Tech Chinese EV maker to build 1,000 battery-swap stations in 2023 Chinese electric vehicle (EV) startup Nio Inc plans to build 1,000 battery-swapping stations in China in 2023 to bring the total number of such facilities to 2,300 by year-end, its founder and chairman William Li said on Tuesday. Nio will build 400 battery-swapping stations along highways and 600 in urban areas with a focus on […] February 21, 2023
Economy US and UK financial entities join talks at new debt roundtable US-based investment firm BlackRock is joining a new sovereign debt roundtable set up to accelerate progress on stalled relief efforts for distressed countries, with Britain’s Standard Chartered also joining, according to sources. The Global Sovereign Debt Roundtable, chaired by the International Monetary Fund (IMF), the World Bank and India – this year’s leader of the […] February 19, 2023
Opinion Energy Russian sanctions have rejuvenated the world’s ‘ghost’ oil market Moscow says it will not comply with an oil price cap, but may have little choice if it wants to continue selling February 17, 2023
Banking & Finance Saudi dominates Chinese BRI investment in GCC Chinese engagement in the GCC through the Belt and Road Initiative (BRI) increased by 244 percent in 2022 to $9.3 billion – and over half of the total amount of funding was secured by Saudi Arabia. The increase came despite overall spending by the BRI falling year-on-year by just over 1.3 percent to $67.78 billion, […] February 17, 2023
Opinion Esports should be in your investment portfolio The global mobile gaming market is expected to grow to $209.12bn in 2026 February 16, 2023
Analysis Energy Masdar could look East for investment opportunities Masdar may look to capitalise on investments in the East as it continues to increase its global footprint. Abu Dhabi’s renewable energy giant has committed more than $30 billion in projects in over 40 countries, powering in excess of 14gw of clean energy. It has also indicated plans to grow that by 10gw by the […] February 16, 2023
Energy Clean energy powers boost to UAE and Kyrgyzstan trade Abu Dhabi’s Masdar is looking to develop a pipeline of renewable energy projects in Kyrgyzstan as part of the former Soviet republic’s plans to reduce its greenhouse gas emissions by as much as 44 percent by 2030. A deal signed with the Ministry of Energy of the Kyrgyz Republic last month will begin with a […] February 16, 2023
Manufacturing Gulf fragrance market strikes the right note Some of the Middle East’s biggest perfume makers, including Chalhoub Group and Ajmal Perfumes, are ramping up global growth plans as traditional Arabic scents gain in popularity abroad. Luxury brands franchisee and distributor Chalhoub is close to striking deals to export its own fragrance brand, Ghawali, to countries including the UK and France. The first […] February 14, 2023
Economy Singapore downgrades growth in Q4, but sticks with 2023 forecast Singapore’s economy grew slightly less than estimated in the fourth quarter, official data has showed, but the government has kept its forecast for annual growth in 2023 at 0.5 to 2.5 percent. Gross domestic product grew 2.1 percent year-on-year in the fourth quarter, the Ministry of Trade and Industry said on Monday, slightly lower than […] February 13, 2023
EXCLUSIVE Interviews UAE’s centre stage in Bollywood blockbusters The UAE is set to become a major post-production and financing hub for the Bollywood film industry. Acclaimed filmmaker Shekhar Kapur told AGBI: “Infrastructure for filmmaking is coming up in Abu Dhabi and Dubai, and more Indian filmmakers will come to the UAE to make their films. There are very good studio facilities in Dubai […] February 13, 2023
Real Estate Hong Kong’s Lee faces stern test over $3.4bn housing scheme A flagship $3.4 billion plan by Hong Kong to build temporary housing to ease a massive shortage is facing fierce criticism over its high cost and the absence of a longer-term solution in one of the world’s most unaffordable property markets. The global financial hub has long struggled with sky-high house prices, which have rocketed […] February 10, 2023
