Markets Muscat-listed companies report 11% rise in Q2 profits to $468m Total net profit of Muscat Securities Market-listed company rose 11 percent year-on-year to OR180.3 million ($468.4 million) in Q2 2022, investment bank Kamco Invest said in a report. Profit of the banking sector – the biggest on the exchange by market cap – improved 11 percent year-on-year to $276.4 million. The utilities sector followed with […] September 1, 2022
Analysis Sustainability To get ahead, plastics producers need to be running in circles The volume of plastics produced globally every year has soared over the past half century, from 15 million tonnes in 1964 to more than 300 million tonnes today. This figure is forecast to double again over the next two decades and nearly quadruple by 2050. But synthetic polymers have one major drawback: they generally take […] August 23, 2022
Banking & Finance UAE’s Al Ansari Exchange picks banks for Dubai IPO UAE-based foreign exchange and remittance firm Al Ansari Exchange has picked EFG-Hermes and Emirates NBD Bank to lead its planned initial public offering (IPO) in Dubai, Bloomberg reported, citing people familiar with the matter. The money-exchange firm is likely to list in the first quarter of 2023. Preparations for the IPO are ongoing and details […] August 23, 2022
Economy Bahrain posts budget surplus of $88m in H1 2022 Bahrain has posted a budget surplus of 33 million dinars ($88 million) in the first half of 2022 from a deficit of 520 million dinars a year earlier, the country’s Ministry of Finance said on Monday. The data also showed total public revenues at 1.698 billion dinars, up 52 percent year-on-year, while total expenditure stood […] August 16, 2022
Dubai ranks as most expensive city for mobile data Dubai has taken the unenviable top spot as the most expensive city for affordability of mobile data, with the average cost of 1GB equating to 0.55 percent of personal disposable income, said a new study. In second place is Auckland with 0.37 percent, followed by Seoul (0.32 percent), Buenos Aires (0.32 percent) and Manila with 0.31 […] August 15, 2022
Energy Dubai utility DEWA’s Q2 profit up 37% on growing energy demand Dubai Electricity and Water Authority (DEWA) reported a net profit of AED 2.61 billion ($707.9 million), up 37 percent year-on-year, in the second quarter of 2022 on higher energy demand. Revenue rose 14 percent year-on-year to AED 7.01 billion during the three month period ended June 30, 2022. The utility provider’s first half of 2022 […] August 11, 2022
Analysis Economy The Gulf island state’s vision for recovery and growth From building new cities to upskilling nationals for digital transformation, Ali Murtaza, executive director, business development for tourism and real estate on the Bahrain Economic Development Board, answers a Q&A with AGBI on the state’s all-encompassing recovery strategy. Bahrain’s economic recovery plan was revised during the coronavirus pandemic. What are the details? The economic recovery […] August 10, 2022
Analysis Economy Bahrain’s non-oil economy has wind in its sails With Bahrain’s finances looking better than many expected, inflation broadly contained, and moves under way to boost private sector projects, the mood in the capital, Manama, is more upbeat in 2022 than seemed plausible 12 months ago. Darkening economic skies – largely coronavirus-related but also due to weaker hydrocarbons proceeds – had forced the government […] August 9, 2022
Economy UAE and Saudi ‘bright spots’ in challenging global IPO market The UAE and Saudi Arabia bucked the global downturn in initial public offering (IPO) activity in the first half of 2022. According to the EY MENA IPO Eye report, both countries – and the wider MENA region – remain a “bright spot in a challenging market”. It witnessed a 500 percent year-on-year increase in the […] August 4, 2022
Banking & Finance Dubai’s TECOM profit jumps 55% in Q2 2022 on economic rebound Dubai business park operator TECOM Group reported a net profit of AED 237.7 million ($64.72 million) in the second quarter of 2022, up 54.5 percent, from AED153.9 million a year ago, thanks to buoyancy in the emirate’s economy and improving business sentiment. Revenues for the three-month period ending June 30, 2022, jumped 18.5 percent year-on-year […] August 3, 2022
Opinion Tech Cutting red tape will catapult UK businesses into the GCC Opportunities abound in areas such as technology, sustainability and real estate but the governments must simplify their legislation July 27, 2022
