Banking & Finance Boursa Kuwait hails increasing international investor appeal The CEO of Boursa Kuwait says he is seeing increased confidence from international investors in the stock exchange as net profit grew by over 13 percent to KD18 million ($59 million) in 2022. “We were successful in attracting institutional international investors, as total foreign turnover activity was up 29 percent, with a total traded value […] February 13, 2023
Logistics Partnerships will unlock Africa potential, says DP World CEO More partnerships are required to break down barriers to private sector investment in Africa, according to the CEO and chairman of Dubai trade enabler DP World. Speaking at the second Dakar African Infrastructure Financing Summit in Senegal, Sultan Ahmed Bin Sulayem urged more collaboration to address the challenges slowing the continent’s development. He said that […] February 10, 2023
Video length: 00:46 EXCLUSIVE US space balloon pioneer seeks Middle East partners A company planning to launch commercial balloon flights to the edge of outer space in late 2024 is seeking partners in the Middle East. Space Perspective, which is headquartered at the Kennedy Space Centre in Florida, is looking to build “strong, longer-term, strategic partnerships” with regional tech firms and investors, according to Jane Poynter, founder […] February 9, 2023
Tourism Hyatt signs deal for three new Saudi hotels Hyatt has announced that an affiliate has entered into management agreements for three hotels in Saudi Arabia. The deal with Rua Al Madinah Holding Company will cover the Grand Hyatt Madinah, Hyatt Regency Madinah and Hyatt Place Madinah. Upon opening, these properties will add a combined 1,729 room keys to the hospitality giant’s portfolio in […] February 8, 2023
Exclusive Tourism Dubai’s Sunset shines bright on global hospitality stage Sunset Hospitality Group has $35 million to invest, and global expansion is top of its agenda. After securing the funding from Goldman Sachs Asset Management in November, the company, which is based in Dubai, is targeting the UK, US, the Mediterranean and Asia. “By the end of 2023 we hope to open a further 20 […] February 8, 2023
Banking & Finance Saudi Central Bank grants first licence to a foreign insurer US healthcare giant Cigna is to become the first international insurer operating in Saudi Arabia as the kingdom seeks to increase foreign direct investment. Cigna has been granted a health insurer licence by the Saudi Central Bank (Sama), it revealed on Monday. Jason Sadler, president of international markets at Cigna, described the branch licence as […] February 7, 2023
Retail Dubai’s GMG buys supermarket and mall operator Aswaaq GMG, which manages more than 120 retail brands across the Middle East, North Africa and Asia, has announced a major expansion through the acquisition of the retailer Aswaaq. The Dubai-headquartered conglomerate bought Aswaaq from the Investment Corporation of Dubai, the principal investment arm of Dubai’s government. The deal adds a total of 11 community malls […] February 7, 2023
Construction Saudi is ‘leading light’ as construction sector booms Construction activity in Saudi Arabia was the highest in the world in the final quarter of 2022, with the kingdom described as a “leading light in the Mena region and globally”. A new report by the Construction Activity Index of the Royal Institution of Chartered Surveyors (Rics) revealed that the 12-month projected profit margins of […] February 7, 2023
Economy Qatar’s private sector activity slows after World Cup boost Business activity in Qatar’s private sector cooled in January after its World Cup bounce. The first Purchasing Managers’ Index (PMI) survey for 2023 posted a correction to 45.7 in January, from 49.6 in December, as activity and new work slowed following the tournament, which ran from November 20 to December 18 last year. It was […] February 6, 2023
Construction Off-plan sales set to drive future of Emirates property market Off-plan real estate sales are expected to increasingly satisfy demand from investors in the UAE in the future as developers sell out of inventory. Construction efforts are likely to centre on completing existing projects and masterplans for the next two to three years, while major new launches are set to decrease until the middle of […] February 3, 2023
Energy Licence issued for world’s largest green hydrogen plant in Saudi The first industrial operating licence has been issued for Neom Green Hydrogen Company (NGHC), which aims to run the world’s largest production facility of its kind. Saudi Arabia’s Ministry of Industry and Mineral Resources announced on Wednesday that the licence has been granted to NGHC, a joint venture between Neom, Acwa Power and Air Products. […] February 1, 2023
