Banking & Finance UK firm launches fund to invest Lebanon’s ‘trapped dollars’ A British asset management firm has launched a fund that enables Lebanese bank customers to reinvest their trapped savings in local exporters, generating new dollars that will be repaid to investors and help ease the country’s yawning current account deficit. Several Lebanese citizens have taken up arms to withdraw their own savings from local banks […] October 13, 2022
Analysis Banking & Finance UAE government’s IPO juggernaut raises $13.3bn and counting A flurry of government-backed initial public offerings (IPOs) on the Dubai and Abu Dhabi stock markets has helped rejuvenate UAE bourses, as local and international investors seek exposure to the country’s buoyant economy. While Europe and the US fret over soaring inflation and likely recession, and most emerging market currencies wilt versus the dollar, Gulf […] October 12, 2022
LONG READ Banking & Finance Lebanon’s banking crisis can only be solved with political reforms Lebanon’s banking sector is in ruins, with little progress made in reforming the ailing industry, whose collapse has helped plunge four-fifths of the country’s population into poverty and forced many citizens to take up arms to withdraw their own savings from banks. Having imposed unofficial capital controls following an unravelling of the Lebanese pound’s longstanding […] October 10, 2022
Analysis Energy Hopes rise in Beirut of a deal to end border dispute with Israel Lebanon appears to be nearing an agreement with Israel over their disputed maritime border, which could kick-start long-delayed oil and gas exploration. A deal between the longstanding foes could provide some rare cheer in Lebanon, which is reeling from hyperinflation, the collapse of its banking sector and currency, and soaring unemployment. More than 80 percent […] October 4, 2022
Construction Kuwait tenders for work at new city for 280,000 residents Kuwait’s housing authority has issued a tender to build and maintain the roads and main infrastructure network for South Sabah Al-Ahmad City, which is slated to home 280,000 people. Located 80 kilometres south of the country’s capital, South Sabah Al-Ahmad City will have 10 neighbourhoods clustered around a central business district that architects Foster + […] October 3, 2022
Analysis Energy Algeria’s gas in demand as Europe looks beyond Russia Recent legal changes to woo international oil companies and new projects by state-owned Sonatrach should help Algeria maintain record natural gas production and raise exports to the European Union, industry experts predict. EU countries have scrambled to find alternative gas suppliers following Russia’s invasion of Ukraine in February. In 2020 Russia provided 43 percent of […] September 29, 2022
Energy Gulf oil CEOs attack ‘unrealistic’ energy transition goals Saudi Aramco’s CEO has lambasted the “unrealistic” energy transition scenarios that he claims have exacerbated a global energy crisis. His counterpart at Abu Dhabi National Co (ADNOC) also warned that efforts to tackle climate change could prove counterproductive if they slow economic growth. In unusually fiery comments, Aramco CEO and president Amin Nasser warned that […] September 25, 2022
Aviation UAE’s budget carrier Air Arabia to launch new airline in Sudan Sharjah-based Air Arabia will launch a new venture, Air Arabia Sudan, in partnership with DAL Group, the budget airline said in a statement on Friday. Khartoum-based Air Arabia Sudan will operate a fleet of Airbus A320 aircraft, pending regulatory approval. The statement did not provide any details on routes, schedules or fleet size but said […] September 23, 2022
Tourism Kuwait issues runway tender as part of airport expansion drive Kuwait’s civil aviation authority has issued a tender for building works at the country’s main airport as part of a multibillion-dollar refurbishment and expansion programme. Kuwait International Airport will add a new passenger terminal and a third runway, which the government hopes will bolster the domestic aviation industry and help attract more transit passengers flying […] September 23, 2022
Transport France’s Alstom signs Saudi deal for hydrogen-powered trains State-owned Saudi Railway Company (SAR) has signed a memorandum of understanding with France’s Alstom to develop hydrogen trains for the kingdom. Saudi Arabia in investing heavily to expand its public rail and metro networks and will build 8,000 kilometres of new track, officials said in January. SAR operates the Haramain High Speed Rail between Mecca […] September 22, 2022
Analysis Employment Young Arabs want action on wasta, lack of jobs and rising costs Nearly two thirds of young adults in the Levant are struggling financially and a sizeable minority have fallen into debt, according to this year’s Arab Youth Survey. The report also highlights spiralling living costs and scarce job opportunities for much of the Middle East and North Africa’s Generation Z. The 14th Arab Youth Survey interviewed […] September 21, 2022
