Cop28 Clean energy investment may be hit by economic slowdown The global economic downturn could have serious implications on investment into clean energy and cause climate change targets to be pushed back, experts have warned. Elias Hajj, senior partner at McKinsey & Co, said during Abu Dhabi Sustainability Week that an estimated $6 trillion is needed annually to fund the transition to clean energy. But […] January 19, 2023
Economy UK-GCC trade talks based on ‘substance over speed’ Negotiations between the UK and GCC over a free trade agreement are focused on “substance over speed”, Simon Penney, Britain’s trade commissioner for the Middle East, says. The third round of talks are due to take place by the end of the first quarter, with previous rounds of discussions having concluded in September and December […] January 19, 2023
Energy Masdar chief: Everyone is on board with climate change Once viewed with scepticism, the discussion around climate change and securing a sustainable energy pathway to net zero has now become the accepted mainstream view, according to the CEO of Masdar. Founded 16 years ago, the UAE-owned renewable energy firm has a presence in 40 countries, with a capacity of 20gw, made up of operational […] January 18, 2023
Retail Dubai Mall shoppers up 20% on pre-Covid levels, says Alabbar Visitor numbers at the Dubai Mall are a fifth higher than they were before the coronavirus pandemic, said Mohamed Alabbar, founder and chairman of Emaar Properties, the developer of both the Dubai Mall and Burj Khalifa. Alabbar said economic recovery from the pandemic is not only complete, but has exceeded 2019 figures. Footfall at the […] January 17, 2023
Economy Record deficit: Tunisia’s trade deals in numbers Tunisia posted a record 55 percent increase in its trade deficit in 2022, reaching TND 25.2 billion ($8.18 billion), according to figures released by the National Institute of Statistics. As the North African country battles an economic crisis, the deficit increase was attributed largely to the loss of trade with several key countries, including China, […] January 13, 2023
Economy Oman-UK trade dips but optimism remains UK trade with Oman saw a drop of 5.5 percent through the first 10 months of 2022, compared to the corresponding period the previous year, despite an overall uptick in the UK’s global trade. Latest figures available from UNComtrade, the UN Statistics Agency, up to October 2022 show total trade between the two countries reached […] January 13, 2023
Sustainability Adnoc chief Sultan Al Jaber named president of Cop28 Sultan Al Jaber, head of state oil giant Abu Dhabi National Oil Company (Adnoc), has been named president of the Cop28 climate conference, which is being hosted by the UAE later this year. Al Jaber, who is also the UAE’s minister of industry and advanced technology, has served as special envoy for climate change over […] January 12, 2023
Sustainability Emirati student offers solution to combat global warming An Emirati student is blazing a trail for female participation in science with her pioneering research that aims to offer a cost-effective way to help combat global warming. Ayesha Abdulla Alkhoori, a PhD student of materials science and engineering at Khalifa University, was one of five women from across the GCC to be recognised by […] January 11, 2023
Analysis Agriculture Export deal with India tipped to boost Morocco’s fertiliser industry Morocco is set to sign a long-term agreement with India to export rock phosphate, a key ingredient in fertiliser. The North African country is already one of the largest producers of phosphates and fertilisers, but the India deal is expected to lead to other agreements with governments around the world, according to an industry analyst. […] January 11, 2023
Real Estate Dubai rents to stabilise after record-breaking rises Dubai residential rents are expected to stabilise this year after record-breaking increases in 2022. Average rents across the Emirate increased by 26.9 percent last year, real estate consultancy firm CBRE reported. Apartment rents were up 27.1 percent, while villas saw a 24.9 percent rise. Villa rents are 45.3 percent higher than in 2019 due to […] January 10, 2023
Business of Sport Qatar’s next big match: a Premier League club to call its own Qatar’s reported plan to buy a Premier League football club is the natural next step for the host of the 2022 World Cup, sports business analysts have told AGBI. Less than a month after Argentina lifted the Fifa trophy at the Lusail stadium, Qatar Sports Investment is said to be turning its attentions to English […] January 10, 2023
