Economy Oman-UK trade dips but optimism remains UK trade with Oman saw a drop of 5.5 percent through the first 10 months of 2022, compared to the corresponding period the previous year, despite an overall uptick in the UK’s global trade. Latest figures available from UNComtrade, the UN Statistics Agency, up to October 2022 show total trade between the two countries reached […] January 13, 2023
Construction EBRD investments reach record $14bn in 2022 The European Bank for Reconstruction and Development (EBRD) invested a record €13.1 billion ($14.1 billion) across its region in 2022, the bank said in a statement. This compares with €10.4 billion in investments in 2021 and tops the previous record of €11 billion in 2020, when the lender extended emergency support across the region to […] January 13, 2023
Retail Britons splurge at Christmas but retailers brace for tougher 2023 British shoppers spent freely at Christmas, piling their trolleys with party food, drink and clothing as they enjoyed the first holiday season free of Covid worries for three years, but retailers warned most will tighten their belts in 2023. Tesco, Britain’s biggest retailer, and rival Marks & Spencer posted better than expected Christmas sales as […] January 13, 2023
Banking and Finance StanChart eyes sale of $3.7bn aircraft leasing unit Standard Chartered is considering a sale, among several options, of its aviation unit, which according to an industry publication owns a fleet worth around $3.7 billion. The UK-headquartered bank said on Wednesday the aircraft leasing business represented around two percent of its group income. The unit, based in Ireland, owns and manages more than 120 […] January 12, 2023
Analysis Economy Why the Middle East is now a ‘must’ for top UK companies The Middle East’s contribution to revenues of major UK-listed companies is predicted to rise to record levels in 2023 on the back of an acceleration in green energy, industrials and infrastructure sectors. Lumina Capital Advisers report that money generated from the region this year will deliver an additional £1.6 billion ($1.9 billion) to UK Plc […] January 11, 2023
Energy Eni and Snam join forces on Algeria-Italy gas pipelines Italian energy group Eni and gas grid operator Snam have clinched a partnership to jointly manage their assets in the gas pipelines connecting Algeria to Italy. With Russia curtailing its gas flows to Europe, Algeria last year emerged as Rome’s biggest gas supplier, making the network between the two countries a strategic infrastructure for Rome’s […] January 11, 2023
Analysis Sustainability Gulf’s sustainability consulting market set to hit $1.3bn by 2025 Middle Eastern companies are calling in expert advisers to help them improve their environmental performance and analyse carbon-tracking and other sustainability indicators. As national carbon reduction policies roll out across the Gulf, the region’s market for sustainability consulting is forecast to grow by 10 percent each year between now and 2025, according to a report […] January 11, 2023
UAE sees surge in new Russian businesses The UAE has seen a surge in the number of Russian individuals and companies looking to set up businesses in the Emirates, industry experts said. Opportunities for Russian businesses have been limited since President Vladimir Putin invaded Ukraine last February and western governments including the US, UK and EU imposed sanctions on Moscow. The Henley […] January 11, 2023
EXCLUSIVE Development Emirati partners in demand despite easing of company laws The UAE’s move to introduce 100 percent company ownership has not dented demand among international companies for local Emirati partners. Before the publication of UAE Federal Decree-Law No. 26 of 2020, foreign companies could only own up to 49 percent of a UAE business, with the majority 51 percent held by a local Emirati partner. […] January 9, 2023
Real Estate UK developers may cut dividends as surging rates deter buyers British housebuilders may cut dividends to preserve cash and ride out a property downturn, as high mortgage rates make homes less affordable and economic uncertainty deters buyers. The move by Persimmon in November – to scrap its dividend policy and rule out a special dividend – has started what analysts say could become a trend […] January 9, 2023
Analysis Business of Sport Ronaldo will be first of many Saudi superstar signings Cristiano Ronaldo was officially revealed as an Al Nassr player on Tuesday night amid a cacophony of noise and a sea of yellow and blue. And as fans inside the 25,000-seater Mrsool Park chanted his name, Ben Gordon, a sports diplomacy expert at Dentons Global Advisors, said that Saudis should get set for more superstar […] January 4, 2023
