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
Tourism Middle East beats pre-pandemic tourism numbers The Middle East has become the first region to return to pre-pandemic tourism levels for a full quarter, according to the UN World Tourism Organisation. In the first three months of 2023, international visitor arrivals to the Middle East were 15 percent higher than in the same period of 2019, the UN agency said. The […] May 24, 2023
Opinion Food & Drink The Arab world needs to ease global food trade barriers The region must embrace food imports May 23, 2023
EXCLUSIVE Lifestyle McLaren gears up for Middle East supercar spending spree McLaren is aiming to double supercar sales in the Middle East and Africa this year, largely driven by demand in the UAE and the arrival of its Artura hybrid model. The carmaker, which is based in Woking in the UK and has Bahrain’s sovereign wealth fund Mumtalakat as its largest shareholder, expects Dubai to be […] May 23, 2023
Energy Indian oil refiner balances Gulf and Russian suppliers The Indian Oil Corporation remains committed to term contracts with the Middle East, but increased Russian imports have impacted spot purchases from the region. “Spot purchases have gone down because somewhere there has to be a dip to accommodate the Russian oil,” said the company’s chairman Shrikant Madhav Vaidya at the 30th annual Middle East […] May 22, 2023
Opinion Energy Opec+ ponders whether to stick or twist April's output cuts appear to have had the desired effect, but the oil alliance may yet cause another surprise May 22, 2023
Health Gulf insurers paid out only $80m in Covid death claims Gulf insurance firms paid out only around $80 million in Covid-19 death-related claims over the last three years, according to AGBI calculations based on industry data. The low amount in the Gulf reflects the low uptake of life insurance policies in the region, where the average life insurance penetration is only 0.1 percent compared with […] May 19, 2023
Analysis Food & Drink Champagne sales in the Gulf fizz by 91% World Cup fans and wealthy expats led to Champagne imports to the Gulf almost doubling in 2022. After a strong marketing push by French producers helped luxury bubbly become more mainstream, the number of bottles of Champagne shipped to the region surged 91 percent last year. Comité Champagne, the industry body representing French producers, told […] May 18, 2023
Analysis UK debates merits of GCC bloc trade versus separate deals The UK’s International Trade Committee has voiced doubts about the country’s ability to strike a free trade deal with the GCC. As negotiations approach a fourth round, a new report from the cross-party committee that scrutinises spending policies of the Department for International Trade raised a number of issues. These include differing net-zero targets, agri-food […] May 18, 2023
Exclusive Banking & Finance Gulf warms to outsourced investment market A growing number of Gulf businesses and wealthy individuals are outsourcing their investment management, experts have told AGBI. Market volatility and a desire to invest in more complex assets are pushing up demand for outsourced chief investment officer (OCIO) services, they said. The Gulf’s increased focus on governance and compliance – plus a recognition that […] May 17, 2023
Economy Gulf is ‘ideal playground’ for surging French investment France aims to boost its investment relationship with the GCC region by hosting an inaugural Vision Gulf event in Paris next month. The flagship conference organised by Business France, the country’s national trade agency, aims to promote increased collaboration between Middle East-based investors and French corporates. Taking place on June 13-14 at the French Ministry […] May 15, 2023
Analysis Business of Sport US sports the latest goal for Mena investors The $500 billion American sports market could be the next target for Middle East investors, analysts have said, as two more NBA teams unveil plans to play pre-season games in the UAE. The Dallas Mavericks will face the Minnesota Timberwolves at the Etihad Arena in Abu Dhabi in October this year. They follow in the […] May 14, 2023
Energy Opec holds 2023 global oil demand forecast steady Opec’s global oil demand forecast for 2023 was held steady for a third month on Thursday, as the producer group cited the potential Chinese growth to be offset by downside economic risks elsewhere such as the US debt ceiling. World oil demand in 2023 will rise by 2.33 million barrels per day (bpd), or 2.3 […] May 12, 2023
Opinion Tech The Gulf must pair its digitalisation goals with cybersecurity Governments and businesses need to do more to protect their digital assets May 11, 2023
Markets Mena IPO pipeline ‘healthy’ after fall in Q1 listings A “healthy pipeline” of initial public offerings lies ahead for the remainder of this year, experts have told AGBI, despite a fall in Middle East and North African listings in the first quarter. According to the EY Mena IPO Eye Q1 2023 report, the quarter saw 10 stock market listings with combined proceeds of $3.4 […] May 10, 2023
Analysis Construction GCC construction dilemma as Saudi ‘sucking up’ skilled talent Saudi Arabia’s huge construction projects are luring workers out of neighbouring countries in the GCC and resulting in skills shortages, say experts and builders. Construction executives in the UAE and Oman in particular have voiced concerns about the overall resource demands of the region as Saudi Arabia’s market continued to show strong growth during the […] May 10, 2023
Video length: 01:46 Video Economy Recession is not ‘top of mind’ for CEOs in the Gulf Long term growth is the name of the game for CEOs in the GCC, while some of their counterparts in the US and Europe prepare for a recession. The IMF expects 2023 to be the weakest year for global growth since 2009, outside of the coronavirus pandemic year of 2020. However, the outlook is divergent, […] May 10, 2023
