Analysis Aviation Flight searches to Qatar soar from South Korea and Australia Searches for travel to Qatar from nations competing in the World Cup surged in November as fans raced to reserve last-minute flights and accommodation in the tournament’s host country. Enquiries for Qatar on travel aggregator website Wego from internet users in South Korea were up 168 percent in November versus the same period of 2021, […] December 7, 2022
Economy Lebanon economy ‘on hold’ after fleeting summer resurgence Lebanon’s private sector cut jobs in November as declining orders spurred companies to reduce spending amid prolonged political uncertainty, according to the latest purchasing manager’s index (PMI) report. The BLOM Lebanon PMI slumped to a seven-month low of 48.1 last month, down from 49.1 in October. A reading above 50.0 shows improving business conditions, while […] December 6, 2022
Exclusive Transport Dubai’s first passenger drones to fly in 2024 A senior Dubai sheikh has signed a deal with a Hungarian aviation firm to manufacture passenger drones in the UAE, with the first aircraft due to roll off the production line in early 2024. Sheikh Rashid Bin Ahmed Al Maktoum’s RAM Investment Ltd will partner with Jakabszállás-based Genevation Aircraft Ltd to build the drones as […] December 1, 2022
Energy Saudi to build Gulf’s largest solar power plant near Mecca Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), and ACWA Power will build the Middle East’s largest solar power plant in Mecca province, the duo announced on Wednesday, as the kingdom accelerates efforts to expand its renewables capacity. Slated to begin commercial operations in late 2025, the 2,060-megawatt (mw) solar photovoltaic Al Shuaibah […] November 30, 2022
Banking & Finance Investcorp targets mid-sized buys in $500m China investment push The Bahrain-based asset manager has launched a fund with Hong Kong's Fung Capital, to snap up family-owned firms with growth potential November 29, 2022
Development UK launches £4bn finance support to boost trade with Morocco Moroccan importers can access up to £4 billion ($4.85 billion) in trade finance to help buy goods and services from the United Kingdom, British officials announced this week. To be eligible for support from UK Export Finance (UKEF) at least 20 percent of the overall contract value for a project must be sourced from British […] November 25, 2022
Real Estate Palm Jebel Ali buyers get 150% refund as credit if they reinvest Original investors in Dubai’s long-stalled Palm Jebel Ali can receive up to 1.5 times the money they paid – providing they re-invest this in the revamped project, state-owned master developer Nakheel has pledged. In September, Nakheel revealed it would re-launch Palm Jebel Ali, having officially cancelled the project earlier this year. Construction halted in 2009 […] November 25, 2022
Analysis Energy Egypt aims to overcome obstacles to supplying more gas to the EU Depleting gas fields and soaring domestic consumption will stymie Egypt’s immediate efforts to boost Europe-bound energy exports – however, new exploration and additional pipelines could help it become a sizeable supplier to the EU later this decade. The EU has vowed to slash its imports of Russian gas by two thirds this year following Vladimir Putin’s […] November 17, 2022
Logistics Saudi’s shortage of warehouse supply sees rents surge 22% Warehouse rents in Saudi Arabia are soaring thanks to expanding manufacturing and retail activity in the kingdom. The International Monetary Fund in August predicted Saudi Arabia would be one of the world’s fastest growing economies in 2022, expanding 7.6 percent, its biggest increase in a decade. This boom is being felt in the warehousing sector. […] November 15, 2022
Sustainability Slump in plastic bag usage as Dubai tackles carbon footprint Plastic bag use has plummeted at UAE retail outlets operated by Majid Al Futtaim following the emirate’s introduction of a mandatory AED25 ($6.81) bag charge. In a small, but notable step towards reducing the UAE’s vast carbon footprint, Majid Al Futtaim said plastic bag use fell 85 percent in the three months since charges began […] November 12, 2022
Tourism Las Vegas’s Wynn Resorts confirms Gulf’s first casino in RAK Las Vegas’s Wynn Resorts will build a casino within its hotel complex on Ras Al Khaimah’s Marjan Island, the company’s CEO confirmed in an analysts call this week. Wynn announced plans back in January for the multibillion-dollar resort, which it said would be completed by 2026 and feature more than 1,000 rooms, a shopping mall, […] November 10, 2022
