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Sweltering heatwave adds to power cuts misery

Iraq’s problems are piling up and threatening protests: Price increases, a faltering power grid and a summer heatwave made all the more unbearable by electricity outages limiting air conditioning and the use of fridges for many. While the southern city of Basra is used to scorching summers, this year it has started sooner than expected, […]

First multifaith gathering held on Arabian Peninsula in 1,000 years

In contrast to a rhetoric of conflict, the forum proposes a unifying vision The Muslim World League held the Forum on Common Values Among Religious Followers this week in Saudi capital Riyadh. A multifaith event with leaders from around the world, the forum included 90 faith leaders in all, with Muslims, Christians, Jews, Buddhists and […]

Chef Jason Atherton opens fine dining restaurant in Jeddah

A new Mediterranean restaurant in Jeddah is bringing a fine dining experience to the city thanks to a partnership between English chef Jason Atherton and Saudi businessman Abdelkarim Abbar. Located at the newly opened Jeddah Yacht Club on the Red Sea, Marina Social, operated by Atherton and owned by Abbar, opened on June 19. Atherton’s […]

Person, Human, Face

Abu Dhabi firms invest $25m each in Elon Musk’s SpaceX

Two Abu Dhabi-listed firms have invested $25 million each in California-based rocket manufacturer SpaceX, which was founded by Elon Musk, the world’s richest man. International Holding Company first invested in SpaceX in 2020 through private equity fund Falcon CI IV and yesterday confirmed it had put in an additional $25 million. “We are pleased to […]

Prices are soaring for residential properties in Business Bay

Dubai ‘repivots’ city centre as Business Bay prices soar

Dubai is witnessing a “repivoting” of its city centre, with residential prices soaring in Business Bay, according to analysts. Values in Business Bay have risen by nearly 17 percent in the last two years, pointing to the redefining of Dubai’s centre, said global property consultant, Knight Frank, in a new research note. The wider Central […]

Pearl Lounge

Most lavish World Cup package costs $1.6m – hotel not included

UAE residents have bought 7,500 hospitality packages for the Qatar World Cup, with the most expensive option costing an eyewatering $1.6 million. Football fans wanting to attend Qatar 2022 matches have two routes: FIFA's ticket lottery, where prices start at 40 riyals ($10.99) for Qatar residents or 250 riyals for international supporters, or one of the official hospitality packages, which begin at $950.

Shams solar power plant

Abu Dhabi deal aims to build global clean energy powerhouse

Abu Dhabi National Energy Company (TAQA) and Abu Dhabi National Oil Company (ADNOC) have signed binding agreements to buy stakes in Abu Dhabi Future Energy Company, better known as Masdar, from Mubadala Investment Company.  The partnership aims to create a global clean energy powerhouse that consolidates the renewable energy and green hydrogen efforts of TAQA, […]

  • Analysis

The Ukraine war is pushing up insurance premiums everywhere

An EU/UK plan to ban their insurers from providing cover to ships transporting Russian oil is causing tensions with Washington. America contends that Europe’s dominance of global insurance will make it difficult for Russia to export oil if this goes ahead, potentially pushing oil prices far higher than they are already. Yet this may not […]

Person, Human, Festival

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 […]

Expo 2020 Dubai site

Dubai unveils plan to transform Expo 2020 site into free zone

The Expo 2020 Dubai site is to be transformed into the emirate’s newest business free zone – and is being lined up as a possible venue for more of the world’s biggest events, executives have told AGBI. Sheikh Mohammed bin Rashid Al Maktoum, the vice president and prime minister of the UAE and the ruler […]

Anthony Joshua lost his titles to Oleksandr Usyk when they first met last year

Saudi to host Joshua-Usyk heavyweight title rematch

Saudi Arabia confirmed today that it will host the world heavyweight boxing clash between champion Oleksandr Usyk and Anthony Joshua on August 20 as the kingdom cements its status as a global sporting destination.  In a statement, the Ministry of Sports announced that the Red Sea city of Jeddah will host the rematch between the […]

Finger, Person, Human

UAE ‘at forefront’ of global climate fight after new $50bn pledge

The UAE is now at the forefront of the global fight against climate change after President Sheikh Mohamed bin Zayed Al Nahyan pledged an extra $50 billion investment over the next decade. That’s the view of Mariam bint Mohammed Almheiri, the country’s Minister of Climate Change and the Environment, following the UAE President’s commitment announced […]

ACWA places faith in hydrogen to power Saudi’s future

Saudi Arabia, the world’s top oil exporter, has grand ambitions to become the globe’s number one producer of green hydrogen. The kingdom is aiming to produce around four million tonnes of the gas by 2030 as part of Saudi Crown Prince Mohammed bin Salman’s (MbS) Vision 2030 to diversify the economy. Green hydrogen is set […]

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 […]

Erika Blazeviciute Doyle, managing director at Drink Dry

How I got to the top: Erika Blazeviciute Doyle, Drink Dry

What does your company do? Drink Dry is the UAE’s first and only non-alcoholic drinks marketplace. We aspire to open the world to new and better ways of drinking. We sell and distribute premium non-alcoholic drinks in the UAE, Kingdom of Saudi Arabia and Kuwait. What inspired you to develop your idea? The business idea […]

Staying in five-star hotels would have hurt the bank balance

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 […]

Airport, Person, Human

58 million travellers expected at Dubai airport in 2022

Dubai International Airport (DXB) is set to serve over 58 million passengers this year, more than double the amount in 2021, as the UAE’s aviation sector continues to rebound from the impact of the global coronavirus pandemic. The figure was revealed by Sheikh Ahmed bin Saeed Al Maktoum, president of Dubai Civil Aviation Authority, chairman […]

Person, Human, Helmet

11 ways robots are transforming the UAE

A new AED1 billion ($272 million) library, which  opened in Dubai on Thursday, will employ artificial intelligence (AI) in its operations, including in choosing titles and borrowing and returning books. The Mohammed bin Rashid Library will use a first-of-its-kind smart system in the Middle East to send commands to robots to locate books and deliver […]

IPO expected for Dubai road toll operator

Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum on Wednesday issued a new law establishing road toll operator Salik as a public joint stock company (PJSC), paving the way for a potential initial public offering (IPO).  According to the law, Salik Company PJSC will have a term of 99 years, starting from the date of […]

Business travel lagging behind tourism as Gulf goes virtual

An estimated 115 million more passengers in the Middle East and Africa will fly during 2022 compared to last year if flight booking trends continue at their current pace, according to new research. However, business travel in the region is returning at a much slower pace with medium/long-haul and domestic bookings remaining well below 2019 […]

Foreign investment licences in Saudi reach record high

The number of foreign investment licences have soared to record highs in Saudi Arabia as more than 100 deals worth over $4 billion were struck during the first quarter of 2022. Saudi Arabia’s Ministry of Investment (MISA) revealed that the deals announced are expected to create more than 5,800 new jobs in the domestic economy, […]

Glasses, Accessories, Accessory

Egypt in ‘race against time’ with privatisation drive

Egypt’s economy is facing a perfect storm of economic headwinds. While its currency is plummeting, its budget deficit is rising along with its borrowing costs.  In an effort to counter rapidly growing external imbalances, Egypt’s government devalued its currency, the Egyptian pound, by 10 percent in March and subsequently requested a support package from the […]