Analysis Energy Gulf defies oil financing trends as UN calls for end to fossil fuels The Middle East is boosting investment in oil and gas, bucking the global trend even as the United Nations calls for an end to the funding of fossil fuel projects. The MENA region is forecast to invest $879 billion in energy projects from 2022 to 2026, an increase of 9 percent over the previous five […] June 20, 2022
Analysis Middle East growth forecast brightens despite global gloom Growth forecasts for the Middle East have been revised upwards despite the darkening global landscape. Middle East GDP growth for 2022 is now projected at 5.2 percent, an increase of 1 percentage point on the forecast three months ago, according to the Economic Insight report for the Middle East, commissioned by the Institute of Chartered […] June 20, 2022
Analysis Trade commissioner: UK and GCC have endless opportunities The Gulf states and the UK have historically enjoyed strong diplomatic and trade ties, but this decades-long alliance has intensified in the last two years. As UK businesses look to drum up new trade in the wake of Brexit and the coronavirus pandemic, the Gulf looks set to become ever closer to Britain. Pre-Brexit, around […] June 20, 2022
Markets Gulf bank stocks hit hard, as most bourses in red after rate hike Most stock markets in the Gulf ended lower on Thursday, after the US Federal Reserve delivered an aggressive rate hike and cut its growth projections. The US central bank on Wednesday approved its biggest interest rate hike since 1994, lifting the target federal funds rate by 75 basis points to a range of between 1.5 […] June 17, 2022
Analysis Banking & Finance Fed hike hits Gulf stocks as well as price of food and property Gulf stock markets quickly reacted negatively this morning to the announcement that local central banks were to follow the US Federal Reserve and hike interest rates, in a bid to curb inflation and rising costs. AGBI spoke to experts across the business community to see how the move will impact everyone from property developers and […] June 16, 2022
Opinion Rates rise has come too late to curb inflation Difficult times lie ahead for those already struggling with the cost of living June 16, 2022
Gulf raises rates as US hits highest level in nearly 30 years Most Gulf central banks followed the U.S. Federal Reserve on Wednesday, lifting their key interest rates by three-quarters of a percentage point, while Saudi Arabia made a smaller hike after the latest data showed inflation there slowing slightly. The US central bank projected a slowing economy and rising unemployment in the United States in the […] June 16, 2022
Analysis Economy UK targets Gulf for growth post-Brexit and Covid Rocked by the double whammy of Brexit and the global pandemic, UK businesses have endured a tumultuous two years. As European trade battles sharp retrenchment – UK-EU exports dropped by 12 percent last year, a loss of £20 billion – British companies are pursuing new growth avenues and the Gulf is proving to be a […] June 16, 2022
Tourism Business travel lagging behind tourism as Gulf goes virtual An estimated 115 million more passengers in the Middle East and Africa will fly during 2022 compared to last year if flight booking trends continue at their current pace, according to new research. However, business travel in the region is returning at a much slower pace with medium/long-haul and domestic bookings remaining well below 2019 […] June 15, 2022
Opinion Manufacturing Electric vehicles: If you can’t beat ’em, join ’em Opportunities in battery manufacturing as well as clear net-zero goals allow oil-rich countries to embrace the inevitable switch to EVs rather than fear it June 15, 2022
Tourism Finnair looks to Asia, Middle East, after impact of Ukraine war Finland’s national carrier Finnair, hit hard by the closure of Russian airspace, plans to shift its focus away from Asia travel and reduce the size of its operations, the chief executive told Bloomberg News, the agency reported on Friday. Finnair’s pre-pandemic profitability centred on offering short connection times between Asia and Europe via its Helsinki […] June 13, 2022
Markets ‘Russia cannot be fenced in,’ says Putin President Vladimir Putin has said that no Iron Curtain would fall over the Russian economy despite the sanctions imposed by the West because Moscow would not close itself off from the world like the Soviet Union did. The sanctions imposed by the West over Russia’s invasion of Ukraine have tipped Russia, one of the world’s […] June 10, 2022
Tech Lockheed to begin deliveries of F-16 combat jets in 2024 Lockheed Martin Corp expects to produce its new-build F-16 fighter jets next year and commence deliveries in 2024, its chief financial officer Jesus Malave said. The company has a list of key US allies including Bahrain, Taiwan, Slovakia, Jordan, the United Arab Emirates and the Kingdom of Saudi Arabia eager to purchase the jet. Malave […] June 10, 2022
Banking & Finance World Bank slashes global growth forecast The World Bank on Tuesday slashed its global growth forecast by nearly a third to 2.9 percent for 2022, warning that Russia’s invasion of Ukraine has compounded the damage from the Covid-19 pandemic, and many countries now faced recession. The war in Ukraine had magnified the slowdown in the global economy, which was now entering […] June 8, 2022
Ukraine and Gulf announce diplomatic and economic alliance Ukraine, the Gulf bloc and the Organisation of lslamic Cooperation (OIC) announced on Tuesday the establishment of a special Advisory Council. The Council, headed by the Ukraine President’s Office and Ukraine’s Ministry of Foreign Affairs, will focus on political, diplomatic, economic and humanitarian cooperation between Ukraine and the Middle East. The Head of the President’s […] June 7, 2022
Analysis Energy Higher oil prices ease budgetary woes Surging oil prices in 2022 mean most Middle East and North African (MENA) oil producers can look forward to recording a surplus this year – often after running budget deficits and, on occasion, plundering their sovereign wealth funds. In 2020, as demand collapsed on the back of the pandemic, Brent crude averaged just $42 a […] June 6, 2022
Analysis Tourism Mena has high hopes for post-pandemic tourism Visitors are returning to key tourism destinations around the Middle East and North Africa, but not everywhere is faring so well The surge in passenger numbers at the Gulf’s biggest airports in the opening months of this year tells a clear story of recovery in the region’s travel and tourism sector. Doha’s Hamad International handled […] June 3, 2022
Energy Oil price fall dents Gulf stock markets Most Gulf markets ended lower on Thursday on growing concerns over inflation and recession and as oil prices slumped following speculation that Saudi Arabia would boost production. Saudi Arabia’s benchmark index finished 1.3 percent lower, hurt by a 2.1 percent fall in oil giant Saudi Aramco and a 1.2 percent decline in country’s biggest Islamic […] June 2, 2022
Energy Who is buying Russian crude oil and who has stopped Here is the response by countries and companies regarding purchases of Russian oil since the war in Ukraine started on Feb. 24. Australia, Britain, Canada and the United States have imposed outright bans on Russian oil purchases, while Group of Seven (G7) nations, including Japan, committed to ban or phase out imports of Russian oil […] June 1, 2022
Energy Russia’s Lavrov to meet GCC ministers in Riyadh on Wednesday Russian Foreign Minister Sergei Lavrov arrived in Saudi Arabia on Tuesday, Saudi state media said, on a visit that Gulf officials said would feature a meeting with foreign ministers from the Gulf Cooperation Council (GCC) states. Lavrov, who also visited Bahrain earlier on Tuesday, is expected to meet ministers from Saudi Arabia, the United Arab […] June 1, 2022
