Analysis Banking and Finance US treasuries: why it’s buy, buy, buy for the UAE as Saudi sells Saudi Arabia and the UAE are following divergent investment strategies around US government bonds, which have long been a safe haven for sovereign and institutional investors worldwide. The two countries are among the world’s top 20 biggest holders of the bonds, with a combined value of almost $250 billion. The UAE acquired almost $43 billion […] May 9, 2025
Analysis Tourism Riyadh wants the world to visit the ‘Arabian Highlands’ of Aseer The streets of Abha become festooned with lilacs and mauves throughout May, when the city’s 25,000 jacaranda trees come into bloom. Pockets of purple burst throughout the hilltop capital of the southern province of Aseer, bringing an increasing number of tourists. Aseer’s botanical diversity has helped it become the fastest growing tourism prospect in Saudi […] May 8, 2025
Aviation Emirates Group delivers record annual profit Emirates Group, Dubai’s flagship aviation conglomerate, has posted record annual earnings on the back of a surge in international travel, rising cargo volumes and declining fuel costs. The state-owned group, which includes long-haul carrier Emirates airline and global airport services provider Dnata, reported a profit of AED20.5 billion ($5.6 billion) for the financial year ending […] May 8, 2025
OpinionMARKEtSGCC investors must hedge the dollar depreciation risk in local shares and propertyMatein Khalid, Investor
OpinionFINANCEBy hosting Token2049, Dubai is making a strong bid to be the world’s crypto capitalJustin Harper, Business journalist
Opinionrenewable energyGulf states’ clean energy projects in Central Asia are a smart form of energy diplomacyZeina Moneer, Climate practitioner
Analysis Trade Gulf funds weigh risk and reward in Trump’s new trade world order Gulf sovereign wealth funds, including Abu Dhabi’s Mubadala and Saudi Arabia’s Neom Investment Fund, see both risk and opportunity in the heightened global trade tensions linked to US tariffs. “We know what an economic recession looks like – here we’re dealing with something slightly different,” said Oscar Fahlgren, chief investment officer at Mubadala’s alternative asset […]
Analysis Tech AI will be front and centre during Trump’s Gulf trip Artificial intelligence is expected to be top of the agenda during US president Donald Trump’s visit to Qatar, Saudi Arabia and the United Arab Emirates in mid-May, with officials from all sides eager to announce fresh partnerships. Discussions are likely to focus on securing more GCC investments into US technology and expanding Gulf states’ access […]
Opinion Finance Stick or twist? How to invest during the Trump turmoil Today's volatility is uncomfortable, but modest compared to the 2008 meltdown or the pandemic
Analysis Economy Jordan caught under Trump tariffs’ sword of Damocles The Middle East and North Africa is expected largely to avoid the direct impact of President Donald Trump’s new tariffs, with the possible exception of Jordan. The spectre of a 20 percent US tariff taking effect in July is “difficult to ignore,” according to Racha Helwa, a senior economist and director of the empowerME Initiative […]
Video length: 04:32 VIDEO Tech Crypto company Animoca Brands to launch in Dubai Yat Siu, the co-founder of the blockchain and venture capital business Animoca Brands, is at the forefront of the growing digital asset sector. As part of its global expansion, the company is establishing a presence in the Middle East with the launch of its new office in Dubai. It plans to establish dedicated funds for […]
Renewable Energy DP World trials hydrogen cranes to reduce emissions DP World, the world’s biggest container port operator, is testing out a hydrogen powered crane to reduce its reliance on diesel and cut carbon dioxide emissions. The Dubai logistics giant, which handles 70 million containers each year, operates 1,500 cranes in over 60 ports around the world. While it is considering converting half of those from […]
Analysis Employment Oman steps up efforts to curb rising unemployment The IMF may laud Oman for cutting its debt and bringing its budget deficit under control but unemployment in the Gulf’s third most populous country is growing, posing a policy challenge to the government. In January, the month for which the latest data is available, unemployment rose to 3.6 percent, compared with 3.3 percent the month […]
