Energy Saudi teams up with Iceland to explore its geothermal potential Iceland is helping Saudi Arabia to explore its geothermal power resources as the kingdom accelerates its transition away from hydrocarbons. The Saudi Industrialisation and Energy Services Company (also known as Taqa) and Reykjavik Geothermal have signed a joint venture agreement to establish Taqa Geothermal Energy, headquartered in Riyadh. The deal comes as research shows that Saudi […] March 16, 2023
GCC faces tech talent shortage while Meta cuts 10,000 jobs Experts warn that the fintech sector in the GCC still has several obstacles to overcome, chief among them a shortage of talent. Against this backdrop, Riyadh hosted the region’s largest fintech recruitment fair last week. The two-day Fintech Careers Fair involved more than 50 companies showcasing 600 job opportunities. Over 8,000 people attended. It took […] March 15, 2023
Logistics Agility and Hassan Allam link up to build logistics parks in Egypt Kuwaiti logistics specialist Agility has formed a joint venture with the development arm of Hassan Allam Holding to build and run warehouses in Egypt. The venture, Yanmu, is due to open its first logistics park in August with an initial investment of about $100 million, Agility said in a stock market filing. The development, a […] March 14, 2023
Logistics UAE issues first licence to test electric cargo planes The UAE has issued its first licence for electric cargo planes as it steps up efforts to support sustainable transport technology. The Emirati government’s Regulations Lab issued the licence to US shipping giant UPS, to test electric vertical takeoff and landing (eVTOL) aircraft in the UAE. The agency said in a statement that the licence […] March 14, 2023
Transport GCC metro push could bring a $700bn economic boost Investing an extra $220 billion into GCC metro systems could lead to $700 billion worth of benefits over 20 years, according to experts, as the region seeks transport solutions to meet demand from rising populations. Growing populations, ambitious economic growth goals, new expectations for commute times and plans to improve quality of life are all […] March 14, 2023
Analysis Aviation UAE firms at forefront of fuelling sustainable aviation Emirates operated its first flight with one of its engines powered entirely with sustainable aviation fuel last month – a milestone for UAE firms as they seek to lead the industry towards decarbonisation. The flight, which took off from Dubai International Airport and flew for more than an hour, was a showpiece event for the […] March 13, 2023
Retail GMG opens Egypt HQ with plans for 1,000 new jobs GMG, which manages more than 120 retail brands across the Middle East, North Africa and Asia, has announced plans to increase its Egyptian workforce 10-fold over the next four years. The retailer, headquartered in Dubai, said it has opened a dedicated office in Cairo to support plans to create more than 1,000 new jobs in […] March 13, 2023
Real Estate Dubai’s Union Properties returns to profit after restructuring Union Properties, one of Dubai’s oldest developers, announced on Monday a turnaround in fortunes – transforming a AED966 million ($263 million) net loss in 2021 to a AED30 million ($8.1 million) net profit last year. The Dubai Financial Market-listed company also said revenue from customer contracts increased by 5 percent year-on-year to AED419.2 million in […] March 13, 2023
Logistics Bahri links with Suez as Saudi and Egypt revamp trade alliance Saudi shipping giant Bahri has signed a memorandum of understanding with Egypt’s Suez Canal Authority to set up a joint venture to transport general and bulk cargo, chemicals and oil. Bahri, also known as The National Shipping Company, and the Authority, which manages and operates one of the world’s most heavily used shipping lanes, aim to establish […] March 9, 2023
Tourism Saudi tourism appeal growing ‘at the speed of light’ Saudi Arabia’s tourism sector is growing “at the speed of light”, a senior official said as the Gulf kingdom made its debut at the Berlin travel show. According to Fahd Hamidaddin, CEO of Saudi Tourism Authority, the country recorded a total of 93.5 million domestic and international visits last year as it transforms “at a […] March 8, 2023
UAE industrial giant pins future on net zero 2050 ambitions Emirates Global Aluminium (EGA) – the UAE’s largest industrial company outside those focused on oil and gas – is pinning its future on the country’s decarbonisation efforts as the global market for aluminium remains under pressure. The company said it is committed to producing aluminium more sustainably and, last year, produced 57,000 tonnes of CelestiAL […] March 8, 2023
