Economy Salik profit down 4.1% despite record toll revenue Dubai toll operator Salik reported a 4.1 percent decrease in Q1 net profit, despite toll usage revenue hitting a record AED454 million ($124 million). Salik’s quarterly toll revenue was the highest since the start of operations in 2007 – representing an eight percent annual increase – but net profit stood at AED275 million mainly due […] May 12, 2023
Manufacturing Saudi funding fails to stem $780m losses at Lucid Electric vehicle maker Lucid Group’s losses continue to widen despite the Saudi government extending $2.4 billion in funding last year. Lucid, in which the Saudi sovereign wealth fund, the PIF, owns a 65 percent stake, reported a first-quarter net loss for 2023 of $779.5 million, a year-on-year increase of 28.8 percent. “I believe that there […] May 10, 2023
Video length: 02:33 Aviation Emirates and Etihad embrace on one-ticket deal Emirates Airline and Etihad Airways, the UAE’s two flagship carriers, have joined forces to allow customers to purchase a single ticket to fly to either Dubai or Abu Dhabi, and return via the other airport. There will be no extra cost for the service which will commence this summer. The so-called interline agreement is designed […] May 5, 2023
Economy DMCC ‘well placed’ for more trade with Ukraine and Iran Trade and enterprise freezone the Dubai Multi Commodities Centre is looking to forge closer trade ties with both Ukraine and Iran to take advantage of the countries’ growing trade appetite. “Dubai is well placed to benefit from Saudi and Iran’s recent decision to resume diplomatic relations given the large number of Iranians living in Dubai […] May 5, 2023
Oil & Gas Investment needed to unlock Algeria’s gas supplies Algeria has helped to plug Europe’s gas needs following Russia’s invasion of Ukraine, but industry experts say future growth in exports can only be sustained with further investment. Africa’s largest gas exporter saw its share of EU gas imports increase to 44 billion cubic metres last year, accounting for around 12 percent of the total, […] May 4, 2023
Tourism Sustainability looms large at Arabian Travel Market 2023 Ahead of Dubai hosting one of the world’s largest travel conferences, key stakeholders in the emirate’s travel and hospitality industry have been keen to stress its sustainability credentials. Centred on the theme Working Towards Net Zero, this year’s Arabian Travel Market (ATM) on May 1 to May 4 is expected to draw in 34,000 attendees […] May 1, 2023
Tourism Demand for Dubai tourism ‘going up’ despite challenges One of Dubai’s leading tourism figures has brushed off concerns over rising oil prices and stubbornly high inflation, striking a bullish tone on the outlook for growth in the emirate’s tourism industry ahead of a major conference. “We constantly monitor demand from forward bookings, and we can see that the demand for Dubai is going […] April 28, 2023
Energy Taqa invests $31m into Xlinks Morocco renewables project Abu Dhabi National Energy Company (Taqa) has given a substantial vote of confidence to the Xlinks’ Morocco-UK renewables project with its announcement of AED113 million ($31 million) in funding. Taqa’s investment comprises the lion’s share in the successful closing of UK renewable power firm Xlinks’ new development funding round. It raised a total of $37.4 […] April 26, 2023
Analysis Banking & Finance Saudi banks face liquidity pressures as economy grows The Saudi central bank may step in to provide funding to local banks for the second time in a year to ease liquidity pressures and keep the economy growing, analysts have said. Last June central bank Sama placed about SR50 billion ($13 billion) as time deposits with commercial lenders in a bid to ease the […] April 25, 2023
Construction Saudi giga-projects may tap into debt market funding Saudi Arabia’s vast pipeline of giga-projects will require funding assistance due to the tightened liquidity in the country’s banking sector, say analysts at credit rating firm S&P Global. This, they add, opens opportunities for the Gulf’s debt markets. “We think that the Public Investment Fund and Saudi’s banking sector alone won’t be able to fund […] April 17, 2023
Energy Xlinks in talks to boost UK-Morocco project funding British renewable power firm Xlinks is in talks to raise new funding for its proposed plan to build vast solar panel and wind farms in the Moroccan desert that could power more than seven million British homes by 2030. Founder and CEO Simon Morrish said the talks represented “a significant step up in the level […] April 7, 2023
