Opinion Dubai, Singapore and the battle for tech startup supremacy The relationship between the GCC and Southeast Asia has entered a new phase of competition and co-operation as both aim to lure founders August 1, 2022
Dubai record label launches as Arab music appeal grows Galaxy Racer (GXR), the media giant focused on e-sports, music and sports, has announced the launch of GXR Records, an independent music label based in Dubai. GXR and Empire, the global independent label, distributor and publisher, said the new venture will be led by Elia Mssawir and will focus on developing talents in West Asian […] August 1, 2022
Dubai lessor asks Indian regulator to de-register 3 SpiceJet planes A Dubai-based lessor of SpiceJet Ltd has asked India’s aviation regulator to deregister three of the budget airline’s planes as SpiceJet struggles with high costs and maintenance challenges. The United Arab Emirates aeronautics firm AWAS did not specify why it was seeking to deregister the three Boeing 737s in Friday’s notification, published by India’s aviation […] August 1, 2022
Analysis Banking & Finance Global Islamic fintech market set to hit $179bn in 2026 The global Islamic fintech market recorded $79 billion in transaction volumes in 2021. And it is expected to grow by around 18 percent annually to reach $179 billion by 2026, according to the Global Islamic Fintech (GIFT) Report 2022 launched on Thursday. “Covid and the subsequent digitisation push has helped to accelerate the pace at […] July 29, 2022
Analysis Development Middle East nets half of China’s Belt and Road funding The Middle East received the largest share of China’s $28.4 billion investments through its Belt and Road Initiative (BRI) during the first half of 2022, with Saudi Arabia the single biggest recipient. The BRI was launched by Chinese president Xi Jinping in October 2013. Over the last nine years a total of $932 billion has […] July 27, 2022
Economy IMF cuts global growth forecast, warns of recession from inflation The International Monetary Fund have cut global growth forecasts again, warning that downside risks from high inflation and the Ukraine war were materializing and could push the world economy to the brink of recession if left unchecked. Global real GDP growth will slow to 3.2 percent in 2022 from a forecast of 3.6 percent issued […] July 27, 2022
Manufacturing Kuwait sovereign wealth fund invests in Italian ATM operator Italian fund FSI, the main investors in which include state lender CDP and the sovereign wealth funds of Kuwait and Singapore, has signed a preliminary deal for an investment in payments card and cash machine operator BANCOMAT. FSI and BANCOMAT have agreed the terms under which FSI is set to invest in BANCOMAT “to sustain […] July 27, 2022
Construction China plans to set up real estate fund worth up to $44bn China is planning to set up a real estate fund that could be worth up to 300 billion yuan ($44.39 billion) to support more than a dozen property developers, including embattled China Evergrande Group, financial information provider REDD reported on Monday, citing sources. The fund has secured 50 billion yuan from China Construction Bank and […] July 25, 2022
Markets Porsche faces uphill drive in race to public listing Porsche may have to go public at a steep discount if it insists on going ahead as economic obstacles mount, two people involved in the landmark multi-billion-euro listing said. The prospect of a larger than customary discount would be a setback to the controlling families pushing the initial public offering to fund a costly makeover […] July 20, 2022
Retail Factfile: Companies that have sold their businesses in Russia Some Western companies have agreed to sell their Russian assets or hand them over to local managers as they scramble to comply with sanctions over the Ukraine conflict and deal with threats from the Kremlin that foreign-owned assets may be seized. The moves, part of a broader corporate exodus from the country, are likely to […] July 19, 2022
Manufacturing How China became ground zero for the auto chip shortage From his small office in Singapore, Kelvin Pang is ready to wager a $23 million payday that the worst of the chip shortage is not over for automakers – at least in China. Pang has bought 62,000 microcontrollers, chips that help control a range of functions from car engines and transmissions to electric vehicle power […] July 19, 2022