Analysis Retail Ecommerce or bust: in-depth analysis on Gulf online shopping The coronavirus pandemic encouraged many people to embrace online shopping for the first time, leading to a huge spike in global ecommerce. But what does the sector look like now across the Middle East and North Africa? Its three largest ecommerce markets are the UAE, Saudi Arabia and Israel, and together they account for more […] July 27, 2022
Energy Saudi and Greece seal deal on undersea data cable Greece and Saudi Arabia on Tuesday sealed a deal to lay an undersea data cable that will connect Europe with Asia and discussed the possibility of linking their power grids to supply Europe with cheaper green energy. Greece and Saudi Arabia agreed in May on the main terms of a planned joint venture to build […] July 27, 2022
Economy Saudi crown prince to visit Greece to sign energy, telecoms deals Saudi Crown Prince Mohammed bin Salman will visit Greece on Tuesday, July 26 to meet Prime Minister Kyriakos Mitsotakis, the Greek foreign ministry has confirmed. The ministry said the pair were due to sign bilateral deals, without giving details. A Greek diplomatic source told Reuters the deals were in the fields of energy, military cooperation, […] July 25, 2022
Energy Dubai’s DEWA to invest over $10bn as energy demand rises Dubai Electricity and Water Authority (DEWA) plans to invest 40 billion dirhams ($10.89 billion) on capital expenditure over the next few years, just a day after it announced energy demand in the emirate rose by 6.3 percent year-on-year in the first half of 2022. The firm provides electricity and water services to 3.5 million people […] July 21, 2022
Exclusive UAE tech firm Arrow Labs plans major European expansion Arrow Labs is planning a major expansion into Europe as more companies seek to improve remote working practices. The UAE-based technology company which offers digital workflow solutions, has announced its entry into the Greek market after securing a “significant” new contract with one of the world’s largest industrial gas manufacturing companies. Having attracted renowned Silicon […] July 20, 2022
Economy Lebanon telecoms mark-up threatens migrants’ livelihood Kenyan cleaner Noel Musanga survived Lebanon’s economic meltdown, waves of Covid-19 and Beirut’s port blast. But when her internet provider announced rates would double, she feared her last lifeline to family and work would snap. The freelance migrant worker already barely earned enough to survive. Now, the higher telecoms bill means she will have to ration […] July 11, 2022
Analysis Biden Middle East 43 billion reasons why the US is key to Saudi’s wealth fund Saudi Arabia’s Public Investment Fund (PIF) is expected to continue with an investment strategy of “bargain hunting” in the United States but will likely deploy some caution, given current volatility in the US stock market. US president Joe Biden’s visit to the kingdom is an opportunity to strengthen bilateral business ties, commentators told AGBI, and […] July 8, 2022
Markets Supermarket chain Union Coop to list on Dubai stock market UAE supermarket chain Union Coop is to list its shares on the Dubai stock market from July 18, it announced today. The retailer suspended the trading of shares on its own portal and when trading resumes on July 18 on the DFM shareholders will be given ten shares for each already held. The company, which […] July 1, 2022
Opinion Drone technology will power the Gulf’s fourth industrial revolution Once a gimmick in futuristic novels, drones now have the potential to transform the world we live in June 28, 2022
Banking & Finance Dubai’s TECOM raises $463m from IPO Dubai business park operator TECOM Group said today it had raised 1.7 billion dirhams ($463 million) from investors via its initial public offering. The company, which is owned by the investment vehicle of Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum, announced on June 8 that it would sell a 12.5 percent stake by offering […] June 27, 2022
Bahrain in advanced talks for cloud computing deals Bahrain is in advanced talks for investment deals with cloud computing companies from the United States, China and the United Arab Emirates, an Economic Development Board executive said, as the country seeks to diversify its oil-based economy. Cloud computing and foreign direct investment are key planks of Bahrain’s economic recovery programme that aims to grow […] June 24, 2022
