Opinion Tech US ambitions are a fork in the road for GCC crypto If Trump follows through on deregulation, the States could be a serious competitor to the Gulf February 4, 2025
Opinion Economy Gulf sets the bar for proposed US sovereign wealth fund Plenty of questions remain, especially about how the entity will be funded February 11, 2025
Telecoms Ooredoo to build high-speed data network for GCC Qatari telelcoms company Ooredoo Group has signed an agreement with French company Alcatel Submarine Networks to build a new submarine cable and fibre network connecting seven countries in the region. The project, called Gulf in Fibre, will connect the six GCC countries — Saudi Arabia, the UAE, Qatar, Bahrain, Kuwait and Oman — and Iraq […] January 31, 2025
Construction Contracts in Saudi Arabia rise 25% in value in 2024 The value of contracts issued by Saudi Arabia rose by almost a quarter year on year in 2024 to reach a record high of $146.8 billion. The kingdom accounted for more than half of all contracts issued across the GCC, which reached a new high of $273.2 billion, according to a report by the Kuwait-based […] January 30, 2025
Banking & Finance STC digital banking given go-ahead to open in Saudi Arabia STC Bank, a digital lender launched by Saudi Arabia’s biggest telecoms company, will commence operations in Saudi Arabia after receiving authorisation from the Saudi Central Bank (Sama). In an announcement published on the Saudi Exchange on Wednesday morning, STC Group (Saudi Telecoms Company) said that STC Bank’s launch “represents a significant milestone in the kingdom’s […] January 29, 2025
Finance UAE to impose penalty for unpaid corporate tax The Federal Tax Authority (FTA) said that failure to pay corporate tax will incur a monthly penalty of 14 percent per annum. The penalty will apply to the unpaid tax amount and be calculated from the day following the payment deadline, accruing monthly on the same date, the UAE state-run Wam news agency reported. Tax […] January 26, 2025
Economy Bahrain debt hits $48bn but analyst downplays spending fears Bahrain’s public debt has risen to almost BHD18 billion ($48 billion), according to its ministry of finance, but a banking expert has downplayed concerns over its spending. Bahrain, the smallest country in the GCC bloc of six with a population of almost 1.5 million people, has dwindling reserves of oil and gas. It is partially […] January 20, 2025
Manufacturing Gulf ceramics makers poised for 2025 rebound Following a turbulent 2024, the Gulf’s listed ceramics makers should perform better this year thanks to lower customs duties, rising demand for their products and fewer Red Sea shipping disruptions. For equity investors, Oman’s Al Anwar Ceramic Tiles and the UAE’s RAK Ceramics provide a play on the Gulf’s rising population and mega infrastructure spending, […] January 30, 2025
Analysis Tax GCC weighs impact of Trump’s global corporate tax moves Tax professionals in the Gulf are assessing how President Donald Trump’s pull-back of US support for an international corporate tax framework might affect GCC states’ implementation of it. In a day-one executive order last week, the returning US president repudiated “any commitment” made by the previous Biden administration toward the Organisation for Economic Co-operation and […] January 30, 2025
Finance Investcorp chairman weighs IPO or deal with strategic investor Investcorp is considering a tie-up with a strategic investor or an initial public offering in the next few years, its executive chairman has said. Mohammed Alardhi said the Bahrain-based alternative asset manager had streamlined its strategy and reshuffled its leadership and management teams. For its next period of growth, Investcorp may look to outside investment, […] January 21, 2025
Giga-projects Italian insurer guarantees $3bn Saudi giga-project loan Sace, an Italian state-owned insurance company, has guaranteed a multi-currency loan of $3 billion provided by nine international banks to support projects in Neom, Saudi Arabia’s $500 billion giga-project. The announcement coincided with an official visit by Italian prime minister Giorgia Meloni to Saudi Arabia, where she and Crown Prince Mohammed bin Salman signed an […] January 27, 2025
Telecoms Batelco Bahrain Telecommunication Company, trading as Batelco, is Bahrain’s main telecommunications company. Established in 1981, Batelco provides mobile services and is one of Bahrain’s five internet providers. Batelco’s major shareholders include Orascom Investment Holding, which holds 60 percent, and the government of Bahrain through Mumtalakat Holding Company, Amber Holding Company and Social Insurance Organisation. Various financial […] January 16, 2025
Finance Bahrain’s Investcorp agrees to buy Italy’s Epipoli Bahrain’s Investcorp has finalised a deal to acquire Epipoli, an Italian alternative payments company. The asset will be purchased from London-headquartered private equity Bregal Milestone and Epipoli founder and CEO Gaetano Giannetto. Giannetto will continue to hold a significant minority stake and lead the company. No terms of the transaction were disclosed. Epipoli owns the […] January 17, 2025
Analysis Construction Mena construction industry braced for rise in disputes Construction professionals working in the Middle East and North Africa are bracing themselves for a surge in disputes, driven by delays, cost overruns and changes in scope, research has found. In a survey of Mena businesses including contractors and developers, more than 80 percent of the 95 respondents said they anticipated a rise in disputes […] January 28, 2025
Analysis Finance Vast Gulf wealth funds splinter to make targeted investments SWFs use specialised sub-vehicles Abu Dhabi pioneers approach Most funds follow Saudi model Sovereign wealth funds in the Gulf are increasingly doing business via wholly-owned or affiliated entities as they become too big to manage spec... Register now: It’s easy and free This content is available for registered members only. Register for your free account […] January 27, 2025
Economy Lebanon and Sudan swell Arab countries’ public debt Public debt in Arab countries swelled by nearly $142 billion at the end of 2023, mainly because of a sharp rise in obligations by Lebanon and war-battered Sudan. Total debt increased despite a fall in Egypt’s public, mostly domestic, dues as a result of a large depreciation in the pound against the US dollar. The […] January 20, 2025
Construction RAK Properties sets vision for Ras Al Khaimah development RAK Properties is planning to launch one project a month for the next year, as Ras Al Khaimah aims to build 40,000 new homes in order to cater to demand, CEO Sameh Muhtadi told AGBI. “Our target of launches is about AED5 billion in 2025,” Muhtadi said. He added that most projects would be located […] January 22, 2025
Banking & Finance Gulf International Bank Gulf International Bank (GIB) was established in 1976 and is incorporated in Bahrain as a conventional wholesale bank. GIB offers structured financing and advisory services for corporate and institutional customers in various sectors including oil and gas, LNG, petrochemicals, power and water, infrastructure and telecoms. It also provides a range of financial advisory services. GIB […] January 16, 2025
Manufacturing Alba and Ma’aden end merger discussions Aluminium Bahrain (Alba) and the Saudi Arabian Mining Company (Ma’aden) have ended talks over a merger of the two Gulf manufacturing giants. Discussions had been taking place since last year and it had been hoped that a deal could be completed in the first quarter of 2025, according to Alba’s chief executive, Ali Al Baqali. […] January 13, 2025
Transport Bahri 2024 profit rises to $533m as revenue jumps 8% Net profit at the National Shipping Company of Saudi Arabia (Bahri) surpassed the SAR2 billion ($533.2 million) mark for the first time in its history as revenue increased as a result of its fleet expansion. Net profit for 2024 reached SAR2.2 billion, rising 34 percent year on year. Revenues hit a record high of SAR9.5 […] February 3, 2025
