Economy Saudi Arabia world’s fifth biggest arms buyer in 2023 Saudi Arabia remains the world’s fifth largest arms buyer, according to the Stockholm International Peace Research Institute. The think tank’s latest report said that Saudi Arabia spent $76 billion on arms in 2023, a 4 percent increase on the previous year, making it the biggest spender after the US, China, Russia and India. The kingdom’s […] April 23, 2024
Cybersecurity UAE is a ‘prime target’ for ransomware attacks The UAE is a “prime target” for ransomware attacks, the country’s Cyber Security Council has warned. Its 2024 State of the UAE Cybersecurity report says the Emirates’ rapid digital transformation has increased its vulnerability to cyberattacks, including ransomware incidents and distributed denial of service (DDoS) attacks. “The broader Middle East region” is a target for […] April 8, 2024
People & Lifestyle UK’s non-dom shake-up to attract high earners to Gulf There is likely to be an influx of expats and returning nationals to the Gulf as a result of the UK’s abolition of non-domicile tax status from April 2025, experts told AGBI. ‘Non-doms’ live in the UK but claim to have a permanent residence in another country, so they do not pay tax on overseas […] March 15, 2024
Kuwait forms first government under new emir Kuwait has formed a government headed by Prime Minister Sheikh Mohammed Sabah al-Salem al-Sabah, the state news agency said, the country’s first cabinet after the death of its previous ruler, Sheikh Nawaf al-Ahmad al-Sabah. Sheikh Mohammed appointed new ministers for oil, finance and foreign affairs in the first cabinet formed under Kuwait’s new Emir Sheikh […] January 17, 2024
Real Estate Khalaf Al Habtoor escalates dispute with Lebanon Emirati businessman Khalaf Al Habtoor has escalated his feud with the Lebanese authorities by launching an investment treaty dispute against the country. The legal notice of the dispute alleges that Beirut’s treatment of his conglomerate, Al Habtoor Group, breaches the investment treaty between the UAE and Lebanon. Under the 1999 agreement, Lebanon committed to protect […] January 10, 2024
Economy Saudi mortgage lending rises despite GDP slowdown Saudi banks’ mortgage lending to individuals and businesses rose in the third quarter, up 13 percent on 2022, despite a slowdown caused by lower oil prices and oil output cuts. A bulletin released this week by the central bank reported loans of SAR591.7 billion ($158 billion) to individuals and SAR155.5 billion to companies in Q3. […] December 18, 2023
Finance Abu Dhabi arrests man wanted by Italy for financial crimes Emirati police have arrested an Italian businessman who is wanted in connection with financial crimes in his home country. Danilo Coppola, 56, was stopped on December 6 at a shopping centre in Abu Dhabi. Local sources said the arrest followed an Interpol alert – a sign of the UAE’s growing co-operation with international law enforcement. […] December 12, 2023
EXCLUSIVE Banking & Finance UAE sets up bankruptcy court to rule on disputes The UAE is overhauling its bankruptcy and restructuring law, introducing a specialist court to oversee disputes. The legislation – formally Federal Law Decree No 51 of 2023 – comes into force on May 1, 2024, and replaces the 2016 bankruptcy framework. It will emphasise the importance of amicable resolutions, broadening the scope for debtors to […] December 5, 2023
Economy Abu Dhabi’s non-oil GDP grows 12% in second quarter Abu Dhabi’s non-oil economy hit a nine-year high in the second quarter of this year, driven by expansion in the construction, manufacturing and financial sectors. Non-oil GDP in Q2 was up by more than 12 percent on the same quarter of 2022, contributing to a 3.5 percent year-on-year increase in total GDP, according to Statistics […] October 2, 2023
Tourism Israeli minister makes historic visit to Saudi Arabia Israeli tourism minister Haim Katz made the first ever public visit by a member of the Israeli government to Saudi Arabia this week, attending a World Tourism Day event in Riyadh. The Israeli ministry of tourism said Katz was leading a delegation on a two-day stay in the Saudi capital as part of the United […] September 27, 2023
Video length: 06:36 VIDEO Trade Abraham Accords – 3 years on, $3 billion in trade An Israeli politician has described how the Abraham Accords, signed three years ago today, have “opened a floodgate to, hopefully, a new Middle East”. Fleur Hassan-Nahoum, deputy mayor of Jerusalem, tells AGBI in an exclusive video interview that the agreement signed at the White House on September 15 2020, is transforming Israel’s relations with the […] September 15, 2023
Opinion Energy Gulf energy systems must be more climate resilient Intense heatwaves and flash floods challenge energy supplies in the region September 7, 2023
Trade Qatar kicks back after post-World Cup slump There has been a rise in international companies considering a move to Qatar following a post-World Cup slump. Experts believe the spike in interest is partly due to the UAE’s decision to introduce corporate tax as well as an update to Qatar’s Single Window system, which was launched in 2019 to help companies set up […] August 31, 2023
Finance Al Mukhaizeem to head Kuwait fund’s London office The Kuwait Investment Authority has appointed Abdulmohsin Al Mukhaizeem as president and chief executive officer of its London branch. A subsidiary of the KIA’s headquarters in Kuwait, the Kuwait Investment Office (KIO) in the UK capital manages part of the Future Generations Fund (the savings portion of the sovereign wealth fund). This includes a portfolio […] August 18, 2023
Finance Saudi’s investment fund gets taste of halal food market Saudi Arabia’s Public Investment Fund aims to increase the kingdom’s share in the global halal food market, currently worth at least $2 trillion. Halal Products Development Company, a PIF subsidiary launched in October 2022, signed an agreement with the Saudi Exports Development Authority to support companies targeting the halal market, as well as encourage local […] August 9, 2023
Banking & Finance Argentina agrees $775m loan with Qatar to repay IMF Argentina agreed a $775 million loan with Qatar on Friday, which will be used to make an immediate International Monetary Fund repayment. The country’s government is grappling with a severe economic crisis with sky-high inflation and falling central bank reserves while facing IMF repayments. Its economy minister Sergio Massa said on Monday Argentina would not […] August 4, 2023
Sustainability Abu Dhabi ramps up its climate action strategy The Abu Dhabi Environment Agency (EAD) has outlined its plans for the emirate’s climate change strategy. The EAD’s five-year plan aims to reduce the UAE capital’s emissions by 22 percent from 2016 levels by strengthening its efforts to achieve greater environmental resilience and climate neutrality, and attracting investment as part of a sustainable economy. EAD […] July 25, 2023
Banking & Finance Saudi Arabia to give Tunisia $500m as soft loan and grant Saudi Arabia has agreed to provide Tunisia with a $500 million package of financial assistance as the country faces a mounting financial crisis. The Gulf state will give the North African country $400 million as a soft loan and $100 million as a grant, the Saudi Press Agency reported on Thursday. The agreement was signed […] July 21, 2023
Banking & Finance 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 […] July 21, 2023
Opinion Energy UAE roadmap for Cop28: high energy, low impact There are constraints imposed by life in a maritime desert, however July 14, 2023
Banking & Finance ADQ expands investment reach in Canada ADQ, the Abu Dhabi sovereign wealth fund, has expanded in Canada with the acquisition of a stake in global asset management firm Sagard, which has $14.5 billion in assets. Sagard’s majority shareholder remains Power Corporation of Canada, an investor in Europe and North America. ADQ is joined as a new minority investor by the Bank […] July 6, 2023
Exclusive Infrastructure 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 […] July 6, 2023
