Tourism UAE sees dramatic rise in flight bookings from Russia The UAE has seen a hefty rise in flight bookings from Russia as domestic tourists, shut off from most western countries, flock to the emirates for leisure and business. Air travel from Russia to the UAE during the first eight months of the year exceeded pre-pandemic levels by 27 percent, according to London-based ForwardKeys, a […] August 29, 2022
Exclusive Tech UAE agtech startup aims to disrupt $500bn fodder industry A UAE agtech startup is aiming to disrupt the $500 billion livestock feed industry, as prices rise on the back of supply chain disruptions caused by the Ukraine war. The Food and Agriculture Organisation (FAO) of the United Nations reported last week that, while the FAO Food Price Index declined 8.6 percent month-on-month in July […] August 17, 2022
Real Estate UAE’s property rules target money laundering via virtual assets The UAE has introduced new real estate reporting requirements as part of its fight against money laundering. The clampdown is primarily aimed at transactions involving virtual assets, and is a partnership between the Ministry of Economy (MoE), the Ministry of Justice (MoJ) and the UAE Financial Intelligence Unit (FIU). The new rules will cover the […] August 9, 2022
Analysis Food & Drink Poor Arab nations face hunger despite Ukraine grain deal Middle East and African countries dependent on Ukrainian grain face the prospect of crippling food insecurity, hunger and misery, despite a deal to restart exports blockaded amid the Russian war. Moscow’s promises may prove unreliable, while skyrocketing grain prices could spell dire outcomes for the region’s hungriest and most vulnerable nations, experts told AGBI. The […] July 28, 2022
Analysis Banking & Finance Kingdom Holding bucks European investment exit trend Saudi Arabia’s Kingdom Holding Company is investing $269 million in British insurance and asset management firm M&G Plc, despite the trend towards Middle East sovereign wealth funds backing away from Europe. M&G has over $370 billion in assets under management. Kingdom is part-owned by Saudi Arabia’s Public Investment Fund (PIF), manages a global portfolio of […] July 22, 2022
Tourism UAE’s Rotana expands further into Egypt with Luxor property Rotana, the Abu Dhabi-headquartered hotel management company, has signed a new agreement to operate a property in Luxor, as Egypt continues to be the dominant player in Africa’s hotel sector. The five-star Luxor Rotana in Egypt’s historic city is set to open in the fourth quarter of 2023. The UAE hotelier operates around 100 properties […] July 20, 2022
Opinion Real Estate Russia’s rich are driving ups and downs of Dubai property prices The apparent resurgence in the housing market looks like good news, but take a closer look at the numbers July 12, 2022
Analysis Real Estate Sanctions won’t dampen Dubai property allure for Russians The popularity of Dubai among Russian property buyers is unlikely to be dented by a US threat to impose sanctions on UAE banks who process their financial transactions, as most payments are made using cash or cryptocurrency. Dubai-based Mira Estate said its property sales to customers from Russia and the 11 other Commonwealth of Independent […] July 8, 2022
Analysis Biden Middle East Biden’s Saudi visit is a test of pragmatism over populism Ever since the White House announced in June that US President Joe Biden would be embarking on a trip to the Middle East – the first of his presidency – the possible motives behind it have been the subject of keen debate. Slated to take place from July 13-16 the trip has also been the […] July 8, 2022
Banking & Finance US warns UAE banks to swerve Russian deposits The US has warned UAE banks to be more proactive and take extra care when dealing with Russian clients, or the emirates may face stateside sanctions. Addressing a roundtable of the United Arab Emirates Banks Federation during a two-day visit to the country, Wally Adeyemo, deputy secretary of the US Treasury, commended UAE-based financial institutions […] June 23, 2022
Analysis The Ukraine war is pushing up insurance premiums everywhere An EU/UK plan to ban their insurers from providing cover to ships transporting Russian oil is causing tensions with Washington. America contends that Europe’s dominance of global insurance will make it difficult for Russia to export oil if this goes ahead, potentially pushing oil prices far higher than they are already. Yet this may not […] June 21, 2022
