Analysis Lifestyle Dubai losing its lustre for squeezed expat middle classes Dubai, renowned for its lavish luxury and five-star everything, could be getting too expensive for expatriate middle-market workers, as costs continue to increase and pay rises become rarer. The emirate’s tax-free status and higher wages have long held a strong appeal for expatriates from all corners of the world. But as the cost of living […] November 28, 2024
Finance IHC stands by Adani investments despite US indictment Abu Dhabi’s International Holding Company (IHC) is standing firm on its outlook for investments in the Adani Group despite an indictment against its billionaire owner Gautam Adani and seven others in the US. The conglomerate, led by its chair and the UAE’s national security adviser Sheikh Tahnoon bin Zayed Al Nahyan, has been one of […] November 28, 2024
Analysis Oil & Gas Aramco’s debt push threatens Saudi banks’ liquidity Saudi Aramco’s plans to keep tapping the local debt market could place further liquidity pressures on the country’s banking sector, as the government looks for new ways to raise cash for its economic development plans. The oil giant’s chief financial officer Ziad Al-Murshed told Bloomberg last week that plans were underway to take on more […] November 26, 2024
Manufacturing Bahrain plans free zones to draw manufacturers Bahrain is to set up new industrial free zones within the kingdom with a view to attracting key players in the foodstuffs, pharmaceuticals and garments industries and generating thousands of new jobs. The plans are for the Muharraq governorate, situated in the north east of the Gulf island, which is also home to Bahrain International […] November 25, 2024
Economy Billionaires in UAE rise as Saudi numbers drop The number of billionaires in the UAE increased in the last year as the amount of super-wealthy residents in neighbouring Saudi Arabia dropped. Forty-eight billionaires lived in the UAE in 2023, with a combined wealth of $205 billion, a year-on-year increase of 7 percent. Dubai made up 39 of that total and welcomed one extra […] November 24, 2024
Aviation Flyadeal to confirm wide-body order by year end Saudi Arabia’s low-cost airline Flyadeal is set to make a decision on its wide-body aircraft order before the end of the year, with up to 15 planes potentially joining its fleet. CEO Steven Greenway confirmed on Wednesday that the order will be made up of repurposed 787s from parent company Saudia or brand-new aircraft from […] November 20, 2024
Finance Bahrain arbitration court strengthens Singapore ties Bahrain is seeking to emulate the success of a Singapore-based arbitration panel by launching its own International Commercial Court. It will target ultra-high-net-worth individuals and family offices, which are private wealth management advisory firms serving multi-generational wealthy families. The specialised arbitration centre is modelled on the Singapore International Commercial Court (SICC) and is to be […] November 20, 2024
Construction Bahrain to tender for ‘airport city’ in early 2025 Bahrain will issue tenders early next year to build a new “airport city” based around the existing Bahrain International Airport. The project will include commercial and residential development, according to Mohamed Yousif AlBinfalah, CEO of Bahrain Airport Company. “We have a significant amount of space that will be coming to the market soon for development,” […] November 19, 2024
Markets More companies tipped to list on Bahrain Bourse AlAbraaj Restaurants Group’s debut on Bahrain Bourse – the first listing on the exchange in more than five years – will pave the way for more activity, experts have told AGBI. The AlAbraaj initial public offering (IPO) this month is the first since the listing of APM Terminals Bahrain in 2018, according to consultancy EY. […] November 18, 2024
Aviation Bahrain identifies offshore plot for new airport Bahrain is to build a new airport on reclaimed land in the north west of the country. Just three years after the new terminal building of Bahrain International Airport was officially opened, plans are being developed for a new facility following the conclusion of a study looking into possible locations for the greenfield project. “It’s […] November 18, 2024
Analysis Health Golden returns draw investors to fitness markets Investors are showing increasing interest in homegrown fitness companies, tempted by the “golden egg” returns on offer. The fitness market in the Middle East and North Africa (Mena) has been growing at an annual rate of 30 percent since 2020, with the UAE sector valued at an estimated $550 million and Saudi Arabia at $1.7 […] November 18, 2024
