Renewable Energy Gulf is worst performer for investment in renewables The Middle East is the worst-performing region for investment in renewable electricity sources, new research has found. Africa and the Middle East combined represented just 1.6 percent of worldwide investment last year, according to the Renewables 2023 Global Status Report. China accounted for 55 percent of total investment, followed by Europe at 11 percent and […] June 21, 2023
Tech Skills shortage pushes up Gulf tech leaders’ salaries Technology chiefs working in the Gulf are typically earning $528,000, according to a new survey, as leadership talent remains “scarce” in the region. That figure is the median salary calculated by the first annual Middle East Technology Officers Compensation Survey from US advisory firm Heidrick & Struggles. The report said strong GDP growth in the […] June 20, 2023
Opinion Media & Advertising Mena’s podcast gap: Music to investors’ ears or a bum note? The region has potential but advertisers will keep a close eye on the data June 19, 2023
Business of Sport Italy’s Serie A football league targets Middle East backers Italy’s Serie A is targeting investment opportunities from the Middle East, as the football league becomes increasingly attractive to global lenders and private equity giants. The Gulf region has sizeable interests in English football, including Saudi-backed Newcastle United and Manchester City FC, which is majority-owned by Abu Dhabi United Group. Qatar Sports Investments is also […] June 17, 2023
Banking and Finance Debt and fintech dominate Mena startup funding Fintech and debt financing were the dominant themes in Mena startup funding in May, as experts predicted continued growth for the remainder of the year. In May, $445 million was invested in 39 startups in the Middle East and North Africa, up from only $7 million and 11 deals in April. The data was compiled […] June 16, 2023
Banking and Finance Gulf central banks mirror US Fed by halting rate hike The Central Bank of the UAE and Qatar Central Bank have decided to maintain interest rates after the US Federal Reserve board announced it will keep the key borrowing rates unchanged. The UAE’s central bank will hold the base rate applicable to the overnight deposit facility steady at 5.15 percent as of Thursday 15 June, the […] June 15, 2023
Analysis Economy Wealth funds likely to increase African investments Sovereign investors from the UAE and wider GCC bloc are likely to ramp up investments across African countries, building on a 50 percent jump in capital flows from the Middle East over the past five years, say experts. Agriculture, energy and infrastructure are sectors likely to benefit from multi-billion dollar deals as the UAE accelerates […] June 13, 2023
Opinion Economy Roubles, risks and rewards There are pros and cons to maintaining economic links with Russia despite Western sanctions June 13, 2023
Transport GCC on track to be linked by rail in next 10 years GCC governments are preparing to hand out $167 billion worth of contracts to link the six member countries by railway. “We should expect to see some significant contracts awarded on the railway to link all the GCC states over the next 24 to 26 months,” said Ed James, head of content and analysis at Meed, […] June 13, 2023
Tourism Geneva’s Gulf visitors not put off by Swiss bank crisis Switzerland’s banking system may have suffered a dent to its reputation this year, but the headlines have not put off Gulf visitors from visiting Geneva. For the first 10 months of 2022, Gulf visitors accounted for 191,139 room nights in the European country’s second city, according to data from its official tourism body. Travellers from […] June 12, 2023
Analysis Economy Differing VAT rates complicate intra-GCC trade Differing rates of VAT across the GCC are complicating intra-regional trade and adding costs to exporters and importers, according to experts. The six-member bloc in 2016 signed an agreement to levy 5 percent VAT on the sale of goods and services within their respective countries. Saudi Arabia and the UAE were the first to implement […] June 12, 2023
Banking and Finance Fintech pushes Mena startups to raise $445m in May Venture capital (VC) activity bounced back in the Middle East and North Africa (Mena) in May 2023, as funding into the regional startups reached $445 million. The fundings were spread across 39 deals, compared to $7 million raised across 11 deals in April 2023, Dubai-based Wamda said in its monthly report. On a year-on-year basis, […] June 12, 2023
Analysis Food & Drink Fine wine whets appetite of Gulf investors A Methuselah-sized bottle of wine – six litres – was auctioned by Sotheby’s last December for a staggering $361,000. The sale of the 2007 Domaine de la Roman-Conti is an indication that investments of passion – art, cars, watches and wine – may not have been dented by the recent global economic worries. The region’s […] June 9, 2023
Video length: 04:29 Exclusive Employment Sharp rise in family disputes, says Emirati lawyer The UAE has seen a marked increase in disputes within family-run businesses which is likely to continue, according to a leading Emirati lawyer. Habib Al Mulla has been practising in the UAE for four decades and had until five years ago only seen one dispute case involving family members and shareholders of a company. However, […] June 8, 2023
Video length: 02:59 Tourism UK cuts GCC visa costs to boost trade and tourism The UK is cutting the costs of visiting the country for nationals from the GCC and Jordan in a bid to boost business and tourism links. Gulf and Jordanian visitors will soon only be required to pay £10 ($12.45) to apply for an electronic travel authorisation (ETA). They pay £30 per visit under the current […] June 7, 2023
Trade GCC countries urged to stick together for UK trade deal GCC countries negotiating with the UK for a free trade agreement must stick together as one rather than seeking individual national deals, according to the outgoing UK Middle East trade commissioner. Trade talks between the six countries in the Gulf bloc – Saudi Arabia, the UAE, Kuwait, Qatar, Oman and Bahrain – and the UK […] June 6, 2023
Aviation Profit of Middle East carriers to soar 43% to $2bn in 2023 The net profit of Middle East carriers is expected to rise 42.8 percent to $2 billion in 2023, from $1.4 billion in 2022, on higher passenger revenue and capacity, International Air Transport Association (Iata) said in a new report. Revenue passenger kilometres is forecast to grow by 20.8 percent this year compared to a drop […] June 6, 2023
Analysis Trade Gulf telcos nurse FX losses as foreign expansion sours Gulf telecom operators have suffered multi-billion-dollar currency losses arising from their foreign subsidiaries. They would have to recognise these in their income statements should they ever sell or lose overall control of the units in question. As mobile penetration in their home markets topped 100 percent – meaning there were more mobile subscriptions than residents […] June 6, 2023
Economy Gulf’s non-oil sector challenged by growing pains The pace of growth in non-oil business activity is creating challenges for business owners across the Gulf, including delivering new orders on time, increased labour shortages and higher non-staff costs. The seasonally adjusted S&P Global UAE Purchasing Managers’ Index (PMI) stood at 55.5 in May as surveyed firms continued to report a marked increase in […] June 5, 2023
Banking and Finance Mergers bloom in Mena with deals worth $26bn The acquisition by Floranow, an online florist based in the UAE, of Bloomax, the largest wholesale distributor of fresh-cut flowers in Saudi Arabia, is among the latest mergers in the Mena region. The deal, announced on Monday, is funded by a combination of debt and equity and makes Floranow the largest importer and distributor of […] June 5, 2023
