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Four golfers drop out of LIV lawsuit against PGA Tour

Hall of Famer Phil Mickelson and three other golfers dropped out of a lawsuit on Tuesday which was filed against the PGA Tour last month over its decision to suspend players who participated on the new LIV Golf circuit. Mickelson, who counts six major championships among his 45 career PGA Tour wins, asked to be […]

Islamic finance set to embrace metaverse and cryptos

The Islamic finance industry is ripe for growth in the fields of crypto, digital assets and open banking, according to new research published by IslamicMarkets.com. A study published this week by the platform found that nearly two-thirds (63 percent) of Islamic finance professionals predict the sector’s level of adoption of crypto and digital assets will […]

Venture capital firms back female business founders in MENA

Playfair Capital and Dubai-based Global Ventures have launched ‘Female Founder Office Hours’ across MENA – with 150 leading venture capital funds hosting virtual mentoring sessions for more than 400 women founders on November 10. The eighth edition of Female Founder Office Hours since it was launched in the UK in 2019 is part of a […]

Liz Truss and Kwasi Kwarteng

UK tipped to see record levels of Middle East capital in 2022

Outbound investment from the Middle East to the UK is forecast to rise sharply this year, particularly for deals up to $250 million. Corporate finance specialist Lumina Capital Advisers said the strong dollar, weak sterling and the UK’s uncertain economic outlook made it a “highly attractive destination” for Middle East capital.  Sterling tumbled to a […]

More UAE banks must sign up for true benefits of instant payments

The Central Bank of the UAE needs to mandate more banks and financial institutions to sign up be ready for the roll out of its new instant payments system. The Emirates will soon join its neighbours Bahrain, Saudi Arabia and Oman in offering the Instant Payments Platform (IPP), a new and more comprehensive real-time payments […]

Aviation and fintech help Irish exports soar to record $532m

Ireland reported record levels of exports to the Middle East last year, with aviation and financial technology (fintech) among the standout sectors that helped Irish companies to achieve over half a billion dollars in sales in the region. Enterprise Ireland, the Irish Government’s trade agency, said the companies it supports in India, the Middle East […]

Will latest interest hike dampen GCC’s non-oil sector recovery?

GCC central banks raised their interest rates on Wednesday, in lockstep with the US Federal Reserve, raising concerns as to whether this will disincentivise borrowing in the region’s non-oil sector and result in a slowdown in the post-pandemic recovery. However, consensus among the analysts AGBI spoke to was that the impact of the current levels […]

Arab youth’s negative stance on Israel challenges trade growth

Israel is still seen as an enemy by the majority of young Arabs, despite the thaw in relations after the signing of the Abraham Accords in 2020. The sentiment could impact future business growth projections, experts have said.  Eighty-eight percent of Arab youth described Israel as an enemy or somewhat of an enemy, according to […]

Abdulla Kalban, EGA’s Managing Director, right, welcomes Zhang Yiming, the Chinese ambassador to the company’s Jebel Ali site in Dubai

200 billion reasons why the Gulf is China’s hottest trading partner

When Deng Xiaoping, the former communist leader of China, started his modernisation drive in the late 20th century, he looked to the Middle East as the only place that could provide the enormous quantities of oil and gas that his country required to become a global powerhouse.  By the end of this decade, less than […]

Gulf central banks raise rates after US Fed’s third hike in a row

Gulf central banks raised their key interest rates on Wednesday after the US Federal Reserve delivered its third consecutive three-quarter percentage point hike, with Brent dropping below $90 immediately after the Fed news before recovering. While the Fed’s move is motivated by bringing inflation down in the United States, it also serves to guide Gulf […]

Person, Human, Man

Young Arabs want action on wasta, lack of jobs and rising costs

Nearly two thirds of young adults in the Levant are struggling financially and a sizeable minority have fallen into debt, according to this year’s Arab Youth Survey. The report also highlights spiralling living costs and scarce job opportunities for much of the Middle East and North Africa’s Generation Z.  The 14th Arab Youth Survey interviewed […]

Person, Human, Clothing

Arab youth ‘trust Russia and China more than UK and US’

Arab youth see the United States and the United Kingdom as bigger enemies than Russia and China, with the majority blaming the US and NATO for the war in Ukraine, a new survey has said. Close to three quarters (72 percent) of young Arabs describe Russia as either a strong ally or somewhat of an […]

Nord Stream 1 pipeline

Berlin, Paris and Madrid unveil plans to cope with energy crunch

European governments have outlined new measures to cope with potential energy shortages this winter and improve networks so they can share power, as the war in Ukraine continues to affect gas flows from Russia. On Monday, Spain unveiled plans that could force energy-intensive industries to shut at peak demand times; France said it was preparing […]

Altibbi plans healthcare expansion in North Africa and Pakistan

Altibbi, the largest AI-based digital health provider in the Arab world, is looking to expand into North Africa and Pakistan after “turbocharging” growth in Saudi Arabia and Egypt, its CEO has told AGBI. Jalill Allabadi said the proceeds from Altibbi’s latest funding round of $44 million – the largest ever single financing round for a […]

The tumbling currency in Pakistan has made property investment and buying in cities like Karachi, above, more favourable for Pakistani expats

Pakistan property sees surge in Gulf-based interest

Pakistan’s real estate sector has seen increased interest from Gulf-based investors over the last year, according to data from the country’s largest property portal. The Pakistan Property Show was held in Dubai’s World Trade Centre earlier this month. With over 60 exhibitors, it attracted around 20,000 attendees, including Sultan Butti Bin Mejren, director general of […]

Middle East royals and leaders to attend Queen Elizabeth’s funeral

Royals and leaders from the Middle East will attend Queen Elizabeth II’s state funeral at London’s Westminster Abbey on Monday (September 19). Britain’s longest-reigning monarch died on September 8 aged 96. Although no official guest list has been issued, media reports suggested invitations have been sent. Saudi Crown Prince Mohammed bin Salman is likely to […]

The rise in oil prices is one of the reasons why fewer sukuks have been offered

Sukuk issuances slow as belt tightens around the world

Global sukuk issuance is projected to moderate, settling at $185 billion in 2022, amid a worldwide tightening cycle and a surge in oil prices. However, sukuk issuance is still projected to grow at an estimated compound annual growth rate (CAGR) of 6.8 percent over the next five years, reaching $257 billion in 2027, according to […]

Medhat Karam, ArpuPlus

Medhat Karam, ArpuPlus

Medhat Karam is CEO and managing director of ArpuPlus, a telecommunications service which provides entertainment and communication solutions across the Middle East and North Africa. ArpuPlus was set up in 2003 and is a subsidiary of A15, a Cairo-based venture capital firm. What does your company do? Entertainment-wise, we specialise in affordable music, video, gaming, […]

Man on laptop

DeFi could go mainstream, with a little help from Gulf regulators

For those who imagine a world without banks, decentralised finance – better known as DeFi – is an empowering development in the crypto universe. So, how does it put users in charge of their own finances?  DeFi is the provision of financial products and services without the need for intermediaries such as banks, exchanges or […]