EXCLUSIVE Real Estate Middle East buyers to cash in on prime London property market Cash is king when it comes to the prime central London property market and Middle East buyers are perfectly positioned to take advantage of this. Vic Chhabria, managing director of London Real Estate Office, whose client base largely comprises overseas buyers from Mena and more specifically the GCC, said the potential for further interest rate […] December 30, 2022
Sustainability Private sector key to tackling climate change, says tourism chief The world cannot expect governments to combat climate change alone and the private sector must step up and safeguard the future of the planet, according to John Pagano, CEO of Saudi’s Red Sea Global. Countries across the world are taking various measures to address climate change. In the Middle East, the UAE and Oman have […] December 30, 2022
EXCLUSIVE Aviation Gulf airlines will collaborate more in 2023, says Emirates chief The Middle East aviation industry is perfectly positioned to launch greater collaboration among its leading players, according to Emirates president Sir Tim Clark. Middle East carriers are expected to post a loss of $1.1 billion in 2022, and a profit of $268 million in 2023 as per a report from the International Air Transport Association. […] December 28, 2022
Tech Gulf to see a surge in ‘super apps’ in 2023, says Kuwaiti retailer The future of the Gulf’s digital service economy lies in the creation of increasingly popular super apps, according to Tarek Sakr, CEO of Kuwait-based e-commerce and classifieds platform 4Sale. As technology continues to revolutionise the retail industry, building on the rapid shift to e-commerce during the coronavirus pandemic, in an exclusive column for AGBI, Sakr […] December 28, 2022
Energy ACWA Power signs $2.4bn wind farm deal in Uzbekistan Saudi-listed ACWA Power has signed a power acquisition deal with the National Electric Grid of Uzbekistan to build three wind power plants in the country. According to a bourse filing to the Tadawul exchange, the $2.4 billion Kungrad wind farm project in the north-western Karakalpakstan district of Uzbekistan, will be implemented through special purpose vehicles. […] December 27, 2022
Aviation Dubai Aerospace Enterprise signs $800m unsecured term financings Global aviation services company Dubai Aerospace Enterprise (DAE) Ltd has signed a new senior unsecured term financings for a total of $800 million. The term financings have a weighted average maturity of 5.5 years in two transactions and were each underwritten by a “leading bank in the region”, according to a statement on Tuesday. Firoz […] December 27, 2022
Economy Bahrain’s exports dropped 14% in November Bahrain’s exports of national origin dropped by 14 percent in November year-on-year reaching BD350 million ($931.6 million). According to the Information & eGovernment Authority, unwrought aluminium alloys were the top products exported during November this year, worth BD92 million. Bahrain real estate trends: From drive-thrus to cheaper hotels Bahrain’s GFH commences trading on Abu Dhabi […] December 27, 2022
Analysis ‘The sky’s the limit’ for female Emirati entrepreneurs Ten years ago, when Tala Badri decided to launch her own business, the pathway to opening was anything but easy. “When I came into the market to set up my own business and I applied for a loan, for example, I was told it was a wonderful idea, ‘but you need to have your husband […] December 26, 2022
Lister: Next 12 months are crucial for UK and UAE trade relations The UK can use the UAE as a “springboard” for global trade, says Lord Udny-Lister, co-chair of the UAE-UK Business Council. A third round of negotiations for a free trade agreement between the UK and GCC is set to take place in the Saudi capital Riyadh early next year, following talks in London three weeks […] December 26, 2022
Analysis Construction Saudi to benefit from global drop in demand for building materials Developers in Saudi Arabia are poised to capitalise on a global drop in demand for construction materials. The overall projected increase in building costs appears to be less than first feared. According to a report from JLL, KSA Construction Market Intelligence Q4 2022, construction commodity prices have “flatlined” since hitting their peak in July, with […] December 25, 2022
Real Estate Cypriot property developer sees strong Middle East demand Middle East investors make up almost a third of the €100 million ($106 million) total sales so far in a new high-end property development in Cyprus. The €300 million Limassol Blu Marine project is the latest to be undertaken by Leptos Estates, the largest property developer in Cyprus, behind the government and the church. “Cyprus […] December 23, 2022
