Analysis Trade UAE and Australia deal in sight with trade almost $10bn The Aussie accent is a familiar one in Dubai, with about 16,000 Australians calling the emirate their home and trade links between Australia and the UAE creeping back to pre-Covid levels. Bilateral non-oil trade between Australia and the UAE was worth $4.5 billion in 2022, up 28 percent compared with 2021 and almost double the […] May 21, 2024
Analysis Real Estate Marbella beckons for Abu Dhabi real estate developers A joint venture with a high-end Spanish residential developer has been launched by two Abu Dhabi real estate companies to build ten hectares of luxury homes in the Golden Mile, a premier area in Marbella. The deal with Mabel Real Estate to co-build Mabel Marbella Residences is the first luxury project in Europe for Bloom […] May 16, 2024
Analysis Tourism Club Med resort tipped to help Oman hit tourism targets Tourist arrivals in Oman are forecast to nearly double over the next four years, boosted by developments such as the region’s first Club Med resort. Analysts at BMI expect visitor numbers to rise by a quarter to 5.3 million this year – and reach nearly 11 million by 2028. The sultanate’s tourism sector is likely […] May 15, 2024
Analysis Banking & Finance GCC debt market on way to trillion-dollar milestone The total debt capital market in the GCC is likely to cross $1 trillion this year, after reaching $940 billion in the first quarter of 2024. New research from Fitch Ratings shows that more than a third of GCC debt issued last year was in the form of sukuk, also known as an Islamic bond. […] May 14, 2024
Analysis Trade GCC-EU trade drops by $8bn as talks pause Trade between the GCC and the European Union fell by 4 percent last year to $180 billion, as the two trading blocs struggled to agree terms for a free trade agreement. Figures shared exclusively with AGBI by Eurostat, the EU’s statistics authority, show Saudi Arabia was the bloc’s biggest trade partner from the GCC, with […] May 14, 2024
Transport Deal signed to build electric bus factory in Abu Dhabi Abu Dhabi is planning a factory to manufacture and build electric buses and trucks. The Abu Dhabi Department of Economic Development has signed an agreement with Emirates Global Industries, part of Alfahim Group, for the project. The agreement also includes plans to establish manufacturing facilities to meet the anticipated growth in demand for energy storage […] May 9, 2024
Analysis Aviation Qatar dazzles as Middle East aviation picks up pace The Middle East’s aviation sector is growing at twice the global rate and is expected to offer 257 million passenger seats this year, according to a new report. Not so long ago major airlines viewed the Middle East as a place to get cheap fuel on their way from Europe to South East Asia. Now […] May 8, 2024
Trade UAE and NZ in talks to build on non-oil trade The UAE has agreed to start negotiations on a comprehensive economic partnership agreement (Cepa) with New Zealand as part of plans to boost the Gulf state’s foreign trade to AED4 trillion ($1.1 trillion) by 2031. A joint declaration of intent confirming the agreement has been signed by Dr Thani bin Ahmed Al Zeyoudi and Todd […] May 8, 2024
Trade Philippines is next stage of UAE’s Asean trade push Negotiations on a free trade agreement between the UAE and the Philippines began this week as the Gulf state turns its focus to the Association of Southeast Asian Nations bloc (Asean). Manila is hoping to seal a deal before the end of this year, said Allan Gepty, undersecretary for international trade at the Department of […] May 7, 2024
Analysis Employment UAE leads GCC on board gender mix but region still lags More than 10 percent of board seats at listed companies in the UAE are filled by women, well ahead of its Gulf neighbours, but still lagging the global average. At the 168 companies listed on the Abu Dhabi Securities Exchange and Dubai Financial Market, just 133 out of 1,231 board seats, or 10.8 percent, are […] May 3, 2024
Analysis Finance Growth doubts over Islamic finance despite trillions in assets Islamic finance assets grew to about $3.3 trillion worldwide last year, but credit ratings agency S&P has warned that a planned industry standard could drive down sukuk issuance in 2025 and beyond. S&P is predicting high single-digit growth in total assets in 2024-25 after an increase of 8 percent last year. The agency expects the […] May 3, 2024
