Exclusive Manufacturing British affordable tech company sees ‘sky high’ Gulf demand UK-based consumer technology company T4tec is expanding its operations in the Middle East to tap into “sky high” demand for quality affordable consumer electronics. The company, which has been selling its televisions and other products including wireless Bluetooth sound bars, cordless kettles, and toasters in the region via Amazon, is in talks with two distribution […] December 30, 2022
Analysis Real Estate Ski chalets are hot property for Middle East buyers Demand for high-end ski chalets from affluent Middle East buyers has surged, even though the price of a home on the slopes is rising at its fastest rate for almost a decade. Despite the pandemic’s impact on international travel, the specialist property market has benefitted from an influx of remote workers looking for semi-permanent bases […] December 25, 2022
Analysis Retail Time running out for Gulf’s luxury watch investors to cash in After a boom in haute horology over the past few years, with reports of shortages that even put royals on the waiting lists, prices for Rolex watches have started to fall. But some coveted pieces will always command a premium, collectors have said. The value of Swiss watch exports to the Middle East in 2021 […] December 17, 2022
Exclusive Manufacturing Gulf switches to more energy efficient cooling solutions The UAE’s replacement market for air conditioning (AC) is growing fast as energy consumption concerns continue to rise. Global consumption of electricity for household ACs is increasing rapidly, creating urgent demand for more efficient cooling systems. Energy demand for space cooling will more than treble by 2050 unless there is action to address energy efficiency, […] December 15, 2022
Business of Sport LaLiga nets esports deal as Spain’s football league heads Mena’s way Spain’s main football league, LaLiga, has signed a 15-year deal with Galaxy Racer, one of the world’s largest largest esports, gaming and lifestyle organisations, that they estimate will generate more than $3.16 billion. The home of Barcelona and Real Madrid say they expect the tie-up with the Dubai-based company to transform the league’s presence in […] December 11, 2022
EXCLUSIVE Retail British model David Gandy to expand fashion brand to the Gulf British model David Gandy is planning to expand his sustainable fashion brand to the UAE. “The Gulf region is a very interesting market for us,” Gandy told AGBI. “We are global with direct-to-consumer sales with David Gandy Wellwear, but what we’ve done in London and Paris, and what we are looking to do in New […] December 7, 2022
Analysis Banking and Finance Abu Dhabi VC eyes booming Indian economy Abu Dhabi-based Indian venture capital (VC) firm AUM Ventures has launched a $30 million fund to offer international investors access to tech, tech-enabled and consumer startups in India. The early and pre-growth stage VC firm, which has offices in Abu Dhabi, Bangalore and Mumbai, is licensed and regulated by Abu Dhabi Global Market (ADGM). The […] December 5, 2022
EXCLUSIVE UAE goes vintage with classic car race and centre for collectors The UAE and supercars have been synonymous for decades, with the very latest luxury models frequently spotted on its roads – but a new industry of classic cars is also gaining speed. This weekend the country plays host to 100 classic cars from around the globe in the first ever UAE edition of Italy’s 1,000-mile […] December 2, 2022
Banking and Finance Mena VC firm VentureSouq to set up climate-focused fund Middle East and North Africa-based Venture capital firm VentureSouq is to launch a new climate-focused fund to support companies developing solutions for the green economy. Achieving net zero carbon emissions by 2050 globally will require as much as $173 trillion in investments in the energy transition, according to BloombergNEF’s (BNEF) New Energy Outlook 2021 (NEO), […] November 18, 2022
Analysis Energy World Bank says Gulf using oil wealth to become solar power Gulf hydrocarbon producers could turn into the world’s leading solar energy exporters. GCC members, particularly the UAE and Saudi Arabia – the first and third largest energy producers in Opec – have started to lay the ground for this goal with the launch of clean energy megaprojects. They aim to increase their renewable energy capacity […] November 18, 2022
Banking and Finance Binance CEO says ‘shaken’ crypto market needs ‘a lot more’ scrutiny Confidence in the crypto industry has been “shaken” and it needs to open up to “a lot more” oversight from regulators, the chief executive of the world’s largest cryptocurrency exchange has said. Changpeng Zhao, the CEO and co-founder of Binance, added that the crypto sector should adopt some regulations from the traditional finance industry. Zhao’s […] November 17, 2022
