Finance Ramadan likely for delayed Saudi civil code Saudi Arabia’s much-anticipated new civil code has yet to come into effect, with industry figures estimating the deadline for implementation has shifted to the beginning of the fasting month of Ramadan in March. The regulations were published last June ahead of a planned cabinet decree that would formalise them as legal practice by the end […] January 9, 2024
Opinion Economy GCC can emerge as ‘Middle Powers’ in second Cold War Three factors will enable the GCC to benefit from the fragmentation January 9, 2024
Finance Abu Dhabi joint venture invests in US tech company An AED5.5 billion ($1.5 billion) joint venture between Adnoc Drilling Company and Alpha Dhabi Holding has made its first investment, buying a $180 million stake in a US engineering company. Adnoc Drilling, a subsidiary of Abu Dhabi National Oil Company (Adnoc), and Alpha Dhabi holding, one of Abu Dhabi’s biggest investment companies, announced the partnership […] January 9, 2024
Banking and Finance Bahrain Steel lands $450m loan for green transition Bahrain Steel, a supplier of high-grade iron ore pellets, has secured a $450 million sustainability-linked loan from a consortium of regional banks as part of its carbon footprint reduction drive. The loan will be used to build the world’s largest stockyard shed with rooftop solar panels, in addition to meeting working capital requirements, Dubai-headquartered lender […] January 9, 2024
Banking and Finance Banks and VCs pour cash into Saudi small businesses Funding for small companies in Saudi Arabia from banks, financial institutions and venture capitalists rose sharply in 2023, bucking regional and global trends. Figures released in December by Sama, the kingdom’s central bank, show that the total value of loans to micro-, small and medium-sized enterprises (MSMEs) rose 17.8 percent year on year to SAR268.6 […] January 9, 2024
Opinion Banking and Finance Investors go lukewarm on startups but Riyadh is red hot Rising inflation and interest rates plus economic slowdown resulted in investor hesitancy in 2023 January 8, 2024
Markets Shares in MBC rise 30% on Saudi Tadawul debut The share price of media company MBC Group rose by 30 percent as it made its debut on the Saudi stock exchange on Monday. The Saudi group’s initial public offering of a 10 percent stake last month was 17.6 times oversubscribed by retail investors, raising SAR1.46 billion ($390 million). At the opening bell of the […] January 8, 2024
Trade Germany open to further Eurofighter sales to Saudi Arabia Germany is willing to allow further deliveries of Eurofighter jets to Saudi Arabia, its foreign minister Annalena Baerbock has said. “We do not see the German government opposing British considerations for more Eurofighters for Saudi Arabia,” Reuters reported, citing the minister’s comments on a trip to Israel. Last month, Saudi Arabia approved its 2024 budget, […] January 8, 2024
Finance Avalon Pharma to float 30% in IPO on Saudi exchange Saudi Arabia’s Middle East Pharmaceutical Industries Company (Avalon Pharma) will proceed with an initial public offering (IPO) on the Saudi Exchange, with the book-building period running from January 14 to 18. The home-grown pharmaceutical maker will offer six million shares, or 30 percent of its issued share capital, with final pricing to be determined following the […] January 8, 2024
Infrastructure Turkish minister hints UAE and Qatar joining mega project The United Arab Emirates (UAE) and Qatar are considering joining the mega Development Road project, which will link southern Iraq to Turkey, a senior Turkish minister has said. “We will implement the project hopefully, in collaboration with Iraq. The UAE and Qatar also seem to be interested in this process,” transport and infrastructure minister Abdulkadir Uraloglu […] January 8, 2024
Video length: 07:13 Analysis Real Estate Dubai mortgage surge as tenants flee rent rises There was a 40 percent increase in the value of home mortgage approvals in Dubai last year despite climbing interest rates, with tenants seeking to get on the property ladder to dodge rising rents, according to new data. Not since the 1980s, when the US Federal Reserve tried to curb inflation, have interest rates shot […] January 8, 2024
Finance Market cap of top 16 UAE-listed companies hit $591bln The aggregate market capitalisation of the top 16 national companies listed on UAE exchanges reached AED2.71 trillion ($590.83) as of January 2024. This figure is anticipated to grow significantly to AED 6 trillion in the coming years, the UAE state-run Wam news agency reported, citing official market data. The top 16 listed companies accounted for […] January 7, 2024
Opinion Economy The year ahead: opportunities, risks and excitement Every year brings events that shake markets – but investors who stay cool can come out stronger January 6, 2024
Banking and Finance Angel investor Natalia Vodianova opts for GCC Russian supermodel and angel investor Natalia Vodianova, nicknamed “Supernova”, is eyeing further investments in the GCC through her Paris-registered company, after backing the UAE café chain Angel Cakes this month. In an interview with AGBI, Vodianova said she and business partner Timon Afinsky, a London-based digital media professional with whom she runs the investment vehicle […] January 5, 2024
Economy Saudi agrees $23bn financing to balance books Saudi Arabia requires roughly SAR86 billion ($23 billion) in financing this year in order to help balance the kingdom’s books. The 2024 Annual Borrowing Plan was given the green light by finance minister Mohammed Al Jadaan on Thursday at a board meeting of the National Debt Management Center. The 2024 budget statement, approved in December, […] January 5, 2024
Analysis Construction Bahrain’s consumer spend to rise as destination malls open Consumer spending in Bahrain is forecast to rise this year as its economy grows – with retail confidence reflected by construction starting on a $530 million development. Bahrain Marina will have nearly 200 shops, including international brands, restaurants and cafes, as well as 274 residential units, 182 berths for yachts and boats, and more than […] January 5, 2024
Economy Dubai unveils $56bn plan to improve standard of living Dubai has unveiled a AED208 billion ($56.64 billion) ten-year strategy aimed at making the city one of the top three in the world for standard of living. There are also plans to double the number of Emirati families and triple the number of citizens working in the private sector by 2033. “We aim to double […] January 5, 2024
Leisure & Hospitality Gulf hotels under pressure to boost green credentials Hotels in the Gulf region are facing pressure to make their buildings and operations more green or lose out on future investment. Ufi Ibrahim, chief executive of the Energy and Environment Alliance (EEA), a hotel industry network, told AGBI that EU green banking regulations that take effect in January will affect global investors. If hotel […] January 4, 2024
Analysis Economy Gaza war proves ‘another large shock’ for fragile Lebanon Hopes that Lebanon’s economy could register its first annual growth in five years have been dashed by the impact of the Israel-Gaza conflict, according to the World Bank. Its latest Lebanon Economic Monitor said the fighting and fears of an escalation were “another large shock” to the country’s precarious economy. Before the outbreak of violence […] January 4, 2024
Opinion Economy The year ahead for the GCC economies The better-than-expected news on inflation has taken the prospect of additional rate rises off the table January 3, 2024
Analysis Finance Top 10 fintechs to watch in 2024 Fintechs are big business in the Middle East. An increasing number of financial companies are integrating technology into their services and products, meaning the market is forecast to treble from $1.5 billion in 2022 to $4.5 billion by 2025, according to McKinsey & Company. Here are 10 fintech firms to look out for in the coming […] January 3, 2024
Finance Abu Dhabi’s IHC forms $27bn holding company 2PointZero The Abu Dhabi-based International Holding Company (IHC) has set up a holding company that will have more than AED100 billion ($27.23 billion) in assets, under the name 2PointZero. The board has approved a move to transfer entities across several sectors to the new company after regulatory approvals, IHC said in a statement. The holding company’s […] January 3, 2024
