Business of Sport Saudi Arabia signs MotoGP deal as sporting push accelerates Saudi Motorsport Company and MotoGP rights holder Dorna Sports have signed a memorandum of understanding for a race in the kingdom September 6, 2022
Health Pure Health to invest $500m in US hospitals giant Ardent Alpha Dhabi Holding's healthcare subsidiary will acquire a minority stake in Ardent, an acute care specialist that employs 26,000 people September 5, 2022
Analysis Economy Chink of light shines on Lebanon’s economic gloom For nearly three years Lebanon’s economic meltdown has sunk the currency by more than 90 percent, spread poverty, paralysed the financial system and frozen depositors out of their savings. But new research released today suggests tentative signs of an improvement in private sector operating conditions. The August Blom Lebanon purchasing managers’ index (PMI) posted fractionally […] September 5, 2022
Analysis Manufacturing Ashok Leyland bus deal drives manufacturing push Ashok Leyland, the flagship brand of the India-based Hinduja Group, has bagged orders for 1,400 school buses to be built at its Ras Al Khaimah (RAK) factory for use across the UAE. The deal, the company’s largest in the UAE, will be supplied from Ashok Leyland’s $50 million manufacturing facility in RAK, which is the […] September 5, 2022
Business of Sport Abu Dhabi punches its way into global boxing reckoning Having won the battle to become the international home of UFC (Ultimate Fighting Championship), Abu Dhabi is now looking to rival Las Vegas and Saudi Arabia as a destination to host the world’s top boxing matches. UFC, the multi-billion dollar mixed martial arts organisation, signed a deal with the Abu Dhabi Department of Culture and […] September 1, 2022
Analysis Development Accountability ‘crucial’ for success of Saudi Vision 2030 Saudi Arabia is entering a “crucial” part of its ambitious Vision 2030 programme as the kingdom begins to deliver on its promises, described by a leading expert as the “moment of accountability”. Pedro Ribeiro, the recently appointed general manager for commercial real estate services and investment firm CBRE in Saudi Arabia, told AGBI that the […] September 1, 2022
Energy $3.5bn Saudi-Egyptian project powers up hydrogen transition Saudi Arabia has backed up its ambition to become the world’s largest exporter of hydrogen by 2030 with plans to develop a $3.5 billion project in Egypt. Riyadh-based Alfanar has signed a memorandum of understanding with the General Authority of the Suez Canal Economic Zone, the Sovereign Fund of Egypt, the Egyptian Electricity Transmission Company […] August 31, 2022
Business of Sport Qatar sends on Beckham amid questions over World Cup legacy Qatar Tourism has launched a marketing campaign starring David Beckham as it counts down to the start of the FIFA World Cup in November. The former England captain – who is reportedly being paid £150 million ($174 million) over 10 years to promote Qatar – is advertising holidays in the country as tourism chiefs seek […] August 31, 2022
Analysis Banking and Finance Gulf banks take $950m hit on Turkish economic woes The exposure of GCC banks to Turkey through their subsidiaries is increasingly credit-negative due to deteriorating operating conditions in the country, according to analysts. But Gulf-based banks are unlikely to exit Turkey despite the challenging conditions, mainly because of the lack of potential buyers, said Fitch Ratings in a new research note released on Tuesday. […] August 30, 2022
New deals aim to enhance UK-Qatar trade and investments The UK has enhanced its relationship with Qatar, its third largest Gulf trading partner, with the announcement of two new agreements to boost trade and investment. UK trade minister Ranil Jayawardena met Qatar’s Minister of Commerce and Industry, Sheikh Mohammed bin Hamad Al-Thani in London last week to agree the partnerships at the third UK-Qatar […] August 30, 2022
Interview Real Estate Empowering more Emirati women to invest in real estate Latifa Bin Haider tells AGBI about her mission to transform investment opportunities for women in Dubai’s booming real estate market With the launch of Baytuki, a new crowdfunding platform, Emirati social entrepreneur Latifa Bin Haider aims to enable Emirati women of all ages and income brackets to secure financial prosperity by making micro investments in […] August 29, 2022
