Banking & Finance Mergers bloom in Mena with deals worth $26bn The acquisition by Floranow, an online florist based in the UAE, of Bloomax, the largest wholesale distributor of fresh-cut flowers in Saudi Arabia, is among the latest mergers in the Mena region. The deal, announced on Monday, is funded by a combination of debt and equity and makes Floranow the largest importer and distributor of […] June 5, 2023
Oil & Gas Oil prices rise as Saudi reduces daily supply Oil prices increased by $1 a barrel on Monday off the back of Saudi Arabia’s decision to cut a further one million barrels per day of production in July. The world’s biggest oil exporter revealed the cut, despite the rest of the Organization of the Petroleum Exporting Countries and their allies, including Russia – together […] June 5, 2023
Opinion Retail ‘Preloved’ retail is a vital step on the Gulf’s path to sustainability The Gulf's preference for brand new goods needs to change June 5, 2023
Tech Billions being spent to foil rising cyber attacks Cyber attacks in the Mena region are set to grow by 70 percent this year, according to an industry expert. Digital criminals are adopting increasingly sophisticated methods to target their victims, meaning e-commerce operators in the region are spending billions more on security to assure customers their transactions are safe. Jason Lane-Sellers, regional director of […] June 5, 2023
Oil & Gas Opec+ meet begins and may agree further output cuts Opec and its allies began two days of meetings on Saturday that may culminate in further production cuts of as much as 1 million barrels per day, Opec+ sources told Reuters, as the group faces flagging oil prices and a looming supply glut. Opec+, which groups the Organization of the Petroleum Exporting Countries and allies […] June 4, 2023
Aviation Global airline summit to tackle climate goals Airlines will ride the crest of a faster-than-expected recovery and discuss ways of translating climate pledges into action at a summit buoyed by a return to business as usual later this week. The influential International Air Transport Association (Iata) holds its annual meeting on June 4-6 with many of its 300 carriers enjoying higher fares […] June 4, 2023
Analysis Lifestyle Rising music streaming propels region’s artists into spotlight Not long ago, the only Arab music artists to make it big were traditional singers like Egypt’s Amr Diab and Lebanon’s Nancy Ajram, firm favourites in wedding playlists and live event calendars the region over. Today, new names and genres are pushing into the mainstream. One recent prominent example is Egyptian rapper Ahmed Ali, better […] June 4, 2023
Analysis Banking & Finance Mid-cap stocks offer best dividend yields in Gulf Dividend-seeking Gulf investors are likely to find little value among the region’s blue-chip stocks and should instead target mid-cap companies with steady cash flows and low debt, experts suggest. When interest rates hovered near zero and average dividend yields on GCC stocks were around 4 percent, the difference with the risk-free rate – the return […] June 2, 2023
Oil & Gas Opec+ unlikely to deepen oil supply cuts at June 4 meeting Opec and its allies are unlikely to deepen supply cuts at their ministerial meeting on Sunday despite a fall in oil prices toward $70 per barrel, four sources from the alliance told Reuters. Opec+, which groups the Organisation of the Petroleum Exporting Countries and allies led by Russia, pumps around 40 percent of the world’s […] June 2, 2023
Exclusive Trade GCC-EU trade soars 77% on back of Ukraine crisis Energy exports from the GCC sent its trade with the European Union soaring last year. Trade between the two regions increased to nearly 175 billion euros ($186 billion) last year after the global energy market disruption caused by Russia’s invasion of Ukraine. Trade with the Gulf jumped 77 percent from approximately $124 billion in 2021, […] June 2, 2023
Economy Saudi execs’ sentiment soars despite Q1 earnings slump Sentiment among senior executives at listed Saudi Arabian corporations hit an all-time high in the first quarter of 2023 despite aggregate profits tumbling by more than one-fifth, studies show. Iridium Advisors, which is headquartered in Dubai, conducted an artificial intelligence-based analysis of 1,495 Q1 2023 company earnings calls across the GCC. Business sentiment is how […] June 2, 2023
Opinion Entrepreneurs Six ways to succeed as a startup founder Essential tips for first-time entrepreneurs in the Gulf June 1, 2023
Oil & Gas Analysts’ view on possible Opec+ output cuts The Organization of the Petroleum Exporting Countries with Russia and other allies, or Opec+, meet on June 4 to discuss whether additional oil production cuts should be implemented. The group in early April surprised markets with output cuts of around 1.16 million barrels per day, fueling a rise in prices. But going into the meeting […] June 1, 2023
Aviation Global airlines set to tackle non-CO2 emissions Global airlines are setting up a task force to deal with non-carbon dioxide (CO2) emissions, stepping up efforts to tackle cloudy streaks formed by aircraft known as contrails, an environmental threat that until now has taken a backseat to carbon pollution in the response to global warming. The move comes as the International Air Transport […] June 1, 2023
Oil & Gas Why is Opec+ cutting oil output? Opec and its allies, including Russia, meet in Vienna on June 4 to decide on their output policy. The group, known as Opec+, agreed on April 2 to increase crude oil production cuts to 3.66 million barrels per day (bpd) or 3.7 percent of global demand, after several members pledged unilateral cuts. The surprise announcement […] May 31, 2023
UK Middle East trade commissioner steps down Simon Penney has resigned as the UK’s trade commissioner to the Middle East, as talks over attempts to agree a UK-GCC free trade agreement continue. Penney announced his decision on social media, bringing to an end his five years in the role, saying it was time to “pass the reins on”. “It has been without […] May 29, 2023
Energy Opec+ sends conflicting messages on policy move Top Opec producers and their main allies have given a raft of conflicting messages about next oil policy moves, making it particularly difficult to predict the outcome of the next Opec+ meeting in early June. Remarks by Saudi Arabian energy minister Prince Abdulaziz bin Salman, the de-facto leader of the Organization of Petroleum Exporting Countries […] May 26, 2023
Opinion Aviation Airline alliances? Emirates forges its own flight path Bilateral agreements can be easier to manage and more tightly targeted May 25, 2023
Opinion Economy China-GCC FTA will be a game changer A deal would galvanise Middle Eastern economic transformation May 25, 2023
Analysis Neom Italy woos Saudi and other Gulf nations in trade drive Italy is courting Saudi Arabia to invest in a new fund, as the European country increasingly turns to the GCC to boost trade and investment volumes. Industry minister Adolfo Urso said Saudi was ready for further investments following a video call with the kingdom’s investment minister, Khalid Al Falih. Italy’s prime minister Giorgia Meloni plans […] May 25, 2023
Energy Billions needed to replace crude oil tanker fleet Hundreds of billions of dollars of investment is needed to replace ageing crude oil tankers and avert supply bottlenecks, according to the chairman of the Indian Oil Corporation. Shrikant Madhav Vaidya said this week that an estimated annual $640 billion investment is needed to maintain current supplies and meet projected growing demand. According to the […] May 25, 2023
Analysis Banking & Finance Abu Dhabi tops agencies’ GCC sovereign ratings UAE capital Abu Dhabi is the highest-rated sovereign in the GCC, while Bahrain and Oman are the only sub-investment grade credit ratings, according to the three major US agencies – Fitch, Moody’s and S&P Global. All three ratings agencies use similar systems, although there are differences in the way their ratings are conveyed. In the […] May 24, 2023
