Construction Construction workers on the up as Turkey rebuilds The number of construction workers in Turkey has risen 11 percent year-on-year to over 1.5 million in April, as the country rebuilds from the devastating earthquakes in February that killed 50,000 people. The disaster caused $34 billion worth of damage. Latest data from the Turkish Statistical Institute, reported this week, shows that the number of […] June 18, 2023
Banking and Finance Debt and fintech dominate Mena startup funding Fintech and debt financing were the dominant themes in Mena startup funding in May, as experts predicted continued growth for the remainder of the year. In May, $445 million was invested in 39 startups in the Middle East and North Africa, up from only $7 million and 11 deals in April. The data was compiled […] June 16, 2023
Analysis Economy Wealth funds likely to increase African investments Sovereign investors from the UAE and wider GCC bloc are likely to ramp up investments across African countries, building on a 50 percent jump in capital flows from the Middle East over the past five years, say experts. Agriculture, energy and infrastructure are sectors likely to benefit from multi-billion dollar deals as the UAE accelerates […] June 13, 2023
Tourism Geneva’s Gulf visitors not put off by Swiss bank crisis Switzerland’s banking system may have suffered a dent to its reputation this year, but the headlines have not put off Gulf visitors from visiting Geneva. For the first 10 months of 2022, Gulf visitors accounted for 191,139 room nights in the European country’s second city, according to data from its official tourism body. Travellers from […] June 12, 2023
Transport Dubai considers taxi operator IPO as sector surges Dubai is considering a stock market listing for its taxi operator, as the sector surges back to pre-pandemic levels and attracts local and international investment. The emirate’s Roads and Transport Authority (RTA) is in the early stages of considering listing the Dubai Taxi Corporation (DTC) as the latest state-backed entity to list on the Dubai […] May 31, 2023
Banking and Finance UAE bank customers shift cash to chase higher interest Savers in the UAE are moving more of their money into income-generating deposit accounts to capitalise on rising interest rates, according to data from the country’s top 10 banks. The US Federal Reserve has increased interest rates by 75 basis points this year in a bid to curb rising inflation. The UAE Central Bank has […] May 30, 2023
Economy Gulf leaders welcome Erdogan re-election Gulf leaders have congratulated Recep Tayyip Erdoğan on his re-election as president of Turkey, as currency and stock markets had a more mixed reaction to the news. Saudi Arabia’s King Salman bin Abdulaziz Al Saud sent a cable of congratulations, the Saudi Press Agency reported on Monday, and UAE President Sheikh Mohamed bin Zayed Al […] May 29, 2023
Employment ‘Saudisation’ creates 500,000 jobs for home nationals Saudi Arabia has created half a million new jobs in the last four years as part of its “Saudisation” policy of requiring companies to hire Saudi nationals, helping the kingdom’s unemployment rate fall to its lowest for six years. Ahmad Al-Rajhi, the minister of human resources and social development, speaking this week at an event […] May 19, 2023
Health Gulf insurers paid out only $80m in Covid death claims Gulf insurance firms paid out only around $80 million in Covid-19 death-related claims over the last three years, according to AGBI calculations based on industry data. The low amount in the Gulf reflects the low uptake of life insurance policies in the region, where the average life insurance penetration is only 0.1 percent compared with […] May 19, 2023
Analysis Food & Drink Champagne sales in the Gulf fizz by 91% World Cup fans and wealthy expats led to Champagne imports to the Gulf almost doubling in 2022. After a strong marketing push by French producers helped luxury bubbly become more mainstream, the number of bottles of Champagne shipped to the region surged 91 percent last year. Comité Champagne, the industry body representing French producers, told […] May 18, 2023
Aviation Emirates soars to its most profitable year Emirates airline has recorded the most profitable 12 months in its 38-year history, despite operating costs soaring 57 percent. Dubai’s flagship carrier reported a profit of AED10.6 billion ($2.9 billion) over the last 12 months, a turnaround from a loss of AED3.9 billion in the previous financial year. The return to the black was a […] May 11, 2023
