Finance Brics currency branded ‘fantasy’ as Trump threatens tariffs Suggestions that the UAE would drop its dollar peg in favour of a Brics currency have been described as “fantasy” by the head economist at Standard Chartered bank. The UAE, along with Iran, Egypt and Ethiopia, joined the non-Western-aligned Brics group – named for its earliest members Brazil, Russia, India, China and South Africa – […] December 16, 2024
Development Syria upheaval could be a sign of progress for the region The removal of the Assad regime in Syria is a “step in the right direction for the region”, according to a leading economist from Standard Chartered. Eric Robertsen, managing director of global head of research and chief strategist at Standard Chartered, was discussing the fallout of a series of geopolitical crises during a media round […] December 13, 2024
Business of Sport Manchester City reports record revenues Despite a recent slump in form on the pitch, the Abu Dhabi-backed English football team Manchester City is thriving commercially, its annual report revealed this week. The club has announced record-breaking revenues of £715 million ($903 million) for the past year, with profits of £73.8 million. Chairman Khaldoon Al Mubarak said: “Our focus remains on […] December 13, 2024
Analysis Tax Oman delays introduction of personal income tax Oman’s plan to introduce personal income tax for high earners has been put on hold following a meeting on Wednesday of the sultanate’s State Council. Under the initial draft bill, first introduced in 2022, foreign nationals in Oman who earn over $100,000 would be taxed between 5 to 9 percent from 2026. Omani citizens would […] December 13, 2024
Markets ADX ripe for international investment, say asset managers The Abu Dhabi Securities Exchange remains a sleeping giant for international investors despite the huge sums raised from recent ADX listings, speakers said this week at the emirate’s annual financial showcase. There have been 23 notable initial public offerings of UAE companies since the start of 2021 – 14 on the ADX and nine on […] December 11, 2024
Tourism Morocco reports 20% rise in tourists this year Morocco has reported a 20 percent year-on-year increase in tourists through to the end of November, welcoming close to 16 million visitors. Fatim-Zahra Ammor, Morocco’s minister of tourism, described the numbers as an “historic achievement”. “This achievement isn’t just a number, it’s a testament to the success of our roadmap and confirms we’re on track […] December 11, 2024
Education Mergers and acquisitions to fuel Saudi education growth Mergers and acquisitions will play a vital role in the future of Saudi Arabia’s lucrative education sector, which could offer returns in the region of high double-digits, according to an industry expert. There has been a flurry of M&A activity in education in recent weeks. Maarif, one of the largest education companies in the country, […] December 9, 2024
Analysis Lifestyle Dubai losing its lustre for squeezed expat middle classes Dubai, renowned for its lavish luxury and five-star everything, could be getting too expensive for expatriate middle-market workers, as costs continue to increase and pay rises become rarer. The emirate’s tax-free status and higher wages have long held a strong appeal for expatriates from all corners of the world. But as the cost of living […] November 28, 2024
Finance IHC stands by Adani investments despite US indictment Abu Dhabi’s International Holding Company (IHC) is standing firm on its outlook for investments in the Adani Group despite an indictment against its billionaire owner Gautam Adani and seven others in the US. The conglomerate, led by its chair and the UAE’s national security adviser Sheikh Tahnoon bin Zayed Al Nahyan, has been one of […] November 28, 2024
Analysis Oil & Gas Aramco’s debt push threatens Saudi banks’ liquidity Saudi Aramco’s plans to keep tapping the local debt market could place further liquidity pressures on the country’s banking sector, as the government looks for new ways to raise cash for its economic development plans. The oil giant’s chief financial officer Ziad Al-Murshed told Bloomberg last week that plans were underway to take on more […] November 26, 2024
Manufacturing Bahrain plans free zones to draw manufacturers Bahrain is to set up new industrial free zones within the kingdom with a view to attracting key players in the foodstuffs, pharmaceuticals and garments industries and generating thousands of new jobs. The plans are for the Muharraq governorate, situated in the north east of the Gulf island, which is also home to Bahrain International […] November 25, 2024
