Analysis Truss appointment as UK PM is good news for Gulf, say experts Liz Truss is to be the UK’s next prime minister, after beating former chancellor Rishi Sunak in the contest to lead the Conservative Party. Truss secured 81,326 votes to Sunak’s 60,399 in a ballot of party members. She will take office on Tuesday after a meeting with the Queen. The new prime minister’s in-tray is […] September 5, 2022
Manufacturing Record profits for Gulf’s materials sector but growth set to slow Profits among the Gulf’s listed companies in the materials sector reached their highest levels on record in the second quarter of 2022. However, industry experts believe supply chain issues and the Ukraine war will see growth begin to slow. Across the whole of the GCC, the total net profit of listed companies reached $77.3 billion […] September 2, 2022
Opinion Employment Creating a culture of trust at work How to structure meetings that encourage expression of diverse points of view September 1, 2022
Opinion Energy The Gulf’s future is with renewables, not fossil fuel The replacement of Russian oil and gas with Gulf fossil energy won't meet commitments to climate protection August 31, 2022
Analysis Banking & Finance Gulf banks take $950m hit on Turkish economic woes The exposure of GCC banks to Turkey through their subsidiaries is increasingly credit-negative due to deteriorating operating conditions in the country, according to analysts. But Gulf-based banks are unlikely to exit Turkey despite the challenging conditions, mainly because of the lack of potential buyers, said Fitch Ratings in a new research note released on Tuesday. […] August 30, 2022
Analysis Economy Britain looks to the Gulf as recession looms At the height of a long hot summer of discontent, the decision by PIF, Saudi Arabia’s sovereign wealth fund, to take a stake in Aston Martin came as welcome relief to British industry. As inflation soars and recession looms in the UK, it is hoped the £78 million pledge not only signals a turnaround for […] August 26, 2022
Real Estate Northacre sees ‘pent-up demand’ for London from GCC investors The Dubai-owned developer behind plans to transform the former Metropolitan Police HQ in London says it is seeing “lots of pent-up demand” from GCC-based investors. Walid El-Hindi, group CEO of Northacre, a subsidiary of Dubai-based Shuaa Capital, told AGBI that London remains a “safe haven” for buyers from the Gulf and wider Middle East region. […] August 24, 2022
Analysis Energy Sharjah wins waste-to-energy race as rest of region cleans up its act Dubai had the Gulf’s first “seven-star” hotel and Abu Dhabi hosted the inaugural “day-night” Formula One Grand Prix. The emirate of Sharjah can claim a UAE first too – one that is less glitzy but potentially more transformative – the first waste-to-energy power plant. The Sharjah waste-to-energy facility, officially inaugurated in May, adds another dimension […] August 23, 2022
Economy Talks under way to forge UK-GCC trade deal Discussions to broker a trade agreement between the UK and GCC have begun, with the trade commissioner for the Middle East, Simon Penney, describing the Gulf as an “important region” for the UK. “Today marks the launch of the first round of negotiations towards a UK GCC Free Trade Agreement,” Penney said. “The GCC is […] August 23, 2022
Analysis Employment Indian workers return to Gulf in their droves The demand for skilled, semi-skilled and unskilled Indian workers has increased “drastically” as a rebound in Gulf economic growth signals the end of the coronavirus-induced reverse migration of workers from the region. An increase of nearly 50 percent in fresh migration to the six Gulf Cooperation Council (GCC) members – including the UAE, Saudi Arabia, […] August 19, 2022
Data analysis Economy UK-GCC trade in numbers: relationship set for new era Total trade between all six GCC countries and the United Kingdom increased in the year to the end of the first quarter of 2022, as talks begin on a free trade agreement aimed at further boosting the relationship. The UK posted a trade surplus with all the nations apart from Qatar, with the data showing […] August 18, 2022
Anghami bets on Arabic music to deliver streaming growth Abu Dhabi-based streaming provider Anghami is betting on Arabic content to deliver future growth as it announced a 41 percent increase in subscribers in the first half of 2022. With just one percent of Anghami’s content being Arabic, it is one area that the company is looking to grow significantly, Elie Habib, chief technology officer […] August 17, 2022
Female startups face ‘bias’ over funding in Middle East Startups founded by female entrepreneurs accounted for just 0.1 percent of the $105 million in funding raised in July, the lowest monthly level so far this year. Data compiled by Wamda, the largest early-stage investment fund in the Middle East, found that a total of $136,000 was raised by female-led startups last month, while those […] August 17, 2022
Analysis Banking & Finance BlackRock may spur wealthy to make crypto leap Institutional investors and high net worth individuals have traditionally shunned cryptocurrencies as volatile and untrustworthy. The ongoing turbulence in the market, with the value of bitcoin dropping by nearly half so far this year, has not helped sentiment but there are signs this is changing. BlackRock, which has $8.49 trillion of assets under management, yesterday […] August 12, 2022
Analysis Food & Drink The sky’s the limit for cloud kitchens in the Gulf While many businesses suffered due to the coronavirus pandemic, cloud kitchens – companies that prepare food solely for home delivery without having sit-down restaurant space – were beneficiaries of the online ordering boom. The GCC has been a hotspot for this growth with companies including Sweetheart Kitchen, Kitopi, KLC Virtual Restaurants and kaykroo overseeing delivery […] August 12, 2022
Analysis Banking & Finance Traditional UAE banks must snap up neobanks to survive The UAE’s growing army of digital-only banks could soon be snapped up by traditional banks as digitisation continues apace, experts have told AGBI. A global survey published on Tuesday by UK-based comparison platform, Finder, said 19 percent of adults in the UAE have a neobank account, up from 17 percent last year – and that […] August 11, 2022
Long read Energy Hello hydrogen: inside the GCC’s next mega-commodity With annual revenues from green hydrogen in the GCC estimated to grow to about $200 billion by 2050, the region is investing heavily as a means to continue using its oil resources, while supporting international partners in reducing carbon emissions. Up to one million hydrogen-related jobs could be created in the Gulf within three decades, […] August 11, 2022
Banking & Finance Reforms draw North American investors to the Gulf North America-based entities were the most active investors in Middle East and North Africa merger and acquisition (M&A) deals in the first half of 2022. Attracted by ongoing economic reforms in the region, US and Canadian firms took part in 30 percent of inbound M&A activity, with a particular focus on technology-related investments. The latest […] August 10, 2022
Opinion Employment 8 ways to keep your staff amid the great resignation Now more than ever, organisations need to pursue the right path for talent retention August 10, 2022
Analysis Tourism Shortfall of skilled staff could hamper GCC tourism goals The GCC’s tourism sector is forecast to return to pre-pandemic levels in 2022, generating revenue of $26.3 billion, but experts question whether future growth could be stymied by shortages in the region’s skilled hospitality workforce. UAE-based investment banking advisory firm, Alpen Capital, said the sector registered a 74.8 percent growth over the past year, adding […] August 10, 2022
