Markets UAE capital markets partner with Hong Kong exchange The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […] July 26, 2024
Analysis Finance From taxes to FDI rules – how India’s budget affects the Gulf Prime Minister Narendra Modi’s first budget of his third term brings welcome news for international investors but mixed outcomes for non-resident Indians. Notable initiatives include abolishing the contentious “angel tax”, simplifying foreign direct investment (FDI) rules, increasing capital gains taxes and cutting gold import duties. Angel tax abolition: relief comes too late India’s finance minister […] July 25, 2024
Analysis Gaming Investment yet to turn a profit in Saudi esports drive Saudi Arabia’s aggressive entry into esports, marked by the $60 million Esports World Cup and the successful bid to host the 2025 Olympic Esports Games, has grabbed global headlines. Yet a multitude of challenges to the commercialisation of esports could blunt the kingdom’s ambitions to become a global force within this thriving new industry. The […] July 23, 2024
Exclusive Leisure & Hospitality Palazzo Versace auction tied to owner’s finances The auction of the Palazzo Versace Dubai hotel is directly tied to the property’s owner’s financial circumstances and is not a reflection of the hotel’s performance, an executive told AGBI. The hotel itself continues to perform strongly, said Monther Darwish, managing director of Palazzo Versace Dubai and chairman and founder of Palazzo Hospitality, which oversees […] July 18, 2024
Analysis Markets Healthcare sector props up Gulf IPOs in 2024 The healthcare sector has emerged as a significant contributor of initial public offerings in the Gulf region during the first half of 2024, according to a report by the Kuwait Financial Centre, known as Markaz. This comes despite an overall decline in new listings. However, Saudi Arabia’s Al-Hokail Academy Specialized Digital Polyclinics Company cancelled its […] July 16, 2024
Retail PepsiCo growth defies Middle East boycott of Western brands PepsiCo Inc has reported robust growth in the Middle East, defying the boycotts that have battered other Western brands in the region. The food and beverage giant posted double-digit organic revenue growth in Egypt for the second consecutive quarter, even though it has been the subject of a backlash linked to perceived US support for […] July 16, 2024
Health Abu Dhabi launches AI tender to predict epidemic threats The Abu Dhabi Public Health Center has launched a tender for an artificial intelligence-powered platform designed to predict epidemic threats. The aim is for the platform to use AI’s ability to process extensive and complex datasets at high speed as a way to analyse both local and international outbreak trends alongside national travel patterns to […] July 15, 2024
Business of Sport Anyone for cricket? Saudi Arabia’s next big sports play Saudi Arabia is aggressively courting much-needed foreign investment to commercialise its emerging sport sector, part of its Vision 2030 plan to diversify from its dependence on wealth from hydrocarbons. Basim Ibrahim, director of sport investment development at Saudi’s Ministry of Investment, said the kingdom, which has already put its football clubs up for sale, is […] July 15, 2024
Trade Thailand opens investment office in Saudi Arabia Thailand’s Board of Investment (BOI) is opening its first Middle East office in Saudi Arabia, signaling a deepening of economic ties between the nations after a longstanding diplomatic spat. The office will focus on attracting Saudi investment into Thailand’s targeted industries and supporting Thai entrepreneurs looking to invest in the region, the BOI said in […] July 12, 2024
EXCLUSIVE Artificial Intelligence AI regulations double investment costs, says Mashreq Bank Differing rules surrounding artificial intelligence and the lack of a global regulatory environment is doubling the cost of new investments and complicating business expansion, a leading UAE financial institution has revealed. Amith Rajan, executive vice-president at Mashreq Bank, told AGBI that a “patchwork” AI regulatory landscape has prevented the bank from entering some countries, and […] July 11, 2024
Aviation Iraqi Airways resumes direct flights to Beijing Iraqi Airways has resumed direct flights from Baghdad to Beijing, ending a hiatus that lasted several years, with hopes of increased business travel and tourism. The Ministry of Transport announced that the first flight departed from Baghdad International Airport in Iraq to Beijing Daxing International Airport in China this week. “In line with the directives […] July 10, 2024
