Analysis Retail Time running out for Gulf’s luxury watch investors to cash in After a boom in haute horology over the past few years, with reports of shortages that even put royals on the waiting lists, prices for Rolex watches have started to fall. But some coveted pieces will always command a premium, collectors have said. The value of Swiss watch exports to the Middle East in 2021 […] December 17, 2022
Analysis Employment Middle East tech boom leads to high price of talent The most significant barrier to technology adoption in the Gulf is a shortage of talent, according to Miriam Burt, managing vice president at Gartner. The latest forecast from the technological research and consulting firm revealed that IT spending in the Middle East and North Africa (Mena) region will total $178.1 billion in 2023, an increase […] December 14, 2022
Business of Sport LaLiga nets esports deal as Spain’s football league heads Mena’s way Spain’s main football league, LaLiga, has signed a 15-year deal with Galaxy Racer, one of the world’s largest largest esports, gaming and lifestyle organisations, that they estimate will generate more than $3.16 billion. The home of Barcelona and Real Madrid say they expect the tie-up with the Dubai-based company to transform the league’s presence in […] December 11, 2022
Opinion Banking & Finance FTX: One step back for crypto, two steps forward for blockchain FTX's downfall means that even those strongly against the need for crypto regulation may now realise its importance if we really want a trusted safer crypto market December 1, 2022
EXCLUSIVE Banking & Finance Dubai entrepreneur to launch crypto community for nickel A prolific Dubai-based entrepreneur is set to launch a crypto token aimed at opening up the asset market and “shaping the future of nickel”. The Nikel token will launch in Dubai next week. Safi Qurashi, CEO of NewTek, told AGBI that it will “create a community that can help shape the future of nickel, and […] December 1, 2022
Banking & Finance Binance CEO says ‘shaken’ crypto market needs ‘a lot more’ scrutiny Confidence in the crypto industry has been “shaken” and it needs to open up to “a lot more” oversight from regulators, the chief executive of the world’s largest cryptocurrency exchange has said. Changpeng Zhao, the CEO and co-founder of Binance, added that the crypto sector should adopt some regulations from the traditional finance industry. Zhao’s […] November 17, 2022
Exclusive Banking & Finance Crypto giant Binance eyes UAE acquisitions and Saudi expansion Crypto exchange Binance is in talks with financial regulators in Saudi Arabia to expand into the kingdom. The company is also eyeing web3 tech investments in the UAE, and has appointed a fund manager based in Abu Dhabi. Binance, which is the world’s biggest crypto exchange, saw a 49 percent year-to-date increase in its Mena […] November 14, 2022
Analysis Banking & Finance Wealthy fintechs will find it hard to buy Gulf banks, says expert Wealthy financial technology (fintech) companies won’t find it easy to buy banks in the Middle East or other developed economies, no matter how much money they’re willing to put on the table. A top banking executive expressed this view as reports that Binance, the world’s biggest crypto exchange, may go on a $1 billion acquisition […] November 11, 2022
Opinion Banking & Finance Islamic insurers face a turbulent year While growth prospects of Islamic insurers in the GCC remain favourable, weak profitability has been an issue for the sector November 2, 2022
Energy Adnoc’s new pilot scheme to address UAE’s carbon footprint Abu Dhabi National Oil Company (Adnoc) chose this week’s Abu Dhabi International Petroleum Exhibition and Conferences (Adipec) to announce a partnership with Siemens Energy to pilot blockchain technology to certify the carbon intensity of a range of products. By using smart sensor data gathered from across Adnoc’s operational chain – from the oil well to the customer […] November 2, 2022
Banking & Finance Islamic finance to grow 10%, but struggles in new markets The global Islamic finance industry will expand by 10 percent in 2022 and 2023 thanks to strong economic growth in core markets, high commodity prices and relatively little impact from the Russia-Ukraine war. However, data from S&P Global Ratings forecasts shows that the sector has struggled to make inroads in non-traditional markets outside the Gulf. Excluding […] October 27, 2022
