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Traders on the floor of the Kuwaiti bourse, where Beyout became the first new listing since 2022

Beyout becomes Kuwait’s first stock market listing in two years

Beyout Investment Group rose 2.6 percent against its initial public offering price on its Boursa Kuwait debut on Wednesday as the family-owned business became the country’s first new stock market listing since 2022. Saudi Arabia and the UAE have been home to a flurry of initial public offerings in the past few years as governments […]

Khalaf Ahmed Al Habtoor, chairman of the Al Habtoor Group, said that the “lack of necessary security stability … has left us no choice but to abandon the launch of our television station from Lebanon"

Al Habtoor scraps Lebanon TV channel after physical threats

Dubai’s Al Habtoor Group has cancelled plans to launch a TV channel from Lebanon after physical threats were made to the founder and staff. Chairman and founder Khalaf Ahmad Al Habtoor said that the “lack of necessary security stability for investment … has left us no choice but to step back from this initiative and […]

Opec has kept its oil demand growth forecast at 2.2 million bpd

Opec and IEA poles apart on oil supply predictions

Opec and the Paris-based International Energy Agency (IEA) have this week both issued reports with vastly differing predictions for the outlook for global crude production in the coming years. However, the opposing organisations agree on one thing: that China will be the determining factor in production and prices this year. In its latest annual medium-term […]

An artist's impression of Saudi giga-project The Rig, a floating entertainment centre off the kingdom's east coast

Adventure giga-project The Rig ‘definitely happening’

One of Saudi Arabia’s most headline-grabbing giga-projects is moving ahead with plans for two floating entertainment centres on offshore platforms off the kingdom’s east coast.  Many thought the exotic adventure tourism project known as The Rig would be canned as the Public Investment Fund (PIF) reviews its $1.25 trillion portfolio of giga-projects.  Insiders remain confident […]

Savvy Games woman at computer

Saudi gaming company courts giants of Japan and South Korea

Japanese and South Korean gaming companies such as Nintendo and Kakao are being targeted by Saudi Arabia’s Savvy Games Group, which wants them to set up in the kingdom to make products aimed at local consumers. Brian Ward, CEO of Savvy, told AGBI: “If locally made Arabic games tap into the ancient lore and history […]

About 50 asset managers that conduct hedge fund activities are registered at DIFC in Dubai

Global hedge funds expand presence in Dubai and Abu Dhabi

Thirteen of the world’s top 100 hedge funds have offices in the Dubai International Finance Centre, research shows, as more of the specialist asset managers set up operations in the UAE. It is a similar story in the newer-established Abu Dhabi Global Market, where Brevan Howard – the world’s 13th-largest hedge fund by assets under […]

Visitors at the Bimmah Sinkhole in Oman. The number of Russian tourists reached more than 53,000 last year

Oman records 300% surge in Russian tourists

The number of Russian tourists visiting Oman jumped 300 percent year on year in 2023, a senior government official has said. Russian tourists reached 53,145 last year, compared with 13,000 in 2022, said Azzan Al Busaidi, undersecretary of tourism in the Ministry of Heritage and Tourism. “Oman is a multi-seasonal destination famous for its natural […]

People, Person, Clothing

Saudi wealth fund in talks to create new boxing league

Saudi Arabia’s sovereign wealth fund is in talks with boxing promotion companies to create a new boxing league, as the kingdom expands its investments into the sporting sector, according to a media report. The Public Investment Fund is negotiating with promoters such as the UK’s Matchroom Boxing and Golden Boy Promotions from the US to […]

Flower, Flower Arrangement, Plant

Ceer signs $2.2bn deal with Hyundai to power its EVs

Ceer, Saudi Arabia’s first electric vehicle brand, will use technology from South Korea’s Hyundai to power its cars, as the kingdom continues to ramp up its presence in the EV market. The Saudi EV maker has signed a SAR8.2 billion ($2.2 billion) contract with Hyundai Transys to supply EV drive systems (EDS). The integrated EDS […]

Arada sukuk. Rendering of Jouri Hills project in Jumeirah Golf Estates. Investor interest in the sukuk was geographically diverse, with participation from Europe, the Middle East and Asia

Arada to part-fund projects from $400m sukuk

The real estate developer Arada has raised $400 million through sukuk (Islamic bonds) to part fund its projects across the UAE. The sukuk order book reached $1.45 billion, 3.5 times oversubscribed, after strong demand from both regional and international investors. The fundraising is the first issuance under Arada’s newly established $1 billion sukuk programme, the […]

People, Person, Accessories

Aramco raises $11.2bn from secondary share offering

Saudi Aramco closed its secondary share offering on Tuesday, securing SAR42.1 billion ($11.2 billion) for the government exchequer. The proceeds from the offering will rise to SAR46.31 billion if the over-allotment option is exercised in full. The offering was the largest secondary offering in Europe, Middle East and Africa since 2000 and the largest equity […]

