Trade Turkish exporters cashing in on end of Syrian conflict The end of the civil war in Syria is already paying dividends for Turkish exporters. Shipments have increased in the first weeks after the overthrow of the Assad regime, with a further ramping up forecast as stability is established. Turkey’s exports to Syria increased by just under 20 percent year-on-year in December, with more than […] January 9, 2025
Economy Tech companies fuel spike in Saudi business registrations Commercial business registrations in Saudi Arabia increased by more than two-thirds in the fourth quarter of 2024, led by a proliferation of technology-based companies setting up in the kingdom. Over 160,000 new records were issued throughout the three-month period, taking the number of active commercial registrations in the country to more than 1.6 million, according […] January 9, 2025
Opinion Banking and Finance Stable, if lacking excitement: the outlook for Gulf banks GCC banks are well capitalised, have low cost-to-income ratios and have been generating healthy profits January 8, 2025
Real Estate Kuwait real estate transaction value up 34% in 2024 The value of real estate transactions in Kuwait grew 34 percent year on year in 2024. In total, 4,950 transactions were worth KD3.73 billion, or around $9 billion, in 2024, compared with 4,442 transactions worth KD2.78 billion in 2023. Only the country’s coastal strip saw a decline in transactions, with deals dropping 44 percent. Residential […] January 8, 2025
Economy Turkish pensions increase falls short of expectations Turkey has increased payments on pensions, but observers say the latest rise does not keep up with the cost of living. On January 7 Vedat Isıkhan, the labour minister, announced that the minimum monthly state pension would be increased by 15.75 percent, taking the base rate payment to TL14,469 ($409). A second increase, forecast to […] January 8, 2025
Aviation DAE acquires Irish aircraft lessor Nordic Aviation Dubai Aerospace Enterprise, the Middle East’s largest aviation services company, has acquired aircraft leasing company Nordic Aviation Capital. No details on the terms of the transaction were disclosed. DAE said Nordic Aviation’s fleet in September 2024 comprised 252 owned and committed assets on lease to approximately 60 airline customers in approximately 40 countries. Based in […] January 8, 2025
Finance Iraq targets 20% non-oil revenue to close fiscal gap Iraq has set a target to raise non-oil revenues to 20 percent of national income to tackle the country’s persistent budget deficit, a senior official has said. Non-oil revenues – which include tax and customs as well as earnings outside the hydrocarbon sector – rose to nearly 12 percent in the first nine months of […] January 8, 2025
Markets Bahrain bourse launches incentive scheme to revive trading Bahrain Bourse will introduce various incentives next month to try to boost trading on a market that accounts for less than one-thousandth of daily turnover on Gulf stock exchanges. The scheme, which begins on February 2, aims to improve trading activity and increase the number of institutions investing in Bahraini stocks. Its launch comes amid […] January 8, 2025
Analysis Employment UAE and Kuwait companies struggling to hire staff Companies in the UAE and Kuwait are struggling to afford new staff as a result of squeezed margins, according to the latest business sentiment survey. For the third successive month, non-oil companies operating in the UAE highlighted a reduction in prices charged, with discounting used to support sales amid a highly competitive market. This was […] January 8, 2025
Finance Adnoc L&S secures $2bn to fund expansion Adnoc Logistics & Services Plc (Adnoc L&S) has finalised up to $2 billion (AED7.3 billion) in new financing to support its growth initiatives. The company has signed a $1.1 billion-$2 billion Hybrid Capital Instrument (HCI). Initial drawing against the HCI will be $1.1 billion, leaving $0.9 billion capacity. Nearly $1 billion will be used to […] January 8, 2025
Economy Muscat-listed Ominvest secures $500m to fuel growth Oman International Development and Investment Company (Ominvest) has secured a $500 million loan for expansion and investment opportunities in the Sultanate and the wider region. The financing deal, arranged by Gulf International Bank (GIB), ABK, and Gulf Bank, will allow the Muscat-listed company to pursue “impactful investments and generate substantial value for the company and […] January 8, 2025