Economy UK fresh food prices surge 15% in year to December Fresh food prices at British supermarkets in early December were 15 percent higher than a year earlier, the biggest annual increase since at least 2005 when records started, figures from the British Retail Consortium (BRC) showed on Wednesday. British households were hit hard by a soaring cost of living in 2022, and the Bank of […] January 4, 2023
Analysis Banking and Finance Gulf wealth funds look to snap up ‘cheap’ assets in West Sovereign wealth funds across the Middle East are forecast to take advantage of “limited competition” from global peers this year to pursue “cheap” assets in Europe, the US and other western markets. A sharp drop in stock and bond markets over the past year has resulted in the combined value of the world’s sovereign wealth […] January 3, 2023
Banking and Finance UK announces cash support for low-income households Millions of low-income households in Britain will receive cost-of-living support from the government of up to £900 ($1,084) over the financial year, the country’s Department of Work and Pensions said on Tuesday. The money will directly go to claimants’ bank accounts in three payments over the financial year, the department said in a statement. The […] January 3, 2023
Exclusive Banking and Finance UK fintech Total Processing to expand to Saudi and Egypt Online payments firm Total Processing plans to start operating in Saudi Arabia by the middle of 2023 and then in Egypt, after achieving 30 percent month-on-month revenue growth since it launched in Dubai in 2021. The company, headquartered in the UK, has witnessed strong growth in the Mena e-payments sector as e-commerce booms and governments […] January 3, 2023
Tourism Germany records 180% surge in Gulf visitors The number of Gulf nationals visiting Germany rose 180 percent year-on-year in the first three quarters of 2022, figures from the German National Tourist Board reveal. GCC nationals accounted for more than 872,000 overnight stays from January to September, making the region Germany’s number one source market in Asia. Although the figure was up from […] January 2, 2023
Economy France’s Macron says 2023 will be the year of pension reform The coming year will be one of much-delayed pension reform, President Emmanuel Macron told the French in a New Year’s eve speech on Saturday. Reforming France’s costly and complicated pension system was a key plank of Macron’s election platform when he came to power in 2017. But his initial proposals provoked weeks of protests and […] January 1, 2023
Opinion Real Estate Vic Chhabria: Prime London property will still attract global buyers In 2023, the prime central London property market will attract wealthy international buyers due to the low value of the pound and restricted supply of top end properties December 30, 2022
EXCLUSIVE Real Estate Middle East buyers to cash in on prime London property market Cash is king when it comes to the prime central London property market and Middle East buyers are perfectly positioned to take advantage of this. Vic Chhabria, managing director of London Real Estate Office, whose client base largely comprises overseas buyers from Mena and more specifically the GCC, said the potential for further interest rate […] December 30, 2022
Exclusive Manufacturing British affordable tech company sees ‘sky high’ Gulf demand UK-based consumer technology company T4tec is expanding its operations in the Middle East to tap into “sky high” demand for quality affordable consumer electronics. The company, which has been selling its televisions and other products including wireless Bluetooth sound bars, cordless kettles, and toasters in the region via Amazon, is in talks with two distribution […] December 30, 2022
Development Italy PM Meloni to bring Expo 2030 world fair to Rome Italian Prime Minister Giorgia Meloni has said she would do her best to ensure that the Expo 2030 world fair is held in Rome, even though she had little time to work on the project launched by her predecessor. “As an Italian and a Roman, I think it would be a great opportunity” to host […] December 30, 2022
EXCLUSIVE Tourism VisitBritain to target GCC as tourist spending recovers Spending by GCC-based tourists visiting the UK climbed above pre-pandemic levels for the first time in 2022, according to latest data from VisitBritain, the national tourism agency. While visitor numbers from the Gulf were still 18 percent below 2019 figures at 202,000 during the second quarter, the amount they spent rose by 7 percent to […] December 29, 2022
