Oil & Gas Oil prices steady following death of Iranian president Oil prices remained steady on Monday morning following the death of Iranian president Ebrahim Raisi, who was killed over the weekend in a helicopter crash in mountains near Iran’s border with Azerbaijan. Brent crude rose less than 1 percent percent at $84.37 a barrel – slightly below the estimated breakeven price at which Saudi Arabia, […] May 20, 2024
Economy Soaring olive oil exports help Tunisia balance books Tunisia’s soaring olive oil exports have almost doubled to close to $1 billion in just five months, helping it claw back its current account deficit. However the increased revenues merely “paint over the cracks” and the country is still probably heading towards a sovereign default, according to an economic expert. Tunisia’s current account deficit narrowed […] May 17, 2024
Finance Aluminium producer Talco announces Saudi IPO Aluminium producer Al Taiseer Group Talco Industrial Company (Talco) is the latest entity to reveal initial public offering (IPO) plans in Saudi Arabia. The Riyadh-based company, which was set up in 2009, is offering 12 million shares, a 30 percent stake, on the Saudi Exchange (Tadawul) at a nominal value of SAR10 ($2.67) per share. […] May 17, 2024
Business of Sport LIV Golf chief says rugby next in line for Gulf funds Talks are taking place with sovereign wealth funds and private equity entities about potential Gulf investment in rugby, according to Mark Foster, senior vice president of finance operations at Saudi-backed LIV Golf Investments. Foster, a former Gloucester and Exeter Chiefs professional rugby player, told The Good the Bad & the Rugby podcast that discussions have […] May 17, 2024
Finance Dubai tops ‘greenfield’ FDI ranking for third year Dubai is the world’s top location for “greenfield” foreign direct investment for the third consecutive year, according to fDi Markets. A total of 1,070 greenfield FDI projects, where a company sets up in a foreign country, building its facilities from the ground up, were reported in Dubai in 2023. This was more than double the […] May 15, 2024
ANALYSIS Tourism Travel startups seen as ‘high risk’ by VC investors The co-founder and CEO of Dharma, an Abu Dhabi business travel management platform, has claimed the tourism sector isn’t seen as attractive enough for investors. Dharma, which was one of the first startups accepted into Abu Dhabi’s Hub71 incubation programme, closed a $4.7 million Series A funding round last year. “I think for venture capital […] May 15, 2024
Markets Bahrain Bourse needs more liquidity despite 43% surge The Bahrain Bourse has surged by almost 43 percent in the past five years, but experts have warned that the Gulf state must prioritise further listings to bring more liquidity into the market. The bulk of the growth on the kingdom’s main exchange has come from a select number of liquid stocks, topped by Aluminium […] May 15, 2024
Aviation Dnata CEO confident of victory in Rome airport case The group CEO of Dnata, the Dubai-based global air and travel services provider, is “very confident” the company will soon begin operations in Rome. “We’re certainly planning to be operating this year,” Steve Allen told AGBI at a media event on Tuesday, referring to an appeal ruling on the decision to award ground-handling contracts due […] May 14, 2024
Video length: 08:25 exclusive Banking and Finance Rate of debt skipping falls 90% at Dubai’s biggest bank There has been a dramatic decline in the number of people leaving the country to avoid debt obligations to UAE banks. The fall in so-called “skips” is a result of the Gulf state’s introduction of legal reforms such as the decriminalisation of bounced cheques, and new insolvency and bankruptcy laws, experts said. In the past […] May 14, 2024
Aviation Dubai to receive $1bn dividend after record Emirates profits Emirates Group will pay more than $1 billion in dividends to its owner, the Investment Corporation of Dubai sovereign wealth fund, after it announced record profits of just over $5 billion for the year. The holding group includes Dubai-based flag carrier Emirates and aircraft and airport services company Dnata. It repaid $596 million from the […] May 13, 2024
Markets Saudi Arabia dominates Mena Q1 public listings Saudi Arabia dominated public listings in the region in the first quarter of the year and maintains a “healthy pipeline” of IPOs for the remainder of 2024. Nine companies were brought to market in Saudi Arabia during the opening three months, according to the latest report from global consultants EY. The kingdom’s largest, and the […] May 10, 2024
