Analysis Industry Iraq’s biggest telecoms firms tap into resurgent market Lower taxes, improved political stability and troubles at a smaller rival have helped Iraq’s top two telecoms operators reverse a decline in earnings. Now the duo, Zain Iraq, a subsidiary of Kuwait’s Zain, and Asiacell, which is majority owned by the former Qatari telecom monopoly Ooredoo, should prosper further in 2024. Zain and Asiacell have […] January 15, 2024
Analysis Tech Korek Telecom fights $1.65 billion award to partners A Dubai court will next month hear whether it should scrap a $1.65 billion award against an Iraqi telecom operator and its politically connected top shareholder. The long-running dispute underscores the risk that foreign investors face in Iraq, a country devastated by decades of conflict and sanctions and which is among the world’s most corrupt […] January 11, 2024
Employment ‘No loopholes for companies’ to be found in Saudi HQ rules Multinational companies looking for loopholes in Saudi Arabia’s regional headquarters rules will not find them, although the exceptions set out in the small print could affect negotiations, business relocation experts have told AGBI. As of Monday, foreign companies looking to gain access to billions of dollars worth of government contracts must have their regional headquarters […] January 3, 2024
Analysis Transport Turkey’s EV production finally gets into gear Turkey has long been a manufacturing base for the global auto industry, producing vehicles for more than a dozen industry giants such as Ford, Toyota and Renault. Its transition into electric vehicle (EV) manufacturing has been slow to materialise, but the country is now making up for lost time. First announced in 2017, 2023 saw […] December 29, 2023
Video length: 05:38 Finance Cakes, crypto and the sun – best video moments of 2023 From top business leaders to expert analysts, AGBI has spoken to them all over the past 12 months. Watch our video round-up above to find out who gave us these memorable quotes … “The bigger the cake, the bigger the problem.” “Your long-term asset in this region is not the oil under the ground, it’s […] December 25, 2023
Analysis Banking & Finance Mena remittances fall as Egyptians swerve official channels Remittances to Middle East and North African countries are forecast to fall by 5.3 percent to about $61 billion in 2023. The drop in the World Bank’s figures is driven by a sharp decline in recorded money transfers to Egypt, which is the region’s largest recipient. A “large part of remittances” to Egypt probably went […] December 19, 2023
Manufacturing UAE considers a tax on packaging to fund recycling The UAE is considering introducing a tax on packaging, according to an industry expert, as the country continues to ramp up its sustainability agenda. Ali Al Dhaheri, CEO of Abu Dhabi Waste Management Company, or Tadweer, told AGBI that discussions with the UAE government were taking place about bringing in an extended producer responsibility (EPR) […] December 12, 2023
Analysis Construction Locals bemused by Jeddah’s planned transformation Amid a vast area of empty land in north Jeddah’s Obhur district, a lone unfinished tower stands out on the horizon with motionless yellow cranes around its edges – a stalled sign of the transformation of Saudi Arabia’s second city. Now work on the tower – possibly the tallest in the world upon completion – […] December 11, 2023
Banking & Finance UAE extradites Sanjay Shah to Denmark over tax fraud The UAE on Wednesday ordered the extradition of Sanjay Shah, a UK citizen, to Denmark to face charges of massive tax fraud and money laundering. Shah was extradited to Denmark’s security mission following a decision by Dubai’s Court of Cassation, the UAE state-run Wam news agency reported. The UAE justice minister has also approved the […] December 6, 2023
Trade Saudi offers 30-year tax breaks under regional HQ scheme Saudi Arabia will offer a 30-year corporate income tax exemption to foreign companies that locate their regional headquarters to the kingdom. In 2021, the government set a target of January 1, 2024, for companies to set up in the kingdom, the world’s top oil exporter, to gain access to government contracts worth SAR1 million ($266,000) […] December 6, 2023
Tech Tax-friendly UAE beckons blockchain businesses The UAE is becoming a preferred destination for blockchain technology companies, ranking third globally as a crypto centre, according to a survey. Immigration consultancy Henley & Partners used six criteria to arrive at a global ranking and placed Singapore first because of its government’s close cooperation with banks, businesses and the public in developing its […] December 2, 2023