Analysis Economy Saudi Arabia to ‘roll with the punches’ on oil price Saudi Arabia may have to tighten its reins on spending on the back of a decline in international oil prices, analysts have said. The country’s first-quarter budget deficit of SAR59 billion ($16 billion), reported this week, was the biggest in three years. “A deficit was broadly expected, says Monica Malik, chief economist at Abu Dhabi Commercial […]
Analysis Aviation Kuwait’s aviation industry loses altitude as foreign airlines exit Kuwait’s ambitions for its aviation industry are faltering as a growing number of international carriers quit the market and airport upgrades are delayed. British Airways ceased its daily service from London in March, ending more than 60 years of operations. This follows withdrawals from Kuwait International Airport (KWI) by at least 14 other airlines since 2019, […]
Video length: 04:32 VIDEO Tech Crypto company Animoca Brands to launch in Dubai Yat Siu, the co-founder of the blockchain and venture capital business Animoca Brands, is at the forefront of the growing digital asset sector. As part of its global expansion, the company is establishing a presence in the Middle East with the launch of its new office in Dubai. It plans to establish dedicated funds for […]
Renewable Energy DP World trials hydrogen cranes to reduce emissions DP World, the world’s biggest container port operator, is testing out a hydrogen powered crane to reduce its reliance on diesel and cut carbon dioxide emissions. The Dubai logistics giant, which handles 70 million containers each year, operates 1,500 cranes in over 60 ports around the world. While it is considering converting half of those from […]
Analysis Employment Oman steps up efforts to curb rising unemployment The IMF may laud Oman for cutting its debt and bringing its budget deficit under control but unemployment in the Gulf’s third most populous country is growing, posing a policy challenge to the government. In January, the month for which the latest data is available, unemployment rose to 3.6 percent, compared with 3.3 percent the month […]
Analysis Economy Saudi Arabia to ‘roll with the punches’ on oil price Saudi Arabia may have to tighten its reins on spending on the back of a decline in international oil prices, analysts have said. The country’s first-quarter budget deficit of SAR59 billion ($16 billion), reported this week, was the biggest in three years. “A deficit was broadly expected, says Monica Malik, chief economist at Abu Dhabi Commercial […]
Analysis Aviation Kuwait’s aviation industry loses altitude as foreign airlines exit Kuwait’s ambitions for its aviation industry are faltering as a growing number of international carriers quit the market and airport upgrades are delayed. British Airways ceased its daily service from London in March, ending more than 60 years of operations. This follows withdrawals from Kuwait International Airport (KWI) by at least 14 other airlines since 2019, […]
Transport Tourism and fleet expansion drive up Dubai Taxi revenue Dubai Taxi Company, 75 percent-owned by state-backed Dubai Investment Fund, said revenues rose in the first quarter of 2025, supported by fleet expansion and tourism growth. The top line increased by 5 percent year on year to AED588 million ($160 million) in the first quarter. The taxi segment revenue increased 7 percent annually to AED515 […] May 8, 2025
Real Estate Emaar Development project backlog hits $27bn Emaar Development, the UAE-focused development arm of Emaar Properties, said backlog growth had crossed AED100 billion ($27 billion) by the end of the first quarter of 2025. The backlog, which refers to future revenue from property sales to be recognised in the coming years, surged 52 percent year on year, the developer said in a […] May 8, 2025
Aviation Emirates Group delivers record annual profit Emirates Group, Dubai’s flagship aviation conglomerate, has posted record annual earnings on the back of a surge in international travel, rising cargo volumes and declining fuel costs. The state-owned group, which includes long-haul carrier Emirates airline and global airport services provider Dnata, reported a profit of AED20.5 billion ($5.6 billion) for the financial year ending […] May 8, 2025
