Economy Egypt’s private sector alliance targets UAE for growth A new entity comprising 41 Egyptian private companies will be set up to boost exports across the Arab countries to support economic growth, a news report said. The process of setting up Arab Alliance for Industrial Investment is expected to be completed next week, Ashraq Business reported, citing Mohamed El-Bahi, a board member of the […] March 6, 2025
Banking and Finance First Abu Dhabi Bank plans major restructuring First Abu Dhabi Bank (FAB) is planning to split its operations into four new divisions in a bid to strengthen its business in the Gulf and boost shareholder returns, two sources familiar with the matter said. As part of the reorganisation, FAB is to hire Citi dealmaking veteran Linos Lekkas as its new head of […] March 6, 2025
Video length: 04:55 VIDEO Banking and Finance The $18 trillion challenge for family offices Family offices are set to transfer more than $18 trillion to the next generation by 2030 – and that can present challenges for both the old guard and the bright young things. Those taking over Middle East family offices may be interested in cross-border investment or in newer sectors such as sustainable technology or AI, […] March 5, 2025
Trade Oman’s foreign trade up thanks to oil and gas Oman’s total foreign trade in 2024 rose by 7 percent year on year to $63 billion, led by a rise of 18 percent in oil and gas exports. However, non-oil revenues fell, underlining Oman’s continued heavy reliance on fossil fuels. Oil and gas exports jumped to $42 billion in 2024, up from $35.6 billion the […] March 5, 2025
Trade PIF signs $3bn deal with Italy’s export credit agency Saudi Arabia’s Public Investment Fund said on Wednesday it had signed a memorandum of understanding worth $3 billion with Italy’s export credit agency, SACE. The sovereign wealth fund is working to boost finances to fund the country’s giga-projects. “The MoU focuses on providing financing support for co-operation between Italian companies in the private sector and […] March 5, 2025
Construction Middle East is top recipient of Chinese Belt and Road deals The Middle East was the top recipient of construction and investment deals under China’s Belt and Road Initiative (BRI) in 2024, with the total value reaching $39 billion. That may not go down well in Washington. Saudi Arabia and construction topped the list, according to a report by Griffith Asia Institute, based in Queensland, Australia. […] March 5, 2025
Finance UAE companies raise prices for a second month Companies in the UAE raised prices for a second consecutive month in February as they passed on higher input costs for materials, maintenance and technology. It was also the biggest price increase since September. Staffing costs also rose, adding to the price rises, according to S&P’s purchasing managers’ index (PMI), a monthly survey of economic […] March 5, 2025
Analysis Banking and Finance Mashreq and First Abu Dhabi winning bank efficiency race Dubai’s Mashreq bank, the UAE’s fifth-largest by assets, slashed its cost-to-income ratio, an important banking metric, last year thanks to the partial sale of a subsidiary and more customers switching to non-interest-bearing accounts. The cost-to-income ratio shows the relation between income and the cost of acquiring that income. A declining ratio suggests that a bank […] March 5, 2025
Trade Oman plans commercial court to attract foreign investors Oman intends to set up a commercial court to resolve business disputes in a bid to increase foreign investment, the state-owned Oman News Agency (ONA) has reported. The country is keen to encourage domestic and international investment to spur economic growth. It hopes this will create jobs for an expanding population as the country’s oil […] March 5, 2025
Banking and Finance Kuwait prepares banks ahead of potential new bond sales Kuwait has launched a plan to develop a new electronic system within its banking sector to prepare for the resumption of government bond sales to fund projects and shore up fiscal deficits, a local newspaper reported. The central bank of Kuwait invited representatives of banks to discuss preparations to launch the system that will give […] March 4, 2025
Opinion Renewable Energy Taxation can be a catalyst in the renewable energy revolution Saudi Arabia and the UAE can lead the transition if their fiscal policies align with their ambition March 4, 2025
