Video length: 06:59 Employment UAE diversity law causing visa issues for businesses UAE businesses are encountering difficulties getting work visas for new employees of South Asian nationalities following the enforcement of a government directive to boost diversity in the workforce. Abeer Al Husseini, a Dubai-based partner at immigration law practice Fragomen, told AGBI that the Ministry of Human Resources and Emiratisation has “reinstated” its demographic diversification regulation. […] January 19, 2024
Analysis Finance Gulf investors expected to bet big on bitcoin ETFs Gulf sovereign wealth funds and institutional investors are expected to expand their portfolios to include cryptocurrencies, after spot bitcoin exchange-traded funds were given the green light. The US Securities and Exchange Commission (SEC) approved the trading of 11 spot bitcoin ETFs, issued by global asset management companies such as BlackRock, Invesco, Grayscale, Fidelity, and Franklin. […] January 16, 2024
Finance Middle East cash injection to propel space industry to $75bn The value of the Middle East space sector is expected to hit $75 billion by 2032, and a new report predicts that spending will increase by 92 percent over the next decade. The region’s space economy has trebled in 10 years to reach an estimated $25 billion in 2023, according to the white paper published […] January 16, 2024
Construction Private credit lenders expect surge in ‘last mile’ finance Private credit firms are preparing for a surge in demand for “last mile” financing from construction companies across the Middle East. This form of financing plays a critical role in the delivery of projects that are on the brink of completion but have been hit by budget overruns or unforeseen costs. William Watson, a partner […] January 15, 2024
Retail Retailers point up savings as Dubai bans plastic bags Supermarket operators have told AGBI that Dubai’s ban on single-use plastic bags is an opportunity to cut costs – and pass on savings to customers. The emirate’s prohibition on the import, production and circulation of single-use plastic shopping bags came into force on January 1, in an attempt to reduce waste and pollution. The Gulf […] January 10, 2024
Video length: 07:13 Analysis Real Estate Dubai mortgage surge as tenants flee rent rises There was a 40 percent increase in the value of home mortgage approvals in Dubai last year despite climbing interest rates, with tenants seeking to get on the property ladder to dodge rising rents, according to new data. Not since the 1980s, when the US Federal Reserve tried to curb inflation, have interest rates shot […] January 8, 2024
Banking & Finance Investment funds circle distressed companies Investment funds that bet on troubled companies are predicting a rise in Gulf businesses falling into distressed debt as global economic strains intensify. Pockets of financial distress are beginning to emerge in the region, driven by high interest rates, sluggish growth and escalating inflation, industry experts say. Blantyre Capital, a UK-based asset manager that focuses […] January 2, 2024
Leisure & Hospitality Retailers wear the cost of sustainable process in UAE Retailers in the UAE are shouldering the financial burden of adopting sustainable practices to stay competitive, but policy reforms are needed to back their long-term environmental goals, an executive of the Gulf’s largest clothing company has said. Gaps in existing regulations include a lack of sufficient incentives, tax breaks and a comprehensive framework to enable […] December 15, 2023
Finance Family companies don’t like to be questioned, says Mishal Kanoo Most family-run companies in the UAE shy away from becoming listed because they are not accustomed to the level of scrutiny and transparency that an IPO entails, according to leading Gulf businessman Mishal Kanoo. Kanoo, chairman of The Kanoo Group, one of the largest independent groups of companies in the Gulf region – and the […] December 14, 2023
Video length: 04:21 Analysis Sustainability Wary optimism for Cop deal to ‘set world in right direction’ Cop28 left behind an air of mixed emotions as it wrapped up on Wednesday, reflecting the complexity of the discussions and outcomes. A visibly jubilant Sultan Al Jaber strolled into the plenary, sharing a warm hug with UN climate chief Simon Stiell, basking in the applause as they marked a “historic” milestone: the first time […] December 13, 2023
Video length: 04:21 Sustainability Historic deal struck at Cop28 to ‘transition away’ from fossil fuels The Cop28 climate summit in Dubai concluded with the adoption of a landmark agreement urging countries to “transition away” from coal, oil, and gas this decade. This wording replaced the previously proposed “phase out” language that was a central point of contention throughout the talks. It marks the first time in Cop’s 30-year history that […] December 13, 2023
