People & Lifestyle 20 MENA innovators to watch Meet the young game changers who have set their sights on transforming the Middle East and North Africa July 20, 2022
Media & Advertising Netflix lost 770,000 users in Europe, Middle East and Africa Netflix Inc on Tuesday averted its own worst-case scenario of subscriber losses, posting a nearly 1 million drop from April through June, and predicted it would return to customer growth during the third quarter. Shares, which have fallen roughly 67 percent this year on concerns about the company’s long-term prospects, rose 8 percent in after-hours […] July 20, 2022
Markets Gulf bourses extend rebound as Saudi outperforms Saudi Arabia’s stock market outperformed its Gulf peers on Tuesday, as the region continued its rebound from the recent selloff, although the markets were cautious about inflation and global economic growth. The benchmark index in the kingdom advanced 1.8 percent, led by a 2.1 percent rise in Riyad Bank and a 2 percent increase in […] July 20, 2022
Energy Oil price windfall tests Gulf’s fiscal discipline as inflation rises A petrodollar windfall is helping some Gulf Arab states pay down debt and providing cash for others to diversify their oil-reliant economies, but it is also testing commitments to fiscal discipline as governments try to shield citizens from inflation. Gulf oil producers have promised more prudence this time as crude prices have spiked higher, seeking […] July 20, 2022
Analysis Biden Middle East ‘Could do better’: the experts’ verdict on Biden in Middle East Did the US president achieve his objectives on his tour of the Middle East? AGBI asked seven analysts to give Biden marks out of 10 President Joe Biden hoped to usher in a new era in Washington’s relationship with the Middle East during his whistlestop tour last week – seeking to reinforce America’s commitment to […] July 19, 2022
Opinion Manufacturing The Gulf can become the crucible of world industry if it acts now The GCC economies are diversifying already. If they can move further and faster into manufacturing, they could win a great prize July 19, 2022
Think women make bad bosses? Think again, says Visa senior VP Is a man better at running a business than a woman? The Visa Entrepreneur Study, commissioned by the global payments giant, found that nearly four in 10 (38 percent) of male business owners surveyed in the UAE believed men have better business instincts than women. Furthermore, 34 percent said businesses founded by women couldn’t compete […] July 19, 2022
Markets Major Gulf bourses gain, while Union Coop falls 9% on debut Most stock markets in the Gulf ended higher on Monday as an uptick in oil prices lifted sentiment, with the Saudi index leading the gains. Crude prices, a key catalyst for the Gulf’s financial markets, extended gains on a weaker dollar and tight supplies as concerns deepened around gas shipments from Russia. The benchmark Saudi […] July 19, 2022
Analysis Food & Drink Gulf firms tap thirst for no-alcohol drinks On St Patrick’s Day this year Irish drinks brand Guinness seized the opportunity to promote one of its biggest innovations since its launch in 1759. Four years in the making, Guinness 0.0, a non-alcoholic version of the famous stout brew – first launched in the UK and Ireland in 2020 – has now gone global. […] July 16, 2022
Markets Most Gulf indexes drop ahead of concerns over new Fed rate hike Most stock markets in the Gulf slipped into negative territory on Wednesday, as traders awaited US inflation data for cues on a large Federal Reserve rate hike this month. Saudi Arabia’s benchmark index fell 1.1 percent to a near six-month low, with oil behemoth Saudi Aramco losing 3.4 percent and Sahara International Petrochemical Co plunging […] July 14, 2022
Analysis Development Closing the MENA gender gap could take 115 years It will take 115 years to close the gender gap in the Middle East and North Africa according to the latest World Economic Forum report. The analysis, which benchmarks the difference between women and men as reflected in social, political, intellectual, cultural, or economic attainments or attitudes, reveals that women’s employment has suffered as the […] July 13, 2022
Analysis Economy Muslims defy pandemic to spend $2trn globally in 2021 Bucking the global trend of tightening the purse strings, the world’s 1.9 billion Muslims spent the equivalent of $2 trillion at the height of the Covid pandemic. This spending reflects an 8.9 percent year-on-year growth from 2020 across a range of sectors offering halal food, pharmaceuticals, cosmetics, fashion, travel, and media/recreation. According to the 2022 […] July 13, 2022
Economy Israel says Biden visit may lead to common Middle East market Israeli finance minister Avigdor Lieberman said today he hoped a regional visit by US president Joe Biden this week will lead to a common Middle East market that includes Saudi Arabia. Biden arrives in Israel on Wednesday and continues to Saudi Arabia on Friday. The White House has said the visit’s aims include “expanding regional […] July 11, 2022
Analysis UK minister reaffirms Gulf ties amid PM resignation turmoil July 7 will be remembered as the day British prime minister Boris Johnson resigned his post following a cabinet revolt and the departure of dozens of ministers. But on the same day, Amanda Milling MP, the UK government’s minister for Asia and the Middle East, completed a largely unreported trip to the Gulf region, visiting […] July 11, 2022
Analysis Real Estate Gulf home buyers eye Battersea Power Station in London Gulf investors are snapping up London properties beyond the traditional smart neighbourhoods such as Chelsea and Kensington, north of the river Thames. With a weak pound offering great purchasing power for Gulf currencies and an upcoming visa liberalisation for GCC countries with Britain, MENA-based property investors are flocking to England’s capital. And Arab buyers have […] July 11, 2022
Opinion Johnson’s exit will not impede deepening UK-Gulf relations New political leadership will make little difference upon the trade deal with both markets set to benefit July 8, 2022
Markets Most Gulf bourses in black as investors absorb Fed minutes Most bourses in the Gulf rebounded on Thursday, enjoying a respite from their recent sell-off, as investors digest the U.S. Federal Reserve’s firm hawkish stance on taming inflationary pressures. The Fed’s June meeting minutes showed officials rallied around an outsized rate hike, justifying the 0.75-percentage-point increase as near-term inflation outlook had deteriorated since their meeting […] July 8, 2022
Analysis Banking & Finance Gulf sovereign investments may be hit by new UK tax plans Gulf-based sovereign wealth funds could see tax exemptions on investments in the UK slashed under new proposals put forward by the British government. Britain is planning to reduce the scope of the exemption to just interest income from investment activity. This would move income profits and capital gains from investment in UK real estate, as […] July 8, 2022
Banking & Finance Middle East backers help Chinese tech giant Sequoia raise $9bn Sequoia Capital China has raised a total of nearly $9 billion for four new funds amid investor hopes that the authorities are easing a regulatory crackdown on the tech sector, said a person with direct knowledge of the matter. The latest fundraising by Sequoia China, which according to the person originally targeted at least $8 […] July 7, 2022
Markets Dubai stocks sink again, wiping out 2022 gains The Saudi stock market extended losses for a third session on Tuesday amid mixed responses from Middle East stock markets to rising investor concerns of a possible global recession. Saudi Arabia’s benchmark index eased 0.1 percent, hit by a 4.6 percent slide in Sahara International Petrochemical. The kingdom and the United Arab Emirates are boosting […] July 6, 2022
