Economy Non-oil activity hits 9-month high in UAE Non-oil activity hit a nine-month high in the UAE in December. The country logged a 55.4 rating for the month in S&P’s global purchasing managers’ index (PMI) in the non-oil economy, up from 54.2 in November. Survey respondents said new business in the UAE had expanded at the fastest rate for nine months. However, they […] January 6, 2025
Manufacturing Adnoc aims to add $54bn and thousands of jobs to UAE economy Abu Dhabi National Oil Company is looking to make investments worth AED200 billion ($54 billion) in the UAE economy over the next five years via what it calls its “in-country value programme”. The initiative is meant to ensure that Adnoc’s spending is kept inside the UAE, stimulating the economy and providing local suppliers and workers […] December 31, 2024
Economy Saudi Arabia’s FDI inflows fall 21%, putting 2024 target in doubt Foreign direct investment into Saudi Arabia has fallen 21 percent year on year, according to the country’s statistics agency. In the third quarter of 2024, Saudi Arabia recorded SAR18 billion ($4.8 billion) of FDI inflows, compared to SAR22.6 billion in the third quarter of 2023, the General Authority for Statistics said. FDI inflows were also […] December 31, 2024
Economy Non-oil sectors account for 75% of UAE GDP Non-oil sectors contributed 75 percent to the UAE’s GDP in the first half of 2024, according to the country’s minister of economy. The value of the UAE’s real GDP (at constant prices) reached AED981 billion in the opening six months of the year, recording an increase of 3.6 percent. Trade activities contributed 16.5 percent to […] December 30, 2024
Analysis Agriculture Why rain is critical for Morocco’s economy Analysts hope that heavy rainfall in the south of Morocco this autumn will refill aquifers across the country that have been depleted by six years of intense drought, and improve crop yields for 2025. The country’s agriculture sector is a major employer, and accounts for 12 percent of Morocco’s GDP, but it is volatile. The World Bank is cautiously predicting […] December 24, 2024
Banking and Finance Subscribers to Saudi private investment funds rise by half The number of subscribers to private investment funds in Saudi Arabia has increased by more than half in the last year, official figures showed. Around 131,000 subscribers were recorded in the third quarter of 2024, according to the Argaam platform, citing data from the Saudi Central Bank (Sama). This is an increase of 55 percent […] December 23, 2024
Health Thriving women’s fitness market offers ‘significant potential’ Exercise rates among women in the Middle East are higher than the global average, creating opportunities for companies to tap into this underdeveloped market segment. Participation in intense physical activities among women in the Middle East has grown from 20 percent of the population in 2019 to 31 percent in 2024. That’s a much larger […] December 19, 2024
Aviation Kuwait air traffic up 35% since 2014 The number of people using Kuwait International Airport increased by a third between 2014 and 2023, new data from Kuwait’s General Administration of Statistics shows. In 2023 15.5 million passengers came through the airport, up from 10.1 million nine years ago. Arriving and departing planes rose to almost 118,000, from 83,400 in 2014. Dubai International […] December 18, 2024
Trade Exports to India from UAE more than double in November Exports to India from the UAE more than doubled year on year to over $6 billion in November, as demand for gold and energy products soared. Imports from India were up by over 11 percent in the same month, reaching $3 billion, data released by India’s commerce ministry showed. Emirati exports to India from April […] December 18, 2024
Energy BP and Adnoc launch joint gas platform Arcius Energy BP and XRG, the new lower carbon energy and chemicals investment company set up by Abu Dhabi National Oil Company (Adnoc), have completed the formation of a joint venture named Arcius Energy. The new venture, 51 percent owned by BP and the remaining 49 percent by XRG, will focus on international gas operations. It will […] December 16, 2024
Transport Saudi Arabia’s Jameel Motors to sell electric vehicles in UK Saudi Arabian mobility provider Jameel Motors has signed an agreement with a Chinese manufacturer to distribute electric commercial vehicles in the UK. Farizon Auto, which is based in Zhejiang, manufactures zero-emission vehicles, including trucks, light commercial vehicles (LCVs) and buses. The deal between Jameel Motors, owned by Saudi Arabia’s Abdul Latif Jameel Group, and Farizon […] December 12, 2024
Aviation Middle East airlines earn highest profit per passenger, says Iata Airlines across the Middle East generated the most profit per passenger carried this year, according to the International Air Travel Association. The region’s carriers made $23.10 profit per passenger in 2024, Iata said. This is more than double the figure for the second-placed market, North America. Iata expects the Middle East’s figure to rise to […] December 11, 2024
Tech Astra Tech secures $500m funding for lending platform Dubai technology company Astra Tech has secured $500 million in financing for its fintech subsidiary, enabling it to further expand its consumer lending platform. Quantix Technology Projects, which in July was the first UAE-based fintech to receive a finance licence from the UAE central bank since 2008, secured the financing from Citi, in what is […] December 11, 2024
People & Lifestyle UAE’s Arada strengthens gym holding Arada has finalised the purchase of three UAE-based gym brands, bringing its total number of premises operated across the Gulf state to 15. The real estate developer said that the women-only FitnGlam, boutique exercise hub The Platform Studios and recently launched health club Fitcode make its fitness and wellness division, Wellfit, worth more than AED1 […] December 10, 2024
Analysis Media & Advertising Snap tips Riyadh to become nerve centre for Mena social media Social media giant Snap is betting on Saudi Arabia becoming a leader in the Middle East’s online creator economy, a company spokesperson has told AGBI. The developer of Snapchat announced in late November that it had opened an office and a base for content creators on the outskirts of Riyadh – its first in the […] December 10, 2024
Tax UAE to introduce 15% tax on large multinationals The UAE is to increase corporate tax on large multinational enterprises (MNEs) to 15 percent from January 1 2025, the Ministry of Finance has announced. MNEs currently pay 9 percent of their profits in the Emirates. The domestic minimum top-up tax (DMTT) will apply to multinational enterprises with consolidated global revenues of €750 million ($793 […] December 9, 2024
Artificial Intelligence US clears export of advanced AI chips to UAE The US has approved the export of advanced computer chips used for artificial intelligence to the UAE, reports indicate. Under the agreement the UAE will allow exports to a Microsoft-operated facility for use by Emirati state-backed AI company G42. Microsoft has invested more than $1.5 billion in G42 and holds a minority stake and board […] December 9, 2024
Economy Non-oil economy drives growth as Saudi GDP rises 2.8% Saudi Arabia has reported a 2.8 percent increase in real GDP for the third quarter of 2024, with non-oil activities driving the year-on-year growth. Seasonally adjusted real GDP was up 0.9 percent on the second quarter, according to Riyadh’s General Authority for Statistics. Non-oil GDP was 4.3 percent higher year on year and 0.7 percent […] December 9, 2024
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