Analysis Industry UAE considers R&D tax incentives to help SMEs The UAE is considering plans for a research and development tax incentive scheme to boost its ambitions to become a regional centre for homegrown innovation. The Ministry of Finance said it has launched an official consultation on the possible implementation of the tax incentive under the UAE corporate tax law. The consultation will be open […] May 2, 2024
Trade Dubai free zone to build on UAE-Japan trade A Dubai free zone has concluded a trade roadshow in Japan as the UAE looks to increase non-oil bilateral trade, which was worth nearly $7.5 billion in the first half of 2023. Dubai Multi-Commodities Centre (DMCC) said its first Made for Trade Live roadshow in Japan focused on web3, gaming and artificial intelligence. DMCC contributes […] May 2, 2024
Mining Manara takes a $2.5bn stake in Brazilian mining giant Manara Minerals, a joint venture between Saudi Arabian Mining Co (Maaden) and the sovereign Public Investment Fund (PIF), has completed a $2.5 billion deal to acquire a stake in a subsidiary of Brazilian giant Vale. Maaden said in a filing to the Saudi Exchange that it has acquired 10 percent of Vale Base Metals Limited […] May 1, 2024
Banking & Finance International business drives Q1 growth at First Abu Dhabi First Abu Dhabi, the UAE’s largest bank by assets, has reported revenue of AED8 billion ($2.2 billion) for the first quarter of 2024 after its international operations grew by a third. FAB announced on Wednesday that revenue from outside its home market grew by 33 percent to AED2 billion. It makes up about a quarter […] May 1, 2024
Trade UAE-Estonia trade grows around tech collaboration The digital economy is expected to be at the forefront of trade between the UAE and Estonia as the former Soviet state positions itself to become a European centre for deep tech projects. Officials from both countries met on Saturday in Abu Dhabi, with artificial intelligence and health tech highlighted as areas for greater collaboration. […] April 30, 2024
Finance $290m fund set up to develop Riyadh business park A $290 million fund has been set up in Saudi Arabia to develop a new business park in Riyadh as the city struggles to meet growing demand. Ezdihar Real Estate Development Company and Al-Istithmar Securities and Brokerage Company, the investment arm of the Saudi Investment Bank, said the fund will focus on a 103,000 sq […] April 30, 2024
Agriculture Baladna lines up $3.5bn Algerian dairy venture Baladna, the largest dairy food producer in Qatar, is exploring plans for a $3.5 billion venture in Algeria that will be based on a herd of more than a quarter of a million dairy cows. The company has signed a framework agreement with the Algerian Ministry of Agriculture and Rural Development to set up what […] April 29, 2024
Trade UAE prepares for ‘new era’ in Ukraine with trade deal The UAE has finalised the terms of a trade deal with Ukraine, as the Gulf state looks to become a key player in rebuilding the country once its war with Russia is over. The comprehensive economic partnership agreement (Cepa) aims to build on the $386 million bilateral non-oil trade between the two countries last year. […] April 29, 2024
Video length: 07:03 VIDEO Giga-projects Neom secures $2.7bn as minister admits ‘adjustments’ Saudi Arabia’s $500 billion giga-project Neom has secured new funding as the kingdom’s officials admit some of its Vision 2030 projects may have to be scaled back. The SAR10 billion ($2.7 billion) revolving credit facility, obtained from nine Saudi-listed banks, will support short-term financing requirements for projects such as Trojena, The Line, and Oxagon, Neom said […] April 29, 2024
Analysis Trade Emirates in trade talks with South American quartet The UAE is talking to the four South American countries of the Mercosur bloc to deepen trade relations and boost two-way commerce currently worth almost $8 billion a year. The group, which consists of Argentina, Brazil, Paraguay and Uruguay, is in the preliminary stages of negotiations “to define next steps” of a free trade deal […] April 26, 2024
Analysis Finance More GCC insurance mergers likely after flooding impact Consolidation in the GCC’s insurance sector – already underway because of rising competition and stricter regulations on solvency capital requirements – could be accelerated by the impact of the flooding in the region last week. Ratings agency S&P Global said this week that many insurance companies – mainly in the UAE, Kuwait and Saudi Arabia […] April 25, 2024
