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
Energy Opec+ panel unlikely to tweak oil policy at February 1 meeting An Opec+ panel is likely to endorse the producer group’s current oil output policy when it meets next week, five Opec+ sources have said, as hopes that improved Chinese demand would drive an oil price rally were balanced by economic concerns. Ministers from Opec and allies led by Russia, known collectively as Opec+, meet virtually […] January 25, 2023
Banking & Finance Gulf stock markets rise with optimism about China’s economy Gulf stock markets closed higher on Tuesday on expectations of economic recovery in the world’s second largest economy, China, and smaller interest rate hikes from the US Federal Reserve. The Fed will end its tightening cycle after a 25-basis-point hike at each of its next two policy meetings and then likely hold interest rates steady […] January 24, 2023
Analysis Mena tech firms can plug skills gap by scooping up global talent Technology companies in the Middle East are in prime position to attract top talent from around the world as some of Silicon Valley’s biggest names make massive job cuts, according to recruitment consultants. Google’s parent company Alphabet, Microsoft and Amazon have all unveiled large-scale redundancy programmes since the start of January. About 40,000 jobs will […] January 24, 2023
Analysis Korea prospects high as President Yoon courts GCC free trade deal Negotiations are continuing on a free trade deal with GCC countries which will make “enormous contributions” to expanding relations, South Korea’s President Yoon Suk Yeol has said. “I hope that the Korea-GCC FTA will become a forward-looking agreement that contributes to our two countries’ joint endeavours of responding to new challenges including climate change, supply […] January 24, 2023
Analysis Economic success for Menap hinges on greater regional trade Many countries in the Middle East, North Africa, Afghanistan and Pakistan (Menap) region are enjoying growth, but new research has found that intra-regional exports account for only 2.9 percent of total gross domestic product. This compares to a global average of 7.9 percent, and 22 percent across the European Union (EU), Norway, Switzerland and the […] January 24, 2023
Analysis Business of Sport Middle East continues to dominate football’s rich list Nine of the top 20 clubs in football’s rich list have investment links to the Middle East – and analysts are predicting that Gulf ties will increase in the next few years. Abu Dhabi’s Manchester City retained the No 1 spot in the latest edition of the Deloitte Football Money League, with revenue of €731 […] January 23, 2023
Banking & Finance Payments firm optimistic after World Cup and Saudi launch Digital payments giant Network International expects to find its revenues grew by more than a quarter in 2022 following the expansion of operations in Saudi Arabia, Egypt and Africa. Preliminary audit results will be released in March but the company believes earnings for last year will reach $438 million. The Dubai-based firm, which operates in […] January 23, 2023
Analysis Middle East on a roll as fastest growing theme park market The Middle East and North Africa is set to be the fastest-growing region for investment in amusement parks, as developing economies create attractions to lure visitors. Consumer spending at theme parks and related destinations in the Mena region is projected to grow at an annual rate of 10.9 percent, from $282 million in 2019 to […] January 23, 2023
Banking & Finance OPEC development fund raises $1bn with first-ever bond The OPEC Fund for International Development, a development institution established by the Organization of the Petroleum Exporting Countries nearly 50 years ago, has raised $1 billion by selling its first-ever bond. With the money earmarked for food security, healthcare, infrastructure, education, employment and renewable energy projects, the three-year bond, which will pay investors an interest […] January 22, 2023
Opinion Next New Zealand PM must prioritise trade with Middle East New Zealand businesses in the region hope Jacinda Ardern's successor will focus on Middle East trade relations January 20, 2023
Exclusive Banking & Finance Mena is Binance’s fastest growing region for institutional investors Binance reported a 34 percent rise in the number of new Middle East and North Africa institutional investors adopting its cryptocurrency technology during the last quarter of 2022, the highest growth of all regions. The world’s largest crypto exchange attributed the results to strong appetite for digital banking and financial solutions in the region. This […] January 20, 2023
