Banking & Finance Bahraini ‘repo’ platform targets GCC-wide trading A new platform focused on repurchase agreements has launched in Bahrain with the aim of increasing trading liquidity for bonds across the Gulf. A repurchase agreement, also known as a “repo”, is a form of short-term borrowing, mainly in government securities. Repo transactions between banks allow them to manage their liquidity. One side with excess […] November 8, 2023
Finance Mena IPOs drop but analysts still bullish for 2024 Listings on Middle East and North African stock markets slowed during the third quarter, but analysts remain upbeat for 2024 despite concerns over the Israel-Gaza conflict. There were six initial public offerings (IPOs) in Q3, raising $523 million in total. This is a 14 percent drop in volume and a 66 percent slump in proceeds compared […] November 7, 2023
Banking & Finance GCC attracts growing level of global capital Members of the Gulf Cooperation Council are emerging as prime destinations for capital deployment from across the world, as countries in the GCC look to domestic investment opportunities to fund growth beyond hydrocarbons. Private capital assets under management (AUM) in the countries that make up the GCC hit $12.3 billion in 2022, from $1 billion […] November 6, 2023
People & Lifestyle The Gulf has a rich musical heritage – it needs an audience When the Saudi National Orchestra made its New York debut in September, a centrepiece of the 80-member ensemble was a large green oil barrel. While serving as a wry reference to the US-Saudi special relationship, it also made a serviceable drum. For an evening, the pounding rhythms of majrour, samri and liwa brought the traditional […] November 5, 2023
Economy Bahrain economy grows 2% despite GCC trade slump Bahrain’s economy grew by 2 percent year on year in the second quarter of 2023, despite a drop in trade with neighbouring GCC countries. The kingdom saw its non-oil sector increase by 2 percent, while the oil sector was up 2.2 percent. Bahrain’s fiscal and current account break-even oil prices are among the highest in […] November 1, 2023
Analysis Banking & Finance Stronger GCC relations a boon to Turkey’s Islamic banks Improving relations between Turkey and the GCC could lead to more investment in the country’s Islamic banking system, which the government is keen to expand. The Turkish authorities have set a target for Islamic banks to reach 15 percent of total sector assets by 2025, up from 8.5 percent this year. Top-down support has been […] November 1, 2023
EXCLUSIVE Trade Scotland to forge GCC trade links independently of UK Scotland will continue to build relations throughout the region even after a long-awaited trade deal between the UK and the GCC is signed, according to a government minister. Neil Gray, Scotland’s cabinet secretary for wellbeing economy, fair work and energy, signed a memorandum of understanding in the UAE last week with Dr Thani bin Ahmed […] October 30, 2023
Opinion Business of Sport Why the Gulf should bid for the 2035 Rugby World Cup For the region and for the future of the sport, a Gulf Rugby World Cup makes perfect sense October 26, 2023
Analysis Tourism GCC tourist permit could pave way for unified visas Plans to introduce a GCC tourist visa by the end of 2025 could pave the way for other unified visas as the Gulf looks to strengthen its position as an economic bloc. The region could follow the model of Europe’s Schengen Area – a group of 27 countries – where the visa developed beyond tourism […] October 25, 2023
Trade Riyadh to host first GCC-Asean investment summit Riyadh will host the first GCC-Asean Economic and Investment Conference next year amid calls for the two regions to negotiate a free trade agreement. The conference, planned for the first half of 2024, was announced in a joint statement following the Gulf Cooperation Council (GCC) and the Association of Southeast Asian Nations (Asean) summit held […] October 24, 2023
Opinion Banking & Finance FII flexes its convening power in tumultuous times It is one of the world's premier investment gatherings – but this year's event could be unlike any other October 23, 2023
Analysis Trade GCC chief predicts China free trade deal ‘soon’ China and the GCC will sign a free trade agreement “soon”, according to a Gulf official, nearly 20 years after negotiations began. Jasem Mohamed Albudaiwi, the GCC’s secretary general, has predicted the deal will be “wrapped up during the next short period”, adding that its fruits “will be reaped as soon as possible”. His comments […] October 23, 2023
Tourism GCC ministers agree to unified tourist visa A unified GCC tourist visa is to be launched within the next two years as the region targets $188 billion from the industry by the end of the decade. Abdullah bin Touq Al Marri, the UAE’s minister of economy, said the visa, which will allow holders to travel across the six Gulf nations – Bahrain, […] October 23, 2023
Finance Turkey’s finance minister to embark on second Gulf tour Turkey’s finance minister Mehmet Şimşek is to embark on a second tour of Gulf countries as part of his government’s drive to attract foreign investment. “Our meetings with investors will continue next week with visits to Gulf countries,” Daily Sabah newspaper reported, quoting a post by Şimşek on X, formerly Twitter. Şimşek will visit Abu […] October 23, 2023
Leisure & Hospitality Germany’s green tourism propels GCC tourist rise Overnight stays from GCC tourists to Germany surged 40.9 percent year on year in the first half of 2023#, driven by the growing appeal for eco-conscious attractions and initiatives, the German National Tourist Board (GNTB) said in a statemen.t The GCC region is now the third-largest Asian source market for inbound tourism to Germany, with overnight stays […] October 22, 2023
Opinion Economy Bridging investment between the Gulf and Africa Building investor confidence in Africa as a viable business destination is paramount October 20, 2023
Energy Opec+ unlikely to change policy on Venezuela’s return An easing of US oil sanctions on Opec member Venezuela is unlikely to require any policy changes by the Opec+ producer group for the time being as a recovery in production is likely to be gradual, Opec+ sources told Reuters. Opec+’s attitude towards the easing of sanctions means the group, which produces over 40 percent […] October 20, 2023
Opinion Sustainability Seven steps to reducing the Gulf’s emissions All GCC nations are in the top 10 of global polluters. This is what they can do about it October 19, 2023
Analysis Trade GCC trade deal to help ‘level playing field’ for Pakistan The GCC has signed a preliminary free trade agreement with Pakistan as the South Asian nation looks to boost exports to ease its financial woes. The agreement was signed in Riyadh earlier this month. It aims to increase trade and investment with GCC countries by up to 50 percent by eliminating tariffs on goods and […] October 19, 2023
Tech G42 and OpenAI launch regional partnership Abu Dhabi’s leading artificial intelligence company G42 is teaming up with OpenAI, the research and development company behind ChatGPT, to develop AI in the UAE and regional markets. The partnership, announced on Wednesday, aims to leverage OpenAI’s generative AI models across sectors where G42 already has expertise, including financial services, energy, healthcare and public services. Using solutions […] October 18, 2023
Economy Mena growth to fall as GCC weakness exposed Analysts have predicted a slump in growth for the Middle East and North Africa (Mena) for 2023, prompted by oil production cuts in the GCC and the impact of the Morocco earthquake in September. Both the World Bank and BMI, formerly Fitch Solutions, said Mena growth is likely to fall to 1.9 percent this year, […] October 17, 2023
Finance India-GCC free trade talks ‘to start in November’ India and the Gulf Cooperation Council (GCC) expect to begin discussing a free trade agreement as early as November after the appointment of chief negotiators from both sides, according to Indian commerce ministry officials. The plans to begin talks on an FTA were announced last November, but delayed due to the non-appointment of a chief negotiator […] October 17, 2023