Banking & Finance India to invest more in Sri Lanka on top of $3.8bn already given India is willing to make more investments in neighbouring Sri Lanka after supporting it with $3.8 billion this year, New Delhi’s envoy in Colombo told the Indian Express newspaper. “The idea is to respond to Sri Lanka’s requests for enabling them to meet their foreign exchange crisis,” said Gopal Baglay, India’s high commissioner in Sri […] July 19, 2022
Tourism Israel to boost Asia flights when Saudi Arabia opens airspace Israeli airlines plan to expand and open new routes to India and other Asian destinations after Saudi Arabia announced it would allow unfettered access to its airspace, a move that would save fuel costs and reduce flight times. In the absence of open relations between the countries, however, and given talks on including Oman in […] July 18, 2022
Economy China’s economy slows in Q2 as Covid lockdowns take a toll China’s economic growth slowed sharply in the second quarter, highlighting the colossal toll on activity from widespread COVID lockdowns and pointing to persistent pressure over coming months from a darkening global outlook. Friday’s frail data adds to fears of a global recession as policymakers jack up interest rates to curb soaring inflation, heaping more hardship […] July 15, 2022
Analysis Development I2U2: America’s answer to curbing China and upping food security Israel, India, the US and the United Arab Emirates came together on Thursday for an historic meeting as the “I2U2” collective. The futuristic name refers to the first letters of the four countries. US president Joe Biden and Israel’s prime minister, Yair Lapid, lent the initiative a maiden boost, joining a four-way call in Jerusalem […] July 14, 2022
Analysis Economy Muslims defy pandemic to spend $2trn globally in 2021 Bucking the global trend of tightening the purse strings, the world’s 1.9 billion Muslims spent the equivalent of $2 trillion at the height of the Covid pandemic. This spending reflects an 8.9 percent year-on-year growth from 2020 across a range of sectors offering halal food, pharmaceuticals, cosmetics, fashion, travel, and media/recreation. According to the 2022 […] July 13, 2022
Business of Sport Bridgestone ends deal with DeChambeau after LIV Golf move Bryson DeChambeau and Bridgestone Golf have agreed to end their brand ambassador partnership following the former major champion’s decision to join the Saudi Arabia-backed LIV Golf Invitational Series, the company said on Tuesday. DeChambeau, who is among the game’s more high-profile players and one of the longest hitters the sport has ever seen, joined LIV […] July 13, 2022
Banking & Finance Mubadala in talks to buy asset manager Fortress from SoftBank Abu Dhabi’s Mubadala Investment Co is in talks to acquire asset manager Fortress Investment Group from Japan’s SoftBank Group Corp, a source familiar with the matter told Reuters on Tuesday. The Abu Dhabi sovereign wealth fund is discussing a deal that would value Fortress at more than $1 billion, said Bloomberg News, which first reported […] July 13, 2022
Economy As New Zealand reopens, exodus worsens labour crunch New Zealand’s easing of its strict border curbs has triggered a rush of new departures among locals seeking fresh opportunities abroad, adding further pressure to the country’s already tight employment market. A net 10,674 people left the country over the 12 months to May, according to government data released on Tuesday, extending a drain that […] July 12, 2022
Tourism UAE’s flydubai suspends operations to Sri Lanka United Arab Emirates carrier flydubai has suspended operations to Colombo in Sri Lanka until further notice, a spokesperson for the budget airline said on Monday. “We will continue to closely monitor the situation on the ground in Sri Lanka. Passengers who have booked to travel on these flights will be contacted and offered a refund,” […] July 12, 2022
Health Macau turns more casino hotels into Covid medical centres Macau authorities have added two hotels in popular casino resorts to be used as Covid-19 medical facilities from Friday as they try to ramp up capacity to handle a surge of infections in the world’s biggest gambling hub. The east wing of Grand Lisboa Palace owned by SJM Holdings and the Grand Hyatt hotel owned […] July 8, 2022
Economy UAE leaders send condolences on killing of Japan’s Abe UAE President Sheikh Mohamed bin Zayed Al Nahyan has sent a message of condolences to the Prime Minister of Japan, Fumio Kishida, on the death of former Japanese Prime Minister Shinzo Abe. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, sent a similar message to Prime Minister Kishida. Abe, […] July 8, 2022
