Opinion Economy Escalation risk in the Red Sea and GCC economies A military quagmire in the region could see recession return to haunt the global economy January 16, 2024
Oil & Gas Fears of supply disruption push crude prices over $80 Brent prices jumped by more than four percent on Friday after the US and its allies launched airstrikes against Houthi rebels in Yemen in retaliation for attacks by the Iran-backed group on ships in the Red Sea. Global crude oil benchmark Brent traded at $80.74 per barrel, slightly above the estimated break-even mark of GCC […] January 12, 2024
Video length: 05:39 VIDEO Finance Sovereign wealth funds: the Gulf’s biggest power players Did you know that the world’s first sovereign wealth fund was set up in the GCC? Kuwait Investment Authority was established in 1953, eight years before the country’s independence, to invest surplus oil revenues. Now every GCC country has a sovereign wealth fund responsible for financial returns and national economic development. “Today there are over […] January 12, 2024
Opinion Trade The Red Sea: a cautionary tale The Gulf nations could use the latest shipping crisis as a stimulus to bolster food security January 12, 2024
Renewable Energy Renewable energy capacity at record high says IEA Renewable energy capacity surged worldwide by 50 percent in 2023, putting the planet nearly on track to triple capacity by 2030 and limit the global temperature rise to 1.5C, analysts at the International Energy Agency (IEA) have announced. Renewable reserves reached almost 510 gigawatts (GW) last year, up from 340 GW in 2022, with solar […] January 11, 2024
Economy Saudi’s economic rebound to propel GCC growth Growth in the Gulf Cooperation Council (GCC) economies is forecast to increase in 2024 and 2025, propelled by a rebound in Saudi Arabia’s economy, the World Bank said in its latest Global Economic Prospects report. The combined GDP of the GCC countries is expected to rise to 3.6 percent in 2024 and 3.8 percent in […] January 10, 2024
Opinion Economy GCC can emerge as ‘Middle Powers’ in second Cold War Three factors will enable the GCC to benefit from the fragmentation January 9, 2024
Opinion Renewable Energy Green hydrogen: who will buy the ‘fuel of the future’? Middle East enthusiasm is not matched by Europe and Asia January 8, 2024
Sustainability Gulf’s recycling industry grows with mega-projects The volume of Gulf construction projects will increase the use of recycled materials, the head of the Bureau of Middle East Recycling has told AGBI. Ibrahim Aboura, who is also managing director of Aboura Metals in Dubai and a committee chairman of the Bureau of International Recycling (BIR), added that it will also raise the […] January 8, 2024
Analysis Manufacturing Aluminium: waiting for the rise in demand With global aluminium prices soft and demand currently waning, the announcement last month of the launch of Kings Aluminium Industries’ AED750 million ($204 million) manufacturing and recycling plant in Abu Dhabi may have seemed unfortunately timed. However, “long term” has always been the name of the game with this lightweight metal, as giant, billion-dollar smelters […] January 5, 2024
Leisure & Hospitality Gulf hotels under pressure to boost green credentials Hotels in the Gulf region are facing pressure to make their buildings and operations more green or lose out on future investment. Ufi Ibrahim, chief executive of the Energy and Environment Alliance (EEA), a hotel industry network, told AGBI that EU green banking regulations that take effect in January will affect global investors. If hotel […] January 4, 2024
Opinion Economy The year ahead for the GCC economies The better-than-expected news on inflation has taken the prospect of additional rate rises off the table January 3, 2024
Analysis Finance Top 10 fintechs to watch in 2024 Fintechs are big business in the Middle East. An increasing number of financial companies are integrating technology into their services and products, meaning the market is forecast to treble from $1.5 billion in 2022 to $4.5 billion by 2025, according to McKinsey & Company. Here are 10 fintech firms to look out for in the coming […] January 3, 2024
Employment Gulf’s ESG uptake hindered by lack of expertise The Gulf has seen a rise in green bonds and funds, but awareness of environmental, social and corporate governance (ESG) reporting and the infrastructure to carry it out is lagging the rest of the world, a leading industry expert says. A survey from the consultancy PwC Middle East revealed that 64 percent of respondents in […] January 3, 2024
Education Saudi private schools’ report card points to untapped potential Saudi Arabia has the Gulf’s lowest rate of students attending private schools, despite being the region’s largest market, a report has found. Consultancy Colliers, which published its overview of K-12 education (kindergarten to 12th grade, covering ages 5 to 18) in the kingdom last month, attributed the low take-up to issues around education quality and […] January 2, 2024
Opinion Oil & Gas Five outrageous Middle East predictions for 2024 Pure madness or real possibilities? You decide January 2, 2024
Banking & Finance Investment funds circle distressed companies Investment funds that bet on troubled companies are predicting a rise in Gulf businesses falling into distressed debt as global economic strains intensify. Pockets of financial distress are beginning to emerge in the region, driven by high interest rates, sluggish growth and escalating inflation, industry experts say. Blantyre Capital, a UK-based asset manager that focuses […] January 2, 2024
Opinion Energy The year ahead for Mena energy The region’s chasms have rarely been so wide – they must be bridged in 2024 January 1, 2024
Analysis Oil & Gas Opec set for tricky new year: US booms and demand slows Opec+ has struggled to maintain high oil prices this year and 2023 is ending with Brent trading 10 percent lower year on year and below the crucial $80 break-even mark of GCC countries. 2024 looks likely to be another challenging year for the oil alliance, analysts have told AGBI. Oil demand rose by more than […] December 29, 2023
Trade GCC and South Korea sign free trade agreement South Korea and the GCC have signed a free trade agreement as the region continues to pivot eastwards for growth. The agreement will cover trade in goods, services and government procurement, as well as cooperation among small and medium-sized enterprises, customs procedures and intellectual property, among other areas, according to a statement. Trade between the […] December 28, 2023
Video length: 04:21 Transport Denmark’s Maersk gears up to restart Red Sea operations Denmark’s shipping major Maersk is planning to resume shipping operations in the Red Sea and the Gulf of Aden following the deployment of the multinational security initiative. The company had paused all vessel passage through the area earlier this month over the highly escalated security situation ensuing from attacks by Houthi militants based in Yemen. “As of […] December 27, 2023
Analysis Trade Gulf’s pivot to Asia set to keep on rolling in 2024 2023 has been the year of the comprehensive economic partnership agreement, better known as the Cepa, as the UAE seeks to increase non-oil trade to $1.1 trillion (AED4 trillion) by 2031. The Emirates has seven deals in the bag and several more in the pipeline – and like many of its Gulf neighbours, it is […] December 27, 2023