Health Heat-health warning system planned for Abu Dhabi Abu Dhabi is to develop an official heat-stress index and a national heat-health warning system as rising temperatures threaten public health and businesses. The Abu Dhabi Public Health Centre has issued a tender for an index tailored to the UAE’s unique climate conditions, occupational settings, and the physiological differences among its diverse population. The UAE […] July 9, 2024
Tourism Investors to build 1,400 hotel rooms in Petra despite tourism slump Local investors are proceeding with plans to build 1,400 hotel rooms in Petra, a tourism official has said, as Jordan grapples with the impact of the Gaza conflict. Petra’s hotel occupancy rates tumbled to a record low of 3 percent last November and have remained in the single or the low double digits since then. […] July 8, 2024
Finance Hong Kong’s Animoca considers Gulf bourses Animoca Brands, a major Web3 and crypto gaming company valued at nearly $6 billion, is considering a public listing in 2025, with the Gulf and Hong Kong as potential venues. The company’s investors include heavyweights such as Singapore’s Temasek Holdings and the Saudi Arabia government’s Neom project, which injected $50 million into it last year. […] July 5, 2024
Infrastructure Japan to increase investment in Iraq Japanese companies are set to expand their investments in Iraq, launching critical infrastructure projects to aid the country’s economic recovery and development. Futoshi Matsumoto, the Japanese ambassador, told Iraq state news agency that companies like Komatsu, a construction equipment supplier, are “eager” to enter the Iraqi market. A delegation from the company recently visited Basra, […] July 5, 2024
EXCLUSIVE Markets Hajj company to float in Saudi – with London listing to follow Saudi Arabia’s Ithraa Alkhair Company for Pilgrims Services, a licensed provider of Hajj services for non-Arab African pilgrims, is preparing to launch the first IPO in the kingdom’s religious tourism sector. The company, part of the Ithraa Group, will float an 11 percent stake to institutional investors on the Nomu parallel market, chairman Dr Ahmed […] July 5, 2024
Video length: 08:38 Economy Omani lower house approves income tax Oman is on the verge of becoming the first Gulf nation to introduce a personal income tax, as it seeks to diversify revenue streams beyond oil in line with its Vision 2040 plan. The Majlis al-Shura, the lower house of the Omani parliament, approved a draft law last week, forwarding it to the State Council, […] July 3, 2024
Banking & Finance UAE to axe 2,000 procedures in ‘Zero Bureaucracy’ drive The Central Bank of the UAE has announced plans to eliminate at least 2,000 bureaucratic procedures as part of a sweeping “Zero Bureaucracy” plan to enhance efficiency in the country’s financial sector. The change is aimed at reducing administrative burdens on businesses and individuals, according to state news agency Wam. The bank, in collaboration with […] July 2, 2024
Trade Trade flourishes between Israel and Arab states Israel’s trade with Middle Eastern countries including Egypt, Morocco and Bahrain grew in the year to the end of May despite regional tensions and the Gaza war, a think tank report has revealed. The figures, compiled by the Abraham Accords Peace Institute (AAPI), rely on data from Israel’s Central Bureau of Statistics. Israel’s trade with […] July 2, 2024
Renewable Energy BP joins Masdar in Egyptian green hydrogen project BP, the British oil and gas company, has agreed to join a consortium including Masdar, the UAE’s state renewable energy company, and others to develop a multi-phase green hydrogen project in Egypt. The plans come as Reuters reports suggest that BP has frozen new offshore wind projects, as it renews emphasis on oil and gas […] July 2, 2024
Trade Saudi shipping line to link Jeddah with Chinese ports The Saudi Ports Authority has launched a new shipping service, CBS, at Jeddah Islamic Port in partnership with China’s NewNew Shipping Line, strengthening trade links between the two nations. The arrangement also aims to improve Saudi Arabia’s position on the Liner Shipping Connectivity Index, increase operational efficiency at ports, and strengthen the country’s connectivity with […] July 2, 2024
Real Estate Dar Global to launch luxury Trump Tower in Jeddah London-listed real estate developer Dar Global and The Trump Organization have announced a new luxury real estate project in Saudi Arabia. The company partnered with the Trump Organisation in 2022 to use the former president’s name for its $4 billion master development in Muscat, a joint venture with Oman Tourism Development Company. Ziad El Chaar, […] July 1, 2024
