Finance Qatar to invest £1bn in UK climate tech The Qatari and British governments have announced a spate of deals as the Gulf country’s emir arrived in the UK on a two-day state visit. Officials announced on Wednesday that Qatar will invest £1 billion ($1.27 billion) in climate technology in the UK, with British engineering firm Rolls-Royce a key beneficiary. The investment is expected […] December 4, 2024
Tourism Record tourism numbers expected in Tunisia Tunisia expects to break its all-time record for tourism numbers in 2024, with more than 10 million visitors. The number of incoming tourists so far this year is approximately 9.9 million, with the National Tourism Office expecting that the figure will pass 10 million by December 31. That would mark a record high in tourism […] December 4, 2024
Real Estate Abu Dhabi citizens receive $3.6bn in housing benefits To coincide with the UAE’s Eid Al Etihad celebrations, thousands of Abu Dhabi citizens have received housing benefit packages worth a total of AED7.72 billion ($2.1 billion). This package, the third awarded this year, brings the total value of housing benefits disbursed to Emiratis during 2024 to AED13.2 billion ($3.6 billion) This week 5,374 Emirati […] December 3, 2024
Economy Non-oil activity in Saudi Arabia at 16-month high Activity in Saudi Arabia’s non-oil economy has hit a 16-month high, as the country’s diversification efforts continue to show results. The S&P Saudi Arabia Purchasing Managers’ Index – a composite measure of non-oil private sector performance – rose from 56.9 in October to 59 in November, the fourth successive month in which the headline index […] December 3, 2024
Analysis Real Estate Reforms pay off as Sharjah property market surges ahead Successive reforms in Sharjah’s property market and sky-high rental prices in neighbouring Dubai are contributing to a surge in the price and popularity of the emirate’s rental properties. According to a report by property management firm Asteco, rental prices for the third quarter of 2024 in Sharjah increased 16 percent year on year for typical […] December 3, 2024
Business of Sport Fifa praises ‘impressive’ Saudi World Cup 2034 bid The vast construction projects proposed by Saudi Arabia for the 2034 Fifa World Cup are impressive, but present a medium risk of not being completed in time, football’s governing body Fifa has warned. In a 110-page bid evaluation document, Fifa’s inspection team said Saudi Arabia must invest “significant effort and time” to fulfill its ambitious […] December 2, 2024
Retail Saudi eyewear retailer secures $100m for expansion Saudi eyewear retailer Eyewa has raised $100 million in a series C funding round as it expands production and its footprint on the ground. The funding was led by global investors General Atlantic alongside Dubai-based Badwa Capital and Singapore’s Turmeric Capital. Eyewa said the capital will be used to open at least 100 new stores […] November 27, 2024
Renewable Energy Adnoc’s Abu Dhabi CO2 storage site gets go-ahead The UAE has certified the feasibility of Abu Dhabi National Oil Corporation’s (Adnoc) West Aquifier CO2 storage site in Ruwais industrial site. The issuance of the Certificate of Feasibility for the West Aquifer project was issued by Det Norske Veritas (DNV), a global accredited registrar and classification organisation. The DNV said it is the first […] November 27, 2024
Banking & Finance UAE bank lending rises but profits hit by impairment charges The aggregate net income of UAE banks dropped 5.5 percent in the third quarter of this year, as a jump in impairment charges dented profitability. Among the top 10 lenders in the UAE, aggregate income fell to AED20.3 billion ($5.5 billion) in Q3 2024, according to a report by professional services firm Alvarez & Marsal. […] November 25, 2024
Banking & Finance HSBC appoints former Turkey chief as Middle East CEO British banking giant HSBC has appointed a new head of its Middle East operations following an internal restructuring. The company has appointed Selim Kervanci, the current CEO of HSBC Turkey, as CEO of the Middle East region. His appointment is subject to regulatory approval. Kervanci, who joined HSBC in Istanbul in 1996, replaces Stephen Moss […] November 25, 2024
Analysis Entrepreneurs What next for Kingdom Holding’s $2bn X investment? When Elon Musk took ownership of Twitter in 2022 for $44 billion, he did so with the help of Saudi Arabia’s Prince Alwaleed bin Talal and his Kingdom Holding, which put up nearly $2 billion of the price, and the Qatar Investment Authority, which handed over $375 million. The investment made the Saudi company the […] November 25, 2024
