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GCC

UK body spray maker Confetti maps Gulf expansion

Gulf countries may be synonymous with luxury but there’s a gap in the fragrances market for lower cost products, according to Ori Leslau, founder and chief executive of Confetti Group. The UK company is about to launch in the UAE, then in Saudi Arabia later this year.  Marketed as “perfume in a can”, Confetti’s products […]

Opec raises 2023 oil demand growth on China’s reopening

Opec has raised its 2023 global oil demand growth forecast in its first upward revision for months, following China’s relaxation of Covid-19 restrictions. It has also trimmed supply forecasts for Russia and other non-Opec producers, pointing to a tighter market. Global oil demand will rise this year by 2.32 million barrels per day (bpd), or […]

This solar array powers a hotel in Wadi Rum, Jordan. The kingdom ranks first in the Arab world for renewables contribution to electricity

Gulf ‘needs to pick up pace’ to hit 2030 solar energy goals

The Middle East’s solar power industry has come a long way, but it needs to work faster if the region is to meet its energy transition targets, according to the Mesia Solar Outlook Report 2023. Romain Riche, international development director at Mesia (Middle East Solar Industry Association), told AGBI that the key challenges were accelerating the […]

Bottle, Perfume, Cosmetics

Gulf fragrance market strikes the right note

Some of the Middle East’s biggest perfume makers, including Chalhoub Group and Ajmal Perfumes, are ramping up global growth plans as traditional Arabic scents gain in popularity abroad.  Luxury brands franchisee and distributor Chalhoub is close to striking deals to export its own fragrance brand, Ghawali, to countries including the UK and France. The first […]

An energy worker in Tanzania. The Opec loan will be used to boost access to energy across Africa

Opec Fund agrees $50m loan to support Africa’s infrastructure

The Opec Fund for International Development (Opec Fund) and Africa Finance Corporation have signed a $50 million loan agreement to finance infrastructure development critical to economic growth and job creation across the continent. The proceeds of the 10-year loan will be used to improve connectivity, transport, logistics and trade, as well as boost access to […]

People, Person, Woman

PIF’s $5.5bn green bond sets tone for ‘strong pipeline’ in Mena

Saudi Arabia’s sovereign Public Investment Fund has raised $5.5 billion through its latest green bond issuance, supporting expectations of a strong year for sustainable bonds in the Middle East.  The issuance was more than six times oversubscribed – with books exceeding $33 billion – and will be used to finance or refinance eligible green projects, […]

Oil rebound more likely in 2023 with $100 a barrel possible

Oil may resume its rally in 2023 as Chinese demand recovers after Covid curbs were scrapped and lack of investment limits growth in supply, OPEC country officials told Reuters, with a growing number seeing a possible return to $100 a barrel. In 2022, oil soared above $100 for the first time since 2014 as demand […]

Crypto exchange auBinance has held workshops with Dubai Police and authorities across the GCC to increase learnings around crypto crimedit and investigations departments are tackling crypto transaction crimes

Binance focuses on security as crypto crimes hit $20bn

Cryptocurrency crime reached a record $20.1 billion last year according to blockchain analysis company Chainalysis, but Binance’s security chief says this is still little compared to traditional financial scams. Nils Andersen-Röed, deputy head of financial crime compliance at Binance, argues the sum must be put into context. “There seems to be a misconception about the […]

Hong Kong stock exchange

Hong Kong exchange courts Middle East companies

The Hong Kong stock exchange has renewed its efforts to attract listings by Middle East companies, including Saudi Aramco. Christopher Hui, secretary for financial services and the treasury in Hong Kong, confirmed interest from Middle Eastern companies during a week-long tour of the region by a 30-strong delegation. The tour aims to promote Hong Kong […]

DP World Africa

Partnerships will unlock Africa potential, says DP World CEO

More partnerships are required to break down barriers to private sector investment in Africa, according to the CEO and chairman of Dubai trade enabler DP World. Speaking at the second Dakar African Infrastructure Financing Summit in Senegal, Sultan Ahmed Bin Sulayem urged more collaboration to address the challenges slowing the continent’s development. He said that […]

