Sustainability $100bn ‘a drop in the ocean’ for climate action, says Cop27 host The world still urgently needs to address the “elephant in the room” in the climate crisis, which is financing action for vulnerable developing countries, officials from Cop27 host nation Egypt said. In 2020 combined adaptation and mitigation finance flows fell at least $17 billion short of the $100 billion pledged annually to developing countries, according […] January 17, 2023
Energy EU will return to Russian gas, Qatari minister predicts Europe will eventually return to imports of Russian gas but with reduced dependence, Qatar’s energy boss has predicted. The European Union imposed sanctions on Russian oil imports in March last year in response to Moscow’s invasion of Ukraine, pledging to wean itself off Russian energy. The sanctions were intended to limit Russia’s financing ability for […] January 16, 2023
Cop28 Cop28 chief sets out UAE’s vision for climate finance The UAE intends to make financing for climate change projects “more affordable [and] much more accessible”, the country’s oil chief and Cop28 president has said. Dr. Sultan Al Jaber said finance reforms were needed because the world was “way off track” the goals of the 2015 Paris climate accord, during a speech to the Atlantic […] January 16, 2023
Analysis Economy Gold set to sparkle as global recession looms Gold may have underperformed last year but it is expected to shine in 2023 and could rise as high as $3,000, analysts have said. The World Gold Council said in its 2023 market outlook that the precious metal is set to record a stable performance next year despite a mix of competing challenges. “Economists and […] January 8, 2023
Analysis Real Estate Dubai mid-market homes will rise 15%, says Danube chief Prices in Dubai’s mid-market property sector could climb as much as 15 percent this year, the founder and chairman of Danube Group has said. The prediction comes as the firm’s property arm, Danube Properties, sold out its latest affordable housing project, Elitz, on the day of its launch. Rizwan Sajan said that the real estate […] January 5, 2023
Food & Drink Success brewing for UAE’s speciality coffee culture Three years after the Covid pandemic broke many businesses, a new landscape is brewing that could fundamentally change the UAE’s coffee culture. Coffee shops were among the first to shut their doors in 2020 and bear the brunt of prolonged lockdowns. But the pandemic has changed customer behaviour and palettes, and the country’s independent operators […] January 1, 2023
Exclusive Manufacturing British affordable tech company sees ‘sky high’ Gulf demand UK-based consumer technology company T4tec is expanding its operations in the Middle East to tap into “sky high” demand for quality affordable consumer electronics. The company, which has been selling its televisions and other products including wireless Bluetooth sound bars, cordless kettles, and toasters in the region via Amazon, is in talks with two distribution […] December 30, 2022
Analysis Real Estate Ski chalets are hot property for Middle East buyers Demand for high-end ski chalets from affluent Middle East buyers has surged, even though the price of a home on the slopes is rising at its fastest rate for almost a decade. Despite the pandemic’s impact on international travel, the specialist property market has benefitted from an influx of remote workers looking for semi-permanent bases […] December 25, 2022
Analysis Retail Time running out for Gulf’s luxury watch investors to cash in After a boom in haute horology over the past few years, with reports of shortages that even put royals on the waiting lists, prices for Rolex watches have started to fall. But some coveted pieces will always command a premium, collectors have said. The value of Swiss watch exports to the Middle East in 2021 […] December 17, 2022
Exclusive Manufacturing Gulf switches to more energy efficient cooling solutions The UAE’s replacement market for air conditioning (AC) is growing fast as energy consumption concerns continue to rise. Global consumption of electricity for household ACs is increasing rapidly, creating urgent demand for more efficient cooling systems. Energy demand for space cooling will more than treble by 2050 unless there is action to address energy efficiency, […] December 15, 2022
Business of Sport LaLiga nets esports deal as Spain’s football league heads Mena’s way Spain’s main football league, LaLiga, has signed a 15-year deal with Galaxy Racer, one of the world’s largest largest esports, gaming and lifestyle organisations, that they estimate will generate more than $3.16 billion. The home of Barcelona and Real Madrid say they expect the tie-up with the Dubai-based company to transform the league’s presence in […] December 11, 2022
