Energy Dubai firm plans $1.1bn clean energy investment in Egypt Dubai-based Amea Power announced on Wednesday that it has achieved a financial close to deliver 1 gigawatts (gw) of wind and solar energy projects in Egypt. The 500mw wind and 500mw solar projects, represent $1.1 billion of investment into the Egyptian economy and takes the company’s clean energy portfolio to 2gw in the country. Amea […] December 1, 2022
Analysis Banking and Finance Heavy industries replace tech in Middle East funding rounds More traditional industries such as manufacturing and oil and gas services have replaced technology as the driving force behind capital flows between Europe and the Middle East, according to new research The switch comes as technology giants including Alphabet, Microsoft, Meta and Amazon reported disappointing third-quarter results and the tech-heavy Nasdaq stock market has lost […] December 1, 2022
Analysis World Cup 2022 Saudi and Mexico get back to business after World Cup exit The deepening relationship between Saudi Arabia and Mexico may have been tested for 90 minutes on Wednesday as the central American team prevailed 2-0 in their World Cup match in Qatar. Both teams went out of the tournament due to results elsewhere in their group, but, more importantly, the two countries are enjoying a bounce […] December 1, 2022
Analysis Tourism Global hotel brands rush to be part of Saudi tourism push International hotel brands are flooding into Saudi Arabia as the transformation of Diriyah, the birthplace of Saudi Arabia, gathers pace. Diriyah Gate Development Authority (DGDA), responsible for the Diriyah project, has announced the addition of 16 new global hotel brands to its hospitality portfolio. This brings the total of hotel management agreements to 32, with […] November 30, 2022
Banking and Finance Saudi wealth fund PIF secures ‘record’ $17bn loan The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fun, announced on Wednesday that it has secured a new $17 billion, seven-year senior unsecured term loan. According to PIF, this represents the largest self-arranged term loan ever raised for general corporate purposes. It added that it is supported by “significant demand” from an international syndicate […] November 30, 2022
Manufacturing Saudi’s Ceer spends $96m on plot for electric car factory Ceer, Saudi Arabia’s first electric vehicle brand, has spent nearly $96 million on an industrial plot at King Abdullah Economic City. In a stock market filing on Saudi’s Tadawul, developer Emaar Economic City said a land sale deal had been signed and KAEC’s Industrial Valley would host a “specialised factory” to manufacture electric vehicles. Ceer […] November 29, 2022
Banking and Finance UAE investment firm launches $100m debt fund Gulf Islamic Investments, the UAE-based shari’ah-compliant global alternative investment company, is launching a $100 million debt fund. The new fund, known as GDF-I, will focus on supporting high growth companies in resilient sectors such as consumer, healthcare, education, logistics and technology in the GCC region. It will also target high growth Indian companies looking to expand […] November 29, 2022
Analysis Real Estate UAE offices filling up as research says more prime space needed The return of employees to the workplace and rising business confidence are driving up demand for top-quality office space across Dubai and Abu Dhabi, according to new research. “Businesses feel good about life right now and demand for office space is rising across the board,” said Faisal Durrani, partner and head of Middle East research […] November 28, 2022
Analysis Manufacturing Abu Dhabi’s industrial strategy helps to lift GDP When US aerospace firm Triumph agreed to set up the Middle East’s first engine accessory repair and overhaul centre by 2024, it became the latest in a growing list of international companies attracted to Abu Dhabi. Supplement manufacturer Thorne, petrochemical services provider Elliot Group and biopharma firm OnePointOne are waiting in the wings as Abu […] November 28, 2022
Analysis Business of Sport Saudi’s World Cup shock is ‘major step’ for Vision 2030 investment Saudi Arabia’s shock victory over Argentina in the FIFA World Cup in Qatar is proof that the country’s Vision 2030 strategy is working and will encourage leaders to continue to make huge investments in the sports sector, according to experts. The Ministry of Sport and Ministry of Tourism have set an ambitious target for sports […] November 23, 2022
Analysis Energy UK minister stresses commitment to GCC’s clean energy transition The UK is committed to remaining a “steadfast friend and partner” to Gulf countries as they continue to drive the clean energy transition and one of the most rapid economic transformations in history. British foreign secretary James Cleverly also hailed the development of “spectacular cities” rising from empty deserts in a speech at the Manama […] November 23, 2022
