Retail Mashreq puts $10m into Cashew, buy now, pay later start-up United Arab Emirates buy now, pay later platform Cashew announced on Monday it had secured up to $10 million in debt and equity financing from local lender Mashreqbank PSC which would now help it expand faster. The deal is the latest investment in the Gulf’s growing buy now, pay later sector that has drawn interest […] May 9, 2022
Analysis Aviation Gulf’s top airlines take different paths to soar post-Covid The air travel industry was among the worst hit globally by the coronavirus pandemic and its ensuing lockdowns and border closures — and the Middle East’s industry was no exception. According to a report by McKinsey & Company, the pandemic caused global aviation revenues to drop by 60 percent in 2020, and airlines lost a […] May 9, 2022
Manufacturing Costs at three-year high in UAE non-oil sector Energy and material costs are at their highest levels for more than three years in the United Arab Emirates non-oil sector, forcing businesses to increase their prices, according to the latest S&P Global UAE Purchasing Managers’ Index (PMI) released on Monday. “The burden of rising input prices continued to be felt across the UAE non-oil […] May 9, 2022
EXCLUSIVE Banking & Finance Could crowdfunding seed the Gulf’s next Unicorn? Democratised funding is set to breed a new generation of innovative regional businesses, say experts Crowdfunding, the alternative funding concept, represents an exciting reality in the Gulf region following a flurry of regulatory reforms. This innovative practice of funding a venture by raising smaller amounts of money from a large number of people is a […] May 9, 2022
Opinion Sustainability The heat is on but a green Gulf is worth the cost The benefits of a net-zero economy include job creation and healthier living, even though it would require hundreds of billions of dollars May 9, 2022
Exclusive Media & Advertising Starzplay Arabia: the rise and rise of a streaming giant With new shareholders on board, Starzplay Arabia’s Danny Bates is looking to the future with renewed confidence May 9, 2022
Real Estate The new boom: 5 trends shaping Gulf property markets Demand for real estate in the GCC region is outpacing supply, keeping prices high and contributing to record transaction levels in the property hotspot of Dubai. AGBI looks at the key factors influencing the markets this year. May 9, 2022
Banking & Finance How I got to the top: Kamal Al Samarrai, co-founder, Verity What does your company do? Verity is a UAE-based fintech startup on a mission to teach kids and teens how to earn, save, give and spend responsibly, while offering parents the ability to guide their money management. By integrating our family banking and financial literacy app with a personalised pre-paid debit card, we’re making learning […] May 9, 2022
How new GCC tax laws will affect your business To tax or not to tax… That is one of the key questions facing leaders in the Gulf region as they prepare their countries for a post-oil future. Although Dr Thani Bin Ahmed Al Zeyoudi, the UAE’s minister of state for foreign trade, went on record in February to say “income tax is not on […] May 9, 2022
Exclusive Real Estate Russians pay ‘any price’ for Dubai homes to avoid Western sanctions Wealthy Russians are snapping up luxury homes in Dubai in a bid to sidestep the sanctions imposed by Western nations after President Vladimir Putin invaded Ukraine May 9, 2022
Insight Markets DEWA IPO bodes well for Dubai’s asset sale A further nine government and state-owned companies are now set to be listed on the DFM Optimism is growing over government plans to monetise state assets following the hugely successful Dubai Electricity & Water Authority (DEWA) initial public offering (IPO). DEWA debuted on the Dubai Financial Market (DFM) on April 12 in the UAE’s largest […] May 9, 2022
Exclusive Tech Revealed: top co-working spaces in the Gulf Demand for co-working spaces is on the rise in the Gulf as business communities evolve to support the shift towards knowledge-based economies and nurture a new generation of startups driving a different way of working. Spaces are opening up across the region to accommodate a different breed of worker that prioritises flexibility, low rates and […] May 9, 2022
Exclusive Banking & Finance High-growth firms set to fly with $250m “venture debt” boost Natasha Hannoun, head of debt at SHUAA Capital, tells AGBI why the investor’s alternative capital solution is a game changer for the region’s startup ecosystem Fintech is the number one target for SHUAA Venture Partners, a new $250 million (AED 918 million) Shari’ah fund, focused on venture debt investments. Other sectors being eyed include healthtech […] May 9, 2022
Exclusive $136m landmark offers tantalising glimpse of tomorrow’s world The world-first Museum of the Future has a mandate to power the UAE's pioneering goals for the next 50 years, says Dubai Future Foundation chief Majed Jakka Al Mansoori May 9, 2022
Insight The mind-blowing numbers behind the Museum of the Future The Museum of the Future is a “living museum” aiming to contribute to a deep intellectual movement, connecting thinkers and experts and acting as a test bed to create innovative solutions for global challenges. Rising 77 metres above the ground the structure was built using robotic technology and with an emphasis on sustainability. The façade […] May 9, 2022
Opinion Old friends, new vision: the Gulf and UK are shaping the future The Gulf's ambition, energy and skill coupled with Britain's heritage in innovation creates a formidable partnership that promises exceptional opportunities May 9, 2022
Banking & Finance Egypt gets Gulf aid as eyes turn to currency flexibility The central bank allowed Egypt’s pound, which had been stable since November 2020, to drop by 14 percent against the dollar on March 21 after Russia’s invasion of Ukraine prompted investors to withdraw billions of dollars from Egyptian treasury markets. Last week Saudi Arabia said it had deposited $5 billion with Egypt’s central bank and […] May 4, 2022
Real Estate UAE’s Aldar Properties reports 26.5% Q1 jump UAE-based developer Aldar Properties on Wednesday reported a 26.5 percent increase in first-quarter profit driven by record quarterly sales and the inclusion of the financial results of Egypt developer SODIC, in which it co-owns a majority share. The company made AED 688 million ($187 million) in the quarter, up from 544 million a year earlier, […] May 4, 2022
Analysis Energy Saudi Arabia leads OPEC move to drop energy watchdog’s data A decision driven by Saudi Arabia that OPEC+ should stop using oil data from the West’s energy watchdog reflected concern about US influence on the figures, said sources, adding to strain on ties between Riyadh and Washington. The Organisation of the Petroleum Exporting Countries and allies including Russia, a group referred to as OPEC+, has […] May 3, 2022
Employment Deliveroo backs off plan to cut pay of UAE riders after strike Delivery service Deliveroo on Monday put on hold plans to cut pay and extend working hours for its drivers in the United Arab Emirates after a rare strike over the weekend. The Amazon-backed company said in an email to restaurants, seen by Reuters, that it had paused proposed changes in its rider pay structure and […] May 3, 2022
