Manufacturing 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 […] February 14, 2023
Banking & Finance 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 […] February 13, 2023
Banking & Finance 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, […] February 13, 2023
Energy 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 […] February 12, 2023
Banking & Finance 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 […] February 10, 2023
Opinion Employment Stocks up, manpower down as big tech marches towards blockchain Decentralised business models will inevitably be adopted as major players get tough February 10, 2023
Markets 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 […] February 10, 2023
Logistics 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 […] February 10, 2023
Opinion Employment Looking for trouble? How to create the right kind of conflict The right inclusion strategies bring conflict and that’s no bad thing February 9, 2023
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 […] February 9, 2023
Exclusive Tourism 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 […] February 8, 2023
Energy 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 […] February 7, 2023
Business of Sport 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 […] February 6, 2023
Markets 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 […] February 3, 2023
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,” […] February 3, 2023
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 […] February 3, 2023
Energy 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 […] February 3, 2023
Energy 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 – […] February 2, 2023
Banking & Finance 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 […] February 2, 2023
Economy High inflation boosts demand for gold Demand for gold coins, bars and jewellery soared in the Middle East last year, according to the World Gold Council. In 2022 demand for gold coins and bars in the Mena region surged 42 percent year-on-year to 77.8 tonnes, the highest annual total since 2018. “Egypt, Qatar, Iraq, the UAE and Oman significantly boosted their […] February 1, 2023
Construction Gulf project contracts to hit $110bn this year A combined $110 billion worth of project contracts are expected to be awarded in the GCC this year, with Saudi Arabia accounting for more than half of the total as it ramps up its Vision 2030 economic diversification plans. Saudi Arabia make up $64 billion of the combined value, followed by the UAE ($23 billion), […] February 1, 2023
Analysis Banking & Finance Middle East stock markets set to continue strong run of IPOs The stock markets in the Middle East and North Africa are preparing for a strong pipeline of initial public offerings (IPOs) in the coming months. Bourses across the region are looking to build on the success of 2022 when it saw a record number of 51 IPOs and combined proceeds of $22 billion. Abu Dhabi […] February 1, 2023
