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Finance, economics, markets and trade news from the Middle East. All the important stories, exclusive interviews, plus authoritative opinion and analysis

Saudi Arabia’s industry and mineral resources minister Bandar Al-Khorayef. The country is struggling to meet an FDI target of $100bn a year by 2030

Saudi industry minister tempts investors with funding incentives

Saudi Arabia’s ministry of investments and mineral resources is prepared to finance up to 75 percent of industrial projects in the country, as the kingdom tries to boost its low foreign direct investment (FDI) numbers.  Bandar Al-Khorayef, the minister of industry and mineral resourcespointed to well-developed infrastructure across 36 industrial cities, prefabricated factories ready to […]

A residential complex in Dubai after last month's flooding. 'Backlogs of work increased considerably in April,' said S&P

Flooding dents UAE business confidence but optimism remains

Business and consumer confidence in the UAE was hamstrung by last month’s heavy rain and flooding, leading to the slowest increase in orders since February 2023, according to a business sentiment survey published on Friday. Private business activity in the non-oil sector still showed significant growth in April amid a “robust” economic landscape and the […]

Occupancy levels in Dubai's commercial and industrial segment reached an all-time high of 91% in the first quarter of 2024

Profit up 15% at Dubai’s free zone operator Tecom

Tecom Group, the Dubai-based operator of business parks and free zones, said earnings rose 15 percent year on year in the first quarter of 2024, driven by high demand for office and industrial space. Net profit reached AED293 million ($80 million) in the quarter ended March 2024, compared to AED255 million a year ago. Revenue increased […]

The DFM is actively looking to expand beyond established companies, focusing on startups and adding new sectors

Dubai focuses on pre-IPO stage for startups

Dubai Financial Market (DFM) is focusing on supporting startups in the pre-initial public offering (IPO) stage to raise capital and connect them with potential investors, CEO Hamed Ali has said. “Diversifying the investor base is one of the top priorities for DFM,” Ali was quoted as saying in an interview with the UAE state-owned Wam […]

Core countries account for the majority of Islamic finance – the GCC accounted for 86 percent of growth in 2023

Growth doubts over Islamic finance despite trillions in assets

Islamic finance assets grew to about $3.3 trillion worldwide last year, but credit ratings agency S&P has warned that a planned industry standard could drive down sukuk issuance in 2025 and beyond.  S&P is predicting high single-digit growth in total assets in 2024-25 after an increase of 8 percent last year.  The agency expects the […]

Fakeeh IPO

Institutions snap up share of Fakeeh Care Group IPO in minutes

Institutional investors snapped up their slice of shares in the Saudi healthcare conglomerate Fakeeh Care Group within minutes of the start of the book-building process for the company’s IPO. Fakeeh Care Group, which was founded in Jeddah in 1978, has set the price range for its initial public offering (IPO) at between SAR53 ($14.13) and […]

Lebanon EU aid

Lebanon to receive $1bn in financial aid from the EU

A financial aid package for Lebanon from the EU valued at more than $1 billion was announced on Thursday by the European Commission president, Ursula von der Leyen.  The money, most of which will be grants, will be made available over the next three years. Some will go towards helping to control the flow of […]

Abu Dhabi's Khalifa University of Science and Technology, Mubadala Investment Company and Kelix Bio announce plans to collaborate on R&D into biopharmaceutical technologies

UAE considers R&D tax incentives to help SMEs

The UAE is considering plans for a research and development tax incentive scheme to boost its ambitions to become a regional centre for homegrown innovation. The Ministry of Finance said it has launched an official consultation on the possible implementation of the tax incentive under the UAE corporate tax law.  The consultation will be open […]

A man moves his belongings from a flooded residential complex in Dubai. It has been reported that only 15% of UAE residents have flood insurance

Flood insurance in Dubai under threat says expert

Insurance companies could opt against covering areas of Dubai that were flooded during last month’s heavy rainfall, according to an expert from the S&P Global Ratings agency. Some areas remain badly affected since the torrential storm wreaked havoc across the emirate over two weeks ago, with record amounts of rain over a 24-hour period. It […]

An investor looks at a screen in Dubai Financial Market. Spinneys received over $19 billion in orders for its $375 million IPO

Hope for more private UAE listings follows Spinneys IPO

The record-breaking interest in supermarket giant Spinneys’ upcoming listing on the Dubai Financial Market could start a rush of private listings in the UAE, industry experts have predicted. The country’s privatisation strategy has led to a raft of government-owned entities being listed on the Dubai and Abu Dhabi stock exchanges. Last year there were 48 […]

