Banking & Finance Dubai’s DIFC aims to forge new ties with reopened China The Dubai International Financial Centre has plans to generate a new wave of interest from Chinese financial services companies as the world’s second-largest economy returns to the global stage. China reopened its borders last month, after dropping the strict controls imposed at the start of the pandemic. In 2022, when the zero-Covid restrictions were still […] February 21, 2023
Exclusive Banking & Finance First Abu Dhabi Bank to launch crypto services First Abu Dhabi Bank plans to introduce cryptocurrency and digital asset offerings to its customers. The move is part of a plan by the UAE’s biggest lender to implement Web3 technologies in its services to gain competitive advantage. “We’re already working on a product paper looking at how to work with crypto and digital assets,” […] February 19, 2023
EXCLUSIVE Interviews UAE’s centre stage in Bollywood blockbusters The UAE is set to become a major post-production and financing hub for the Bollywood film industry. Acclaimed filmmaker Shekhar Kapur told AGBI: “Infrastructure for filmmaking is coming up in Abu Dhabi and Dubai, and more Indian filmmakers will come to the UAE to make their films. There are very good studio facilities in Dubai […] February 13, 2023
Banking & Finance UAE ‘to issue first 10-year dirham bond this year’ The UAE government is expected to issue its first ever 10-year dirham-denominated bond in 2023, a banking executive has said. Since the Gulf state announced the launch of conventional AED government treasury bonds in May last year, the Ministry of Finance has issued a total of AED9 billion-worth in two, three and five-year tenors. First […] February 8, 2023
EXCLUSIVE Bollywood filmmaker trains camera on Gulf locations Shekhar Kapur, the filmmaker behind Elizabeth and Bandit Queen, has partly “shifted base” to Dubai and is scouting locations in the Gulf for future projects. The Indian director, who attended the Red Sea Film Festival in Jeddah last December, told AGBI that the nascent film industries of Saudi Arabia and the UAE had huge potential […] February 8, 2023
Banking & Finance The new Switzerland: diplomacy is key to UAE’s trade success The UAE is “the new Switzerland” and poised to reap the benefits of its good relationships with both East and West, the investment boss of one of the Gulf’s leading banks has said. Maurice Gravier, chief investment officer at Emirates NBD Group, said he believed the world needed neutral powers, “a place to speak between […] February 7, 2023
Exclusive Manufacturing Cars, property and superjets: Pagani plots future with PIF Horacio Pagani, founder of the supercar that bears his name, is open to further partnerships with Saudi Arabia’s Public Investment Fund as his company expands into luxury real estate and private jet design. PIF acquired a 30 percent stake in the Italian business in 2021. Pagani, who acts as its CEO and chief design officer, […] January 29, 2023
Retail Indians buy homemade jewellery for less in Dubai Indians are travelling to Dubai to purchase jewellery made in their home country as it costs less in the emirates. Import duties, previously at 5 percent, were waived for jewellery exported from India to the UAE under the Comprehensive Economic Partnership Agreement (Cepa) signed between the two nations last year. “The prices are better,” said […] January 26, 2023
Analysis Retail Diamonds (from a lab) are the Gulf’s best friend Basma Chaieri began her business after watching the season two finale of Netflix’s hit series Explained. The November 2019 episode, which explored the growing popularity of lab-grown diamonds, prompted the Dubai resident to quit her travel job and enrol in gemology school to study the trade. “I thought why would anyone buy a real diamond […] January 20, 2023
Energy West ‘unfair’ to stop Africa using fossil fuels, says Qatari minister Barring Africa from exploiting its fossil fuel riches is “very, very, very unfair” despite the urgency to cut global greenhouse gas emissions, Qatar’s energy chief has said. Saad Al Kaabi, Qatar’s minister of energy and CEO of state-owned QatarEnergy, told a panel at the Atlantic Council Global Energy Forum that people needed to be realistic […] January 18, 2023
Sustainability $100bn ‘a drop in the ocean’ for climate action, says Cop27 host The world still urgently needs to address the “elephant in the room” in the climate crisis, which is financing action for vulnerable developing countries, officials from Cop27 host nation Egypt said. In 2020 combined adaptation and mitigation finance flows fell at least $17 billion short of the $100 billion pledged annually to developing countries, according […] January 17, 2023
Energy EU will return to Russian gas, Qatari minister predicts Europe will eventually return to imports of Russian gas but with reduced dependence, Qatar’s energy boss has predicted. The European Union imposed sanctions on Russian oil imports in March last year in response to Moscow’s invasion of Ukraine, pledging to wean itself off Russian energy. The sanctions were intended to limit Russia’s financing ability for […] January 16, 2023
Cop28 Cop28 chief sets out UAE’s vision for climate finance The UAE intends to make financing for climate change projects “more affordable [and] much more accessible”, the country’s oil chief and Cop28 president has said. Dr. Sultan Al Jaber said finance reforms were needed because the world was “way off track” the goals of the 2015 Paris climate accord, during a speech to the Atlantic […] January 16, 2023
Analysis Economy Gold set to sparkle as global recession looms Gold may have underperformed last year but it is expected to shine in 2023 and could rise as high as $3,000, analysts have said. The World Gold Council said in its 2023 market outlook that the precious metal is set to record a stable performance next year despite a mix of competing challenges. “Economists and […] January 8, 2023
Analysis Real Estate Dubai mid-market homes will rise 15%, says Danube chief Prices in Dubai’s mid-market property sector could climb as much as 15 percent this year, the founder and chairman of Danube Group has said. The prediction comes as the firm’s property arm, Danube Properties, sold out its latest affordable housing project, Elitz, on the day of its launch. Rizwan Sajan said that the real estate […] January 5, 2023
Food & Drink Success brewing for UAE’s speciality coffee culture Three years after the Covid pandemic broke many businesses, a new landscape is brewing that could fundamentally change the UAE’s coffee culture. Coffee shops were among the first to shut their doors in 2020 and bear the brunt of prolonged lockdowns. But the pandemic has changed customer behaviour and palettes, and the country’s independent operators […] January 1, 2023
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