Sustainability Cop28 denies ‘favouritism’ in fossil fuel wording The UN climate talks in Dubai stretched past the Tuesday morning deadline set as tensions mounted over a deal that departed from committing to a phase-out of fossil fuels. The latest draft of the global stocktake sparked fury from climate activists and politicians last night. Majid Al Suwaidi, director-general of Cop28, told a press conference […] December 12, 2023
Oil & Gas UAE softens on fossil fuel wording, observers say The UAE, one of the world’s largest oil producers, is considering supporting an unprecedented agreement towards ‘phasing out’ fossil fuels, observers have told AGBI. Some suggest the parties may agree to a phase-out in easier-to-abate sectors such as power generation, where reducing greenhouse gas emissions can be achieved with existing renewable technologies like solar or […] December 9, 2023
EXCLUSIVE Banking & Finance UAE sets up bankruptcy court to rule on disputes The UAE is overhauling its bankruptcy and restructuring law, introducing a specialist court to oversee disputes. The legislation – formally Federal Law Decree No 51 of 2023 – comes into force on May 1, 2024, and replaces the 2016 bankruptcy framework. It will emphasise the importance of amicable resolutions, broadening the scope for debtors to […] December 5, 2023
Energy No transition without fossil fuels, says GCC energy chief As Cop28 negotiators tussle over the future of fossil fuels, a senior GCC official has suggested there will be no energy transition without them. Dr Mohammed Al Rashidi, director of energy and economic affairs at the GCC’s general secretariat, told AGBI at the climate summit: “If fossil fuels were gone from tomorrow, everything would shut […] December 4, 2023
Banking & Finance UAE banks to increase green financing to $272bn Major national banks in the UAE are to boost their green financing commitments, aiming to exceed a collective AED1 trillion ($272 billion), sources have told AGBI. The banks aim to accelerate financing in areas such as assisting businesses in transitioning to zero carbon emissions, particularly in harder to abate and small and medium-sized enterprise sectors. […] December 4, 2023
Sustainability Climate negotiator highlights gaps in loss and damage fund A climate negotiator has raised concerns about substantial structural and operational gaps in the United Nations-administered “loss and damage fund” announced on Thursday at the Cop28 climate conference in Dubai. The first big deal of the event, negotiators officially agreed to set up a $100 billion fund that aims to provide financial support to developing […] December 3, 2023
Energy US launches plans to curb methane emissions The United States has announced a comprehensive plan to target methane emissions from the country’s oil and gas sector – a critical step in the global effort to curb emissions contributing to climate change. The US Environmental Protection Agency (EPA) introduced policies banning routine flaring of natural gas from new oil wells, mandating leak monitoring […] December 2, 2023
Sustainability Carbon capture and storage not a ‘miracle’ climate cure A new study has strongly criticised fossil fuel-producing states for incorporating carbon capture and storage (CCS) in their climate strategies, claiming the technology is being used to extend the shelf life of oil companies rather than as a climate action tool. As Cop28 kicked off in Dubai, analysis by US-based non-profit environmentalist organisation Oil Change […] December 2, 2023
Exclusive Tech The Dubai startup with smart contact lenses in its sights In 1508, Leonardo Da Vinci sketched the concept of contact lenses in his Codex of the Eye, laying the groundwork for enhancing human sight. Fast forward a few centuries, and this early idea has evolved dramatically. Today’s contact lenses are on the brink of another step forward. New technology goes beyond correcting vision to display […] December 2, 2023
Banking & Finance Brevan Howard to double Abu Dhabi headcount Brevan Howard, one of the world’s biggest hedge funds with assets exceeding $33 billion, is to double its workforce in Abu Dhabi next year. The UK company initiated its Middle East expansion by opening an office in Abu Dhabi Global Market in February, joining an increasing number of hedge funds drawn to the region’s substantial […] November 29, 2023
Finance US private equity giant General Atlantic opens Gulf offices Global private equity firm General Atlantic, which manages $77 billion in assets, is opening offices in the UAE and Saudi Arabia. The company has been investing in the Middle East since 2015 without a local base, but is now establishing a stronger foothold as it nears the completion of new investment deals in the region. […] November 29, 2023
