Banking & Finance Fed hike hits Gulf stocks as well as price of food and property Gulf stock markets quickly reacted negatively this morning to the announcement that local central banks were to follow the US Federal Reserve and hike interest rates, in a bid to curb inflation and rising costs. AGBI spoke to experts across the business community to see how the move will impact everyone from property developers and […] June 16, 2022
Economy UK targets Gulf for growth post-Brexit and Covid Rocked by the double whammy of Brexit and the global pandemic, UK businesses have endured a tumultuous two years. As European trade battles sharp retrenchment – UK-EU exports dropped by 12 percent last year, a loss of £20 billion – British companies are pursuing new growth avenues and the Gulf is proving to be a […] June 16, 2022
Mena region has record year for startup investment The geographic location of the Middle East and North Africa (Mena) provides access to large markets in Europe, Africa and Asia, and is home to a large, young population. In a context of geopolitical instability and high unemployment, many of these young people are increasingly seeking new opportunities and looking to improve the world via […] June 16, 2022
Manufacturing Powering up electric vehicles in Saudi Electric vehicles (EVs) are a rare sight on the streets of Riyadh or Jeddah in Saudi Arabia. This is partly due to a lack of charging infrastructure but mainly because commercial sales have yet to start – the only EVs in evidence are ones that individuals have privately imported. “You see the odd Tesla or […] June 15, 2022
Banking & Finance Foreign government workers to benefit from new saving scheme A new savings scheme for foreign employees working in Dubai Government, which aims to enhance the end-of-service benefits system, is set to come into effect on July 1. Dubai International Financial Centre (DIFC), the entity responsible for supervising the implementation of the Savings Scheme for Foreign Employees in the Government of Dubai, has held several […] June 15, 2022
Space tech gives Gulf nations a launchpad for local talent Saudi Arabia aims to emulate UAE’s success In 1985, Sultan Bin Salman Bin Abdulaziz Al-Saud, a former Royal Saudi Air Force pilot, became the first Arab to go into space, flying aboard a US Space Shuttle mission as a payload specialist. He was appointed chairman of the Saudi Space Commission in 2018 and although he […] June 13, 2022
Development How the UAE makes friends and influences people A World Expo, Mars Mission, ownership of a Premier League football club and a Tour de France victory are among the success stories that have raised the UAE’s international standing as a soft power Seduction is always more effective than coercion. So said author Joseph Nye when he introduced the concept of soft power in […] June 11, 2022
New deal allows Abu Dhabi to tap into global tech talent pool Abu Dhabi’s latest partnership agreement, part of its $545 million Innovation Programme, will help address urgent skill shortages in the technology sector and widen access to the global talent pool. The Abu Dhabi Investment Office (ADIO) yesterday announced a partnership with global in-house centre consulting firm ANSR and artificial intelligence-powered talent sourcing platform Talent500. ADIO […] June 10, 2022
Business of Sport LIV Golf tees off amid smears and controversy Rival PGA Tour bans players for chasing ‘boatloads of cash’ Heated politics have overshadowed play in what is fast becoming golf’s most controversial tournament in history – the Saudi Arabian-funded LIV Golf Series. Teeing off on June 9, the LIV Series’ inaugural UK event clashed directly with the start of the RBC Canadian Open, an […] June 9, 2022
Delivery drivers deserve ‘a steady income’, say UAE operators Motoboy, a Dubai-based delivery operator who entered the market in December last year, believes all drivers in the sector should be paid a fair wage and should not be expected to cover operating expenses for their employers. In early May, delivery drivers at Talabat, the Middle East unit of Germany’s Delivery Hero, and British operator […] June 9, 2022
Markets Boom time as TECOM leads the Gulf IPO resurgence As Dubai announced plans to sell a 12.5 percent stake in business park operator TECOM today – its second public offering this year after Dubai Electricity and Water Authority (DEWA) – Middle Eastern bourses have generally defied the downward international trend with increases in trading activity and values amid a robust pipeline of initial public offerings […] June 9, 2022
