Markets Mena IPO pipeline ‘healthy’ after fall in Q1 listings A “healthy pipeline” of initial public offerings lies ahead for the remainder of this year, experts have told AGBI, despite a fall in Middle East and North African listings in the first quarter. According to the EY Mena IPO Eye Q1 2023 report, the quarter saw 10 stock market listings with combined proceeds of $3.4 […] May 10, 2023
Analysis Construction GCC construction dilemma as Saudi ‘sucking up’ skilled talent Saudi Arabia’s huge construction projects are luring workers out of neighbouring countries in the GCC and resulting in skills shortages, say experts and builders. Construction executives in the UAE and Oman in particular have voiced concerns about the overall resource demands of the region as Saudi Arabia’s market continued to show strong growth during the […] May 10, 2023
Video length: 01:46 Video Economy Recession is not ‘top of mind’ for CEOs in the Gulf Long term growth is the name of the game for CEOs in the GCC, while some of their counterparts in the US and Europe prepare for a recession. The IMF expects 2023 to be the weakest year for global growth since 2009, outside of the coronavirus pandemic year of 2020. However, the outlook is divergent, […] May 10, 2023
Economy Fed may pause rate hikes after latest increase The US Federal Reserve has hinted that it may be time to pause interest rate hikes after announcing its tenth consecutive increase since March 2022. As widely expected the Fed has raised its target interest rate by 25 basis points (bps), with the majority of Gulf central banks, whose currencies are pegged to the US […] May 4, 2023
Energy Opec+ to hold June policy meeting in person Opec+ has confirmed it will hold its June 4 policy meeting in person in Vienna, four sources familiar with the matter said as oil prices slid. Sources said there had been some discussion in the group about convening the meeting virtually, since ministers will be traveling to Vienna for the Opec seminar in July. However, […] May 4, 2023
Opinion Economy Tricky year ahead for Middle East as oil cuts bite, says IMF Opec+ cuts are the main factor in the reduced GDP growth rate this year May 3, 2023
Banking and Finance Visa makes first Mena open banking investment Payments giant Visa has made its first investment into open banking in the Middle East and North Africa as the region seeks to develop its fintech sector. Open banking allows customers to share their financial data securely with a third-party provider to take advantage of new services and products. Tarabut Gateway, an open banking platform, […] May 3, 2023
Energy Opec oil output falls on Iraq and Nigeria outages Opec oil output fell in April due to a halt in some of Iraq’s exports and delays to Nigerian shipments, a Reuters survey found, adding to the impact of strong adherence by top producers to a supply cut deal by the wider Opec+ alliance. The Organization of the Petroleum Exporting Countries pumped 28.62 million barrels […] May 3, 2023
Analysis Tourism Gulf hospitality market banks on hotel-building surge Following the chaos of Covid and a surge in visitors for the Fifa World Cup and Expo 2022, the Gulf hospitality market might have been expected to return to a period of relative normality. But major tourism investment drives are afoot as GCC states seek to further diversify their economies. Almost 170,000 hotel rooms are […] April 30, 2023
Energy Opec warns market volatility caused by IEA comments Opec secretary general Haitham Al Ghais said the International Energy Agency (IEA) should be “very careful” about discouraging investment in the oil industry, which was vital for global economic growth. Such comments could lead to oil market volatility in future, he said. Al Ghais also said that the Organization of the Petroleum Exporting Countries (Opec) […] April 28, 2023
Banking and Finance HSBC Middle East gets a regional reshuffle Abdulfattah Sharaf has been appointed chairman of the board of HSBC Bank Middle East while the regional reshuffle will see him succeeded as CEO of operations in the UAE by Mohamed Al Marzooqi. Sharaf has served as HSBC UAE CEO for 13 years, combining this with overseeing the bank’s operations in Algeria, Bahrain and Kuwait […] April 27, 2023
Construction Construction titan to cement its place in the GCC Construction company Besix Group has revealed plans to further expand across the GCC as the region embraces public-private partnerships for key projects. The Belgian-French group, which is based in Brussels, is one of the world’s leading international contractors and announced on Wednesday a 20-year high in turnover of over $3.7 billion in 2022. Bexis said […] April 27, 2023
Economy GCC economies to grow at much slower pace in 2023 The Gulf Cooperation Council (GCC) economies will grow at a much slower pace in 2023 than last year as expectations for muted gains in crude prices and oil production cuts take a toll on revenues, a Reuters poll found. Oil prices have spiked nearly 20 percent since they hit this year’s low of about $70 […] April 26, 2023
Analysis Banking and Finance Arab banks tighten lending for Gulf-UK property investors Middle East banks are reviewing lending criteria for GCC clients in the UK, responding to high interest rates and a trend towards investors diversifying portfolios to capture better yields. For several years – and especially since interest rates shot up in the past 12 months – yields in sectors traditionally popular with Gulf investors, such […] April 26, 2023
Opinion Aviation The aviation sector is due for a cull The regional airline market is saturated. It's time for consolidation and a strategic rethink April 25, 2023
Energy Opec’s share of Indian oil imports hits lowest in 22 years Opec’s share of India’s oil imports fell at the fastest pace in 2022/23 to the lowest in at least 22 years, as intake of cheaper Russian oil surged, data obtained from industry sources show, and the major producers’ share could shrink further this year. Members of the Organization of the Petroleum Exporting Countries (Opec), mainly […] April 25, 2023
Analysis Markets Domestic markets best for Mena investors, says expert Gulf stock markets bucked a worldwide trend in 2022. While the MSCI Emerging Market index lost 20 per cent over the year and global stock and bond markets were engulfed by gloom, equity benchmarks in Saudi Arabia and Abu Dhabi reached multi-year peaks in May and November, respectively. This year the mood has been more […] April 21, 2023
Video length: 03:47 Video Middle East tech sector’s hire and fire conundrum The mass layoffs in the global tech sector last year were the highest since the dot-com bubble burst in 2001, but they are not necessarily a reflection of the job market globally or in the Middle East, according to a Dubai-based digital transformation and Web3 expert. “The layoffs only constitute 10 percent of all the […] April 20, 2023
Analysis Banking and Finance Ukraine ceasefire will unlock billions in Gulf-Russia deals GCC investors shelved a potential $15 billion of investments in Russia when Moscow invaded Ukraine, but companies are said to be quietly resuming due diligence in the hope of tying up deals when a peace accord is reached. These possible Gulf-Russia deals are mainly in the oil and gas, transport, logistics and agricultural sectors, according […] April 19, 2023
Employment GCC consulting market to exceed $4 billion The GCC consulting market is expected to pass $4 billion in revenues this year, as the huge raft of giga-projects continue to transform the region. According to a report from UK research firm Source, the region’s consulting sector witnessed almost 16 percent growth in 2022 to reach $3.87 billion. Dane Albertelli, research analyst at Source, […] April 18, 2023
