Opinion Renewable Energy The GCC needs to make green upskilling a priority A speedy and successful energy transition needs a retrained workforce – Gulf leaders must act now November 28, 2023
Logistics Last-mile delivery drives growth in logistics sector Last-mile delivery is recording strong growth in the Mena logistics sector, which itself is receiving substantial funding in the region. Logistics was the third highest-funded sector in the Mena region last year, amounting to $362 million, according to data from advisory service and investor Wamda. Wize, a logistics startup in Dubai which specialises in last-mile […] November 28, 2023
Real Estate London’s suburban real estate moves Middle East investors While central London property retains its allure for ultra-high-net-worth individuals from the Gulf Cooperation Council (GCC) countries, cash buyers are flocking to the outskirts of the UK capital to snap up investment properties. A survey of GCC high-net-worth individuals by London-based shariah-compliant lender Al Rayan Bank found that a third of respondents said they had […] November 28, 2023
EXCLUSIVE Logistics Shipping industry calls for ‘fair access’ to clean fuel Access to clean fuel is the biggest obstacle to the global shipping industry achieving its decarbonisation goals, but the Gulf region could play a key role in addressing this, according to the head of the International Chamber of Shipping (ICS). The high-emitting shipping sector has historically burned “the kind of fuel nobody else wants” – […] November 27, 2023
Energy Morgan Stanley expects Opec to rein in output Morgan Stanley says prices of each barrel of Brent crude are likely to be supported at a level in the mid-$80s as it expects producer group Opec to continue to restrain production and stabilise oil inventories broadly at present levels. Oil prices kept in a narrow range on Wednesday, with the market awaiting news on […] November 23, 2023
Trade UK-GCC free trade deal is still best bet, says minister Britain’s investment minister has told AGBI he still supports a free trade agreement between the UK and the GCC, despite the protracted negotiations and calls for Gulf states to strike bilateral deals instead. Speaking on the sidelines of the Arab British Economic Summit in London on Monday, Dominic Johnson, a minister of state in the […] November 22, 2023
Sustainability Shoppers ‘will pay premium for sustainable products’ Consumers are willing to pay more to be sustainable, a study has found, even as most businesses remain far from meeting their environmental goals. A survey of 23,000 global consumers by management consultancy Bain & Company found that 64 percent of respondents reported high levels of concern about the environment. Most said their worries had […] November 21, 2023
Energy Japanese trade body expects Opec+ to extend supply cuts The head of Japan’s oil industry body said on Monday he expects Opec+ to extend its supply curbs after December to support oil prices. Opec+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, is set to consider whether to make additional oil supply cuts when it meets on November […] November 21, 2023
Economy US-China tensions among risks facing Middle East The divide between China and the US is one of the top five global risks facing businesses in the coming year, according to consultancy Control Risks. But commentators said the Middle East would continue to engage economically and politically with both superpowers, with little negative impact on trade flows. Control Risks’ annual “RiskMap” forecast highlights […] November 20, 2023
Oil & Gas GIC buys stake in UAE pipeline inspection firm Kuwait-based Gulf Investment Corporation (GIC) has acquired a significant minority stake in Pipecare Group Holding, a major provider of pipeline inspection services. A joint statement from GIC and UAE-based Pipecare Group on Monday said the transaction was completed in Abu Dhabi on November 15. It did not give details of the size of the stake, […] November 20, 2023
Transport GCC railway sets 2030 operational target The long-awaited GCC railway network will be operational by December 2030, it has been announced. The target date was agreed by the Committee of GCC Ministers of Transport and Communications at a meeting in Muscat, Oman on Thursday. The 2,117km route will connect key cities in each of the six member states. The long-awaited GCC […] November 17, 2023
Opinion Economy A looming US fiscal crisis could hit the Gulf hard US debt and its impact on dollar interest rates could squeeze GCC economies November 13, 2023
DUBAI AIRSHOW Aviation Gulf’s low-cost carriers fuel demand for smaller aircraft The number of single-aisle aircraft in the Middle East is expected to more than double in the next 20 years on the back of a predicted rapid expansion for low-cost carriers and short-haul networks. By 2042, nearly half of the planes operating in the region will be single-aisle jets, according to a commercial market outlook […] November 13, 2023
Finance Turkey’s trade with GCC soars 11-fold in two decades Turkey’s bilateral trade with the Gulf Cooperation Council (GCC) countries surged to $22.7 billion in 2022 from $2.1 billion in 2002. “There is an 11-fold increase in our trade,” Daily Sabah newspaper reported, citing Turkey’s trade minister Ömer Bolat’s speech at the GCC-Turkey Economic Forum in Istanbul. Bolat said that Turkey’s exports to the GCC […] November 13, 2023
DUBAI AIRSHOW Aviation Saudi Arabia and UAE drive air travel recovery Flight bookings to Saudi Arabia and the UAE for the last quarter of this year are up by as much as 70 percent on pre-pandemic levels, new figures reveal. Data compiled exclusively for AGBI by the travel intelligence company ForwardKeys shows that as of early October, Saudi Arabia led the region for growth in seat […] November 13, 2023
DUBAI AIRSHOW Aviation Aviation in struggle to reach net zero targets Gulf commercial airlines have committed to achieving net zero emissions by 2050 by switching to sustainable aviation fuels, adopting new technologies and buying carbon offsets, among other measures. But they face challenges in doing so. The aviation industry hopes measures such as these will enable it to realise two seemingly conflicting ambitions: doubling the volume […] November 12, 2023
DUBAI AIRSHOW Aviation Riyadh Air positions Saudi as major player in Gulf aviation Gulf airlines are bracing for an escalating challenge from Saudi Arabia’s new global carrier Riyadh Air, which is scheduled for take-off in 2025. The highly hyped airline, whose launch was first revealed by the kingdom in March, is targeting 100 destinations in its first five years. This is a scale of ambition likely to reshape […] November 12, 2023
Opinion Economy China’s slump won’t stop the GCC good times Commodity exporters may be bruised but China is not yet a major provider of FDI to most of the GCC November 10, 2023
Tourism Appeal of virtual travel is instant – but limited Virtual reality is making it possible for visitors to explore destinations before they travel and see places that would otherwise be inaccessible, but there is much debate over whether it is a replacement for real travel. “The metaverse can allow destinations to offer ‘try before you buy’ virtual experiences,” said Samuel Huber, CEO of UK […] November 8, 2023
EXCLUSIVE Renewable Energy Download our exclusive report on the Gulf’s path to net zero As the world shifts towards cleaner sources of energy, the GCC’s oil and gas-producing nations find themselves faced with the dual threat of environmental and economic crisis. What are they doing about it? In this special report published as the UAE prepares to stage the United Nations’ Cop28 climate change summit, AGBI examines the Gulf’s […] November 8, 2023
