Opinion Environment Forecast bright for Cop28 as the world nears ‘peak green’ A mood of pragmatism seems to be sweeping Europe and North America. This is not a surrender, but a vital recognition that the climate crisis is complex September 25, 2023
Employment Expats in UAE get ready to leave ‘golden goodbye’ behind The “golden goodbye” has long been a staple of UAE office life. Expat staff are handed a lump sum by their employer when they leave, based on a percentage of their salary and length of service. But the practice is starting to change. More Emirati companies are looking to set up workplace pension and saving plans […] September 25, 2023
Opinion Aviation 2023: the year airlines said goodbye to the pandemic The Middle East is one of the regions leading the global aviation recovery September 25, 2023
Water Alpha Dhabi takes over water specialist Metito Investment company Alpha Dhabi announced on Monday the acquisition of a majority stake in Metito Holdings, a company involved in the water and wastewater industry worldwide. Pending regulatory approvals, the deal marks Abu Dhabi-based Alpha Dhabi’s entry into the water and wastewater sector, with its CEO saying the need for sustainable water solutions “has never […] September 25, 2023
Agriculture China and Arab states sign $471m worth of agri deals A total of 34 deals worth AED1.73 billion ($471 million) were signed at the China-Arab States Expo, promoting cooperation and development in the agricultural sector. Agriculture has become an important part of China-Arab cooperation, and trade in agricultural products has recorded steady growth, the UAE state-run Wam news agency reported, citing the China Economic Net […] September 25, 2023
Opinion Environment Gulf could take on the UK’s climate change leadership The UK, on arguably the single biggest issue facing the planet, has quit while in the lead September 22, 2023
Oil & Gas Fossil fuel phase-down ‘inevitable’ says Al Jaber Cop28 president-designate Sultan Al Jaber this week implored world leaders to cut reliance on fossil fuels to meet carbon reduction targets. Addressing the UN Climate Ambition Summit in New York, Al Jaber – who is also group chief executive of Abu Dhabi National Oil Company – urged nations to fast track the transition to a […] September 21, 2023
Aviation Aviation offset rules face shake-up as doubts persist An imminent change to rules governing aviation carbon offsets ahead of the Cop28 climate conference may not be enough to convince airlines and others they have a meaningful effect, it has emerged. Aviation, like steel- and cement-making, is a hard-to-abate industry. It is difficult for companies within the sector to reduce emissions of carbon dioxide […] September 21, 2023
Tech Mena companies can tap $1bn HSBC climate tech fund HSBC has set aside $1 billion to help finance early-stage climate tech companies around the world, and “transformative investment opportunities” exist in the Middle East and Turkey, according to its regional chief. “The Middle East has a key role to play in the transition to a net zero global economy,” said Patricia Gomes, regional head […] September 21, 2023
Finance India-Middle East-Europe corridor to revive spice route Indian spices and spice products are likely to be the first commercial products to find their way through the new India-Middle East-Europe Economic Corridor (Imec), an Indian minister has said. Imec, announced last month at the G20 summit in New Delhi, India, aims to integrate railway routes and link ports along a route from India […] September 21, 2023
Analysis Manufacturing The time could be right for a ‘Made in the Gulf’ brand Creating a “Made in the Gulf” brand for the region’s manufacturing sector would not be easy – but such an initiative has potential, according to industry experts. Plans to establish a unified definition and standards for such a brand were discussed by trade and industry ministry representatives at a meeting of the Industrial Cooperation Committee […] September 21, 2023
Oil & Gas $100 a barrel oil raises global inflation fears Oil has risen to its highest level since November, reigniting fears over inflationary pressures on the global economy as it approaches $100 a barrel. Brent crude hit $95 barrel this week, before reducing gains, as the extension of Opec+ supply cuts tightened the markets. In a sign of a massive uptick in the energy markets, […] September 20, 2023
Tech Digital assets startup Fuze raises $14m in seed round UAE digital assets provider Fuze has raised $14 million in a funding round, in what it claims is the “largest” seed investment in a digital assets startup in the Middle East and North Africa. The investment was led by Abu Dhabi-based Further Ventures, with participation by US-based Liberty City Ventures. The startup enables banks, fintechs […] September 20, 2023
Analysis Media & Advertising Middle East to be world’s fastest-growing ad market The Middle East’s advertising market is on track to be the world’s fastest growing over the next two years, driven by Saudi Arabia’s ongoing transformation. The regional market, worth $5.9 billion last year, is forecast to grow 10 percent in 2023 and a further 6.2 percent in 2024, when its value will reach $6.9 billion. […] September 19, 2023
Opinion Energy Mena stands at a crossroads for energy security Overreliance on fossil fuels has prevented the region from reaching its potential September 18, 2023
Opinion Oil & Gas Peak oil by 2030? It’s possible, but we won’t know until much later The International Energy Agency's forecast sparked a strong reaction, but oil, gas and coal are in very different places September 18, 2023
Business of Sport Saudi-backed martial arts league aims for $1bn business The Middle East arm of the Professional Fighters League will be a billion-dollar entity within the next decade, according to its founder. Mixed martial arts (MMA) organisation PFL Middle East is set to launch in the second quarter of 2024, spurred by a reported $100 million cash injection from Saudi Arabia’s SRJ Sports Investments. It […] September 18, 2023
Finance Dubai SMEs turn to banks as VC funding declines Small businesses in Dubai are turning to traditional banks for financing as the global slowdown in venture capital funding continues. Emirates NBD, Dubai’s largest bank by assets, reported that it funded 34 percent more small and medium-sized enterprises (SMEs) over the opening seven months of 2023 compared to the same period last year. Lucy Chow, […] September 18, 2023
Construction Saudi construction workers spoilt for choice Saudi Arabia’s trillion-dollar construction industry is providing rich pickings for professionals as companies increasingly struggle to retain talent. The kingdom has projects worth over $1.3 trillion underway and a further $64 billion in contracts forecast to be awarded this year. But while that places pressure on companies to recruit the necessary talent, employees are enjoying […] September 18, 2023
Trade Northern Ireland keen to deepen trade ties with Gulf The recent Brexit deal for Northern Ireland places it in a strong position to deepen trade links with the Middle East and North Africa (Mena), especially in manufacturing and life sciences, according to the regional head of Invest Northern Ireland. The economic development agency aims to grow the number of Northern Irish businesses active in […] September 18, 2023
Banking & Finance Standard Chartered still attractive to possible buyers Standard Chartered will remain in the sights of cash-rich potential buyers thanks to the bank’s relatively cheap valuation and hard-to-replicate footprint, analysts told AGBI. It is listed and headquartered in London, yet 87 percent of its half-year income was derived from Asia, the Middle East and Africa. Over the past decade, Standard Chartered has sold […] September 18, 2023
Oil & Gas Opec pours cold water on IEA’s ‘peak’ for oil demand Opec, the group of oil-producing countries, has taken issue with assumptions by the International Energy Agency that demand for fossil fuels would peak before 2030, saying they present a danger to economies and billions of people. “Such narratives only set the global energy system up to fail spectacularly. It would lead to energy chaos on […] September 15, 2023
