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
Banking & Finance Cop28 tipped to feed appetite for green sukuk The Cop28 climate conference in the UAE is expected to boost interest in green sukuk as the market gathers momentum in the GCC, Malaysia and Turkey. Environmental, social, and governance (ESG) sukuk – sharia-compliant instruments used to fund renewable energy and other green projects – are set to be a central issuance theme for the remainder […] August 15, 2023
Retail BinDawood plans expansion after profit rise Grocery retailer BinDawood Holding is opening up to six new stores in Saudi Arabia this year following increases in revenue and profit. The company operates a total of 84 hypermarkets and supermarkets across the kingdom. It is also planning to expand its e-commerce capacity including one “mega dark store”. Dark stores are large retail facilities […] August 14, 2023
Analysis Trade Nuclear energy to power UAE-Romania trade growth Dubai International Chamber has set up a Romanian Business Council as part of efforts to build on non-oil trade between the UAE and the Eastern European nation, which exceeded $1 billion last year. The council will promote the interests of Romanian businesses and Romanian-owned UAE-registered companies in Dubai. It will also support Dubai’s presence in […] August 10, 2023
Exclusive Banking & Finance Dubai’s Tarabut points way for open banking in GCC The new chief financial officer of open banking platform Tarabut Gateway sees “exciting times ahead” as the company focuses on expansion in Saudi Arabia. It is also hoping to enter other Middle East markets. Open banking allows for financial data to be shared between banks and third-party service providers through the use of applications. Similar […] August 10, 2023
Retail Cenomi Centers doubles profit as mall visitors rise Cenomi Centers, the largest owner, operator and developer of shopping malls in Saudi Arabia, more than doubled net profit in the first half of 2023 as bosses predict a record post-pandemic year for footfall. The company reported revenue over SAR1 billion, a 5.5 percent year-on-year increase, while net profit increased 103 percent to SAR725 million […] August 9, 2023
Markets Saudi leads ‘very healthy’ GCC IPO pipeline The GCC remains an attractive region for IPO listings with Saudi Arabia leading a healthy pipeline of planned deals for the rest of the year and beyond, say experts. The Middle East and North Africa (Mena) region recorded a 44 percent jump in listings during the second quarter. By contrast, wider Europe, Middle East, India, […] August 9, 2023
Exclusive Sustainability Omani firm aims to rock the world by mineralising CO2 Omani carbon mineralisation startup 44.01 plans global expansion after being named a winner of last December’s Earthshot Prize for its innovative technology. The company expects to start work in the UAE on its first pilot project outside Oman mineralising peridotite rock later this year. Peridotite – a rock found in Oman as well as in […] August 9, 2023
Industry Yahsat in Airbus talks to build new satellites Al Yah Satellite Communications Company (Yahsat) is in talks with Airbus to start work on two new satellites as it looks to build on a 5 percent rise in net profit for the first half of 2023. Group CEO Ali Al Hashemi said the Abu Dhabi-listed company has signed an authorisation-to-proceed letter with the European […] August 8, 2023
Retail Store closures help Cenomi Retail return to profit Saudi franchise group Cenomi Retail posted net profit of SAR113 million ($30.1 million) during the first six months of 2023, compared with a small loss in the year-earlier period as the company closed dozens of stores. While 11 percent of its stores closed during the first half of the year, revenue only dipped by 1.9 […] August 8, 2023
Analysis Oil & Gas Adnoc gas deal fires up UAE-Azerbaijan ties Abu Dhabi National Oil Company (Adnoc) is to acquire a 30 percent equity stake in the Absheron gas and condensate field off the coast of Azerbaijan, as part of a plan to grow its international gas business. The deal will allow the state-owned company to facilitate a route into global markets for gas in Europe […] August 8, 2023
Energy Masdar chief hails ‘defining moment’ in $3bn green fund The chairman of Abu Dhabi Future Energy Company, better known as Masdar, has described the completion of its debut green bond issuance as a “defining moment”. The $750 million 10-year senior unsecured notes are listed on the London Stock Exchange (LSE) and form the first part of a programme to raise up to $3 billion. […] August 7, 2023
Oil & Gas Saudi Aramco profit slumps after oil price drop Saudi Aramco on Monday reported income of $30 billion for the second quarter of 2023, down by more than a third from this time last year as oil prices fell. The company said in a filing to the Saudi Stock Exchange that the decrease mainly reflected the impact of lower crude oil prices and weakening […] August 7, 2023
Analysis Trade Oil and services grow UK-GCC trade to $83bn Total trade between the UK and GCC countries rose by more than 70 percent to £64.5 billion ($82.7 billion) in the year to the end of March, driven by rising oil prices and a demand for services as Gulf states move to diversify their economies. According to an AGBI analysis of statistics released by the […] August 4, 2023
Analysis Trade In charts: How UK-GCC trade has soared The UAE was the UK’s largest trade partner in the GCC region last year, worth nearly $30 billion according to the latest data. Saudi Arabia followed with more than $22 billion while Kuwait encountered the fastest growth rate of 118 percent as total UK-GCC trade rose sharply to $83 billion. Below, is the story of a […] August 4, 2023
Analysis Agriculture Saudi and Brazil sow seeds to partner on food security Saudi Arabia is intensifying its trade and investment ties with Latin America in pursuit of food security and green energy, as a ministry-led delegation hunts for opportunities in Brazil, Chile, Costa Rica, Argentina, Panama and Paraguay. A visit to São Paulo earlier this week by Khalid al-Falih, Saudi minister of investment, coincided with a Brazilian […] August 3, 2023
Tourism Saudi giga-project Red Sea to open first hotels this year The first three hotels at Saudi Arabia’s multi-billion dollar Red Sea destination are on track to open later this year, its developer announced on Wednesday. Red Sea Global (RSG), the company behind tourism destinations Amaala and The Red Sea, also said the first domestic flights are set to take off from its international airport before […] August 2, 2023
Real Estate Abu Dhabi firms in talks for $12bn real estate and tourism giant Abu Dhabi’s ambitions to rival its neighbour Dubai as a global events destination have stepped up a notch with talks to create one of the largest real estate, hospitality, events and catering platforms in the region. Sovereign wealth fund ADQ and IHC Capital Holding have submitted an offer to wrap some of their shareholdings into real […] August 2, 2023
