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 & 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 & 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 & 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
Analysis Business of Sport The pros (and cons) of big stars backing your business As French footballer Paul Pogba becomes an angel investor and brand ambassador for Islamic fintech Wahed, we look at the benefits and pitfalls of celebrities from David Beckham to Jay-Z teaming up with brands When global Islamic fintech Wahed announced its latest list of investors, Paul Pogba, the Manchester United and French international footballer, stood […] June 25, 2022
Analysis From chocolate to solar power, the UK-GCC trade deal is a winner A trade deal between the United Kingdom and the Gulf region has the potential to support jobs “from Dover to Doha”, while building vital green industries and supplying innovative services to the GCC. That’s according to UK Trade Secretary Anne-Marie Trevelyan, who today launched free trade negotiations with the Gulf Cooperation Council, made up of […] June 22, 2022
Real Estate Dubai ‘repivots’ city centre as Business Bay prices soar Dubai is witnessing a “repivoting” of its city centre, with residential prices soaring in Business Bay, according to analysts. Values in Business Bay have risen by nearly 17 percent in the last two years, pointing to the redefining of Dubai’s centre, said global property consultant, Knight Frank, in a new research note. The wider Central […] June 21, 2022
Energy Abu Dhabi deal aims to build global clean energy powerhouse Abu Dhabi National Energy Company (TAQA) and Abu Dhabi National Oil Company (ADNOC) have signed binding agreements to buy stakes in Abu Dhabi Future Energy Company, better known as Masdar, from Mubadala Investment Company. The partnership aims to create a global clean energy powerhouse that consolidates the renewable energy and green hydrogen efforts of TAQA, […] June 21, 2022
Business of Sport Saudi to host Joshua-Usyk heavyweight title rematch Saudi Arabia confirmed today that it will host the world heavyweight boxing clash between champion Oleksandr Usyk and Anthony Joshua on August 20 as the kingdom cements its status as a global sporting destination. In a statement, the Ministry of Sports announced that the Red Sea city of Jeddah will host the rematch between the […] June 20, 2022
