EXCLUSIVE Infrastructure Riyadh Metro aims to break Saudi capital’s car gridlock The first phase of Saudi Arabia’s $22.5 billion Riyadh Metro is opening on December 1, marking a significant step toward transforming public transportation in a city known for its heavy car culture and gridlocked streets. The project, billed as the world’s longest driverless transit system, is a centerpiece of Saudi Arabia’s Vision 2030 plan, which […] November 27, 2024
Opinion Media & Advertising Could Riyadh Air’s brand help Saudi Arabia take off? National airlines have an outsize role to play in nation-branding November 26, 2024
Analysis Oil & Gas Aramco’s debt push threatens Saudi banks’ liquidity Saudi Aramco’s plans to keep tapping the local debt market could place further liquidity pressures on the country’s banking sector, as the government looks for new ways to raise cash for its economic development plans. The oil giant’s chief financial officer Ziad Al-Murshed told Bloomberg last week that plans were underway to take on more […] November 26, 2024
Analysis Renewable Energy Trump’s return may alter the future of renewable energy Adnoc’s acquisition in September of a 35 percent stake in ExxonMobil’s low-carbon hydrogen facility in Baytown, Texas, might have been a sign of things to come. The deal between the Abu Dhabi-owned oil company and the US energy major came as interest in clean hydrogen was waning in the US while rising in the Gulf. Former […] November 26, 2024
Opinion Infrastructure Africa’s port assets are irresistible for the UAE The privatisation of maritime infrastructure is often controversial in Africa November 25, 2024
Analysis Aviation Riyadh Air secures unprecedented number of airport slots Riyadh Air has secured more than 2,500 slots at Riyadh King Khalid International Airport, positioning itself as the fourth-largest carrier at the capital’s main gateway as it prepares to launch operations in the summer 2025 season, according to filings by Airport Coordination Limited. The allocation marks a striking start for the state-backed carrier, which aims […] November 25, 2024
People & Lifestyle Saudi beauty ecommerce site Nice One announces IPO Nice One Beauty Digital Marketing, the largest beauty and personal care ecommerce platform in Saudi Arabia, has announced plans to launch an initial public offering of 30 percent of its shares on the Saudi market. The announcement comes after approval from the Capital Market Authority to offer 34,650,000 ordinary shares. No further information on share […] November 25, 2024
Renewable Energy UAE companies sign renewable energy deals in Egypt Companies from the UAE signed a series of memoranda of understanding in Egypt last week to develop and support green energy projects in the country. The non-binding agreements are the latest in a string of planned Gulf energy investments in Egypt. UAE renewable energy company Masdar signed an agreement to develop a floating photovoltaic solar […] November 25, 2024
Banking and Finance UK regulator fines Barclays $51m over Qatar deals Britain’s financial regulator has fined Barclays Bank £40 million ($50.9 million) in total for its failure to disclose certain arrangements with Qatari entities in 2008. The fine by the Financial Conduct Authority (FCA) dates back to the height of the 2008-2009 financial crisis, when Barclays scrambled to raise funds from overseas investors including Qatar in […] November 25, 2024
Tourism Space Perspective favours Dubai for balloon launches US company Space Perspective says it is in talks with Gulf countries about hosting rights to launch its high-altitude balloon flights. The company will operate flights carrying a luxury capsule into the stratosphere to a height of around 30km. Taber MacCallum, founder and chief technology officer, said at a tourism conference in Dubai that it […] November 21, 2024
Sustainability Governments urged to agree carbon credit rules at Cop29 Experts have said governments need to reach binding agreements on carbon credits at Cop29 underway in Baku, Azerbaijan, to improve transparency, accountability and quality. Among the topics being debated over the two weeks at the UN conference is Article 6 of the Paris Accord, which aims to help set rules on global carbon trade. Countries […] November 21, 2024
EXCLUSIVE Finance The No 1 problem in a family business? ‘Not business, but family’ Public listings offer access to capital markets but they do not resolve the issues that often plague family businesses, the chairman of one of the Gulf’s largest and oldest family-owned conglomerates has told AGBI. Those challenges are governance, mindset and personal dynamics, said Mishal Kanoo, chairman of the Kanoo Group. “Not a lot of people […] November 21, 2024
Economy Kuwait economy The latest economic and demographic indicators for Kuwait, including GDP, inflation, oil prices, trade, population, unemployment and more November 21, 2024
Economy Bahrain economy The latest economic and demographic indicators for Bahrain, including GDP, inflation, oil prices, trade, population, unemployment and more November 20, 2024
Aviation Flyadeal to confirm wide-body order by year end Saudi Arabia’s low-cost airline Flyadeal is set to make a decision on its wide-body aircraft order before the end of the year, with up to 15 planes potentially joining its fleet. CEO Steven Greenway confirmed on Wednesday that the order will be made up of repurposed 787s from parent company Saudia or brand-new aircraft from […] November 20, 2024
Analysis Economy Rise of service-based economies highlights flaws in GDP data This month Dubai made headlines across regional media as the emirate announced its gross domestic product grew 3.3 percent in the second quarter, while similar economic statements by other Middle East governments also generated ample news coverage. Yet, as economies become increasingly services-based, capturing their real size and growth is becoming more difficult, and that […] November 20, 2024
Analysis Sustainability UAE’s ambitious NDCs balanced by criticism over oil expansion The UAE has pledged to cut greenhouse gas emissions nearly in half by 2035 under its updated Nationally Determined Contributions (NDCs), marking its most ambitious climate target to date under the Paris Agreement. While the UAE’s commitment to a 47 percent reduction positions it as a regional leader in climate action, its concurrent expansion of […] November 20, 2024
Trade Beijing ‘exploits’ Iran, says US advisory panel American officials have identified the Middle East, and particularly the GCC, as crucial turf in superpower competition between the US and China, singling out energy and advanced technology as the main fields where a tug-of-war is taking place. The US-China Economic and Security Review Commission, a 25-year-old Congressionally-mandated independent US government agency, dedicated an entire […] November 20, 2024
Analysis Oil & Gas Trump’s prospective energy team is a mixed blessing for Gulf The nomination of a fossil fuels veteran and climate sceptic as US energy secretary is likely to chime with Gulf expectations that the second Trump administration will aggressively promote oil and gas as integral parts of the energy mix, according to industry observers. On Saturday President-elect Donald Trump named Chris Wright, the boss of fracking […] November 19, 2024
Analysis Markets State-backed UAE companies lead the pack for share price gains The stock market performance of UAE companies that have gone public in the past few years varies greatly – but government-backed businesses have delivered the biggest gains. There have been 21 notable initial public offerings of UAE companies since the start of 2021 – 13 on the Abu Dhabi Securities Exchange and eight on the […] November 19, 2024
