Aviation Pay and perks set to soar for in-demand pilots Pilots are in high demand across the Middle East as the region’s airlines ramp up recruitment, according to an aviation expert. Riyadh Air, the new Saudi carrier that aims to start flights in 2025, is seeking to take on 700 pilots. Linus Bauer, managing director of Dubai’s Bauer Aviation Advisory, said it will have to […] July 12, 2023
Real Estate Union Properties reaches settlement with ex-chairman Dubai developer Union Properties has settled a long-running dispute with former chairman Khalifa Al Hammadi and members of his family, according to an announcement on the Dubai bourse. Details of the agreement were not revealed but the posting said it would be “executed once the custodian and escrow agents are appointed”. UP, one of Dubai’s […] July 12, 2023
EXCLUSIVE Retail Kuwait’s Alshaya Group targets US brands for expansion Kuwait’s Alshaya Group, one of the Gulf’s largest franchise owners, is looking at US brands as it plans further expansion across the Middle East. While the UK was previously the go-to market in bringing brands to this part of the world, Alshaya Group chief executive John Hadden told AGBI the company’s attention has switched to […] July 11, 2023
Oil & Gas Iraq signs $27bn deal with TotalEnergies Iraq has signed a $27 billion deal with French major TotalEnergies to increase oil production and build renewable energy facilities. The long-delayed agreement represents the biggest single foreign investment in Iraq, Opec’s second largest crude producer. “I hope that this will be a strong signal to other investors to come to Iraq,” said TotalEnergies chairman […] July 10, 2023
Analysis Banking and Finance Middle East IPO drive likely to cool in second half of 2023 The wave of listings on Middle East markets will slow down as the year progresses, with initial public offerings being pushed to 2024 instead, say industry experts. Last year 71 IPOs were completed in the Middle East, for a combined transaction value of more than $25 billion, according to S&P Global Market Intelligence. That compares […] July 10, 2023
Analysis Banking and Finance Middle East sovereign wealth funds see promise in India Sovereign wealth funds across the Middle East are eyeing up opportunities in India as higher interest rates push emerging markets to the forefront for investors. The latest Invesco Global Sovereign Asset Management Study said that, while Europe and the US continue to hold allure, 100 percent of funds in the region viewed India as an […] July 10, 2023
Business of Sport Oman Air signs sponsorship with Chelsea FC Oman Air has signed a three-year sponsorship deal to become the global airline partner of English Premier League football club Chelsea. The sultanate’s flag carrier is looking to capitalise on Chelsea’s international following. The partnership will include co-branded livery, joint promotional content and corporate social responsibility campaigns. Financial details around the deal were not disclosed. […] July 6, 2023
Analysis Aviation Tunisair’s turbulence a ‘toxic mix of circumstances’ Tunisia’s national carrier Tunisair is facing a “toxic mix of circumstances” as it battles for survival, according to a leading aviation expert. The North African country’s president Kaïs Saïed, minister of transport Rabii Mejidi, and Tunisair’s CEO Khaled Chelli met recently to discuss a rescue plan for the airline, which is seeking a restructure to […] July 6, 2023
Real Estate UAE changes bank rules for Emirati mortgage holders The Central Bank of the UAE has introduced new mortgage repayment rules for citizens this week as a response to rising interest rates. Customers who have a monthly income of AED40,000 ($10,890) or more will now have their mortgage repayments capped at 60 percent of their present salary. Banks were previously only allowed to deduct […] July 5, 2023
Economy Surge in new orders prompts salary rises Companies across the Gulf’s biggest economies have enjoyed a surge in new orders both locally and from overseas, with some forced to raise salaries to meet demand. The Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI) reported that new orders in the country rose at “accelerated, multi-year record rates”. Data showed that output in the […] July 5, 2023
Analysis Energy UAE’s nuclear finance deal ‘sets standard for region’ The Barakah One Company has successfully completed the refinancing of the first commercial nuclear power station in the Arab World, based in the UAE. Located 53 kilometres from the city of Ruwais, the $32 billion Barakah Nuclear Energy Plant is being developed by Barakah One – a joint venture between Emirates Nuclear Energy Corporation (Enec) […] July 5, 2023
