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People, Person, Woman, Man

Rise in UAE non-oil orders means more staff recruitment

UAE non-oil businesses reported a three-month high in the growth of new domestic orders last month, leading to a continued rise in staff recruitment as companies move to clear their growing backlog. However, this was offset by a “sustained reduction” in overseas orders, which fell at the quickest rate since June 2021, according to the […]

Coat, Clothing, Person

Aramco-backed Insilico opens new lab to ‘extend human life’

Insilico Medicine, the Hong Kong-based Aramco-backed health technology company, opened its eighth global laboratory this week at Abu Dhabi’s Masdar complex. The lab aims to support Middle East efforts to find new drugs that prolong human life. “My hope for the region is that it realises it can be a big player in drug discovery,” […]

girl, school, lesson

Investcorp reveals massive expansion plans in India

Bahrain-based Investcorp has vowed to grow the size of its business in India five-fold in the next five years. The alternative investments firm, which managed $50 billion in assets as of December 2022, only entered India in the first quarter of 2019, but has since completed 15 investments worth $1 billion. Speaking from the company’s […]

Turkey opens $500m facility to boost processing of gold reserves

Turkey’s President Recep Tayyip Erdogan has opened the first phase of a $500 million gold mine facility that will process reserves found in the northwestern Bilecik province, Daily Sabah newspaper reported. Around 109 tons of gold was located in Bilecik’s Sogut district in December 2020 at an estimated value of around $6.38 billion. Erdogan said that the […]

Egypt’s Sisi defends mega-projects while economy is under strain

Egyptian President Abdel Fattah Al-Sisi on Monday defended mega-projects undertaken since he took power, saying they were not to blame for economic turmoil that has seen the currency plummet and inflation accelerate. Since Sisi became president in 2014, Egypt has embarked on an infrastructure splurge spearheaded by the military that has included the expansion of […]

An estimated 155 million Chinese tourists spent more than $250bn on foreign travel in 2019

Resurgence in Chinese travellers is boon for Gulf tourist traps

Gulf markets closed lower on Wednesday over concerns that China’s 2022 economic growth slowed sharply to 3 percent, its second-worst performance since 1976, and its population fell for the first time since 1961. However, the recent easing of travel restrictions by Chinese authorities is expected to result in an influx of tourists from the country […]

Abu Dhabi Sustainability Week goes under the theme of "United on Climate Action Toward Cop28' which will be held this year in Dubai

Clean energy investment may be hit by economic slowdown

The global economic downturn could have serious implications on investment into clean energy and cause climate change targets to be pushed back, experts have warned. Elias Hajj, senior partner at McKinsey & Co, said during Abu Dhabi Sustainability Week that an estimated $6 trillion is needed annually to fund the transition to clean energy. But […]

Restaurant, Indoors, Screen

Lattes and logistics drive growth in UAE-Canada trade

Tim Hortons coffee shops are the most visible symbol of the trade relationship between the UAE and Canada. The chain has just opened its 250th café in the Gulf – in City Centre Mirdif, Dubai – halfway to its target of 500 outlets in the region. “This milestone is representative of the UAE’s position as […]

Stock photo of a copper mine. Saudi reported $8bn of foreign direct investment in mining last year

UK to deepen alliance on critical minerals with Saudi Arabia

The British government has agreed to deepen its collaboration with Saudi Arabia on diversifying sources of critical minerals. Britain’s Business, Energy & Industrial Strategy department said the partnership could see Saudi investment in the UK’s manufacturing and mining finance sectors, and new opportunities for UK mining firms to do business in Saudi Arabia. The British […]

Infrastructure was among the non-oil sectors that saw a year-on-year increase in Mena revenue generated by FTSE-listed companies

Why the Middle East is now a ‘must’ for top UK companies

The Middle East’s contribution to revenues of major UK-listed companies is predicted to rise to record levels in 2023 on the back of an acceleration in green energy, industrials and infrastructure sectors. Lumina Capital Advisers report that money generated from the region this year will deliver an additional £1.6 billion ($1.9 billion) to UK Plc […]

Ma'aden's deal with PIF will allow them to invest in the iron ore, copper, nickel and lithium sectors

Ma’aden pairs with PIF to invest in mining assets abroad

Saudi Arabian Mining Co, Ma’aden, the Gulf’s largest miner, said on Wednesday it has agreed to form a joint venture with the kingdom’s sovereign wealth fund to invest in mining assets globally. Ma’aden will own 51 percent in the venture while the Public Investment Fund (PIF) will own 49 percent. The new company’s initial paid-up […]

Russian tourists, real estate investors and now business owners have been flocking to the UAE

UAE sees surge in new Russian businesses

The UAE has seen a surge in the number of Russian individuals and companies looking to set up businesses in the Emirates, industry experts said. Opportunities for Russian businesses have been limited since President Vladimir Putin invaded Ukraine last February and western governments including the US, UK and EU imposed sanctions on Moscow. The Henley […]

Emirati company sponsors

Emirati partners in demand despite easing of company laws

The UAE’s move to introduce 100 percent company ownership has not dented demand among international companies for local Emirati partners. Before the publication of UAE Federal Decree-Law No. 26 of 2020, foreign companies could only own up to 49 percent of a UAE business, with the majority 51 percent held by a local Emirati partner. […]

Person, Woman, Adult

Italy PM Meloni to bring Expo 2030 world fair to Rome

Italian Prime Minister Giorgia Meloni has said she would do her best to ensure that the Expo 2030 world fair is held in Rome, even though she had little time to work on the project launched by her predecessor. “As an Italian and a Roman, I think it would be a great opportunity” to host […]

Less dramatic year ahead for Middle East post-Covid and oil boom era

After the sugar rush of 2022, Gulf states will have to get used to less dramatic rates of growth in 2023, as economies stabilise following the immediate post-Covid period that coincided with the spillover effects from the Ukraine crisis.  GCC growth averaged 6.5 percent in 2022, according to International Monetary Fund (IMF) estimates, and the […]

10 events that shaped the Gulf’s economies in 2022

This last year has been book-ended by two of the largest events the Gulf has ever seen: Expo 2020 Dubai and the Fifa football World Cup in Qatar, helping the region throw off the shackles of the coronavirus pandemic. Many events share a common theme, according to Andreas Krieg, associate professor at King’s College London. […]

Trade ties between the UAE and UK are deepening with more talks

Lister: Next 12 months are crucial for UK and UAE trade relations

The UK can use the UAE as a “springboard” for global trade, says Lord Udny-Lister, co-chair of the UAE-UK Business Council. A third round of negotiations for a free trade agreement between the UK and GCC is set to take place in the Saudi capital Riyadh early next year, following talks in London three weeks […]