EXCLUSIVE Retail British model David Gandy to expand fashion brand to the Gulf British model David Gandy is planning to expand his sustainable fashion brand to the UAE. “The Gulf region is a very interesting market for us,” Gandy told AGBI. “We are global with direct-to-consumer sales with David Gandy Wellwear, but what we’ve done in London and Paris, and what we are looking to do in New […] December 7, 2022
Analysis Banking & Finance Abu Dhabi VC eyes booming Indian economy Abu Dhabi-based Indian venture capital (VC) firm AUM Ventures has launched a $30 million fund to offer international investors access to tech, tech-enabled and consumer startups in India. The early and pre-growth stage VC firm, which has offices in Abu Dhabi, Bangalore and Mumbai, is licensed and regulated by Abu Dhabi Global Market (ADGM). The […] December 5, 2022
EXCLUSIVE UAE goes vintage with classic car race and centre for collectors The UAE and supercars have been synonymous for decades, with the very latest luxury models frequently spotted on its roads – but a new industry of classic cars is also gaining speed. This weekend the country plays host to 100 classic cars from around the globe in the first ever UAE edition of Italy’s 1,000-mile […] December 2, 2022
Banking & Finance Mena VC firm VentureSouq to set up climate-focused fund Middle East and North Africa-based Venture capital firm VentureSouq is to launch a new climate-focused fund to support companies developing solutions for the green economy. Achieving net zero carbon emissions by 2050 globally will require as much as $173 trillion in investments in the energy transition, according to BloombergNEF’s (BNEF) New Energy Outlook 2021 (NEO), […] November 18, 2022
Analysis Energy World Bank says Gulf using oil wealth to become solar power Gulf hydrocarbon producers could turn into the world’s leading solar energy exporters. GCC members, particularly the UAE and Saudi Arabia – the first and third largest energy producers in Opec – have started to lay the ground for this goal with the launch of clean energy megaprojects. They aim to increase their renewable energy capacity […] November 18, 2022
Banking & Finance Binance CEO says ‘shaken’ crypto market needs ‘a lot more’ scrutiny Confidence in the crypto industry has been “shaken” and it needs to open up to “a lot more” oversight from regulators, the chief executive of the world’s largest cryptocurrency exchange has said. Changpeng Zhao, the CEO and co-founder of Binance, added that the crypto sector should adopt some regulations from the traditional finance industry. Zhao’s […] November 17, 2022
Analysis Banking & Finance Fintech competition means UAE banks must change to survive The banking sector in the UAE could grow faster than the nation’s economy but competition from fintechs poses a threat to the survival of banks unless they restructure their operating models, according to a senior industry official. Abdul Aziz Al Ghurair, chairman of the UAE Banks Federation, warned that banks will have to change the […] November 15, 2022
Exclusive Banking & Finance Crypto giant Binance eyes UAE acquisitions and Saudi expansion Crypto exchange Binance is in talks with financial regulators in Saudi Arabia to expand into the kingdom. The company is also eyeing web3 tech investments in the UAE, and has appointed a fund manager based in Abu Dhabi. Binance, which is the world’s biggest crypto exchange, saw a 49 percent year-to-date increase in its Mena […] November 14, 2022
Analysis Banking & Finance Wealthy fintechs will find it hard to buy Gulf banks, says expert Wealthy financial technology (fintech) companies won’t find it easy to buy banks in the Middle East or other developed economies, no matter how much money they’re willing to put on the table. A top banking executive expressed this view as reports that Binance, the world’s biggest crypto exchange, may go on a $1 billion acquisition […] November 11, 2022
Analysis Business of Sport Fifa ‘referee tech’ to transform the beautiful game at Qatar 2022 The 2022 Fifa World Cup in Qatar is set to kick off with some new technology that will prevent a replay of some of football’s most controversial moments and generate even more potential revenue streams for the game. The single biggest tournament for the single biggest sport will begin in Doha on November 20, with […] November 6, 2022
Exclusive Banking & Finance Jobs at risk as private equity slows hiring in the Gulf The looming global recession is pushing private equity firms to freeze hiring in the Gulf, with layoffs likely to be on the way, an executive at a UAE-based global investment company has said. Major Wall Street firms are already beginning to rein in expenses amid a slump in deals volume on the back of repeated […] November 4, 2022
