Video length: 05:43 video Aviation Mergers tipped to take off in Gulf’s private jet business The private aviation business is set for widespread consolidation in the Gulf, according to a senior executive at a charter jet firm. Youssef Mouallem, executive vice president of Vista Global based in Dubai, told AGBI the sector was historically fragmented, but he was expecting to see more mergers and acquisitions. “Businesses will consolidate and we […] July 10, 2023
Video length: 6.42 Video Lifestyle Dubai plans to grow creative economy by 25% Dubai’s creative economy is expected to experience steady growth over the next few years, with the sector reaching 140,000 jobs by 2026, up from 90,000 in 2020. The GDP contribution target for the industry is set at 5 percent. This is up from the current 4 percent for creative industries including the arts, culture, music, films, […] July 7, 2023
Video length: 03:02 EXCLUSIVE Tech $2bn funding behind Dubai’s digital startup economy Dubai tech startups have raised $2 billion and completed six mega-rounds valued at over $300 million in 2022, according to a report by the Dubai Digital Economy. These included two listings for scaleups (startups that have raised over $1 million in capital) on stock exchanges. The UAE’s national digital economy is predicted to grow to […] June 23, 2023
Video length: 4:45 EXCLUSIVE Finance Multi-billion dollar schemes fuel UAE’s industrial evolution Emirates Development Bank, the UAE’s state-owned lender for the industrial sector, reported an almost tenfold increase in the value of loans it allocated last year. It is forecasting equally strong growth this year after shifting its focus to supporting major manufacturing projects in the Emirates. “The first year that we transformed the bank to focus […] June 15, 2023
Video length: 1:57 EXCLUSIVE Sustainability UAE’s Al Suwaidi backs Al Jaber after Cop28 criticism Dr Sultan Al Jaber’s record “speaks for itself”, a senior UAE official has told AGBI. The Emirates government is facing fresh criticism from international media and lawmakers over the oil chief’s appointment to oversee the Cop28 climate summit later this year. Al Jaber oversees UAE oil giant Adnoc, is minister of industry and advanced technology […] June 6, 2023
Video length: 2:08 Video Employment UAE corporate tax arrival triggers recruitment fever UAE companies advertised for double the number of tax accountants in the first quarter of 2023 compared to the same period last year, ahead of the introduction of the Emirates’ corporate tax. The Association of Chartered Certified Accountants (ACCA) saw a 40 percent increase in tax roles last year compared to 2021. “Recruitment is big […] June 2, 2023
Video length: 3:37 Video Real Estate Dubai’s wealthy buyers short of new homes in prime areas Global high-net-worth individuals are looking to Dubai to invest in property, but with only 289 units due to be completed in prime residential areas by 2026, supply in the emirate’s real estate market is low, driving prices up. “We are short of easy-to-activate waterfront development sites – we have run out of coastline,” said Faisal Durrani, […] May 31, 2023
Video length: 03.55 Video Tourism Cruise Saudi sets sail for $200m tourism windfall Cruise Saudi estimates it will contribute $200 million in revenues to the kingdom by 2035, as the Public Investment Fund-owned company develops ports for cruise passengers. In a video interview with AGBI its chief asset development and port operations officer Miguel Reyna said: “On average, when a ship comes to the port, 35 percent of […] May 29, 2023
Video length: 03:18 VIDEO Banking & Finance Why the UAE is introducing corporate tax The UAE’s introduction of corporate tax will ensure that it is not used as a jurisdiction to “move profits” from other higher taxed markets, according to a lawyer in Dubai. “Historically, the UAE was blacklisted by the European Union, because they were trying to ensure that the Emirates are not used as a jurisdiction where […] May 26, 2023
Video length: 04:29 VIDEO Banking & Finance UAE family businesses: ‘bigger cake, bigger problem’ Inefficient governance and incomplete succession planning are the two main challenges facing UAE family businesses, says the chairman of Dubai Chambers. Over the past 50 years family businesses have evolved from being small operations to multi-billion-dollar conglomerates. The sector now accounts for 60 percent of the country’s GDP. “The bigger the cake, the bigger the […] May 17, 2023
Video length: 02:08 Dubai charts plans to boost trade with Australia Negotiations for an “exciting” and “important” Free Trade Agreement (FTA) between Australia and the UAE are still under way, according to the chairman of the Australia Arab Chamber of Commerce. Mohamed Hage was in Dubai last week with Margaret Beazley, the governor of New South Wales, to sign a trade-boosting memorandum of understanding with Dubai […] May 16, 2023
Video length: 01:46 Video Economy Recession is not ‘top of mind’ for CEOs in the Gulf Long term growth is the name of the game for CEOs in the GCC, while some of their counterparts in the US and Europe prepare for a recession. The IMF expects 2023 to be the weakest year for global growth since 2009, outside of the coronavirus pandemic year of 2020. However, the outlook is divergent, […] May 10, 2023
Video length: 02:49 Video Tourism Red Sea Global to spend $20bn by 2024 Red Sea Global will open its first hotels this year at the new Saudi Arabian tourist destinations, Red Sea Project and Amaala. The company, owned by Saudi sovereign wealth fund PIF, has spent $5 billion so far, according to its CEO, and will be spending another $15 billion by 2024. “Between Red Sea and Amaala, […] May 3, 2023
EXCLUSIVE Tourism Lebanon’s tourism minister hails $9bn revenues Lebanon is not relying on International Monetary Fund cash to stay afloat, a government minister has told AGBI, as the tourism sector alone contributed $9 billion in revenue last year. The IMF reached a staff-level agreement with Lebanon in April 2022 for a $3 billion loan programme to tackle its financial crisis. But progress on […] May 1, 2023
Video length: 02:35 Video Real Estate Millennial investors hiking property prices for Dubai expats Dubai is seeing a “big rise” in millennial investors looking for luxury properties. “A lot of rich people are investing in Dubai, which is why we see villas being sold for $50 million to $100 million,” said Rizwan Sajan, founder and chairman of Danube Group in an exclusive video interview with AGBI. “There are a […] April 27, 2023
Video length: 03:47 Video Middle East tech sector’s hire and fire conundrum The mass layoffs in the global tech sector last year were the highest since the dot-com bubble burst in 2001, but they are not necessarily a reflection of the job market globally or in the Middle East, according to a Dubai-based digital transformation and Web3 expert. “The layoffs only constitute 10 percent of all the […] April 20, 2023
Video length: 03:07 Video Aviation Labour woes and debt clip the wings of Mena aviation Labour shortages, high interest rates and sustainability challenges are the most pressing concerns facing both the global and Mena aviation sectors in the post-pandemic environment, says Hugo Santo, partner at McKinsey and Co. Travel trade body the International Air Transport Association recently reported that total traffic in February 2023 rose 55.5 percent year-on-year, and Middle […] April 12, 2023
Video Energy Oil price likely to hit $100 a barrel, says Dubai analyst Oil prices are predicted to rise higher, with $100 a barrel now looking more likely in the coming months following Opec+’s decision to cut production, according to a senior analyst at Dubai’s largest bank. Edward Bell, senior director for market economics at Emirates NBD, said the move by Saudi Arabia and its Opec+ partners on Sunday […] April 4, 2023
Video Lifestyle Buoyant yacht market in full view at Dubai Boat Show The Dubai International Boat Show 2023 hosted exhibitors from 51 countries and showcased more than 175 vessels worth over $2.5 billion as the yachting boom continues. In our video report from the boat show, Francesco Pitea, CEO of SF Yachts, admits that boats are not a great investment. But that does not dampen demand for super […] March 9, 2023
