Exclusive Banking and Finance $250m Aliph Fund expects closure on GCC deals Aliph, a private equity fund that attracted $125 million from an Abu Dhabi sovereign wealth fund last year, is aiming to close up to three investments in GCC states UAE and Saudi Arabia by the end of 2023. The Aliph Fund, set up by Aliph Capital and one of the few female-led private equity companies […] October 2, 2023
Energy Opec+ unlikely to tweak oil policy in October meeting Opec+ is unlikely to tweak its current oil output policy when a panel meets next Wednesday, four Opec+ sources told Reuters, as tighter supplies and rising demand drive an oil price rally. Ministers from the Organization of the Petroleum Exporting Countries (Opec) and allies led by Russia, known as Opec+, meet on October 4. The […] October 1, 2023
Analysis Lifestyle Orientalist art defies fashions A girl in a yellow dress pouts as she adjusts her headscarf in the mirror. It might be the portrait of a young TikToker preparing for an evening out were it not for her opulent Ottoman surroundings. A Look in the Mirror by the Turkish painter Osman Hamdi Bey (1842-1910) sold for €1 million ($1.05 […] October 1, 2023
Opinion Sustainability Why Gulf arbitration needs a carbon footprint rethink As demand grows, so does the industry’s responsibility towards sustainability September 28, 2023
Opinion Economy ESG factors will depress Middle East’s credit ratings Climate risks, social issues and governance standards will bear down on region's businesses September 28, 2023
Analysis Oil & Gas Gulf invests in major oil refinery upgrade programme Gulf states are expanding their oil refining capacity through a series of massive upgrades, at the same time as they drive towards net zero and seek to move away from petroleum and natural gas. The apparent contradiction is, however, only apparent. From Az-Zour in Kuwait to Duqm in Oman, the refinery upgrades are central to […] September 28, 2023
Tourism UAE announces new visa for GCC in tourism push The UAE minister of economy has announced plans for a new visa to allow travel within the GCC countries, in a bid to boost local and regional tourism. The GCC visa being considered will allow those residing in the bloc to travel easily among the six members states – the UAE, Saudi Arabia, Qatar, Bahrain, […] September 27, 2023
Opinion Sustainability Net zero (noun). Meaning … well, that’s the question Hundreds of governments and companies have 'net zero' policies. But the term's definition isn't always clear September 26, 2023
Opinion Sustainability Forecast bright for Cop28 as the world nears ‘peak green’ A mood of pragmatism seems to be sweeping Europe and North America September 25, 2023
Opinion Aviation 2023: the year airlines said goodbye to the pandemic The Middle East is one of the regions leading the global aviation recovery September 25, 2023
Agriculture China and Arab states sign $471m worth of agri deals A total of 34 deals worth AED1.73 billion ($471 million) were signed at the China-Arab States Expo, promoting cooperation and development in the agricultural sector. Agriculture has become an important part of China-Arab cooperation, and trade in agricultural products has recorded steady growth, the UAE state-run Wam news agency reported, citing the China Economic Net […] September 25, 2023
Oil & Gas Fossil fuel phase-down ‘inevitable’ says Al Jaber Cop28 president-designate Sultan Al Jaber this week implored world leaders to cut reliance on fossil fuels to meet carbon reduction targets. Addressing the UN Climate Ambition Summit in New York, Al Jaber – who is also group chief executive of Abu Dhabi National Oil Company – urged nations to fast track the transition to a […] September 21, 2023
Economy Fed interest rate pause will help GCC non-oil sector The decision by the US Federal Reserve to leave policy rates unchanged will have a positive impact on the non-oil sectors of Gulf Cooperation Council (GCC) countries, according to leading economists. The Fed has announced 11 rate hikes since March 2022, but on Wednesday decided to hold its benchmark rate steady, albeit at a 22-year […] September 21, 2023
Analysis Manufacturing The time could be right for a ‘Made in the Gulf’ brand Creating a “Made in the Gulf” brand for the region’s manufacturing sector would not be easy – but such an initiative has potential, according to industry experts. Plans to establish a unified definition and standards for such a brand were discussed by trade and industry ministry representatives at a meeting of the Industrial Cooperation Committee […] September 21, 2023
Transport Erdoğan lauds $17bn link between Turkey and Iraq Turkish president Recep Tayyip Erdoğan has lauded plans for a $17 billion infrastructure and transportation project linking southern Iraq to Turkey as an opportunity to “build a new world”. The Development Road project will link Grand Faw Port, a commodities port in Iraq, by rail and road to the border with Turkey. It will transform […] September 20, 2023
Energy Kenya extends oil supply deal with three Gulf companies Kenya has extended an oil supply deal with three Gulf-based companies, which is designed to manage demand for dollars, the energy regulator said on Tuesday. The East African nation entered the deal with Saudi Aramco, Abu Dhabi National Oil Company (Adnoc) and Emirates National Oil Company (Enoc) in March, switching from an open tender system […] September 20, 2023
Opinion Energy Mena stands at a crossroads for energy security Overreliance on fossil fuels has prevented the region from reaching its potential September 18, 2023
Trade Northern Ireland keen to deepen trade ties with Gulf The recent Brexit deal for Northern Ireland places it in a strong position to deepen trade links with the Middle East and North Africa (Mena), especially in manufacturing and life sciences, according to the regional head of Invest Northern Ireland. The economic development agency aims to grow the number of Northern Irish businesses active in […] September 18, 2023
Oil & Gas Opec pours cold water on IEA’s ‘peak’ for oil demand Opec, the group of oil-producing countries, has taken issue with assumptions by the International Energy Agency that demand for fossil fuels would peak before 2030, saying they present a danger to economies and billions of people. “Such narratives only set the global energy system up to fail spectacularly. It would lead to energy chaos on […] September 15, 2023
Video length: 06:36 VIDEO Trade Abraham Accords – 3 years on, $3 billion in trade An Israeli politician has described how the Abraham Accords, signed three years ago today, have “opened a floodgate to, hopefully, a new Middle East”. Fleur Hassan-Nahoum, deputy mayor of Jerusalem, tells AGBI in an exclusive video interview that the agreement signed at the White House on September 15 2020, is transforming Israel’s relations with the […] September 15, 2023