Tourism Emirates Group hires 10% more staff following record profits Emirates Group reported a record half-year profit on Thursday despite fuel costs trebling as passenger numbers soared and customers opted for premium seats. The Dubai-based conglomerate, which includes Emirates Airline and travel agent dnata, attributed its performance to strong demand for air travel following the gradual easing of Covid 19-related restrictions worldwide. Middle East airlines reported […] November 10, 2022
Banking & Finance Calculating hyperinflation is ‘top priority’ for Islamic banks Islamic banking’s top rule maker is racing to create a new accounting standard to calculate the impact of hyperinflation. Changes to sharia-compliant accounting practices could make some account holders liable for banks’ losses related to soaring prices. Under IFRS accounting standards, which are commonly used worldwide, there is a clause, IAS 29, that covers hyperinflation. […] November 9, 2022
Employment Higher wages in Emirates entice Filipino expats to invest Four-fifths of Filipino expats in the UAE plan to make investments in the next 12 months as rising wages and a strong dollar give them greater purchasing power back home. The UAE’s official population statistics do not provide a breakdown by nationality, although by unofficial estimates there are around 560,000 Filipinos living in the UAE, […] November 9, 2022
Analysis Manufacturing Saudi non-oil export orders rise at fastest pace for a year New export orders for Saudi Arabia’s non-oil sector in October increased at their fastest rate for nearly a year, the Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI) survey revealed on Wednesday. This demand helped the PMI, which gauges business confidence, to climb 0.6 percentage points to 57.2 in October. A reading above 50.0 shows […] November 2, 2022
Analysis World Cup 2022 Bahrain set for surge in visitors from Europe’s World Cup giants Europeans are flocking to Bahrain this autumn, with flight bookings from Germany, France and the UK up significantly on pre-pandemic levels in what could be a World Cup windfall for the island’s tourism industry. As nearby Qatar prepares to host the tournament, which starts on November 20, an influx of tourists from defending champions France, […] November 2, 2022
Analysis Energy Ukraine war brings oil and gas underinvestment into sharp focus Oil and gas companies have slashed capital expenditure since a 2014 price crash and underinvestment will likely persist, despite the sector’s record profits this year, industry experts have warned. Saudi Aramco’s second-quarter net income of $48.4 billion was its largest since going public in 2019. ExxonMobil and Chevron and many other international oil companies also […] October 28, 2022
Analysis Abu Dhabi sovereign wealth fund to deploy more into private credit Abu Dhabi Investment Authority (ADIA) is upping its exposure to private credit to boost its returns, the world’s fifth largest sovereign wealth fund revealed in its 2021 annual review published on Thursday. Private credit has flourished since the 2008 global financial crisis as banks became more risk averse in their lending and interest rates plunged, […] October 27, 2022
Banking & Finance Islamic finance to grow 10%, but struggles in new markets The global Islamic finance industry will expand by 10 percent in 2022 and 2023 thanks to strong economic growth in core markets, high commodity prices and relatively little impact from the Russia-Ukraine war. However, data from S&P Global Ratings forecasts shows that the sector has struggled to make inroads in non-traditional markets outside the Gulf. Excluding […] October 27, 2022
Analysis Banking & Finance Mena debt market slumps in year of Fed hikes and high oil prices Debt issuance has plunged in the Middle East and North Africa this year, with interest rate volatility deterring would-be issuers and oil exporters’ huge fiscal surpluses reducing their need to offer bonds or sukuk. Mena debt sales in the first nine months of 2022 were $18.3 billion, down 80 percent year-on-year and the lowest total […] October 25, 2022
Aviation Qatar Airways wins UK court battle with aircraft seat maker A British court has ruled in favour of Qatar Airways in a dispute between the Gulf carrier and an Italian aircraft seat manufacturer. Sezze-based Optimares had sued Qatar Airways after the airline terminated a contract to buy made-to-order business and economy class seats for some of the Doha-based airline’s Boeing and Airbus aircraft. But a […] October 25, 2022
Analysis Banking & Finance Mena investment banking fees surge past $1bn for year so far JP Morgan and HSBC remain the top fee-earning investment banks in the Middle East and North Africa, a new report has found, although a further slowdown in mergers and acquisitions could help regional banks boost their share. Total investment banking fees in the Mena amounted to $1.05 billion in the first nine months of 2022, […] October 24, 2022
