Analysis Cop28 ‘Loss and damage’ to take centre stage at Cop27 The United Nation’s Cop27 summit has opened in Egypt with secretary-general Antonio Guterres stating that climate change is happening with “catastrophic speed” and the planet is sending a “distress signal”. More than 120 world leaders are due to arrive at the Cop27 summit being staged in the Red Sea resort of Sharm el-Sheikh. This will […] November 7, 2022
Analysis Sustainability 30 of the most sustainable companies in the Middle East With Cop27 beginning today in Egypt, we focus on 30 businesses tackling the social and environmental challenges that threaten the region Middle Eastern companies large and small are going green as they realise the environmental and commercial potential of being socially conscious. Governments are also focusing on sustainability, placing green projects at the heart of […] November 6, 2022
Analysis Sustainability Revealed: Gulf climate targets – and the progress so far The economies of the Middle East differ greatly in size and diversity – partly because of the distribution of oil and gas resources. Their impact on the climate varies accordingly. Governments’ willingness and ability to tackle climate change also differs. Many oil-rich Gulf states are engaged in high-profile renewable energy projects, for example, yet their […] October 26, 2022
Economy King Salman hails Saudi’s ‘renaissance’ in annual speech The king pointed to a $53.2bn infrastructure spend, praised 'unique' projects such as NEOM and discussed oil markets and the role of women October 18, 2022
Analysis Development The Golden Triangle: treasures of the Eastern Desert In Ancient Egypt, real wealth was measured in grain. Temple granaries were the reserve banks of their day, with gold and silver seen as lesser commodities. “In my brother’s country, gold is as plentiful as dirt,” marvelled one foreign king in a begging letter to Pharaoh Amenhotep III. Even so, mining was a serious business. […] October 17, 2022
EXCLUSIVE Energy Britain ‘just scratching the surface’ of Saudi trade potential More big ticket Saudi investments are likely in the UK as the two countries seek closer clean energy collaboration to feed into their net zero ambitions. The announcement by Saudi Arabia’s Alfanar Group that it will invest £1 billion in a sustainable aviation fuel project on Teesside in the north of the UK could act […] October 12, 2022
Aviation Irish firm bags $266m operations contract for Saudi Red Sea airport The Red Sea Development Company (TRSDC) has appointed Dublin-based daa International as the operator of Red Sea International, which will be the region’s first carbon-neutral airport. The developer of mega projects – Red Sea Project and Amaala – signed a SAR 1 billion ($266 million) deal with the Irish company for operations and general maintenance […] October 11, 2022
Weekend read Saudi Arabia invests in art to create ‘the Arab Damien Hirst’ Saudi Arabia is using some of its huge oil profits to invest in local artists, in a bid to create an internationally renowned Arab art superstar on a par with the likes of Damien Hirst, according to a senior executive at leading art auction houses Christie’s. “What is happening in Saudi Arabia right now is […] October 7, 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 Tourism From Bulgari to Versace: Dubai’s rich splash out on branded homes The UAE is expected to attract the largest net inflow of high net worth individuals globally in 2022 – and with that comes a growing demand for luxury housing. Catering to this income bracket, the branded residences sector has grown by 230 percent across the world over the past decade. Savills, the real estate services […] September 25, 2022
Analysis Economy Saudi capital spending surges 38% on back of higher oil prices Capital expenditure surged in Saudi Arabia in the first half of 2022, part of a wider spending spree on the back of higher oil prices. S&P Global Ratings said capital expenditure (capex) rose by 38 percent to SR51 billion ($13.6 billion) despite this year’s initial budget statement forecasting it would fall. Revenue was up 43 […] September 20, 2022
Analysis Construction ‘The biggest construction site the world has ever seen’ Saudi Arabia was described on Tuesday as the biggest construction site the world has ever seen as projects valued at over $1.1 trillion are underway in the kingdom. That’s the total value of real estate and infrastructure projects since the launch of Saudi Arabia’s National Transformation Plan in 2016, according to global real estate consultancy […] September 6, 2022
Analysis Development Accountability ‘crucial’ for success of Saudi Vision 2030 Saudi Arabia is entering a “crucial” part of its ambitious Vision 2030 programme as the kingdom begins to deliver on its promises, described by a leading expert as the “moment of accountability”. Pedro Ribeiro, the recently appointed general manager for commercial real estate services and investment firm CBRE in Saudi Arabia, told AGBI that the […] September 1, 2022
Analysis Employment Saudi tops global expat salaries list while UAE slips Saudi Arabia continues to offer the highest expatriate salaries in the world, while wages in the UAE have fallen in real terms, recruitment experts have said. Expat salaries in Saudi Arabia rose by 11 percent year on year in 2021 to an average of $188,000 for middle management roles, according to the latest MyExpatriate Market […] August 31, 2022
Analysis Food & Drink Gulf serves up locally farmed salmon – and better food security From the old man who dredged up a djinn to the boy who netted an emerald, fishermen populate the folk stories of the Arab world. But the dhow fleets of the Gulf no longer provide a lifeline for local economies. By contrast, aquaculture – the farming of fish, shellfish and aquatic plants – has begun […] August 23, 2022
Exclusive Energy UAE biofuel firm in talks with global investors A Dubai-based company which converts waste cooking oil into biofuel is in investment talks with major energy firms, as demand grows among climate-conscious global companies. The sector is expected to be worth over $200 billion by 2030. “I moved to Dubai in 2009. I’d been working for three years by then on sustainability, so it’s […] August 22, 2022
Banking & Finance Saudi’s cashless revolution well underway as investments soar Saudi Arabia’s digital payments revolution is gathering pace with point-of-sale transactions surpassing ATM cash withdrawals for the first time in the second quarter of 2022. The kingdom’s transformation into a cashless economy resulted in point-of-sale (PoS) transactions rising 16.6 percent annually in Q2 to $36.7 billion, described by the Saudi Ministry of Investment (MISA) as […] August 8, 2022
Banking & Finance World’s richest families are shifting investments to Gulf Qatar’s World Cup, Saudi’s Vision 2030 and UAE’s dynamism are all helping attract wealthy family investors to the region, says UBS Investments in the Middle East by ultra-high-net-worth family offices will increase by at least 50 percent over the next decade, a senior executive at the Swiss global wealth manager UBS told AGBI. Family offices, […] July 25, 2022
People & Lifestyle 20 MENA innovators to watch Meet the young game changers who have set their sights on transforming the Middle East and North Africa July 20, 2022
Tech Emirates-US joint venture opens world’s largest vertical farm Emirates Flight Catering (EKFC) and US-based Crop One have announced the opening of Bustanica, the world’s largest hydroponic farm, backed by an investment of $40 million. The facility is the first vertical farm for Emirates Crop One, the joint venture between the two companies, and is located near Al Maktoum airport at Dubai World Central. […] July 18, 2022
Analysis Biden Middle East The road from Jeddah: US and Saudi set out their 19 priorities Clean energy, investment deals and space exploration are at the heart of the Jeddah communiqué – the partnership agreement issued by the US and Saudi governments after President Joe Biden’s meeting with King Salman and Crown Prince Mohammed bin Salman. Among the agreements reached during the president’s visit on July 15 and 16 was a […] July 18, 2022
Exclusive Tech Red Sea Farms ploughs new ground as investments soar Saudi-based Red Sea Farms is planning to ride the wave of increased global investments in agricultural technology by organising a Series A funding round later this year. The move follows an oversubscribed Pre-Series A round last year of $16 million and also a recent strategic raise of $18.5 million. “The proceeds of our successful fundraise […] July 12, 2022
