Economy Turkey aims to be among top rare earth producers Turkey plans to boost its production of rare earth elements and be among the top five producers in the world, its energy and natural resources minister, Alparslan Bayraktar, has announced. The country uncovered the world’s second-largest rare earth element reserve in Eskişehir’s Beylikova district in 2022, the Daily Sabah newspaper reported. The reserves of ore […] December 27, 2023
Finance Bahrain’s economy expands 2.5%, fuelled by non-oil sector Bahrain’s economy grew by 2.5 percent year on year in real terms in the third quarter of 2023, driven by 4.5 percent annual growth in the non-oil sector, preliminary data released by the Information and eGovernment Authority shows. The kingdom’s non-oil sector accounted for 83.6 percent of real GDP in Q3 2023, the state-owned Bahrain […] December 27, 2023
Analysis Trade Gulf’s pivot to Asia set to keep on rolling in 2024 2023 has been the year of the comprehensive economic partnership agreement, better known as the Cepa, as the UAE seeks to increase non-oil trade to $1.1 trillion (AED4 trillion) by 2031. The Emirates has seven deals in the bag and several more in the pipeline – and like many of its Gulf neighbours, it is […] December 27, 2023
Finance Net stock purchases in UAE by institutional investors hit $2bn Net stock purchases by global and regional institutional investors reached nearly AED7 billion ($1.9 billion) on the Abu Dhabi and Dubai bourses in 2023. Total purchases hit AED302.7 billion, compared to total sales of AED295.8 billion, the UAE state-run Wam news agency reported, citing data from the local stock exchanges. Institutional investors dominated the UAE […] December 26, 2023
Opinion Economy 2023 was a year of living dangerously The Gulf will hope it can maintain its safe haven status December 26, 2023
Finance Egypt generates $5.6bn from stake sale in 14 companies Egypt’s privatisation programme has generated $5.6 billion from the sale of complete or partial stakes in 14 state-owned entities, according to Prime Minister Mostafa Madbouly. The International Finance Corporation (IFC) is conducting preliminary studies for the potential inclusion of 50 additional state-owned companies under its initial public offering (IPO) programme, Egypt Today reported, citing Madbouly. […] December 25, 2023
Finance Abu Dhabi’s IRH to invest $1.1bn in Zambia copper mines UAE-based International Resources Holdings (IRH) will invest $1.1 billion as a strategic equity partner in Zambia’s Mopani Copper Mines (MCM). The investment will fund Mopani’s working capital, business expansion plan and pay off part of the $1.5 billion debt owed to previous owner Glencore, state-owned ZCCM Investments Holdings (ZCCM-IH) said in a statement. The Abu […] December 25, 2023
Video length: 05:38 Finance Cakes, crypto and the sun – best video moments of 2023 From top business leaders to expert analysts, AGBI has spoken to them all over the past 12 months. Watch our video round-up above to find out who gave us these memorable quotes … “The bigger the cake, the bigger the problem.” “Your long-term asset in this region is not the oil under the ground, it’s […] December 25, 2023
Logistics Shipping insurance rates rise on Red Sea crisis Insurance rates for shipping companies operating in the Red Sea are likely to rise further, according to industry experts, as the area continues to be the target of terrorist attacks by the Houthi militia. Some of the biggest operators in the industry, including CMA CGM of France, MSC of Switzerland and A.P. Moller-Maersk of Denmark, […] December 24, 2023
Finance Turkey aims for single-digit inflation by 2026 Turkey is expecting annual inflation to drop to single digits by the end of 2026, according to treasury and finance minister Mehmet Simsek. Inflation is currently at 65 percent and is expected to drop to 36 percent next year and 14 percent in 2025, Daily Sabah newspaper reported, citing Simsek’s speech at the Turkuvaz Media […] December 24, 2023
Finance OpenAI in talks with Abu Dhabi’s G42 for up to $10bn funding US-based artificial intelligence company OpenAI has held talks to raise funding for a new chip venture with Abu Dhabi-based G42, Bloomberg reported, citing informed sources. The AI startup has discussed raising between $8 and $10 billion from G42, the news agency said, adding that it was unclear whether the chips venture and wider company funding efforts were […] December 24, 2023
