Oil & Gas Analysts optimistic on oil but the price stays steady Global hedge funds and money managers have become increasingly optimistic about the short term outlook for oil prices in recent months, despite the oil price remaining flat at around $80 a barrel. The net length held by hedge funds and other money managers in WTI (West Texas Intermediate) futures and options has risen to its […] July 23, 2024
Retail PepsiCo growth defies Middle East boycott of Western brands PepsiCo Inc has reported robust growth in the Middle East, defying the boycotts that have battered other Western brands in the region. The food and beverage giant posted double-digit organic revenue growth in Egypt for the second consecutive quarter, even though it has been the subject of a backlash linked to perceived US support for […] July 16, 2024
Video length: 03:25 VIDEO Development Dubai Humanitarian and the Mena aid challenge The Mena region requires nearly $14 billion in humanitarian aid, according to the UN. Dubai Humanitarian, formerly known as International Humanitarian City, plays a vital role in bringing together aid organisations and mobilising both funds and relief to countries affected by conflicts and climate emergencies. Dubai Humanitarian sends 1,300 dispatches of aid worth up to […] July 10, 2024
Tourism Egypt hails record tourist numbers despite regional conflict Egypt received a record number of tourists during the first two quarters of 2024 despite ongoing conflict in the region. The Ministry of Tourism and Antiquities said on Monday that 7.1 million tourists visited the country in the first half of the year, breaking the previous record for the same period of 6.9 million in […] July 2, 2024
Logistics Red Sea disruption to stretch into Q3 says Maersk CEO Disruption in the Red Sea is expected to stretch into the third quarter of 2024, making the situation challenging for carriers and businesses, Danish shipping major Maersk CEO Vincent Clerc has said. “For the time being, Maersk ships are continuing to divert around Africa via the Cape of Good Hope in South Africa,” he said, […] July 2, 2024
Trade Trade flourishes between Israel and Arab states Israel’s trade with Middle Eastern countries including Egypt, Morocco and Bahrain grew in the year to the end of May despite regional tensions and the Gaza war, a think tank report has revealed. The figures, compiled by the Abraham Accords Peace Institute (AAPI), rely on data from Israel’s Central Bureau of Statistics. Israel’s trade with […] July 2, 2024
Oil & Gas Israel’s gas export plans complicated by war Israel has agreed a move to double its natural gas exports from the Leviathan reservoir, but experts warn that tension with Hezbollah and a potential escalation in Lebanon may undermine expansion plans. The Israeli government is seeking additional revenues to improve an economy that has been badly hit by the war in Gaza. The energy […] June 28, 2024
Retail Saudi brands cash in on Gaza boycott as food market grows Saudi Arabian food and beverage brands are hoping to benefit from regional consumers shunning Western brands over the conflict in Gaza, with some franchise owners beginning to feel the impact of an informal boycott. Some outlets in the Gulf have stopped stocking Western soft drinks and are replacing them with Saudi versions that have shot […] June 26, 2024
Trade Suez Canal revenues and traffic fell in May Suez Canal revenues continued to decline in May because of instability in the Red Sea, according to Egyptian media. Revenues fell 64.3 percent year on year to $337.8 million. Last month 1,111 individual ships passed through the canal – down 54 percent on the May 2023 figure of 2,396. Finance minister Mohamed Maait said last […] June 10, 2024
Analysis Construction Gulf construction sector rethinks contract terms as costs rise The Gulf’s construction industry is rethinking the developer-contractor relationship, and procurement and supply chain management, to stay ahead of rising prices of materials and transport bottlenecks as a result of geopolitical volatility. “We are in a part of the world that is very conducive to finding alternatives,” Imad Itani, head of innovation at the Dubai […] June 7, 2024
Aviation Malaysian airport deal faces Gaza war backlash Plans by a consortium, including the UAE’s largest sovereign wealth fund, to buy a stake in Malaysian airports have been hit by protests against the deal from local business organisations in the Asian country. As many as 22 organisations have called upon the Malaysian government to block US investment bank BlackRock’s participation in the bid […] May 27, 2024
Trade Saudi Arabia ‘close’ to US defence pact and arms deal Saudi Arabia could be close to a security pact with the United States that would enable the kingdom to buy arms, potentially including the sought-after F-35 fighter jet, and obtain some form of US defence guarantee, White House officials said this week. John Kirby, the president’s national security spokesperson, said on May 20 that the […] May 23, 2024
Opinion Oil & Gas As Iran mourns, questions about its oil remain The next president will have to deal with economic woes and rumblings from Washington May 22, 2024
Finance PIF slashes Starbucks stake as it cuts US stocks by $15bn Saudi Arabia’s Public Investment Fund (PIF) has slashed its US equity holdings by 42 percent to $20.6 billion, including its stake in Starbucks, the global coffee chain that has suffered calls for a boycott as a result of the Gaza conflict. The latest US government data highlights funding challenges facing the Saudi giga-projects. The filing […] May 17, 2024
Analysis Aviation Airport chiefs size up ways to meet GCC airspace demand The annual number of air travellers to and from the Middle East is projected to pass the half-billion mark next year, meaning aviation authorities need to both expand and streamline use of available airspace, senior GCC airport chiefs have told AGBI. Oman is in talks with a neighbouring Gulf state to unlock a new air […] May 16, 2024
Infrastructure Israeli bombardment costs Lebanon at least $1.5bn Israel’s bombardment of southern Lebanon in response to the Hamas attacks on October 7 has caused more than $1.5 billion of damage to buildings and infrastructure, the country’s Southern Council says. The president of the council, Hicham Haidar, told AGBI that damage to residential and commercial buildings stands at $1 billion, with 1,700 buildings destroyed […] May 13, 2024
Analysis Trade Turkish exporters cautiously optimistic for rest of year Turkish exporters are predicting a strong second half of the year, with expectations of increased shipments to traditional markets and growth into the Middle East. There are lingering concerns that global risk factors will blow a chill wind over sales, however. Turkey’s exports accelerated 3.6 percent in the January to March quarter, with sales worth […] May 10, 2024
Tourism Tourists keep flocking to Egypt as conflict rumbles on Egypt’s visitor numbers rose 27 percent in the first four months of 2024, according to its vice minister of tourism and antiquities. The tourism ministry aims to increase inbound visitors by 25-30 percent this year, as it chases a target of 30 million visitors a year by 2030. Tourists from Arab countries accounted for the […] May 8, 2024
Food & Drink Americana profit tumbles as Gaza boycotts hit sales Americana Restaurants International’s revenue and profit fell again in the first quarter of this year as Mena diners continue to shun western brands in protest at the conflict in Gaza. Americana, which runs 2,456 fast-food outlets across the region, reported a 16.3 percent reduction in revenues year on year, to $493.5 million. Net profit fell […] May 7, 2024
Opinion Economy In times of conflict, spare a thought for the non-Gulf economies Confidence and growth have taken hits – but the tide is turning for some nations, if not all May 3, 2024
Real Estate Aldar’s Egyptian sales unhindered by war and economic risk Real estate developer Aldar says geopolitical and economic volatility is not affecting its expansion in Egypt. The Abu Dhabi-listed company acquired its Egyptian subsidiary Sodic in December 2021. Since then, sales have risen by more than 50 percent on a dollar-basis, Faisal Falaknaz, Aldar’s chief finance and sustainability officer, told reporters on Monday. “What has […] April 30, 2024
Video length: 02:46 Opinion Economy Davos really comes to the desert as the WEF arrives in Riyadh There were elephants – and camels – in the room at the World Economic Forum event April 29, 2024
