Real Estate Abu Dhabi house prices 25% lower than 2014 Average house prices in Abu Dhabi are 25 percent cheaper than they were during the 2014 peak. One area that bucks the trend is Saadiyat Island, one of the most popular locations in the emirate. Known as the cultural island and home to the Louvre Abu Dhabi and Guggenheim Abu Dhabi museums, house hunters will need […] August 10, 2023
Finance Dubai’s economy expands to hit $30bn in first quarter Dubai’s real GDP rose 2.8 percent year on year in the first quarter of 2023, to reach AED111.3 billion ($30.3 billion), while inflationary pressures and costs eased for Dubai’s non-oil business sector in July. The latest purchasing managers’ index (PMI) data from S&P Global revealed another strong month of growth for the non-energy private sector, […] August 9, 2023
Construction UAE’s construction activity rises despite cost hikes Construction activity in the UAE rose by almost 50 percent in the second quarter of 2023, despite higher raw material costs. The increase in workload was driven by the country’s residential sector (up 55 percent). Commercial and infrastructure were also buoyant, with activity up 35 percent and 44 percent respectively, according to the Royal Institution […] August 8, 2023
Finance Dubai laundry app seeks ‘deeper pockets’ for next step Dubai’s door-to-door laundry app Washmen plans to tap into private equity and funding from family investment groups, but has ruled out a public listing, CEO Rami Shaar has told AGBI. The company has gone through three rounds of fundraising since it was set up eight years ago, raising $11 million from seed, series A and […] August 8, 2023
Health PIF sets up company to help Saudi women get fitter Saudi Arabia’s sovereign wealth fund has launched a company aimed at improving the health and wellbeing of women in the kingdom. The business, Kayanee, will focus on fitness, apparel, personal care and treatments, nutrition and diagnostics, healthy eating and learning. The Public Investment Fund-backed company will be chaired by Princess Reema bint Bandar Al Saud, […] August 7, 2023
Agriculture High-tech greenhouse turns up heat on UAE sustainability Abu Dhabi sovereign wealth fund ADQ has teamed up with Netherlands-based Safe Haven Solutions to build a high-tech greenhouse in the UAE capital. The 10-hectare facility will be built in ADQ’s AgTech Park in Khalifa Economic Zones Abu Dhabi. It will use advanced agriculture technology such as a cooling system inside the greenhouse to help […] August 7, 2023
Analysis Retail Bahrain shopping malls must adapt or risk losing tenants Shopping mall owners in Bahrain have been warned to adapt or risk their tenants leaving, as average rental rates in the kingdom dropped by 11 percent over the last year and the popularity of online shopping continues to grow. Retail rents have declined by 7 percent to BHD10 ($26.5) per square metre, as the sector […] August 7, 2023
EXCLUSIVE Business of Sport Baseball ready to strike home run in the Middle East When the opening pitch is thrown at Dubai International Stadium in November it will signal the official start of the first ever professional baseball league in the Middle East and South Asia. And the power broker behind the ambitious project hopes the 25,000-seater venue will be at least a quarter full to mark the inaugural […] August 6, 2023
Energy Adnoc Drilling reports 18% increase in profits Adnoc Drilling has announced an 18 percent increase in net profit for the first half of the year, buoyed by an increased fleet and service expansion. The company, a subsidiary of Abu Dhabi National Oil Company (Adnoc), saw revenues grow by 13 percent to $1.4 million year on year, with profits for the six-month period […] August 4, 2023
Analysis Logistics Call for shipping polluters to pay for their emissions UAE multinational logistics company DP World has called for a global taxation on polluters in the shipping industry to pay for their emissions. The maritime services giant says new targets revealed by the International Maritime Organization (IMO) in July do not go far enough. At the 80th meeting of the IMO’s Marine Environmental Protection Committee […] August 4, 2023
Economy Drop in new orders slows non-oil business growth Non-oil business activity in the UAE and Saudi Arabia dropped in July as growth of new orders slowed. The seasonally adjusted S&P Global UAE Purchasing Managers’ Index (PMI) for July hit 56.0, down from the high of 56.9 the previous month. Although it was well above the 50-point index mark, with anything below 50 indicating contraction, new […] August 3, 2023
