Business of Sport LIV Golf brokers peace deal with global rivals A peace deal brokered between the breakaway Saudi-led LIV Golf series and its global rivals has been hailed as a “historic” move, after months of bitter legal challenges over the future of the sport. In a shock announcement on Tuesday, it was announced the Saudi series had reached an agreement with the PGA Tour and […] June 7, 2023
Trade GCC countries urged to stick together for UK trade deal GCC countries negotiating with the UK for a free trade agreement must stick together as one rather than seeking individual national deals, according to the outgoing UK Middle East trade commissioner. Trade talks between the six countries in the Gulf bloc – Saudi Arabia, the UAE, Kuwait, Qatar, Oman and Bahrain – and the UK […] June 6, 2023
Health Saudi ‘needs to recruit 175,000 medics by 2030’ Saudi Arabia needs to recruit an additional 175,000 medical professionals to care for its growing population by 2030, research has found. The kingdom requires an extra 69,000 doctors, 64,000 nurses and 42,000 allied health professionals such as paramedics and osteopaths, according to a report published on May 30 by consultancy Colliers Middle East. Mansoor Ahmed, […] June 6, 2023
Oil & Gas Oil prices rise as Saudi reduces daily supply Oil prices increased by $1 a barrel on Monday off the back of Saudi Arabia’s decision to cut a further one million barrels per day of production in July. The world’s biggest oil exporter revealed the cut, despite the rest of the Organization of the Petroleum Exporting Countries and their allies, including Russia – together […] June 5, 2023
Tech Billions being spent to foil rising cyber attacks Cyber attacks in the Mena region are set to grow by 70 percent this year, according to an industry expert. Digital criminals are adopting increasingly sophisticated methods to target their victims, meaning e-commerce operators in the region are spending billions more on security to assure customers their transactions are safe. Jason Lane-Sellers, regional director of […] June 5, 2023
Banking and Finance Fintech Tabby doubles debt facility Buy now, pay later company Tabby has doubled its existing debt facility as it looks to maintain triple-digit growth recorded in recent years. The fintech is backed by Abu Dhabi sovereign fund Mubadala and secured $350 million in funding through key global credit investors. Buy now, pay later (BNPL) allows consumers to order and take […] June 2, 2023
Analysis Retail Saudi shoppers encouraged to support local e-commerce The Saudi e-commerce industry must do more to encourage consumers to spend their riyals with local platforms, as the kingdom’s online shopping sector aims to hit SAR 347.2 billion ($92.57 billion) by 2026. Saudi shoppers are mainly choosing cross-border platforms for their online purchases, according to the latest report from Kearney and Mukatafa. They cited […] June 2, 2023
Logistics Adnoc Logistics & Services shares surge on debut Shares in Adnoc Logistics & Services rose 44.8 percent above their listing price on Thursday as the company made its debut on the Abu Dhabi Securities Exchange (ADX). The initial public offering (IPO) for 19 percent of the business drew the highest demand globally for any listing so far in 2023, raising $769 million. Shares […] June 1, 2023
Retail Brands for Less denies stake sale speculation UAE retail group Brands for Less (BFL Group) has denied reports that it plans to sell a minority stake in the business. A statement on Thursday said: “While the company, on an ongoing basis, reviews its options to further enhance growth, customer reach and customer service, there are no current plans for a sale of […] June 1, 2023
Real Estate Palm Jebel Ali to add much needed beachfront properties A revamped master plan for the billion-dollar Palm Jebel Ali man-made island development in Dubai has been approved, helping to meet demand for prime, residential, beachfront properties. The 13.4 sq km mega-project – twice the size of Palm Jumeirah – will add 110 km of coastline to the emirate and provide real estate for approximately […] June 1, 2023
Transport Tunisia offers cash bonus to switch to electric vehicles Motorists in Tunisia are being offered bonuses of TD10,000 ($3,200) per car to make the switch to electric vehicles as the government looks to accelerate its sustainability efforts. A survey carried out by Tunisia’s Environment Ministry said that reaching 50,000 electric vehicles (EVs) by 2025 and 130,000 by 2030 will save 2.2 million tonnes of […] June 1, 2023
