Economy Investcorp reveals massive expansion plans in India Bahrain-based Investcorp has vowed to grow the size of its business in India five-fold in the next five years. The alternative investments firm, which managed $50 billion in assets as of December 2022, only entered India in the first quarter of 2019, but has since completed 15 investments worth $1 billion. Speaking from the company’s […] February 2, 2023
Tech Farming tech startup moves HQ from Europe to UAE A Finnish tech startup is swapping the green countryside of Northern Europe for the Arabian desert as it looks to grow its urban farming business. iFarm was invited in November to join the incentive programme of Abu Dhabi’s Hub71, the technology project led by Mubadala Investment Company and backed by the Government of Abu Dhabi. […] February 1, 2023
Energy Morocco edges closer to free trade deal with Qatar Morocco looks likely to benefit from Qatar’s booming energy revenues as the two countries move closer to a free trade deal, a Mena economist has said. Government ministers concluded a second round of negotiations in Doha on January 22 to 23, building on the opening discussions that took place in Rabat last November. Qatar recorded […] January 31, 2023
Retail Cenomi rolls out Subway sandwich chain in Saudi Arabia Saudi Arabia-based Cenomi Retail has announced plans to sell 26 of its “non-strategic” brands, as it refocuses on what it classes as “coveted, winning brands” such as Subway. In a posting to the Saudi Tadawul exchange Cenomi Retail – the new rebranded name for Fawaz Abdulaziz Alhokair Company – said the brands affected are expected […] January 30, 2023
Banking & Finance Investcorp to set up ‘multi-billion dollar’ sustainability platform Investcorp has revealed plans to establish a “multi-billion dollar” sustainability platform to capitalise on what co-CEO Rishi Kapoor described as “the most attractive opportunity from an investment perspective that we have seen in a generation”. A report from consultants McKinsey estimates $250 trillion of cumulative spending on physical assets is needed over the next three […] January 30, 2023
Real Estate Sustainable towers ready for lift-off with a little help from Nasa A real estate developer in Dubai is introducing Nasa technology to its latest project as it takes sustainable property to a new dimension. Fakhruddin Properties aims to provide homeowners with the cleanest air in Dubai when it launches the AED700 million ($190.5 million) Maimoon Gardens, a twin-tower development in the Jumeirah Village Circle. Despite completion […] January 30, 2023
Energy Energy giant Halliburton expects Middle East to fuel growth US energy firm Halliburton predicts its international activity will grow at least in the “mid-teens” this year, driven by upcoming works in the Middle East and Latin America. During its latest earnings call the oilfield services company revealed $5.6 billion in total revenue for the third quarter of 2022, up 18 percent from $5.4 billion […] January 27, 2023
Tourism Nature calls as Dubai ecolodge startup spreads its wings While hospitality businesses were suffering during the coronavirus pandemic, a Dubai-based startup was plotting ambitious expansion. Envi, a luxury experiential ecolodge brand and management company, was launched in 2021, just as the tourism industry had lost $935 billion in revenue, according to figures from the World Travel and Tourism Council. “We saw how many hotels […] January 27, 2023
Egyptian gaming startup acquires Tunisian rival Galactech Egyptian startup GBarena, an esports platform operating across the Middle East, has acquired Tunisian rival Galactech in a share swap valued at $15 million. The deal comes as GBarena prepares to close its Series A funding later this year, with participation from investors in the US, Singapore and the Middle East and North Africa (Mena) […] January 26, 2023
Banking & Finance UAE capital markets set for ‘significant growth’, says regulator If 2022 was a year of recovery from the economic effects of the coronavirus pandemic, then 2023 will witness “significant growth” in the UAE capital markets. Mohamed Khalifa Al Hadari, deputy CEO of the Emirates Securities and Commodities Authority, told the inaugural Mena IPO Summit in Dubai that there are 11 initial public offerings (IPOs) […] January 25, 2023
Analysis Mena tech firms can plug skills gap by scooping up global talent Technology companies in the Middle East are in prime position to attract top talent from around the world as some of Silicon Valley’s biggest names make massive job cuts, according to recruitment consultants. Google’s parent company Alphabet, Microsoft and Amazon have all unveiled large-scale redundancy programmes since the start of January. About 40,000 jobs will […] January 24, 2023
Energy Rolls-Royce plans to bring its factory-built nuclear plants to Gulf Rolls-Royce is eyeing opportunities to bring its nuclear reactors to the Middle East as part of the region’s efforts to combat climate change. The UK industrial company is developing a small modular reactor (SMR) that uses pressurised water reactor technology, with the reactor components built in factory conditions and assembled on site. Nine-tenths of a […] January 23, 2023
Analysis Business of Sport Middle East continues to dominate football’s rich list Nine of the top 20 clubs in football’s rich list have investment links to the Middle East – and analysts are predicting that Gulf ties will increase in the next few years. Abu Dhabi’s Manchester City retained the No 1 spot in the latest edition of the Deloitte Football Money League, with revenue of €731 […] January 23, 2023
Banking & Finance UAE is in ‘first division’ of financial literacy The UAE is in the ‘first division’ when it comes to financial literacy, according to Alex Fraser, CEO of the London Institute Banking and Finance (LIBF). With just one third of adults worldwide being financially literate, according to Standard & Poor’s Ratings Services Global Financial Literacy Survey, the LIBF is involved in the global challenge […] January 22, 2023
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