Video length: 02:49 Video Red Sea Global considering public listing Red Sea Global, the developer behind one of Saudi Arabia’s biggest gigaprojects, is studying the possibility of a public market offering, a senior executive said. “There will be some kind of public market event, whether it’s an initial public offering, whether it’s an establishment of a REIT [real estate investment trust], those are things that […] May 8, 2023
Iran invites Saudi king to visit Tehran Iran has invited Saudi Arabia’s king to visit the country after the regional rivals agreed to end years of hostility following a China-brokered agreement in March. King Salman bin Abdulaziz Al Saud was officially invited to Tehran, the Iranian Foreign Ministry said in a TV news conference, Reuters reported. The talks in Beijing followed by […] April 17, 2023
Markets Saudi Tadawul profit down 35% as trading values halve Saudi Tadawul Group, the owner and operator of the kingdom’s stock exchange, on Sunday reported a 35 percent decline in first-quarter profit, as the value of trading dropped by 50 percent and costs increased. The company reported a net profit after zakat of SAR 90.8 million ($24.21 million) for the first three months of this […] April 17, 2023
Retail Beware ‘false economy’ of discounting in Dubai Offering discounts in a bid to maintain high sales in a competitive Dubai market, at a time when operating costs continue to rise, will have a negative impact in the long term, the head of one of the emirate’s largest business groups has warned. The latest Dubai Purchase Managers Index (PMI) for March found that […] April 14, 2023
Employment Highest earning Saudi executive paid $3.3m in 2022 With total earnings of $3.3 million, the chairman of Saudi Automotive Services Co was the highest paid executive of listed companies in the kingdom last year, as pay for senior officials and board members continues to rise. Ibrahim Al Hudaithi topped the list compiled by Saudi financial news platform Argaam, with total earnings of SAR12.4 […] April 13, 2023
Tourism UAE embraces travel again as Ramadan airfares spike Airfares from the UAE to key expat locations have increased over the Ramadan period as a new report shows that residents in the Emirates have the biggest appetite for travel. A global survey of 18 countries by research firm YouGov, carried out in November last year, found that 58 percent of UAE respondents said travel […] March 21, 2023
Real Estate Turkey home sales down, but Russians still active buyers Turkey recorded an 18 percent year-on-year drop in the number of house sales in February, the same month in which an earthquake killed more than 44,300 people and caused $34.2 billion worth of damage. The latest data from the Turkish Statistical Institute also found that sales to foreign buyers were down 27 percent year-on-year in […] March 15, 2023
Banking and Finance UAE and Kuwait banks least at risk from energy transition UAE and Kuwait banks are the least exposed in the region to the impact of the energy transition away from fossil fuels and towards renewable sources such as wind and solar. The new research comes as the UAE’s top banks saw profits rise by nearly one-third last year. As part of the global climate change […] March 15, 2023
Tourism Landlords benefit as UAE and Saudi embrace Airbnb model The UAE’s introduction of a remote working visa and Saudi Arabia’s plan to allow residents to rent out rooms in their homes has led to the Gulf embracing the Airbnb model and a boom in the short-term rental sector. In March 2021 the UAE cabinet introduced a remote work visa, allowing workers to set up […] March 12, 2023
Real Estate Dubai real estate prices haven’t yet peaked, says S&P Dubai’s fast-growing real estate market has not yet hit its peak and is unlikely to do so until at least next year, when supply will begin to catch up with demand, according to a senior industry analyst. The total volume of residential transactions in Dubai hit 90,881 in the full-year 2022, exceeding the historic record […] March 10, 2023
Banking and Finance Global banks look to fill ‘huge’ funding gap for Vision 2030 International banks have spotted an opportunity in Saudi Arabia to meet the “huge financing needs” of Vision 2030, according to an industry expert. Dr Mohamed Damak, senior director and financial institutions sector lead at S&P Global Ratings, told a media conference on Thursday that Saudi banks will continue to “grow tremendously” but the sheer size […] March 10, 2023
