Trade Australia and UAE hope for $678m boost after trade deal Australian exports to the UAE are expected to increase by $678 million after the two countries completed discussions over a comprehensive economic partnership agreement (Cepa). The deal, expected to be signed later this year, will make more than 99 percent of Australian exports to the UAE tariff-free, saving exporters up to $160 million annually. The […] September 17, 2024
Video length: 06:56 Analysis Banking and Finance Revolut tipped to ‘shake up’ UAE remittance market UK fintech Revolut is stepping up recruitment in Dubai as it prepares to muscle in on the UAE’s $44 billion remittances market. Last month, more than a dozen Revolut insiders gathered at a cafe in Dubai’s Al Quoz district, courting talent for its UAE operations. The company told AGBI last year that it was recruiting […] September 17, 2024
Banking and Finance Bank liquidity in UAE surges 20% in Q2 Liquid assets in the UAE’s banking sector rose to AED801 billion ($218 billion) by the end of the second quarter of 2024, up 20 percent from the same period last year, the Central Bank of the UAE has revealed. The increase was AED135 billion year on year, with a quarterly gain of 2 percent, or […] September 17, 2024
Artificial Intelligence Aramco partners with US startup Groq for AI data centre Saudi Aramco’s digital arm is partnering with US semiconductor startup Groq to build the world’s largest artificial intelligence inferencing data centre. Unlike regular data centres, which handle a range of computing tasks, an AI inferencing data centre is designed specifically to run AI models that make rapid predictions or decisions. The facility will use Groq’s […] September 16, 2024
Video length: 05:07 VIDEO Gaming Saudi Arabia plays the long game in a high-stakes market Saudi Arabia has so far channeled $38 billion into the esports sector through its Public Investment Fund subsidiary Savvy Games Group. This includes high-profile acquisitions such as the $4.9 billion purchase of the Monopoly Go developer Scopely and the $1.5 billion buyout of ESL FaceIt Group, one of the world’s largest esports companies. Critics have […] September 13, 2024
Artificial Intelligence Aramco to buy AI chips from Abu Dhabi fund-backed Cerebras Saudi Aramco is to buy advanced semiconductor chips from Cerebras Systems, the Abu Dhabi fund-backed chipmaker aiming to challenge Nvidia’s dominance in the AI arena, as it seeks to boost artificial intelligence in the kingdom. The state-owned energy giant will use Cerebras’ CS-3 chips to build and deploy large language models (LLMs) – computer models […] September 13, 2024
Aviation AI could help with pilot shortage, says Emirates COO Artificial intelligence could allow for planes to fly with just one pilot, an Emirates airline executive has said. This would also help ease the Middle East’s pilot shortage and change how the aviation industry operates. Adel Ahmed Al Redha, chief operating officer of Emirates airline, told AGBI that aircraft operations “might go to maybe one […] September 12, 2024
Trade New shipping route links Jeddah to major Indian ports Saudi Arabia has launched a new shipping route between Jeddah Islamic Port and Mundra and Nhava Sheva, two of India’s largest ports. The 10-day service, operated by Folk Maritime Services, a subsidiary of the Public Investment Fund, started this month. The new route aims to increase the movement of goods such as petrochemicals, aligning with […] September 10, 2024
Banking and Finance Mubadala-backed Tabby prepares for Saudi IPO Tabby, the buy-now-pay-later startup backed by Abu Dhabi sovereign wealth fund Mubadala, is on track to prepare for its initial public offering, the company’s CEO confirmed on Wednesday. The fintech unicorn – a startup worth more than $1 billion – was originally founded in the UAE but is now headquartered in Saudi Arabia. It is […] September 4, 2024
Video length: 04:08 VIDEO Gaming Prince Faisal: growth, not profit, is focus for esports Cost-intensive spectator events are not going to be a “serious profit generator”, Prince Faisal bin Bandar Al Saud told AGBI, as Saudi Arabia concluded the first Esports World Cup last week. The event was watched by more than 500 million people but Prince Faisal, president of the Arab Esports Federation, said: “In esports, sustainability is […] September 4, 2024
Video length: 07:05 Analysis Trade India’s Cepa review could cut up rough for UAE diamond trade Dubai’s status as a re-export hub for diamonds to India is under threat as New Delhi pushes for a review of terms it agreed in the Comprehensive Economic Partnership Agreement (Cepa) with the UAE two years ago. India’s commerce secretary Sunil Barthwal raised concerns earlier this month about potential use of loopholes that could weaken […] September 4, 2024