Banking and Finance Abu Dhabi’s Mubadala reveals 34% rise in 2024 spending Mubadala deployed AED119 billion ($32 billion) of capital last year, a rise of nearly 34 percent on 2023, the Abu Dhabi sovereign wealth fund has revealed in its latest earnings report. The fund, which is thought to have been the world’s most active sovereign investor in 2024, has not released data on its annual revenues […] May 8, 2025
Oil & Gas Adnoc Drilling to pay quarterly dividends Adnoc Drilling, a subsidiary of state-backed oil major Adnoc, will begin paying quarterly dividends, starting with $217 million for the first quarter of 2025. This comes as the company reported a 24 percent year-on-year jump in net profit to $341 million during the quarter ended March 2025. Revenues surged 32 percent yearly to $1.2 billion, […] May 8, 2025
Analysis Banking and Finance US treasuries: why it’s buy, buy, buy for the UAE as Saudi sells Saudi Arabia and the UAE are following divergent investment strategies around US government bonds, which have long been a safe haven for sovereign and institutional investors worldwide. The two countries are among the world’s top 20 biggest holders of the bonds, with a combined value of almost $250 billion. The UAE acquired almost $43 billion […] May 9, 2025
Analysis Tourism Riyadh wants the world to visit the ‘Arabian Highlands’ of Aseer The streets of Abha become festooned with lilacs and mauves throughout May, when the city’s 25,000 jacaranda trees come into bloom. Pockets of purple burst throughout the hilltop capital of the southern province of Aseer, bringing an increasing number of tourists. Aseer’s botanical diversity has helped it become the fastest growing tourism prospect in Saudi […] May 8, 2025
Mining Ma’aden’s profit up by half as commodity prices rise Earnings at Ma’aden, the Saudi Arabian Mining Company, surged by more than half in the first quarter of 2025, supported by growing sales and higher prices. Net profit for the quarter rose 58 percent year on year to SAR1.5 billion ($400 million), the company said in a filing to the Saudi stock exchange. Higher share […] May 7, 2025
Analysis Economy Saudi Arabia to ‘roll with the punches’ on oil price Saudi Arabia may have to tighten its reins on spending on the back of a decline in international oil prices, analysts have said. The country’s first-quarter budget deficit of SAR59 billion ($16 billion), reported this week, was the biggest in three years. “A deficit was broadly expected, says Monica Malik, chief economist at Abu Dhabi Commercial […] May 7, 2025
Aviation Qatar Airways lines up Boeing order for Trump visit Qatar Airways is reportedly preparing to order about 100 wide-body aircraft from US manufacturer Boeing during President Donald Trump‘s visit to the Gulf. The state-backed airline is looking to include an option for an additional 100 planes in the deal, Bloomberg reported, without identifying its sources. Corporate deals announced during the visit on May 13-16 […] May 7, 2025
Logistics Maersk expects Red Sea disruption throughout 2025 Danish shipping major Maersk expects the disruption in the Red Sea to continue throughout the rest of 2025. This week President Donald Trump said that the US will halt bombing the Houthis in Yemen after it agreed to stop attacking shipping lanes in the Middle East. Under the agreement, neither the US nor the Houthis […] May 9, 2025
Markets Morocco aims to reclaim its emerging market status Morocco’s stock exchange is set to introduce derivatives trading to reclaim its emerging market status after a 12-year wait. Centrally cleared instruments, including interest rate and single stock futures, will attract a deeper pool of investors, Bloomberg reported quoting Casablanca Exchange CEO Tarik Senhaji. He said the move will help local companies raise funding quickly and […] May 9, 2025
Oil & Gas Oman’s Abraj gets $36m BP gas drilling contract BP Exploration has awarded Abraj Energy Services a $32 million contract to drill for gas in Oman’s Khazzan field, reinforcing the sultanate’s upstream ambitions amid continued investment in its energy sector. The three-year contract, disclosed in a filing to the Muscat Stock Exchange (MSX), covers drilling operations on Block 61, a tight gas project in […] May 8, 2025
