Analysis Economy Etihad doubles flights as GCC-Thailand trade blossoms Etihad Airways will double the number of its flights to Bangkok on Sunday, reflecting a growing trade relationship between the UAE and Thailand that was valued at more than $6 billion last year. The Abu Dhabi-based airline will fly twice a day to the Thai capital, signalling the latest commitment of both governments to strengthen […] March 22, 2023
Tourism India resists allowing Gulf carriers to increase air traffic to its cities India is resisting calls from both Dubai and Kuwait to increase their national airlines’ flights to the subcontinent’s fast-growing aviation market. The country wants its own domestic airlines to offer non-stop long haul flights rather than increasing air traffic from Emirates and Jazeera Airways, its civil aviation minister Jyotiraditya Scindia told Reuters on Tuesday. “The minute […] March 21, 2023
Lifestyle Asian art fair bullish on market prospects after Covid years The organisers of Art Basel Hong Kong, one of Asia’s leading contemporary art fairs, said on Tuesday they are bullish on art market prospects in the region, with China and Hong Kong now having lifted all Covid lockdown restrictions. The annual fair, which also has iterations in Basel, Paris, and Miami Beach, runs from March […] March 21, 2023
Analysis Energy 145 billion barrels of oil, but patience is running dry in Iraq Iraq has vast reserves of crude oil – 145 billion barrels as of 2022 and more than 8 percent of the global total – but economists and analysts have warned that Baghdad will struggle to meet its output targets unless it offers better operating terms to Western oil majors. The country remains hugely reliant on […] March 21, 2023
Energy Oman signs green hydrogen deals worth $20bn Hydrom, a subsidiary of Energy Development Oman, has signed six deals worth $20 billion to invest in green hydrogen projects across the sultanate. The agreements, which span seven years, were inked with developers from Belgium, Germany, India, Japan, Kuwait, the Netherlands, Singapore, the UAE and the UK. The production capacity of the projects will hit […] March 15, 2023
Banking & Finance Gulf edges closer to its first homegrown tech unicorn The Gulf region is two years away from realising its first tech unicorn, according to Mohammad Alblooshi, head of Dubai International Financial Centre’s Fintech Hive. Becoming a unicorn – a company with a valuation over $1 billion before being listed on the stock exchange – is the dream of many tech startups. In the fintech […] March 14, 2023
Tourism China reopens borders to foreign tourists for first time since 2020 China said that it will reopen its borders to foreign tourists for the first time in the three years since the outbreak of the Covid-19 pandemic by restoring the issuance of all types of visas from Wednesday. The removal of this last cross-border control measure imposed to guard against Covid-19 comes after authorities last month […] March 14, 2023
Banking & Finance Nepal’s foreign reserves improve on remittances from Middle East Nepal’s gross foreign exchange reserves rose 10.2 percent to $10.50 billion in mid-February, boosted mainly by remittances from overseas, to a level that will cover about nine months of imports, the central bank said in a report. Reserves rose from $9.54 billion in mid-July 2022, as Nepalis working abroad sent money home, data showed. A […] March 13, 2023
Banking & Finance UAE remains on Financial Action Task Force grey list – for now Last month the Financial Action Task Force upheld the decision to keep the UAE on the grey list, a status it had assigned to it in March 2022. In its February ruling, the international watchdog dedicated to fighting financial crime said the UAE had made “significant progress” on three of seven recommendations to get off […] March 13, 2023
Lifestyle China’s new premier Li Qiang tasked with reviving economy Li Qiang, the former Communist Party chief of Shanghai, took office on Saturday as China’s premier, the country’s No.2 post, putting the close ally of President Xi Jinping in charge of reviving an economy battered by three years of Covid-19 curbs. Widely perceived to be pragmatic and business-friendly, the 63-year-old Li faces the daunting task […] March 12, 2023
Tourism Landlords benefit as UAE and Saudi embrace Airbnb model The UAE’s introduction of a remote working visa and Saudi Arabia’s plan to allow residents to rent out rooms in their homes has led to the Gulf embracing the Airbnb model and a boom in the short-term rental sector. In March 2021 the UAE cabinet introduced a remote work visa, allowing workers to set up […] March 12, 2023