Video length: 07:05 Trade GCC-India trade tumbles as New Delhi snaps up Russian oil India’s trade with the GCC countries fell 12 percent to $162 billion in 2023-24, according to its Ministry of Commerce and Industry. The drop from $184 billion in 2022-23 comes as energy-hungry New Delhi snaps up discounted Russian crude and slashes imports of Gulf oil. Ajay Srivastava, founder of the Global Trade Research Initiative think […] September 4, 2024
Analysis Banking and Finance Bahrain’s corporate tax just the first in GCC, say experts Bahrain could be the first “domino to fall” in the GCC after announcing a tax targeting large multinational companies, analysts have told AGBI. The domestic minimum top-up tax (DMTT) will impose a 15 percent levy on the Bahraini profits of multinational enterprises whose revenues exceed €750 million ($830 million). It comes into force next January. […] September 3, 2024
Analysis Banking and Finance Instability in India’s Gift City could push investors to UAE India’s Gift City – a special economic zone located in Prime Minister Narendra Modi’s Gujarat home state – has attracted commitments from backers including sovereign wealth funds from the Gulf. However a halt in approvals to set up family offices has put the brakes on its ambitions to become a global financial hub after regulators […] August 27, 2024
Analysis Trade Metals market under pressure with India-UAE pact review The UAE’s lucrative trade in gold, silver and other precious metals is facing fresh scrutiny as India seeks a review of a Comprehensive Economic Partnership Agreement between the two countries. The evaluation could significantly alter the flow of these metals, impacting UAE businesses and particularly affecting exports from Russia via the Gulf state. Sunil Barthwal, […] August 20, 2024
Finance Saudi capex expected to shift focus to renewables Saudi Arabia is predicted to drastically scale back its capital expenditure in fossil fuels, allocating less than a quarter of its $1 trillion planned investment to oil. Goldman Sachs Research expects capex in the oil sector to decline by $40 billion between 2024 and 2028, as the kingdom pivots towards renewable energy and economic diversification. […] August 16, 2024
Finance PIF cuts down on Starbucks and goes for chips in US rejig Saudi Arabia’s Public Investment Fund has adjusted its US equities portfolio, including trimming its call options on Starbucks. The global coffee chain has faced boycott calls over its perceived pro-Israel stance in the ongoing Gaza conflict, a claim it denies. In its latest Securities and Exchange Commission filing, PIF decreased its Starbucks call options by […] August 15, 2024
Analysis Markets Oman reveals plan to steer IPOs to Muscat exchange Oman’s Financial Services Authority has revealed its strategy to overhaul the country’s capital markets – which could provide extra funds for underrepresented sectors and lure investors looking for less saturated markets, according to analysts. However, the success of the plan will depend on how incentives for listing are implemented, they warn. Trading activity has been […] August 15, 2024
Analysis Banking and Finance Riyadh’s investment law reforms tipped to win over sceptics Saudi Arabia’s investment law reforms are poised to release a backlog of pent-up deals – and are a tacit admission that procedures have often been cumbersome, analysts have told AGBI. Under the overhaul announced on Sunday, elements of Vision 2030 and the National Investment Strategy will be combined in a single framework that aims to […] August 13, 2024
Analysis Economy Kuwait overhauls tax system and signs UAE treaty Kuwait, which has developed a reputation as an economic laggard among wealthy Gulf states, is undertaking an overhaul of its tax regime to meet global standards and reduce reliance on oil revenues. The Gulf state plans to introduce a 15 percent business profits tax, new rules on transparency and compliance with international agreements, and an […] August 12, 2024
Leisure & Hospitality Casino operator Wynn buys more land in Ras Al Khaimah Wynn Resorts, the Las Vegas-based hospitality operator building the Gulf region’s first casino on Ras Al Khaimah’s Al Marjan Island, has closed a deal to bank an additional 70 acres of land in the emirate for future development. The disclosure was made during the company’s second-quarter earnings call on Wednesday. Wynn Resorts made a significant […] August 7, 2024
EXCLUSIVE Leisure & Hospitality RAK Properties considering hospitality IPO RAK Properties, Ras Al Khaimah’s largest publicly listed property developer, is assessing a separate stock market float for its rapidly growing hospitality business, its CEO Sameh Muhtadi told AGBI. The company, which trades on the Abu Dhabi Securities Exchange, is expanding its hotel portfolio and says it has letters of intent from two major hotel […] August 5, 2024