Analysis Trade China shows faith in Egypt with deeper investment When President Xi Jinping welcomed the prime minister of Egypt, Mostafa Madbouly, to Beijing’s Great Hall of the People in October, it was a signal that China is stepping up bilateral co-operation with Cairo. Their meeting, on the sidelines of the Belt and Road forum, took place as Egypt grapples with mounting debt and delays […] November 15, 2023
Analysis Aviation Gulf’s thriving private jet industry uncowed by eco concerns The Gulf’s private aviation industry is buoyant as executives, ruling family members and other wealthy individuals use its services to travel across the region and beyond. In the first half of 2023, there were 7,300 private flights to or from Mohammed bin Rashid Aerospace Hub, which is part of Dubai’s Al Maktoum International Airport (DWC). […] November 14, 2023
Analysis Trade Zimbabwe sharpens focus on trade with UAE The UAE could soon rival South Africa as Zimbabwe’s largest trading partner as the southern African country competes to attract more foreign investment. Zimbabwe is working to develop a number of sectors with the UAE, including agriculture, mining and energy, to build on the $2 billion bilateral trade registered last year, Lovemore Mazemo, Ambassador of […] November 13, 2023
Opinion Economy A looming US fiscal crisis could hit the Gulf hard US debt and its impact on dollar interest rates could squeeze GCC economies November 13, 2023
Finance Royalty levy change is ‘non-event’ for UAE telcos Changes to the way royalties are levied on the UAE’s telecom operators will make little difference to their earnings, the companies affected say. This week, Emirates Telecommunications Group Co, which rebranded as e& and is widely known as Etisalat, announced that for the three years starting January 1 2024 it will pay a royalty of […] November 9, 2023
Analysis Trade UAE-Swiss trade golden age adds technology to luxury The trade relationship between the UAE and Switzerland is enjoying a golden era, with the European nation now the top non-oil destination for Emirati exports. Gold, jewellery and luxury watches traditionally dominated non-oil bilateral trade but innovation is growing in importance, according to Swiss Business Hub Middle East. It said that technology was increasingly important […] October 26, 2023
Renewable Energy Egypt offers tax rebates to boost green hydrogen output Egypt is offering incentives to boost local green hydrogen production as it aims to transition to a sustainable economy, finance minister Mohamed Maait said. The incentives include tax rebates of 33 percent to 55 percent for green hydrogen production and local production of electric vehicles, Egypt Today reported. “The total green investments in Egypt have […] October 13, 2023
Analysis Banking & Finance Lebanon’s new bank rules offer ‘lollar’ accounts respite The Banque du Liban (BDL), Lebanon’s central bank, has issued a circular limiting fees and commissions that commercial banks can impose on so-called “lollar” accounts. Circular No. 679 prohibits the imposition of commissions that were established after October 31, 2019 on dollar deposits made before September 3, 2019. It also obliges banks to publish their […] October 5, 2023
Analysis Economy Turkey’s bounced cheques, loan and card defaults soar The value of bounced cheques in Turkey is soaring as small and medium-sized enterprises grapple with resurgent inflation. Personal loan and credit card defaults are also at 2023 highs following a borrowing splurge ahead of May’s elections. Veteran leader Recep Tayyip Erdoğan had pushed state-owned banks to expand lending in the run-up to the parliamentary […] October 3, 2023
Analysis Economy Egypt’s investment rules need to be clearer, analysts warn Egypt has long struggled to attract foreign investors, in large part because of concerns about its investment rules. The need to allay potential investors’ fears is becoming ever urgent, as the country’s foreign currency shortage intensifies. Net foreign assets hit a record deficit of EGP837.3 billion ($27.09 billion) in June. Last month, rating agency Capital […] October 3, 2023
Economy Lebanon passes 2024 budget but debate rages on taxes and ‘dollarisation’ Lebanon’s caretaker cabinet passed a draft budget for 2024 on Tuesday with a focus on raising tax revenue and a move towards collecting fees and taxes in dollars. It was the first time since 2002 that a budget was approved within the constitutionally delineated time period of 31 October, which caretaker prime minister Najib Mikati […] September 13, 2023
