Saudi invests $2.4bn in DP World’s flagship UAE ports Saudi Arabia-based Hassana Investment Company has invested $2.4 billion in three of DP World’s flagship UAE assets. The investment manager for the General Organisation for Social Insurance, which owns one of the largest pension funds in the world, Hassana has taken a minority stake in Jebel Ali Port, Jebel Ali Free Zone and National Industries […] December 21, 2022
Food & Drink $5.5m initiative for food security in Mediterranean countries A new $5.5 million package of technical assistance to improve food security in Tunisia, Egypt, Jordan, Lebanon, Morocco and the West Bank and Gaza has been agreed by the European Bank for Reconstruction and Development and the Food and Agriculture Organisation of the United Nations. The joint initiative, which will be launched in January, is […] December 21, 2022
UAE scores world’s second fastest 5G download speed The UAE has the second fastest median download speeds over 5G in the world, according to a new global report published this week. Research by Speedtest.net, also known as Speedtest by Ookla, a US-based web service that provides analysis of Internet performance, revealed that the UAE was among the countries at 511.70 mbps (megabytes per […] December 20, 2022
Sustainability Jordan signs $121m loan deal to upgrade King Abdullah Canal Germany’s KfW Development Bank has partnered with Jordan’s Ministry of Water and Irrigation to provide a €115 million loan ($121.73 million) towards the upgrade of the 65km northern part of King Abdullah Canal. Water minister, Mohammad Najjar, who signed the deal with KfW Amman office director Mark Schwiete, said the project will pump 10 million […] December 20, 2022
Economy Tunisia looks to boost trade with African neighbours Tunisia is looking to increase trade with its African neighbours, particularly sub-Saharan countries, amid an expected slowdown in business with Europe. Geopolitical tensions arising from the Russian invasion of Ukraine have fuelled international inflation levels, which could impact levels of trade between Tunisia and its European partners, according to Mélanie Laloum, lead economist, global policy, […] December 17, 2022
Real Estate Dubai co-working startup eyes new funding as it goes global Hotdesk, an on-demand workspace booking platform based in Dubai, is preparing to launch a Series A round of funding as the startup continues to enjoy exponential growth throughout the region and globally. The company, which provides access to co-working spaces at the click of a button, was launched in 2021. It has since expanded into […] December 16, 2022
Construction Tenders open to private partners for Saudi’s Makkah courthouse Saudi Arabia has opened up tenders for the Ministry of Justice Courthouse Complex, a public private partnership project in Makkah. The kingdom’s National Centre for Privatisation and PPP and State Properties General Authority jointly announced the launch of expressions of interest for the 115,000 square metre project to be built in the Al-Nassem district of […] December 16, 2022
Tech DIFC Courts issues rules for robots, drones, AI and fintech The Dubai International Financial Centre (DIFC) Courts has issued a fresh set of rules designed to address digital business disputes across the emirate. The rules range from big data, blockchain, artificial intelligence, fintech and cloud services, to unmanned aerial vehicles, 3D printing and robotics. Established in 2004, the DIFC Courts is the English language, independent, […] December 14, 2022
Tourism Saudi tourism surges as foreign visitors spend 570% more in Q2 International visitors to Saudi Arabia spent SAR 15.7 billion ($4.17 billion) in the second quarter of this year, a year-on-year increase of 570 percent, as the country continues its recovery from the coronavirus pandemic. The kingdom welcomed 3.6 million tourists from April to June, a rise of 575.4 percent year-on-year, according to figures revealed by […] December 14, 2022
Analysis Employment Middle East tech boom leads to high price of talent The most significant barrier to technology adoption in the Gulf is a shortage of talent, according to Miriam Burt, managing vice president at Gartner. The latest forecast from the technological research and consulting firm revealed that IT spending in the Middle East and North Africa (Mena) region will total $178.1 billion in 2023, an increase […] December 14, 2022
Analysis Banking & Finance Corporate tax will make UAE ‘more open for investors’ The UAE’s decision to introduce a corporate tax will make the business environment more transparent and attractive for investors, according to experts. The tax, announced in January this year, will levy a standard rate of 9 percent on taxable profits of more than AED375,000 ($102,110). Profits up to that threshold will not be taxed in […] December 14, 2022
Food & Drink GMG-Silal deal aims to dish up customers for 1,100 UAE farms More locally grown food is set to be sold in UAE supermarkets under a link-up between retailer GMG and agri-food business Silal, a subsidiary of sovereign wealth fund ADQ. Under the deal, which was signed at last week’s Abu Dhabi International Food Exhibition, up to 1,100 UAE farms contracted to Silal will be supported to […] December 12, 2022
Economy China signed ‘$50bn of deals’ with Gulf nations in three days China signed investment deals worth an estimated $50 billion with Gulf nations during President Xi Jinping’s three-day visit to Saudi Arabia last week. The $50 billion figure was reported by Bloomberg, citing the Saudi investment minister Khalid Bin Abdulaziz Al Falih, but details of the agreements struck during the first Arab-China summit have not been […] December 12, 2022