Boat, Vehicle, Transportation Video length: 00:46
  • EXCLUSIVE

US space balloon pioneer seeks Middle East partners

A company planning to launch commercial balloon flights to the edge of outer space in late 2024 is seeking partners in the Middle East. Space Perspective, which is headquartered at the Kennedy Space Centre in Florida, is looking to build “strong, longer-term, strategic partnerships” with regional tech firms and investors, according to Jane Poynter, founder […]

sun, pool, sky, sea

Dubai’s Sunset shines bright on global hospitality stage

Sunset Hospitality Group has $35 million to invest, and global expansion is top of its agenda. After securing the funding from Goldman Sachs Asset Management in November, the company, which is based in Dubai, is targeting the UK, US, the Mediterranean and Asia. “By the end of 2023 we hope to open a further 20 […]

Crowd, Person, Man

Opec chief says collective decision to cut output was ‘the right move’

Opec secretary general Haitham Al Ghais said the collective decision to cut output in October was the right move and added that credit should be given to the Opec+ alliance for its constructive role in supporting global market stability. “Due recognition should be given for our constructive and positive role in supporting global market stability […]

A 2021 match in League 2 – the old fourth division. The white paper will reportedly apply to the top five tiers of English football

English football ‘shake-up’ will not deter Middle East investors

A shake-up of ownership rules in English football is unlikely to put off Middle East investors, industry analysts have said. On Thursday, British tabloid The Sun reported that it had seen a leaked copy of the UK government’s football white paper, stating that takeovers of football clubs could be blocked if the prospective owners could […]

A Saudi trader monitors stocks. The $44bn borrowing figure for January 2023 surpasses the previous peak of $33bn, reached in January 2018

Saudi tops emerging markets with $10bn bond issuances

A roaring start to the year for debt issuance has helped lift sovereign emerging market bond sales to a record $44 billion peak in January with investors keen to deploy piles of cash. So far investment-grade-rated Saudi Arabia is the largest borrower, having sold $10 billion of dollar bonds this year. Nearly $40 billion of […]

Coat, Clothing, Person

Aramco-backed Insilico opens new lab to ‘extend human life’

Insilico Medicine, the Hong Kong-based Aramco-backed health technology company, opened its eighth global laboratory this week at Abu Dhabi’s Masdar complex. The lab aims to support Middle East efforts to find new drugs that prolong human life. “My hope for the region is that it realises it can be a big player in drug discovery,” […]

Startup academy

New academy to help Mena startups tap into Africa

As competition within the Middle East’s startup sector intensifies, a new academy is offering free advisory services, especially those looking to scale up in the African market. The DAI Magister Academy, founded last summer by boutique investment bank DAI Magister, has already helped several startups in Africa. It now hopes to develop across the Mena […]

Fossil fuels should stop being subsidised, says Dr Nasser Saidi

GCC ‘must impose carbon tax’, says clean energy chief

GCC countries should introduce a carbon tax and reduce subsidies for fossil fuels as part of the fight against climate change, Dr Nasser Saidi, chairman of the Clean Energy Business Council (CEBC), has said. Speaking at the 10th annual CEBC summit, Dr Saidi said: “Subsidies in our part of the world are among the highest […]

Opec+ sticks to oil output on hopes of higher Chinese demand

An Opec+ panel endorsed the oil producer group’s current output policy at a meeting on Wednesday, leaving production cuts agreed last year in place amid hopes of higher Chinese demand and uncertain prospects for Russian supply. Ministers from Opec+ countries – members of the Organization of the Petroleum Exporting Countries and others including Russia – […]

Building, City, Town

Most GCC central banks except Qatar mirror Fed rate hike

Most central banks across the Gulf raised key interest rates on Wednesday after the US Federal Reserve increased its target interest rate by a quarter of a percentage point, although Qatar opted to hold. The Fed raised its target interest rate by 25 basis points (bps), signaling a more dovish stance after a series of […]