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Amaala Coastal Development Cultural Village

Gulf hospitality market banks on hotel-building surge

Following the chaos of Covid and a surge in visitors for the Fifa World Cup and Expo 2022, the Gulf hospitality market might have been expected to return to a period of relative normality. But major tourism investment drives are afoot as GCC states seek to further diversify their economies.  Almost 170,000 hotel rooms are […]

Opec warns market volatility caused by IEA comments

Opec secretary general Haitham Al Ghais said the International Energy Agency (IEA) should be “very careful” about discouraging investment in the oil industry, which was vital for global economic growth. Such comments could lead to oil market volatility in future, he said. Al Ghais also said that the Organization of the Petroleum Exporting Countries (Opec) […]

HSBC Middle East

HSBC Middle East gets a regional reshuffle

Abdulfattah Sharaf has been appointed chairman of the board of HSBC Bank Middle East while the regional reshuffle will see him succeeded as CEO of operations in the UAE by Mohamed Al Marzooqi. Sharaf has served as HSBC UAE CEO for 13 years, combining this with overseeing the bank’s operations in Algeria, Bahrain and Kuwait […]

Architecture, Building, Cityscape

Construction titan to cement its place in the GCC

Construction company Besix Group has revealed plans to further expand across the GCC as the region embraces public-private partnerships for key projects. The Belgian-French group, which is based in Brussels, is one of the world’s leading international contractors and announced on Wednesday a 20-year high in turnover of over $3.7 billion in 2022. Bexis said […]

Food inflation across Mena countries rose by an average of 29% year-on-year

GCC economies to grow at much slower pace in 2023  

The Gulf Cooperation Council (GCC) economies will grow at a much slower pace in 2023 than last year as expectations for muted gains in crude prices and oil production cuts take a toll on revenues, a Reuters poll found. Oil prices have spiked nearly 20 percent since they hit this year’s low of about $70 […]

Arab banks UK property bond street

Arab banks tighten lending for Gulf-UK property investors

Middle East banks are reviewing lending criteria for GCC clients in the UK, responding to high interest rates and a trend towards investors diversifying portfolios to capture better yields.  For several years – and especially since interest rates shot up in the past 12 months – yields in sectors traditionally popular with Gulf investors, such […]

Opec’s share of Indian oil imports hits lowest in 22 years

Opec’s share of India’s oil imports fell at the fastest pace in 2022/23 to the lowest in at least 22 years, as intake of cheaper Russian oil surged, data obtained from industry sources show, and the major producers’ share could shrink further this year. Members of the Organization of the Petroleum Exporting Countries (Opec), mainly […]

Qatar stock exchange

Domestic markets best for Mena investors, says expert

Gulf stock markets bucked a worldwide trend in 2022. While the MSCI Emerging Market index lost 20 per cent over the year and global stock and bond markets were engulfed by gloom, equity benchmarks in Saudi Arabia and Abu Dhabi reached multi-year peaks in May and November, respectively. This year the mood has been more […]

Tech layoffs Middle East Video length: 03:47
  • Video

Middle East tech sector’s hire and fire conundrum

The mass layoffs in the global tech sector last year were the highest since the dot-com bubble burst in 2001, but they are not necessarily a reflection of the job market globally or in the Middle East, according to a Dubai-based digital transformation and Web3 expert. “The layoffs only constitute 10 percent of all the […]

Russia's Yamal LNG project attracted interest from Gulf investors – and may do so again

Ukraine ceasefire will unlock billions in Gulf-Russia deals

GCC investors shelved a potential $15 billion of investments in Russia when Moscow invaded Ukraine, but companies are said to be quietly resuming due diligence in the hope of tying up deals when a peace accord is reached.   These possible Gulf-Russia deals are mainly in the oil and gas, transport, logistics and agricultural sectors, according […]

GCC consulting market to exceed $4 billion

The GCC consulting market is expected to pass $4 billion in revenues this year, as the huge raft of giga-projects continue to transform the region. According to a report from UK research firm Source, the region’s consulting sector witnessed almost 16 percent growth in 2022 to reach $3.87 billion. Dane Albertelli, research analyst at Source, […]

As consumer spending on smartphones and laptops drops due to inflationary pressures, spending by businesses on data centre systems is also set to fall by 3.5% this year

Mena IT spending to lag behind global average

IT spending across the Middle East and North Africa is forecast to drop below the global average this year as rising inflation dents consumer spending. While global growth in IT spending is expected to hit 5.5 percent by the end of this year, predictions for the Mena region show just a 2 percent increase, according […]

Ramadan flights to and from GCC states such as Qatar are down on pre-pandemic levels

Ramadan travel still falling short of pre-pandemic highs

Ramadan travel from the GCC is up on 2022 levels in many member states, but is still lagging behind the heights enjoyed by the industry in 2019, before the Covid-19 pandemic, according to a sector professional. Olivier Ponti, vice president of insights at London-based global travel data and analytics firm ForwardKeys, revealed outbound flight bookings […]

Food inflation across Mena countries rose by an average of 29% year-on-year

Mena inflation to remain ‘uncomfortably high’

Inflation in the Middle East and North Africa is to remain “uncomfortably high” for the foreseeable future, according to a leading banking expert. Headline inflation across the 16 Mena economies increased on average to 19.4 percent year-on-year between March and December last year, as reported by the World Bank in its most recent economic update. […]

Opec flags risks to summer oil outlook amid shock cut

Opec has flagged downside risks to summer oil demand as part of the backdrop to output cuts announced this month by Opec+ producers, shedding some light on the factors behind the surprise move that has led to a rise in oil prices. Some members of the organisation, which includes Opec, Russia and others, announced new […]

racing car
  • Analysis

GCC and Japan move into fast lane for trade growth

When Abu Dhabi announced the launch of the world’s largest autonomous racing league last month, it was with a significant nod to trade with Japan. Aspire, an arm of the emirate’s Advanced Technology Research Council, unveiled plans to host the first autonomous car race next year, featuring the Dallara-built Super Formula cars exclusively provided by […]

People, Person, Shop

IMF tempers GCC economic growth forecast

Economists believe the outlook remains “slightly optimistic” despite the International Monetary Fund downgrading its forecast for GCC economic growth and oil prices continuing to weigh heavily on future forecasts. Higher interest rates, rising inflation, increased uncertainty across the banking industry, the ongoing pressures caused by the war in Ukraine, and increased US-China tensions have combined […]

The Mena aviation sector needs more baggage handlers, mechanics and pilots Video length: 03:07

Labour woes and debt clip the wings of Mena aviation

Labour shortages, high interest rates and sustainability challenges are the most pressing concerns facing both the global and Mena aviation sectors in the post-pandemic environment, says Hugo Santo, partner at McKinsey and Co. Travel trade body the International Air Transport Association recently reported that total traffic in February 2023 rose 55.5 percent year-on-year, and Middle […]

Doctors in a hospital operating theatre

UK pharma startup targets Gulf for future IPO

UK pharmaceutical startup Ambrose Healthcare has revealed plans for a stock market listing in the Middle East. Ambrose Healthcare aims to provide treatments for rare diseases and address the unmet needs of patients in hospital or specialist care facilities. The Cambridge-based company is undertaking a six-month “small fundraising” of £1 million, and has so far […]