Analysis Transport Electric car sales on the charge due to UAE policy The UAE is forecast to encounter a 32 percent increase in sales of passenger electric vehicles this year as the government launches a national policy to support the sector’s growth. Sales are expected to reach almost 22,000, up from an estimated 16,442 in 2022. Longer-term calculations suggest the total number of EVs will exceed 370,000 […] August 2, 2023
Banking & Finance Saudi insurers plan merger as consolidation grows The board of Al Sagr Insurance Company has backed a proposed merger with rival Gulf Union Ahlia Insurance Company as increased claims and rising regulatory costs spur consolidation among insurers in Saudi Arabia. A circular sent to shareholders of Al Sagr shareholders, seen by AGBI, concluded the offer from Gulf Union is “fair and reasonable” […] August 1, 2023
Analysis Employment Saudi firms turn to experience for board hires When Saudi food major Halwani Bros Company was looking for a new board member, it turned to Jameel Abdullah al-Molhem, who counts CEO of Saudi Telecom Company among a number of his former leadership positions in the kingdom. The appointment of al-Molhem as a non-executive member of the board last week is an example of […] August 1, 2023
Banking & Finance DIFC adds 3,000 jobs as worldwide appeal grows Over 3,000 new jobs were created at Dubai International Financial Centre (DIFC) during the first half of 2023 as 661 companies joined. The total number of firms operating there rose from 4,031 to 4,949 at the end of June, a year-on-year increase of 23 percent. Its fintech and innovation sectors grew 35 percent from 599 […] August 1, 2023
Retail Saudi retailer’s Q2 profit slumps after Egypt u-turn Quarterly profit has halved at United Electronics, the Saudi parent company of tech retailer eXtra, after it dropped a planned expansion into Egypt. United’s net profit dropped to SAR61.7 million ($16.4 million) in the second quarter of 2023, compared to SAR127.1 million for the same period last year. The scrapping of the Egypt plan in […] July 31, 2023
Manufacturing Saudi pharma firm to buy manufacturing site in Algeria Jamjoom Pharmaceuticals Factory Company has increased capital in its joint venture in Algeria to help finance the acquisition of a manufacturing facility. In a filing to the Saudi Stock Exchange, the company, which raised $336 million in an initial public offering in May, announced the additional funding in Jamjoom Algeria Lil Dawa, in which it […] July 31, 2023
Construction Aldar Education expands into Bahrain and Dubai Aldar Properties has increased investment in its education business, with over AED350 million ($95 million) added to the initial AED1 billion commitment announced last year, it said on Monday. A filing to the Abu Dhabi Stock Exchange notes that the company is expanding into Dubai and Bahrain, as well as adding a new acquisition in […] July 31, 2023
Renewable Energy India’s Acme secures funding for Oman hydrogen project Indian renewable energy company Acme Group has secured a loan of $490 million to finance a green hydrogen and ammonia project in Oman. The funding will come from Rec Limited, one of India’s largest green infrastructure financial institutions, and will be used for the first phase of the project. The facility will be established at […] July 27, 2023
Analysis Renewable Energy Clean energy set to power GCC-Central Asia trade growth Leaders from the GCC and countries in Central Asia, known as the C5 bloc, have pledged to boost trade, with clean energy expected to be at the heart of the relationship. The pledge was made at a summit held last week in Jeddah, which built on a meeting last September between foreign ministers from both […] July 26, 2023
Analysis Real Estate Residential deals slump in Saudi as mortgage costs rise Residential real estate deals in Saudi Arabia fell by nearly a third during the first half of 2023 as higher mortgage costs eroded purchasing power. New analysis from Knight Frank showed there were about 70,000 transactions during the first six months of the year, down from 103,000 in the same period last year, representing a […] July 26, 2023
Analysis Energy Green for go: UAE’s long-term plan for hydrogen The UAE has unveiled its national hydrogen strategy as analysts predict that GCC members can play a key role as exporters. The blueprint for hydrogen is a “long-term plan to turn the UAE into a leading and reliable producer and supplier of low-carbon hydrogen by 2031”, according to Suhail bin Mohammed Al Mazrouei, minister of […] July 26, 2023
