Analysis Energy One year on, what the war in Ukraine means for the Middle East A year since Russia invaded Ukraine, the war’s impacts are reverberating across the Middle East and North Africa. While some Gulf oil producers have prospered during the conflict, it has heaped suffering on some of the most fragile and volatile economies in the region. “It has contributed to the difficulties in Egypt and the worsening […] February 24, 2023
Retail British supermarkets confront their German discounting rivals Britain’s big supermarkets say they have never been more competitive on price, yet their customers are still flocking to German-owned discount stores Aldi and Lidl. And the discounters’ supermarket sweep still has a long way to run, industry executives say, with Aldi UK CEO Giles Hurley pledging Britain’s lowest prices “no matter what”. That is […] February 23, 2023
Banking and Finance Manchester United bids draw interest from US financier Buyout financier Ares Management Corp has been offering funds to support a takeover of Manchester United, three sources familiar with the matter told Reuters. It is the latest US asset manager to seek a financing role in the battle for the English football club. Hedge fund Elliot Management is also looking to finance a bid, […] February 23, 2023
Ireland’s Middle East exports grow with ‘new’ economy The Republic of Ireland is targeting the UAE and the wider Middle East as a “major growth market”, with innovation at the heart of the economic relationship. Opportunities for closer collaboration between Irish and UAE firms have been identified in the “new” economy including AI, space, fintech and entrepreneurship. Healthcare, and medtech in particular, is […] February 22, 2023
UK and Qatar renew commitment to deepen collaboration The UK and Qatar governments have renewed their commitment to deepen collaboration with investments in key sectors including clean technologies, life sciences, biotech, agtech and electric vehicles. Sheikh Mohammed bin Abdulrahman Al-Thani,Qatar’s deputy prime minister and minister of foreign affairs, and James Cleverly, the UK’s foreign secretary, signed a memorandum of understanding on Tuesday to […] February 22, 2023
Agriculture Ukraine poultry giant signs deal to boost Saudi food security A Ukrainian poultry business and a Saudi food group have signed an agreement that aims to improve the kingdom’s food security. MHP, one of Europe’s largest exporters of chicken, has entered into a memorandum of understanding with Tanmiah Food Company. The agreement is the first step in establishing a joint venture between Tanmiah’s subsidiary, Desert […] February 21, 2023
Analysis Business of Sport Qatari bid for Manchester United ‘acid test of post-Brexit Britain’ Qatari investors’ bid to buy Manchester United FC is “an acid test of whether post-Brexit Britain truly is open for global business”, according to a leading sports academic. Sheikh Jassim bin Hamad bin Jaber Al Thani, the son of a former prime minister of Qatar, confirmed on Friday that his consortium had made an offer […] February 20, 2023
Exclusive Food & Drink Chef Jason Atherton sees Dubai as hotspot for restaurant openings When British restaurateur and celebrity chef Jason Atherton was searching for the location of his latest business venture, Dubai was a no-brainer. He met and married his wife Irha in the emirate and is quick to describe Dubai as “like a second home to me”. The launch of City Social, which opened its doors earlier […] February 20, 2023
Banking and Finance Britain’s Tesco said to explore sale of banking unit Britain’s biggest retailer Tesco Plc is planning to review its presence in the UK banking sector in a move that could lead to a sale of its banking arm, Sky News reported. The supermarket chain operator is lining up Goldman Sachs to advise on the future of Tesco Bank, the report said. The review was […] February 19, 2023
Business of Sport Qatari consortium confirms bid for Manchester United Sheikh Jassim bin Hamad bin Jaber Al Thani, the son of a former prime minister of Qatar, has confirmed that his consortium has made a bid to buy Manchester United. “The bid plans to return the club to its former glories,” the consortium said in a statement. “The bid will be completely debt free via […] February 19, 2023
Banking and Finance Standard Chartered launches $1bn share buyback Standard Chartered raised its performance goals, unveiled a new $1 billion share buyback and produced a 28 percent rise in annual profit as global interest rate rises bolstered its lending revenues. StanChart said almost half its 10 percent overall income growth came from interest, as central bank rate hikes aimed at combating inflation enabled banks […] February 17, 2023
Energy Qatar trade patterns shift as UK fills gas shortfall The trade relationship between the UK and Qatar is being transformed as the Gulf state helps to fill a gap left by a British government ban on Russian gas imports following Vladimir Putin’s war in Ukraine. Latest figures from the UK’s Department for International Trade reveal a 196 percent increase in goods and services to […] 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
Record surge in films at Berlin festival marks post-Covid revival This year’s Berlin International Film Festival marks a resurgence for the global film industry after years in the doldrums due to the Covid-19 pandemic, industry expert Scott Roxborough said on the eve of the event. While the stars who will appear on the red carpet this year – including China’s Fan Bingbing, Sean Penn, Steven […] February 16, 2023
UAE defence giant buys stake in Estonian robotics firm Technology and defence giant Edge Group has bought a majority stake in Estonia’s Milrem Robotics, a leading European developer of autonomous systems. The transaction is the largest foreign investment in Estonia’s growing defence industry and will see Milrem Robotics join Abu Dhabi-based Edge as a new entity within its platforms and systems cluster. Established in […] February 15, 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
Opinion Development UAE passport power is a critical tool on the road to success Emiratis have few travel restrictions but it's not all rainbows and sunshine February 13, 2023
Banking and 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
