Economy UAE-Saudi non-oil trade surges 70% to $37bn in last decade Non-oil trade between the UAE and Saudi Arabia reached AED 136.09 billion ($37.05 billion) in 2022, a year-on-year increase of 9 percent. The two Gulf neighbours have seen their trade relationship grow by 70 percent over the past 10 years to AED 975.5 billion, according to data from the Federal Centre for Competitiveness Statistics. Scott […] February 24, 2023
Food & Drink UAE food delivery sector has strong appetite for growth The UAE’s food delivery market is yet to reach saturation point, according to industry experts, and there is still plenty of room at the table for others to join the party. Statista, the Hamburg research platform, reported that the sector in the UAE is forecast to see annual growth of 6.33 percent overall through to […] February 22, 2023
Logistics UAE-Oman rail link to bring cross-border economic boost A $3 billion investment to extend the railway network from the UAE into Oman is expected to bring economic benefits for businesses on both sides of the border. Oman and Etihad Rail Company, the developer and operator of the UAE-Oman Rail Network, has signed a deal with Abu Dhabi’s Mubadala Investment Company to support the […] February 22, 2023
Retail Omanis buy into Gulf shopping mall culture Middle East mall operator Majid Al Futtaim this month added over 260 international and local outlets to the retail landscape of Oman. The opening of the OR288 million ($749 million) Mall of Oman in Muscat is a sign of the Gulf state’s ongoing switch from standalone units to shopping malls. It is Majid Al Futtaim’s […] February 22, 2023
Banking & Finance Kuwait records 85.5% jump in trade with Japan Kuwait’s trade surplus with Japan has increased by 85.5 percent in the past year to JPY110.3 billion ($823 million) in January, according to government data. Overall exports from Kuwait to Japan surged 81.2 percent year on year to JPY126.5 billion for the 22nd consecutive month of expansion. Imports from Japan also soared 56.4 percent to […] February 20, 2023
Banking & Finance Tunisia debt default could cost country’s banks billions A sovereign debt default by Tunisia could cost the country’s banking system billions of dollars, experts say. Tunisia is suffering a financial crisis that led to it seeking a $1.9 billion loan from the International Monetary Fund (IMF) in exchange for unpopular reforms, including cutting food and energy subsidies. S&P Global Ratings credit analyst Mohamed […] February 20, 2023
Analysis Business of Sport Qatari bid for Manchester United ‘acid test of post-Brexit Britain’ Qatari investors’ bid to buy Manchester United FC is “an acid test of whether post-Brexit Britain truly is open for global business”, according to a leading sports academic. Sheikh Jassim bin Hamad bin Jaber Al Thani, the son of a former prime minister of Qatar, confirmed on Friday that his consortium had made an offer […] February 20, 2023
Real Estate Dubai prime property price growth second highest globally The growth in residential real estate prices in Dubai prime property was among the highest in the world in 2022, the latest report from Savills reveals. At 12.4 percent, the UAE city trailed only Miami (25.4 percent) and was markedly above the average 3.2 percent growth seen by the 30 cities tracked in Savills’ Prime […] February 20, 2023
Retail UAE companies join ranking of elite brands UAE businesses including Adnoc, Dubai Duty Free and RAK Hospital have been recognised by the organisation that ranks elite brands around the world. Superbrands UAE welcomed its latest cohort of 29 brands, which also included Al Rostamani Group, Aster DM Healthcare, Hamriyah Free Zone Authority, Nando’s and Tabasco. The chosen few were selected from thousands […] February 17, 2023
Banking & Finance Saudi dominates Chinese BRI investment in GCC Chinese engagement in the GCC through the Belt and Road Initiative (BRI) increased by 244 percent in 2022 to $9.3 billion – and over half of the total amount of funding was secured by Saudi Arabia. The increase came despite overall spending by the BRI falling year-on-year by just over 1.3 percent to $67.78 billion, […] February 17, 2023
Analysis Energy Masdar could look East for investment opportunities Masdar may look to capitalise on investments in the East as it continues to increase its global footprint. Abu Dhabi’s renewable energy giant has committed more than $30 billion in projects in over 40 countries, powering in excess of 14gw of clean energy. It has also indicated plans to grow that by 10gw by the […] February 16, 2023