Manufacturing UAE firms back ethos to ‘make it in the Emirates’ National companies have spent AED31 billion ($8.44 billion) in purchases from UAE-based manufacturers since the inaugural Make it in the Emirates forum last year. This is over a quarter of the figure targeted as part of a decade-long plan. Several companies committed to invest AED110 billion over the next 10 years to buy 300 products […] May 31, 2023
UK Middle East trade commissioner steps down Simon Penney has resigned as the UK’s trade commissioner to the Middle East, as talks over attempts to agree a UK-GCC free trade agreement continue. Penney announced his decision on social media, bringing to an end his five years in the role, saying it was time to “pass the reins on”. “It has been without […] May 29, 2023
Analysis Tourism Saudi domestic tourism drive takes off at Dubai’s expense Saudi visitor numbers to Dubai are expected to remain high, despite falling considerably from pre-pandemic levels as residents from the kingdom feel the pull of domestic tourism. The 289,000 travellers from Saudi Arabia made it the fourth-largest source market for travellers to Dubai in the first quarter of this year, but this total was still […] May 29, 2023
Aviation Emirates’ Penelope Cruz signing targets Spain and Latin America Emirates is planning to spread its wings further across Spanish-speaking destinations with the help of actress Penelope Cruz. The Academy Award-winning star has been announced as the latest brand ambassador for Emirates. She will feature in a series of advertising campaigns across the summer in English and her native Spanish. Emirates – which reported a […] May 26, 2023
Health PIF-owned company aims to stub out smoking in Saudi Saudi Arabia’s Public Investment Fund (PIF) has launched a company that aims to cut smoking in the kingdom by a quarter by 2032. Badael will develop, manufacture and distribute tobacco-free alternatives which will help an estimated one million people make the switch from smoking, according to a statement. The initiative has the potential to save […] May 26, 2023
Economy Qatar’s dollar peg to remain despite US debt concerns The governor of Qatar’s Central Bank has reaffirmed his country’s commitment to the dollar peg, despite the US being just days away from a potential debt default. The Qatari riyal has been linked to the US dollar since mid-2001. “It’s been very effective and efficient for our economy,” Sheikh Bandar bin Mohammed bin Saoud Al-Thani […] May 26, 2023
Trade Canada and Saudi Arabia restore diplomatic relations Canada and Saudi Arabia have brought an end to a five-year dispute by resuming diplomatic relations. They will now appoint new ambassadors and renew diplomatic talks. A statement from both countries said that the decision was reached “on the basis of mutual respect and common interests”. Canadian Prime Minister Justin Trudeau and Saudi Crown Prince […] May 25, 2023
Business of Sport Newcastle Utd’s shirt kicks off sponsorship rules debate Saudi Arabia’s sovereign wealth fund is believed to be in talks to award Newcastle United Football Club’s latest shirt sponsorship deal to a little known sports entity it owns. While the move means the country has decided to leave its major powerhouse brands on the bench, experts believe the deal may still fall foul of […] May 25, 2023
Energy Billions needed to replace crude oil tanker fleet Hundreds of billions of dollars of investment is needed to replace ageing crude oil tankers and avert supply bottlenecks, according to the chairman of the Indian Oil Corporation. Shrikant Madhav Vaidya said this week that an estimated annual $640 billion investment is needed to maintain current supplies and meet projected growing demand. According to the […] May 25, 2023
Aviation Qatar Airways CEO calls for realism over net-zero targets The CEO of Qatar Airways has said the lack of readily available aviation fuel alternatives will throw the industry’s goals of achieving net-zero emissions by 2050 into doubt. Akbar Al Baker is a long-standing critic of suppliers of sustainable aviation fuel (SAF), labelling it “exorbitantly expensive” and claiming it’s only available in low volumes “because […] May 24, 2023
Logistics UAE-Iraq trade lifted by new freight ferry link DP World has launched the first direct freight ferry service between the UAE and Iraq. The service, called P&O Maritime Transports – a DP World company, aims to make the flow of goods between the UAE and Iraq faster, safer and more efficient. It caters for unaccompanied trailers that can be transported by sea without […] May 23, 2023
