Analysis Manufacturing Sales slump ‘does not signal end’ for PCs in UAE The ongoing decline in PC sales in the UAE reflects a worldwide trend of decreasing shipments of desktop computers, say analysts. Global shipments of PCs shrunk by 16.6 percent year on year to 59.7 million in the second quarter of this year. It marked the seventh consecutive global quarterly decline. Local UAE industry experts say […] July 27, 2023
Opinion Entrepreneurs In Dubai vs Riyadh, it’s the startups that win Competition between the two major business hubs is great for entrepreneurs July 27, 2023
Banking and Finance Gulf central banks follow US Fed by lifting key rates Most GCC central banks have increased their interest rates in line with the US Federal Reserve decision to hike rates by a quarter of a percentage point. The Fed raised its rate by 25 basis points (bps) on Wednesday, the highest US central bank policy rate in 16 years due to elevated inflation. The central […] July 27, 2023
Analysis Renewable Energy Clean energy set to power GCC-Central Asia trade growth Leaders from the GCC and countries in Central Asia, known as the C5 bloc, have pledged to boost trade, with clean energy expected to be at the heart of the relationship. The pledge was made at a summit held last week in Jeddah, which built on a meeting last September between foreign ministers from both […] July 26, 2023
Opinion Renewable Energy GCC can take centre stage in global energy transition The region is becoming a finance hub for climate and renewable energy July 26, 2023
Analysis Energy Green for go: UAE’s long-term plan for hydrogen The UAE has unveiled its national hydrogen strategy as analysts predict that GCC members can play a key role as exporters. The blueprint for hydrogen is a “long-term plan to turn the UAE into a leading and reliable producer and supplier of low-carbon hydrogen by 2031”, according to Suhail bin Mohammed Al Mazrouei, minister of […] July 26, 2023
Banking and Finance Middle East wealth funds wary of greenwashing Almost three-quarters of sovereign wealth funds in the Middle East are investing in renewable energy, although most have concerns about potential greenwashing. The latest Invesco Global Sovereign Asset Management Study found that 71 percent of Middle East sovereign wealth funds were investing in renewables. Many funds are doing so as part of a commitment to […] July 21, 2023
Tech Middle East funds in talks to buy stake in Norway’s Visma Norwegian software developer Visma is in talks with Middle Eastern and Asian sovereign funds over the sale of a minority stake ahead of launching a formal process after September, sources familiar with the matter told Reuters. The sale could give the business an enterprise valuation of more than $20 billion, up to as much as […] July 21, 2023
Analysis Banking and Finance Gulf loses out as world’s richest invest closer to home Wealthy family offices are focusing more on their home markets rather than the Middle East this year. Investments in the region are therefore set to decrease sharply in the short-term, a senior executive at Swiss global wealth manager UBS told AGBI. Maximilian Kunkel, chief investment officer for the global family and institutional wealth team at […] July 21, 2023
Opinion Aviation Middle East airlines are taking control of their destiny Carriers in the region increase their networks July 20, 2023
Opinion Agriculture Cop28 must advance urban agriculture to cut emissions The summit in Dubai should advance agricultural technology to mitigate climate change July 20, 2023
Banking and Finance Saudi behind increase in foreign currency sukuk deals Saudi Arabia is driving a surge in foreign currency denominated sukuk deals in the Gulf, with analysts revising up their predictions for 2023. S&P Global is forecasting total global sukuk issuances of between $160 billion and $170 billion for 2023, up from their initial estimate of $150 billion. This increase is due in large part […] July 20, 2023
Video length: 03:19 VIDEO Employment 60% of young Arabs want to emigrate, survey finds High unemployment rates, conflict and lack of strong government policies in North Africa and the Levant are making young Arabs want to emigrate, the latest edition of the Arab Youth Survey has found. At 26 percent, the region has the highest unemployment rate in the world. As a result, 60 percent of young Arabs want […] July 19, 2023
Economy GCC economies to grow at much slower pace in 2023 The economies of five countries in the six-member GCC are forecast to grow even more weakly than expected three months earlier because of lower prices of oil, the region’s main export, according to a Reuters poll of economists. Brent crude, the global benchmark of oil price, has fallen from a near record-high of $139 a […] July 19, 2023
Opinion Energy Opec’s challenge: oil market stability and sustainability Balancing demand with calls to cut emissions points to a different future July 18, 2023
Renewable Energy Cop28 action plan unveiled by Al Jaber With the world in the grip of extreme weather events, Cop28 president-designate Sultan Al Jaber has announced a four-pillar climate action plan ahead of the forthcoming summit. The UAE’s climate envoy went on to issue a rallying cry to delegates to build the “energy system of the future”. “We need everyone to play their part […] July 18, 2023
Trade GCC and Japan to restart talks on free trade deal Japan and the GCC are to resume free trade talks, the pair have announced, as Prime Minister Fumio Kishida visits the region. Kishida is meeting leaders in Saudi Arabia, the UAE and Qatar this week as he seeks to build economic ties across the Gulf. The GCC announcement followed talks between the Japanese prime minister […] July 17, 2023
Analysis Renewable Energy ‘A long way to go’ to reduce the Gulf’s carbon emissions As some of the world’s largest emitters of carbon dioxide, big exporters of hydrocarbons and beneficiaries of high per capita incomes, the spotlight is on the Gulf states’ efforts to reduce their carbon emissions. Expectations are high – and likely to become higher – as the UAE prepares to host Cop28 in November. “There is […] July 17, 2023
Analysis Lifestyle Personal security grows as wealthy expats flock to GCC As more and more high net worth individuals choose to call the states of the GCC home, the private personal security sector has become big business, and some providers are reporting surging demand for their services. Last year 5,200 more HNWIs relocated to the UAE than left. The Gulf state had the highest net inflow […] July 17, 2023
Economy India and GCC resume free trade deal talks India and the GCC have resumed talks to finalise a free trade agreement, a senior Indian government official has confirmed. Ausaf Sayeed, secretary at India’s external affairs ministry, told the sixth India-Arab Partnership Conference in New Delhi that the parties have exchanged preliminary documents and delegations have been meeting, ANI, an India-based news agency, reported. […] July 14, 2023
