Finance Iran-Saudi deal offers hope for increased Middle East stability The immediate economic impact of renewed relations between Saudi Arabia and Iran is expected to be minimal, but the agreement brokered by China is likely to have far reaching ramifications for the wider Middle East region, according to economists. The two countries agreed to re-establish ties after four days of talks last week in Beijing. […] March 13, 2023
EXCLUSIVE Banking & Finance BNY Mellon reports 245% rise in net flows into GCC equities BNY Mellon clients’ net investments in GCC shares rocketed by 245 percent from 2019 through to the end of 2022, America’s oldest bank told AGBI. Over this three-year period, the bank’s clients have poured $1.2 billion into Gulf equities, “outpacing emerging developed markets and the Eurozone significantly”. The New York-headquartered bank did not supply yearly […] March 13, 2023
Economy Saudi Arabia reports 5% increase in GDP Saudi Arabia’s GDP increased by 5.5 percent year-on-year in the fourth quarter of 2022, according to the latest figures from the kingdom’s General Authority for Statistics. Growth was fuelled by a 6.2 percent annual increase in non-oil business activity, while oil grew 6.1 percent and government activity 2.9 percent. UAE minister predicts 2.8% GDP trade […] March 12, 2023
Economy UAE edging closer to trade deals with Kenya, Georgia and Ukraine The UAE is close to signing new free trade deals with Kenya, Georgia and Ukraine, while a third round of discussions on a GCC-wide agreement with the UK are set to get under way in Riyadh on Sunday. It follows the recent signing of a comprehensive economic partnership agreement (Cepa) with Turkey earlier this month. […] March 10, 2023
Manufacturing 5G set to boost smartphone market value in the region Shipments of 5G smartphones to the Middle East and Africa region grew 47 percent last year, according to the latest industry data from Counterpoint Research Market Monitor. The MEA region made up an 18 percent share of the overall shipments. While globally 5G smartphone prices are dropping as a result of the availability of more […] March 9, 2023
Banking & Finance UK crypto lender Nexo to set up in Emirates UK-based crypto lender Nexo is opening offices in the UAE as it looks to grow its Middle East business to 30 percent of its total global operations. The company, which has five million users across 200 jurisdictions, is setting up in Dubai where a workforce of 150 will be recruited, according to MD and co-founder […] March 9, 2023
Retail MAF unveils plan to open more malls in Egypt, Saudi and UAE Retail and property conglomerate Majid Al Futtaim has unveiled plans to expand in the GCC and North Africa as consumer confidence rises. The Dubai-based company said it wanted “further expansion in high growth potential markets such as Saudi Arabia and Egypt, as well as in its home market, the UAE, amid a resurgence in consumer […] March 6, 2023
Banking & Finance Saudi deposits $5bn in Turkey’s central bank Saudi Arabia has made a $5 billion deposit into the central bank of Turkey to support its economy. The deposit, first pledged in November, comes after the devastating impact of last month’s earthquake. It was made on Monday through the Saudi Fund for Development (SFD) and will “contribute to bolstering the Turkish economy by addressing […] March 6, 2023
Tourism Red Sea Global bucks trend as Saudis take on hospitality roles Saudi nationals are flocking to the kingdom’s Red Sea Global mega-project to take up jobs in the multi-billion dollar development. One of the areas in the project, simply named The Red Sea, is on track to welcome its first guests in 2023 when the initial hotels open. Upon full completion in 2030, the project will […] March 6, 2023
Israel’s Liquidity Group to support Gulf startups with $500m Liquidity Group, an Israel-based fintech and asset manager, is looking to provide $500 million this year to support startups in the UAE and across the Middle East. The company reached unicorn status last month, with fresh investment of $40 million from Japan’s MUFG at a valuation of $1.4 billion. Launched in 2018, Liquidity Group provides […] March 6, 2023
Markets Abu Dhabi’s G42 to list big data analytics arm Analytics firm Presight, part of Abu Dhabi’s artificial intelligence outfit G42, has announced plans to float on the Abu Dhabi Securities Exchange. Ahead of the AED1.82 billion ($495.6 million) initial public offering, 1.36 billion new shares will be issued, representing 32 percent of the share capital of the company. Shares will be priced at AED1.34 […] March 6, 2023
