Logistics Cost of Red Sea shipping insurance rises 2,700% The cost of insurance to protect ships against losses incurred from conflict has jumped more than twenty-fold since October, before Houthi rebels began firing on vessels passing through the Red Sea. In late November, the rebels in Yemen began attacking commercial ships in what they claim is a show of support for Palestinians in the […] February 1, 2024
Trade Red Sea crisis ‘will push up Middle East consumer prices’ Higher prices will be seen in Middle East shops if the crisis in the Red Sea continues for another two months, the research firm BMI has warned. In late November, Houthi rebels in Yemen began attacking commercial vessels travelling through the Red Sea in what they claim is a show of support for Palestinians in […] January 30, 2024
Banking & Finance Dubai on track to tackle $78bn debt, analysts say Dubai’s state-run conglomerates have $78 billion in loan repayments due over the next few years, according to new research, but analysts have told AGBI the emirate is on track to cover the debts. The loans date back to Dubai’s 2009 debt crisis and equate to 67 percent of its GDP, said consultancy Capital Economics in […] January 23, 2024
EXCLUSIVE Education Taaleem aims to double revenues after 60% profit rise Taaleem, the UAE schools operator, plans to double its revenues by 2028 by opening “at least one school every two years”, managing more government schools and diversifying into early years, its chief executive told AGBI. The company, which has low debt, has yet to deploy the proceeds of its AED750 million ($204 million) initial public […] January 16, 2024
Education Keen students enrol to bring Taaleem ‘record’ revenues Revenues at the UAE schools operator Taaleem grew by 11.5 percent to a record AED258.7 million ($70.4 million) in the first quarter of the 2023-2024 academic year ending November 30, compared to the same period in 2022-2023, it said on Friday. Taaleem, which listed on Dubai Financial Market stock exchange in November 2022, also posted […] January 12, 2024
Media & Advertising Poddster builds on Mena’s podcast popularity Poddster aims to “democratise” Middle East podcast production by expanding its network of recording studios, capitalising on high listener figures and rising interest in independent content in the Mena region. Founded by Vuk Zlatarov and Ivan Zeljkovic, the Dubai-based podcast company plans to increase its number of UAE studios from three to seven, and launch […] January 12, 2024
Construction Saudis to build carbon-negative concrete factory The Saudi real estate company Roshn Group and the Bahamas-based startup Partanna have agreed to build a factory to produce carbon-negative concrete in the kingdom. The specifics of the agreement, including the facility’s size and location, are still being finalised, a Partanna spokesperson told AGBI. The factory could have the capacity to produce enough concrete […] January 12, 2024
Trade Healthcare, hydrogen and more: Saudi-Thai deals in sight Saudi Arabia and Thailand are strengthening economic ties with prospective deals in healthcare, hydrogen and agriculture after patching up a longstanding diplomatic spat. The two nations reached a rapprochement in January 2022, more than three decades after a dispute over a 1989 jewellery heist known as the Blue Diamond Affair. “The economic opportunities from cooperation […] January 11, 2024
Sustainability Gulf’s recycling industry grows with mega-projects The volume of Gulf construction projects will increase the use of recycled materials, the head of the Bureau of Middle East Recycling has told AGBI. Ibrahim Aboura, who is also managing director of Aboura Metals in Dubai and a committee chairman of the Bureau of International Recycling (BIR), added that it will also raise the […] January 8, 2024
Banking & Finance Angel investor Natalia Vodianova opts for GCC Russian supermodel and angel investor Natalia Vodianova, nicknamed “Supernova”, is eyeing further investments in the GCC through her Paris-registered company, after backing the UAE café chain Angel Cakes this month. In an interview with AGBI, Vodianova said she and business partner Timon Afinsky, a London-based digital media professional with whom she runs the investment vehicle […] January 5, 2024
Education Dubai kindergarten sector shows strong potential The number of children enrolled at nurseries, or kindergartens, in Dubai has risen 15 percent over the past year, the government said, pointing to increased investment opportunities in the early years education sector. The figures from Dubai’s Knowledge and Human Development Authority (KHDA) show that 250 “early childhood centres” operate in the emirate, 27 of […] January 5, 2024
