Analysis Banking & Finance Mergers push Islamic banking forwards in Bahrain Hundreds of Islamic banking executives are descending on Bahrain next month for the Islamic Finance Innovation Day on May 30. Under the patronage of the Central Bank of Bahrain, it will focus on embedding environmental, social and governance (ESG) investing into Islamic finance. The event comes as analysts predict that Islamic banking’s market share will […] April 26, 2023
Analysis Construction Kuwait’s building towards its $100bn ambition Work has started on the first phase of Kuwait Port Authority’s $160 million redevelopment of Shuwaikh Port as the country steps up its multi-billion-dollar infrastructure strategy. The port expansion has been awarded to a joint venture of South Korea’s Hyundai and Kuwaiti Gulf Dredging & General Contracting, as the government increasingly turns to private investors […] April 25, 2023
Analysis Employment Saudi unemployment tumbles as more women join workforce Unemployment in Saudi Arabia has fallen to 8 percent, its lowest level for six years, as the kingdom’s non-oil economy recorded strong growth in 2022. The rate dropped by 3 percentage points in 2022, according to the General Authority for Statistics and analysts expect it to fall further this year. “As we expect higher growth […] April 20, 2023
Food & Drink Abu Dhabi sets up $100m fund to elevate restaurant scene Abu Dhabi has set up a $100 million investment fund to help attract more global restaurant brands to the city. The Abu Dhabi Culinary Investment Fund, announced by the Department of Culture and Tourism (DCT) Abu Dhabi, will also support building and establishing a culinary school. The school will offer an established core curriculum and […] April 19, 2023
Cop28 UK-UAE deal to roll out ‘miracle material’ graphene A University of Manchester company has forged a $1 billion partnership in the UAE to spearhead the drive to commercialise graphene, the “miracle material” that’s stronger than diamond, more conductive than copper and more flexible than rubber. Graphene Innovations Manchester (GIM) has signed a memorandum of understanding with Quazar Investment Company to set up the […] April 19, 2023
Tourism Dubai’s Sunset Hospitality Group rises in Morocco Sunset Hospitality Group has announced a partnership to enter Morocco as part of its ongoing global expansion plans. Sunset, which operates over 25 hospitality brands around the world, ranging from resorts and beach clubs to restaurants and nightlife venues, has teamed up with African Hospitality Group (AHG) to develop new lifestyle experiences in Morocco. Having recently […] April 18, 2023
Tourism Qatar relaunches World Cup visa platform for tourism Qatar has relaunched the visa platform it used to welcome 1.4 million football fans during last year’s Fifa World Cup with a broader tourism remit, as it seeks to attract over six million visitors a year by 2030. The new-look Hayya platform will become the single portal for all tourist and business visas to the […] April 17, 2023
Banking & Finance Network International confirms takeover bid Digital payments provider Network International confirmed on Monday it has received a takeover proposal from a consortium of CVC Capital and Francisco Partners, valuing the company at about $2.6 billion. In a statement, the Dubai-based company said the proposal “is at a value that the board would be minded to recommend to Network shareholders”. The […] April 17, 2023
Analysis GCC and Japan move into fast lane for trade growth When Abu Dhabi announced the launch of the world’s largest autonomous racing league last month, it was with a significant nod to trade with Japan. Aspire, an arm of the emirate’s Advanced Technology Research Council, unveiled plans to host the first autonomous car race next year, featuring the Dallara-built Super Formula cars exclusively provided by […] April 13, 2023
Energy Masdar powers US ops with battery project stake UAE clean energy firm Masdar has expanded its presence in the US renewables market with the acquisition of a 50 percent stake in a combined solar and battery storage project from EDF Renewables North America. The Big Beau in California comprises a 128mw photovoltaic solar plant and a 40mw/160 mwh battery energy storage system. The […] April 12, 2023
Tech Brazil now has the Edge in defence technology Technology and defence giant Edge Group is opening a new regional office in Brazil’s federal capital, Brasilia. The office is part of Abu Dhabi-based Edge’s plans to take advantage of opportunities in local markets as experts expect defence spending in Brazil to increase to nearly $25 billion this year. The announcement was made at LAAD […] April 12, 2023