Markets Hong Kong exchange courts Middle East companies The Hong Kong stock exchange has renewed its efforts to attract listings by Middle East companies, including Saudi Aramco. Christopher Hui, secretary for financial services and the treasury in Hong Kong, confirmed interest from Middle Eastern companies during a week-long tour of the region by a 30-strong delegation. The tour aims to promote Hong Kong […] February 10, 2023
Economy Hong Kong eyes free trade deal with the UAE Hong Kong is planning a free trade agreement with the UAE, but a senior government official from the Asian city conceded there is currently “no time frame” for the completion of talks. Algernon Yau, secretary for commerce and economic development at the government of Hong Kong Special Administrative Region, told AGBI they planned to negotiate […] February 9, 2023
Opinion Economy Hindenburg affair is chastening for both Adani and India Inc Lessons learned from how allegations of sharp practices can cause billions of dollars of losses February 8, 2023
Banking & Finance Emerging market currencies to gain on better economic outlook Emerging market currencies are expected to drift higher in coming months thanks to improved global growth prospects, boosted in part by the reopening of China’s economy, a Reuters poll of 40 foreign exchange strategists found. After a good start to the year for emerging market forex, the US dollar has gained over the past two […] February 8, 2023
Energy Green transition ‘must be fair’ for poor nations, says UAE’s Al Jaber Rich countries should stop throwing up roadblocks to poorer ones trying to secure energy supplies and do more to help them make the green transition, officials from Global South nations told the India Energy Week conference on Tuesday. The criticism highlights the gaping political fault lines in the battle against climate change and underscores the […] February 8, 2023
Exclusive Tourism Dubai’s Sunset shines bright on global hospitality stage Sunset Hospitality Group has $35 million to invest, and global expansion is top of its agenda. After securing the funding from Goldman Sachs Asset Management in November, the company, which is based in Dubai, is targeting the UK, US, the Mediterranean and Asia. “By the end of 2023 we hope to open a further 20 […] February 8, 2023
Retail Chinese retailers offer up to 10% discount on high-end iPhones Third party retailers in China are offering discounts of as much as 10 percent on Apple Inc’s iPhone 14 Pro amid sluggish demand for smartphones. Electronics vendors JD.Com Inc and Suning are currently selling the iPhone 14 Pro basic model for 7,199 yuan ($1,062), checks of JD.com’s app and Suning’s website showed. That is 800 […] February 6, 2023
Economy IMF sees slower growth in Asean despite China reopening International Monetary Fund (IMF) economists said on Tuesday that Singapore and other Southeast Asian economies are seeing downgrades to their 2023 growth outlooks because slowing global growth will outweigh the positive impact from China’s economic reopening. Chief economist Pierre-Olivier Gourinchas told a news briefing on the IMF’s latest global growth forecasts these forces prompted the […] January 31, 2023
Energy Beijing and Brussels ‘go head to head in fight for Mena oil and gas’ The Middle East and North Africa will be one of the main beneficiaries of China’s decision to drop its zero-Covid policy, as Beijing competes with Europe for limited energy resources, according to analysts at Bank of America. “From a macro-perspective, it’s very easy to be bullish on the Mena region,” said Jean-Michel Saliba, a director […] January 30, 2023
Manufacturing Akio Toyoda set to remain a force at Toyota as he bows out Toyota Motor Corp chief Akio Toyoda is set to remain a dominant force inside the world’s largest automaker for years to come, and will continue to influence the agenda after stepping down in April, experts and people familiar with the firm said. The 66-year-old Toyoda on Thursday announced he would step aside as leader of […] January 27, 2023
Economy Thailand holds 2023 GDP growth outlook on tourism rebound Thailand’s finance ministry on Friday maintained its economic growth outlook for 2023 at 3.8 percent, helped by a rebound in tourism and domestic demand, but an official said exports would slow down this year. For 2022, Southeast Asia’s second-largest economy is expected to have expanded three percent, down from a previous forecast of 3.4 percent, […] January 27, 2023
