Banking & Finance Digitisation costs, but UAE banks need to take the plunge Banks in the United Arab Emirates are seeing their profits squeezed due to the cost of digitalising their operations, but experts believe lenders still need to invest more to keep up with global benchmarks. The latest S&P Global UAE Purchasing Managers’ Index (PMI), released earlier this month, found that costs are at their highest levels […] May 30, 2022
Tourism UK will see a resurgence in Gulf travellers this summer The UK has historically been a favoured tourism spot for Gulf Arabs but the global pandemic brought international travel to a grinding halt. As the world reopens its shutters, however, GCC tourists’ appetite for Britain is experiencing a strong renaissance, according to industry experts. On March 18 all remaining Covid-19 international travel restrictions were lifted for passengers arriving […] May 27, 2022
Lifestyle Move over Hollywood, it’s Arab time at Cannes film festival The Middle East is one of the big talking points among the international film set at this year’s Cannes Film Festival, especially the presence of Saudi Arabia which unveiled big-ticket incentives to lure Hollywood and Bollywood producers to the kingdom. “I think in the past [the Middle East] always had some sort of presence but […] May 27, 2022
Qatar promise may trigger deluge of Gulf investments in UK More Gulf sovereign wealth funds could make huge investments in the United Kingdom following a £10 billion commitment from Qatar. On Tuesday the UK and Qatar signed a new Strategic Investment Partnership which will see the emir state invest billions over the next five years in key sectors of the UK economy including fintech, zero […] May 26, 2022
Tourism Dubai’s Global Village: an incubator for startups Dubai’s Global Village has been running for over two decades and it had a record-breaking 7.8 million visitors for its most recent season that ended on May 7, but organisers are keen to emphasise that the attraction is more than just theme park rides, food and retail from around the world. They claim Global Village […] May 23, 2022
Lifestyle Get ahead in the Gulf with our networking advice This month’s guide on how to succeed in the Middle East offers essential tips on business practices and social etiquette The Middle East is rich in opportunity for businessmen and women, but entrepreneurs keen to forge partnerships need to remember that norms and practices can vary from those in Europe or the US. The region […] May 23, 2022
Rising inflation and falling tourism deals Egypt a ‘double whammy’ With inflation surging and the government forced to fix the price of bread to head off civil unrest, Egypt has felt the heat from the Ukraine crisis more acutely than most countries in the Middle East and North Africa (MENA) region. Higher commodity prices and the loss of tourism revenues from both Russian and Ukrainian […] May 23, 2022
Banking & Finance UAE needs bigger but fewer banks, says expert The United Arab Emirates (UAE) has too many banks and the sector needs to see more consolidation, especially as profits are squeezed and costs continue to rise, an industry expert told AGBI today. “I think it would be helpful to have fewer banks [in the UAE]. I have been an advocate of that,” Asad Ahmed, […] May 20, 2022
Stars and strife: rebuilding UAE-US relations The passing of UAE President Sheikh Khalifa has prompted an outpouring of condolences and support from around the globe, with heads of state being hurriedly dispatched to Abu Dhabi. Particularly notable among these was the high-profile delegation sent by the US; headed by Vice-President Kamala Harris, it included nearly all of the administration’s top national […] May 19, 2022
Banking & Finance NMC scandal is watershed moment for UAE businesses Revelations about the scale of hidden debts spark debate in the UAE about the need for more rigorous bank loan checks and company auditing The ongoing legal battles surrounding the NMC Healthcare, the largest private healthcare provider in the United Arab Emirates (UAE), has been a big learning curve for how businesses manage their financial […] May 19, 2022
Iran nuclear deal Iran nuclear deal remains in the balance There is little doubt a solution would bring rapid economic gains for Tehran while some other Gulf countries would also benefit from an easing of trade restrictions, but political calculations could yet scupper a deal The diplomatic traffic through Tehran has continued at a steady pace in recent weeks, as intermediaries doggedly try to revive […] May 18, 2022