Analysis Food & Drink Gulf hotels and cloud kitchens join forces to cook up extra profit Partnership between hotels with spare capacity and fast-growing cloud kitchens is a “no brainer”, say industry experts. Radisson Hotel Group in Dubai recently announced a partnership with food technology company Krush Brands, with the first cloud kitchen location at Radisson Red Silicon Oasis. Cloud kitchens are companies that prepare food solely for home delivery without […] January 9, 2023
Economy Mubadala and Alpha Dhabi to capitalise on discounted assets The move by Alpha Dhabi and Mubadala to join forces and co-invest in credit opportunities does not pose a significant threat to traditional banking structures. Instead, according to Rachel Ziemba, founder of geo-economic advisory firm Ziemba Insights, it will act as a valuable tool to “look for early-stage investments and perhaps pick up assets at […] January 6, 2023
Healthtech provider targets early cancer detection across Mena Abdul Latif Jameel Health is planning to expand throughout the Middle East and Africa, its CEO Akram Bouchenaki has told AGBI. The multinational company – the healthcare business of Saudi family conglomerate Abdul Latif Jameel – is looking at new locations and tech innovations as part of its ambition to accelerate the region’s access to […] January 6, 2023
Banking & Finance Motor and medical sectors driving Saudi’s insurance business Motor and medical segments are helping to drive Saudi Arabia’s insurance industry, according to the latest report from global consultants KPMG. Insurance companies in the kingdom recorded continued growth in the third quarter, with aggregate gross written premiums standing at SAR39.28 billion ($10.45 billion), an increase of 26.8 percent on Q3 2021. Although most categories […] January 5, 2023
Transport Morocco looking for private partners to fund $38bn rail plans Morocco’s ambitious plans to connect the country through a high-speed national rail link requires “innovative financing solutions based on public-private partnerships”, says Mohamed Abdeljalil, minister of transport and logistics. The Morocco Rail Plan, led by the National Railways Office (ONCF), is estimated to cost 400 billion dinars ($38.1 billion), according to the Moroccan News Agency. […] January 5, 2023
Analysis Employment UAE’s unemployment insurance ‘first step’ towards welfare state The introduction of the UAE unemployment insurance programme is the “first step” towards the country creating a welfare state, experts predict. Over 60,000 people signed up for the social security programme, called the Involuntary Loss of Employment insurance scheme, in the first two days since going live on January 1. Represented by Dubai Insurance, it […] January 5, 2023
Analysis Business of Sport Ronaldo will be first of many Saudi superstar signings Cristiano Ronaldo was officially revealed as an Al Nassr player on Tuesday night amid a cacophony of noise and a sea of yellow and blue. And as fans inside the 25,000-seater Mrsool Park chanted his name, Ben Gordon, a sports diplomacy expert at Dentons Global Advisors, said that Saudis should get set for more superstar […] January 4, 2023
Analysis Gulf healthtech investment is just what the doctor ordered Technological innovation and broader changes in society are shifting the balance of power in healthcare across the Middle East region, increasing investment from entrepreneurs looking to capitalise on the sector’s digital revolution. “The same wave of personalisation and consumerisation that ushered in analytics-based recommendation engines for entertainment has programmed people to want healthcare that is […] January 4, 2023
Analysis Banking & Finance Gulf wealth funds look to snap up ‘cheap’ assets in West Sovereign wealth funds across the Middle East are forecast to take advantage of “limited competition” from global peers this year to pursue “cheap” assets in Europe, the US and other western markets. A sharp drop in stock and bond markets over the past year has resulted in the combined value of the world’s sovereign wealth […] January 3, 2023
UAE startup MangoGTM launches ‘Amazon for software vendors’ MangoGTM, a UAE-based startup, is aiming to help small regional entrepreneurs get their foot in the door with some of the biggest companies in the world. The business was set up four years ago as a consulting and servicing company but has since evolved into a wider technology marketplace, marrying buyers and vendors in what […] January 3, 2023
Banking & Finance Mena professionals vow to build up their savings in 2023 Saving money is the top new year’s resolution for Mena professionals, a survey has found. In the poll by jobs site Bayt.com, almost two-thirds (63 percent) of the 2,988 respondents said building a nest egg was their No 1 priority for 2023. Keren Bobker, a Dubai-based independent financial adviser and senior partner at Holborn Assets, […] January 2, 2023