Finance Hong Kong plans fund on Saudi stock exchange Officials in Hong Kong are planning to set up an exchange-traded fund with Saudi Arabia’s stock exchange, as Middle East investors increasingly go “bargain hunting” in the Asian city state to take advantage of lower valuations. An exchange-traded fund (ETF) is an investment fund traded on regulated stock exchanges, much like individual stocks are bought and […] May 10, 2024
Leisure & Hospitality Emaar Hotels reveals wide expansion plans Emaar Hospitality Group is talking to investors in Europe, the Middle East and China to expand its footprint regionally and internationally. The Dubai-based company is behind iconic names such as The Address Hotels & Resorts, Vida Hotels, Palace Hotels & Resorts and Armani Hotels & Resorts. Mark Kirby, head of hospitality at Emaar Hospitality, told […] May 8, 2024
Aviation Emirates chairman ‘not happy’ with Boeing delays Emirates chairman Sheikh Ahmed bin Saeed Al Maktoum has called on Boeing’s new management to address technical issues with the 777X widebody aircraft as a matter of urgency, admitting that he was “not happy” with the US planemaker. The flight operator has an order for 205 of the jets which were originally due to be […] May 8, 2024
Analysis Tourism Why ‘over-tourism’ offers an opportunity for the GCC The GCC region and its North African neighbour Egypt can reap the rewards of over-tourism across the globe, according to industry experts, with affordability playing a key role in fuelling the sector’s growth. The number of hotel rooms in the six countries of the GCC – Bahrain, Kuwait, Qatar, Oman, Saudi Arabia and the UAE […] May 6, 2024
Tourism Bahrain port operator hopes to double cruise passenger arrivals The operator of Bahrain’s biggest port has held discussions with international tour operators to try to double the number of cruise passengers visiting the kingdom next season. Khalifa Bin Salman Port is operated by APM Terminals Bahrain. It welcomed more than 116,000 cruise passengers in the last six-month season, which ran from October to March, […] May 3, 2024
EXCLUSIVE Tourism Bahrain reveals plans to reach 2026 visitor target Mumtalakat, Bahrain’s sovereign wealth fund, has been announced as a partner in the development of a new luxury island resort which will open later this year and include a water park and a Bear Grylls Survival Academy. The opening is part of Bahrain’s wider push to expand its tourism offering – with new hotels, beaches […] May 2, 2024
Finance Flood insurance in Dubai under threat says expert Insurance companies could opt against covering areas of Dubai that were flooded during last month’s heavy rainfall, according to an expert from the S&P Global Ratings agency. Some areas remain badly affected since the torrential storm wreaked havoc across the emirate over two weeks ago, with record amounts of rain over a 24-hour period. It […] May 2, 2024
Analysis Markets Hope for more private UAE listings follows Spinneys IPO The record-breaking interest in supermarket giant Spinneys’ upcoming listing on the Dubai Financial Market could start a rush of private listings in the UAE, industry experts have predicted. The country’s privatisation strategy has led to a raft of government-owned entities being listed on the Dubai and Abu Dhabi stock exchanges. Last year there were 48 […] May 2, 2024
Energy Tunisia signs $1.2bn deal to improve energy imports Tunisia has signed a deal with the International Islamic Trade Finance Corporation, which will disperse $1.2 billion in financing to the North African country over the next three years. The money will be used to fund energy imports, according to a statement from Tunisia’s Department of Economy. Tunisia is facing a financial crisis and has […] May 1, 2024
INTERVIEW Agriculture Emirates Development Bank to focus on farmers, says CEO Emirates Development Bank is prioritising food security this year, its CEO has told AGBI, and has billions of dirhams ready to lend to the UAE’s farmers. Food security is one of the five funding pillars of the state-owned EDB, which provides loans and resources to large corporations, SMEs and startups. The bank has a mandate […] April 30, 2024
Manufacturing UAE to open manufacturing centre of excellence in Sharjah A manufacturing centre of excellence is to be set up in Sharjah, its backers announced on Monday. The UAE Ministry of Industry and Advanced Technology, the Sharjah Entrepreneurship Centre (known as Sheraa), the Sharjah Chamber of Commerce and Industry and Emirates Development Bank (EDB) have signed a memorandum of understanding for the project. “Hopefully it […] April 29, 2024