Analysis Energy ACWA places faith in hydrogen to power Saudi’s future Saudi Arabia, the world’s top oil exporter, has grand ambitions to become the globe’s number one producer of green hydrogen. The kingdom is aiming to produce around four million tonnes of the gas by 2030 as part of Saudi Crown Prince Mohammed bin Salman’s (MbS) Vision 2030 to diversify the economy. Green hydrogen is set […] June 17, 2022
Aviation World Cup, Russians and business travel help airlines rebound Middle Eastern airlines reported a 265 percent year-on-year increase in demand in April, according to the latest monthly data from the International Air Transport Association (IATA). Industry analysts also reported that while demand in the region is still operating at around two-thirds what it was pre-pandemic, the upcoming FIFA World Cup in Qatar, Russian tourists […] June 10, 2022
Banking & Finance Saudi Arabian banks see profits up 17.6% in first quarter Saudi Arabia’s top banks saw profitability increase by 17.6 percent quarter-on-quarter in the first three months of the year, on the back of a buoyant energy market, interest rate hikes in line with the US, and an increase in consumer spending. “The first quarter saw broad-based profitability improvement across the banking industry,” Asad Ahmed, managing […] June 8, 2022
Ukraine and Gulf announce diplomatic and economic alliance Ukraine, the Gulf bloc and the Organisation of lslamic Cooperation (OIC) announced on Tuesday the establishment of a special Advisory Council. The Council, headed by the Ukraine President’s Office and Ukraine’s Ministry of Foreign Affairs, will focus on political, diplomatic, economic and humanitarian cooperation between Ukraine and the Middle East. The Head of the President’s […] June 7, 2022
Tourism Egypt dominates African hotel investment market Egypt is very much the dominant player in Africa’s hotel sector, as the Arab world’s largest country looks to rejuvenate its tourism sector following the impact of the coronavirus pandemic. A total of 80,300 rooms in 447 hotels, across 42 African countries, are currently in the pipeline for development, according to a study by hospitality […] June 2, 2022
Tourism growth stokes hopes of economic recovery The number of foreigners arriving in Turkey last month more than tripled from a year earlier, reinforcing expectations that a rebound in the sector will help repair an economy battered by a weak currency and high inflation. Sector representatives expect tourist numbers this year to return to around 2019 levels, leaving the 2020-21 coronavirus slump […] May 23, 2022
Analysis Rising inflation and falling tourism deals Egypt a ‘double whammy’ With inflation surging and the government forced to fix the price of bread to head off civil unrest, Egypt has felt the heat from the Ukraine crisis more acutely than most countries in the Middle East and North Africa (MENA) region. Higher commodity prices and the loss of tourism revenues from both Russian and Ukrainian […] May 23, 2022
Climate change top of the agenda at Davos The Gulf’s two largest economies, Saudi Arabia and the UAE, are sending top-level delegations to the World Economic Forum’s (WEF) annual meeting in Davos-Klosters, Switzerland, which begins today. The UAE’s delegation, led by Maktoum bin Mohammed bin Rashid Al Maktoum, deputy prime minister and minister of finance, will also include Abdulla Bin Touq Al Marri, […] May 23, 2022
Russian oil dilemma may kickstart EU-GCC trade deal A new partnership adopted today between the European Commission and the Gulf Cooperation Council (GCC) could kickstart stalled talks on a free trade agreement. The High Representative and the European Commission said in a joint communication that the strategic partnership would focus on areas such as energy security, climate change and the green transition, digitalisation, […] May 18, 2022
Agriculture 300,000 tonnes of wheat bought by Egypt stranded in Ukraine The wheat ordered by Egypt's state grains buyer has yet to be shipped, with one cargo stuck in port and four others to be loaded, traders say May 17, 2022
Retail Turkish retailer in talks to take over Reebok’s Russian stores FLO Magazacilik could buy the US firm's 100-plus outlets in Russia, but chairman Mehmet Ziylan denied reports that the deal is already done May 16, 2022