Analysis Class act: UAE is a magnet for private school investment The post-pandemic rise in migration to the UAE is fuelling demand for private schools, making the Emirates a “magnet” for investors and school operators, industry experts have said. The UAE’s population grew by one percent in 2021, according to the World Bank. The country’s population currently stands at 9.89 million people and is projected to […] September 2, 2022
Analysis Retail Back-to-school is big business after home learning era The 2022 back-to-school season is forecast to be the best in history – and it’s typically the second biggest spending event for parents globally, behind holiday expenditures. Parents are forecast to spend a record amount this year, in a bid to treat their children, after two years of coronavirus pandemic uncertainty brought normal school life […] August 30, 2022
Analysis Employment Indian workers return to Gulf in their droves The demand for skilled, semi-skilled and unskilled Indian workers has increased “drastically” as a rebound in Gulf economic growth signals the end of the coronavirus-induced reverse migration of workers from the region. An increase of nearly 50 percent in fresh migration to the six Gulf Cooperation Council (GCC) members – including the UAE, Saudi Arabia, […] August 19, 2022
Exclusive Construction Dar Al Arkan predicts 20% climb in construction costs Construction costs in Saudi Arabia are expected to soar by nearly 20 percent and drive down industry margins. Gigaproject developments are at the heart of the kingdom’s economic vision to diversify away from its dependence on hydrocarbons. Saudi Arabia is currently the largest driver of construction activity in the Middle East region accounting for around […] August 18, 2022
Exclusive Construction Saudi allows worldwide Muslims to buy properties in holy cities A new ruling allowing Muslims from around the world to buy property in Islam’s holiest cities could be a “game changer” for Saudi Arabia’s real estate market, according to insiders. Ziad El Chaar, vice chairman of Dar Al Arkan Real Estate Development, Saudi Arabia’s largest listed developer, told AGBI: “One of the main developments we’re […] August 15, 2022
Analysis Banking and Finance Traditional UAE banks must snap up neobanks to survive The UAE’s growing army of digital-only banks could soon be snapped up by traditional banks as digitisation continues apace, experts have told AGBI. A global survey published on Tuesday by UK-based comparison platform, Finder, said 19 percent of adults in the UAE have a neobank account, up from 17 percent last year – and that […] August 11, 2022
Analysis Banking and Finance UAE businesses to boost investment in cyber insurance Revenue from the cyber security insurance sector is forecast to grow by 10 percent per annum to $10.6 billion in 2025, with Gulf companies set to be part of this investment push. “The Russia-Ukraine war has increased the likelihood of state-sponsored cyber attacks that target critical infrastructure, military operations, and businesses,” said Amrit Dhami, a London-based […] August 9, 2022
Analysis Banking and Finance Consolidation coming to Gulf fintech, warns $40bn unicorn VP Consolidation is coming to the Gulf’s fintech sector, according to Remo Giovanni Abbondandolo, senior vice president for MENA at global payments processor Checkout.com. The London-headquartered fintech, which offers a full-stack platform that simplifies payments processes for large global enterprise merchants, closed a $1 billion Series D funding round in January. “In my opinion, if you’re […] August 5, 2022
Analysis Dubai crypto chief predicts a $200k Bitcoin by 2024 “It might get worse,” Vineet Budki, managing partner and CEO at Cypher Capital, told AGBI when asked: Just how bad is the crypto market crash? Yet, the UAE-based venture capital (VC) firm has been deploying millions in Bitcoin, even as cryptocurrencies suffered their most brutal collapse this year. A major sell-off in cryptocurrencies in May […] August 4, 2022
Analysis Inside Dubai’s big $4bn metaverse push The UAE is punting big on the next iteration of reality. Crown prince Sheikh Hamdan bin Mohammed announced the launch of the Dubai Metaverse Strategy earlier this month, with an aim to place the emirate among the top 10 metaverse economies in the world. Many observers may have been sceptical but there are already early […] July 30, 2022
Analysis Emirates calls on Airbus to make planes even bigger than A380 Airbus, the world’s largest passenger aircraft manufacturer, needs to build bigger planes to create a more sustainable aviation sector, its top customer, Emirates Airline, has said. The Airbus A380 is the largest ever commercial passenger plane, capable of seating 853 people on two decks, together with perks such as bars and shower spas. “When you […] July 29, 2022