Tech Du parent posts Q2 profit surge as customers hit 8m Emirates Integrated Telecommunications Company (EITC), which operates the Du and Virgin Mobile brands in the UAE, reported a 31 percent increase in net profit on Wednesday. The growth was on the back of strong demand for mobile and fixed broadband services. Profits totalled AED397 million ($108 million) in the second quarter. Revenue rose by nearly […] July 26, 2023
Analysis Economy Jordan GDP growth forecasts raised on domestic demand Real GDP growth forecasts for Jordan have been raised after sectors including manufacturing, finance, transport and retail performed stronger than expected in the first quarter of the year. Analysts at BMI (formerly Fitch) expect Jordan’s real GDP growth to hit 2.8 percent – up from a previous forecast of 2.6 percent. Growth stood at 2.5 […] July 25, 2023
Construction Aldar unveils $136m plan to revamp UAE shopping malls Aldar Properties announced an AED500 million ($136 million) investment plan on Tuesday to redevelop two of its key retail portfolio assets in the UAE – Al Jimi Mall in Al Ain and Al Hamra Mall in Ras Al Khaimah. The investment takes Aldar’s committed spend on redeveloping key retail assets to AED1 billion, the Abu […] July 25, 2023
Agriculture Saudi dairy giant plans to turn bio-waste into fertiliser Saudi farming giant National Agricultural Development Company has signed a deal to recycle the bio-waste produced by its 92,000 cows. The business, which is known as Nadec, said an estimated 150,000 tons of bio-waste were produced annually at its dairy farms in the kingdom. In a filing to the Saudi Stock Exchange on Tuesday, Nadec […] July 25, 2023
Transport UK keeps Turkey’s high speed railway on track with $865m backing The UK government’s export credit agency has underwritten $865 million of financing to support construction of a 286km high-speed electric railway in southern Turkey. With financing provided by UK Export Finance (UKEF), Turkey’s Rönesans Holding will finish construction of the Mersin-Adana-Gaziantep High Speed Railway on behalf of the Turkish Ministry of Transport. The deal is […] July 25, 2023
Energy Saudi hunts for critical minerals in energy transition Saudi state mining giant Ma’aden and US-based Ivanhoe Electric have closed a deal to investigate 48,500 sq km of under-explored lands in the Arabian Shield for “critical minerals” that are key to powering the global energy transition. Surveys could begin as soon as September in the new joint venture, which is worth nearly $130 million. […] July 24, 2023
Trade Dubai opens Vietnam office as South East Asia trade grows Dubai International Chamber has opened a representative office in Ho Chi Minh City, as analysts predict Vietnam will be one of the UAE’s fastest-growing trade corridors in the next few years. The office will support Dubai companies seeking to expand in the Southeast Asian country and create mechanisms to attract foreign direct investment from Vietnam, […] July 24, 2023
Banking & Finance UAE takes on New York and London in attracting hedge funds The UAE is fast emerging as an attractive alternative to traditional hedge fund centres, experts say, as five funds from the US and Hong Kong set up business in Dubai’s financial hub in the second quarter of 2023 alone. Although more established regions such as London and New York still dominate, the likes of Dubai […] July 20, 2023
Energy UAE waste-to-energy plant starts transmitting electricity The first electricity transmission to the UAE’s national power grid has been delivered from Dubai’s $1 billion waste-to-energy facility as the emirate seeks to reduce its landfill dependence. Hitachi Zosen Inova (HZI) and its joint venture partner Besix made the announcement on Tuesday, saying that the Dubai Waste Management Centre will power 135,000 homes in […] July 19, 2023
Tourism Abu Dhabi checks into $900m deal for Japan hotels A subsidiary of Abu Dhabi Investment Authority is part of a consortium that has completed a $900 million deal to acquire a portfolio of hotels in Japan. The Adia subsidiary has joined Singapore’s private equity real estate firm SC Capital Partners and Goldman Sachs Asset Management in acquiring 27 hotels from Japanese developer Daiwa House […] July 19, 2023
Trade Turkey and UK plan talks to build on $31bn trade ties Turkey and the UK are to begin talks on a revised free trade agreement, building on a relationship that was worth £23.5 billion ($30.7 billion) in 2022. The deal would replace the existing UK-Turkey agreement, which was put in place after Brexit and does not cover services or digital industries. The UK is the second […] July 18, 2023
