Economy Questions raised over Tunisia plan to tempt investors Tunisia’s latest move to reassure foreign investors is good news “on paper”, a leading analyst has said, but not enough to offset concerns about the North African country’s economy. James Swanston, Mena economist at Capital Economics, pointed to Tunisia’s recent membership talks with the African Trade Insurance Agency, which provides trade-credit and political risk insurance […] April 13, 2023
Economy Qatar and Bahrain to resume diplomatic ties Bahrain and Qatar have agreed to resume diplomatic relations following a meeting between leading officials in the Saudi capital Riyadh. Both state-run news agencies for the Gulf countries announced the news following a second meeting of the Bahraini-Qatari follow-up committee, held at the headquarters of the GCC General Secretariat. “It was decided to resume diplomatic […] April 13, 2023
Economy IMF tempers GCC economic growth forecast Economists believe the outlook remains “slightly optimistic” despite the International Monetary Fund downgrading its forecast for GCC economic growth and oil prices continuing to weigh heavily on future forecasts. Higher interest rates, rising inflation, increased uncertainty across the banking industry, the ongoing pressures caused by the war in Ukraine, and increased US-China tensions have combined […] April 12, 2023
Economy Dubai’s ‘continuous growth’ lifts education market Dubai’s primary and secondary education sector is thriving, according to an industry expert, providing opportunities for landlords, operators and international investors. At the start of this academic year the number of students from kindergarten to twelfth grade, known as K-12, enrolled in the emirate’s 216 private schools stood at 326,000 – a 4.5 percent increase […] April 12, 2023
Aviation Saudia plans to add 56 new weekly flights State-owned Saudi Arabian Airlines (Saudia) plans to add 56 weekly flights to 14 global destinations by the summer as it continues to ramp up operations. Under the expansion, the national flag carrier of the kingdom will serve cities across Thailand, China, South Korea, Indonesia, Singapore and Europe in the latest addition to its scheduling. It […] April 11, 2023
Aviation Qatar Airways CEO calls for aviation fuel overhaul The boss of Qatar Airways has called for an overhaul of the sustainable aviation fuel market. The airline is buying sustainable aviation fuel (SAF) as it seeks to reduce the environmental impact of air travel. However CEO Akbar Al Baker has labelled the fuel “exorbitantly expensive” and says it is only available in low volumes […] April 11, 2023
e& takes $400m majority stake in Careem The former Emirates Telecommunications Group Company, e&, has acquired a $400 million majority stake in Careem. The super-app, which is owned by Uber, offers multiple services such as ordering taxis, grocery shopping and mobile payments. e& has taken a 50.03 percent share of the company, which has operations in over 80 cities, covering nine countries […] April 10, 2023
UK pharma startup targets Gulf for future IPO UK pharmaceutical startup Ambrose Healthcare has revealed plans for a stock market listing in the Middle East. Ambrose Healthcare aims to provide treatments for rare diseases and address the unmet needs of patients in hospital or specialist care facilities. The Cambridge-based company is undertaking a six-month “small fundraising” of £1 million, and has so far […] April 10, 2023
Aviation Saudi reports 20% rise in aviation-related firms Saudi Arabia reported a 20 percent increase in the number of companies involved in its aviation industry last year. Figures in the Air Transport Statistics Publication (ATSP) from the kingdom’s General Authority for Statistics show that there were 1,443 businesses operating across the sector. These included companies covering air transport of goods and passengers, cargo […] April 7, 2023
Business of Sport Yorkshire County Cricket Club seeks Mena investors The Middle East could play a pivotal role in the future of county cricket in the UK, according to a leading sports economist. It was revealed this week that Yorkshire County Cricket Club has recruited the services of audit and advisory firm Grant Thornton to seek out investment from potential backers in the Middle East. […] April 6, 2023
Analysis Economy The rise and fall of millionaires in Morocco and Egypt The number of millionaires living in Morocco has increased by 28 percent over the last 10 years, but fallen by 25 percent in Egypt. While Morocco was awarded a $5 billion credit line from the International Monetary Fund (IMF) this week to shield it from the impact of the pandemic, droughts and the Ukraine war, […] April 6, 2023