Analysis Tourism Bahrain to gain 1,000 extra tourism jobs in next three years Bahrain’s tourism sector is expected to gain more than 1,000 jobs after the Gulf kingdom attracted direct investments of $291 million during the first nine months of 2022. The Bahrain Economic Development Board said the investments came from eight travel and hospitality-related companies expanding or entering Bahrain for the first time. They are expected to […] November 22, 2022
Analysis Energy Saudi Aramco inks $11bn deal to create 5,000 supply chain jobs Saudi Aramco signed agreements with dozens of manufacturers on Tuesday, with potential to create 5,000 new jobs in the kingdom over the next decade as the energy major looks to boost local capabilities. The 59 corporate procurement agreements (CPAs), valued at $11 billion, are expected to reinforce Aramco’s supply chain and result in the development […] November 22, 2022
Exclusive Retail Amazon tips Saudi Arabia to deliver sales growth Amazon sees “exciting potential” in Saudi Arabia and the Middle East, one of its executives has said, as the e-commerce giant commits to further investment in local facilities and talent. Ronaldo Mouchawar, vice president of Amazon Middle East and North Africa, which opened its new office in Riyadh last month, told AGBI that the company […] November 22, 2022
Manufacturing Abu Dhabi launches smart manufacturing index A new smart manufacturing index will boost Abu Dhabi’s emergence as a key industrial hub in the Middle East as major international players continue to move into the emirate. The Abu Dhabi Department of Economic Development (Added) has announced the launch of the index to help facilitate private sector players’ transition to industry 4.0 (fourth […] November 21, 2022
Long read Business of Sport World Cup puts focus on Gulf’s business of sport and reputation On Sunday evening, Qatar will take on Ecuador in the opening game of the 2022 World Cup – and the eyes of the world will turn to the Gulf for four weeks. The final on December 18 is due to be watched by 80,000 fans in the Lusail stadium and a television audience that could […] November 20, 2022
Analysis World Cup 2022 Shops on target: Qatar retailers set for $1.2bn World Cup windfall Qatar’s retailers are tipped to be big winners at the 2022 World Cup. New forecasts for the tournament’s impact, compiled by Fitch Solutions, suggest that the sector can expect a $1.2 billion windfall in the fourth quarter. Fitch is predicting that the Fifa competition will drive a sharp rise in Qatar’s GDP growth from 1.5 […] November 19, 2022
Analysis Banking and Finance Inside Riyadh’s plan to be a global fintech player Saudi Arabia is poised to launch three digital banks over the next 12 months, plus new regulations, as part of its aim to become a major player in the financial technology (fintech) industry. The sector is “on the cusp of being propelled onto the global stage,” said Nezar Alhaidar, director of Fintech Saudi – an […] November 18, 2022
Analysis Real Estate Four Seasons heads to Bahrain as branded home market booms Four Seasons has unveiled plans to build bespoke homes in Bahrain Bay as the demand for branded residences gathers pace in the Middle East. The hospitality company has teamed up with Bahrain-based real estate developer Bayside Developments for the Four Seasons Private Residences Bahrain Bay project. Buyers of the 112 homes will be able to […] November 17, 2022
Analysis Abu Dhabi’s ADIO signs up Israeli fintechs as bilateral trade rises Two Israeli companies have joined Abu Dhabi Investment Office’s $545 million Innovation Programme, with industry watchers predicting that many more will follow as ties strengthen between the country and the UAE. ADIO is working with fintech company Liquidity Group to establish an R&D centre in Abu Dhabi. The facility will develop Liquidity’s proprietary underwriting algorithm […] November 16, 2022
Analysis Banking and Finance Oman banks ink deal as Mena mergers defy global headwinds HSBC Bank Oman and local rival Sohar International Bank have entered into a binding agreement to consolidate operations as merger and acquisition activity in the Middle East and North Africa (Mena) continues to defy global headwinds. The two lenders said on Wednesday that all assets and liabilities of HSBC Oman will be transferred to Sohar […] November 16, 2022
Analysis Retail Gulf shop tills set to ring up $297bn of sales this year Retail sales across the GCC are likely to surpass pre-pandemic levels this year, driven by a revival of the region’s tourism industry, according to new research. Alpen Capital’s latest report on the retail sector projects year-on-year growth of 15.7 percent, to reach total revenues of $296.8 billion. The industry is expected to record a compounded […] November 16, 2022