Employment Saudi jobs market buoyant as Egypt and Kuwait struggle Staffing levels in Saudi Arabia surged in February as companies prepare for growth opportunities ahead. But it was a different story in neighbouring Kuwait and Egypt where jobs were lost in the face of a slowdown in new orders, according to the latest business sentiment surveys. Employment numbers in Saudi Arabia increased at the quickest […] March 4, 2025
Finance UAE interest in crypto jumps after Trump’s ‘strategic reserve’ call Interest in cryptocurrencies has accelerated in the UAE after a rally in prices that followed President Donald Trump’s announcement of plans to create a so-called crypto strategic reserve. Online searches for bitcoin prices in the UAE more than doubled following Trump’s announcement on his Truth Social platform at the weekend, data from Google Trends showed. […] March 4, 2025
Banking and Finance Turkish inflation eases again, with interest rate cut likely Turkey’s inflation rate declined again in February, falling below 40 percent for the first time since mid-2023, while an indicator of industrial activity improved. The consumer price index fell to 39.05 percent, according to data issued by state statistics agency Turkstat this week, with a month-on-month price increase of 2.27 percent. The decline could mean […] March 4, 2025
Banking and Finance PIF to anchor Goldman Sach’s new GCC-focused funds Saudi Arabia’s Public Investment Fund (PIF) is to be an anchor investor in Goldman Sachs Asset Management’s new funds focused on Gulf Cooperation Council (GCC) countries, the Fund said in a statement. The two companies have signed a non-binding memorandum of understanding (MoU) focusing on private credit and public equity. The new funds aim to […] March 4, 2025
Opinion Banking and Finance Gulf investors should hedge rising macro risks with Asian assets GCC investors face draconian macro risk as the American economy heads towards stagflation March 3, 2025
Economy Egypt’s net foreign assets jump in January Egypt’s net foreign assets (NFAs) jumped by $2.74 billion in January, boosted by the sale of $2 billion in dollar-denominated bonds, central bank data showed. NFAs climbed to the equivalent of $8.7 billion from $5.96 billion at the end of December, according to Reuters calculations based on the official central bank currency rates. The increase […] March 3, 2025
Employment $5m US golden visa may be out of reach for some Arabs People born in Egypt and Morocco may find it more difficult than those born in Saudi Arabia or the UAE to secure President Trump’s $5 million “gold card” US permanent residency because of restrictions on capital flows. The Gulf and wider Mena region punch above their weight globally when it comes to the number of […] March 3, 2025
Economy Oil revenues could trim Kuwait’s 2025 budget deficit Kuwait’s budget deficit for the fiscal year to March 31 2025 may be as much as 40 percent smaller than projected because of higher-than-forecast oil revenue, a local consultancy has said. Kuwait based its 2024-25 budget on a price per barrel of $70 but prices have been above this level for most of the fiscal […] March 3, 2025
Markets Saudi Tadawul profit surges 60% on higher trading value Saudi Tadawul Group, the owner and operator of the kingdom’s stock exchange, reported a 59 percent jump in 2024 profit, as annual trading value and listing services revenues rose by 38 percent and 27 percent, respectively. Net profit was SAR622 million ($166 million) compared to SAR390 million in 2023, the company said in a bourse […] March 3, 2025
Finance PIF temporarily suspends PwC from advisory work Saudi Arabia’s Public Investment Fund (PIF) has temporarily barred UK company PwC from securing advisory and consulting contracts until February 2026, according to a news report. The ban extends to the sovereign wealth fund’s more than 100 subsidiaries, Bloomberg reported citing informed sources. However, auditing projects continue as before. In May 2023, PwC received a license […] March 3, 2025
Analysis Markets Aramco dividend vital to big-spending Saudi Arabia Saudi Aramco’s 2024 full-year results due this week are likely to again underline the importance of the world’s largest listed oil company to big-spending Saudi Arabia’s economic development plans. Aramco has said it expects to announce fourth-quarter dividends – payouts to the Saudi government are a core source of state revenue – of SAR116.5 billion […] March 3, 2025
