Banking & Finance Mena professionals vow to build up their savings in 2023 Saving money is the top new year’s resolution for Mena professionals, a survey has found. In the poll by jobs site Bayt.com, almost two-thirds (63 percent) of the 2,988 respondents said building a nest egg was their No 1 priority for 2023. Keren Bobker, a Dubai-based independent financial adviser and senior partner at Holborn Assets, […] January 2, 2023
EXCLUSIVE Real Estate Middle East buyers to cash in on prime London property market Cash is king when it comes to the prime central London property market and Middle East buyers are perfectly positioned to take advantage of this. Vic Chhabria, managing director of London Real Estate Office, whose client base largely comprises overseas buyers from Mena and more specifically the GCC, said the potential for further interest rate […] December 30, 2022
EXCLUSIVE Aviation Gulf airlines will collaborate more in 2023, says Emirates chief The Middle East aviation industry is perfectly positioned to launch greater collaboration among its leading players, according to Emirates president Sir Tim Clark. Middle East carriers are expected to post a loss of $1.1 billion in 2022, and a profit of $268 million in 2023 as per a report from the International Air Transport Association. […] December 28, 2022
Tech Gulf to see a surge in ‘super apps’ in 2023, says Kuwaiti retailer The future of the Gulf’s digital service economy lies in the creation of increasingly popular super apps, according to Tarek Sakr, CEO of Kuwait-based e-commerce and classifieds platform 4Sale. As technology continues to revolutionise the retail industry, building on the rapid shift to e-commerce during the coronavirus pandemic, in an exclusive column for AGBI, Sakr […] December 28, 2022
Exclusive Manufacturing Gulf switches to more energy efficient cooling solutions The UAE’s replacement market for air conditioning (AC) is growing fast as energy consumption concerns continue to rise. Global consumption of electricity for household ACs is increasing rapidly, creating urgent demand for more efficient cooling systems. Energy demand for space cooling will more than treble by 2050 unless there is action to address energy efficiency, […] December 15, 2022
Retail Japanese sports brand Asics kicks off Gulf expansion in Doha Japanese sports brand Asics has signed a deal with the UAE’s Apparel Group to develop branded retail stores across the Gulf. The five-year franchise agreement will see the rollout of 20 stores in Qatar, the UAE, Saudi Arabia, Oman and Bahrain, with the first outlet opening in Doha Festival City Mall this week. Commenting on […] December 13, 2022
Business of Sport LaLiga nets esports deal as Spain’s football league heads Mena’s way Spain’s main football league, LaLiga, has signed a 15-year deal with Galaxy Racer, one of the world’s largest largest esports, gaming and lifestyle organisations, that they estimate will generate more than $3.16 billion. The home of Barcelona and Real Madrid say they expect the tie-up with the Dubai-based company to transform the league’s presence in […] December 11, 2022
Retail Europe’s largest outlet mall targets Gulf shoppers Outletcity Metzingen, Europe’s largest luxury discount outlet mall, has signed a partnership to promote the destination to Gulf shoppers, as Germany reported a 318 percent surge in tourists from the region in the first half of this year. The shopping centre, which is located in the south of Germany, struck the deal with Dubai-based AVIAREPS […] November 28, 2022
Banking & Finance Younger Arabs invest in equity markets, tech and Islamic finance Nearly three-quarters of rich young Arabs believe equity markets will continue to perform well and are actively planning to invest, with regional entities, Islamic finance, technology and sustainability their key priorities. Geneva-headquartered global wealth and asset management company Lombard Odier surveyed around 200 high net worth individuals with assets of at least $1 million across […] November 24, 2022
Player 2 has entered the game – Mena eyes $5bn e-sports prize Sunday was a big day for sports fans in the Middle East. With the eyes of the media trained on the World Cup opener in Qatar and the final race of the Formula One season in Abu Dhabi, it was easy to overlook the e-sports grand final taking place in Dubai. It would be wise […] November 22, 2022
Cop28 Dispute over ‘loss and damage’ may extend talks for days Backroom disagreements on what should have been the final day of Cop27 have ensured that talks would spill over into Saturday and possibly beyond. Delegates have for the last few days been predicting that the talks would be extended. It was only on Friday morning that the conference presidency released the first official draft of […] November 19, 2022
