Banking and Finance Dubai Investments plans flagship project in Africa UAE investment group Dubai Investments has revealed details of its first flagship mixed-use development in Africa. The company is creating Dubai Investments Park Angola, a 2,000 hectare residential, commercial and industrial hub in the West African country. The project, based 50 kilometres from the capital Luanda in Bengo Province, includes an 18-hole golf course and […] January 10, 2024
Real Estate Khalaf Al Habtoor escalates dispute with Lebanon Emirati businessman Khalaf Al Habtoor has escalated his feud with the Lebanese authorities by launching an investment treaty dispute against the country. The legal notice of the dispute alleges that Beirut’s treatment of his conglomerate, Al Habtoor Group, breaches the investment treaty between the UAE and Lebanon. Under the 1999 agreement, Lebanon committed to protect […] January 10, 2024
Leisure & Hospitality Dubai hospitality thrives despite rising costs Dubai’s hospitality industry reported a strong end to the year despite global economic turbulence and geopolitical concerns in the region. According to the latest headline S&P Global Dubai Purchasing Managers’ Index (PMI), the emirate’s non-oil private sector posted its best performance for 16 months in December, buoyed by strong sales in wholesale and retail and […] January 10, 2024
Video length: 07:13 Real Estate Landlords keep upper hand in Dubai rental market Landlords have the upper hand in Dubai’s rental market, real estate experts say, as single-cheque payments for annual leases continue to dominate in the emirate. “With a limited number of properties available and an influx of new tenants, landlords find themselves in a stronger negotiating position,” Lewis Allsopp, chairman of the Dubai estate agent Allsopp […] January 8, 2024
Markets Shares in MBC rise 30% on Saudi Tadawul debut The share price of media company MBC Group rose by 30 percent as it made its debut on the Saudi stock exchange on Monday. The Saudi group’s initial public offering of a 10 percent stake last month was 17.6 times oversubscribed by retail investors, raising SAR1.46 billion ($390 million). At the opening bell of the […] January 8, 2024
Transport Suez shipping traffic drops 20% as Houthi attacks continue Shipping traffic through the Suez Canal has dropped by as much as one-fifth in the last two weeks as Yemeni Houthis continue to target vessels in the Red Sea. Statistics from the International Monetary Fund’s (IMF) PortWatch platform revealed a 20 percent drop in ships using the Suez Canal route between December 24 and January […] January 5, 2024
Economy Saudi agrees $23bn financing to balance books Saudi Arabia requires roughly SAR86 billion ($23 billion) in financing this year in order to help balance the kingdom’s books. The 2024 Annual Borrowing Plan was given the green light by finance minister Mohammed Al Jadaan on Thursday at a board meeting of the National Debt Management Center. The 2024 budget statement, approved in December, […] January 5, 2024
Oil & Gas Costs blow for Saudi firms after Aramco price rises Production costs for companies in Saudi Arabia could increase by more than 3 percent after price rises announced by Saudi Aramco. Businesses have been given notice of the price increase for Aramco’s feedstock and fuel products, which came into effect from the start of this month. Aramco increased retail diesel prices for 2024 by 53 […] January 4, 2024
Aviation Kuwait aircraft lessor Alafco slashes losses Kuwait’s state-funded aircraft leasing firm, Alafco, has cut its annual net losses by 98 percent, the company said at its latest earnings presentation. Alafco, whose shareholders include the Kuwaiti government, said operating lease revenue dropped by 63 percent to KD35.9 million ($116.74 million) for the financial year ending on September 30. However, this was made […] January 4, 2024
Employment Gulf’s ESG uptake hindered by lack of expertise The Gulf has seen a rise in green bonds and funds, but awareness of environmental, social and corporate governance (ESG) reporting and the infrastructure to carry it out is lagging the rest of the world, a leading industry expert says. A survey from the consultancy PwC Middle East revealed that 64 percent of respondents in […] January 3, 2024
Manufacturing Demand fuels price rises in Saudi Arabia’s non-oil sector A surge in demand towards the end of the year saw non-oil companies in Saudi Arabia increase prices for the second month in a row in December. Manufacturing was the standout industry. “A number of firms signalled that increased demand momentum gave them greater confidence to pass on higher input costs to customers,” according to […] January 3, 2024