Analysis Retail Mall expansion fills ‘lifestyle’ gap in Bahrain retail market A massive new expansion of one of Bahrain’s biggest malls is a sign of renewed confidence in the Gulf kingdom’s retail sector as it looks to attract more Saudi shoppers from across the border, according to experts. The Avenues Company, a wholly owned subsidiary of Al-Sorouh Management Company, has announced the appointment of Nass Group […] August 26, 2022
Construction Kuwait net zero city planned for 2034 Construction of the world’s largest sustainable community is scheduled to start in Kuwait in 2024. The new megacity, it is claimed, will provide a net zero carbon lifestyle for 100,000 residents, as the Gulf country aims to tackle rising demand for energy and water. Dubai-based URB, the company behind XZERO City, is planning to build […] August 25, 2022
Real Estate Northacre sees ‘pent-up demand’ for London from GCC investors The Dubai-owned developer behind plans to transform the former Metropolitan Police HQ in London says it is seeing “lots of pent-up demand” from GCC-based investors. Walid El-Hindi, group CEO of Northacre, a subsidiary of Dubai-based Shuaa Capital, told AGBI that London remains a “safe haven” for buyers from the Gulf and wider Middle East region. […] August 24, 2022
Analysis Real Estate ‘Cash is king’ as wealthy real estate investors target Dubai Cash is becoming king again for Dubai’s residential real estate as wealthy overseas investors continue to splash out on luxury homes. By value, mortgaged buyers for villas and apartments now account for just 18 percent of the market. Last year the figure was close to 40 percent while in 2007 just over 50 percent of […] August 24, 2022
Banking and Finance Teen banking app Zywa targets Saudi after funding boost Zywa, a teen-focused fintech startup in the Middle East and North Africa, has announced plans to expand into Saudi Arabia following a seed funding round of $3 million. The startup, which is part of Hub71, Abu Dhabi’s global tech ecosystem, offers a prepaid card for teenagers and an app to manage and save money. The […] August 23, 2022
Economy UAE’s international trade hits milestone amid oil price boom Sheikh Mohammed bin Rashid Al Maktoum, UAE vice president, prime minister and ruler of Dubai, on Monday revealed that the UAE’s non-oil trade exceeded AED1 trillion ($270 billion) for a six-month period for the first time. In a tweet, Sheikh Mohammed said the country recorded a growth rate of 17 percent during the first half […] August 22, 2022
Energy Abu Dhabi unveils hydrogen plan to bolster UAE’s eco ambitions Abu Dhabi unveiled its hydrogen policy and regulatory framework on Monday – part of the UAE’s push to become a global force in the low-carbon economy. The Department of Energy (DoE) said its framework aimed to accelerate the UAE’s national hydrogen strategy, adding that it is working with public and private sector stakeholders including Abu […] August 22, 2022
Tourism UK rules out criminal action against DP World’s P&O Ferries The UK has announced it will not pursue criminal action against P&O Ferries over mass redundancies announced earlier this year. The company, owned by Dubai-based DP World, whose ships sail across the English Channel, North Sea and Irish Sea, laid off nearly 800 workers in March and then went on to hire cheaper agency staff, […] August 22, 2022
Enhance Fitness muscles in on Saudi health push Enhance Fitness, a Dubai-based personal training platform, has expanded into Saudi Arabia as the kingdom embraces a major health and fitness push, creating new business opportunities. Saudi Arabia’s General Authority for Statistics recently revealed that 48 percent of people across the country now practice physical and sporting activities for at least 30 minutes a week. […] August 21, 2022
Data analysis Economy UK-GCC trade in numbers: relationship set for new era Total trade between all six GCC countries and the United Kingdom increased in the year to the end of the first quarter of 2022, as talks begin on a free trade agreement aimed at further boosting the relationship. The UK posted a trade surplus with all the nations apart from Qatar, with the data showing […] August 18, 2022
Economy IMF urges Saudi to explore new taxes to boost non-oil revenues Saudi Arabia should investigate new taxes, including on income and property, as it aims to boost its non-oil revenues. While significant change has already been undertaken by the kingdom, with a tripling of VAT to 15 percent during the coronavirus pandemic, more can be done, said Amine Mati, assistant director and mission chief for Saudi […] August 17, 2022
