Analysis Oil & Gas Top of Trump’s to-do list: sanctions against Iran Donald Trump’s second term as US president, which is due to start in January, is likely to bring a significant strengthening of sanctions against Iran and a resumption of the “maximum pressure policy”, industry experts believe. In his first term as president, Trump withdrew from the Joint Collective Plan of Action, a 2015 accord which […] November 7, 2024
Trade Arab world welcomes Trump back to the White House The Arab world has hailed Donald Trump’s successful bid to return to the White House, with his long-standing personal, business and political ties to the region bringing hopes of closer bilateral relationships with the United States for the next four years. The Emir of Qatar, Tamim bin Hamad Al Thani, was the first GCC leader […] November 6, 2024
Industry Bahrain’s Alba looking to Europe after Ma’aden deal Aluminium Bahrain (Alba) will keep exploring mergers and acquisitions, with a particular eye on Europe, once it completes its multi-billion dollar deal with Saudi Arabian Mining Company (Ma’aden). The deal is expected to be signed off in the first half of next year. The two companies penned a non-binding agreement in September and are in […] November 5, 2024
Construction Huge demand for workers’ accommodation in RAK Ras Al Khaimah (RAK) is adding 40,000 rooms for blue-collar worker accommodation in the next five years, fuelled by the multi-billion dollar Wynn Resorts casino development and thriving construction sector. More than 10,000 rooms have been “fast-tracked” in the last nine months alone, according to Ramy Jallad, group CEO of Ras Al Khaimah Economic Zone […] November 4, 2024
Banking and Finance Bahrain’s Mumtalakat prizes local investment over global Bahrain’s multi-billion dollar sovereign wealth fund Mumtalakat is looking closer to home for investments, prioritising local over international opportunities. Shaikh Salman bin Khalifa Al Khalifa, minister of finance and national economy at Mumtalakat, said: “What we have found is the most compelling investment opportunities, the highest return on equity investments, are increasingly at home or […] November 4, 2024
Markets Kuwaiti companies looking at Saudi exchange listings Kuwaiti companies are eyeing up opportunities to list on Saudi Arabia’s Tadawul exchange, according to reports. It comes almost two years since deals were signed between market regulators in both Gulf states to explore collaboration around cross-listings on the Tadawul and Kuwait’s bourse. Firas Al-Salem, chairman of the Kuwaiti Business Council, said that listings could […] November 1, 2024
Infrastructure Middle East, not the West, should lead rebuilding, say experts Rebuilding Palestine and Lebanon will take upwards of a decade once the conflict between Israel and Hamas and Iran-backed Hezbollah ends, according to the International Monetary Fund. But the two countries should be assisted by Middle East neighbours and not left in the hands of Western superpowers, say experts. The United Nations Development Programme’s initial […] November 1, 2024
Economy Surplus of $8bn predicted in latest Dubai budget cycle A record surplus of AED30 billion ($8.16 billion) is being predicted by Dubai in its latest three-year budget. The emirate’s ruler, Sheikh Mohammed bin Rashid Al Maktoum, has approved the 2025-27 budget cycle, which includes AED272 billion in expenditure, against estimated revenues of AED302 billion. For the 2025 fiscal year, expenditure has been set at […] October 30, 2024
Construction Aldar Properties reports ‘strong pickup’ for London projects Aldar Properties remains bullish about London’s property market despite high interest rates and fears that tax rises will be announced in the UK budget on Wednesday. The government-owned Abu Dhabi company bought British developer London Square in a deal worth AED1.07 billion ($291 million) last year – its first acquisition outside the Middle East and […] October 29, 2024
People & Lifestyle Dubai private schools face major shortfall of places Dubai’s private school sector is staring at a shortfall of more than 100,000 places by the start of the 2031 academic year, as the industry struggles to keep pace with the emirate’s increasing population. Under the Dubai 2040 Master Plan, the emirate’s population is forecast to reach 7.8 million by the end of the next […] October 29, 2024
Sustainability UAE green steel project brushes off hydrogen concerns The UAE has completed a pilot programme looking into the use of green hydrogen to decarbonise the steel industry. UAE steel company Emsteel and renewable energy major Masdar joined forces to produce “green” steel despite increasing concerns over cost, regulations, demand and scalability of the clean energy source. Conventional steel production accounts for around 8 […] October 29, 2024
