Saudi Arabia’s Crown Prince lands in Egypt for two-day state visit Egyptian President Abdel-Fattah El-Sisi received Saudi Arabia’s Crown Prince Mohammed bin Salman at Cairo International Airport on Monday night, UAE state news agency WAM reported, citing a statement by Egyptian presidential spokesman Bassam Rady. El-Sisi and Bin Salman, who is on an official two-day visit to Egypt, will discuss bilateral relations and ways of enhancing […] June 21, 2022
Analysis Energy Gulf defies oil financing trends as UN calls for end to fossil fuels The Middle East is boosting investment in oil and gas, bucking the global trend even as the United Nations calls for an end to the funding of fossil fuel projects. The MENA region is forecast to invest $879 billion in energy projects from 2022 to 2026, an increase of 9 percent over the previous five […] June 20, 2022
Analysis Forget the gloom, startup funding will bounce back The global slowdown in venture capital funding for startups has spread to the Middle East and North Africa (Mena), with May proving to be lowest month so far this year. But local experts believe that while new trends are emerging within the sector, it will rebound quickly in the second half of the year. Global […] June 17, 2022
Egypt dominates Mena startup funding rankings in May The amount of funding raised by startups in the Middle East and North Africa (Mena) rose 62.7 percent year-on-year in May. But it still declined 40 percent month-on-month to record the lowest monthly amount so far this year, according to data compiled by Wamda, the largest early-stage investment fund in the Middle East. A total […] June 17, 2022
Lifestyle Poor us: Dubai’s richest suffer 19% increase in cost of living A report this week found that the UAE is expected to gain an extra 4,000 millionaires this year, but another study reveals that the cost of living for Dubai’s wealthiest rose 19 percent in the past 12 months. The Henley Global Citizens Report forecast that the UAE would see 4,000 high net worth individuals or […] June 17, 2022
Analysis Banking & Finance Fed hike hits Gulf stocks as well as price of food and property Gulf stock markets quickly reacted negatively this morning to the announcement that local central banks were to follow the US Federal Reserve and hike interest rates, in a bid to curb inflation and rising costs. AGBI spoke to experts across the business community to see how the move will impact everyone from property developers and […] June 16, 2022
Lifestyle Saudi slips and UAE soars as millionaires seek new homes Saudi Arabia is forecast to lose 600 high net worth individuals this year while the UAE is set to gain 4,000, according to a new report June 15, 2022
Exclusive Tourism A casino in the UAE? ‘We’ve got 4 years to figure that out’ Ras Al Khaimah's tourism boss Raki Phillips talks to AGBI about Vegas developer Wynn and its plan for the emirate, plus Covid and hotels June 14, 2022
Retail UAE shoppers less price-conscious than Europeans but not for long UAE shoppers are much less price-conscious when buying goods and services, compared to their European counterparts, but the record rising cost of living may see this becoming more of a priority for some over the next 12 months, according to a new retail report. In a survey in April of 5,250 consumers in seven countries […] June 14, 2022
Banking & Finance First Abu Dhabi Bank to launch new brand in Egypt First Abu Dhabi Bank (FAB) has completed the legal merger of assets between its Egyptian unit and Bank Audi Egypt, resulting in the creation of Egypt’s newest banking brand, FABMISR. FAB said the new brand launches later this year having obtained final approval from the Central Bank of Egypt (CBE) and the General Authority for […] June 14, 2022
UAE pledges mask clampdown as Saudi lifts all Covid restrictions Masks are no longer required indoors in Saudi Arabia, but the UAE has warned it will be 'strictly monitoring' its rules on face coverings June 13, 2022
Media & Advertising Swedish gaming group defends Saudi deal Lars Wingefors, Embracer's CEO, said 'only a handful of players' could provide the capital it needs. The PIF is buying an 8% stake June 13, 2022
Food & Drink Saudi region awarded global gastronomy title The Aseer region in southwest Saudi Arabia is to be given a global showcase after being awarded the title of World Region of Gastronomy 2024 by the Barcelona-based International Institute of Gastronomy, Culture, Arts and Tourism (IGCAT). The move is part of a wider $13 billion plan to redevelop the tourism potential of the little-known […] June 13, 2022
‘Lightyear’ banned days after Disney streaming launch The UAE has banned the latest Disney animated blockbuster from showing in cinemas in the country, just days after the American entertainment giant launched its long-awaited streaming service across the region. The Media Regulatory Office, part of the UAE Ministry of Youth and Culture, said in a tweet on Monday that the “the animated film […] June 13, 2022
UAE splashes out more foreign investment than it receives The UAE ranked first in the Gulf for foreign direct investment (FDI) inflows in 2021, but the amount the emirates invested overseas overtook this figure during the same period. The rising oil price is likely to see this trend continue, experts said. The newly released United Nations Conference on Trade and Development’s (UNCTAD) World Investment […] June 13, 2022
Retail Online shopping surges 32% in UAE The total number of debit and credit cards used for online transactions in the United Arab Emirates (UAE) increased by nearly a third during the first quarter of this year. Consumers continue to embrace the e-commerce sector despite travel and shopping restrictions returning to normal following the coronavirus pandemic. Network International, a payment processing firm […] June 10, 2022
Aviation World Cup, Russians and business travel help airlines rebound Middle Eastern airlines reported a 265 percent year-on-year increase in demand in April, according to the latest monthly data from the International Air Transport Association (IATA). Industry analysts also reported that while demand in the region is still operating at around two-thirds what it was pre-pandemic, the upcoming FIFA World Cup in Qatar, Russian tourists […] June 10, 2022
Israeli PM visits UAE, as countries eye $5bn in trade Israeli Prime Minister Naftali Bennett visited the United Arab Emirates (UAE) on Thursday, where he met President His Highness Sheikh Mohamed bin Zayed Al Nahyan at Al Shati Palace. Bennett said he looked forward to working jointly with the UAE to expand cooperation between the two countries, and the peoples of the region, UAE state […] June 10, 2022
You just can’t get the staff: firms in race to meet demand Businesses in the United Arab Emirates’ non-oil sector are struggling to recruit enough staff to keep up with rising demand. The latest monthly S&P Global UAE Purchasing Managers’ Index (PMI) reported that business activity was at a five-month high in May. “The rate of job creation was the fastest seen for seven months but was […] June 10, 2022
Real Estate 358% rise in licences turbocharges Riyadh office rents Office buildings in Riyadh have seen a surge in rental rates and occupancy levels, as the Saudi capital begins to see the benefits from a new policy to encourage international companies to set up their regional headquarters in the city. In February last year, Crown Prince Mohammed bin Salman announced plans to transform Riyadh into […] June 9, 2022
Analysis Delivery drivers deserve ‘a steady income’, say UAE operators Motoboy, a Dubai-based delivery operator who entered the market in December last year, believes all drivers in the sector should be paid a fair wage and should not be expected to cover operating expenses for their employers. In early May, delivery drivers at Talabat, the Middle East unit of Germany’s Delivery Hero, and British operator […] June 9, 2022
UAE sends ministerial delegation to Morocco to boost trade The United Arab Emirates’ minister of economy, Abdulla bin Touq Al Marri, will today lead a high level delegation to Morocco to discuss ways to boost bilateral investment between the two Arab countries. “The visit aims to promote cooperation between the business communities of the two countries and motivate the private sector and entrepreneurs to […] June 9, 2022
