Opinion Industry Gulf giants need to take a lead role in the age of ‘Big Shovel’ There are challenges to overcome before the region can become a mining powerhouse April 8, 2024
Education Mena reaches for tech to upgrade results in education Demand for education technology, or edtech, is growing in the Middle East and North Africa as countries seek to bolster learning to drive economic growth. However, experts warned against excessive use of technology in classrooms, saying it could affect the attainment of basic skills such as reading and writing. Examples of edtech include interactive whiteboards, […] April 8, 2024
Analysis Renewable Energy Middle East renewable capacity doubles but the region is lagging Renewable energy capacity in the Middle East has more than doubled in the past decade, with Iran and the UAE leading the way – but the region remains a bit-part player globally. New figures released by the International Renewable Energy Agency (Irena) show that regional capacity rose from just under 16 gigawatts to more than […] April 8, 2024
Trade Israel’s trade with Arab countries up 16% in 2023 Trade between Israel and the seven Arab countries that have normalised relations with the Jewish state broke records in 2023, exceeding $4 billion, up 16 percent from 2022, according to a report. Bilateral trade among the nations decreased by only 4 percent following the outbreak of the war in Gaza in October, from $937 million […] April 5, 2024
Opinion Leisure & Hospitality Navigating business opportunities during Ramadan Successfully engaging during Ramadan comes down to cultural understanding and sensitivity April 4, 2024
EXCLUSIVE Manufacturing Stellantis boss hails ‘massive untapped potential’ in Gulf Samir Cherfan tells AGBI about his plans to lift car sales across the GCC April 4, 2024
Opinion Economy Economic diversification is the GCC’s top priority Saudi Arabia has taken great steps to diversify its economy – Kuwait must follow suit April 3, 2024
Oil & Gas Oil prices rise again ahead of Opec+ talks on Wednesday Crude oil prices consolidated on Monday, following a run of increases in the first quarter, fuelled by signs of recovery in China, tighter supplies by the Opec+ producers and geopolitical tensions. Brent was trading slightly higher at $87.28 a barrel in the morning, while West Texas Intermediate rose to $83.45. Brent has gained about 15 […] April 1, 2024
Markets Market cap of Arab stock markets reached $4.5trn in 2023 The combined market capitalisation of Arab stock markets reached $4.5 trillion, rising 12 percent year on year by the end of December 2023, the Union of Arab Securities Authorities (UASA) has said. The surge was primarily driven by the Saudi stock exchange, which recorded a 14 percent rise to more than $3 trillion in 2023, […] April 1, 2024
Banking & Finance Network International profit shrinks while revenue grows High interest rates and currency devaluations dented profit at Middle East payments provider Network International last year, despite revenue rising by 13 percent. The company posted net profit of $67 million for 2023, a drop of 16 percent year on year. The primary impact on profit for the year came from increased financing costs as […] March 29, 2024
Opinion Lifestyle Ramadan, a time for business reflection Companies can respectfully capitalise on the holy month by optimising their operations March 29, 2024
Oil & Gas Oil industry needs trillions in investment, says Opec chief The global oil and gas industry needs trillions of dollars in investment to sustain stable supply and meet growing energy demand, the secretary general of Opec has warned. Haitham Al Ghais said this week that the upstream sector needed more than $11 trillion, the downstream sector would need just under $2 trillion, and the midstream […] March 27, 2024
Opinion Tourism Craving for community sets travel trends for Ramadan European Muslims are increasingly keen to travel to Islamic countries to celebrate March 27, 2024
Energy US Republicans call IEA an ‘energy transition cheerleader’ Members of the US Republican Party have hit out at the International Energy Agency, criticising its latest forecasts and accusing it of becoming an “energy transition cheerleader”. Leaders from the Republicans, who hold the majority in the Congress, have opened a joint probe into the Paris-based watchdog this week, accusing the agency of straying from […] March 22, 2024
Energy Arab Energy Fund reveals second year of record income The Arab Energy Fund, previously known as Apicorp, has announced a second consecutive year of record net income. The fund, which is based in Riyadh and focused on the Mena energy sector, announced net income of $225 million in 2023, up by more than half on 2022’s figure. The Arab Energy Fund (TAEF) said the […] March 20, 2024
Construction Gulf funds investing in Cyprus ‘only a question of time’ Three sovereign wealth funds from the Gulf are in discussions to invest in real estate projects in Cyprus, according to one of the island’s biggest developers. “It’s only a question of time that it is going to happen,” said Pantelis Leptos, co-president of the developer Leptos Estates, without giving further details on the wealth funds […] March 19, 2024
Opinion Sustainability Carbon capture isn’t a silver bullet but it’s part of the answer The priority for the energy transition should be to reduce emissions. Systems integration can do this March 18, 2024
Tech Hong Kong most likely for IPO listing of Dubai’s Telegram Telegram, the Dubai-based messaging app known for its encryption features and large group chats, is most likely to target Hong Kong for its potential listing, experts have said. This preference stems from the challenges its founder, Pavel Durov, might face in Western markets due to his Russian nationality. Durov said in a Financial Times interview […] March 18, 2024
Health ‘Smart ring’ project aims to help fight chronic health problems A wearable “health ring” is being used by a Dubai-based healthcare technology startup to help combat the Middle East region’s metabolic diseases crisis. The company, Metabolic – which brands itself as meta[bolic] – has signed a partnership with the Finnish maker of the Oura Ring, and aims to stem the billions lost in healthcare systems […] March 16, 2024
Oil & Gas IEA predicts oil supply will turn to deficit in 2024 Global crude markets supplies will shift from surplus into deficit in 2024, the International Energy Agency (IEA) has predicted, implying higher hydrocarbon prices. The Paris-based watchdog raised its forecast for this year’s oil demand on Thursday on an improved outlook for the US economy and increased bunker fuel use, as attacks by the Houthis on […] March 15, 2024
Oil & Gas Oil prices edge up following crude outlook reports Oil prices rose early on Wednesday, supported by Opec’s encouraging outlook for crude demand and a report by the US Energy Information Administration (EIA) forecasting tighter world oil supplies. Brent prices traded up 1 percent, close to $83 per barrel, while West Texas Intermediate was up the same at just over $78 per barrel. Saudi […] March 13, 2024
Opinion Tech Think local: the best weapon in the fight to topple an e-commerce giant A Mena startup can outwit a global behemoth if it uses its insider knowledge of its customers March 12, 2024