Analysis Food & Drink Poor Arab nations face hunger despite Ukraine grain deal Middle East and African countries dependent on Ukrainian grain face the prospect of crippling food insecurity, hunger and misery, despite a deal to restart exports blockaded amid the Russian war. Moscow’s promises may prove unreliable, while skyrocketing grain prices could spell dire outcomes for the region’s hungriest and most vulnerable nations, experts told AGBI. The […] July 28, 2022
Analysis Retail UAE’s gold clean-up rules will shine in the long-term New UAE gold regulations could take the shine off the sector and lead to a supply and profits squeeze, according to experts. The due diligence rulings were announced last week to help stem the flow of supplies from conflict zones and enhance the UAE’s global reputation in the long-term. The Due Diligence Regulations for Responsible […] July 25, 2022
Analysis Economy Mixed reception for UAE’s Golden Visa discount programme Some experts accuse initiative of being mere ‘window dressing,’ while others praise its ingenuity Dubai has bolstered its Golden Visa scheme with associated discounts to help attract high-level entrepreneurs, doctors, academics and creatives to its shores. The government announced this week that it would provide its Esaad privilege card – originally only for public sector employees […] July 21, 2022
Think women make bad bosses? Think again, says Visa senior VP Is a man better at running a business than a woman? The Visa Entrepreneur Study, commissioned by the global payments giant, found that nearly four in 10 (38 percent) of male business owners surveyed in the UAE believed men have better business instincts than women. Furthermore, 34 percent said businesses founded by women couldn’t compete […] July 19, 2022
Analysis Development I2U2: America’s answer to curbing China and upping food security Israel, India, the US and the United Arab Emirates came together on Thursday for an historic meeting as the “I2U2” collective. The futuristic name refers to the first letters of the four countries. US president Joe Biden and Israel’s prime minister, Yair Lapid, lent the initiative a maiden boost, joining a four-way call in Jerusalem […] July 14, 2022
Energy UAE firms sanctioned in Iranian oil shipment crackdown The United States has imposed sanctions on four United Arab Emirates-based companies accused of being part of an international network engaged in the illicit sale and shipment of petroleum, petroleum products, and petrochemical products from Iranian firms to China and elsewhere in East Asia. The US Department of the Treasury’s Office of Foreign Assets Control […] July 7, 2022
Exclusive Economy UAE trade minister: ‘NextGenFDI is a game changer’ The United Arab Emirates is looking to compete against the world’s most popular cities for international businesses, the nation’s trade minister said as he announced incentives aiming to attract 300 digital companies to set up offices over the next year. “What we have seen in the last few years is that things are moving, despite […] July 7, 2022
Exclusive Aviation Emirates chief: ‘We’re almost back to normal’ Dubai airline still needs 5,000 more staff and 900 pilots, says COO Dubai’s Emirates airlines will splash $2 billion on new hires and aircraft upgrades as demand for flights ramps up, a top executive has revealed. Aviation was among the worst hit sectors during the global pandemic as international borders shuttered during lockdowns. In 2020 […] July 6, 2022
Exclusive World Cup 2022 A-listers to splash cash on extravagant World Cup parties A star-studded line-up is set to splash out on after-parties at the Qatar World Cup, according to the region’s event planners. F1 champion Lewis Hamiliton, supermodel Bella Hadid and singers Usher, The Weeknd and French Montana are among the celebrities flying out for the winter tournament, said Bally Singh, founder of the Rich List Group. […] July 2, 2022
Transport UAE drivers rent cars rather than buy since fuel price surge Rising petrol prices in the UAE are pushing small businesses and private individuals to switch from vehicle ownership to rentals, industry experts said. UAE fuel prices have increased more than 40 percent since the beginning of this year, attributed to tightening global crude supplies after EU sanctions on oil imports from Russia, the world’s third […] July 1, 2022
Banking and Finance Crypto is ‘more like a Rolex than currency’ Crypto assets will not become currencies and global regulators should be concerned about the trillions of dollars lost in the cryptocurrency market, a senior investment executive at one of the UAE’s top financial institutions said yesterday. A major sell-off in cryptocurrencies last month wiped over $200 billion of investor wealth from the market in a […] June 30, 2022