Logistics Agility targets rapid growth as it hails ‘huge potential’ of Saudi market Kuwaiti logistics firm Agility sees huge potential in Saudi Arabia and is “taking every measure” to boost its investments in the kingdom. The company, which has reported earnings of KD68 million ($221 million) for 2022, a year-on-year increase of 180.7 percent, believes Saudi Arabia “definitely” offers the biggest market potential in the GCC. Agility’s revenues […] April 11, 2023
Analysis Health More GCC healthcare mergers likely as competition hots up The GCC healthcare market is set to witness more mergers, acquisitions and consolidation as competition increases, say experts. As the sector continues to mature, public-private partnerships (PPPs) are bringing about a shift in care delivery that is likely to be transformative, according to Dubai-based investment banking advisory firm Alpen Capital. Its research predicts that healthcare […] April 4, 2023
Exclusive Real Estate Sheikh’s salute puts London’s Mr Super Prime on the map Business is booming for London-based luxury property broker Daniel Daggers, founder of DDRE Global, thanks in part to clients such as the chairman of Dubai airline Emirates. When Sheikh Ahmed Bin Saeed Al Maktoum was looking to purchase in the UK capital, his adviser turned to DDRE’s Daggers for help. And the real estate mogul […] March 31, 2023
Energy Uzbekistan draws in billions of GCC energy investments Uzbekistan’s energy sector is attracting billions of dollars from the Gulf as the former Soviet republic looks to generate 35 percent of its electricity from renewable sources by 2030. The central Asian country has an average of 330 sunny days a year and the potential for solar energy is huge, prompting companies such as Saudi-based […] March 31, 2023
Agriculture Saudis invest $70m in Danish bioprotein firm Saudi Industrial Investment Group is investing $70 million in Unibio International, a bioprotein production technology firm in Denmark, to help increase food security in the kingdom. SIIG told shareholders that it has signed an agreement to buy 24 percent of the company. The investment will be in two phases: a 9.9 percent stake is to […] March 30, 2023
EXCLUSIVE Economy Brazil steps up efforts to engage UAE in free trade talks Brazil is keen to progress free trade negotiations with the UAE, a business leader has said, and working hard to “reduce resistance” from the country’s petrochemicals sector. Osmar Chohfi, president of the Arab Brazilian Chamber of Commerce, told AGBI that current resistances revolve around “some sensibilities by the Brazilian petrochemical industry fearing unfair competition” but […] March 30, 2023
Tourism Seera’s return to operating profit reflects Saudi tourism push Saudi travel giant Seera Group has announced its first operating profit since the coronavirus pandemic as the kingdom continues to emerge as a global tourism destination. Driven by the resurgence in demand for travel, Seera Group generated a gross booking value of SR9.3 billion ($2.5 billion) last year, nearly double the figure recorded in 2021. […] March 29, 2023
Energy Shares soar at Israeli energy giant after BP and Adnoc offer Shares in Israeli energy giant NewMed Energy soared on Tuesday after BP confirmed that, together with Abu Dhabi National Oil Company (Adnoc), it has made a non-binding offer to buy a 50 percent stake in the company. The Tel Aviv Stock Exchange-listed natural gas operator saw its share price rise by more than 36 percent […] March 29, 2023
Tourism Gulf expects China rebound as tourists return from isolation The Middle East is likely to experience a surge in Chinese tourism this year, reminiscent of the earlier rebound witnessed from Europe and India. China lifted its Covid-related travel restrictions in January, allowing Chinese tourists to travel abroad, without having to quarantine upon their return. Bookings for overseas travel during Chinese New Year soared […] March 28, 2023
Neom Renewable energy desalination is the way forward for GCC states Projects in the Middle East are seeking to increase their use of renewable energy desalination amid criticism of the traditional process as being high-cost and energy-intensive. The Mena region is expected to add an estimated 20GW of solar capacity and 5-6GW of wind by 2025, and the use of these sources is increasingly coming to […] March 28, 2023
Analysis Desalination spend on the rise in race against water crisis The UAE’s minister of climate change and the environment is clear about the importance of desalination, the process of removing salt from seawater. Speaking at the United Nations Water Conference in New York last week, Mariam bint Mohammed Almheiri quoted the country’s founder, the late Sheikh Zayed Al Nahyan, when she declared: “Water is not […] March 28, 2023