Analysis Construction Mega-projects to cushion Mena cement makers from global blows Cement producers in the Middle East are expected to have an “exceptionally good year” thanks to the region’s pipeline of mega-projects. Emir Adiguzel, director of the World Cement Association, said the global industry faced a difficult period but the Middle East would buck the trend. “According to our members located in the Middle East, the […] February 16, 2023
Banking & Finance Binance focuses on security as crypto crimes hit $20bn Cryptocurrency crime reached a record $20.1 billion last year according to blockchain analysis company Chainalysis, but Binance’s security chief says this is still little compared to traditional financial scams. Nils Andersen-Röed, deputy head of financial crime compliance at Binance, argues the sum must be put into context. “There seems to be a misconception about the […] February 10, 2023
Markets Hong Kong exchange courts Middle East companies The Hong Kong stock exchange has renewed its efforts to attract listings by Middle East companies, including Saudi Aramco. Christopher Hui, secretary for financial services and the treasury in Hong Kong, confirmed interest from Middle Eastern companies during a week-long tour of the region by a 30-strong delegation. The tour aims to promote Hong Kong […] February 10, 2023
Economy Hong Kong eyes free trade deal with the UAE Hong Kong is planning a free trade agreement with the UAE, but a senior government official from the Asian city conceded there is currently “no time frame” for the completion of talks. Algernon Yau, secretary for commerce and economic development at the government of Hong Kong Special Administrative Region, told AGBI they planned to negotiate […] February 9, 2023
Logistics Humans and robots to combine in $27m Saudi fulfilment centre Humans and robots are set to work together at a new SAR100 million ($26.65 million) fulfilment centre in Saudi Arabia. Logistics and supply chain solutions provider Starlinks has opened the 400,000 sq ft hybrid facility at Agility Logistics Parks in the city of Dammam. 11 ways robots are transforming the UAE Apple heads list of […] February 9, 2023
Business of Sport Qatari investors latest to be linked with Manchester United Investors from Qatar could be on the verge of a multi-billion dollar bid for English Premier League club Manchester United, according to newspaper reports. Quoting unnamed sources, the UK’s Daily Mail said the investors were “a group of private, high wealth individuals” from Qatar. It is unclear whether that would refer to Qatar Sports Investments […] February 8, 2023
Economy UAE reveals record-breaking non-oil trade figures The UAE has cemented its position as a global trading hub, experts say, after reporting record-breaking non-oil foreign trade figures for 2022. The top-line figure for the year crossed AED2 trillion ($599 billion) for the first time, reaching AED2.233 trillion. This is a rise of 17 percent on 2021 and an increase of 37.5 percent […] February 7, 2023
Tourism Jumeirah Group adds Swiss hotel to European portfolio Jumeirah Group has expanded its footprint in Europe by acquiring its first property in Switzerland. Le Richemond, a hotel in in Geneva’s business district, has 109 keys – 87 rooms and 22 suites – as well as panoramic views of Lac Léman and Mont Blanc. Katerina Giannouka, who was appointed chief executive officer of Dubai’s […] February 6, 2023
Business of Sport English football ‘shake-up’ will not deter Middle East investors A shake-up of ownership rules in English football is unlikely to put off Middle East investors, industry analysts have said. On Thursday, British tabloid The Sun reported that it had seen a leaked copy of the UK government’s football white paper, stating that takeovers of football clubs could be blocked if the prospective owners could […] February 6, 2023
Dubai Science Park chief reveals ambitious plans for 20% growth Dubai Science Park is forecasting a 20 percent increase in the number of entities operating in the free zone, according to a senior executive. Innovative Life Sciences Lab announced this week it had opened a genomics testing lab there, with plans to initially create over 100 jobs, increasing its headcount by 200 percent. It joins […] February 3, 2023
Energy GCC ‘must impose carbon tax’, says clean energy chief GCC countries should introduce a carbon tax and reduce subsidies for fossil fuels as part of the fight against climate change, Dr Nasser Saidi, chairman of the Clean Energy Business Council (CEBC), has said. Speaking at the 10th annual CEBC summit, Dr Saidi said: “Subsidies in our part of the world are among the highest […] February 3, 2023
