Opinion Finance American business weighs prospect of ‘Trump trade’ Some sectors, such as energy and real estate, stand to gain on an election win July 15, 2024
Opinion Finance The Thames Water crisis makes waves for the UK’s Labour Party A government bailout is no longer unthinkable and Gulf investors will have grave concerns July 15, 2024
Economy Sheikhs Hamdan and Abdullah named UAE deputy PMs Dubai crown prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum and Sheikh Abdullah bin Zayed Al Nahyan have been named deputy prime ministers in a major UAE cabinet reshuffle. Sheikh Hamdan will also serve as the defence minister, while Sheikh Abdullah will continue as minister of foreign affairs, the UAE state-run Wam news agency […] July 15, 2024
Economy Sharjah to quadruple FDI to $10bn Sharjah is aiming to quadruple the level of foreign direct investment into the emirate over the next five years. The third largest of the seven emirates in the UAE, behind Dubai and Abu Dhabi, Sharjah reported a 140 percent jump in FDI between 2022 and 2023, to $2.75 billion, with 19 new greenfield projects launched. […] July 14, 2024
Analysis Business of Sport Saudi football spending tipped to tumble as economy falters Saudi Arabia’s domestic football ambitions may have to take a back seat this year as the kingdom focuses on funding its $1.25 trillion giga-projects programme, according to analysts. Last summer Saudi Pro League clubs spent close to $1 billion signing the likes of Neymar, Ruben Neves and N’Golo Kante. This year’s transfer window is expected […] July 14, 2024
Trade Thailand opens investment office in Saudi Arabia Thailand’s Board of Investment (BOI) is opening its first Middle East office in Saudi Arabia, signaling a deepening of economic ties between the nations after a longstanding diplomatic spat. The office will focus on attracting Saudi investment into Thailand’s targeted industries and supporting Thai entrepreneurs looking to invest in the region, the BOI said in […] July 12, 2024
Finance ADGM sets deadline for whistleblowing rules Companies in the Abu Dhabi Global Market (ADGM) have been given a deadline of May 2025 to implement the latest whistleblowing regulations. The financial authority has published its new whistleblowing framework to ‘maintain transparency, accountability and market integrity’. The framework includes regulations on reporting of protected disclosures, allowing reporting of suspected breaches of ADGM legislation […] July 12, 2024
Video length: 04:28 VIDEO Trade UK investors need to ‘change mindset’ on UAE economy The possibility of a free trade agreement between the UK and the GCC – worth as much as £1.6 billion ($2 billion) a year – should prompt UK investors to reconsider their preconceptions about the economic approach of the UAE and its fellow members of the Gulf bloc. Bradley Jones from the UK-UAE Business Council […] July 12, 2024
Real Estate Investcorp buys US student housing assets for $160m Investcorp, Bahrain’s alternative asset manager, has acquired two student housing properties in the US for $160 million, as university enrolment numbers surge. The two properties, the University of Florida in Gainesville and the University of Texas at Austin, have a combined 914 beds. The two universities are ranked among the top 10 public universities in […] July 12, 2024
Oil & Gas Egypt pays $1.3bn arrears to foreign oil and gas companies Egypt cleared $1.3 billion of outstanding payments to foreign oil and gas companies operating in the country in June and has established a plan to reimburse the remaining dues within the next month, according to the government. The payment accounted for about 20 to 25 percent of the arrears owed to the companies, Prime Minister […] July 12, 2024
Economy IMF postpones $820m Egypt loan meeting An executive meeting between Egypt and the International Monetary Fund (IMF) to discuss the North African country’s next loan instalment has been postponed to the end of the month. “The IMF executive board meeting on Egypt’s third review under the extended fund facility has been rescheduled to July 29th,” the IMF’s Egypt mission chief, Ivanna […] July 11, 2024
Finance Libyan parliament passes extra $18bn budget funding Libya’s eastern-based parliament has approved an additional budget of 88 billion dinars ($18.3 billion) to drive reconstruction and achieve economic stability. The approval was unanimous in a closed session, Reuters reported, citing spokesman Abdullah Belhaiq. In April, the Benghazi-based government of prime minister Osama Hammad secured an initial budget worth 90 billion Libyan dinars, the […] July 11, 2024