Entrepreneurs Dubai seeks 5,000 VCs to ignite startup funding Less than a tenth of total loans issued by UAE banks in the first half of the year went to small and medium sized enterprises amid renewed calls to reduce the funding gap. The total amount of facilities and loans extended by banks operating in the UAE reached AED856 billion ($233 billion) by the end […] October 24, 2024
Trade Former UK chancellor Zahawi calls for UAE trade talks A former UK chancellor has called for the UK to initiate trade talks with the UAE as discussions over a UK-GCC-wide agreement head towards a seventh round. Nadhim Zahawi said a standalone free trade deal between the UK and UAE would “accelerate a full trade agreement” with the UAE, Bahrain, Kuwait, Saudi Arabia, Qatar and […] October 22, 2024
Retail Cenomi to dispose of more brands in journey to black The Saudi franchiser Cenomi Retail has agreed to sell more non-core brands as part of a programme to draw the company back into the black. At an extraordinary general meeting on Monday, shareholders gave the go-ahead for more sell-offs from the company’s portfolio of non-core assets, which was worth SAR2 billion ($530 million) when the […] October 22, 2024
Retail Supermarket major Lulu officially announces IPO UAE supermarket major Lulu is to list a 25 percent stake on the Abu Dhabi Securities Exchange (ADX). Over 2.5 billion shares of Lulu Retail Holdings, which is among the largest hypermarket chain operators in the Middle East, will be made available with a nominal value of $0.014. “With GCC retail presenting a $100 billion […] October 21, 2024
Real Estate World Islands ‘still a decade away from completion’ The multi-billion dollar World Islands off the coast of Dubai will not be complete for another decade at least as logistics and costs stymie development, the man behind its biggest project has revealed. The $14 billion development, originally consisting of 300 man-made islands, was launched by the government-backed property company Nakheel more than 20 years […] October 15, 2024
Tourism Holiday homes fend off competition from Dubai’s hotels The number of holiday home listings in Dubai hit 18,000 in August, up 38 percent year on year, as investors look to capitalise on the emirate’s popular tourism industry. The mix of short and long-term lets are most favoured in hotspots such as Dubai Marina, Palm Jumeirah, Downtown Dubai and Business Bay, according to the […] October 9, 2024
Real Estate Apartments in UAE among cheapest to build in the world Building a standard residential high-rise in Dubai or Abu Dhabi is up to two-thirds cheaper than in other major global cities, thanks to land, labour and raw materials all costing much less. Land is up to three times cheaper in the UAE compared with the prices paid in New York, London, Hong Kong and Singapore […] October 8, 2024
Analysis Tourism Gulf hospitality industry shrugs off war concerns Middle East hospitality veterans downplayed concerns over wider regional tensions this week, saying the industry has survived crises before and is poised to do so again. Government officials and corporate executives spoke during the Future Hospitality Summit, which is taking place in Dubai this week, just as military action intensified in Israel, Lebanon and Iran, […] October 3, 2024
Video length: 04:53 Analysis Retail Rise in retail M&A predicted as Gulf stores struggle An increase in mergers and acquisitions in the GCC’s retail sector has been predicted for this year, as operators try to cope with an increasingly uncertain economic environment. Six retail M&A deals have taken place since the beginning of 2023, all involving intra-regional players. Thirteen retail M&A deals were concluded in 2022, of which five […] September 30, 2024
Banking and Finance Mubadala partners with Wall Street for private credit drive Abu Dhabi’s sovereign wealth fund, Mubadala, is to participate in a $25 billion programme of private credit direct lending that has been launched by the New York Stock Exchange-listed bank Citigroup and the alternative asset manager Apollo. Mubadala will act as partner in the programme to Apollo, which is based in New York. Athene, Apollo’s […] September 27, 2024
Trade UAE adds New Zealand to long list of trade partners The UAE’s plans to increase non-oil foreign trade to AED4 trillion ($1 trillion) by 2031 took another step forward on Thursday as New Zealand became the 12th country to sign a comprehensive economic partnership agreement (Cepa) with the Gulf state. The deal will reduce or remove tariffs, eliminate barriers to trade, improve market access and […] September 26, 2024
