Oil & Gas Opec sees 2.2% oil demand growth in 2024 Opec has raised its forecast for oil demand growth for 2023 and predicted only a slight slowdown in 2024. This is despite economic headwinds as China and India continue to drive the expansion in fuel use. In a monthly report, the Organization of the Petroleum Exporting Countries (Opec) said it expects world oil demand to […] July 14, 2023
Video length: 03:22 VIDEO Employment Only 7% of GCC board seats are held by women Only 7 percent of board seats in the GCC are held by women compared to 20 percent globally, a report by Bain & Company says. “There is an issue in retaining, mentoring and supporting women to make it all the way to CEO positions and the board,” said Karen Khalaf, partner at Bain & Company […] July 14, 2023
EXCLUSIVE Retail Kuwait’s Alshaya Group targets US brands for expansion Kuwait’s Alshaya Group, one of the Gulf’s largest franchise owners, is looking at US brands as it plans further expansion across the Middle East. While the UK was previously the go-to market in bringing brands to this part of the world, Alshaya Group chief executive John Hadden told AGBI the company’s attention has switched to […] July 11, 2023
Energy Japan gas lobby wants stable supply from Middle East Japan Gas Association (JGA) chairman Takahiro Honjo hopes that Prime Minister Fumio Kishida’s planned Middle East trip this month will help Japan ensure stable supplies of liquefied natural gas (LNG) and other fuels. Resource-poor Japan is trying to beef up its energy security as it remains highly dependent on oil and LNG imports. Kishida is […] July 11, 2023
Analysis Banking and Finance Middle East IPO drive likely to cool in second half of 2023 The wave of listings on Middle East markets will slow down as the year progresses, with initial public offerings being pushed to 2024 instead, say industry experts. Last year 71 IPOs were completed in the Middle East, for a combined transaction value of more than $25 billion, according to S&P Global Market Intelligence. That compares […] July 10, 2023
Economy Countries repatriating gold as Russian sanctions bite An increasing number of countries are repatriating gold reserves as protection against the sort of sanctions imposed by the West on Russia, according to an Invesco survey of central bank and sovereign wealth funds published on Monday. The financial market rout last year caused widespread losses for sovereign money managers who are “fundamentally” rethinking their […] July 10, 2023
Opinion Banking and Finance How Middle East banks can bridge the financial divide Financial inclusion is crucial to ensure the region's sustainable economic development July 9, 2023
Food & Drink Chocolate shops squeezed as cocoa bean prices hit 46-year high While chocolate lovers the world over celebrated World Chocolate Day on Friday, retailers are watching the markets anxiously. Cocoa bean prices soared to a 46-year high last week in London and have continued to rise since. The surge in bean prices is due to ongoing supply shortages and is set to increase further, according to […] July 7, 2023
Analysis Entrepreneurs Female startup founders have ‘tough sell’ in the region More women need to be in investment decision-making positions to rebalance the gender bias within the Mena startup funding sector, industry experts say. The amount raised by female-led startups tumbled by 88 percent over the first half of this year to $5.6 million, according to the latest data from Wamda, the largest early-stage investment fund […] July 7, 2023
Opinion Lifestyle Tip to Arabs abroad: Don’t ditch the dishdash They have impact – to westerners they are the very essence of Arab-ness July 7, 2023
Energy Opec maintains upbeat view for 2024 despite slowdown Opec will likely maintain an upbeat view on oil demand growth for next year when it publishes its first outlook later this month, predicting a slowdown from this year but still an above-average increase, sources close to Opec said. Opec’s forecast for 2024 will likely be lower than the growth it expects for this year […] July 7, 2023
Oil & Gas Gulf markets subdued as oil fails to rally after cuts Oil prices were little changed on Thursday as fears of a global economic slowdown overshadowed tighter crude supply following extended output cuts announced by top exporters Saudi Arabia and Russia earlier this week. The total cuts now stand at more than 5 million barrels per day (bpd), equating to 5 percent of worldwide oil output. […] July 7, 2023
Economy Foreign investment in UAE surges to record $23bn The UAE attracted 60 percent of the total $37 billion of foreign direct investment into the GCC in 2022, helped by inflows from Austria and South Korea in particular. According to the World Investment Report 2023 by the UN Conference on Trade and Development (Unctad), foreign direct investment (FDI) flows into the UAE jumped 10 […] July 6, 2023
Exclusive Infrastructure UK must court Gulf investors despite Thames Water crisis The UK’s investment minister has said that the country must continue to incentivise foreign investment in its utilities sector, despite ongoing concerns that Thames Water, which is part owned by Abu Dhabi, could be on the verge of collapse. In an interview with AGBI this week, Lord Dominic Johnson, a minister of state in the […] July 6, 2023
Economy Surge in new orders prompts salary rises Companies across the Gulf’s biggest economies have enjoyed a surge in new orders both locally and from overseas, with some forced to raise salaries to meet demand. The Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI) reported that new orders in the country rose at “accelerated, multi-year record rates”. Data showed that output in the […] July 5, 2023
Opinion Business of Sport The Gulf’s bid for global dominion in sport Governments are spending billions in the hope it will accelerate economic transformation July 5, 2023
Aviation Air India-Vistara scrutiny ‘is good news for Gulf carriers’ An inquiry into the planned merger between Air India and Vistara will be welcomed by Middle East airlines, as they look to increase their share of the lucrative Indian market, an aviation expert has said. India’s anti-trust commission is investigating the proposal over competition concerns, which could delay or even block the deal altogether. Previously […] July 3, 2023
Banking and Finance Mena wealth funds sharpen up on sustainability Mena sovereign wealth funds’ efforts to improve their governance and sustainability practices to meet global standards appear to be bearing fruit, as they recorded the biggest improvement of all regions in a new analysis. Data platform Global SWF assessed the performance of 100 sovereign wealth funds and public pension funds on their governance, sustainability and […] July 3, 2023
Opinion Tech The triad that secures blockchain Confidentiality, integrity and availability are all challenges as the Middle East adopts new technology July 2, 2023
Energy Global economic headwinds to restrain oil prices in 2023 Oil prices will struggle for traction this year as global economic headwinds stymie gains that could be fuelled by a rebound in China and Opec+ cuts, a Reuters poll showed on Friday. The survey of 37 economists and analysts forecast Brent crude would average $83.03 a barrel in 2023, versus the $84.73 consensus in May. […] July 2, 2023