Analysis Food & Drink PIF sets up company to make Saudi a global hub for halal Saudi Arabia’s Public Investment Fund is launching a new business, the Halal Products Development Company (HPDC), to support the production of halal goods in the kingdom. The PIF company, unveiled today, aims to make Saudi Arabia a major exporter of halal products including food, cosmetics and pharmaceuticals. It also plans to drive innovation and efficiency […] October 24, 2022
Exclusive Interviews ‘The metaverse can change the way we school our children’ Some schools still rely on more traditional teaching methods but an Emirati entrepreneur believes the metaverse has the potential to extend the physical classroom experience. Using blended learning options such as augmented and virtual reality technologies, Amin Al Zarouni, CEO of UAE-based Web3 company Bedu, is aiming to give the Gulf’s education system an overhaul. […] October 23, 2022
Royal seal of approval for Polish firm to solve Gulf’s tech issue A member of the royal family in the UAE is backing a Polish firm’s entry to the Gulf as it aims to address the severe skill shortage in the region’s technology sector. Future Collars is a digital IT training company that has worked with Amazon, Accenture and BNP Paribas to train highly skilled workers. Headquartered […] October 19, 2022
Opinion Ethereum has switched. Your move, bitcoin It's been more than a month since the ethereum switch, and while its market cap has fallen and bitcoin's has stayed flat, many think it's only a matter of time October 18, 2022
Banking & Finance Saudi Arabia reports 195% rise in crypto trading The Middle East and North Africa region saw $566 billion in cryptocurrency trading between July 2021 and June 2022, a year-on-year increase of 48 percent, making it the fastest growing region in the world. The 2022 Geography of Cryptocurrency report, by New York-based blockchain data platform Chainalysis, found that Saudi Arabia was one of the […] October 6, 2022
Analysis Real Estate Saudi developer to sell utility NFTs on its $1.6bn Oman project Saudi Arabia’s largest listed real estate developer plans to drop a limited number of utility non-fungible tokens (NFTs) for its $1.6 billion project in Oman next month. Unlike the art and collectibles digital asset, utility non-fungible tokens (NFTs) are built to give their holders certain perks, such as exclusive access to events and items or […] September 29, 2022
Analysis India reaps early benefits from its trade deal with UAE India’s non-oil exports to the UAE have recorded double-digit growth since the two nations signed a trade deal earlier this year. New Delhi’s Ministry of Commerce reported that exports to the UAE, excluding petroleum products, grew to $5.92 billion in June-August, from $5.17 billion during June-August 2021 – an increase of 14 percent. India’s global […] September 27, 2022
Analysis Banking & Finance Islamic finance set to embrace metaverse and cryptos The Islamic finance industry is ripe for growth in the fields of crypto, digital assets and open banking, according to new research published by IslamicMarkets.com. A study published this week by the platform found that nearly two-thirds (63 percent) of Islamic finance professionals predict the sector’s level of adoption of crypto and digital assets will […] September 27, 2022
Banking & Finance Binance secures Dubai licence to offer crypto services Cryptocurrency exchange Binance has received the minimal viable product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA) following the issuance of its provisional license in March 2022, WAM, the UAE state-owned news agency, reported. The MVP license will allow Binance to offer an approved range of virtual asset-related services to qualified retail and institutional […] September 21, 2022
Analysis Banking & Finance DeFi could go mainstream, with a little help from Gulf regulators For those who imagine a world without banks, decentralised finance – better known as DeFi – is an empowering development in the crypto universe. So, how does it put users in charge of their own finances? DeFi is the provision of financial products and services without the need for intermediaries such as banks, exchanges or […] September 14, 2022
Analysis Banking & Finance Central banks go digital, bit by bit The turmoil in cryptocurrency markets this year has been a wake-up call to investors and regulators, prompting questions about how viable many digital currencies really are. According to CoinMarketCap, the total value of cryptocurrencies has slumped from almost $3 trillion in November 2021 to less than $1 trillion in September this year. But not all […] September 14, 2022