EXCLUSIVE Aviation Emirates repays over 70% of $4.8bn pandemic debt Dubai’s Emirates airline has already repaid billions of dollars of debt it raised during the pandemic, a senior official told AGBI. The emirate’s flagship carrier raised AED17.5 billion ($4.8 billion) in debt during the pandemic, when the aviation industry was brought to its knees as planes were grounded globally by strict lockdown rules. “I would […] November 15, 2024
Aviation Bahrain seeks reversal of BA route cut Talks are underway between Bahrain and UK officials in a bid to reverse a decision by British Airways to cease flights to the Gulf state. The UK’s flag carrier announced earlier this month that it would be stopping direct flights to Bahrain and Kuwait as a result of supply chain pressures, which it is said […] November 15, 2024
Exclusive Aviation Royal Jordanian losses mount due to conflict Royal Jordanian is likely to record a loss of $11 million for the second year running, due to a sharp drop in passengers because of the Middle East conflict. The airline was expected last year to report its first profits since the Covid pandemic, and boasted a $15 million surplus in the first nine months […] November 15, 2024
Banking & Finance Bahrain bank merger to complete in 2025 A merger between National Bank of Bahrain (NBB) and Bank of Bahrain and Kuwait (BBK) is expected to be completed in 2025. Plans to join the two banks were announced to the Bahrain Bourse earlier this year and preliminary proceedings started this month. “Considering that we are almost at the end of this year, I […] November 15, 2024
Analysis Banking & Finance Funding increase to support Palestinian startups Funding levels are being ramped up to support Palestinian startups in the war-torn territory and across the wider Middle East and North Africa. Just $8.8 million has been invested in Palestinian startups – marked as Ramallah, West Bank or Gaza-based – in 18 deals on record from 2022 to the present day, according to Racha […] November 14, 2024
Markets Talabat focusing on core markets ahead of listing, says CFO Food delivery app Talabat aims to prioritise organic growth over geographical expansion, its chief financial officer says, as it prepares to launch one of the region’s largest listings. Delivery Hero, the German parent company of the UAE-headquartered app, announced on Monday that it plans to sell a 15 percent stake in Talabat. The initial public […] November 11, 2024
Energy NESR considers dual listing after Nasdaq return National Energy Services Reunited (NESR) is considering a dual listing as it prepares to ring the Nasdaq bell for the second time in its relatively short history. NESR was created in the UAE in 2017 through a special purpose acquisition company to raise money from New York and become the first publicly listed energy company […] November 8, 2024
Analysis Oil & Gas Top of Trump’s to-do list: sanctions against Iran Donald Trump’s second term as US president, which is due to start in January, is likely to bring a significant strengthening of sanctions against Iran and a resumption of the “maximum pressure policy”, industry experts believe. In his first term as president, Trump withdrew from the Joint Collective Plan of Action, a 2015 accord which […] November 7, 2024
Trade Arab world welcomes Trump back to the White House The Arab world has hailed Donald Trump’s successful bid to return to the White House, with his long-standing personal, business and political ties to the region bringing hopes of closer bilateral relationships with the United States for the next four years. The Emir of Qatar, Tamim bin Hamad Al Thani, was the first GCC leader […] November 6, 2024
Industry Bahrain’s Alba looking to Europe after Maaden deal Aluminium Bahrain (Alba) will keep exploring mergers and acquisitions, with a particular eye on Europe, once it completes its multi-billion dollar deal with Saudi Arabian Mining Company (Maaden). The deal is expected to be signed off in the first half of next year. The two companies penned a non-binding agreement in September and are in […] November 5, 2024
Construction Huge demand for workers’ accommodation in RAK Ras Al Khaimah (RAK) is adding 40,000 rooms for blue-collar worker accommodation in the next five years, fuelled by the multi-billion dollar Wynn Resorts casino development and thriving construction sector. More than 10,000 rooms have been “fast-tracked” in the last nine months alone, according to Ramy Jallad, group CEO of Ras Al Khaimah Economic Zone […] November 4, 2024