Energy Abu Dhabi’s $2bn green energy splash will deepen India ties Abu Dhabi-based International Holding Company PJSC’s (IHC) AED 7.3 billion ($2 billion) investment in Indian multinational conglomerate Adani Group takes the UAE-India partnership to “a different level” with more deals on the horizon, market observers said. IHC provided capital to Adani Green Energy, Adani Transmission, and Adani Enterprises, which are all listed on the Bombay […] May 18, 2022
Agriculture Indonesia’s cooking oil crisis explained An export ban has infuriated farmers, amid soaring prices and claims that a ‘palm oil mafia’ is operating in the country Indonesia, the world’s biggest exporter of palm oil, halted shipments on April 28 in a bid to flood the domestic market with supplies and control the soaring price of cooking oil. The tough policy […] May 17, 2022
Sustainability Oman: the next hydrogen energy superpower With lengthy daytime sun, strong overnight winds and an accessible coastline, H2 investors and developers have long admired Oman, dubbed a “future renewable superpower,” by green energy titans. The government has noticed their admiration, and is looking to hydrogen to help power the oil-rich country’s energy grid and recharge its fossil fuel-reliant economy. Since announcing […] May 17, 2022
Business of Sport Qatar may tackle Asian Cup as replacement host for China The 2023 Asian Cup could be shifting west to the Gulf, where new infrastructure has made the region a magnet for international tournaments, after China withdrew as host. China had planned to hold the Asian Cup across 10 cities in June-July next year, but has dropped the 24-team tournament because of “exceptional circumstances caused by […] May 17, 2022
Media & Advertising $4.4bn sounds a lot but e& has made the right call on Vodafone Vodafone and e&, formerly known as Etisalat, will look to launch new products globally while working together to make greater efficiencies following the UAE telco’s deal to buy a $4.4 billion stake. Following the announcement that the UAE’s biggest telecoms operator has acquired a 9.8 percent stake in British mobile operator Vodafone Group, AGBI spoke […] May 16, 2022
Banking & Finance Cryptocurrencies have their ‘Lehman brothers moment’ Despite the crash of cryptocurrency stablecoin ecosystem, retail investors still see the contraction of currencies like Bitcoin as an opportunity As billions of dollars of value are wiped off cryptocurrency markets worldwide, retail investor strategies are diverging from those in the institutional space — the former senses cheap assets, while the latter worries of a […] May 16, 2022
Tourism Hotels swallow rising costs so guests can sleep at night Despite costs rising to a three-year high, hoteliers in the United Arab Emirates told AGBI they are not planning to increase room rates, instead opting to squeeze their existing profits as they search for ways to increase operational efficiencies. The latest S&P Global UAE Purchasing Managers’ Index (PMI), released on Monday, found that costs are […] May 11, 2022
Aviation Billion dollar battle to begin for planes grounded in Russia Lessors with hundreds of jets stuck in Russia are preparing for what one said would be a “vigorous” pursuit of insurance claims while maintaining discreet contact with some customers after Moscow blocked the jets from leaving. The loss of over 400 leased planes worth almost $10 billion since Western countries sanctioned Russia has led to […] May 11, 2022
Markets ‘Savvy’ investors snap up DEWA shares Plenty of mystery surrounds the listing of Dubai utilities giant DEWA, the Middle East’s largest IPO since the floating of Saudi Aramco in late 2019. When CNBC’s Dan Murphy organised an interview with DEWA’s CEO, he hoped to extricate some details from the infamously secretive boss. Amid surging shares following news of the float, Saeed […] May 9, 2022
Economy Lebanese elections spark fears of more instability The Lebanese government recently ordered the demolition of the blast-hit grain silos that were decimated during the August 4, 2020 port explosion. The silos absorbed much of the blast’s impact, saving sections of the city’s western residential areas from total devastation. The government has now determined that they must be removed amid reports that the tilting […] May 9, 2022
Business of Sport Qatar scores as World Cup host but may not net long-term goals Tucked behind Doha’s $300-million Lusail Boulevard, where construction workers are toiling to transform desert into a Champs-Elysees-inspired commercial thoroughfare before the 2022 soccer World Cup, sits a sole convenience store. With the main stadium, four skyscrapers and apartments designed for some 200,000 people all in Lusail, its manager Younes waits somewhat anxiously behind his till, […] May 5, 2022
