Analysis Agriculture Inside the $100m plan to transform desert farming Total cropland in Mena countries decreased by 2.4 percent between 2003 and 2018 – the sharpest drop in the world – according to satellite imagery. In response, a Beirut-based multilateral is seeking $100 million for a new programme to enhance innovation to increase farming productivity in a region that already had the lowest cropland […] August 29, 2023
Analysis Finance Bahrain adds ‘smart factories’ to strategy to lift private sector Bahrain plans to develop 300 “smart factories” by 2026 as it seeks to boost private sector activity and tackle its sluggish growth rate. The iFactories initiative aims to support the manufacturing sector’s move to digitalisation, reduce dependence on unskilled work and strengthen national industries, said Abdulla bin Adel Fakhro, the kingdom’s industry and commerce minister, […] August 28, 2023
Health Pure Health buys UK private hospital group for $1.2bn Pure Health, the largest healthcare group in the Middle East, is buying Circle Health Group, the UK’s largest operator of private hospitals. The deal, valued at AED4.4 billion ($1.2 billion), is Pure Health’s first entry into the UK. Based in Abu Dhabi, Pure Health has a network of more than 25 hospitals, 160 laboratories, 100 […] August 28, 2023
Banking & Finance Network invests $32m to fuel Egypt’s cashless ambition Dubai’s Network International is investing EGP1 billion ($32 million) to accelerate Egypt’s transition from cash to digital payments. Network said it plans to enhance its payment technology and capabilities in Egypt. This includes investing significant amounts in procuring, deploying and maintaining about 100,000 point-of-sale machines. It will also invest in implementing and operating its payments […] August 28, 2023
Tourism Dubai lures UK travel firm as Saudi rivalry intensifies Holiday Swap, a UK travel tech company that allows people to find holiday accommodation by swapping homes, is to establish its headquarters in Dubai. Its new office will be located in Dubai Internet City. It aims to support 500 jobs there within two years. The vacation exchange and booking platform has more than one million […] August 25, 2023
Trade Dubai’s exports to Southern Africa growing fast Southern Africa is fast emerging as a vital export destination for Dubai-based companies, new figures show. Dubai Chamber of Commerce revealed on Wednesday that the emirate recorded an 81 percent year-on-year growth in exports to the region, to reach AED477.2 million ($130 million). This was up from AED264 million ($71.8 million) in the year-earlier period, […] August 24, 2023
Analysis Trade Joramco flies high as UAE and Jordan deepen industrial ties Commercial aircraft maintenance operator Joramco is establishing a new Boeing Converted Freighter production line in the Jordanian capital of Amman. The company, which is part of Dubai Aerospace Enterprise, is flying the flag for trade relations between the UAE and Jordan as they expand their joint industrial ambitions. Joramco said the new venture will support […] August 24, 2023
Tech Dubai tech company buys Virgin Mobile Latin America A Dubai technology investment company has bought Virgin Mobile Latin America, a mobile virtual network operator with operations in Mexico and Colombia. The acquisition by Beyond One follows its buyout in February of Virgin Mobile Middle East and Africa, which serves Saudi Arabia, the UAE, Oman and Kuwait. A mobile virtual network operator is a provider […] August 23, 2023
Real Estate US builder to manage Riyadh business hub expansion US construction and engineering company Parsons Corporation has won a contract to manage the expansion of the King Abdullah Financial District (KAFD). The Virginia-based business said it has been awarded a five-year contract by the KAFD Development and Management Company for Saudi Arabia’s prime business and lifestyle destination. The contract supports the expansion of the […] August 23, 2023
Tech Space tech company launches Dubai HQ and listings plan A US space tech company is setting up a regional headquarters in Dubai. Orion Applied Sciences and Technology (OrionAST), a global provider of high-resolution satellite data, is establishing a base in Dubai Silicon Oasis and intends to list its shares on Dubai Financial Market. The company has also launched a subsidiary, Open Skies Industries, to […] August 22, 2023
Employment Dubai named top city for ‘executive nomads’ Dubai has risen to the top of a new index that ranks the world’s most desirable destinations for executive nomads. New entry Abu Dhabi is also emerging as a hotspot for senior professional remote workers, placing fourth. Malaga and Miami took second and third places. According to the latest Savills Executive Nomad Index, Dubai has […] August 22, 2023
