Tourism Coronation, Eurovision and tea to entice Gulf travellers to UK The coronation of King Charles III, Liverpool’s hosting of the Eurovision Song Contest, and Britain’s obsession with drinking tea are some elements set to feature in a marketing campaign to encourage more Gulf travellers to visit the UK this spring. VisitBritain, the national tourism agency, said spending by GCC-based tourists visiting the UK climbed above […] February 28, 2023
Opinion Banking and Finance Unlocking SME potential through improved access to credit Open banking will reduce hurdles to loans for small companies February 24, 2023
Sustainability Top Gulf banks help raise $787m in sustainable credits Two leading Gulf banks have helped arrange nearly $800 million in sustainability-linked loans for a leading agricultural producer based in Singapore, as local institutions prioritise green lending in their portfolios. First Abu Dhabi Bank (FAB), the UAE’s largest bank by assets, and National Bank of Kuwait, the country’s biggest financial institution, acted as lead arrangers, […] February 24, 2023
Analysis Energy One year on, what the war in Ukraine means for the Middle East A year since Russia invaded Ukraine, the war’s impacts are reverberating across the Middle East and North Africa. While some Gulf oil producers have prospered during the conflict, it has heaped suffering on some of the most fragile and volatile economies in the region. “It has contributed to the difficulties in Egypt and the worsening […] February 24, 2023
Analysis Southeast Asian investors flocking to Gulf to deploy capital A growing number of businesses from the Association of Southeast Asian Nations (Asean) are investing and expected to set up operations in the GCC to capitalise on deepening trade links. Freddie Neve, senior Middle East associate at UK-based think tank Asia House, said that rapidly expanding ties between the Gulf and emerging economies in Asia […] February 22, 2023
Lifestyle Middle East investors ‘need at least $5m to retire comfortably’ Most Middle East investors believe they need at least $5 million for a comfortable retirement, according to a survey. The latest MLIV Pulse survey, carried out by Bloomberg and published on Tuesday, asked more than 500 traders how big a nest egg ought to be. The global average was between $3 million and $5 million, […] February 22, 2023
Analysis Energy Sunny times ahead for Gulf’s solar market Developers are making the most of an expanding pool of public tenders for the Gulf’s solar market, with the UAE and Saudi Arabia leading the way. Experts said the sector was in a healthy state despite the coronavirus pandemic and war in Ukraine curbing development, compounded further by the global spike in inflation during 2022. […] February 20, 2023
Exclusive Banking and Finance First Abu Dhabi Bank to launch crypto services First Abu Dhabi Bank plans to introduce cryptocurrency and digital asset offerings to its customers. The move is part of a plan by the UAE’s biggest lender to implement Web3 technologies in its services to gain competitive advantage. “We’re already working on a product paper looking at how to work with crypto and digital assets,” […] February 19, 2023
Opinion Energy Russian sanctions have rejuvenated the world’s ‘ghost’ oil market Moscow says it will not comply with an oil price cap, but may have little choice if it wants to continue selling February 17, 2023
Analysis Construction Mega-projects to cushion Mena cement makers from global blows Cement producers in the Middle East are expected to have an “exceptionally good year” thanks to the region’s pipeline of mega-projects. Emir Adiguzel, director of the World Cement Association, said the global industry faced a difficult period but the Middle East would buck the trend. “According to our members located in the Middle East, the […] February 16, 2023
Manufacturing UK body spray maker Confetti maps Gulf expansion Gulf countries may be synonymous with luxury but there’s a gap in the fragrances market for lower cost products, according to Ori Leslau, founder and chief executive of Confetti Group. The UK company is about to launch in the UAE, then in Saudi Arabia later this year. Marketed as “perfume in a can”, Confetti’s products […] February 15, 2023
Energy Opec raises 2023 oil demand growth on China’s reopening Opec has raised its 2023 global oil demand growth forecast in its first upward revision for months, following China’s relaxation of Covid-19 restrictions. It has also trimmed supply forecasts for Russia and other non-Opec producers, pointing to a tighter market. Global oil demand will rise this year by 2.32 million barrels per day (bpd), or […] February 15, 2023
Analysis Energy Gulf ‘needs to pick up pace’ to hit 2030 solar energy goals The Middle East’s solar power industry has come a long way, but it needs to work faster if the region is to meet its energy transition targets, according to the Mesia Solar Outlook Report 2023. Romain Riche, international development director at Mesia (Middle East Solar Industry Association), told AGBI that the key challenges were accelerating the […] February 15, 2023
Manufacturing Gulf fragrance market strikes the right note Some of the Middle East’s biggest perfume makers, including Chalhoub Group and Ajmal Perfumes, are ramping up global growth plans as traditional Arabic scents gain in popularity abroad. Luxury brands franchisee and distributor Chalhoub is close to striking deals to export its own fragrance brand, Ghawali, to countries including the UK and France. The first […] February 14, 2023
Banking and Finance Opec Fund agrees $50m loan to support Africa’s infrastructure The Opec Fund for International Development (Opec Fund) and Africa Finance Corporation have signed a $50 million loan agreement to finance infrastructure development critical to economic growth and job creation across the continent. The proceeds of the 10-year loan will be used to improve connectivity, transport, logistics and trade, as well as boost access to […] February 13, 2023
Banking and Finance PIF’s $5.5bn green bond sets tone for ‘strong pipeline’ in Mena Saudi Arabia’s sovereign Public Investment Fund has raised $5.5 billion through its latest green bond issuance, supporting expectations of a strong year for sustainable bonds in the Middle East. The issuance was more than six times oversubscribed – with books exceeding $33 billion – and will be used to finance or refinance eligible green projects, […] February 13, 2023
Energy Oil rebound more likely in 2023 with $100 a barrel possible Oil may resume its rally in 2023 as Chinese demand recovers after Covid curbs were scrapped and lack of investment limits growth in supply, OPEC country officials told Reuters, with a growing number seeing a possible return to $100 a barrel. In 2022, oil soared above $100 for the first time since 2014 as demand […] February 12, 2023
Banking and Finance Binance focuses on security as crypto crimes hit $20bn Cryptocurrency crime reached a record $20.1 billion last year according to blockchain analysis company Chainalysis, but Binance’s security chief says this is still little compared to traditional financial scams. Nils Andersen-Röed, deputy head of financial crime compliance at Binance, argues the sum must be put into context. “There seems to be a misconception about the […] February 10, 2023
Opinion Employment Stocks up, manpower down as big tech marches towards blockchain Decentralised business models will inevitably be adopted as major players get tough February 10, 2023
Markets Hong Kong exchange courts Middle East companies The Hong Kong stock exchange has renewed its efforts to attract listings by Middle East companies, including Saudi Aramco. Christopher Hui, secretary for financial services and the treasury in Hong Kong, confirmed interest from Middle Eastern companies during a week-long tour of the region by a 30-strong delegation. The tour aims to promote Hong Kong […] February 10, 2023