Economy Turkey’s trade deficit hits $61bn as exports drop Turkey’s foreign trade deficit increased by 18.7 percent to $61.2 billion in the first half of this year, with exports down by 1.9 percent compared with a 4.1 percent rise in imports. Exports from January through to June dropped to $123.3 billion, while imports climbed to $184.6 billion, according to the Turkish Statistical Institute. The […] August 1, 2023
Agriculture Tunisia approves $87m loan to safeguard food supplies Tunisia has approved a TND268 million ($87 million) loan from the African Development Bank (AfDB) to safeguard sustainable food production in the country. The Assembly of People’s Representatives (APR) gave the loan the green light. It will be used to fund the Cereal Sector Inclusive and Sustainable Support Project (Padific), a body aimed at improving […] August 1, 2023
Banking and Finance Tax exemptions tipped to lure foreign investors to UAE The UAE’s decision to exempt investment funds from corporate tax will only serve to increase the attractiveness of the Emirates among global investors, taxation experts have told AGBI. Corporate tax at a standard rate of 9 percent came into effect on June 1 for companies with taxable income of over AED375,000 ($102,000). The UAE cabinet […] July 31, 2023
Banking and Finance Standard Chartered not expecting further FAB approach The boss of British bank Standard Chartered does not anticipate a further acquisition approach from First Abu Dhabi Bank as a six-month cooling off period required by UK takeover rules comes to an end. The London-listed bank has been the subject of speculation this year around a possible sale to FAB, the UAE’s biggest lender. […] July 31, 2023
Banking and Finance Middle East wealth funds wary of greenwashing Almost three-quarters of sovereign wealth funds in the Middle East are investing in renewable energy, although most have concerns about potential greenwashing. The latest Invesco Global Sovereign Asset Management Study found that 71 percent of Middle East sovereign wealth funds were investing in renewables. Many funds are doing so as part of a commitment to […] July 21, 2023
Analysis Lifestyle Personal security grows as wealthy expats flock to GCC As more and more high net worth individuals choose to call the states of the GCC home, the private personal security sector has become big business, and some providers are reporting surging demand for their services. Last year 5,200 more HNWIs relocated to the UAE than left. The Gulf state had the highest net inflow […] July 17, 2023
Aviation Riyadh Air receives half a million job applications Saudi Arabia’s new airline Riyadh Air has received almost half a million job applications since the carrier was announced to the world in March this year. Wholly owned by Saudi’s Public Investment Fund, Riyadh Air forms part of ambitious plans by the kingdom to boost the number of passengers through its 29 airports from 100 […] July 14, 2023
Banking and Finance Climate finance ‘not fit for purpose’, says Al Jaber Sultan Al Jaber, who is due to preside over the Cop28 conference later this year, has said climate finance in its current form “is not fit for purpose.” He called for the financial architecture’s “comprehensive transformation” instead of “piecemeal reform”, adding that special focus is needed to support “climate-positive development” across the global south. “Climate […] July 14, 2023
Trade Saudi Arabia and Turkey sign trade deals worth $610m Saudi Arabia and Turkey have signed trade deals worth SR2.3 billion ($610 million) as the two countries continue to forge stronger diplomatic and economic ties. The agreements, finalised at the Saudi-Turkish Business Forum in Istanbul, will see investment in real estate, construction, engineering consultancy and other sectors, according to a report by the state-run Saudi […] July 13, 2023
Lifestyle Bahrain named best country in Middle East for expats Bahrain is ranked among the top 10 countries in the world and number one in the Middle East for expatriates to live and work, according to the latest Expat Insider Survey by InterNations. The survey ranked countries in 56 categories including quality of life, ease of settling in, working abroad, personal finance and expat essentials. […] July 13, 2023
Health NMC Healthcare founder BR Shetty faces $4bn lawsuit Administrators have filed a $4 billion lawsuit against the founder of NMC Healthcare BR Shetty and its former chief executive, related to allegations of fraud which led to its demise in 2020. Legal claims have been made in the UK and Abu Dhabi centred around Shetty, Prasanth Manghat and the Bank of Baroda, as reported […] July 12, 2023
