Analysis Employment Indian workers return to Gulf in their droves The demand for skilled, semi-skilled and unskilled Indian workers has increased “drastically” as a rebound in Gulf economic growth signals the end of the coronavirus-induced reverse migration of workers from the region. An increase of nearly 50 percent in fresh migration to the six Gulf Cooperation Council (GCC) members – including the UAE, Saudi Arabia, […] August 19, 2022
Analysis Startup exits escalate in UAE The UAE is seeing an increase in startup exits this year, as the market matures while bigger players look to acquisitions to scale up their operations. The UAE Venture Investment Report, by research firm Magnitt, states that there were 10 startup exits in the Emirates in the first half of 2022, just one less than […] August 19, 2022
Data analysis Economy UK-GCC trade in numbers: relationship set for new era Total trade between all six GCC countries and the United Kingdom increased in the year to the end of the first quarter of 2022, as talks begin on a free trade agreement aimed at further boosting the relationship. The UK posted a trade surplus with all the nations apart from Qatar, with the data showing […] August 18, 2022
Economy IMF urges Saudi to explore new taxes to boost non-oil revenues Saudi Arabia should investigate new taxes, including on income and property, as it aims to boost its non-oil revenues. While significant change has already been undertaken by the kingdom, with a tripling of VAT to 15 percent during the coronavirus pandemic, more can be done, said Amine Mati, assistant director and mission chief for Saudi […] August 17, 2022
Analysis Banking & Finance How Oman has moved from protests to surplus in a year Last June Oman was facing protests over job layoffs and poor economic conditions as the sultanate suffered from the double shock of the coronavirus pandemic and a slump in oil prices. Just 14 months later Fitch Ratings has upgraded Oman’s long-term foreign-currency issuer default rating to ‘BB’ from ‘BB-‘, with a stable outlook. Fitch said […] August 16, 2022
Analysis Kenya general election ‘could delay’ trade deal with UAE The UAE and Kenya are launching talks to form a free trade agreement to boost bilateral economic ties. But political uncertainty in the east African country could hamper efforts to collaborate on shared priorities such as oil, gas, technology and ports, experts say. The two countries signed a joint statement on July 28 pledging to […] August 9, 2022
Analysis Real Estate Dubai property market ranked among top 5 globally Prime residential property prices in Dubai rose by nearly five percent in the first half of the year, placing the emirate at number four in a new list of the world’s best performing markets. US cities including Miami, Los Angeles, San Francisco and New York dominated the leaderboard, with Dubai the only non-US city to […] August 8, 2022
Analysis Lifestyle Kuwait City leads the world for billionaires Kuwait City is home to more billionaires per capita than anywhere else in the world, according to the latest data. The Gulf capital boasts one billionaire for every 33,090 inhabitants, making it the most densely populated city for those with more than ten digits of wealth, reports the Billionaire Census 2022 from New York-based consultancy […] August 2, 2022
Analysis Economy Britain’s plunging pound rattles Middle Eastern investors As Britain battles multiple headwinds of an unstable parliament, spiking inflation and a weakened sterling, global investors have taken note. The pound fell to two-year lows against the dollar this month – trading below $1.19 at one point – and Middle Eastern investors are now looking to spread their UK risk, a senior executive at the […] July 27, 2022
Analysis Retail The tourists are back – and they want to shop till they drop Hotels in the UAE generated AED11 billion ($3 billion) in revenue during the first quarter of 2022, a 20 per cent increase compared with the same period in 2019 as Gulf tourism continues its recovery from the pandemic. In other regions, tourism has been rebounding slowly and unevenly. According to a report from the UN […] July 27, 2022
Analysis Manufacturing Ethical fashion: it’s so right now, but it’s granny chic too Sustainable fashion is a buzzword that’s becoming a sound business proposition, particularly for MENA manufacturers returning to the thrifty practices of their grandparents The QR code on the clothing label takes you to a field where the cotton is grown. Shoppers can swipe to see the cotton being picked by hand and gathered into fluffy […] July 27, 2022