Finance Taqa secures funding for $444m desalination project Abu Dhabi National Energy Company (Taqa) has secured finance for its AED1.6 billion ($444 million) low-carbon intensive Shuweihat 4 reverse osmosis seawater desalination project (S4 RO). The project was developed by Abu Dhabi’s Emirates Water and Electricity Company (EWEC) and Spain’s GS Inima, and is funded (71 percent) through debt financing from both local and […] December 24, 2023
Real Estate Dubai’s Union Properties settles $188m bank debt Dubai developer Union Properties has repaid debts worth up to AED875 million ($187.6 million) to a “national bank”, according to a bourse filing, as efforts to restructure the company continue. Union Properties, best known for its Motor City development in the emirate, announced the debt payment following a board meeting on Thursday and said the […] December 22, 2023
Markets MBC raises $390m with oversubscribed IPO Saudi media company MBC Group’s IPO on the Saudi stock exchange was 17.6 times oversubscribed, raising SAR1.46 billion ($390 million). A minimum of nine shares were allocated to each subscriber and the remaining shares were distributed pro rata, according to a statement on stock market website Tadawul by lead manager and advisor HSBC Saudi Arabia, […] December 22, 2023
Finance Turkey continues to hike policy rates to tame inflation Turkey’s central bank increased its key policy rate by 250 basis points to 42.5 percent to combat inflation. Headline inflation edged up in November, but remains in line with the outlook presented in the recent inflation report, it added. The annual inflation rate surged to 61.98 percent in November, its highest level this year, data […] December 22, 2023
Finance UAE growth forecast revised upward to 5.7% in 2024 The Central Bank of the UAE has revised its forecast for economic growth next year to 5.7 percent, up from an earlier projection of 4.3 percent. The overall GDP is forecast to grow by 3.1 percent in 2023, the UAE state-run Wam news agency reported, citing the central bank report. Non-oil GDP will grow 5.9 […] December 22, 2023
Finance Egypt keeps interest rates steady as GDP growth slows Egypt’s central bank kept its overnight interest rates steady as economic growth in the north African country slowed in the second quarter of 2023. The central bank’s monetary policy committee (MPC) maintained the deposit rate stable at 19.25 percent and the lending rate at 20.25 percent, the apex bank said in a statement. The median […] December 22, 2023
Construction Developer Jabal Omar plans debt-to-capital conversion Jabal Omar Development Company, one of the largest companies on the Saudi stock exchange, said this week it will settle around SAR547.5 million ($146 million) in debt owed to two companies by converting it into shares in a formal capital increase. The real estate developer builds and manages property in the pilgrimage city of Mecca. […] December 21, 2023
Economy Egypt to receive half EBRD regional funding in 2024 Egypt will receive the lion’s share of the European Bank for Reconstruction and Development’s regional funding in 2024, having accounted for about 55 percent of its funds this year, the regional head of the EBRD has told AGBI. “Egypt is by far our largest country of operation in the region and will account for more […] December 21, 2023
Finance Turkey secures $100m for post-quake reconstruction The Industrial Development Bank of Turkey (TSKB) has secured a $100 million loan from the Jeddah-based Islamic Development Bank (IsDB) Group to reconstruct earthquake-affected regions. The financing from the IsDB Group will support private sector investments in 17 earthquake-affected provinces. The loan will play an important role in fostering the sustainable economic recovery of the […] December 21, 2023
Finance Egypt raises $800m from stake sale in historic hotels The Sovereign Fund of Egypt has signed an $800 million deal to sell a stake in seven historic hotels to Arab Company for Tourism and Hotels Investments (Icon), a subsidiary of Cairo-based Talaat Moustafa Group (TMG). Icon has acquired a 39 percent stake in Legacy Hotels, with the option to subscribe to a capital increase, […] December 21, 2023
Finance UAE’s new federal authority to combat financial corruption The UAE has established a federal accountability authority that will set up a supreme policy to combat financial and administrative corruption. The new entity replaces the supreme audit institution, after a decree issued by President Sheikh Mohamed bin Zayed Al Nahyan, the UAE’s state-owned Wam news agency reported. The authority’s functions include reviewing and auditing […] December 21, 2023