Banking & Finance Mena VC firm VentureSouq to set up climate-focused fund Middle East and North Africa-based Venture capital firm VentureSouq is to launch a new climate-focused fund to support companies developing solutions for the green economy. Achieving net zero carbon emissions by 2050 globally will require as much as $173 trillion in investments in the energy transition, according to BloombergNEF’s (BNEF) New Energy Outlook 2021 (NEO), […] November 18, 2022
Banking & Finance Fintech Pyypl mulls more fundraising amid investor demand Pyypl, the Middle East and Africa (Mena) focused financial services platform, is mulling plans for a new fundraising drive after closing its Series B raise of $20 million. The company said it is considering opening a second tranche for further investment due to interest from investors. Since inception in 2017, Pyypl has raised almost $40 […] November 15, 2022
Exclusive Banking & Finance Jobs at risk as private equity slows hiring in the Gulf The looming global recession is pushing private equity firms to freeze hiring in the Gulf, with layoffs likely to be on the way, an executive at a UAE-based global investment company has said. Major Wall Street firms are already beginning to rein in expenses amid a slump in deals volume on the back of repeated […] November 4, 2022
Economy UK exports to Arab countries up 20% to $38bn in 2022 The UK’s exports to Arab countries have posted a 20 percent year-on-year increase, standing at £33.6 billion ($38.26 billion), and are expected to rebound to pre-pandemic levels. “While exports have remained broadly flat between 2020 and 2021, we have seen a 20 percent recovery so far this year and we anticipate that our total trade […] November 3, 2022
Banking & Finance UBS to wind down Mena advisory and dealmaking operations UBS Group AG is planning to wind down its dealmaking and advisory operations in the Middle East and North Africa (Mena), Bloomberg reported, citing informed sources. The division’s last senior banker in the region has tendered his resignation recently, they said, adding a decision to retreat from in-person operations was taken in recently. Bankers and […] November 3, 2022
Business of Sport The legacy of falconry lives on in the Arab world Falcons and the sport of falconry remain not only a thriving niche business but also a proud legacy representing the Gulf’s culture. The third Saudi Falcons Club auction, which concludes on November 15, has already sold six falcons for SR 645,000 ($172,000). The auction in Malham, north of Riyadh, is run in conjunction with the […] October 31, 2022
Banking & Finance Islamic finance to grow 10%, but struggles in new markets The global Islamic finance industry will expand by 10 percent in 2022 and 2023 thanks to strong economic growth in core markets, high commodity prices and relatively little impact from the Russia-Ukraine war. However, data from S&P Global Ratings forecasts shows that the sector has struggled to make inroads in non-traditional markets outside the Gulf. Excluding […] October 27, 2022
Exclusive Interviews ‘The metaverse can change the way we school our children’ Some schools still rely on more traditional teaching methods but an Emirati entrepreneur believes the metaverse has the potential to extend the physical classroom experience. Using blended learning options such as augmented and virtual reality technologies, Amin Al Zarouni, CEO of UAE-based Web3 company Bedu, is aiming to give the Gulf’s education system an overhaul. […] October 23, 2022
Banking & Finance ‘It’s destined for disaster’, expert warns, as startups dilute equity Investors who demand increasingly bigger stakes in startups amid plunging valuations could be signing their own “death warrants”. Startup valuations in the Middle East and North Africa (MENA) region are already seeing a downward correction this year, in line with global trends as VC funding has tightened since interest rates were increased by central banks […] October 21, 2022
Energy Gulf petrochemical giants well placed to weather tough economy Petrochemical companies in the Gulf have safe credit ratings despite rising interest rates and higher energy costs. S&P Global reported this week that Saudi Arabia’s SABIC and Industries Qatar (IQ), which are both ultimately state-controlled, benefit from low feedstock prices, strong shareholder support and “solid bases” of customers. Feedstock is raw material used for processing […] October 21, 2022
Economy Pensions in demand as expats stay longer in the Gulf Expats are staying in the Gulf longer than the global average, leading to greater demand for pension services in the UAE and Saudi Arabia. “We have observed an increase in interest and discussion in the Middle East around offering pension type savings for expatriate employees,” said Robert Ansari, head of investment and retirement for India, […] October 20, 2022
