Analysis Economy Saudi and UAE fire big shots in battle for regional dominance Saudi Arabia has created a new authority to provide both financial and non-financial incentives for investment projects as its rivalry with the UAE to become the top regional business hub intensifies. The establishment of the National Incentives Committee (NIC) by the Council of Ministers has been described by analysts as a “major development” in the […] July 11, 2022
Analysis UK minister reaffirms Gulf ties amid PM resignation turmoil July 7 will be remembered as the day British prime minister Boris Johnson resigned his post following a cabinet revolt and the departure of dozens of ministers. But on the same day, Amanda Milling MP, the UK government’s minister for Asia and the Middle East, completed a largely unreported trip to the Gulf region, visiting […] July 11, 2022
Manufacturing Rolls-Royce picks Dubai for first overseas private office UK-based luxury car maker Rolls-Royce has opened its first overseas private office outside the UK in Dubai in a sign of the Gulf region’s growing importance to the world-famous marque. The new Dubai outpost will be an extension of the company’s world-renowned centre of luxury manufacturing excellence in Goodwood, West Sussex, England. The Private Office […] July 9, 2022
Analysis Biden Middle East US-Saudi trade relationship in rude health The US-Saudi trade relationship rebounded from the pandemic lows of 2020 to posting record high exchanges of non-oil and non-defence goods last year as vehicles and vaccines boosted American imports into the kingdom. According to data from the US-Saudi Business Council, total trade volume amounted to SR92.5 billion ($24.7 billion) during 2021, rising 22 percent […] July 8, 2022
Exclusive Biden Middle East Diriyah’s CEO: the American at the heart of Saudi’s transformation There has never been a better time for US companies to invest in Saudi Arabia, according to the American businessman in charge of one of the kingdom’s biggest giga-projects. As group CEO of Diriyah Gate Development Authority (DGDA), Jerry Inzerillo has been at the helm of shaping the $50.6 billion transformation of the 14km2 district […] July 8, 2022
Analysis Biden Middle East US firms invest billions as Saudi appeal grows American businessmen first travelled to Saudi Arabia back in the 1930s to help develop the kingdom’s natural resources. Fast forward 90 years and, with record foreign investment licences issued in Saudi Arabia in the first quarter of 2022 and the country’s gross domestic product (GDP) growing at its fastest rate in a decade, it’s little […] July 8, 2022
Analysis Banking and Finance Gulf sovereign investments may be hit by new UK tax plans Gulf-based sovereign wealth funds could see tax exemptions on investments in the UK slashed under new proposals put forward by the British government. Britain is planning to reduce the scope of the exemption to just interest income from investment activity. This would move income profits and capital gains from investment in UK real estate, as […] July 8, 2022
Exclusive Retail Women-only shops could solve MENA’s $2trn equality dilemma When Deema Almasri joined optical retailer Magrabi to manage its new outlet in Saudi capital Riyadh, she said a big motivating factor was female empowerment. Taking the helm at the optician’s store at the Hamra Mall, Almasri is in charge of the company’s first female-only staffed outlet. It’s a growing fashion, particularly in the Middle […] July 6, 2022
Banking and Finance Zand unveils big names as UAE’s digital banking rivalry hots up Zand, the digital bank headed by Emaar boss Mohamed Alabbar, has named a number of business big hitters as part of its board of directors ahead of its launch. Adnan Abdulfattah Kazim Abdulfattah, Emirates chief commercial officer, and Yusuff Ali MA, chairman of retail giant Lulu Group, are part of the new venture as competition […] July 5, 2022
Exclusive Manufacturing UK manufacturers see non-tariff barriers as key to GCC trade Make UK CEO Stephen Phipson advises the British government on behalf of 20,000 UK manufacturers. He talks to AGBI about trade with the GCC As negotiators begin to thrash out a UK-GCC free trade deal, there’s one thing above all else dominating the minds of British manufacturers as they seek growth opportunities in the region: […] July 5, 2022