Oil & Gas Oil profit fall at Oman’s OQ suggests bigger decline in Q2 Oman’s state-owned energy group OQ, which produces about a quarter of the country’s oil, reported a decline in first-quarter profit on the back of a fall in the price of crude. Net profit in the three months to March 31 fell 9 percent to $194 million over the same period last year, the company said […] May 8, 2025
Oil & Gas Jordan plans drilling campaign to bolster gas supplies Jordan’s state-owned National Petroleum Company (NPC) plans to drill 145 wells at the country’s Risha gas field through to 2030 to help reduce its reliance on imports, local newspapers reported. The company’s 2025-30 plan targets the production of 418 million cubic feet of gas, Jordan Times newspaper reported, citing NPC director-general Mohammed Khasawneh. It did […] May 8, 2025
Manufacturing Chinese carmaker Jetour to build assembly plant in Algeria Chinese car company Jetour is planning to build a car assembly plant in Algeria, taking advantage of incentives offered to industrial projects. Earlier this week Jetour told AGBI that it is planning to start a manufacturing unit in Dubai as a springboard to supplying the UAE and the rest of the Gulf. Jetour will build […] May 8, 2025
Trade US might ease chip export curbs on some Gulf nations President Donald Trump said on Wednesday he will soon have an announcement on whether the US will ease microchip export restrictions to some Gulf countries. “We might be doing that, yeah,” Trump said. “And it will be announced soon.” Trump is preparing for his first major diplomatic trip next week that includes a three-country Middle […] May 8, 2025
Real Estate China’s Shandong wins contract to build Baghdad housing China’s Shandong Construction Company has won a contract to build the first phase of a 60,000-home project in the Iraqi capital Baghdad. The development will be in an area formerly known as Saddam City after late leader Saddam Hussein, the state Iraq news agency reported, but which was renamed Al-Sadr City. Shandong will build 11,000 […] May 8, 2025
Agriculture Turkey’s red meat output tumbles as costs keep climbing Rising costs and falling returns have contributed to a drop in red meat production in Turkey, threatening the government’s plan to halt imports by 2028. Red meat production fell by almost 12 percent in 2024, according to the state statistics agency Turkstat. Just 2.1 million tonnes were processed last year, down on the 2.38 million […] May 7, 2025
Leisure & Hospitality Uber enters Turkey’s food delivery sector with $700m buyout Uber Technologies will foray into Turkey’s food delivery sector as part of its expansion plans. The company has agreed to acquire an 85 percent stake in Alibaba-backed Trendyol Group’s Go online meal and grocery delivery business in Turkey for $700 million. The acquisition is expected to close in the second half of 2025 following regulatory […] May 7, 2025
Economy Turkey’s annual inflation falls but target remains distant Turkey’s annualised inflation has fallen for the eleventh month in a row, though the rate of decline is slowing, reducing the chances that the central bank will hit its year-end target. The consumer price index (CPI) rose 3 percent in April while the annual rate of inflation declined to 37.9 percent, according to data issued […] May 6, 2025
Energy Turkey targets trial run at nuclear plant this year Trial production at Turkey’s Akkuyu nuclear power plant is to start by the end of the year, President Tayyip Erdogan has said. Construction of the first reactor is nearing completion and the plant is expected to be operating at full capacity in 2028 following the completion of the other reactors, the state-run Anadolu Agency reported, […] May 5, 2025
Trade Turkey trade deficit widens paced by consumer goods imports Turkey’s trade deficit widened in the first quarter by 11 percent, paced by a jump in the import of consumer goods and muted growth in high value exports, fresh government data show. Imports in the three months to March 31 rose more than 4 percent to almost $88 billion, while exports expanded by less than 3 […] May 2, 2025