Analysis Markets Mena merger activity hits ‘unprecedented’ levels When Dubai-based headhunter Dulsco acquired Scottish energy personnel specialist Advance Global Recruitment this week, it was the latest deal in a mergers and acquisitions market that analysts say is growing at an “unprecedented” rate. The EY Middle East and North Africa M&A Insights 2022 report found that the Mena region – which historically records 500-600 […] March 8, 2023
Economy New Qatari PM takes helm as business activity bounces back Business activity in Qatar rebounded in February, recording its highest month-on-month growth since the country lifted its Covid lockdown. The Qatar Financial Centre purchasing managers’ index (PMI) – released one day before the cabinet reshuffle that elevated Sheikh Mohammed bin Abdulrahman Al Thani to prime minister – hit 51.9 in February, up 6.2 points from […] March 7, 2023
Banking & Finance Mubadala part of $1.95bn deal for stake in US insurance giant Mubadala Investment Company has partnered with co-investors to buy a stake in the sixth-largest insurance broker in the US. The Abu Dhabi sovereign investor announced on Tuesday that it has partnered with primary investor Stone Point Capital and other investors to purchase a 20 percent stake for $1.95 billion in Truist Insurance Holdings, a subsidiary […] March 7, 2023
Economy UAE and Italy elevate trade status in bid to grow $7bn relationship The UAE and Italy have elevated relations to the level of a strategic partnership as the countries aim to build on growing trade figures seen last year. The announcement came after a meeting held on Saturday between President Sheikh Mohamed bin Zayed Al Nahyan and Italy’s Prime Minister Giorgia Meloni in Abu Dhabi during her […] March 7, 2023
Dubai firms head to Central Asia to build trade relationships A delegation of business leaders from Dubai will be heading to Central Asia next week to build on a non-oil trade relationship worth more than $2.4 billion. Dubai International Chamber said the first New Horizons trade mission – a new initiative to drive international expansion of its members to new markets – will focus on […] March 6, 2023
Logistics DP World opens Somaliland hub as it seeks trade boost in Africa DP World has set up an economic zone in Somaliland as part of its plan to build a major trade hub in the Horn of Africa. The Berbera Economic Zone was inaugurated on Friday by the Dubai-based port operator and the government of Somaliland, a self-declared republic in east Africa. The project is also supported […] March 6, 2023
Analysis Economy Growing female workforce helps drive Saudi economy Saudi Arabia’s non-oil economy is forecast to grow by more than 5 percent this year, driven in part by an influx of women joining the country’s workforce. Expansion of the female labour force has been described as “one of the stand-out successes” of the kingdom’s Vision 2030 programme and shows no signs of slowing. The […] March 3, 2023
Aviation Flydubai in huge recruitment drive amid record profits The biggest recruitment drive in the history of Flydubai is continuing as the low-cost airline looks to build on record profit growth in 2022. A total of 1,300 employees joined Flydubai last year, 80 percent of whom are cabin crew, engineers or pilots, aided by the “desire of top talent to relocate to Dubai and […] March 1, 2023
Energy $8.5bn funding deals signed for Saudi green hydrogen project Agreements have been finalised and signed to fund the world’s largest green hydrogen production facility, which will be built in Saudi Arabia with a total investment of $8.5 billion. Acwa Power announced on Wednesday in a filing to the Saudi Stock Exchange that the Neom Green Hydrogen Project will be funded by a combination of […] March 1, 2023
Real Estate Bloom CEO plans to double number of its UAE homes The CEO of Bloom Holding expects Abu Dhabi’s property market to continue to grow this year as the company progresses plans to double the number of homes it builds in the UAE. Although in the shadow of the double-digit growth of its neighbour Dubai, average prices in the UAE capital rose by up to 3 […] March 1, 2023
Banking & Finance London FX firm launches Dubai ops to seize Mena opportunities DKK Partners, an emerging markets foreign exchange liquidity provider, has launched operations in Dubai as part of a major expansion into the Middle East. The London-based fintech company has opened an office in Dubai and plans to follow that with three more in the region as it sees the GCC developing into a “financial hub […] February 28, 2023
