since 1994. In early trading, bourses in Dubai, Abu Dhabi and Qatar fell on Thursday after local central […] June 16, 2022
