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GCC

Talks under way to forge UK-GCC trade deal

Discussions to broker a trade agreement between the UK and GCC have begun, with the trade commissioner for the Middle East, Simon Penney, describing the Gulf as an “important region” for the UK.   “Today marks the launch of the first round of negotiations towards a UK GCC Free Trade Agreement,” Penney said.  “The GCC is […]

Indian workers return to Gulf in their droves

The demand for skilled, semi-skilled and unskilled Indian workers has increased “drastically” as a rebound in Gulf economic growth signals the end of the coronavirus-induced reverse migration of workers from the region. An increase of nearly 50 percent in fresh migration to the six Gulf Cooperation Council (GCC) members – including the UAE, Saudi Arabia, […]

UK trade secretary Anne-Marie Trevelyan launched free trade negotiations with the GCC in June

UK-GCC trade in numbers: relationship set for new era

Total trade between all six GCC countries and the United Kingdom increased in the year to the end of the first quarter of 2022, as talks begin on a free trade agreement aimed at further boosting the relationship. The UK posted a trade surplus with all the nations apart from Qatar, with the data showing […]

Anghami bets on Arabic music to deliver streaming growth

Abu Dhabi-based streaming provider Anghami is betting on Arabic content to deliver future growth as it announced a 41 percent increase in subscribers in the first half of 2022. With just one percent of Anghami’s content being Arabic, it is one area that the company is looking to grow significantly, Elie Habib, chief technology officer […]

Female startups face ‘bias’ over funding in Middle East

Startups founded by female entrepreneurs accounted for just 0.1 percent of the $105 million in funding raised in July, the lowest monthly level so far this year. Data compiled by Wamda, the largest early-stage investment fund in the Middle East, found that a total of $136,000 was raised by female-led startups last month, while those […]

BlackRock may spur wealthy to make crypto leap

Institutional investors and high net worth individuals have traditionally shunned cryptocurrencies as volatile and untrustworthy. The ongoing turbulence in the market, with the value of bitcoin dropping by nearly half so far this year, has not helped sentiment but there are signs this is changing. BlackRock, which has $8.49 trillion of assets under management, yesterday […]

The sky’s the limit for cloud kitchens in the Gulf

While many businesses suffered due to the coronavirus pandemic, cloud kitchens – companies that prepare food solely for home delivery without having sit-down restaurant space – were beneficiaries of the online ordering boom. The GCC has been a hotspot for this growth with companies including Sweetheart Kitchen, Kitopi, KLC Virtual Restaurants and kaykroo overseeing delivery […]

Traditional UAE banks must snap up neobanks to survive

The UAE’s growing army of digital-only banks could soon be snapped up by traditional banks as digitisation continues apace, experts have told AGBI. A global survey published on Tuesday by UK-based comparison platform, Finder, said 19 percent of adults in the UAE have a neobank account, up from 17 percent last year – and that […]

Abu-Dhabi based renewable energy company Masdar is buying a stake in HyGreen Teesside, which should produce up to 500MWe of hydrogen by 2030

Hello hydrogen: inside the GCC’s next mega-commodity

With annual revenues from green hydrogen in the GCC estimated to grow to about $200 billion by 2050, the region is investing heavily as a means to continue using its oil resources, while supporting international partners in reducing carbon emissions. Up to one million hydrogen-related jobs could be created in the Gulf within three decades, […]

Reforms draw North American investors to the Gulf

North America-based entities were the most active investors in Middle East and North Africa merger and acquisition (M&A) deals in the first half of 2022. Attracted by ongoing economic reforms in the region, US and Canadian firms took part in 30 percent of inbound M&A activity, with a particular focus on technology-related investments. The latest […]

Shortfall of skilled staff could hamper GCC tourism goals

The GCC’s tourism sector is forecast to return to pre-pandemic levels in 2022, generating revenue of $26.3 billion, but experts question whether future growth could be stymied by shortages in the region’s skilled hospitality workforce.  UAE-based investment banking advisory firm, Alpen Capital, said the sector registered a 74.8 percent growth over the past year, adding […]

London finance firm sees GCC as Europe-Asia bridge

London-based DKK Partners, an emerging markets foreign exchange liquidity provider, has announced a major expansion into the Middle East. Four new offices will open in the MENA region as it sees the GCC developing into a “financial hub that bridges Europe with Asia”. The company, which has its headquarters in Mayfair, has seen its revenues […]

Middle East air traffic takes off in June on global tourism revival

Middle Eastern airlines reported a 246.5 percent year-on-year rise in passenger traffic in June 2022, driven by a continued recovery in international traffic, the International Air Transport Association (IATA) said in a new report. International revenue passenger per kilometres (RPKs) currently stands at 25 percent below its level in June 2019 for the regional airlines. […]

Gulf’s $2bn buy-now-pay-later sector shrugs off global slump

Despite the global pessimism surrounding buy-now-pay-later (BNPL) finance providers, the Gulf region continues to push forward with related acquisitions and expansion plans. The recent string of big ticket global BNPL casualties highlights several companies with direct links to the UAE. Abu Dhabi-backed Swedish operator Klarna last month managed to raise $800 million in new funding, […]

Western views on Arabs ‘outdated’, says Blair think tank

Western perceptions of the Arab world are out of synch with the modern reality, argues a new 73-page report published by the Tony Blair Institute for Global Change.   “On average, less than a quarter of those polled in Western countries believe that people in the Middle East share all or most of the same values […]

GCC investors unfazed by UK real estate crackdown

A crackdown on anonymous foreign investments in UK real estate will not put off GCC buyers and may even increase deals in the long term, experts say. The Register of Overseas Entities will require anonymous foreign companies owning or seeking to buy UK land to reveal their true owners, ensuring criminals cannot hide behind secretive […]

Person, Human, Table

Food security report delivers stark warning to import-reliant Gulf

GCC governments must step up their efforts to develop agri-food technology and recycle waste, a new food security report has warned. The Gulf is one of the world’s most import-dependent regions. The main food security challenge for the GCC is a natural or man-made crisis that could block one or more countries’ access to imports, […]

Monitor, Electronics, Display

Fast food operator Americana appoints HSBC to advise on IPO

The Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut has added HSBC to its syndicate of advisers for its potential dual listing this year, two sources familiar with the matter told Reuters. Americana Group has hired HSBC as a joint bookrunner on the initial public offering (IPO), which could value […]

Shoe, Footwear, Clothing
  • Analysis

MENA startup funding poised to recover in second half of 2022

Last year was a standout for Middle East and North African startups in which many notable records were broken, including the largest funding round to date and the highest number of deals. The total amount of investment raised by regional startups was pushed to $2.8 billion across 639 deals. This constituted a quadrupling of investment, […]