EXCLUSIVE Artificial Intelligence AI regulations double investment costs, says Mashreq Bank Differing rules surrounding artificial intelligence and the lack of a global regulatory environment is doubling the cost of new investments and complicating business expansion, a leading UAE financial institution has revealed. Amith Rajan, executive vice-president at Mashreq Bank, told AGBI that a “patchwork” AI regulatory landscape has prevented the bank from entering some countries, and […] July 11, 2024
Real Estate Omani fund targets commercial assets after IPO Jabal Real Estate Investment Fund has targeted a swathe of commercial assets in Oman after officially listing on the Muscat Stock Exchange. The company, which has a capital portfolio of OR17 million ($45 million), is considering an office building and a warehousing complex in the sultanate. No further details were given, although both properties boast […] July 11, 2024
Banking and Finance FAB rules out bid for stake in India’s Yes Bank First Abu Dhabi Bank (FAB) has denied it was planning to acquire a stake in Bombay Stock Exchange-listed Yes Bank. Bloomberg reported on Wednesday that the Abu Dhabi-listed lender was among the possible suitors for a $5 billion stake in the Indian lender, citing informed sources. FAB was reportedly considering an offer for up to […] July 11, 2024
Analysis Agriculture Balancing the scales of Morocco’s food exports Free trade access to the EU and UK markets, and a longer – or at least different – growing season mean that Moroccan farmers are producing bumper exports that are helping to reshape the country’s economy around agriculture. However, those exports are drawing criticism from those who believe the country should prioritise its citizens’ own […] July 11, 2024
Oil & Gas Aramco returns to debt markets after shares sale Saudi Aramco returned to the debt market on Wednesday, offering bonds maturing in 10, 30 and 40 years and aiming to raise at least $6 billion. The company is looking to capitalise on investors’ interest in its secondary share offering by raising more cash to finance its debt and a huge investment programme. Final terms […] July 10, 2024
Video length: 03:25 VIDEO Development Dubai Humanitarian and the Mena aid challenge The Mena region requires nearly $14 billion in humanitarian aid, according to the UN. Dubai Humanitarian, formerly known as International Humanitarian City, plays a vital role in bringing together aid organisations and mobilising both funds and relief to countries affected by conflicts and climate emergencies. Dubai Humanitarian sends 1,300 dispatches of aid worth up to […] July 10, 2024
Finance Mubadala-backed Shein to invest $271m in Europe Chinese fashion retailer Shein, backed by the UAE’s Mubadala sovereign wealth fund, will invest €250 million ($271 million) over the next five years in the UK and Europe to expand its online business. The company has allocated €50 million for potential investments in research and development or pilot production facilities in Europe or the UK. […] July 10, 2024
Finance Expat remittances from Saudi rise 12% to $3.4bn Expat remittance from Saudi Arabia jumped by 12 percent year on year to SAR12.6 billion ($3.4 billion) in May, according to the Saudi Central Bank (Sama). Remittances rose 11 percent month on month, or SAR1.3 billion, in May, the central bank said. Globally, remittances to low- and middle-income countries grew by an estimated 3.8 percent […] July 10, 2024
Real Estate UAE developer to build $500m project in Egypt KSH Investment Company, a UAE-based real estate developer, is planning to build an EGP24 billion ($500 million) mixed-use project in Cairo. The deal, finalised with Egypt’s Safwat Kaliouby Group, involves the development of three residential and commercial towers along with a five-star hotel in an area overlooking the Nile’s Warraq Island, Egyptian state-owned Mena news […] July 10, 2024
Analysis Health Affordable healthcare in the GCC: a prescription for profit The GCC’s affordable healthcare market is ripe for investment, research suggests, as patients are forced to travel to India, Thailand or Egypt to find cheap treatment. Low-income inhabitants make up about 38 percent of the Gulf’s total population, according to Mansoor Ahmed, executive director for healthcare at Colliers Middle East in Dubai. The proportion ranges […] July 10, 2024
