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Middle East

Israeli startup hopes to take nuclear fusion mainstream

This week US scientists announced they had achieved net energy gain in a fusion reaction for the second time since December. The Lawrence Livermore National Laboratory in California deemed the successful experiment “a major scientific breakthrough decades in the making that will pave the way for advancements in national defence and the future of clean […]

Carbon capture transports CO2 via pipelines to underground storage facilities

Carbon capture and storage cheaper in Gulf

Carbon capture and storage in the Gulf is considerably cheaper than in many regions including Europe, although there are several other variables that determine the overall cost of cutting CO2 emissions from industrial activity. Carbon capture and storage (CCS) will account for 20 percent of the emissions reductions needed to achieve global net zero by […]

Talabat delivery drivers at a rest station. The company is owned by German conglomerate Delivery Hero

Delivery Hero reports Mena revenue surge

Germany’s Delivery Hero has reported a rise of almost 25 percent in second-quarter revenue from its operations in the Middle East and North Africa (Mena) region. The company said strong customer demand resulted in second-quarter Mena revenue rising 24.4 percent to €641 million ($706 million), up from €515 million a year earlier. The Berlin-based conglomerate […]

Americana announced a dividend of $130m and an additional one-time special dividend of $50m, subject to shareholders' approval

KFC Mena franchisee’s H1 profit rises 19% to $145m

The Middle East and North Africa (Mena) franchisee of fast-food restaurants KFC and Pizza Hut, has reported net profit of $144.8 million for the first half of 2023. Americana Restaurants International Plc said this represented a yearly increase of 19.4 percent. Revenue increased 7.8 percent to $1.24 billion in the first six months, compared to […]

Gulf carbon capture

Gulf must ‘bridge gap’ between oil and renewables

GCC oil producers will play a crucial role in the global transition to a lower carbon future if they can help bridge the historic disconnect between hydrocarbons and clean energy. That is according to Joseph McMonigle, secretary general of the International Energy Forum (IEF), a Riyadh-headquartered think tank. “There is growing recognition that the oil […]

Accor has more than 80 hotels in the UAE, including the Novotel Dubai Deira City Centre

Accor revenue rises sharply across Middle East hotels

Accor, Europe’s largest hotel group, reported a 51 percent jump in revenue per available room across the Middle East, Asia and Pacific in the first half of the year. The Paris-based hotelier did not give a more detailed breakdown of revenue growth, but said the Middle East accounted for 27 percent of the €128 million […]

A man uses a Bank of America cash dispenser. The bank advised on two multibillion-dollar mergers in H1 2023

Bank of America ousts Goldman as top Mena M&A adviser 

Bank of America was the top M&A financial adviser in the Middle East and Africa during the first half of 2023, according to research from GlobalData. The US bank advised on two deals worth a combined $9.86 billion in H1. This was more than double the sum recorded by JP Morgan, which took second place […]

GCC interest rates

Gulf central banks follow US Fed by lifting key rates 

Most GCC central banks have increased their interest rates in line with the US Federal Reserve decision to hike rates by a quarter of a percentage point. The Fed raised its rate by 25 basis points (bps) on Wednesday, the highest US central bank policy rate in 16 years due to elevated inflation. The central […]

Delegates Cop27

Middle East wealth funds wary of greenwashing

Almost three-quarters of sovereign wealth funds in the Middle East are investing in renewable energy, although most have concerns about potential greenwashing. The latest Invesco Global Sovereign Asset Management Study found that 71 percent of Middle East sovereign wealth funds were investing in renewables. Many funds are doing so as part of a commitment to […]

This was the 15th edition of the Arab Youth Survey Video length: 03:19

60% of young Arabs want to emigrate, survey finds

High unemployment rates, conflict and lack of strong government policies in North Africa and the Levant are making young Arabs want to emigrate, the latest edition of the Arab Youth Survey has found. At 26 percent, the region has the highest unemployment rate in the world. As a result, 60 percent of young Arabs want […]

Alshaya Group chief executive John Hadden

Kuwait’s Alshaya Group targets US brands for expansion

Kuwait’s Alshaya Group, one of the Gulf’s largest franchise owners, is looking at US brands as it plans further expansion across the Middle East. While the UK was previously the go-to market in bringing brands to this part of the world, Alshaya Group chief executive John Hadden told AGBI the company’s attention has switched to […]

