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
Opinion Banking & Finance The bumpy VC ride continues, but hope is on the horizon The Middle East will be central to investing this year February 1, 2023
Banking & Finance Chauffeur firm gains UAE investor for premium Gulf service Chauffeur operator Blacklane has attracted investment from Dubai conglomerate Gargash Group, as it aims to offer Gulf passengers a more luxurious alternative to ride-hailing apps such as Uber and Careem. Founded in Berlin in 2011, Blacklane is active in around 50 countries. It launched in the Gulf in 2016 and currently operates in Dubai, Abu […] January 31, 2023
Energy Beijing and Brussels ‘go head to head in fight for Mena oil and gas’ The Middle East and North Africa will be one of the main beneficiaries of China’s decision to drop its zero-Covid policy, as Beijing competes with Europe for limited energy resources, according to analysts at Bank of America. “From a macro-perspective, it’s very easy to be bullish on the Mena region,” said Jean-Michel Saliba, a director […] January 30, 2023
Banking & Finance Investcorp to set up ‘multi-billion dollar’ sustainability platform Investcorp has revealed plans to establish a “multi-billion dollar” sustainability platform to capitalise on what co-CEO Rishi Kapoor described as “the most attractive opportunity from an investment perspective that we have seen in a generation”. A report from consultants McKinsey estimates $250 trillion of cumulative spending on physical assets is needed over the next three […] January 30, 2023
Food & Drink Forget ‘Dry January’ – more Gulf drinkers ditching booze all year Dry January, the initiative of abstaining from alcohol for the first month of the year, has become a yearly fixture in many people’s lives since it was launched by Alcohol Change UK in 2013, and the Middle East is no exception. “We definitely see sales increase in the UAE,” Erika Doyle, founder and managing director […] January 27, 2023
Energy Energy giant Halliburton expects Middle East to fuel growth US energy firm Halliburton predicts its international activity will grow at least in the “mid-teens” this year, driven by upcoming works in the Middle East and Latin America. During its latest earnings call the oilfield services company revealed $5.6 billion in total revenue for the third quarter of 2022, up 18 percent from $5.4 billion […] January 27, 2023
Tech Technology is ‘biggest disruptor’ for regional CEOs this year Two-thirds of chief executives in the Middle East view technology as having the biggest potential to disrupt their businesses in 2023 and beyond, above supply chain, regulations, energy and other issues. For its latest annual CEO Survey, PwC asked 4,410 chief executives across 64 countries the extent to which a range of potential disruptions would […] January 27, 2023
Banking & Finance ‘Pent-up demand’ to lift GCC markets, says law firm boss Appetite for GCC debt and equity will pick up this year after a sluggish 12 months, as investors take comfort in a more predictable interest rate environment and the region’s relative political calm. That is according to Jonathan Fried, Middle East managing partner of global law firm Linklaters, who took over the reins heading up […] January 27, 2023
Analysis Banking & Finance Bargain buys and law reforms tipped to drive deal-making When Oman Qatar Insurance and Vision Insurance signed a merger pact in December, it rounded off a busy year of M&A activity in the Middle East. The proposal, which is still subject to approval from regulators and shareholders, was one of hundreds of deals struck across the region. Global law firm Norton Rose Fulbright predicts […] January 25, 2023
Economy UAE and Saudi economies to slip this year on lower oil demand Economies in the six-member Gulf Cooperation Council (GCC) will grow this year at half the rate of 2022 as oil revenues take a hit from an expected mild global slowdown, according to the median view from a Reuters poll of economists. Crude oil prices, a major driver for Gulf economies, are down more than a […] January 25, 2023
