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
Retail Food store Kibsons says IPO could be on the table Kibsons, the family-owned food delivery company in the UAE, has said a potential listing of the business is “absolutely” on the table. Launched in 2016, it processes over 35,000 orders a week. And founder and CEO Halima Jumani says they are on target to hit $100 million in turnover this year. Jumani, who co-owns the […] October 17, 2023
Opinion Tech Why do we click? The psychology behind phishing attacks Understanding our online behaviour is a crucial step towards protecting our digital lives and businesses October 16, 2023
Video length: 23:02 Video Business of Sport Business of sport: Where the Middle East money goes The World Economic Forum has reported that the Middle East’s sports industry is expected to grow by 8.7 percent by 2026, compared with global sector growth of 3.3 per cent over the same period. AGBI recently hosted the Business of Sport roundtable covering a wide range of pressing topics, including M&A activities; outbound vs inbound […] October 15, 2023
Analysis Tech How generative AI is gaining momentum in Mena Generative AI has dominated headlines for almost a year since the launch of US artificial intelligence-powered chatbot Chat GPT in November 2022. The coverage of ChatGPT has been mixed – the technology had many in awe at first, but a data breach affecting a reported 100,000 accounts soon sparked security concerns. The story is still […] October 12, 2023
Analysis Tech Gulf accelerates longevity push with AI and healthtech The Gulf is establishing itself at the forefront of the world’s fast-growing “longevity” sector. Saudi Arabia and the UAE in particular are making strides in the global race to prolong life, investing in health technologies that can predict medical risk and help develop medicines. They are investing in healthtech, building laboratories to support research and […] October 12, 2023
Analysis Tech Race is on for AI chips as nations seek tech supremacy The Gulf states are expected to invest heavily in powerful semiconductor chips in the years ahead to drive artificial intelligence forward. However, US restrictions on exports of the world’s biggest player in the chips market are a potential stumbling block. AI technology is critical to developing global influence and expanding high-growth industries, and the high-performance […] October 12, 2023
Analysis Tech UAE sets itself as the Gulf’s cybersecurity leader As the world rushes toward a more digital future, cybersecurity remains a paramount concern – and the UAE aims to be at the forefront of the field. The post-Covid era has experienced a surge in cyberattacks, prompting organisations to fortify their defences. Global weekly cyberattacks rose 7 percent in the first quarter of 2023, compared with […] October 12, 2023
Analysis Tech Investors turn to data centres in Gulf and Mena tech push Investor appetite for data centres in the Middle East is soaring as the region, particularly the Gulf, accelerates its digital transformation. Experts say they are seeing increased levels of investment and interest from international operators, who are looking to capitalise on the region’s growing need for data processing and storage. Earlier this year the Saudi […] October 12, 2023
Analysis Banking & Finance Turkey and Egypt can trip up Gulf lenders says analyst Gulf banks are in a resilient position as oil production cuts crimp economic growth, but lenders could face headwinds from macroeconomic volatility in Egypt and Turkey, an S&P Global analyst said this week. In Turkey, Dubai’s Emirates NBD owns Denizbank and Qatar National Bank owns QNB Finansbank, the country’s eighth and ninth largest banks by […] October 12, 2023
Finance China funds look to Middle East as US investments wane Chinese funds are seeking new capital sources in the Middle East and other markets, according to managers. It is a shift that could reshape investment flows as diplomatic tensions and other risks drive many US investors out of the country. Seven China equity funds, including hedge funds and mutual funds, running more than $500 billion […] October 10, 2023
Opinion Oil & Gas Prepare for peak oil, but GCC has no need to panic Saudi Arabia and other GCC producers will capture a larger share of the shrinking market October 9, 2023
Energy Energy-hungry data centres present net-zero hurdle Soaring demand for GCC data centres is creating a headwind against the region’s decarbonisation efforts, and energy use will accelerate if no interventions are made, experts say. “With expected digital growth in the GCC, new data centres will need to be built, increasing energy usage,” said Ziad Al Bawaliz, president of Turkey, Middle East & […] October 9, 2023
Leisure & Hospitality GCC tourism ministers set deadline on unified visa GCC tourism ministers have agreed to submit their views on a proposed unified visa for the six members states to the GCC Secretariat General by the end of December 2023, state-run Oman News Agency reported. The ministers also endorsed the Gulf strategy for tourism 2023-2030 at the recently held seventh meeting of GCC tourism ministers. […] October 8, 2023