Economy Bahrain to invest $1.3bn into UK Bahrain’s private sector plans investment of more than £1 billion ($1.26 billion) into the UK, with the aim of driving greater cooperation in clean technology, business services and manufacturing. Investments will be through the kingdom’s sovereign wealth fund Mumtalakat, along with Investcorp, GFH Financial Group and Osool Asset Management. The Strategic Investment and Collaboration Partnership […] July 4, 2023
Business of Sport Steven Gerrard is Saudi’s latest big-name football signing Former Liverpool and England midfielder Steven Gerrard is the latest name to be recruited into Saudi Arabia’s football revolution after being named manager of Al-Ettifaq. The 43-year-old has signed a two-year deal, following players including Cristiano Ronaldo, Karim Benzema, N’Golo Kante, Kalidou Koulibaly and Edouard Mendy to the kingdom. “Gerrard’s presence will be an addition […] July 4, 2023
Renewable Energy UAE pledges $54bn for renewable energy The UAE has vowed to treble its renewable energy investment over the next seven years, investing up to AED200 billion ($54 billion) as climate experts warn the world is losing the race to reduce global warming. The Emirati cabinet – chaired by Sheikh Mohammed bin Rashid Al Maktoum, the UAE prime minister and ruler of […] July 4, 2023
Oil & Gas Oil prices up as Saudi extends output cut Saudi Arabia will extend its voluntary oil output cut of one million barrels per day (bpd) into August, pushing up the price of oil. Originally implemented at the start of this month, the cut will see production by the major oil producer stand at approximately 9 million bpd throughout the next two months. These can […] July 3, 2023
Aviation Air India-Vistara scrutiny ‘is good news for Gulf carriers’ An inquiry into the planned merger between Air India and Vistara will be welcomed by Middle East airlines, as they look to increase their share of the lucrative Indian market, an aviation expert has said. India’s anti-trust commission is investigating the proposal over competition concerns, which could delay or even block the deal altogether. Previously […] July 3, 2023
Real Estate Bahrain homebuyers opt for more affordable real estate Bahrain residents are turning towards more affordable real estate in the kingdom, says property consultant Knight Frank. The average price for apartments declined by 3.5 percent year on year to BHD668 ($1,772) per sq m, according to Knight Frank’s Bahrain Real Estate Market Review Summer 2023 report. Villas recorded a marginal increase of 1.5 percent […] June 27, 2023
Transport Billions needed to make Hyperloop a reality Middle East governments hoping to turn the world’s first Hyperloop into more than a pipe dream will have to “throw money at the project”, a transport expert has said. Despite launching with huge fanfare, the concept has failed to materially advance, primarily because of a lack of public-sector backing, according to a report from Munich-based […] June 27, 2023
Employment Doha and Dubai most competitive cities for jobs Doha and Dubai are the top two most competitive cities in the world for applying for new jobs, according to a study from online resume builder Resume.io. The Gulf cities boasted the highest number of candidates per LinkedIn job posting in February this year. In Doha, the average listing received more applicants (399) within a […] June 26, 2023
Analysis Tech How tech is transforming Saudi’s Hajj travel industry Saudi Arabia’s strong digital infrastructure means it is ready to receive “whatever number of pilgrims and Umrah performers”, according to its director general of passports Sulaiman al-Yahya. Two million people are expected to converge on Mecca in the next week to complete the Hajj pilgrimage. By 2030 the kingdom is committed to tripling this number […] June 23, 2023
Business of Sport Qatar ‘closing in on major US sports investment’ Qatar is ready to take a shot at the $500 billion US sports market with a reported investment interest in Monumental Sports & Entertainment. The Qatar Investment Authority (QIA) is set to buy a 5 percent stake in Monumental, the parent company of basketball side Washington Wizards and the National Hockey League’s Washington Capitals, according […] June 23, 2023
Aviation UAE and Iran sign air transport deal The UAE has signed an air transport services agreement with Iran as the two countries look to enhance trade and tourism relationships. The tie-up aims to better organise air transportation and strengthen air connections. A meeting in Dubai between Sheikh Abdullah bin Zayed Al Nahyan, UAE minister of foreign affairs, and Hossein Amir-Abdollahian, Iran’s minister […] June 23, 2023
