Energy Opec+ keeps steady policy amid weakening economy Opec+ agreed to stick to its oil output targets at a meeting on Sunday as the oil markets struggle to assess the impact of a slowing Chinese economy on demand and a G7 price cap on Russian oil on supply. The decision comes two days after the Group of Seven (G7) nations agreed a price […] December 5, 2022
Analysis Retail Global luxury fashion brands look to the Gulf for growth in 2023 The Middle East and North America are expected to have the highest growth potential for the fashion industry in 2023, as executives deprioritise countries like China in the short term. The war in Ukraine, rising inflation and supply chain pressures are the biggest threats to the fashion industry in the run-up to a challenging year […] December 2, 2022
Banking and Finance Further slowdown before a rebound, says UAE VC firm Following years of rapid growth, the Gulf’s venture capital (VC) ecosystem has slowed down, in line with global trends. But the region’s underlying strengths and appetite for VC deals mean it will pick back up again late next year, experts from Apex Group have told AGBI. “Up until about three months ago, we were still […] December 1, 2022
Analysis Banking and Finance Heavy industries replace tech in Middle East funding rounds More traditional industries such as manufacturing and oil and gas services have replaced technology as the driving force behind capital flows between Europe and the Middle East, according to new research The switch comes as technology giants including Alphabet, Microsoft, Meta and Amazon reported disappointing third-quarter results and the tech-heavy Nasdaq stock market has lost […] December 1, 2022
Opinion Banking and Finance The view from the family office It's been a year of geopolitical unrest and economic uncertainty. What does that mean for ultra-high net worth families and their advisers? November 30, 2022
Retail Europe’s largest outlet mall targets Gulf shoppers Outletcity Metzingen, Europe’s largest luxury discount outlet mall, has signed a partnership to promote the destination to Gulf shoppers, as Germany reported a 318 percent surge in tourists from the region in the first half of this year. The shopping centre, which is located in the south of Germany, struck the deal with Dubai-based AVIAREPS […] November 28, 2022
Analysis Energy UK energy windfall tax ‘could scare off Gulf investors’ London’s plan to introduce a windfall tax on the profits of energy producers has prompted widespread disdain from the industry. Experts have warned that the tax could harm the country’s long-term economic growth and deter international investors, including those from the Gulf, from pursuing new deals. On November 17, chancellor Jeremy Hunt announced he would […] November 28, 2022
Analysis Business of Sport Gulf states to capitalise on World Cup tourism ‘halo’ effect Qatar’s Gulf neighbours have more than a passing interest in the World Cup. When the tournament ends Saudi Arabia, the UAE and Oman will be looking to capture the ripple effect resulting from the surge in tourists to the region. For the GCC’s tourism sectors, the World Cup is viewed as a catalyst for a […] November 26, 2022
Economy GCC and India agree to resume free trade talks India and the Gulf Cooperation Council (GCC) have agreed to resume talks on a free trade agreement, India’s trade minister Piyush Goyal said, as his nation seeks closer ties with one of its largest trading partners. The talks mark the third such attempt by India and the GCC to ink a trade pact, with negotiations […] November 25, 2022
Banking and Finance Younger Arabs invest in equity markets, tech and Islamic finance Nearly three-quarters of rich young Arabs believe equity markets will continue to perform well and are actively planning to invest, with regional entities, Islamic finance, technology and sustainability their key priorities. Geneva-headquartered global wealth and asset management company Lombard Odier surveyed around 200 high net worth individuals with assets of at least $1 million across […] November 24, 2022
Analysis Energy UK minister stresses commitment to GCC’s clean energy transition The UK is committed to remaining a “steadfast friend and partner” to Gulf countries as they continue to drive the clean energy transition and one of the most rapid economic transformations in history. British foreign secretary James Cleverly also hailed the development of “spectacular cities” rising from empty deserts in a speech at the Manama […] November 23, 2022
Player 2 has entered the game – Mena eyes $5bn e-sports prize Sunday was a big day for sports fans in the Middle East. With the eyes of the media trained on the World Cup opener in Qatar and the final race of the Formula One season in Abu Dhabi, it was easy to overlook the e-sports grand final taking place in Dubai. It would be wise […] November 22, 2022
Analysis Employment We can work it out: the future for the GCC’s labour markets “Help wanted” signs are going up all over the Gulf as employers seek to expand their workforces and attract migrant labourers. This hiring spree is not the kind of free-for-all seen in previous oil booms, however. In Saudi Arabia, for example, overseas workers make up more than 70 percent of the labour market, but their […] November 22, 2022
Opinion Aviation Fly the environment-friendly skies Middle East airlines have led the way in showing how Gulf economies can diversify. Now they have to become pioneers of net-zero aviation too November 21, 2022
Cop28 Dispute over ‘loss and damage’ may extend talks for days Backroom disagreements on what should have been the final day of Cop27 have ensured that talks would spill over into Saturday and possibly beyond. Delegates have for the last few days been predicting that the talks would be extended. It was only on Friday morning that the conference presidency released the first official draft of […] November 19, 2022
Opinion Sustainability The dark side of a renewables future The renewables sector must find recycling solutions to establish a truly circular economy November 18, 2022
Banking and Finance Mena VC firm VentureSouq to set up climate-focused fund Middle East and North Africa-based Venture capital firm VentureSouq is to launch a new climate-focused fund to support companies developing solutions for the green economy. Achieving net zero carbon emissions by 2050 globally will require as much as $173 trillion in investments in the energy transition, according to BloombergNEF’s (BNEF) New Energy Outlook 2021 (NEO), […] November 18, 2022
Analysis Energy World Bank says Gulf using oil wealth to become solar power Gulf hydrocarbon producers could turn into the world’s leading solar energy exporters. GCC members, particularly the UAE and Saudi Arabia – the first and third largest energy producers in Opec – have started to lay the ground for this goal with the launch of clean energy megaprojects. They aim to increase their renewable energy capacity […] November 18, 2022
Analysis Real Estate Four Seasons heads to Bahrain as branded home market booms Four Seasons has unveiled plans to build bespoke homes in Bahrain Bay as the demand for branded residences gathers pace in the Middle East. The hospitality company has teamed up with Bahrain-based real estate developer Bayside Developments for the Four Seasons Private Residences Bahrain Bay project. Buyers of the 112 homes will be able to […] November 17, 2022
Analysis Banking and Finance Oman banks ink deal as Mena mergers defy global headwinds HSBC Bank Oman and local rival Sohar International Bank have entered into a binding agreement to consolidate operations as merger and acquisition activity in the Middle East and North Africa (Mena) continues to defy global headwinds. The two lenders said on Wednesday that all assets and liabilities of HSBC Oman will be transferred to Sohar […] November 16, 2022