Economy Emerging countries to suffer most if Fed rate hits 6% Emerging markets are facing their demons as traders mull whether US Federal Reserve interest rates will rise as high as 6 percent, a level that could kick weaker countries when they’re down, while diverging global growth paths and China’s reopening might cushion some of the blow for the bigger ones. Expectations for where the Fed’s […] March 10, 2023
Banking & Finance Abraaj Capital founder loses extradition appeal to the US Arif Naqvi, the founder of what was once the largest private equity firm in the Middle East, has lost a bid to challenge his extradition from London to the US to face fraud charges. US prosecutors allege that the Pakistan-born businessman defrauded investors, including the Bill & Melinda Gates Foundation, by concealing a liquidity crisis […] March 9, 2023
Markets Japan’s ispace to list shares in Tokyo before moon touchdown Japan’s ispace Inc, which is aiming to be the first commercial company to land a probe on the moon, has announced an initial public offering (IPO) of its shares. The startup is authorised to list 200 million shares and will debut on the Tokyo Stock Exchange’s growth section on April 12, according to a release […] March 9, 2023
EXCLUSIVE Energy Oracle Energy looks to the Gulf after Pakistan hydrogen project Oracle Energy – a joint venture between UK-listed Oracle Power and an investment vehicle of Dubai royal Sheikh Ahmed Dalmook Al Maktoum – is “open” to developing clean energy projects in the Gulf. With its debut green hydrogen plant planned in Pakistan, Oracle Energy co-founder Naheed Memon told AGBI: “Expanding in the Middle East is […] March 8, 2023
Real Estate China to guard against risks among property developers Warning that risks remain in the property market, China’s government said in a report released at its parliament’s annual opening that it would promote the sector’s stable development and prevent disorderly expansion by developers. Premier Li Keqiang made guarding against risks to top property developers one of the government’s priorities this year, amid still cautious […] March 6, 2023
Economy China’s factory activity expands with fastest growth in a decade China’s manufacturing activity expanded at the fastest pace in more than a decade in February, an official index showed on Wednesday, smashing expectations as production zoomed after the lifting of Covid-19 restrictions late last year. The manufacturing purchasing managers’ index (PMI) shot up to 52.6 from 50.1 in January, according to China’s National Bureau of […] March 1, 2023
Manufacturing It’s a date as UAE food firms target $35bn Indian market A food producer in Dubai has announced a joint venture to take its brand to India as experts say the market offers “growth potential” to many food exporters in the UAE. Al Barakah Dates said it will process and export over 30,000 tonnes of bulk raw material from its factory in Dubai Industrial City to […] February 28, 2023
Banking & Finance Investcorp looks East with office opening in Japan Investcorp has opened an office in Tokyo as it looks to capitalise on Japanese investment opportunities. The Middle East’s biggest alternative asset manager, which managed $50 billion in assets as of December 2022, will provide global alternative investment solutions in Japan. It will also set the groundwork for it to direct private equity and real […] February 27, 2023
Energy Masdar enters geothermal market with stake in Indonesia business Clean energy powerhouse Masdar has announced its first investment in the geothermal energy sector. The Abu Dhabi state-owned business has invested in Pertamina Geothermal Energy, based in Jakarta. PGE is one of the biggest companies in Indonesia’s geothermal energy sector, which is the second largest in the world (behind the US). Geothermal energy harnesses the […] February 27, 2023
Manufacturing Japanese automaker Nissan raises global EV targets Nissan Motor Company Limited on Monday raised its electrified car sales goals and said it will increase power train production in the United States, as it looks to catch up in a segment dominated by newer automakers such as Tesla Inc. The Japanese automaker was a pioneer in electric vehicles (EVs) with its all-battery-powered Leaf […] February 27, 2023
Banking & Finance UAE reviewing status of Russian bank MTS The central bank of the United Arab Emirates (CBUAE) has said it is assessing the status of MTS, a Russian bank to which it gave a licence only weeks previously. Marking the first anniversary of the Russian invasion of Ukraine, the US Treasury and the British foreign office said that they were sanctioning MTS Bank, […] February 24, 2023