Economy World Cup boosts Qatar’s GDP growth to seven-year high A surge in economic activity in the last quarter of 2022 lifted Qatar’s annual GDP growth to 4.8 percent – a level of growth unseen since the middle of the last decade, according to new data from S&P Global Market Intelligence. The Gulf state’s real GDP grew by a robust 8 percent year on year […] April 6, 2023
Banking & Finance Private equity fund aims to boost F&B growth in UAE and beyond A new private equity fund dedicated to scaling food and beverage brands in the Gulf has been launched by UAE-headquartered Shatranj Capital Partners. The fund will invest in launching select brands that have not yet made it to the Mena region. It will also focus on growing proven Mena franchise food and beverage (F&B) brands, […] April 5, 2023
Economy Sharp rise in export orders for Saudi non-oil firms Saudi non-oil companies recorded a sharp uplift in export orders from foreign companies in March, driven by improved market conditions and increased development spending, according to a new survey. Both output and new business rose markedly, supporting further growth in employment and purchases. Employment growth was also among the quickest seen in the past five […] April 4, 2023
Banking & Finance Gulf financial centres slip down global ranking list Financial centres in the UAE, Qatar and Bahrain have fallen in the latest global index as their rivals in the US and Asia Pacific come out on top. Dubai and Abu Dhabi continue to take first and second places in the Middle East region, but they have both dropped down the overall league table. Dubai […] March 30, 2023
Manufacturing Renault’s hybrid move will power up Morocco’s EV ambitions Morocco’s status as a regional electric vehicle manufacturing hub has been boosted by French carmaker Renault Group’s announcement that it will move production of its hybrid model from Romania to Tangier in the second quarter of 2024. The new production line for the Dacia Jogger model is expected to produce up to 120,000 vehicles per […] March 29, 2023
Exclusive Banking & Finance Tax boon for wealth funds shows their value to UK, says minister The UK’s decision to scrap a planned tax on sovereign wealth funds highlights the importance the government places on Gulf investors, Britain’s investment minister has told AGBI. “I’m personally very pleased that we’ve decided to maintain the status quo,” said Dominic Johnson, a minister of state in the UK’s newly formed Department for Business & […] March 29, 2023
Banking & Finance Rising cost of living boosts Mena remittance flows by 73% The higher global cost of living in the Middle East and North Africa has resulted in a 73 percent increase in the remittance of money across the region, according to new research published this week. US global money transfer company Western Union found that 79 percent of those receiving funds in the Mena region between […] March 24, 2023
EXCLUSIVE Development Gulf donors contribute a third of non-profit Spark’s funding GCC donors account for more than one-third of funding for Spark, a non-profit international development organisation that supports startups in fragile and conflict-affected countries in Mena. “The GCC is our second-largest source of funds owing to a mix of state donors, philanthropic foundations, charitable organisations and Zakat,” Spark’s founder and CEO, Yannick du Pont, told […] March 21, 2023
Banking & Finance Burger Index raises $1.3m as Gulf F&B sector is hungry for data Food and beverage data analytics platform Burger Index has raised $1.3 million to cater to rapidly growing demand across the GCC. The Madrid-based firm’s recent funding round was led by Flat6Labs, the Cairo-based seed and early-stage venture capital firm. Launched in January 2022, Burger Index provides market, competition and consumer intelligence in real time to […] March 16, 2023
Aviation Riyadh Air set to spark price war among regional rivals Saudi Arabia’s new national airline is bound to intensify the rivalry between Gulf carriers, analysts have said, and price wars are likely. Riyadh Air, which is wholly owned by the kingdom’s Public Investment Fund, was launched on Sunday and will be run by aviation veteran Tony Douglas. The carrier’s first international flight will take off […] March 14, 2023
Banking & Finance UAE remains on Financial Action Task Force grey list – for now Last month the Financial Action Task Force upheld the decision to keep the UAE on the grey list, a status it had assigned to it in March 2022. In its February ruling, the international watchdog dedicated to fighting financial crime said the UAE had made “significant progress” on three of seven recommendations to get off […] March 13, 2023
