Analysis Trade Oil and services grow UK-GCC trade to $83bn Total trade between the UK and GCC countries rose by more than 70 percent to £64.5 billion ($82.7 billion) in the year to the end of March, driven by rising oil prices and a demand for services as Gulf states move to diversify their economies. According to an AGBI analysis of statistics released by the […] August 4, 2023
Analysis Trade In charts: How UK-GCC trade has soared The UAE was the UK’s largest trade partner in the GCC region last year, worth nearly $30 billion according to the latest data. Saudi Arabia followed with more than $22 billion while Kuwait encountered the fastest growth rate of 118 percent as total UK-GCC trade rose sharply to $83 billion. Below, is the story of a […] August 4, 2023
Analysis Banking and Finance Gulf sovereign wealth funds vary recipes for success Gulf sovereign wealth funds are pursuing differing investment strategies when it comes to the way they buy into target companies, according to a report by analyst Global SWF Institute. The paper highlights how the Kuwait Investment Authority (KIA) and Investment Corporation of Dubai prioritise buying into target assets via funds, while Saudi Arabia’s Public Investment […] August 3, 2023
Banking and Finance Nomura to hire 40 bankers in Asia and Middle East Nomura Holdings plans to hire more than 40 private bankers in Asia and the Middle East in two years to tap an expanding pool of rich families and entrepreneurs in the regions, its international wealth management chief told Reuters. Enhancing wealth management is part of Nomura’s goal of increasing revenue less vulnerable to market swings, […] August 3, 2023
Food & Drink KFC Mena franchisee’s H1 profit rises 19% to $145m The Middle East and North Africa (Mena) franchisee of fast-food restaurants KFC and Pizza Hut, has reported net profit of $144.8 million for the first half of 2023. Americana Restaurants International Plc said this represented a yearly increase of 19.4 percent. Revenue increased 7.8 percent to $1.24 billion in the first six months, compared to […] August 3, 2023
Oil & Gas Opec+ unlikely to tweak oil policy on high demand Opec+ is unlikely to tweak its current oil output policy when a panel meets on Friday, six Opec+ sources told Reuters, as tighter supplies and resilient 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 August 4. The […] August 3, 2023
Infrastructure GCC needs 1,127 new schools by 2027 as enrolment rises The Gulf will need over a thousand new schools by 2027, according to a new report published on Wednesday. The prediction is based on the total number of students in the GCC growing by 1.6 percent annually to reach 14.2 million by 2027. Growth in student enrolment numbers at K-12 (kindergarten to 12th grade, or […] August 2, 2023
Opinion Energy Inside the Gulf’s great energy balancing act The region must be mindful of cannibalising hydrocarbons too early August 2, 2023
Energy Gulf must ‘bridge gap’ between oil and renewables GCC oil producers will play a crucial role in the global transition to a lower carbon future if they can help bridge the historic disconnect between hydrocarbons and clean energy. That is according to Joseph McMonigle, secretary general of the International Energy Forum (IEF), a Riyadh-headquartered think tank. “There is growing recognition that the oil […] August 1, 2023
Opinion Economy The GCC will need to make peace with inflation settling higher Gulf inflation will be more benign but looks set to persist into 2024 August 1, 2023
Oil & Gas Opec output falls on Saudi cut and Nigerian outage Opec oil output fell in July after Saudi Arabia made an additional voluntary cut as part of the Opec+ producer group’s latest agreement to support the market and an outage curbed Nigerian supply, a Reuters survey found. The Organization of the Petroleum Exporting Countries (Opec) pumped 27.34 million barrels per day (bpd) last month, the […] August 1, 2023
Tourism Accor revenue rises sharply across Middle East hotels Accor, Europe’s largest hotel group, reported a 51 percent jump in revenue per available room across the Middle East, Asia and Pacific in the first half of the year. The Paris-based hotelier did not give a more detailed breakdown of revenue growth, but said the Middle East accounted for 27 percent of the €128 million […] July 31, 2023
Banking and Finance Bank of America ousts Goldman as top Mena M&A adviser Bank of America was the top M&A financial adviser in the Middle East and Africa during the first half of 2023, according to research from GlobalData. The US bank advised on two deals worth a combined $9.86 billion in H1. This was more than double the sum recorded by JP Morgan, which took second place […] July 31, 2023
Opinion Aviation Ryanair in the Middle East? Never say never The Middle East will be much more interesting for Ryanair over the next few years July 31, 2023
Energy Oil on track for biggest monthly gains in over a year Oil prices hovered near three-month highs on Monday and are set to post their biggest monthly gains in over a year on expectations that Saudi Arabia will extend voluntary output cuts into September and tighten global supply. Brent crude futures dipped nine cents to $84.90 a barrel by 00:05 GMT, while US West Texas Intermediate […] July 31, 2023
Analysis Lifestyle Hollywood strikes a blow to Mena film industry When it came to creating the epic sunset scenes for the upcoming Dune movie sequel, director Denis Villeneuve chose the sand dunes of Jordan and Abu Dhabi to stand in for the futuristic desert planet of Arrakis. Local fans sitting down to watch the movie this November should relish the occasion, as it may be […] July 31, 2023
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