EXCLUSIVE Banking & Finance Egypt’s Paymob in Gulf expansion drive following $50m funding Paymob, the Cairo-based payments facilitator, is seeking to expand into Saudi Arabia after its recent debut in the UAE market. The company is also launching tap-on-phone payments in the UAE this year following its partnership with Mastercard to offer the service in its home market in 2021. “We see a massive opportunity to serve this […] February 1, 2023
Analysis Banking & Finance Middle East stock markets set to continue strong run of IPOs The stock markets in the Middle East and North Africa are preparing for a strong pipeline of initial public offerings (IPOs) in the coming months. Bourses across the region are looking to build on the success of 2022 when it saw a record number of 51 IPOs and combined proceeds of $22 billion. Abu Dhabi […] February 1, 2023
Exclusive Tourism ‘Constantly evolving’ Mena key to Hyatt growth plan, says new VP Hyatt Hotels, the US-based hospitality giant, is placing emphasis on the Middle East and Africa for its global growth strategy. Stuart Deeson, newly appointed vice president of operations for the region at Hyatt, told AGBI that Saudi Arabia in particular was witnessing a “significant point in history”. He also believes Qatar, Kuwait and Morocco offer […] February 1, 2023
Aviation Saudi Arabia launches stopover visa as airlines ramp up capacity Saudi Arabia has announced the launch of a new stopover visa for tourists as airlines are expected to significantly increase capacity on routes to the kingdom. The free-of-charge visa is open to a wider number of countries than the tourism e-visa and is Saudi Arabia’s latest move to make the destination more accessible. The launch […] January 31, 2023
Energy Luxembourg firm commits $50m investment to Saudi mining A Luxembourg-based natural resources group is set to enter Saudi Arabia with an initial $50 million investment as the kingdom looks to attract more foreign companies to its burgeoning mining sector. Eurasian Resources Group (Erg) said there is potential to grow its Saudi investment year-on-year, adding that it will prioritise large scale, early-stage exploration for […] January 31, 2023
Tourism Tourism rebound brings spot of light to lessen gloom for Egypt Egyptian tourism performed strongly in the final quarter of 2022 – and this could have “a multiplier effect” for the country’s economy, analysts have said. Hotel occupancy in Cairo has continued to rebound despite Egypt’s economic challenges, according to the latest report by real estate consultancy JLL. The average occupancy rate for January to November […] January 30, 2023
Tourism Saudi outpaces neighbours as prime tourist destination In the space of only three years, Saudi Arabia has been transformed into the biggest Arab market for international tourists. Religious tourism has traditionally been one of the few ways visitors could enter the kingdom, with 2019 records revealing 9.5 million pilgrims visited the holy cities of Mecca and Medina between the Hajj and Umrah. […] January 26, 2023
Analysis Tech and startups will drive future UAE and India trade growth Growing opportunities in manufacturing, agtech, food processing, healthtech and fintech will support future growth in bilateral trade between the UAE and India. While petroleum products and jewellery remain the most exported goods from India to Dubai as trade is set to touch $88 billion for the current fiscal year, the relationship is changing, with officials […] January 25, 2023
Analysis Banking & Finance Bargain buys and law reforms tipped to drive deal-making When Oman Qatar Insurance and Vision Insurance signed a merger pact in December, it rounded off a busy year of M&A activity in the Middle East. The proposal, which is still subject to approval from regulators and shareholders, was one of hundreds of deals struck across the region. Global law firm Norton Rose Fulbright predicts […] January 25, 2023
Analysis UK seeks North Africa trade boost after Cairo deal The British export credit agency has signed a deal with Egyptian engineering and construction company Hassan Allam Holding to increase cooperation on projects across the Middle East and North Africa. The agreement, signed at the British embassy in Cairo, aims to secure inward investment into the UK and promote cooperation on financing projects and encourage […] January 24, 2023
Analysis Korea prospects high as President Yoon courts GCC free trade deal Negotiations are continuing on a free trade deal with GCC countries which will make “enormous contributions” to expanding relations, South Korea’s President Yoon Suk Yeol has said. “I hope that the Korea-GCC FTA will become a forward-looking agreement that contributes to our two countries’ joint endeavours of responding to new challenges including climate change, supply […] January 24, 2023
