Opinion Media & Advertising Axing BBC Arabic will weaken UK’s soft power in the Gulf Corporation's decision to axe radio output will affect millions who rely on it as a trusted source of world news October 4, 2022
Economy Bleak economic forecast leads to UK companies setting up in UAE There has been a 23 percent year-on-year rise in UK companies setting up in the UAE. The increase comes as Britain contends with a stark economic outlook: the most recent forecast from the British Chambers of Commerce (BCC) predicts that there will be a recession before the end of this year, with inflation spiking to […] October 3, 2022
Analysis Banking & Finance Arab banks shun Russian Mir payments system after pressure Along with losing ground on the battlefield in recent weeks, Moscow’s foothold in the Arab world’s financial system has also hit setbacks. Turkey’s finance minister Nureddin Nebati last Thursday announced that three state banks – Vakifbank, Ziraat Bank and Halkbank – had suspended the use of the Russian Mir payment system which is the country’s […] October 3, 2022
Analysis Energy Answer to UK’s energy needs is blowing in the Moroccan wind The UK is working with Morocco on an £18 billion ($20bn) plan to build vast solar panel and wind farms in the desert that could power more than seven million British homes by 2030. It will also deliver electricity at about half the rate of that produced by nuclear power plants. With the world in […] October 3, 2022
Manufacturing Porsche shares flat at close after landmark $72bn listing Porsche AG shares had a see-saw start on Thursday after Volkswagen defied volatile markets to list the sports car brand at a valuation of €75 billion ($72 billion) in Germany’s second-biggest market debut. The shares closed at €82.50 ($80.74), returning to their issue price from the session high of €86.76. Volkswagen priced Porsche AG shares the top end of the indicated range, and raised €19.5 billion via the listing to fund […] September 30, 2022
Analysis UAE and Germany grow ever closer with shared net zero goals The first four Mercedes Benz cars arrived in Abu Dhabi in 1965, imported by the Al Fahims, who founded Emirates Motor Company three years earlier. Last year, the UAE imported German automobiles worth nearly $1.2 billion. Also in the mid Sixties, the German company Siebert discovered enough water close to Al Ain to enable the […] September 30, 2022
Sustainability Volkswagen faces Israeli emissions class action suit Volkswagen faces a class action suit in Israel after a court ruled in favour of petitioners seeking compensation from the German carmaker over diesel emissions cheating. A Tel Aviv district court ruled that the class action suit will represent the car owners as well as the general public who were exposed to higher pollution levels, […] September 30, 2022
Health Europe drugmakers may cut output due to high energy bills Europe’s drugmakers have warned they may stop making some cheap generic medicines because of surging electricity costs and are calling for an overhaul of the way they are priced, the latest industry to seek help as the energy crisis deepens. The generic drug industry lobby group Medicines for Europe, which represents companies including Teva, Novartis’s […] September 29, 2022
Analysis Aviation Gulf carriers set to benefit from ‘reordering’ of aviation industry Gulf carriers are likely to strike up new partnerships with foreign airlines as the war in Ukraine and the lingering impact of the coronavirus pandemic threatens to reorder the global aviation scene. The reshaping of the airline industry as a result of pandemic-induced change is opening up new, and more competitive avenues for global airlines […] September 28, 2022
EXCLUSIVE Economy ‘Everyone’s attacking Truss but her plan will attract foreign investors’, says Damac exec The British government's plans to reduce taxes and planning red tape will attract Gulf investors, says Damac executive Ali Sajwani September 28, 2022
Analysis Banking & Finance UK tipped to see record levels of Middle East capital in 2022 Outbound investment from the Middle East to the UK is forecast to rise sharply this year, particularly for deals up to $250 million. Corporate finance specialist Lumina Capital Advisers said the strong dollar, weak sterling and the UK’s uncertain economic outlook made it a “highly attractive destination” for Middle East capital. Sterling tumbled to a […] September 26, 2022