Analysis Banking & Finance Bankruptcy law change lures private credit to UAE A new bankruptcy law which came into effect in the UAE earlier this year is attracting an influx of private credit into the country after boosting investor confidence. Private credit is non-bank lending to businesses, by private investors. Introduced on 1 May 2024, the new regulations shook up insolvency laws that had only been in force […] November 21, 2024
Aviation Etihad to reveal new destinations Etihad Airways is preparing to announce 10 new destinations next week, in one of the airline’s largest network expansions in years. The ambitious Abu Dhabi-based airline will reveal the locations on November 25, after a TikTok teaser campaign. Etihad sells tickets to 83 destinations, and has added Prague, Warsaw and El Alamein in Egypt to […] November 18, 2024
Analysis People & Lifestyle UAE marketing enters the YouTube age with MrBeast video Why is the world’s most popular YouTuber scaling the Burj Khalifa? He is helping the UAE to unlock a fresh demographic, marketing experts have told AGBI. MrBeast – a 26-year-old American whose real name is Jimmy Donaldson – is a pop culture phenomenon. His channel has 329 million subscribers and his gameshow-esque videos have racked […] November 15, 2024
Analysis Tourism Algeria must forge its own identity to hit tourism targets If Algeria’s tourism industry is to become the vital engine of the country’s economy its tourism minister hopes, it must find a way to differentiate itself from its neighbours, experts have told AGBI. The Algerian government aims to welcome more than 12 million foreign visitors by the end of the decade, as part of its national tourism […] November 15, 2024
Transport Saudi car dealer Samaco Motors to go public in 2025 Saudi Arabia’s Samaco Motors, the exclusive dealer of European cars including Audi, Bentley, Porsche, Lamborghini and Volkswagen, has revealed plans to go public on the Saudi market next year. The company’s CEO Mohammed Sharbatly revealed the news to Al-Eqtisadiah newspaper. Speaking on the sidelines of the launch of Porsche’s new electric vehicles in Riyadh, Sharbatly said […] November 13, 2024
Gaming PIF cuts stake in Nintendo as Switch sales slow Saudi Arabia’s Public Investment Fund (PIF) has trimmed its holding in Nintendo, as the Japanese gaming company suffered a drop in sales for its biggest product. The Saudi sovereign wealth fund reduced its stake to 7.54 percent from 8.58 percent, according to a Japanese regulatory filing on Tuesday. The news of the cut comes just […] November 13, 2024
Business of Sport Audi slams brakes on Qatari F1 buyout rumours Carmaker Audi has said its F1 team is not for sale, scuppering online rumours that the company was preparing to sell to Qatar’s QIA sovereign wealth fund. “We do not engage in speculation. The team is not for sale,” an Audi F1 spokesperson told AGBI on Tuesday. Qatar already holds a major stake in VW, […] November 13, 2024
Renewable Energy Masdar signs agreement for Kazakhstan windfarm A $1.4 billion investment for the development of a 1GW windfarm in Kazakhstan has been signed between the Abu Dhabi Future Energy Company (Masdar) and Kazakhstan’s Ministry of Energy. The agreement, signed at Cop29, the 2024 United Nations Climate Change Conference, currently taking place in Baku, Azerbaijan, builds on commitments already made between the UAE […] November 12, 2024
Telecoms Vodafone and Telecom Egypt sign $600m deal to push 5G Telecom Egypt and Vodafone Egypt have signed a series of infrastructure service agreements worth $609 million, including deals to prepare the country for the rollout of 5G. The agreements will enable Vodafone Egypt, the country’s largest mobile operator by market share, to use Telecom Egypt’s extensive infrastructure and fibre optic network. Amr Talaat, Egypt’s minister […] November 12, 2024
Banking & Finance Adia to buy $1bn stake in US software company Qlik Abu Dhabi’s sovereign wealth fund is buying a $1 billion stake in data analytics software company Qlik, the latest deal in a string of Gulf purchases from buyout groups. Thoma Bravo, a US buyout group that specialises in software businesses, acquired Qlik for $3 billion in 2016 and is to sell a stake to the […] November 11, 2024
Markets Restaurant chain AlAbraaj plans IPO on Bahrain Bourse AlAbraaj Restaurants Group is planning to list on Bahrain Bourse before the end of 2024. Founded in 1987, the restaurant chain manages 15 brands across 37 locations in Bahrain. It employs about 1,200 people. AlAbraaj also franchises five restaurants, three of which are in Saudi Arabia – Khobar, Jeddah and Riyadh. The company is finalising […] November 11, 2024
