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A listing would be more favourable than a merger or acquisition, said Kibsons CEO Halima Jumani

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 […]

gulf generative AI

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 […]

Gulf longevity healthtech AI

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 […]

AI chips Gulf

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 […]

Cybersecurity

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 […]

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 […]

A worker counts Turkish lira at a currency exchange in Ankara. S&P Global Ratings this month upgraded Turkey to 'stable' from 'negative'

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 […]

Seven China equity funds, running more than $500bn in combined assets, visited the Middle East to raise money

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 […]

Data centre demand

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 & […]

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. […]

UK-GCC M&A mergers acquisitions

Dealmakers expect record year for UK-GCC M&A

The GCC region – in particular Saudi Arabia and the UAE – is seeing a “significant influx” of interest in mergers and acquisitions from UK investors. Lumina Capital Advisers, a mid-market corporate finance company, said record levels of M&A activity are expected this year between the Gulf and the UK, based on a new survey […]

Hardeep Singh Puri

India discusses oil price ‘sensitivity’ with Opec+

India, the world’s third-biggest oil importer, on Tuesday urged producers to show “sensitivity” towards consuming countries, hit by prices largely trading above $90 a barrel since Saudi Arabia and Russia decided to extend voluntary cuts to the end of the year. “During pandemic, when crude oil prices crashed, the world came together to stabilise the […]

Opec's Haitham Al Ghais told Adipec that the oil industry needs $600bn of investment a year

Lack of oil investment ‘threatens energy security’

The lack of investment in oil and gas is a threat to global energy security, ministers and industry leaders have told the Adipec conference in Abu Dhabi.  “At Opec, we see investments required from now to 2045 for the oil industry alone of around $14 trillion. That’s around $600 billion per year,” Opec secretary general […]

Adult, Female, Person

$250m Aliph Fund expects closure on GCC deals

Aliph, a private equity fund that attracted $125 million from an Abu Dhabi sovereign wealth fund last year, is aiming to close up to three investments in GCC states UAE and Saudi Arabia by the end of 2023. The Aliph Fund, set up by Aliph Capital and one of the few female-led private equity companies […]

Opec+ oil

Opec+ unlikely to tweak oil policy in October meeting

Opec+ is unlikely to tweak its current oil output policy when a panel meets next Wednesday, four Opec+ sources told Reuters, as tighter supplies and rising demand drive an oil price rally. Ministers from the Organization of the Petroleum Exporting Countries (Opec) and allies led by Russia, known as Opec+, meet on October 4. The […]

orientalist art

Orientalist art defies fashions

A girl in a yellow dress pouts as she adjusts her headscarf in the mirror. It might be the portrait of a young TikToker preparing for an evening out were it not for her opulent Ottoman surroundings. A Look in the Mirror by the Turkish painter Osman Hamdi Bey (1842-1910) sold for €1 million ($1.05 […]