Technicians work on a military vehicle at the Otokar factory in Arifiye. Industrial production fell sharply in April

Unemployment rate falls in Turkey but warnings persist

Turkish unemployment levels fell to their lowest rate in more than 11 years in April, helped by strong first-quarter growth.  However, troubling longer-term prospects could mean job queues lengthen again.  Turkey’s headline unemployment rate, covering those aged 15 and over, fell to 8.5 percent in April, the lowest since November 2012 and down from 10 […]

Ursula von der Leyen, president of the European Commission, and Sheikh Mohamed bin Zayed, president of the UAE, in Abu Dhabi last September. Another EU delegation visited last week

EU woos Emirati investors while keeping UAE on ‘grey list’

The European Union is intensifying efforts to attract investment from the UAE despite keeping the Emirates on its “grey list”, a marker of heightened scrutiny and potential obstacles for investors. An EU delegation visited Abu Dhabi last week to promote the bloc’s Capital Markets Union (CMU) plan. A single market for capital, harmonising exchange regulations […]

private credit Omar Al Yawer Ruya Partners

Private credit fund looks for $250m from Gulf investors

Ruya Partners, which describes itself as the Gulf’s first partner-owned private credit provider, aims to raise $250 million from investors by mid to late 2024, senior executive Omar Al Yawer has revealed to AGBI.  The Abu Dhabi business says regional sovereign wealth funds have become more amenable to investing in the private credit sector. Private […]

The UAE is determined to cut the number of nuisance telephone calls by bringing in strict rules for telemarketing companies

Social media warning after UAE telemarketing crackdown

The days of persistent cold calls in the UAE may be numbered, thanks to a government crackdown. However, industry experts told AGBI that the telemarketers may migrate to alternative channels such as social media platforms and WhatsApp. The Ministry of Economy and the Telecommunications and Digital Government Regulatory Authority have announced new regulations to curb […]

Acwa Hofa wind Jordan

Acwa Power to raise $2bn in rights issue

Saudi Arabia’s green energy developer, Acwa Power, plans to raise SAR7 billion ($1.9 billion) in new capital through a rights issue to help treble its assets under management by 2030.  The company, which is owned by the government’s Public Investment Fund, said the new shares issued to current shareholders would allow Acwa to “anchor its […]

Airfield, Airport, Aircraft Archer Aviation this week became one of only two air taxi companies to receive certification as an airline from the US Federal Aviation Authority

Archer Aviation says UAE is ahead in air taxi race

The UAE is winning the race to launch Archer Aviation’s flying taxis, ahead of the US, India and South Korea. The Abu Dhabi-backed electric vertical take-off and landing (eVTOL) aircraft manufacturer last week became one of only two air taxi companies in the world to receive certification as an airline from the US Federal Aviation […]

Casablanca water

Project to ease Casablanca water crisis begins

Construction has begun on a $653 million seawater desalination plant to combat water shortages in Casablanca, the largest city in Morocco. The plant, one of the biggest in Africa, will have an annual production capacity of 300 million cubic metres, serving an estimated 7.5 million people, Morocco World News reported. The project will be developed […]

Dr Fuad Alsheikh Mubarak, CEO, NWC and Severino Ramos Aparici, general manager of Aguas de Valencia sign the contract for the Saudi water projects

Saudi Arabia seeks private investment for 113 water projects

The Saudi government-backed National Water Company (NWC) is seeking private investment in projects to upgrade 113 existing water and sewage treatment plants this year. These plants will have a total capacity of 2.4 million cubic metres per day. No estimate was given on the expected private sector investment. As part of its long-term operation and […]

A woman buys cooking oil at a market in downtown Cairo. Falling food prices contributed to the drop in inflation in Egypt

Egypt inflation drops below 30% for first time in 15 months

Egypt’s inflation rate dropped below 30 percent in May for the first time in 15 months, slowing at a faster rate than most had predicted. Urban consumer price inflation was 28.1 percent year on year for May, a drop from 32.5 percent in April, the Central Agency for Public Mobilisation and Statistics announced on Monday. […]

An Airbus 320 under construction. The Morocco plant is expected to produce parts for 75 planes a month

Airbus to expand production in Morocco as orders grow

European aircraft manufacturer Airbus is expanding its production capacity in Morocco to meet growing demand for its aircraft. The Airbus Atlantic Morocco Composites plant in Nouaceur aims to build parts for 75 A320 family aircraft per month by 2026. The 30,000 square metres plant, with 17,000 square metres dedicated to workshops, “specialises in producing composite […]