Manufacturing Japan to invest $187m in Moroccan automotive industry Japanese group Sumitomo is to invest MAD1.965 billion ($187 million) in nine industrial projects across Morocco to boost the North African country’s automotive ecosystem. Regions set to benefit from the investment in the manufacturing of wiring and components include Rabat-Salé-Kenitra, Tangier-Tetouan-Al Hoceima and Casablanca-Settat. Some 16,000 jobs are expected to be created by 2028. Morocco […] December 22, 2022
Saudi invests $2.4bn in DP World’s flagship UAE ports Saudi Arabia-based Hassana Investment Company has invested $2.4 billion in three of DP World’s flagship UAE assets. The investment manager for the General Organisation for Social Insurance, which owns one of the largest pension funds in the world, Hassana has taken a minority stake in Jebel Ali Port, Jebel Ali Free Zone and National Industries […] December 21, 2022
Food & Drink $5.5m initiative for food security in Mediterranean countries A new $5.5 million package of technical assistance to improve food security in Tunisia, Egypt, Jordan, Lebanon, Morocco and the West Bank and Gaza has been agreed by the European Bank for Reconstruction and Development and the Food and Agriculture Organisation of the United Nations. The joint initiative, which will be launched in January, is […] December 21, 2022
UAE scores world’s second fastest 5G download speed The UAE has the second fastest median download speeds over 5G in the world, according to a new global report published this week. Research by Speedtest.net, also known as Speedtest by Ookla, a US-based web service that provides analysis of Internet performance, revealed that the UAE was among the countries at 511.70 mbps (megabytes per […] December 20, 2022
Sustainability Jordan signs $121m loan deal to upgrade King Abdullah Canal Germany’s KfW Development Bank has partnered with Jordan’s Ministry of Water and Irrigation to provide a €115 million loan ($121.73 million) towards the upgrade of the 65km northern part of King Abdullah Canal. Water minister, Mohammad Najjar, who signed the deal with KfW Amman office director Mark Schwiete, said the project will pump 10 million […] December 20, 2022
Economy Tunisia looks to boost trade with African neighbours Tunisia is looking to increase trade with its African neighbours, particularly sub-Saharan countries, amid an expected slowdown in business with Europe. Geopolitical tensions arising from the Russian invasion of Ukraine have fuelled international inflation levels, which could impact levels of trade between Tunisia and its European partners, according to Mélanie Laloum, lead economist, global policy, […] December 17, 2022
Real Estate Dubai co-working startup eyes new funding as it goes global Hotdesk, an on-demand workspace booking platform based in Dubai, is preparing to launch a Series A round of funding as the startup continues to enjoy exponential growth throughout the region and globally. The company, which provides access to co-working spaces at the click of a button, was launched in 2021. It has since expanded into […] December 16, 2022
Construction Tenders open to private partners for Saudi’s Makkah courthouse Saudi Arabia has opened up tenders for the Ministry of Justice Courthouse Complex, a public private partnership project in Makkah. The kingdom’s National Centre for Privatisation and PPP and State Properties General Authority jointly announced the launch of expressions of interest for the 115,000 square metre project to be built in the Al-Nassem district of […] December 16, 2022
Tech DIFC Courts issues rules for robots, drones, AI and fintech The Dubai International Financial Centre (DIFC) Courts has issued a fresh set of rules designed to address digital business disputes across the emirate. The rules range from big data, blockchain, artificial intelligence, fintech and cloud services, to unmanned aerial vehicles, 3D printing and robotics. Established in 2004, the DIFC Courts is the English language, independent, […] December 14, 2022
Tourism Saudi tourism surges as foreign visitors spend 570% more in Q2 International visitors to Saudi Arabia spent SAR 15.7 billion ($4.17 billion) in the second quarter of this year, a year-on-year increase of 570 percent, as the country continues its recovery from the coronavirus pandemic. The kingdom welcomed 3.6 million tourists from April to June, a rise of 575.4 percent year-on-year, according to figures revealed by […] December 14, 2022
Analysis Employment Middle East tech boom leads to high price of talent The most significant barrier to technology adoption in the Gulf is a shortage of talent, according to Miriam Burt, managing vice president at Gartner. The latest forecast from the technological research and consulting firm revealed that IT spending in the Middle East and North Africa (Mena) region will total $178.1 billion in 2023, an increase […] December 14, 2022