Energy Indian oil refiner balances Gulf and Russian suppliers The Indian Oil Corporation remains committed to term contracts with the Middle East, but increased Russian imports have impacted spot purchases from the region. “Spot purchases have gone down because somewhere there has to be a dip to accommodate the Russian oil,” said the company’s chairman Shrikant Madhav Vaidya at the 30th annual Middle East […] May 22, 2023
Economy Hospitality helps Tunisian economy grow 2% in Q1 The Tunisian economy grew by 2.1 percent in the first quarter of this year, although unemployment hit 16.1 percent, according to data from the National Institute of Statistics (INS). The year-on-year growth was driven by increased revenues from the communications, transport and hotels, restaurants and coffee shops sectors, which grew 4.8 percent, 5.3 percent and […] May 17, 2023
Construction Al Habtoor forced to look overseas for contractor Billionaire Khalaf Al Habtoor had to look to China and India for a contractor for his latest Dubai development as experts say Saudi Arabia’s construction boom is impacting UAE projects. The founding chairman of the Al Habtoor Group (AHG) broke ground on the Habtoor Tower building earlier this month. AHG was previously involved in building […] May 16, 2023
Aviation Bahrain and Qatar resume direct flights Direct flights between Bahrain and Qatar are set to restart on May 25, as relations improve between the two GCC members. Bahrain’s Civil Aviation Affairs agency confirmed the resumption of flights “in accordance with what was agreed upon between the concerned authorities in the two brotherly countries”, according to the kingdom’s news agency. The move […] May 16, 2023
Aviation Staff bonus gives Emirates lift-off in recruitment stakes The sizeable bonus awarded by Emirates to its staff will give the Dubai airline a significant tailwind as competition for talent takes off across the region. According to an email from the company’s chairman and chief executive, Sheikh Ahmed bin Saeed Al Maktoum, employees have been given a 24-week bonus this month. It comes after […] May 16, 2023
Business of Sport Mubadala wins $440m court case against Real Madrid An international court has ruled in favour of Abu Dhabi sovereign investor Mubadala in a $440 million case against Spanish football giants Real Madrid. The lawsuit surrounded a potential 20-year sponsorship deal for the naming rights to Los Blancos’ Santiago Bernabéu Stadium. Real Madrid claimed Mubadala had reneged on the agreement, which was originally struck […] May 15, 2023
Economy Uncertainty as Turkey prepares for runoff election Political uncertainty across Turkey is expected to be reflected on financial markets over the next two weeks as voters prepare for the second round of a presidential election. Neither incumbent President Tayyip Erdoğan and his ruling AK Party nor his opposition rival Kemal Kılıçdaroğlu, head of a six-party alliance, achieved an outright majority in Sunday’s […] May 15, 2023
Analysis Business of Sport US sports the latest goal for Mena investors The $500 billion American sports market could be the next target for Middle East investors, analysts have said, as two more NBA teams unveil plans to play pre-season games in the UAE. The Dallas Mavericks will face the Minnesota Timberwolves at the Etihad Arena in Abu Dhabi in October this year. They follow in the […] May 14, 2023
Real Estate Demand grows for a life of luxury in Dubai Dubai’s prime residential real estate sector enjoyed a 55 percent year-on-year increase in demand in the first quarter, as a lack of supply has spurred the market for luxury homes. The emirate recorded 88 sales of units valued over $10 million in Q1, while average transactions stood at AED3,360 ($915) per square foot, according to […] May 12, 2023
Exclusive Construction Al Habtoor steers away from recession-hit Europe The founding chairman of property empire Al Habtoor Group has dismissed plans to invest in Western Europe, focusing instead on launching its latest multi-billion-dirham project in his Dubai home market. Khalaf Ahmad Al Habtoor’s company owns hotels in Budapest, Vienna, Beirut and London. He told Bloomberg in January he was looking to invest $3 billion […] May 12, 2023
Employment 280,000 jobs lost due to Moroccan drought Morocco’s economy lost 280,000 jobs in the past 12 months, as the farming industry continues to battle against the worst drought the North African country has seen in decades. A report from the Higher Commission for Planning (HCP) said 229,000 jobs were lost in rural parts of the country, where agriculture employs over 30 percent […] May 10, 2023