Renewable Energy Work starts on $590m hybrid solar power project in Egypt Norwegian renewable energy producer Scatec has started constructing its $590 million first hybrid solar power and battery storage project in Egypt. The 1.1 gigawatt (GW) Obelisk solar project, located on the west bank of the Nile, will include 200 megawatt hours (MWh) of battery storage, Egypt Today newspaper reported. In September the company said that work […] May 8, 2025
Analysis Tech Digital failings cost Egypt’s businesses dearly From old-fashioned marketing strategies to so-called “ghost companies” with a completely outdated online presence, Egypt’s private sector is failing to move with the digital times, a new report has found. Four in five Egyptian businesses exhibit characteristics of “digital ghosts,” with ill-designed or inactive websites and underutilised social media, Egyptian data and tech services directory […] May 8, 2025
Banking and Finance Egypt fintech Money Fellows to expand across North Africa Money Fellows, a Cairo-based startup that digitises the so-called Middle East jamiyya savings model, has raised $13 million to expand across North Africa and beyond, the company has announced. Jamiyya, which is also known as sanduk, is part of the Rotating Savings and Credit Association (Rosca) technique whereby a group of people agrees to contribute […] May 7, 2025
Economy IMF to review Egypt’s economic reforms this week The International Monetary Fund (IMF) will begin the fifth review of Egypt’s $8 billion economic reform programme, with a team scheduled to arrive in Cairo this week, the IMF said in a statement on Monday. The IMF board approved the fourth review on March 11, unlocking a disbursement of $1.2 billion in a 46-month IMF […] May 6, 2025
Banking and Finance Egyptian fintech Bokra arranges $60m sukuk Egyptian financial technology startup Bokra and Aman Holding have arranged a near $60 million bond to help finance credit to small- and medium-sized enterprises (SMEs) in the country, Aman said. The Cairo-based startup arranged EGP 3 billion ($59 million) worth of shariah-compliant debt in partnership with Egypt’s Aman Project Finance, a unit of Aman Holding. […] May 6, 2025
Tourism ‘Tourism is the new oil’, says man trying to bring 150 million people to Saudi Investment in tourism will remain a priority in Saudi Arabia despite falling oil prices and increased budgetary pressures, according to the kingdom’s top industry official. The underserved three-star and four-star hotel sector is a particular focus, Fahd Hamidaddin, CEO of the Saudi Tourism Authority, told AGBI. “The darker it gets, the more reason we should […]
Analysis Energy Kuwait cuts off crypto mining to save power Kuwait this week began a clampdown on illegal cryptocurrency mining activity, as the energy-intensive sector places further pressure on the Gulf state’s already severe power shortage problem. The country’s industrial facilities were told earlier this month to suspend operations for six hours daily during the summer, as part of a power rationalisation plan. The ministry […]
Trade Ahead of Trump visit, New Jersey courts Gulf investment New Jersey Governor Phil Murphy is leading a mission to Saudi Arabia, the UAE and Bahrain as US states compete for a share of more than $2 trillion of investment and trade which Gulf Arab countries have pledged to the US over the next decade. The trip, which ends on Saturday, comes just two weeks […]
VIDEO Construction First phase of Oman’s Sultan Haitham City on track for 2030 Work on Oman’s $2.6 billion Sultan Haitham City housing project is in full swing. Spread over 14.8 million square metres, Sultan Haitham City will have 20,000 residential units distributed across 19 integrated residential neighbourhoods. The project, initiated a couple of years ago, is being developed in four phases. The first phase, featuring close to 7,000 […]
VIDEO EXCLUSIVE Economy Egypt’s prosperity rests on private sector, says billionaire Sawiris Egypt’s second-richest man Naguib Sawiris has predicted a long-awaited turnaround in the country’s private sector. Sawiris told AGBI that it had taken the Egyptian government a long time to acknowledge the importance of the private sector, but that it now knows that the country’s economic future rests on it. “The private sector is the most […]
Media & Advertising Ad spend in Mena among world’s lowest thanks to digital media Early and widespread adoption of digital media means countries across the Middle East and North Africa are spending less on advertising per capita than almost any other region. The UAE, Saudi Arabia and Turkey are among the economies with the lowest ad spending as a percentage of GDP in the world, according to data from […]