Analysis Banking & Finance What’s behind Saudi Arabia’s dwindling treasure chest? Saudi Arabian reserves have dwindled by almost half in the last five years, with the government splashing out $70 billion on investment plans amid the coronavirus pandemic. In spite of the kingdom’s depleted treasure chest, analysts expressed confidence that the reserves are being redeployed wisely into funds and giga-projects, as oil prices and foreign direct […] July 26, 2022
Analysis Retail UAE’s gold clean-up rules will shine in the long-term New UAE gold regulations could take the shine off the sector and lead to a supply and profits squeeze, according to experts. The due diligence rulings were announced last week to help stem the flow of supplies from conflict zones and enhance the UAE’s global reputation in the long-term. The Due Diligence Regulations for Responsible […] July 25, 2022
Analysis Banking & Finance Fresh wave of hedge funds poised to tap UAE The UAE is fast becoming a magnet for overseas hedge funds seeking a low-cost, investor-friendly base amid Brexit, the Ukraine crisis, and changes in working patterns brought about by the coronavirus pandemic. A clutch of hedge funds from the UK and US have set up or expanded operations in Dubai or Abu Dhabi in the […] July 21, 2022
Analysis Food & Drink Gulf firms tap thirst for no-alcohol drinks On St Patrick’s Day this year Irish drinks brand Guinness seized the opportunity to promote one of its biggest innovations since its launch in 1759. Four years in the making, Guinness 0.0, a non-alcoholic version of the famous stout brew – first launched in the UK and Ireland in 2020 – has now gone global. […] July 16, 2022
Analysis Economy Saudi and UAE fire big shots in battle for regional dominance Saudi Arabia has created a new authority to provide both financial and non-financial incentives for investment projects as its rivalry with the UAE to become the top regional business hub intensifies. The establishment of the National Incentives Committee (NIC) by the Council of Ministers has been described by analysts as a “major development” in the […] July 11, 2022
Analysis Banking & Finance Gulf sovereign investments may be hit by new UK tax plans Gulf-based sovereign wealth funds could see tax exemptions on investments in the UK slashed under new proposals put forward by the British government. Britain is planning to reduce the scope of the exemption to just interest income from investment activity. This would move income profits and capital gains from investment in UK real estate, as […] July 8, 2022
Analysis Economy UAE seeks 27 trade deals as global growth slows Global trade growth is forecast to remain resilient this year, expanding at a rate of three percent, despite a fierce onslaught of headwinds, according to the Dubai Multi Commodities Centre. But that represents a significant slowdown from nearly 10 percent in 2021 when global trade hit a record-high of $28.5 trillion. DMCC’s Future of Trade […] July 6, 2022
Analysis Economy Nadhim Zahawi: the Iraqi tasked with rebuilding the UK economy New British chancellor of the exchequer Nadhim Zahawi says his rise from “an immigrant boy” to hold the job as steward of the country’s treasury showed what a great country Britain was. Zahawi was appointed chancellor late yesterday after a series of ministerial resignations in protest at Boris Johnson’s premiership, including that of former chancellor […] July 6, 2022
Energy G7 should opt for fuel tax cut over price cap, says Saudi-based analyst A proposal by the G7 group of leaders to look at the feasibility of introducing a price cap on energy imports was dismissed as “highly doubtful” by a top Saudi-based energy analyst. A report by the Financial Times on Tuesday claimed that the G7 leaders – which includes Canada, France, Germany, Italy, Japan, the UK […] June 29, 2022
EXCLUSIVE Banking & Finance Wio Bank has a big idea: let SMEs spend less time on banking The UAE's next digital bank is launching with a focus on SMEs and a pledge to reduce the time they have to spend on admin, reveals its CEO Jayesh Patel June 27, 2022
Analysis Space tech gives Gulf nations a launchpad for local talent Saudi Arabia aims to emulate UAE’s success In 1985, Sultan Bin Salman Bin Abdulaziz Al-Saud, a former Royal Saudi Air Force pilot, became the first Arab to go into space, flying aboard a US Space Shuttle mission as a payload specialist. He was appointed chairman of the Saudi Space Commission in 2018 and although he […] June 13, 2022