Energy Aramco profits drop 19% to $31.9bn in Q1 Saudi’s Aramco has reported a 19 percent drop in first-quarter profits year on year, mainly driven by lower crude oil prices. Net profit at the oil group slipped to SR119.54 billion ($31.9 billion) for the first three months of 2023. However, this was still 3.75 percent higher than the company’s performance in the final quarter of […] May 9, 2023
Tourism RAK tourism chief open to gamble on ‘gaming areas’ Ras Al Khaimah’s tourism chief has revealed he would welcome more hotels with “gaming” elements to their offering as the emirate pushes its visitor number target to five million by 2030. Las Vegas-based Wynn Resorts announced a $3.9 billion investment last year – the northern emirate’s largest FDI project – to build their first beach […] May 9, 2023
Energy Revenues power up by 7.3% at Dewa Dubai Electricity and Water Authority (Dewa) has reported revenues of AED763 million ($207.78 million) for the first quarter of the year amid increased demand from customers across the board. The Dubai listed company’s first quarter consolidated revenue increase of 7.3 percent year-on-year to AED 5.44 billion was mainly driven by an increase in demand for […] May 8, 2023
Banking and Finance Standard Chartered not actively looking for buyers Standard Chartered is not actively seeking potential suitors for an acquisition, although CEO Bill Winters said they are “always happy to have conversations”. The London-listed bank has been the subject of speculation this year around a possible sale to First Abu Dhabi Bank (FAB), the UAE’s biggest lender. “Nobody has come after us,” Winters told […] May 8, 2023
Business of Sport G42 to give Mercedes a push in Formula One The Mercedes Formula One team is relying on a partnership with an Abu Dhabi based tech company to develop artificial intelligence to give it an edge on the track. A multi-year deal aims to harness the potential of AI as the two companies explore ways to embed software and tech solutions in the team’s operations, […] May 5, 2023
Video length: 02:33 VIDEO Aviation Clark: Sustainable fuel on long haul flights is miles off Long-haul flights using anything but fossil fuels are currently impossible, according to Tim Clark, the president of Emirates Airline. “You will not fly an A380 to Los Angeles with 500 passengers on board, burning 200 tons of fuel, on anything other than fossil fuels for the time being. It won’t happen,” Sir Tim Clark told […] May 4, 2023
Banking and Finance e& acquires major stake in SME lending platform e& enterprise, part of UAE technology group e&, has acquired a majority stake in Beehive to tap into opportunities in the SME lending market. Founded in 2014, Beehive leads the crowdfunding platform space in the UAE and also has operations in Saudi Arabia and Oman. It connects creditworthy small and medium enterprises with investors and […] May 4, 2023
Economy Fed may pause rate hikes after latest increase The US Federal Reserve has hinted that it may be time to pause interest rate hikes after announcing its tenth consecutive increase since March 2022. As widely expected the Fed has raised its target interest rate by 25 basis points (bps), with the majority of Gulf central banks, whose currencies are pegged to the US […] May 4, 2023
Economy UAE businesses buoyed by rising demand in April The UAE witnessed its fastest growth in new business for 18 months in April spurring a rise in non-oil business activity across the country. The seasonally adjusted S&P Global UAE Purchasing Managers’ Index (PMI) for April hit 56.6, up from 55.9 the previous month, the highest in six months and just short of the post-pandemic peak of […] May 3, 2023
Video length: 02:33 Aviation Emirates no longer ‘dastardly competitor’, says Tim Clark Emirates’ new tie-ups with North American airlines are opening the door for more code-share partnerships, the carrier’s president Sir Tim Clark has said. Speaking at the Arabian Travel Market on Tuesday, Clark pointed to the Dubai airline’s deals with United and Air Canada, which were both launched within the past year. Similar agreements could follow, […] May 3, 2023
Video length: 02:33 Aviation Saudi tenders for new low-cost carrier in Dammam Saudi Arabia has issued a public tender for another airline to operate in the kingdom. Two new airlines have already been announced in the country this year – Riyadh Air and Neom Airlines. And the General Authority of Civil Aviation is looking to introduce one more. The tender invites investors “wishing to obtain a national […] May 3, 2023