Manufacturing Dubai robotics company Micropolis in New York listing The Dubai-based robotics manufacturer Micropolis Holding is to list on the New York Stock Exchange. The company, which develops autonomous mobile robots and related software, signalled its initial public offering intentions in a filing to the US Securities and Exchange Commission. Micropolis intends to raise up to $37 million by issuing 8.2 million shares at […] January 3, 2024
Employment ‘No loopholes for companies’ to be found in Saudi HQ rules Multinational companies looking for loopholes in Saudi Arabia’s regional headquarters rules will not find them, although the exceptions set out in the small print could affect negotiations, business relocation experts have told AGBI. As of Monday, foreign companies looking to gain access to billions of dollars worth of government contracts must have their regional headquarters […] January 3, 2024
Logistics Shipping insurance rates rise on Red Sea crisis Insurance rates for shipping companies operating in the Red Sea are likely to rise further, according to industry experts, as the area continues to be the target of terrorist attacks by the Houthi militia. Some of the biggest operators in the industry, including CMA CGM of France, MSC of Switzerland and A.P. Moller-Maersk of Denmark, […] December 24, 2023
Real Estate Dubai’s Union Properties settles $188m bank debt Dubai developer Union Properties has repaid debts worth up to AED875 million ($187.6 million) to a “national bank”, according to a bourse filing, as efforts to restructure the company continue. Union Properties, best known for its Motor City development in the emirate, announced the debt payment following a board meeting on Thursday and said the […] December 22, 2023
Transport Hyperloop One hits the buffers Hyperloop One, the high-speed transportation company backed by DP World, has ground to a halt, according to reports. The company, which claims to be developing technology that will allow passengers to travel at more than 700 miles per hour in a floating pod that is thrust through giant low-pressure vacuum tubes, was founded in 2014. […] December 22, 2023
Trade AI to be at the heart of UK-GCC free trade talks AI will be at the heart of future bilateral trade between the GCC and the UK, according to Oliver Christian, His Majesty’s trade commissioner for the Middle East and Pakistan. “That [AI investment] will definitely be the story of my tenure here over the coming years in the UAE and across the Middle East,” said […] December 18, 2023
Renewable Energy AMEA Power plans $15bn hydrogen investment in Africa UAE renewable energy company AMEA Power is ready to develop projects worth $15 billion in Africa as it ramps up production of green hydrogen. The company, which has a clean energy pipeline of over 6 gigawatt (GW) across 20 countries, plans to develop three 1GW-scale electrolyser projects in Mauritania, Djibouti and Egypt. “We believe they […] December 13, 2023
Aviation Ryanair to begin domestic flights in Morocco in 2024 Irish low-cost carrier Ryanair will open domestic flights across Morocco from next summer as part of its $1.4 billion investment in the North African country. Ryanair will be the third airline to operate flights in Morocco, following national carrier Royal Air Moroc and the UAE’s Air Arabia. The extra commitment to Ryanair’s summer programme means […] December 13, 2023
Renewable Energy UAE sets sustainable aviation fuel targets The UAE is aiming to have sustainable aviation fuel (SAF) account for at least 1 percent of the total fuel supplied at airports in the Gulf state by 2031, according to a new government ruling. The Guideline on Sustainable Aviation Fuel says the country hopes to produce 700 million litres annually by 2030, according to […] December 13, 2023
Food & Drink Region’s first brewery to open in Abu Dhabi A brewery is opening in Abu Dhabi this month, becoming the first to take advantage of relaxed alcohol laws in the emirate. A licence has been granted to Craft by Side Hustle, a restaurant with a fully operational brewery on site. It will have the capacity to produce 25,000 pints of beer a month. “We’re […] December 12, 2023
Manufacturing UAE considers a tax on packaging to fund recycling The UAE is considering introducing a tax on packaging, according to an industry expert, as the country continues to ramp up its sustainability agenda. Ali Al Dhaheri, CEO of Abu Dhabi Waste Management Company, or Tadweer, told AGBI that discussions with the UAE government were taking place about bringing in an extended producer responsibility (EPR) […] December 12, 2023