Transport Saudi reveals tram project to drive AlUla tourism ambitions Saudi Arabia has unveiled plans to build a new tram system as they aim to develop AlUla as a major international tourism destination. The Royal Commission for AlUla (RCU) said the tram will connect all of AlUla’s most important landmarks, archaeological sites, tourist destinations, urban areas and transport infrastructure. The first phase of the system […] July 5, 2022
Economy UAE-Indonesia deal to add billions to bilateral trade Officials from Indonesia and the UAE have hailed the signing of a free trade agreement which is predicted to boost bilateral trade to more than $10 billion annually within five years. The Comprehensive Economic Partnership Agreement (CEPA), signed in Abu Dhabi on Friday, will eliminate or sharply reduce duties on 99 percent of goods traded […] July 4, 2022
Manufacturing Dutch EV pioneer aims to generate buzz in Sharjah Lightyear, the Dutch startup that launched the world’s first long-range production-ready solar electric vehicle earlier this month, has picked the UAE for its first overseas expansion. The company said it will be opening testing facilities and a sales office at the Sharjah Research, Technology and Innovation Park (SRTI Park), the first such facility outside the […] June 30, 2022
Exclusive Mental health as important as salary in the Gulf Companies offering robust mental health support programmes will secure the best talent in the Gulf, according to the founder of a workplace wellbeing platform. Asim Amin, founder and CEO of Plumm, said that while businesses in the region have started to realise the importance of their employees’ mental wellbeing, there is “still a long way […] June 29, 2022
UK agency inks first Jordan deal to create 4,000 jobs UK Export Finance (UKEF), the government’s export credit agency, has announced its first deal in Jordan to support the largest clothes manufacturer in the Middle East and North Africa in the construction of new factories and a corporate office in Aqaba. The deal with Classic Fashion Apparel Industry, worth £66 million, will facilitate the building […] June 29, 2022
Energy Alpha Dhabi deal to shape future of energy in Libya Alpha Dhabi subsidiary W Solar agrees long-term renewable energy partnership with General Electricity Company of Libya June 29, 2022
DP World port deal set to boost UAE’s trade with Romania Dubai’s DP World has signed a deal to develop infrastructure at the Black Sea port of Constanta, in a move designed to boost bilateral trade relations between Romania and the UAE. The agreement between the Romanian government, Dubai’s Ports, Customs and Free Zone Corporation (PCFC) and port operator DP World will also expand cooperation in […] June 29, 2022
Tourism UK’s offer of visa-free travel to UAE hailed as ‘historic’ step The addition of the UAE to the list of countries eligible for visa-free travel to the UK is “historic” and will drive further growth in both economies, officials and experts have told AGBI. The British government announced on Monday that the UAE would be added to its new electronic travel authorisation (ETA) system in 2023, […] June 28, 2022
Tourism Diriyah aims to be ‘shining example’ of sustainability Diriyah, the $50 billion giga-project on the edge of Riyadh which is scheduled to open by 2024, will be a world leading example of sustainability, according to its CEO. “With regenerative tourism and a people-first development at the epicenter of our philosophy we want to ensure that Diriyah is a shining example when it comes […] June 28, 2022
Agriculture Scotland eyes big export boost from UK-Gulf trade talks Scottish businesses in key export sectors such as food, financial services and renewables have high hopes for a free trade deal with the GCC June 27, 2022
EXCLUSIVE Banking and Finance Wio Bank has a big idea: let SMEs spend less time on banking The UAE's next digital bank is launching with a focus on SMEs and a pledge to reduce the time they have to spend on admin, reveals its CEO Jayesh Patel June 27, 2022
Dubai takes roadshow to Africa, India and Europe to court startups Dubai Chamber for Digital Economy has launched a new roadshow series in Africa to attract global startups to the city, with plans to expand the initiative to India and Europe. The first roadshow took place in Ethiopia and Kenya where a delegation from the Chamber met with 20 promising African scaleups specialising in advanced technologies […] June 27, 2022