Economy UAE rolls over $2bn payment due from Pakistan The UAE has agreed to roll over the payment of $2 billion due from Pakistan in January, Pakistan’s prime minister Shehbaz Sharif has said. Speaking at a press conference, Sharif said that the Emirati president extended the $2 billion repayment due this month in a one-on-one meeting during the UAE leader’s visit to Pakistan on […] January 8, 2025
Economy Oman targets $1.9bn to plug 2025 budget deficit The Omani government intends to raise OR750 million ($1.9 billion) in 2025 to address the projected budget deficit and service public debt. The funds will come through eight issues of government development bonds valued at OR550 million and two local sukuk issuances worth OR200 million, Muscat Daily reported citing the finance ministry’s 2025 budget guidance. […] January 8, 2025
Analysis Finance Saudi startup funding tumbles as era of cheap money ends Funding for startups in Saudi Arabia dropped 44 percent to $750 million last year, the sharpest decline in the Middle East and North Africa, according to data analyst Magnitt. Across Mena, venture capital was down 29 percent to just under $2 billion, reflecting global trends of high interest rates and investor caution. Saudi Arabia was […] January 8, 2025
Business of Sport Stake in Premier League team sought by Saudi brothers A US-Saudi group has reportedly signed an exclusivity agreement to buy 45 percent of the English Premier League club Crystal Palace. A consortium funded by the Saudi brothers Mansoor and Haider Syed, which includes US sports and business executives, has agreed to buy the stake in the club owned by the American company Eagle Football, […] January 7, 2025
Tech Saudi Aramco leads $30m investment in tech startup Wa’ed Ventures, the $500 million venture capital fund owned by Saudi Aramco, and Japanese conglomerate Sumitomo have invested in Zension Technologies, a consumer electronics startup. Wa’ed led the funding raise of $30 million, which also included Dubai-based Global Ventures. Based in Riyadh, Zension provides consumers with access to the latest tech devices. Instead of purchasing devices […] January 7, 2025
Opinion Banking and Finance Despite ‘greenlash’, UAE banks will stick to net zero commitment US banks may have withdrawn from the Net Zero Banking Alliance, but FAB and ADCB should stay put January 7, 2025
Tax Kuwait’s multinationals tax to raise $825m a year, says minister Kuwait expects its tax on multinational businesses to generate nearly $825 million a year, the country’s finance minister has said. Noora Al Fassam told state television on Tuesday that the 15 percent tax would affect nearly 300 companies – 45 from Kuwait and the other GCC states and about 250 from other countries. Fassam described […] January 7, 2025
Opinion Economy A roadmap for a new Syria The challenges are daunting and the stakes are high January 7, 2025
Infrastructure Iraq expects road and rail project to provide 20,000 jobs Iraq’s planned $17 billion project to build a rail line and motorway up to the border with Turkey aims to create at least 20,000 jobs for citizens, officials said. Transport minister Razzak Al-Saadawi said the Road Of Development project, which is backed by the UAE and Qatar, will include the construction of several industry cities […] January 7, 2025
Analysis Markets Private companies lead Gulf IPOs to raise $12bn in 2024 Gulf initial public offerings raised a combined $12.1 billion last year as companies across myriad sectors including retail, healthcare, energy and financial services went public, deepening and broadening the region’s stock markets. High subscription levels for 2024’s diverse listings demonstrate strong investor interest in gaining exposure to the Gulf’s oil and non-oil economies. There were […] January 7, 2025
Banking and Finance Order book for $12bn Saudi bond 3 times oversubscribed Saudi Arabia has raised $12 billion from a three-tranche bond to meet its funding needs. The tranches of $5 billion, $3 billion and $4 billion have a duration of three, six and 10 years, respectively, the National Debt Management Center (NDMC) said in a post on social messaging platform X. The total order book reached […] January 7, 2025
