Banking & Finance Motor and medical sectors driving Saudi’s insurance business Motor and medical segments are helping to drive Saudi Arabia’s insurance industry, according to the latest report from global consultants KPMG. Insurance companies in the kingdom recorded continued growth in the third quarter, with aggregate gross written premiums standing at SAR39.28 billion ($10.45 billion), an increase of 26.8 percent on Q3 2021. Although most categories […] January 5, 2023
Transport Morocco looking for private partners to fund $38bn rail plans Morocco’s ambitious plans to connect the country through a high-speed national rail link requires “innovative financing solutions based on public-private partnerships”, says Mohamed Abdeljalil, minister of transport and logistics. The Morocco Rail Plan, led by the National Railways Office (ONCF), is estimated to cost 400 billion dinars ($38.1 billion), according to the Moroccan News Agency. […] January 5, 2023
Analysis Employment UAE’s unemployment insurance ‘first step’ towards welfare state The introduction of the UAE unemployment insurance programme is the “first step” towards the country creating a welfare state, experts predict. Over 60,000 people signed up for the social security programme, called the Involuntary Loss of Employment insurance scheme, in the first two days since going live on January 1. Represented by Dubai Insurance, it […] January 5, 2023
Analysis Business of Sport Ronaldo will be first of many Saudi superstar signings Cristiano Ronaldo was officially revealed as an Al Nassr player on Tuesday night amid a cacophony of noise and a sea of yellow and blue. And as fans inside the 25,000-seater Mrsool Park chanted his name, Ben Gordon, a sports diplomacy expert at Dentons Global Advisors, said that Saudis should get set for more superstar […] January 4, 2023
Analysis Gulf healthtech investment is just what the doctor ordered Technological innovation and broader changes in society are shifting the balance of power in healthcare across the Middle East region, increasing investment from entrepreneurs looking to capitalise on the sector’s digital revolution. “The same wave of personalisation and consumerisation that ushered in analytics-based recommendation engines for entertainment has programmed people to want healthcare that is […] January 4, 2023
Analysis Banking & Finance Gulf wealth funds look to snap up ‘cheap’ assets in West Sovereign wealth funds across the Middle East are forecast to take advantage of “limited competition” from global peers this year to pursue “cheap” assets in Europe, the US and other western markets. A sharp drop in stock and bond markets over the past year has resulted in the combined value of the world’s sovereign wealth […] January 3, 2023
UAE startup MangoGTM launches ‘Amazon for software vendors’ MangoGTM, a UAE-based startup, is aiming to help small regional entrepreneurs get their foot in the door with some of the biggest companies in the world. The business was set up four years ago as a consulting and servicing company but has since evolved into a wider technology marketplace, marrying buyers and vendors in what […] January 3, 2023
Banking & Finance Mena professionals vow to build up their savings in 2023 Saving money is the top new year’s resolution for Mena professionals, a survey has found. In the poll by jobs site Bayt.com, almost two-thirds (63 percent) of the 2,988 respondents said building a nest egg was their No 1 priority for 2023. Keren Bobker, a Dubai-based independent financial adviser and senior partner at Holborn Assets, […] January 2, 2023
Analysis Business of Sport Ronaldo’s signing goes beyond money for Saudi Arabia Cristiano Ronaldo’s move to Al Nassr “is less about money and more about the Saudi Arabian geopolitical economy”, says a leading sports academic. The 37-year-old forward agreed to join the Saudi Pro League last week in a deal that will run until 2025 and is expected to earn him over $200 million a year. It […] January 2, 2023
Tourism Germany records 180% surge in Gulf visitors The number of Gulf nationals visiting Germany rose 180 percent year-on-year in the first three quarters of 2022, figures from the German National Tourist Board reveal. GCC nationals accounted for more than 872,000 overnight stays from January to September, making the region Germany’s number one source market in Asia. Although the figure was up from […] January 2, 2023
Analysis Tourism Diversification is key to Tunisian tourism recovery Tunisia must diversify its tourism offerings, according to experts, as the country continues to chart a course of recovery from the effects of the coronavirus pandemic. The number of foreign visitors to the North African nation in 2022 is forecast to reach over 6 million, as revealed by Lofti Mani, central director of promotion at […] January 2, 2023