Economy Billionaires in UAE rise as Saudi numbers drop The number of billionaires in the UAE increased in the last year as the amount of super-wealthy residents in neighbouring Saudi Arabia dropped. Forty-eight billionaires lived in the UAE in 2023, with a combined wealth of $205 billion, a year-on-year increase of 7 percent. Dubai made up 39 of that total and welcomed one extra […] November 24, 2024
Aviation Flyadeal to confirm wide-body order by year end Saudi Arabia’s low-cost airline Flyadeal is set to make a decision on its wide-body aircraft order before the end of the year, with up to 15 planes potentially joining its fleet. CEO Steven Greenway confirmed on Wednesday that the order will be made up of repurposed 787s from parent company Saudia or brand-new aircraft from […] November 20, 2024
Finance Bahrain arbitration court strengthens Singapore ties Bahrain is seeking to emulate the success of a Singapore-based arbitration panel by launching its own International Commercial Court. It will target ultra-high-net-worth individuals and family offices, which are private wealth management advisory firms serving multi-generational wealthy families. The specialised arbitration centre is modelled on the Singapore International Commercial Court (SICC) and is to be […] November 20, 2024
Construction Bahrain to tender for ‘airport city’ in early 2025 Bahrain will issue tenders early next year to build a new “airport city” based around the existing Bahrain International Airport. The project will include commercial and residential development, according to Mohamed Yousif AlBinfalah, CEO of Bahrain Airport Company. “We have a significant amount of space that will be coming to the market soon for development,” […] November 19, 2024
Markets More companies tipped to list on Bahrain Bourse AlAbraaj Restaurants Group’s debut on Bahrain Bourse – the first listing on the exchange in more than five years – will pave the way for more activity, experts have told AGBI. The AlAbraaj initial public offering (IPO) this month is the first since the listing of APM Terminals Bahrain in 2018, according to consultancy EY. […] November 18, 2024
Aviation Bahrain identifies offshore plot for new airport Bahrain is to build a new airport on reclaimed land in the north west of the country. Just three years after the new terminal building of Bahrain International Airport was officially opened, plans are being developed for a new facility following the conclusion of a study looking into possible locations for the greenfield project. “It’s […] November 18, 2024
Analysis Health Golden returns draw investors to fitness markets Investors are showing increasing interest in homegrown fitness companies, tempted by the “golden egg” returns on offer. The fitness market in the Middle East and North Africa (Mena) has been growing at an annual rate of 30 percent since 2020, with the UAE sector valued at an estimated $550 million and Saudi Arabia at $1.7 […] November 18, 2024
EXCLUSIVE Aviation Emirates repays over 70% of $4.8bn pandemic debt Dubai’s Emirates airline has already repaid billions of dollars of debt it raised during the pandemic, a senior official told AGBI. The emirate’s flagship carrier raised AED17.5 billion ($4.8 billion) in debt during the pandemic, when the aviation industry was brought to its knees as planes were grounded globally by strict lockdown rules. “I would […] November 15, 2024
Aviation Bahrain seeks reversal of BA route cut Talks are underway between Bahrain and UK officials in a bid to reverse a decision by British Airways to cease flights to the Gulf state. The UK’s flag carrier announced earlier this month that it would be stopping direct flights to Bahrain and Kuwait as a result of supply chain pressures, which it is said […] November 15, 2024
Exclusive Aviation Royal Jordanian losses mount due to conflict Royal Jordanian is likely to record a loss of $11 million for the second year running, due to a sharp drop in passengers because of the Middle East conflict. The airline was expected last year to report its first profits since the Covid pandemic, and boasted a $15 million surplus in the first nine months […] November 15, 2024
Banking & Finance Bahrain bank merger to complete in 2025 A merger between National Bank of Bahrain (NBB) and Bank of Bahrain and Kuwait (BBK) is expected to be completed in 2025. Plans to join the two banks were announced to the Bahrain Bourse earlier this year and preliminary proceedings started this month. “Considering that we are almost at the end of this year, I […] November 15, 2024
