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Middle East

Workers check solar panels in Basra, Iraq. Renewable energy projects are growing across the Middle East

Progress made on Gulf renewables but ‘more to do’

Executives from global companies used a United Nations climate change event on Monday to urge world leaders – including those in the Gulf – to stick to commitments agreed at the Cop28 summit in Dubai to treble renewable energy capacity by the end of the decade. The International Energy Agency (IEA) said on Tuesday that […]

Mena economic data

Mena economic data

The latest indicators for the largest Middle East and North Africa economies outside the GCC, including Egypt, Iran and Turkey

Rents in the area surrounding Abu Dhabi's Hazza Bin Zayed Stadium are around 20 to 30% higher than in nearby neighbourhoods

GCC stadium projects have multifaceted impact on real estate

Entertainment and sports-focused construction across the Gulf is most likely to push property prices up despite bringing more traffic and noise, according to industry observers. A few of the region’s many projects include the 47,000-spectator Aramco stadium in Saudi Arabia’s Al Khobar, large amusement parks in Qatar and Kuwait, and the region’s inaugural ballpark on […]

IEA executive director Dr Fatih Birol. The agency has cut its 2024 oil demand growth outlook by about 7 percent

IEA cuts oil demand forecast as Chinese economy stalls

Rapidly slowing Chinese economic output is the primary driver of falling global oil demand, the International Energy Agency has said, as it cut the forecast in its monthly oil market report. The Paris-based energy watchdog has trimmed its 2024 oil demand growth outlook by 70,000 barrels per day, or around 7 percent, to an average […]

Emirates pilots pictured in an Airbus A380. Analysts have warned that the aviation industry could be short of 80,000 pilots by 2032

AI could help with pilot shortage, says Emirates COO

Artificial intelligence could allow for planes to fly with just one pilot, an Emirates airline executive has said. This would also help ease the Middle East’s pilot shortage and change how the aviation industry operates. Adel Ahmed Al Redha, chief operating officer of Emirates airline, told AGBI that aircraft operations “might go to maybe one […]

ESG index Emirates NBD

ESG-focused companies ‘give better shareholder returns’

Middle East listed companies that score highly on environmental, social and governance criteria provide a bigger total return for shareholders than their less ESG-conscious rivals. The Hawkamah Middle East and North Africa ESG Index includes the top 50 companies by ESG score from the 150 blue-chip stocks that constitute the wider S&P Pan Arab Composite […]

family offices ultra wealth Simpson Bay Marina St Maarten

Ultra-wealthy pinpoint Gulf to set up family offices

US private equity investor Leon Black, who has a net worth of around $14 billion, last week confirmed he was opening a branch of his family office in Abu Dhabi. The co-founder of New York investment giant Apollo Global Management joins the likes of Egyptian tycoon Nassef Sawiris, Binance co-founder Changpeng “CZ” Zhao, India’s Adani […]

Opec says worldwide oil demand is going to fall this year and next

Opec trims oil demand outlook again

Opec has reduced its oil demand forecast for 2024 for the second consecutive time, but it remains optimistic despite bearish markets. The oil producers group said on Tuesday that it was revising down world oil demand by 80,000 barrels per day to about 2 million bpd “reflecting data received so far this year”. It also […]

An oil field in the Dibis area on the outskirts of Kirkuk, Iraq. The government plans to launch major projects in the oil, gas and petrochemical sectors

Iraq targets 6m bpd crude oil output by 2028

Iraq will increase its crude oil production to 6 million barrels per day (bpd) by 2028, a senior government official has said. The ambitious plan aims to support production levels and increase exports, state-owned Iraqi News Agency (INA) reported, citing deputy minister for extraction affairs Basim Khudair. Iraq, the second-largest producer in Opec, extracts more […]

The Middle East added 16 billion cubic metres of gas last year from projects such as the South Pars field in Assalooyeh, Iran

Natural gas, the Middle East and the $1.1 trillion question

The Middle East is emerging as the main driver of global demand for natural gas – and production growth. The region is working to diversify its energy industries, but analysts believe it needs significant investment if it is to become a reliable gas supplier to the rest of the world. The Middle East’s gas consumption […]

Opec secretary general Haitham Al Ghais. Analysts say the body is running out of options to stabilise oil prices

Opec+ delay to output rise fails to rejuvenate oil price

The decision by Opec+ on Thursday to postpone its oil output hike until December has failed to pump up the markets, where the sentiment remains bearish.  While Opec+ still holds sway over global balances, it is running out of options to stabilise prices, analysts said, as the share price of Aramco, the world’s biggest producer, […]

Opec+ say they will start phasing out the oil production cuts on a monthly basis from December

Opec+ to ‘delay oil output hike for two months’

Opec+ has agreed to delay a planned oil output increase for October and November after crude prices hit their lowest in nine months. A statement on the oil producer group’s website said: “The eight participating countries have agreed to extend their additional voluntary production cuts of 2.2 million barrels per day for two months until […]