Chocolates, shop, Eid, Doha

Chocolate shops squeezed as cocoa bean prices hit 46-year high

While chocolate lovers the world over celebrated World Chocolate Day on Friday, retailers are watching the markets anxiously. Cocoa bean prices soared to a 46-year high last week in London and have continued to rise since. The surge in bean prices is due to ongoing supply shortages and is set to increase further, according to […]

UAE's oil minister Suhail Mohamed Al Mazrouei. Exporters' output cuts now amount to 5 million bpd, equating to 5% of global output

Gulf markets subdued as oil fails to rally after cuts

Oil prices were little changed on Thursday as fears of a global economic slowdown overshadowed tighter crude supply following extended output cuts announced by top exporters Saudi Arabia and Russia earlier this week. The total cuts now stand at more than 5 million barrels per day (bpd), equating to 5 percent of worldwide oil output. […]

UK Gulf investment

UK must court Gulf investors despite Thames Water crisis

The UK’s investment minister has said that the country must continue to incentivise foreign investment in its utilities sector, despite ongoing concerns that Thames Water, which is part owned by Abu Dhabi, could be on the verge of collapse. In an interview with AGBI this week, Lord Dominic Johnson, a minister of state in the […]

Saudi office workers stock exchange

Surge in new orders prompts salary rises

Companies across the Gulf’s biggest economies have enjoyed a surge in new orders both locally and from overseas, with some forced to raise salaries to meet demand. The Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI) reported that new orders in the country rose at “accelerated, multi-year record rates”. Data showed that output in the […]

Air India chief executive officer Campbell Wilson. The carrier was bought by Tata last year

Air India-Vistara scrutiny ‘is good news for Gulf carriers’

An inquiry into the planned merger between Air India and Vistara will be welcomed by Middle East airlines, as they look to increase their share of the lucrative Indian market, an aviation expert has said. India’s anti-trust commission is investigating the proposal over competition concerns, which could delay or even block the deal altogether. Previously […]

PIF governor Yasir Al-Rumayyan said the kingdom has ample funds to foster AI's development

Mena wealth funds sharpen up on sustainability 

Mena sovereign wealth funds’ efforts to improve their governance and sustainability practices to meet global standards appear to be bearing fruit, as they recorded the biggest improvement of all regions in a new analysis.   Data platform Global SWF assessed the performance of 100 sovereign wealth funds and public pension funds on their governance, sustainability and […]

Hyperloop, passengers, pod, Dubai

Billions needed to make Hyperloop a reality

Middle East governments hoping to turn the world’s first Hyperloop into more than a pipe dream will have to “throw money at the project”, a transport expert has said. Despite launching with huge fanfare, the concept has failed to materially advance, primarily because of a lack of public-sector backing, according to a report from Munich-based […]

The Middle East has some of the world's cheapest renewable energy, but fossil fuels still have some advantages during the energy transition

Gulf is worst performer for investment in renewables

The Middle East is the worst-performing region for investment in renewable electricity sources, new research has found. Africa and the Middle East combined represented just 1.6 percent of worldwide investment last year, according to the Renewables 2023 Global Status Report. China accounted for 55 percent of total investment, followed by Europe at 11 percent and […]

Tech executives

Skills shortage pushes up Gulf tech leaders’ salaries

Technology chiefs working in the Gulf are typically earning $528,000, according to a new survey, as leadership talent remains “scarce” in the region. That figure is the median salary calculated by the first annual Middle East Technology Officers Compensation Survey from US advisory firm Heidrick & Struggles. The report said strong GDP growth in the […]

Italy's Serie A Middle East

Italy’s Serie A football league targets Middle East backers

Italy’s Serie A is targeting investment opportunities from the Middle East, as the football league becomes increasingly attractive to global lenders and private equity giants. The Gulf region has sizeable interests in English football, including Saudi-backed Newcastle United and Manchester City FC, which is majority-owned by Abu Dhabi United Group. Qatar Sports Investments is also […]

Mena startup funding

Debt and fintech dominate Mena startup funding

Fintech and debt financing were the dominant themes in Mena startup funding in May, as experts predicted continued growth for the remainder of the year. In May, $445 million was invested in 39 startups in the Middle East and North Africa, up from only $7 million and 11 deals in April. The data was compiled […]