Employment Trade tensions may stifle expatriate employment in Saudi Arabia A global economic downturn is likely to result in fewer jobs for expatriates in Saudi Arabia, a local bank has said. Instead, policies aimed at incentivising the hiring of more nationals are increasingly putting Saudis in pole position for jobs, according to Jadwa Investment, an advisory group and investment bank in Riyadh. Last year, expatriate […]
Aviation Sheikh Ahmed: China’s Boeing rejects won’t fly for Emirates Emirates Airline’s chairman Sheikh Ahmed bin Saeed Al Maktoum has downplayed speculation that the carrier could buy Boeing planes originally destined for China. Speaking at the Arabian Travel Market in Dubai on Tuesday, Sheikh Ahmed said Emirates was actively exploring options to expand its fleet, but the Boeing aircraft – ordered by Chinese carriers but […]
People & Lifestyle Art Dubai fair buzz drowns out roiling global markets While Dubai art gallery Lawrie Shabibi was exhibiting at last month’s Art Basel Hong Kong, Donald Trump was ramping up his trade war with China, and the event had slower sales and a distinct feeling of unease. The ambiance could not have been more different at last week’s Art Dubai, the largest art fair in […]
Employment UAE labour market: Too many people, not enough jobs More people are looking for jobs in the UAE than there is work available for them, according to a labour market report from recruitment consultancy Cooper Fitch. Hiring in the second-largest Arab economy grew by less than 1.3 percent in the three months to March 31 compared with the same period last year, the report […]
Analysis Artificial Intelligence AI classes to prepare Saudi pupils for the new world Saudi secondary school pupils will soon have classes on artificial intelligence (AI) added to their curriculum. More than 50,000 17 and 18-year-olds will be offered the Introduction to Artificial Intelligence course, a joint initiative between the ministry of education and the Saudi Data and Artificial Intelligence Authority. It is part of an effort by the […]
Opinion Media & Advertising Dubai chocolate is the golden ticket of city branding Food is part of a place's cultural identity. Plenty of cities and countries have dishes associated with them
LUNCH WITH FRANK KANE Energy Ahmed Al Azkawi: ‘We are the national champion for oil and gas’ The chief executive of OQEP gives our Editor-at-Large a crash course in Omani energy past, present and future
Trade Malaysia continues GCC trade talks that began in 2011 Malaysian prime minister Anwar Ibrahim has said that talks on closing a free trade agreement (FTA) with the Gulf Cooperation Council are continuing, 14 years after they first began. The deal will deepen commercial partnerships and expand economic growth, Kuwait’s state-run Kuna news agency reported, quoting Ibrahim. The GCC and Malaysia agreed on a trade […]
Construction Qatari royal backs Maldives $9bn financial freezone MBS Global Investments and the Maldives government will jointly develop a $8.8 billion Maldives International Financial Centre (MIFC) in the Maldivian capital city of Malé. The freezone will have no corporate tax and tax-free inheritance in a bid to attract digital nomads, entrepreneurs and high net worth individuals. Based in Dubai, MBS Global is the investment […]
Renewable Energy Masdar delists Terna Energy to spur European expansion Abu Dhabi’s Masdar said its Greek clean energy subsidiary Terna Energy has been delisted from the Athens stock exchange. The UAE renewables major completed the acquisition of 100 percent of Terna Energy last month to accelerate renewable energy growth in southeastern and central Europe, the UAE state-run Wam news agency reported. Sultan Al Jaber, chairman of […]
Oil & Gas QatarEnergy in talks with Japan on long-term LNG supply One of the world’s biggest liquefied natural gas suppliers, QatarEnergy, is in talks with Japanese firms for a long-term deal to supply LNG from its North Field expansion project, five trading and industry sources told Reuters. Under the deal, Qatar would supply a consortium of Japanese importers and a volume of at least 3 million […]
