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Finance

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

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Finance news

The UAE attracted FDI inflows of $30.7 billion last year, a 35 percent year-on-year growth

UAE ranks second in global greenfield FDI projects

A 33 percent year-on-year surge in greenfield FDI projects in the UAE catapulted the Emirates up two places to the second spot after the US in 2023. There are now 1,323 greenfield FDI project announcements, state-run Wam news agency reported, citing the World Investment Report 2024. The UAE attracted FDI inflows of $30.7 billion last […]

People walk through the souk in Manama, Bahrain; FDI has been encouraged by the golden licence programme for investors

Bahrain attracts a record $6.8bn in foreign investment

Bahrain has set a new record by attracting $6.8 billion in foreign direct investment (FDI) in 2023. This is a 148 percent increase from the previous year’s $2.8 billion, according to the latest World Investment Report by the UN Conference on Trade and Development. Kuwait emerged as the top contributor, accounting for 36 percent of […]

The new economic reform package is expected to be discussed soon in parliament, said Turkish finance minister Mehmet Şimşek

Turkey to impose minimum corporate and income taxes

Turkey has finished work on a proposed new economic reform plan, which includes a minimum corporate and income tax to increase the take from direct taxes. The package, which will be submitted to the parliament soon, proposes a minimum 15 percent corporate tax on multi-national companies with more than €750 million ($804 million) in annual […]

A worker at a currency exchange in Riyadh, Saudi Arabia. The IMF said central bank digital currencies will lower the cost of financial services

IMF endorses Middle East interest in digital currencies

Countries in the Middle East can promote financial inclusion and boost cross-border payments by adopting central bank digital currencies (CBDCs), the International Monetary Fund has said. A CBDC is a form of digital money, similar to cryptocurrency except that its value is fixed by a central bank and is equivalent to the country’s fiat currency.  […]

wealthy migrants UAE

Wealthy migrants to UAE boost luxuries but stir inflation

The UAE is likely to attract a new surge of ultra-rich migrants, lured by low tax rates, high-privacy settings and a luxurious lifestyle, at a time of global geopolitical upheaval and heightened anti-money laundering measures in developed countries.  But, while the wave of wealth is likely to stimulate specialised sectors of the economy, the arrivals […]

The purchase of Careem by Uber is the most high-profile startup exit in the UAE, but the number of startups successfully exiting in the emirates is increasing

Rise in startup exits a sign of UAE’s ‘market maturity’

Startup exits – when a new company sells its ownership or stock, for profit or at a loss – are rising sharply in the Gulf, which observers say is proof of a maturing ecosystem. Across the Middle East and North Africa, 43 startup exits were recorded in 2023, up from 15 in 2015, according to […]

B8KRCP The Bank of England underground Gold Vaults in London Stacks of Gold Bars are taken into storage Gold bars are taken into storage at the Bank of England;central banks around the world are increasing reserves

UAE increases gold reserves with growth set to continue

The UAE’s gold reserves reached almost AED20 billion ($5.5 billion) at the end of March, rising 12.6 percent year on year, with expectations that the growth will continue into the rest of the year. The Central Bank of the UAE (CBUAE) said the Gulf state’s reserves of the precious metal have risen considerably over the […]

Shell Aramco LNG

Shell beats Aramco in race to buy LNG business

Saudi Aramco, the world’s biggest oil exporter, has lost out to UK rival Shell in its bid to buy Pavilion Energy, a Singapore trader of liquefied natural gas (LNG), from Temasek, the Asian island nation’s sovereign investment fund. Both companies were shortlisted for a potential acquisition worth billions of dollars. No financial details of Shell’s […]

The UAE, which is keen to embrace new technologies, ranked second for employment and third for international trade World Competitiveness Ranking

Saudi Arabia and UAE up in World Competitiveness Ranking

Saudi Arabia and the UAE have improved their rankings in the annual IMD World Competitiveness Ranking this year, as both Gulf states embrace artificial intelligence (AI) to make their economies more productive. The list, which is compiled by the International Institute for Management Development (IMD) in Switzerland, saw the UAE rise three places to seventh, […]

ADIA Hargreaves Lansdown

ADIA group raises offer for UK stock trading platform

A consortium including Abu Dhabi’s biggest sovereign wealth fund is poised to buy stock trading platform Hargreaves Lansdown after making an improved non-binding offer for the British company. Abu Dhabi Investment Authority’s (ADIA) wholly owned subsidiary Platinum Ivy has teamed up with private equity firms CVC and Nordic Capital to offer £11.40 ($14.51) per share […]