Employment UAE sees strongest job growth since 2016 Employment in the UAE last month increased at the fastest rate in almost seven years as non-oil business activity continued its upward trajectory. Buoyed by growth in new orders and capacity pressures, the seasonally adjusted S&P Global UAE Purchasing Managers’ Index (PMI) rose to 55.9 in March, from 54.3 in February, its highest since November. […] April 5, 2023
Banking and Finance AD Ports Group signs $2bn financing deal AD Ports Group has signed a $2 billion financing agreement with a syndicate of 13 regional and international banks, it announced in a bourse statement on Tuesday. Part of Abu Dhabi investment and holding company ADQ, AD Ports Group has a portfolio of ports, economic zones, logistics and digital businesses driving the growth of international […] April 4, 2023
Manufacturing Turkish business conditions show tentative signs of improvement The embattled economy of Turkey took tentative steps towards a recovery in March, led by an increase in manufacturing and the first growth in new orders in a year-and-a-half. However, the effects of February’s devastating earthquakes, which killed more than 52,000 people in Turkey and Syria, are continuing to cause disruption, according to the Istanbul […] April 3, 2023
Transport Egyptian electric train project gets IsDB green light The Islamic Development Bank has approved $344.5 million in financing towards the first phase of the planned Egyptian electric train system. The 660 km railway will connect Egypt’s port cities of Alexandria and Marsa Matrouh on the Mediterranean with Ain Sokhna on the Red Sea. The Egyptian electric train project is expected to benefit 25 […] April 3, 2023
Real Estate Ajman real estate is reaching saturation point Every inch of sand in Ajman will be developed in the next five years, according to the CEO of GJ Properties. Ali Jaber told AGBI the UAE’s fifth largest emirate, which measures 42 square kilometres, is close to reaching saturation point in terms of new construction projects. “In five years Ajman will not have a […] April 3, 2023
Food & Drink Dubai F&B sector will coast through uncertainty, says CEO The food and beverage industry in Dubai can withstand economic uncertainty, according to the CEO of Merex Investment, developer of La Mer, a beachfront attraction with more than 100 restaurants, cafes and shops. It had been feared that further hikes in interest rates by the US Federal Reserve may lead to residents of countries with […] April 3, 2023
Expo 2020 legacy to swell Dubai’s economic growth Events organisations and business services are expected to benefit most from Dubai hosting the 2020 World Expo. A report issued on Friday from consultancy firm EY said the events sector – at AED75.5 billion ($20.6 billion) – is forecast to contribute the most gross value add (GVA) to the UAE’s economy. The calculation is based […] March 31, 2023
Agriculture Saudi Greenhouses goes Dutch to elevate sustainable farming Dutch indoor agriculture outfit Plantlab has committed to invest up to €300 million ($325 million) in the Middle East and North Africa to help support the region’s sustainable farming ambitions. Plantlab aims to build a minimum of 10 indoor farms over the next three to five years in partnership with Saudi Greenhouses. The first location, […] March 31, 2023
Aviation Emirates strengthens ties with US while Etihad looks east Dubai airline Emirates has strengthened its relations with the US as its Abu Dhabi counterpart Etihad Airways increased its presence in the east. Emirates and United Airlines have activated their codeshare partnership allowing customers of the Dubai carrier to fly to Chicago, Houston or San Francisco and connect to the network of domestic flights operated […] March 31, 2023
Exclusive Real Estate Dubai development awakens after a decade of lying dormant An iconic development in Dubai – which has been on hold for 12 years – is finally set for completion in the first quarter of 2025, according developer GJ Properties. The 40-storey block by the Sheikh Zayed Road in the Al Sufouh area of the emirate has recently been host to large advertising banners from […] March 31, 2023
Tourism Penthouse suites sell out at world’s next tallest hotel tower in Dubai Top-floor suites have sold out at Ciel, a hotel tower under construction in Dubai Marina, AGBI understands. The 365-metre tower will be the world’s tallest hotel when complete, and is being developed by The First Group. The penthouse suites were offered to investors for more than $755,000, although investment opportunities in the Ciel tower are […] March 29, 2023
