Banking and Finance Private credit fund looks for $250m from Gulf investors Ruya Partners, which describes itself as the Gulf’s first partner-owned private credit provider, aims to raise $250 million from investors by mid to late 2024, senior executive Omar Al Yawer has revealed to AGBI. The Abu Dhabi business says regional sovereign wealth funds have become more amenable to investing in the private credit sector. Private […] June 11, 2024
Analysis Health Wearable tech shoppers track price as well as health Gulf consumers who are interested in wearable tech – smart watches, rings, glasses and implants – are opting for mid-range gadgets rather than premium devices, industry experts have told AGBI. Dubai retailer Jumbo Electronics reported 50 percent year-on-year growth in the AED600-1,000 (about $163-$272) price segment in the first four months of 2024. The AED1,000-1,500 […] June 10, 2024
Analysis Finance Agriculture startups failing to cultivate VC interest Agriculture technology founders in the Gulf are having to resort to alternative sources of funding, as interest from venture capital entities dries up. The region is following a global trend. Startups in so-called “agtech” cumulatively raised $1.2 billion across 161 deals in the first quarter of this year, down almost 26 percent and 20 percent […] June 10, 2024
Logistics Dispute forum vital for trade corridor to work, says law officer A robust forum for resolving disputes will be vital to the success of the planned India-Middle East-Europe Corridor, a senior official from the Indian Supreme Court told delegates at an event in Abu Dhabi. Seven countries signed an agreement during the 2023 G20 Summit in New Delhi to establish an economic corridor connecting the Middle […] June 7, 2024
Analysis Construction Gulf construction sector rethinks contract terms as costs rise The Gulf’s construction industry is rethinking the developer-contractor relationship, and procurement and supply chain management, to stay ahead of rising prices of materials and transport bottlenecks as a result of geopolitical volatility. “We are in a part of the world that is very conducive to finding alternatives,” Imad Itani, head of innovation at the Dubai […] June 7, 2024
Analysis Oil & Gas Gulf oil producers anticipate peak in Chinese demand In any discussion of the outlook for oil prices, Chinese demand always features largely. For the Gulf this is particularly crucial. China is the main off-taker of Saudi, Iraqi, Omani, UAE and Kuwaiti crudes. At the weekend, Opec+ again committed to rolling over oil supply cuts to support crude prices but analysts say its efforts […] June 5, 2024
Analysis Economy 642 million votes counted … now India can get back to business Narendra Modi has claimed victory in India’s election – and many in the Gulf will be delighted at the prospect of a third Modi term. The prime minister’s pro-business credentials and economically liberalising tendencies remain credible, if battered, after 10 years in office. His Bharatiya Janata Party did not perform as well as expected, however, […] June 5, 2024
Real Estate Trump’s convictions no problem in Gulf, says Saudi partner Donald Trump’s felony convictions in New York last week are not a deterrent to his potential business interests in the Gulf, a leading Saudi developer has said. Trump became the first former US president to be convicted of felony crimes on May 30 when a New York jury found him guilty of all 34 charges […] June 4, 2024
Opinion Trade The GCC will benefit from a US-China chill The Gulf's expanding strategic links with Asia mean higher growth at home June 4, 2024
Oil & Gas Opec+ extends output cut into 2025 but ups UAE quota Opec+ has agreed to extend its existing crude output cuts into 2025 in a bid to shore up crude prices which are under pressure from surging North American supply. Opec said in a statement on Sunday that it was extending voluntary cuts of 1.65 million barrels per day (bpd) for all members, announced in April […] June 3, 2024
Energy Opec+ to discuss oil output cuts in Riyadh on Sunday Opec+ oil ministers are scheduled to gather in Riyadh on Sunday to discuss the possible extension of their oil production cuts pact, according to a news report. The members are expected to consider rolling over some or all of the cuts of 3.66 million barrels per day (bpd) into 2025 and some or all of […] June 2, 2024
Oil & Gas Opec optimistic about oil demand through to 2025 Opec continues to expect strong oil demand growth this year and next as the world economy remains resilient, the group’s chief said. “For 2024, oil demand growth is at 2.2 million barrels per day, with total global demand anticipated to average 104.5 million bpd,” Haitham Al Ghais, the secretary general of Opec, the Organisation of […] May 28, 2024
Analysis Trade Diplomacy and trade to fore as China woos GCC leaders It’s quite a coup. Hu Jintao (still with us) must be feeling vindicated. The heads of four Arab states are in Beijing to attend the China-Arab States Cooperation Forum, which Hu founded in 2004 to bring together China and the Arab League. Xi Jinping, Hu’s successor as leader of the Chinese Communist Party (CCP), will […] May 28, 2024
Markets Stock prices of Gulf companies surge after IPOs Most Gulf companies that completed initial public offerings (IPOs) recently have seen their market capitalisation soar, with issuers pricing flotations adroitly to bolster investor demand for their stocks after listing. From the start of 2023 there have been 20 Gulf IPOs that raised at least $100 million. Combined, these sold $11.2 billion of shares. As […] May 28, 2024
Opinion Finance A Labour government should not frighten the horses The UK general election is likely to mean changes, but Gulf citizens need not be too worried May 27, 2024
Trade Indian investment in GCC falls despite increased trade Investment from India into Gulf countries has dropped considerably despite growth in bilateral trade due to the country adopting a more protectionist approach. Trade between India and the group of six GCC countries – Bahrain, Kuwait, Qatar, Oman, Saudi Arabia and the UAE – reached almost 16 percent of the country’s total in the last […] May 27, 2024
Opinion Trade The next UK government must prioritise a GCC trade deal With an impending election, government-to-government relations are critical May 24, 2024
Banking and Finance Gulf banks face margin squeeze as funding costs rise Gulf banks are likely to offer more attractive rates on savings accounts to woo depositors, putting more pressure on lenders’ already tight net interest margins, a report suggests. The move towards higher interest rates for savers is predicted to become more pronounced as expectations of imminent rate cuts by the US Federal Reserve fade. Benchmark interest […] May 23, 2024
Opinion Finance Lessons for the Gulf’s insurance industry from April’s extreme weather Clearer insights into these phenomena will help enable organisations to prepare and protect themselves May 21, 2024
Video length: 4:19 VIDEO Leisure & Hospitality GCC hoteliers unfazed by rising costs As global inflationary pressures continue to vex businesses, hospitality chains are faced with a choice: increase room rates or sacrifice profit margins. GCC hoteliers seem to be opting for squeezing profit margins rather than increase room rates, even as geopolitical tensions and supply chain challenges threaten to push up costs. Average daily rates (ADR) in […] May 21, 2024
