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 and 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 and 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
Opinion Employment Five ways to empower MENA women in the workplace Taking these action points will improve women's careers and help economies grow July 6, 2022
Exclusive Retail Women-only shops could solve MENA’s $2trn equality dilemma When Deema Almasri joined optical retailer Magrabi to manage its new outlet in Saudi capital Riyadh, she said a big motivating factor was female empowerment. Taking the helm at the optician’s store at the Hamra Mall, Almasri is in charge of the company’s first female-only staffed outlet. It’s a growing fashion, particularly in the Middle […] July 6, 2022
Analysis Construction Gulf construction may face imminent sand shortage A little-known fact: the sand used in the concrete to build Dubai’s 829-metre tall Burj Khalifa was imported from Australia. While water scarcity generates much concern, sand shortages are only beginning to receive attention – especially in the desert metropolises of the Gulf. A report in April by the United Nations Environment Programme (UNEP) highlighted […] July 5, 2022
Markets Most Gulf bourses fall as investors fear global recession Most stock markets in the Gulf ended lower on Monday, extending losses as investors remained worried about a global recession. Figures on Friday showed euro zone inflation hit yet another record high in June, firming the case for rapid European Central Bank rate hikes starting this month. US consumer sentiment hit a record low in […] July 5, 2022
Exclusive Manufacturing UK manufacturers see non-tariff barriers as key to GCC trade Make UK CEO Stephen Phipson advises the British government on behalf of 20,000 UK manufacturers. He talks to AGBI about trade with the GCC As negotiators begin to thrash out a UK-GCC free trade deal, there’s one thing above all else dominating the minds of British manufacturers as they seek growth opportunities in the region: […] July 5, 2022
Make it happen Employment How to hire (and retain) overseas talent in the Gulf Tax-free salaries alone are not sufficient to attract skilled employees: they demand career prospects and a trusting work culture too July 4, 2022
Analysis Real Estate Prime London property one third cheaper for Arab investors Wealthy buyers of prime London property have already seen prices fall since the start of this year, but Gulf buyers have been enjoying an additional dollar discount bonus thanks to their home currencies being pegged to the US currency. “The dollar has strengthened against all major currencies including the pound since January,” said Liam Bailey, […] July 1, 2022
Markets Gulf markets fall on fears of another sharp slowdown Most stock markets in the Gulf ended lower on Thursday, as central banks’ aggressive rate-hike approach to tame inflation stokes fears of a rapid economic slowdown. On Wednesday, central bank chiefs from the US Federal Reserve, the European Central Bank and the Bank of England met in Portugal and voiced their renewed commitment to control […] July 1, 2022
Exclusive Mental health as important as salary in the Gulf Companies offering robust mental health support programmes will secure the best talent in the Gulf, according to the founder of a workplace wellbeing platform. Asim Amin, founder and CEO of Plumm, said that while businesses in the region have started to realise the importance of their employees’ mental wellbeing, there is “still a long way […] June 29, 2022
Markets Most Gulf stocks track oil prices higher, with Aramco up 3.3% Most stock markets in the Gulf ended higher on Tuesday, tracking oil prices and global shares as China eased some quarantine requirements for international arrivals which raised hopes for stronger growth and a revival in demand for commodities. China slashed the quarantine time for inbound travellers by half in a major easing of one of […] June 29, 2022
Sustainability Climate target aided by surging oil price, says top US banker Oil and gas-producing countries can capitalise on the commodity price boom to fuel their transition to net zero, the boss of one of the world’s leading financial institutions said yesterday. Arshad Ghafur, president of the MENA region at Bank of America, made the comment in a speech to the Dubai International Financial Centre’s Fintech Week, […] June 29, 2022
Opinion Drone technology will power the Gulf’s fourth industrial revolution Once a gimmick in futuristic novels, drones now have the potential to transform the world we live in June 28, 2022
Retail Nike Q1 forecasts downbeat, despite higher Middle East sales Nike Inc forecast first-quarter revenue below estimates as it expects to discount more and wrestles with pandemic-related disruptions in China, its most profitable market. The company’s shares fell 3 percent to $107 after the bell. Analysts are mixed about Nike’s prospects in China this year even as strict COVID-19 lockdowns have been lifted in several […] June 28, 2022
Agriculture Scotland eyes big export boost from UK-Gulf trade talks Scottish businesses in key export sectors such as food, financial services and renewables have high hopes for a free trade deal with the GCC June 27, 2022
Opinion Gulf currencies would prosper if decoupled from the US dollar Countries pegged to the dollar have to follow the Federal Reserve's lead on interest rates, even if it doesn't suit them. For the GCC, it might be time to break free June 27, 2022
Exclusive UK-GCC talks must extend beyond tariffs, say top diplomats The newly-commenced free trade agreement talks between the UK and the GCC have been welcomed by senior diplomats. Lord Udny-Lister, co-chair of the UAE-UK Business Council and a former strategic advisor to British Prime Minister Boris Johnson, hailed the FTA discussions as “great news”, but called for a wide and nuanced set of agreements that […] June 24, 2022