Saudi imports GCC

UAE dominates Saudi imports

Saudi Arabia’s imports from its neighbouring five GCC countries rose 5 percent to SAR21 billion ($5.6 billion) in the first quarter of 2024. Oman led the growth, but goods trade with Qatar suffered a steep decline, according to figures from Saudi platform Argaam, citing the Saudi General Authority for Statistics (GASTAT). Goods shipped from the […]

The Holy Mosque in Medina, Saudi Arabia. Pilgrims flock to the city as part of Hajj

Tourism businesses on the up in Medina

The number of tourism businesses in Medina was 15 percent higher in the first quarter of 2024 than the same time last year, a boon for Saudi Arabia as it aims to increase the industry’s contribution to the national economy. Madinah Chamber did not supply a breakdown of the figures, but the state-owned Saudi Press […]

A stall holder in the Grand Bazaar in Istanbul. People in Istanbul faced rises in the cost of living this year, as soaring inflation impacted wages

Cairo and Istanbul feel biggest cost of living squeeze

Dubai has become the most expensive city in the Middle East for expatriate workers, while Cairo and Istanbul were among the cities that saw the biggest rise in the cost of living this year, as soaring inflation impacted wages. Dubai, the UAE’s largest city, saw rental prices rise by about a fifth in the last […]

Nvidia president and CEO Jensen Huang at a media briefing in Taipei

Nvidia stocks are all the rage in UAE as trading surges 50%

Retail investors in the UAE have significantly ramped up their holdings in Nvidia – now the world’s most valuable company. Trading activity in the Emirates for the AI chipmaker’s stock jumped 50 percent in the first quarter of the year, according to data from a global trading and investment platform. Nvidia is now worth $3.34 […]

Saudi housing costs rose nearly 9% year on year in May

Saudi housing costs rise but inflation remains steady

Housing costs in Saudi Arabia rose nearly 9 percent year on year in May, but it was not enough to push overall inflation in the kingdom over 2 percent. The latest data from the General Authority for Statistics showed the annual inflation rate in Saudi Arabia was 1.6 percent in May, having remained at this […]

Government officials have suggested that construction will continue on Egypt's state-led mega-projects, including the New Administrative Capital city, thought to cost more than $58 billion

Egypt shows signs of recovery after landmark IMF deal

Last Friday marked 100 days since Egypt, the International Monetary Fund’s (IMF) second-biggest debtor after Argentina, agreed its latest loan. Eased by a $35 billion development deal with the UAE and increased international concern for Egypt’s economic stability following the outbreak of the war in Gaza, the deal drew a line under more than two […]

Arid conditions brought about by the drought in Morocco are affecting the cost of sheep

Drought pushes up sheep price for Eid in Morocco

The price for a sheep in Morocco for the annual sacrifice at Eid al-Adha has increased on average at 10 times the 2.2 percent rate of inflation. A medium-sized female sheep costs MAD4000 ($400) as opposed to MAD3000 last year. This puts it out of range for many families in the country where a high […]

Money, Dollar, Adult

ADIA acquires minority stake in Fisher Investments

Private equity firm Advent International and a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) have agreed to take up a minority stake in US investment adviser Fisher Investments. The investment will be between $2.5 billion and $3 billion, valuing Fisher Investments at $12.75 billion. The deal, which is expected to close later this year, is subject […]

Liquid assets in the UAE's banking sector reached AED787 billion by the end of Q1 2024, rising 28 percent year on year

UAE’s gold reserves rise 13% to $5.3bn

The value of gold reserves of the Central Bank of the UAE (CBUAE) reached AED19.6 billion ($5.3 billion) at the end of March 2024, rising 13 percent year on year. Gold reserves increased by 9.8 percent on a monthly basis from AED17.9 billion in February 2024, the UAE state-run Wam news agency reported, citing the […]

Shorooq partners wants to offer funding to startups that do not usually qualify for bank loans

Shorooq Partners targets startups with private credit fund

A $100 million private credit fund from Abu Dhabi’s Shorooq Partners will lend to Gulf startups and medium-sized companies that possess tangible assets or generate strong, recurring cashflows, a senior executive told AGBI. The firm’s second private credit fund made its first close in late May. Its minority partner is South Korea’s IMM Investment Global, […]