Real Estate Qatar’s real-estate buyers wait on lower interest rates Consumer expectations that interest rates will continue decreasing in the coming months appear to have dented Qatar’s residential real-estate market growth in the third quarter of this year. Mortgage transactions fell 10 percent in Qatar from July to September over the previous three months, and 8.5 percent over the same period last year, according to […] November 28, 2024
Construction US charges billionaire Gautam Adani in $265m bribery case US prosecutors have indicted Indian billionaire Gautam Adani and seven others, including his nephew Sagar Adani, in connection with an alleged $265 million bribery scheme tied to India’s largest solar power project. Adani has extensive business interests in the Arabian Gulf. The indictment, unsealed in New York on Wednesday, accuses the Adanis and Vneet Jaain, […] November 21, 2024
Oil & Gas Saudi Arabia’s crude oil exports rise to 3-month high Saudi Arabia burned 36 percent less crude oil for power generation in September – freeing up fuel for exports, which hit a three-month high. The kingdom sold 5.75 million barrels per day in September, 80,000 bpd more than in August, according to data published this week. The figures are from the Joint Organisations Data Initiative, […] November 20, 2024
Trade WTO predicts Middle East trade slowdown in 2025 Lower oil prices, the potential for conflicts to escalate and the impact of a Trump presidency are factors supporting the World Trade Organization’s prediction that trade in the Middle East will slow down in 2025, experts have said. In its latest Global Trade Outlook and Statistics report, the WTO said Middle East exports will grow 5 […] November 20, 2024
Trade DP World CEO shrugs off threat of US tariffs A prominent Dubai business leader has downplayed the threat of tariffs from the incoming US administration of Donald Trump. Sultan bin Sulayem, chairman and CEO of DP World, one of the world’s largest port operators and a flagship enterprise of the emirate of Dubai, said on Monday that he was unfazed by Trump’s proposed blanket […] November 18, 2024
EXCLUSIVE Oil & Gas IEF head sees Gulf at the top of Trump’s agenda The head of the International Energy Forum has told AGBI he believes the Gulf states will benefit from Donald Trump’s election victory strategically and politically, as well as in terms of investment and trade. The IEF is headquartered in Riyadh and counts the energy ministers of 72 states as members. It describes itself as a […] November 13, 2024
Energy Oil falls as China stimulus disappoints investors Oil prices extended declines on Monday as the threat of a supply disruption from a US storm eased and after China’s stimulus plan disappointed investors seeking fuel demand growth in the world’s No 2 oil consumer. Brent crude futures dropped 31 cents, or 0.4 percent, to $73.56 a barrel by 03:40 GMT while US West […] November 11, 2024
Artificial Intelligence Sales of Nvidia stock soar in UAE in record rally As Nvidia’s stock market value hit $3.65 trillion on Thursday to make it the world’s most valuable company, so shares are in hot demand among retail investors in the Gulf. The Californian chipmaker overtook Apple, which previously held the record for the highest closing market capitalisation at $3.57 trillion on October 21. “It’s our most […] November 8, 2024
Economy Gulf central banks mirror US Fed interest rate cut Most Gulf central banks lowered their key interest rates after the US Federal Reserve cut its benchmark rate by 25 basis points (bps) on Thursday. The Central Bank of the UAE reduced the base rate on its overnight deposit facility by 25 bps to 4.65 percent, effective Friday. Saudi Arabia cut repurchase (repo) and reverse […] November 8, 2024
Trade Arab world welcomes Trump back to the White House The Arab world has hailed Donald Trump’s successful bid to return to the White House, with his long-standing personal, business and political ties to the region bringing hopes of closer bilateral relationships with the United States for the next four years. The Emir of Qatar, Tamim bin Hamad Al Thani, was the first GCC leader […] November 6, 2024
Development The Greatest Show on Earth: US election results Wednesday November 6 | 8:30am – 10:30am | Capital Club, DIFC, Dubai Register to attend in person: RSVP@capitalclubdubai.com As the key swing states announce their results, join our Editor-at-Large, Frank Kane, and his guest panellists for expert analysis of the most hotly-contested – and consequential – US Presidential Election in years. Will it be Donald Trump […] November 4, 2024 Sponsored by