Energy Gulf oil CEOs attack ‘unrealistic’ energy transition goals Saudi Aramco’s CEO has lambasted the “unrealistic” energy transition scenarios that he claims have exacerbated a global energy crisis. His counterpart at Abu Dhabi National Co (ADNOC) also warned that efforts to tackle climate change could prove counterproductive if they slow economic growth. In unusually fiery comments, Aramco CEO and president Amin Nasser warned that […] September 25, 2022
Manufacturing Aviation and fintech help Irish exports soar to record $532m Ireland reported record levels of exports to the Middle East last year, with aviation and financial technology (fintech) among the standout sectors that helped Irish companies to achieve over half a billion dollars in sales in the region. Enterprise Ireland, the Irish Government’s trade agency, said the companies it supports in India, the Middle East […] September 23, 2022
Economy Cyprus GDP forecast at 5.5%, inflation may hit 8.4% in 2022 Cyprus’s economy is forecast to grow by 5.5 percent in 2022 on better than expected tourism arrivals, although the outlook is tempered by energy market turbulence which will sap demand later in the year, the island’s Central Bank said on Thursday. Updated projections of economic output were 2.8 basis points higher than previous projections made […] September 23, 2022
Lifestyle Bahrain pearls given royal stamp of approval The UK’s Princess of Wales put Bahraini pearls back in the spotlight this week when she wore a pair of earrings made from the precious stone for the funeral of Queen Elizabeth II. Her timing was perfect as Bahrain aims to re-establish itself as the global centre for sustainable pearls. Catherine, Prince William’s wife, sported […] September 21, 2022
In pictures Arab leaders attend Queen Elizabeth II’s state funeral Royals and leaders from the Middle East are among the dignitaries attending the state funeral of Queen Elizabeth II at Westminster Abbey in London. Britain’s longest-reigning monarch died on September 8 aged 96. Saudi Arabia’s Crown Prince Mohammed bin Salman is not expected to attend the funeral, Reuters reported, citing a source at the British […] September 19, 2022
Energy Berlin, Paris and Madrid unveil plans to cope with energy crunch European governments have outlined new measures to cope with potential energy shortages this winter and improve networks so they can share power, as the war in Ukraine continues to affect gas flows from Russia. On Monday, Spain unveiled plans that could force energy-intensive industries to shut at peak demand times; France said it was preparing […] September 19, 2022
Turkey’s VP rebukes Pelosi for ‘biased’ remarks in Armenia Turkey’s vice president Fuat Oktay has branded Nancy Pelosi’s speech on clashes between Armenia and Azerbaijan “biased”, suggesting that her comments “sabotage diplomacy efforts”. The Speaker of the US House of Representatives visited Armenia this weekend, in an unprecedented show of American support for the country, which has been locked in conflict with its neighbour […] September 19, 2022
Banking & Finance European Central Bank to inflict pain as it mulls interest rate hikes The European Central Bank (ECB) could raise interest rates into next year, causing pain for consumers as it tries to depress demand that is now increasingly adding to sky high inflation, chief economist Philip Lane said on Saturday. With inflation approaching double digit territory, the ECB delivered two oversized rate hikes in July and September, […] September 18, 2022
Banking & Finance UK investor sets up in Bahrain to tap into Gulf fintech boom Hambro Perks is partnering with Bahrain Development Bank's Al Waha fund to set up a fintech venture studio in Manama September 13, 2022
Analysis Lifestyle Charles III will build on his mother’s close ties to the Gulf While the great republics of the United States and France, and the governments of China and Russia, grapple for influence in the Arabian peninsula, Britain’s constitutional monarchy has often provided an edge in fostering relations with the Gulf states. Much of the Arab world reacted with deep sadness to the death of Queen Elizabeth II. […] September 12, 2022
Banking & Finance Porsche wants to be ready for listing as soon as possible Porsche AG wants to be ready for a planned stock market listing as early as possible, an executive at the luxury sportscar unit of Volkswagen was quoted as saying on Saturday, as investors showed huge interest in the initial public offering (IPO). “We welcome a strong interest in our company and we are confident despite […] September 12, 2022