Economy UAE-Turkey Cepa deal to boost non-oil trade to $40bn The UAE and Turkey have signed a comprehensive economic partnership agreement that is expected to boost the value of non-oil bilateral trade between the two countries to $40 billion in the next five years. Signed by Turkey’s minister of trade Mehmet Muş and Abdulla bin Touq Al Marri, minister of economy of the UAE, the […] March 3, 2023
Exclusive Food & Drink Say cheese! Syrian refugee to take halloumi startup to Gulf A Syrian refugee who moved to the UK and set up a halloumi cheese company is looking to the Gulf as one of her first markets for international expansion. “We are always looking for investment because we know that we’ve got high demand in the UK,” Razan Al Sous, founder of Yorkshire Dama Cheese, told […] March 3, 2023
Energy Adnoc Gas completes record-breaking $2.5bn ADX IPO Adnoc has raised $2.5 billion from the initial public offering of its gas business, recording the largest ever listing on the Abu Dhabi Securities Exchange. Five percent of the company, or around 3.84 billion shares, were sold at AED2.37 ($0.64) per share, in the upper half of a range that began at AED2.25, according to […] March 3, 2023
Banking & Finance Emirates Development Bank loans to SMEs up 387% Emirates Development Bank (EDB) approved a total of AED1.8 billion ($490 million) in loans to small and medium-sized enterprises in 2022 – a year-on-year increase of 387 percent. This consisted of AED1.2 billion of direct financing and AED611 million of indirect financing through EDB’s credit guarantee scheme with partner commercial banks. SMEs make up around […] March 2, 2023
Economy Interest rates to surpass 5% but experts predict drop Interest rates will climb beyond 5 percent by the middle of 2023 before stabilising later in the year, according to senior UAE banking experts. Martin Tricaud, group head of investment banking at First Abu Dhabi Bank, warned there was no timeline to predict when rates would start to fall, but he remained confident that “the […] March 2, 2023
Banking & Finance Investcorp closes $1.2 billion debut US equity fund Investcorp has raised more than $1.2 billion for its inaugural North American private equity fund. The Middle East’s biggest alternative asset manager, which managed $50 billion in assets as of December 2022, said the new fund will concentrate on control buy-out investments in middle market services businesses in North America. Investcorp’s US launch will have […] March 1, 2023
Economy GCC sticking with the dollar peg, but changes could be afoot Saudi Arabia and the UAE were joined by Iraq this week in exploring alternatives to the dollar for non-oil global trade. While industry experts believe the dollar peg will remain in the short term, they say a move to decouple from the US greenback could soon become a reality. The UAE has been working with […] March 1, 2023
Transport Free Metro rides would boost net zero goal, says World Bank Making the Riyadh Metro free for passengers when it launches this year would be a great way to encourage Gulf residents to be more sustainable, while also helping to achieve ambitious net zero targets, according to a senior World Bank official. Issam Abousleiman, director of GCC countries, the Middle East and North Africa at The […] February 28, 2023
Banking & Finance Investcorp looks East with office opening in Japan Investcorp has opened an office in Tokyo as it looks to capitalise on Japanese investment opportunities. The Middle East’s biggest alternative asset manager, which managed $50 billion in assets as of December 2022, will provide global alternative investment solutions in Japan. It will also set the groundwork for it to direct private equity and real […] February 27, 2023
Trade Bahrain, Egypt, Jordan and UAE sign $2bn of industrial deals Businesses from the UAE, Egypt, Jordan and Bahrain have signed industrial deals valued at more than $2 billion at a government-backed gathering in Amman. The meeting of the Higher Committee of the Industrial Partnership for Sustainable Economic Development, held on Sunday, brought together CEOs and the industry ministers of the four countries. Twelve agreements were […] February 27, 2023
Manufacturing Saudi opening food clusters to boost homegrown supplies Saudi Arabia is planning to launch a number of food clusters in an effort to boost its homegrown food manufacturing sector. Abdulrahman Alromaizan, investment development director at the Saudi Industrial Property Authority (Modon), told delegates during a panel at the Gulfood event in Dubai this week that the semi-government entity was addressing the need to […] February 24, 2023