Leisure & Hospitality Gulf hotels under pressure to boost green credentials Hotels in the Gulf region are facing pressure to make their buildings and operations more green or lose out on future investment. Ufi Ibrahim, chief executive of the Energy and Environment Alliance (EEA), a hotel industry network, told AGBI that EU green banking regulations that take effect in January will affect global investors. If hotel […] January 4, 2024
Real Estate Aldar’s green retrofits lead to ‘phenomenal payback’, says CEO Aldar Properties has increased the value of buildings in its portfolio by up to 10 percent through green retrofits, its group chief executive said. The Abu Dhabi developer has seen “phenomenal” payback, Talal Al Dhiyebi told AGBI, after investing around $40 million to improve the energy efficiency of residential and other real estate. “We’ve done […] January 3, 2024
Education Saudi private schools’ report card points to untapped potential Saudi Arabia has the Gulf’s lowest rate of students attending private schools, despite being the region’s largest market, a report has found. Consultancy Colliers, which published its overview of K-12 education (kindergarten to 12th grade, covering ages 5 to 18) in the kingdom last month, attributed the low take-up to issues around education quality and […] January 2, 2024
Exclusive Construction Aldar ‘confident’ of doubling market cap within five years Abu Dhabi developer Aldar Properties is ramping up an international expansion drive that, alongside plans to grow its UAE portfolio, will help to double its market cap, its group chief executive said. Aldar’s market cap is currently $12 billion, and group CEO Tilal Al Dhiyebi foresees “doubling that in five years,” he told AGBI in […] December 18, 2023
Manufacturing Abu Dhabi Ports in green steel deal with UK producer Abu Dhabi Ports Group and the UK’s Liberty Steel Group have agreed to work together on importing magnetite ore – used in green iron and steel production – from Australia to the UAE. The memorandum of understanding was signed this week. They will explore plans to create a green iron production facility in the Khalifa […] December 12, 2023
Sustainability Western Australia looks to Gulf for green deals The state of Western Australia – the heart of the country’s mining, steel and oil and gas industries – is planning partnerships with Arab nations to develop its renewables sector and curb emissions. “We’ve got a dual mission,” Reece Whitby, Western Australia’s minister for environment and climate action, told AGBI during Cop28 in Dubai. “We’ve […] December 12, 2023
Video length: 06:23 EXCLUSIVE Renewable Energy Nuclear ‘arrives too late’ to halt climate emergency Nuclear energy will not help the world meet its urgent target to limit global warming, according to the head of the International Renewable Energy Agency. Francesco La Camera, director-general of Abu Dhabi-based Irena, told AGBI the significance of nuclear power in fighting climate change had been overstated. “Nuclear does not serve the climate change agenda […] December 7, 2023
Sustainability Nations pledge to cut cooling emissions by 68% by 2050 More than 60 countries have backed a pledge at Cop28 to cut air conditioning and related emissions by 68 percent of 2022 levels by 2050. They did so as a United Nations Environment Programme (UNEP) found that global cooling capacity will treble by then. The Global Cooling Pledge marks the world’s first collective focus on […] December 5, 2023
Video length: 06:23 Banking & Finance How banks are navigating fossil fuel financing Banks are navigating a complex battleground over fossil fuel phase-out: deciding whether or not to fund companies in oil and gas and other high-emitting sectors, they told a Dubai event staged in parallel with the Cop28 summit. The chief executive of ING, the Netherlands’ biggest retail bank, said the company had stopped providing dedicated finance […] December 4, 2023
Exclusive Energy Shift fossil fuel subsidies to renewables, says lobby chief Ramping up renewables while increasing oil output “sends the wrong signal” and is not the best way to tackle climate change, says the chief executive of Global Renewables Alliance, a policy group representing the clean energy industry. “Yes, the two can be done in parallel,” Bruce Douglas told AGBI at Cop28 in Dubai. “But we […] December 4, 2023
Health UAE president expands fund to fight tropical diseases Reaching the Last Mile – a global philanthropic health initiative by UAE president Sheikh Mohamed bin Zayed al Nahyan – has increased the size of its flagship fund five-fold to $500 million, with $340.2 million raised to date, following donations made during Cop28. The 10-year RLM Fund was set up in 2017, in partnership […] December 4, 2023