Analysis Banking and Finance Fintech competition means UAE banks must change to survive The banking sector in the UAE could grow faster than the nation’s economy but competition from fintechs poses a threat to the survival of banks unless they restructure their operating models, according to a senior industry official. Abdul Aziz Al Ghurair, chairman of the UAE Banks Federation, warned that banks will have to change the […] November 15, 2022
Exclusive Banking and Finance Crypto giant Binance eyes UAE acquisitions and Saudi expansion Crypto exchange Binance is in talks with financial regulators in Saudi Arabia to expand into the kingdom. The company is also eyeing web3 tech investments in the UAE, and has appointed a fund manager based in Abu Dhabi. Binance, which is the world’s biggest crypto exchange, saw a 49 percent year-to-date increase in its Mena […] November 14, 2022
Analysis Banking and Finance Wealthy fintechs will find it hard to buy Gulf banks, says expert Wealthy financial technology (fintech) companies won’t find it easy to buy banks in the Middle East or other developed economies, no matter how much money they’re willing to put on the table. A top banking executive expressed this view as reports that Binance, the world’s biggest crypto exchange, may go on a $1 billion acquisition […] November 11, 2022
Analysis Business of Sport Fifa ‘referee tech’ to transform the beautiful game at Qatar 2022 The 2022 Fifa World Cup in Qatar is set to kick off with some new technology that will prevent a replay of some of football’s most controversial moments and generate even more potential revenue streams for the game. The single biggest tournament for the single biggest sport will begin in Doha on November 20, with […] November 6, 2022
Exclusive Banking and Finance Jobs at risk as private equity slows hiring in the Gulf The looming global recession is pushing private equity firms to freeze hiring in the Gulf, with layoffs likely to be on the way, an executive at a UAE-based global investment company has said. Major Wall Street firms are already beginning to rein in expenses amid a slump in deals volume on the back of repeated […] November 4, 2022
Tech IPO juggernaut Bayanat eyes driverless vehicle acquisitions Abu Dhabi’s geospatial and data analytics firm Bayanat AI Plc expects its next wave of growth to come from the driverless vehicles segment and is in the market for potential acquisitions. The company this week recorded the best first-day performance of any global stock market listing of at least $100 million this year. It nearly […] November 3, 2022
Economy Influx of rich expats pushing up UAE inflation, says IMF panel The influx of affluent migrants into the UAE has contributed to the country’s rising inflation, but also presents new opportunities for the Gulf state. A Henley Global Citizens report published in August forecast that the UAE will record the largest net inflow of millionaires on record, adding an additional 4,000 high net worth individuals this […] November 1, 2022
EXCLUSIVE English language skills top of learning list for UAE workers An online course in English for career development from the University of Pennsylvania has emerged as the most popular course in the Mena region and among the top five courses in Gulf countries. In addition, a course in how to write professional emails in English from the Georgia Institute of Technology ranked among the five […] October 30, 2022
Analysis Energy Top Oman drilling firm Abraj plans regional expansion Omani oil and gas service company Abraj has set its sights firmly on exporting to the Gulf and the wider region. That’s according to Salah Al Harthy, business development director, Abraj Energy Services, Oman’s leading drilling firm and a subsidiary of state-owned OQ (formerly known as Oman Oil Company). “Abraj has significant expansion opportunities in […] October 28, 2022
Exclusive Energy Fracking in high demand as Oman drills the desert for oil Oil fracking demand in Oman has proliferated in the last four years and is projected to increase further, a top executive at Abraj Energy Services has said. Hydraulic fracturing, or fracking as it is more commonly known, is a technique for extracting oil, natural gas, geothermal energy or water from shale rock deep underground. It […] October 28, 2022
Analysis Employment UAE warns against hiring ‘ghost’ Emiratis to meet quota targets UAE authorities have warned private sector organisations against hiring ‘ghost’ Emirati employees in the race to meet their Emiratisation targets. The Ministry of Human Resources and Emiratisation last week called on companies with more than 50 employees to expedite a target to fill 10 percent of their positions with Emiratis before the end of 2022. […] October 27, 2022
