Industry Miner Ma’aden reports $22m loss as commodity prices fall Ma’aden, the Gulf’s largest mining company, posted a net loss of SAR83 million ($22.1 million) for the third quarter of 2023, compared with a profit of more than SAR2 billion a year earlier. The Saudi company reported a SAR3.8 billion slump in sales on the back of declining commodity market prices of most of its […] October 31, 2023
Analysis Aviation Saudi aviation reforms to attract foreign airport operators Saudi Arabia has unveiled reforms and new regulations to encourage more foreign investment in its aviation sector, as part of a privatisation push. The new economic policy framework aims to create a “level playing field” for global operators and investors in the kingdom, according to the president of the General Authority of Civil Aviation (Gaca). […] October 31, 2023
Agriculture Qatar food giant mulls $1.5bn Egypt dairy farming project The largest dairy food producer in Qatar is exploring plans to invest up to $1.5 billion in a farming project in Egypt. Baladna, which is listed on the Qatar Stock Exchange, and the Suez Canal Authority have signed a memorandum of cooperation for the proposed development in Egypt’s south-west region. The farm would have 20,000 […] October 31, 2023
Real Estate Aldar plans European moves after unveiling record sales Aldar Properties is planning to expand into Europe after posting record sales for the year so far, its chairman said on Monday. Sales at the Abu Dhabi-based real estate developer reached nearly AED8 billion ($2.2 billion) in the third quarter, driving a 48 percent increase in net profit. For the year to September 30, sales […] October 30, 2023
People & Lifestyle Hollywood mogul is AlUla’s hero in Saudi movie twist The ancient city of AlUla in Saudi Arabia has turned to a former Warner Bros movie mogul to further its ambitions to become a world-class hub for the film and creative industry. Film AlUla, the Royal Commission for AlUla’s film agency, has signed a three-year deal with Stampede Ventures, led by founder and CEO Greg […] October 29, 2023
Analysis Trade UAE-Swiss trade golden age adds technology to luxury The trade relationship between the UAE and Switzerland is enjoying a golden era, with the European nation now the top non-oil destination for Emirati exports. Gold, jewellery and luxury watches traditionally dominated non-oil bilateral trade but innovation is growing in importance, according to Swiss Business Hub Middle East. It said that technology was increasingly important […] October 26, 2023
Analysis Tourism GCC tourist permit could pave way for unified visas Plans to introduce a GCC tourist visa by the end of 2025 could pave the way for other unified visas as the Gulf looks to strengthen its position as an economic bloc. The region could follow the model of Europe’s Schengen Area – a group of 27 countries – where the visa developed beyond tourism […] October 25, 2023
Retail Saudi warehousing shortage offers developers opportunity Saudi Arabia is facing a severe shortage of warehousing, and experts say the challenge for industrial occupiers presents an opportunity for developers. Real estate consultancy Knight Frank said the warehouse market in the kingdom remains “severely undersupplied” and rents are on a sharp upward trajectory. Average warehouse rents in Riyadh rose 20 percent during the […] October 25, 2023
Trade Riyadh to host first GCC-Asean investment summit Riyadh will host the first GCC-Asean Economic and Investment Conference next year amid calls for the two regions to negotiate a free trade agreement. The conference, planned for the first half of 2024, was announced in a joint statement following the Gulf Cooperation Council (GCC) and the Association of Southeast Asian Nations (Asean) summit held […] October 24, 2023
Business of Sport Saudi Arabia launches esports world cup Saudi Arabia has announced the launch of the Esports World Cup, to be held annually in Riyadh from 2024. The world cup is part of the kingdom’s National Gaming and Esports Strategy, designed to increase the sector’s contribution to the country’s GDP by more than SAR50 billion ($13.3 billion) by 2030, establish 250 game developers […] October 24, 2023
Analysis Trade GCC chief predicts China free trade deal ‘soon’ China and the GCC will sign a free trade agreement “soon”, according to a Gulf official, nearly 20 years after negotiations began. Jasem Mohamed Albudaiwi, the GCC’s secretary general, has predicted the deal will be “wrapped up during the next short period”, adding that its fruits “will be reaped as soon as possible”. His comments […] October 23, 2023
