Markets Lulu shrugs off rivals’ stock performance ahead of IPO Lulu Retail Holdings, one of the Middle East’s largest hypermarket operators, has shrugged off the double-digit stock declines of its listed competitors as it kicked off its initial public offering, focusing on its expansion plans. The company is selling a 25 percent stake, and more than 2.5 billion shares are to be offered at a […] October 22, 2024
Trade Former UK chancellor Zahawi calls for UAE trade talks A former UK chancellor has called for the UK to initiate trade talks with the UAE as discussions over a UK-GCC-wide agreement head towards a seventh round. Nadhim Zahawi said a standalone free trade deal between the UK and UAE would “accelerate a full trade agreement” with the UAE, Bahrain, Kuwait, Saudi Arabia, Qatar and […] October 22, 2024
Economy Manufacturing and agriculture drive Oman GDP growth Oman’s economy is continuing to expand off the back of strong non-oil sector growth. In the second quarter of 2024, Omani GDP at current prices rose 2.6 percent, while real GDP grew by 1.9 percent. Much of this growth was driven by the country’s non-oil sector, which rose by 4.2 percent, according to statistics released […] October 22, 2024
Opinion Trade A Trump win would impact Gulf trade and oil markets A rise in protectionism following the US election could trigger a re-ordering of world trade October 21, 2024
Analysis Health Health sector next target for Saudi private equity Private equity is looking to Saudi Arabia’s healthcare and wellness sectors for the kingdom’s next growth areas as it tries to manage a burgeoning young population. Some 60 percent of Saudi Arabia’s 32 million-plus population are under 30, and analysts from research company S&P say the kingdom’s demographics are the main reason for a sustainable […] October 21, 2024
Analysis Logistics Gulf companies can capitalise on spare supply chain capacity Global supply chains have more spare capacity than at any time in the last 14 months – marking a window of opportunity for the Gulf to increase production and cut costs, experts say. Overall global demand for raw materials and commodities has deteriorated, according to the GEP Global Supply Chain Volatility Index, whereas it has remained […] October 18, 2024
Opinion Transport How to make hybrid cars sexy? Call them Ferrari Ferrari's new hybrid is a beautiful car – as it should be for the best part of AED1.4 million October 18, 2024
Analysis Energy Energy security at centre of EU-GCC collaboration The European Union and the GCC held their first summit this week, where they committed to “greater cooperation on energy security, including energy efficiency and renewable energies and hydrogen”, the parties said in a joint statement. The EU wants to strengthen its energy security by cementing ties with the GCC, following European states’ decision to […] October 18, 2024
Editor's Insight Transport Trains, planes and more trains (or metros) Is it finally happening? It was conceived back in 2013 and was supposed to take four years to build but the Riyadh metro looks like it is about to open. To the hard-pressed inhabitants of the Saudi capital, that can only be a good thing. Alternatives to the car and bus – Riyadh has a new […] October 18, 2024
Analysis Markets Gulf stocks steady despite regional geopolitical issues In previous eras, the merest hint of renewed geopolitical tensions or an oil price slump would send Gulf stock markets tumbling. Currently, though, regional bourses are proving resilient despite the spectre of a widening Middle East conflict. Experts attribute this stability to wider and deeper stock markets than during earlier crises, investors’ increasing sophistication, falling […] October 17, 2024
Opinion Oil & Gas Oil’s war risk premium and the GCC capital markets Investors can no longer ignore the imminent IDF-Iran war in the heart of the world's pre-eminent oil province October 17, 2024
EXCLUSIVE Tech Dubai prepares laws to support digital businesses Dubai is preparing to roll out a wave of regulations aimed at supporting small and digital businesses, a government official has confirmed. “We need to recognise that digital business are different from traditional businesses, and we need to treat them as such,” Ahmad Bin Byat, vice chairman of Dubai Chamber of Digital Economy, told AGBI. […] October 17, 2024
Finance Kenya in loan talks with UAE to reduce debt Kenya and the UAE are discussing a commercial loan worth $1.5 billion, according to the Kenyan minister of finance. The loan would have an 8.25 percent interest rate and a seven-year tenor, John Mbadi told a press conference on Wednesday. “This loan is cheaper than the Eurobond we borrowed at 10.7 percent,” Mbadi told the […] October 16, 2024
Trade Inaugural EU summit seeks GCC support to isolate Russia The EU holds its first summit with the Gulf Cooperation Council states on Wednesday, part of a diplomatic push for far-flung friends as it enlists international support to isolate Russia. Since Moscow’s invasion of Ukraine, the 27-member EU has reached out to other regional blocs, holding its first summit with Asean countries and its first […] October 16, 2024
Tourism Las Vegas’s giant Sphere entertainment centre coming to Abu Dhabi A twin of the $2.5 billion 111-metre-tall Sphere entertainment centre in Las Vegas is to be built in Abu Dhabi. Abu Dhabi’s Department of Culture and Tourism (DCT) has signed an agreement with US company Sphere Entertainment to build the venue at an as yet unnamed “prime spot” in Abu Dhabi that will echo the […] October 16, 2024
Leisure & Hospitality ADNH Catering raises $235m from Abu Dhabi listing ADNH Catering has raised AED864 million ($235 million) by selling 900 million shares, or a 40 percent stake, on the Abu Dhabi Securities Exchange (ADX). The final offer price was AED0.96 per share, the top end of the previously announced price range. The market capitalisation on listing will stand at AED2.16 billion. The initial public offering was […] October 16, 2024
Aviation Saudia prepares to launch electric jet service Saudia Airlines’ electric jet plane is the first step towards zero-carbon commercial flights in medium-sized planes, according to its German manufacturer Lilium. Daniel Wiegand, co-founder and chief engineer for innovation at Lilium, said both parties were looking beyond the initial sale of 50 Lilium jets, which Saudia bought for at least $7 million each, with […] October 14, 2024
Analysis Banking and Finance Japanese fund fails to deliver for Gulf investors Eight years ago next week Saudi Arabia became a founding investor in SoftBank’s Vision Fund, pledging $45 billion, and Abu Dhabi soon committed another $15 billion. The creator of the private equity fund, the world’s largest, was Japanese tech guru Masayoshi Son, who, at the time, predicted it would “accelerate the information revolution”. In October […] October 11, 2024
Aviation Kuwait Airways 2023 revenue soars 16% to $1bn Increased passenger volume and flight operations increased revenues at Kuwait Airways by 16 percent in 2023. The topline reached KD335 million ($1.1 billion) last year, as the number of flights soared 26 percent year on year to 32,839, the state-run Kuwait News Agency reported, citing chairman Abdulmohsen Alfagaan. No details were shared on profit or […] October 11, 2024
Opinion Agriculture Food is the hidden frontier in the Middle East conflict The impact of conflict on food production and trade will be felt around the world October 11, 2024