EXCLUSIVE Real Estate Middle East buyers to cash in on prime London property market Cash is king when it comes to the prime central London property market and Middle East buyers are perfectly positioned to take advantage of this. Vic Chhabria, managing director of London Real Estate Office, whose client base largely comprises overseas buyers from Mena and more specifically the GCC, said the potential for further interest rate […] December 30, 2022
Sustainability Private sector key to tackling climate change, says tourism chief The world cannot expect governments to combat climate change alone and the private sector must step up and safeguard the future of the planet, according to John Pagano, CEO of Saudi’s Red Sea Global. Countries across the world are taking various measures to address climate change. In the Middle East, the UAE and Oman have […] December 30, 2022
EXCLUSIVE Aviation Gulf airlines will collaborate more in 2023, says Emirates chief The Middle East aviation industry is perfectly positioned to launch greater collaboration among its leading players, according to Emirates president Sir Tim Clark. Middle East carriers are expected to post a loss of $1.1 billion in 2022, and a profit of $268 million in 2023 as per a report from the International Air Transport Association. […] December 28, 2022
Tech Gulf to see a surge in ‘super apps’ in 2023, says Kuwaiti retailer The future of the Gulf’s digital service economy lies in the creation of increasingly popular super apps, according to Tarek Sakr, CEO of Kuwait-based e-commerce and classifieds platform 4Sale. As technology continues to revolutionise the retail industry, building on the rapid shift to e-commerce during the coronavirus pandemic, in an exclusive column for AGBI, Sakr […] December 28, 2022
Energy ACWA Power signs $2.4bn wind farm deal in Uzbekistan Saudi-listed ACWA Power has signed a power acquisition deal with the National Electric Grid of Uzbekistan to build three wind power plants in the country. According to a bourse filing to the Tadawul exchange, the $2.4 billion Kungrad wind farm project in the north-western Karakalpakstan district of Uzbekistan, will be implemented through special purpose vehicles. […] December 27, 2022
Aviation Dubai Aerospace Enterprise signs $800m unsecured term financings Global aviation services company Dubai Aerospace Enterprise (DAE) Ltd has signed a new senior unsecured term financings for a total of $800 million. The term financings have a weighted average maturity of 5.5 years in two transactions and were each underwritten by a “leading bank in the region”, according to a statement on Tuesday. Firoz […] December 27, 2022
Economy Bahrain’s exports dropped 14% in November Bahrain’s exports of national origin dropped by 14 percent in November year-on-year reaching BD350 million ($931.6 million). According to the Information & eGovernment Authority, unwrought aluminium alloys were the top products exported during November this year, worth BD92 million. Bahrain real estate trends: From drive-thrus to cheaper hotels Bahrain’s GFH commences trading on Abu Dhabi […] December 27, 2022
Analysis ‘The sky’s the limit’ for female Emirati entrepreneurs Ten years ago, when Tala Badri decided to launch her own business, the pathway to opening was anything but easy. “When I came into the market to set up my own business and I applied for a loan, for example, I was told it was a wonderful idea, ‘but you need to have your husband […] December 26, 2022
Lister: Next 12 months are crucial for UK and UAE trade relations The UK can use the UAE as a “springboard” for global trade, says Lord Udny-Lister, co-chair of the UAE-UK Business Council. A third round of negotiations for a free trade agreement between the UK and GCC is set to take place in the Saudi capital Riyadh early next year, following talks in London three weeks […] December 26, 2022
Analysis Construction Saudi to benefit from global drop in demand for building materials Developers in Saudi Arabia are poised to capitalise on a global drop in demand for construction materials. The overall projected increase in building costs appears to be less than first feared. According to a report from JLL, KSA Construction Market Intelligence Q4 2022, construction commodity prices have “flatlined” since hitting their peak in July, with […] December 25, 2022
Real Estate Cypriot property developer sees strong Middle East demand Middle East investors make up almost a third of the €100 million ($106 million) total sales so far in a new high-end property development in Cyprus. The €300 million Limassol Blu Marine project is the latest to be undertaken by Leptos Estates, the largest property developer in Cyprus, behind the government and the church. “Cyprus […] December 23, 2022
