Exclusive Retail Cenomi in bid to shake up kingdom’s online retail industry The retail behemoth previously known as Fawaz Alhokair Group is overhauling its operations from being predominantly bricks and mortar-based to one of the region’s biggest online marketplaces. “Over the past three decades, we’ve done a fantastic job at making the business what it is today, but we know there is a lot more to be […] December 9, 2022
Energy Morocco mulls hydrogen energy deal with Asia’s richest man Morocco is ramping up plans to become a major producer and exporter of green hydrogen, and the investment deals reportedly on the table include with Indian billionaire Gautam Adani. Named as Asia’s richest person, Adani is the chairman and founder of Adani Group, a multinational conglomerate with interests spanning the port development, industrial, logistics, and […] December 8, 2022
Banking & Finance Saudi firms partner to boost SME involvement in supply chains Banque Saudi Fransi has formed a tie-up with Saudi Aramco-backed fintech firm Lamaa pledging to develop products and services to aid supply chain management and cut costs. Under a memorandum of understanding signed on Wednesday, the two companies agreed to collaborate to develop, evaluate and launch “supply chain solutions” that will streamline the process for […] December 7, 2022
Analysis Energy Adnoc chasing global growth with latest venture Abu Dhabi National Oil Company (Adnoc) is creating a dedicated unit for low carbon solutions and international business. It is an attempt to monetise the decarbonisation strategy mandated to it by its board and the wider UAE government. But the company must ensure that any future overseas work does not cannibalise that of the Abu […] December 7, 2022
Banking & Finance MAF clinches $1.25bn sustainability-linked loan UAE-based retail group Majid Al Futtaim (MAF) has secured its second sustainability-linked loan as part of its strategy to become ‘net carbon positive’ by 2040. The $1.25 billion-equivalent revolving credit facility with First Abu Dhabi Bank was agreed on Monday. MAF, which owns and operates 29 shopping malls across the Middle East and Africa as […] December 5, 2022
Analysis Banking & Finance Dubai’s wealth fund hunts for opportunities after H1 profit The Investment Corporation of Dubai (ICD) said it would remain “cautious and selective” when making new investments, having reported a tenfold annual increase in net profit to $4 billion for the first six months of 2022. Described by ICD as “exceptional”, the results mark a return to pre-pandemic-level earnings by the Dubai sovereign wealth fund, […] December 2, 2022
Analysis Real Estate Bahrain real estate trends: From drive-thrus to cheaper hotels Economic recovery, an increase in tourism and a reputation as one of the safest places in the GCC for international trade has put Bahrain on the investment map. And property is one hot sector. The total number of real estate transactions in Bahrain in the third quarter of this year was 5,482, according to an […] November 30, 2022
Economy S&P lifts Oman’s credit rating on oil windfall and fiscal reforms The sultanate is now rated BB, with a stable outlook, by the S&P agency, thanks to the government's work to reduce sovereign debt November 29, 2022
Saudi Arabia Vision 2030 Saudi plans to create global ‘aerotropolis’ with new airport Saudi Arabia has drawn up a masterplan for King Salman International Airport, a major transport hub expected to span 57 sq km and boost annual passenger numbers from the current 29 million to 120 million by 2030. The new airport in the kingdom’s capital city Riyadh is intended to be one of the largest in […] November 29, 2022
Exclusive Interviews MassiveMusic is making some noise with Middle East move “Sonic branding” is not a term many people outside the marketing industry are familiar with, especially in the Gulf region. But they may become more so, as companies increasingly adopt music strategies to reach their customers. “We know the effect that successful music can have on communication, and it is fast becoming a point of […] November 25, 2022
Estonia’s exports to UAE double after Expo 2020 Dubai Estonia’s participation in Expo 2020 Dubai helped the European country’s exports of goods and services to the UAE increase by more than 100 percent in the past year. The value of Estonian goods exported to the UAE was up 126 percent year-on-year to €80.8 million ($80.57 million) in the eight months from January to August […] October 31, 2022
Economy Talks under way to forge UK-GCC trade deal Discussions to broker a trade agreement between the UK and GCC have begun, with the trade commissioner for the Middle East, Simon Penney, describing the Gulf as an “important region” for the UK. “Today marks the launch of the first round of negotiations towards a UK GCC Free Trade Agreement,” Penney said. “The GCC is […] August 23, 2022
Analysis Energy Oil firms ride high but sector braces for more ‘realistic’ prices The Middle East’s oil and gas sector will remain buoyant into 2023, even as global oil prices become more “realistic” after surpassing a 15-year high of $123 per barrel in March, according to analysts. Oil prices hovered just below $90 per barrel on Tuesday, having gradually come down from $100/barrel at the end of July […] August 16, 2022
Analysis Kenya general election ‘could delay’ trade deal with UAE The UAE and Kenya are launching talks to form a free trade agreement to boost bilateral economic ties. But political uncertainty in the east African country could hamper efforts to collaborate on shared priorities such as oil, gas, technology and ports, experts say. The two countries signed a joint statement on July 28 pledging to […] August 9, 2022
Analysis Banking & Finance Fresh wave of hedge funds poised to tap UAE The UAE is fast becoming a magnet for overseas hedge funds seeking a low-cost, investor-friendly base amid Brexit, the Ukraine crisis, and changes in working patterns brought about by the coronavirus pandemic. A clutch of hedge funds from the UK and US have set up or expanded operations in Dubai or Abu Dhabi in the […] July 21, 2022
Analysis Biden Middle East 43 billion reasons why the US is key to Saudi’s wealth fund Saudi Arabia’s Public Investment Fund (PIF) is expected to continue with an investment strategy of “bargain hunting” in the United States but will likely deploy some caution, given current volatility in the US stock market. US president Joe Biden’s visit to the kingdom is an opportunity to strengthen bilateral business ties, commentators told AGBI, and […] July 8, 2022
Analysis Sustainability $50bn climate change pledge critical to UAE’s oil reduction The UAE’s big-ticket promise to pledge a further $50 billion to abate global climate change must be wisely planned to deliver a meaningful path towards a sustainable economy, according to experts. “[Such investments] are likely to generate the most efficiency if allocated to reduce the reliance of productive sectors on hydrocarbons which will further diversify […] June 28, 2022