Editor's Insight Oil & Gas Iran’s mission to make the most of oil wealth Despite some predictable vapouring from hardliners, the Islamic regime in Tehran will mainly be heaving a sigh of relief that Israel did not attack Iran’s oil infrastructure. The IAF avoided the main oil terminal at Kharg Island in the north of ... Register now: It’s easy and free This content is available for registered members only. Register […] November 1, 2024
Giga-projects Neom raises $24 billion from the private sector The Saudi giga-project Neom has secured SAR60 billion ($16 billion) in private sector funding and SAR30 billion ($8 billion) in loans as it tries to move away from reliance on government cash. The revelation was made by deputy CEO Rayan Fayez to the Future Investment Initiative forum in Riyadh on Wednesday. Fayez said: “What we’ve […] October 30, 2024
Finance Bitcoin price passes $70,000 on US election speculation The price of Bitcoin reached $72,479 this week, the first time that the cryptocurrency has gone above the $70,000 price mark since June. Although still below its March peak of $73,803.25, the world’s most prominent digital currency may have headroom to rise further. “Bitcoin has rallied more than 65 percent year-to-date, with prices surging above […] October 30, 2024
Oil & Gas Aramco predicts oil market expansion on China demand Saudi Aramco is forecasting oil market growth in 2025 of 1.5 percent, driven by fundamental growth in China and the role of fossil fuels in underpinning the green energy transition. A recent stimulus package failed to alleviate market concerns about China. Although it accounted for 70 percent of oil demand growth in 2023, Chinese demand […] October 30, 2024
Video length: 03:46 Economy PIF renews focus on domestic investment and AI Saudi Arabia’s Public Investment Fund is planning to reduce its foreign investments to around a fifth of its total assets under management, as it focuses on domestic funding and artificial intelligence, its governor said on Tuesday. “Initially we had less than 2 percent of investments internationally, that was with $150 billion assets under management,” Yasir […] October 30, 2024
Banking & Finance Regional conflict eroding investment openings, Saudis warn More than a year of regional conflict is eroding investment opportunities across the Middle East, Saudi officials admitted on Tuesday, though they sought to downplay the impact of regional tensions. Speaking at the Future Investment Initiative (FII) global investor conference in Riyadh days after Israel fired missiles at Iran, the officials said that the kingdom, […] October 29, 2024
Development Saudi Arabia to invest $41bn in Africa over next decade Saudi Arabia is providing at least $41 billion in funding for low-income sub-Saharan countries in Africa, the government announced on Monday. Finance minister Mohammed bin Abdullah Al-Jadaan revealed a $1 billion development initiative for Africa, $5 billion for startups from the Saudi Development Fund over the next ten years, $10 billion in financing from the […] October 28, 2024
Economy New Saudi methodology doubles 2023 FDI inflow Saudi Arabia revised upward its foreign direct investment numbers this week, doubling the FDI inflow figure for 2023 to $25.5 billion according to a new government methodology. The kingdom has a target of $100 billion in annual FDI inflows by 2030 but low numbers have put extra pressure on the Public Investment Fund to fund […] October 24, 2024
Real Estate Dar Global reports H1 2024 loss as revenue drops 60% Developer Dar Global, a Saudi-listed Dar Al Arkan subsidiary, recorded a loss in the first half of 2024 after revenues fell nearly 60 percent year on year. The company, also listed on the London Stock Exchange, reported losses of nearly $13 million between January and June, compared to a profit of $21 million a year […] September 27, 2024
Real Estate Dar Global to build new Trump tower in Dubai The Trump real estate brand got another boost in the Gulf on Thursday as developer Dar Global announced it would build a Trump Tower in Dubai. The London-listed overseas arm of Saudi Arabia’s largest developer Dar Al Arkan said further details about the agreement with the Trump Organization, such as the exact location and construction […] July 18, 2024
Real Estate Development plans push up RAK property prices Residential real estate prices in Ras Al Khaimah have grown by as much as 25 percent in the past eight months as developers vie to secure prime waterfront lots. The allure of the UAE’s first casino, which is under construction, is also contributing to the hike, according to Dubai-based brokerage firm Metropolitan Premium Properties. Studios […] July 4, 2024