Tourism GCC ministers agree to unified tourist visa A unified GCC tourist visa is to be launched within the next two years as the region targets $188 billion from the industry by the end of the decade. Abdullah bin Touq Al Marri, the UAE’s minister of economy, said the visa, which will allow holders to travel across the six Gulf nations – Bahrain, […] October 23, 2023
Analysis Economy Oman labour reforms raise cost concerns for businesses Oman’s reforms to its labour laws run the risk of making the sultanate a less attractive place to invest and do business, experts have warned. New legislation – which aims to enhance worker protection and promote Omanisation – expressly permits the termination of expatriate employees in favour of appointing Omani nationals. Concerns have been raised […] October 23, 2023
Analysis Trade GCC trade deal to help ‘level playing field’ for Pakistan The GCC has signed a preliminary free trade agreement with Pakistan as the South Asian nation looks to boost exports to ease its financial woes. The agreement was signed in Riyadh earlier this month. It aims to increase trade and investment with GCC countries by up to 50 percent by eliminating tariffs on goods and […] October 19, 2023
Construction Chinese builder picked for $1bn Medina projects Agreements worth nearly $1 billion have been signed with a Chinese construction major to build two mixed-use projects in Saudi Arabia’s Knowledge Economic City (KEC) in Medina. A filing by KEC to the Saudi Stock Exchange on Wednesday revealed that a $400 million deal has been agreed with China Gezhouba International Engineering Group Company (CGGC) […] October 18, 2023
Construction Raysut Cement faces court over ‘misrepresentation’ An Omani investigation into a “material misrepresentation” in the accounts of Raysut Cement Company is set to go to court. The probe by financial regulator, the Capital Market Authority, related to the company’s unaudited financial reports for the third quarter of 2022. In a filing to the Muscat Securities Exchange, Hamdan Al Shaqsy, chairman of […] October 18, 2023
Analysis Entrepreneurs Dubai protects city emblem as IP laws evolve A new law has been established to protect the official emblem of Dubai as part of evolving legislation aimed at improving intellectual property (IP) rights in the UAE. Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum, who is also vice president and prime minister of the UAE, has issued Law No. 17 of 2023, which […] October 18, 2023
Tourism Saudi Arabia adds more countries to tourist visa list Saudi Arabia has added six new countries to its list of nationalities that can apply for a tourist visa online. Visitors from Turkey, Thailand, Panama, Saint Kitts & Nevis, Seychelles and Mauritius are now eligible for leisure and business travel, as well as visits for the Umrah pilgrimage. The expansion brings the total number of […] October 17, 2023
Economy Mena growth to fall as GCC weakness exposed Analysts have predicted a slump in growth for the Middle East and North Africa (Mena) for 2023, prompted by oil production cuts in the GCC and the impact of the Morocco earthquake in September. Both the World Bank and BMI, formerly Fitch Solutions, said Mena growth is likely to fall to 1.9 percent this year, […] October 17, 2023
Markets Belt and Road green bonds listed in Dubai by Chinese bank Bank of China has issued the first green bonds focused on Belt and Road Initiative projects in the Middle East, listing them on Nasdaq Dubai. The $770 million listing by one of China’s largest state-owned banks raises the total value of debt listed on Nasdaq Dubai to nearly $120 billion. The green notes have simultaneously […] October 16, 2023
Economy RAK outlook upgraded as hotel building steps up Ras Al Khaimah’s tourism and infrastructure projects, including the $3.9 billion Wynn Al Marjan Island resort, could strengthen the emirate’s growth prospects over the next two to three years, S&P Global Ratings said on Monday. S&P now rates RAK’s long-term outlook as “positive”, upgrading it from “stable”. The ratings agency is also forecasting that RAK’s […] October 16, 2023
Analysis Tech Gulf accelerates longevity push with AI and healthtech The Gulf is establishing itself at the forefront of the world’s fast-growing “longevity” sector. Saudi Arabia and the UAE in particular are making strides in the global race to prolong life, investing in health technologies that can predict medical risk and help develop medicines. They are investing in healthtech, building laboratories to support research and […] October 12, 2023