Industry Petrochemicals producer in $40m blow A major Saudi Arabian petrochemicals company has announced a temporary shutdown at some of its plants which is likely to cost it SAR150 million ($40 million). Yanbu National Petrochemical Company (Yansab) said a “technical upset” forced the shutdown on August 14 and is likely to continue into early September. “The work is in progress to […] August 22, 2023
Finance Saudi investor leads $350m funding for US space company An investment firm from Saudi Arabia has led a $350 million funding round for Axiom Space, three months after the US company took the kingdom’s first astronauts to the International Space Station. Axiom Space said the Series-C funding round was led by Saudi Arabia’s Aljazira Capital and South Korean healthcare firm Boryung, taking its total […] August 22, 2023
Exclusive Health US biotech manufacturer seeks Gulf genomics partners US biotech company ProPhase Labs is in talks with prospective partners in the UAE and Saudi Arabia. ProPhase Labs, which is listed on Nasdaq, has appointed two advisers: investment bank ThinkEquity and Al Ramz Corporation, a capital markets financial institution in Abu Dhabi. Discussions with potential partners in Dubai, Abu Dhabi and Saudi Arabia are […] August 22, 2023
Analysis Trade Aid turns to trade as UAE plans Ethiopia investments The UAE is planning to increase its investments in Ethiopia as the economic relationship between the two countries evolves from aid to trade. More than a dozen memoranda of understanding were signed between public and private entities in Addis Ababa during an official visit to Ethiopia by UAE President Sheikh Mohamed bin Zayed al Nahyan […] August 21, 2023
Analysis Manufacturing Abu Dhabi’s industrial ambitions begin to bear fruit Abu Dhabi has registered a 63 percent jump in the number of industrial licences issued during the first half of 2023 as the emirate makes progress on plans to double the size of the sector by 2031. In the first full year since the launch of the Abu Dhabi Industrial Strategy, nearly AED15.4 billion ($4.2 […] August 17, 2023
Transport Dubai company to invest $500m in Chinese EV maker UAE company NWTN has announced a deal to invest $500 million in the Chinese manufacturer of electric vehicles including the Hengchi brand. The investment in China Evergrande New Energy Vehicle Group aims to accelerate NWTN’s development in the EV space as it establishes an assembly plant in UAE capital Abu Dhabi. Headquartered in Dubai, the eco-conscious […] August 16, 2023
Logistics DP World reveals expansion plans at critical ports Port operator DP World has announced plans to expand capacity across critical global markets as it responds to growing demand. The Dubai-based company expects to add 3 million 20-foot equivalent units (TEUs) of new container handling capacity by the end of the year. DP World – which manages 9 percent of the world’s handling capacity, […] August 16, 2023
Analysis Economy Saudi tourism revenue grows as budget surplus shrinks Tourism revenue is beginning to emerge as a serious component on Saudi Arabia’s balance of payments, tripling in a year, and experts see the sector as a “very important” offset to any decline in oil earnings. While the kingdom’s current account returned another surplus in the first quarter of 2023 of $17.7 billion, this was […] August 16, 2023
Analysis Economy Algeria’s GDP growth to slow as oil production dips Algeria’s economic growth is expected to slow this year and in 2024 as oil production drops. Analysts at BMI, formerly Fitch Solutions, forecast that the country’s real GDP will be 2.1 percent in 2023 and 1.9 percent next year – down from 3.3 percent in 2022. Algeria’s hydrocarbon production – made up of one-third gas […] August 16, 2023
Industry Shipbuilder ADSB trains sights on exports as profit rises Abu Dhabi Ship Building has reported net profit of AED21 million ($5.7 million) for the first half of 2023 – more than its profit figure for the whole of last year. The listed shipbuilder’s order book stands at more than AED8 billion, it said in a filing to Abu Dhabi Stock Exchange on Monday. CEO […] August 15, 2023
Construction Contractor Drake & Scull files lawsuit claims of $2.8bn Troubled Dubai contracting firm Drake & Scull International said on Tuesday that it has filed lawsuits with claims equivalent to more than AED10.3 billion ($2.8 billion) as it awaits court approval on its restructuring plan. Chairman Shafiq Abdelhamid said in a filing to Dubai Financial Market that the lawsuits include civil cases filed against the […] August 15, 2023