DMCC CEO Ahmed Bin Sulayem says there is 'there is plenty of untapped potential' for UAE trade with Japan

Dubai free zone to build on UAE-Japan trade

A Dubai free zone has concluded a trade roadshow in Japan as the UAE looks to increase non-oil bilateral trade, which was worth nearly $7.5 billion in the first half of 2023. Dubai Multi-Commodities Centre (DMCC) said its first Made for Trade Live roadshow in Japan focused on web3, gaming and artificial intelligence. DMCC contributes […]

The contraction in the Saudi economy was largely driven by a 10% reduction oil activity

Saudi economy contracts for third quarter in a row

Saudi Arabia’s economy contracted by 1.8 percent year on year in the first quarter of 2024, while growth in non-oil activities slowed to its lowest rate in a year, statistics released this week show.  The country’s GDP fell for the third quarter in a row, although the drop eased from the 4.3 percent contraction in […]

Mehrdad Bazrpash, the Iranian minister of roads and urban development, will be in Abu Dhabi for the meeting this week

UAE and Iran to meet in Abu Dhabi after 10 years

The UAE-Iran Joint Economic Cooperation Commission will convene in Abu Dhabi this week, marking its first meeting in a decade and the continued improvement of diplomatic relations between the countries. The commission will host Mehrdad Bazrpash, Iranian minister of roads and urban development, alongside Abdulla bin Touq Al Marri, the Emirati minister of economy, this […]

Hana Al Rostamani, CEO of First Abu Dhabi, pointed to the 'dynamism' of its international operations

International business drives Q1 growth at First Abu Dhabi

First Abu Dhabi, the UAE’s largest bank by assets, has reported revenue of AED8 billion ($2.2 billion) for the first quarter of 2024 after its international operations grew by a third. FAB announced on Wednesday that revenue from outside its home market grew by 33 percent to AED2 billion. It makes up about a quarter […]

e& is not actively pursuing the buyout of the Dutch company United Group, said a company spokesperson

Report links e& to acquisition of $8.6bn Dutch telco

The UAE’s e&, formerly known as Etisalat, is planning to acquire Dutch telecom operator United Group BV as part of its overseas expansion strategy, according to a media report. The Abu Dhabi-listed company has been evaluating a possible purchase of United Group, Bloomberg reported, citing informed sources. Private equity firm BC Partners, the current owners […]

BlackRock chairman and CEO Larry Fink and PIF governor Yasir Al-Rumayyan shake hands at the MOU signing ceremony

PIF and BlackRock launch $5bn Saudi capital markets platform

Public Investment Fund (PIF), Saudi Arabia’s sovereign fund, and BlackRock, the world’s largest asset manager, are to launch a new investment platform to accelerate growth of the kingdom’s capital markets. The investment management platform, which will be set up in Riyadh, will be anchored by up to $5 billion from PIF. The investment is subject […]

Ooredoo added two million customers in Q1 2024, up four percent year on year, bringing its total customer base to 58.5 million

Qatar’s Ooredoo profit falls despite 4% rise in revenue

Qatari telecoms group Ooredoo reported a 5 percent year-on-year decline in net profit to QAR913 million ($250.7 million) in the first quarter of 2024  The topline rose 4 percent to nearly QAR6 billion during the three-month period, compared to QAR5.6 billion a year ago, driven by gains in Iraq, Algeria, Kuwait, Maldives and Tunisia. However, revenue […]

Goldsmiths arrange products in a jewellery store in Istanbul. Demand for gold is rising sharply in Turkey

Demand for gold soars as Turkish investors seek safe haven

Rampant inflation, a weakening currency and geopolitical tensions are boosting demand for gold in Turkey, according to a World Gold Council report published on Tuesday. Turkey’s annual inflation hit a 16-month peak of 69 percent in March, with the central bank’s aggressive interest rate rises doing little to slow the pace of consumer price increases. […]

UAE Minister of State for Foreign Trade Dr Thani Al Zeyoudi meets with Tiit Riisalo, Estonia’s Minister of Economic Affairs and Information Technology

UAE-Estonia trade grows around tech collaboration

The digital economy is expected to be at the forefront of trade between the UAE and Estonia as the former Soviet state positions itself to become a European centre for deep tech projects. Officials from both countries met on Saturday in Abu Dhabi, with artificial intelligence and health tech highlighted as areas for greater collaboration. […]