Banking & Finance Crypto crash was ‘a blessing’, admits Sarwa founder Should everyone own cryptocurrencies? “No, definitely not,” Mark Chahwan, co-founder of Sarwa, told AGBI exactly a week after the investing and personal finance platform introduced the option to trade cryptocurrencies. The firm said in a statement that Sarwa Crypto will offer commission-free trading of the world’s four most recognised cryptocurrencies – Bitcoin, Ether, Litecoin, and Bitcoin […] June 9, 2022
Business of Sport Gulf riches has legacy sports events quaking in their boots Phil Mickelson’s self-imposed break from golf has ended with a $200 million golden handshake. The six-time major winner stepped down from the game in February after issuing a string of controversial comments about Saudi Arabia and the PGA Tour but has announced his return for the PIF-backed LIV Golf Invitational Series. In a statement on […] June 8, 2022
Crypto users turn to chatbots in crisis UAE-based crypto exchange BitOasis has seen the number of interactions with its chatbot surge from about 300 late last year, to nearly 3,000 this year after Bitcoin’s violent crash – a total rise of 1,400 percent. Bitcoin, the world’s most valuable cryptocurrency, has more than halved since hitting its all-time high of $69,000 in November […] June 7, 2022
Canada and Dubai grow closer with every deal struck A Canadian pension fund company’s decision to invest $5 billion in UAE multinational logistics company DP World’s assets is a striking example of the deepening commercial ties between the two countries. Caisse de Depot et Placement du Quebec’s (CPDQ) announced the deal on Monday. It will see CPDQ take a 22 percent stake in DP World’s prized assets in […] June 7, 2022
Energy Inside the Israel-Lebanon dispute blocking oil and gas exploration A dispute between Israel and Lebanon over their maritime boundary has obstructed energy exploration in the eastern Mediterranean and risks exacerbating tensions between the nations. After months of deadlock in US-mediated talks, Beirut warned on Sunday against any activity in the disputed area – responding to the arrival of a vessel to develop a field […] June 7, 2022
Energy Higher oil prices ease budgetary woes Surging oil prices in 2022 mean most Middle East and North African (MENA) oil producers can look forward to recording a surplus this year – often after running budget deficits and, on occasion, plundering their sovereign wealth funds. In 2020, as demand collapsed on the back of the pandemic, Brent crude averaged just $42 a […] June 6, 2022
Tourism Mena has high hopes for post-pandemic tourism Visitors are returning to key tourism destinations around the Middle East and North Africa, but not everywhere is faring so well The surge in passenger numbers at the Gulf’s biggest airports in the opening months of this year tells a clear story of recovery in the region’s travel and tourism sector. Doha’s Hamad International handled […] June 3, 2022
Development How Oman’s sultan is reshaping the nation Omanis went into three days of mourning after the death of Sultan Qaboos bin Said in January 2020. When they reemerged with a new leader in Qaboos’ first cousin, Sultan Haitham bin Tariq, the oil-rich country was unaware that two waves of crises were looming on the horizon. A sudden dip in oil prices soon […] June 2, 2022
Banking & Finance How London became the Islamic finance capital of the West London has in recent years cemented its position as a vital hub for Islamic finance thanks to history, circumstance and a concerted effort by the government to support the sector. With its strong financial infrastructure and burgeoning fintech space, the UK capital is primed to dominate Western Islamic finance for the foreseeable future. “London and […] June 2, 2022
Banking & Finance Opening a bank account still the ‘biggest hurdle’ for UAE startups Some bank accounts taking up to a year to set up Startups waiting, despite obtaining a business licence Lack of consistency on requirements, rules for new businesses Opening a bank account is “still the biggest hurdle” entrepreneurs and business founders face in the United Arab Emirates (UAE), with some waiting as long as a year […] June 1, 2022
Development UAE, Egypt and Jordan industrial pact will ‘unleash billions’ The partnership hopes to strengthen each country’s economic clout and competitive standing, both in the region and further afield The UAE, Egypt and Jordan’s decision to enter into an economic partnership stands out from recent announcements of bilateral deals struck between Arab countries and Western partners. The regional partnership, announced in Abu Dhabi on Sunday, […] May 31, 2022
