Banking & Finance ECB needs to avoid unnecessary rise in real interest rates The European Central Bank (ECB) must avoid pushing real interest rates too high, given the level of private and public debt in the euro area, a top Italian policymaker said on Saturday. ECB governing council member Ignazio Visco, who is also the Bank of Italy’s governor, added he did not believe a recession was inevitable […] February 12, 2023
Analysis Energy Europe looks to a divided Libya to ease energy crisis Italian oil major Eni’s $8 billion deal to develop two new gas fields in Libya is the biggest since the overthrow of veteran ruler Muammar Gaddafi. It also marks the latest attempt by European energy companies to secure new supplies for the continent in North Africa. Last year Eni struck an agreement to increase gas […] February 10, 2023
Tourism European airports traffic up 98% in 2022 to 1.94bn passengers Traffic at European airports almost doubled year-on-year in 2022 but remained below pre-Covid levels, Airports Council International Europe (ACI Europe) said on Tuesday. Last year’s traffic jumped 98 percent compared with 2021 to 1.94 billion passengers but was still 21 percent below the levels seen in 2019, before the pandemic, with just 27 percent of […] 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
Tourism Jumeirah Group adds Swiss hotel to European portfolio Jumeirah Group has expanded its footprint in Europe by acquiring its first property in Switzerland. Le Richemond, a hotel in in Geneva’s business district, has 109 keys – 87 rooms and 22 suites – as well as panoramic views of Lac Léman and Mont Blanc. Katerina Giannouka, who was appointed chief executive officer of Dubai’s […] February 6, 2023
Banking & Finance Major central banks rekindle rate hike push after dry January Major central bank interest rates moves were off to a tepid start in January with a single hike by Canada but the pace will speed up again in February with policy makers in the US, Britain and the euro zone out of the starting blocks already. January saw just three meetings by central banks overseeing […] February 5, 2023
Tech Farming tech startup moves HQ from Europe to UAE A Finnish tech startup is swapping the green countryside of Northern Europe for the Arabian desert as it looks to grow its urban farming business. iFarm was invited in November to join the incentive programme of Abu Dhabi’s Hub71, the technology project led by Mubadala Investment Company and backed by the Government of Abu Dhabi. […] February 1, 2023
Banking & Finance Chauffeur firm gains UAE investor for premium Gulf service Chauffeur operator Blacklane has attracted investment from Dubai conglomerate Gargash Group, as it aims to offer Gulf passengers a more luxurious alternative to ride-hailing apps such as Uber and Careem. Founded in Berlin in 2011, Blacklane is active in around 50 countries. It launched in the Gulf in 2016 and currently operates in Dubai, Abu […] January 31, 2023
Energy Luxembourg firm commits $50m investment to Saudi mining A Luxembourg-based natural resources group is set to enter Saudi Arabia with an initial $50 million investment as the kingdom looks to attract more foreign companies to its burgeoning mining sector. Eurasian Resources Group (Erg) said there is potential to grow its Saudi investment year-on-year, adding that it will prioritise large scale, early-stage exploration for […] 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
Tourism UK regional airline Flybe ceases trading and cancels all flights British regional airline Flybe on Saturday ceased trading for the second time in three years, with all flights cancelled and 276 workers made redundant. A statement on Flybe’s website said the airline, which operated scheduled services from Belfast, Birmingham and Heathrow across the UK and to Amsterdam and Geneva, had entered administration, a form of […] January 29, 2023
Banking & Finance Costcutter owner Bestway buys stake in Qatar-backed Sainsbury’s Retail group Bestway, the owner of Costcutter, has built a 3.45 percent stake in Sainsbury’s, describing the move as an investment and not a step towards making a takeover offer for Britain’s second largest supermarket group. Sainsbury’s shares were up 4.5 percent on Friday, hitting their highest since April and leading gainers on the FTSE […] January 29, 2023
Exclusive Manufacturing Cars, property and superjets: Pagani plots future with PIF Horacio Pagani, founder of the supercar that bears his name, is open to further partnerships with Saudi Arabia’s Public Investment Fund as his company expands into luxury real estate and private jet design. PIF acquired a 30 percent stake in the Italian business in 2021. Pagani, who acts as its CEO and chief design officer, […] January 29, 2023
Analysis UK seeks North Africa trade boost after Cairo deal The British export credit agency has signed a deal with Egyptian engineering and construction company Hassan Allam Holding to increase cooperation on projects across the Middle East and North Africa. The agreement, signed at the British embassy in Cairo, aims to secure inward investment into the UK and promote cooperation on financing projects and encourage […] January 24, 2023
Economy Swiss Group opens Zurich office to boost trade with UAE Swiss Group, the Dubai-based business consultancy, is opening an office in Zurich this month to help Swiss companies and entrepreneurs do business in the UAE. The UAE’s $8.74 billion of exports to Switzerland in 2021 make it the European country’s ninth largest import partner, according to data from the International Monetary Fund. The UAE is […] January 24, 2023
Energy Rolls-Royce plans to bring its factory-built nuclear plants to Gulf Rolls-Royce is eyeing opportunities to bring its nuclear reactors to the Middle East as part of the region’s efforts to combat climate change. The UK industrial company is developing a small modular reactor (SMR) that uses pressurised water reactor technology, with the reactor components built in factory conditions and assembled on site. Nine-tenths of a […] January 23, 2023
Analysis Business of Sport Middle East continues to dominate football’s rich list Nine of the top 20 clubs in football’s rich list have investment links to the Middle East – and analysts are predicting that Gulf ties will increase in the next few years. Abu Dhabi’s Manchester City retained the No 1 spot in the latest edition of the Deloitte Football Money League, with revenue of €731 […] January 23, 2023
Tourism Little room for gloom at Dublin’s Davos for aircraft financiers While the prospect of global recession casts a long shadow over the snowy peaks of Davos this week, the mood was mostly sunnier at another gathering of executives – the owners of most of the world’s planes – 1,700 kilometres away in Dublin. The world’s top aircraft lessors – a bellwether for the wider economy […] January 22, 2023
Opinion Banking & Finance 6 reasons why so many UAE residents trade stocks and shares It's official: the UAE is among the countries most obsessed with trading stocks and shares January 19, 2023
Economy UK-GCC trade talks based on ‘substance over speed’ Negotiations between the UK and GCC over a free trade agreement are focused on “substance over speed”, Simon Penney, Britain’s trade commissioner for the Middle East, says. The third round of talks are due to take place by the end of the first quarter, with previous rounds of discussions having concluded in September and December […] January 19, 2023
Energy Global oil demand to reach record high this year, IEA says Global oil demand is forecast to hit an all-time high in 2023 as China relaxes its Covid restrictions, potentially pushing up prices in the second half of this year, according to the latest report from the International Energy Agency (IEA). The IEA said global oil demand is set to rise by 1.9 million barrels per […] January 18, 2023
Analysis Banking & Finance Rise of UAE foundations as wealth management sector matures The UAE’s richest people are increasingly setting up foundations to structure and preserve their wealth for the future. Regional wealth managers told AGBI they have noticed a “significant increase” in the number of foundations being established in the UAE, and in the volume of enquiries they are receiving about setting one up. Bradley Moran, an […] January 18, 2023
