Opinion Economy Impact of EU sanctions for European companies in the Gulf GCC entities navigate a legal minefield if seen to be assisting EU companies in breaching sanctions against Russia December 7, 2022
Analysis Aviation Flight searches to Qatar soar from South Korea and Australia Searches for travel to Qatar from nations competing in the World Cup surged in November as fans raced to reserve last-minute flights and accommodation in the tournament’s host country. Enquiries for Qatar on travel aggregator website Wego from internet users in South Korea were up 168 percent in November versus the same period of 2021, […] December 7, 2022
Opinion Banking and Finance Spare a thought for founders fundraising over the holidays For startup founders in the throes of raising investor funds, holidays like Christmas and Ramadan can be a difficult time December 6, 2022
Analysis Construction Saudi giga-projects: ‘enough work for every sector of the industry’ While much of the global economy is reeling from a sharp slowdown in growth, Saudi Arabia recorded a GDP growth rate of 8.6 percent in the third quarter this year, with its economy being propelled forward by ambitious projects in its tourism sector. The Red Sea Global (RSG) giga-project, which comprises the kingdom’s flagship tourism […] December 6, 2022
Economy UAE to launch free trade talks with Ukraine The UAE is launching negotiations for a free trade deal with Ukraine. Dr Thani Bin Ahmed Al Zeyoudi, the UAE’s minister of state for foreign trade, and Yulia Svyrydenko, Ukraine’s first deputy prime minister and economy minister, issued a statement signalling their plan to work towards a comprehensive economic partnership agreement. The CEPA (Comprehensive Economic […] December 5, 2022
Economy Bank of England warns of deeper and longer recession Bank of England rate-setter Swati Dhingra said in an interview published on Saturday that higher interest rates could lead to a deeper and longer recession, adding there were few signs that demands for higher wages risked a wage-price spiral. While most of her colleagues backed a 75 basis-point hike to three percent last month, Dhingra […] December 4, 2022
Analysis Development UAE developer picks Albania for ‘Monaco of the Adriatic’ project An Abu Dhabi-based developer is playing a major role in the transformation of Albania from one of the poorest countries in Europe to a modern open market economy by creating a $2.5 billion marina. Thirty-two years after mass demonstrations by students led to the fall of communism in Albania, Eagle Hills Properties has announced the […] December 2, 2022
Exclusive Transport Dubai’s first passenger drones to fly in 2024 A senior Dubai sheikh has signed a deal with a Hungarian aviation firm to manufacture passenger drones in the UAE, with the first aircraft due to roll off the production line in early 2024. Sheikh Rashid Bin Ahmed Al Maktoum’s RAM Investment Ltd will partner with Jakabszállás-based Genevation Aircraft Ltd to build the drones as […] December 1, 2022
Analysis Tourism Global hotel brands rush to be part of Saudi tourism push International hotel brands are flooding into Saudi Arabia as the transformation of Diriyah, the birthplace of Saudi Arabia, gathers pace. Diriyah Gate Development Authority (DGDA), responsible for the Diriyah project, has announced the addition of 16 new global hotel brands to its hospitality portfolio. This brings the total of hotel management agreements to 32, with […] November 30, 2022
Energy Germany to get new flows of QatarEnergy liquefied natural gas Germany is set to receive new flows of Qatari liquefied natural gas (LNG) from 2026 after QatarEnergy and ConocoPhillips on Tuesday signed two sales and purchase agreements for its export covering at least a 15-year period. Since Russia’s invasion of Ukraine in February, competition for LNG has become intense, with Europe in particular needing vast amounts […] November 29, 2022
Energy Morocco targets 30% drop in energy costs via renewables boost Morocco’s government has announced plans to reduce energy costs for factories by 20-30 percent through a combined strategy of investing in renewable energy and the decarbonisation of industries. “The government is working on delivering clean electricity to all manufacturers at a lower cost compared to what they are paying now,” Morocco’s minister of industry and […] November 29, 2022
Retail Europe’s largest outlet mall targets Gulf shoppers Outletcity Metzingen, Europe’s largest luxury discount outlet mall, has signed a partnership to promote the destination to Gulf shoppers, as Germany reported a 318 percent surge in tourists from the region in the first half of this year. The shopping centre, which is located in the south of Germany, struck the deal with Dubai-based AVIAREPS […] November 28, 2022
Manufacturing Daimler and DHL launch truck parts centre in Dubai Commercial vehicles company Daimler and logistics provider DHL are to launch a Daimler truck parts facility in Dubai in December. The new parts centre will open in Dubai World Central, the economic zone supporting logistics and businesses around Al Maktoum International Airport. Daimler Commercial Vehicles Mena (DCV Mena) and DHL Global Forwarding have forged a […] November 28, 2022
Analysis Energy UK energy windfall tax ‘could scare off Gulf investors’ London’s plan to introduce a windfall tax on the profits of energy producers has prompted widespread disdain from the industry. Experts have warned that the tax could harm the country’s long-term economic growth and deter international investors, including those from the Gulf, from pursuing new deals. On November 17, chancellor Jeremy Hunt announced he would […] November 28, 2022
Development UK launches £4bn finance support to boost trade with Morocco Moroccan importers can access up to £4 billion ($4.85 billion) in trade finance to help buy goods and services from the United Kingdom, British officials announced this week. To be eligible for support from UK Export Finance (UKEF) at least 20 percent of the overall contract value for a project must be sourced from British […] November 25, 2022
Business of Sport Manchester United owners mull selling Premier League icon Manchester United’s US owners have begun looking at options for the 20-times English soccer champions, including a potential sale or new investment in stadium and infrastructure redevelopment. “As we seek to continue building on the club’s history of success, the board has authorised a thorough evaluation of strategic alternatives,” said Avram and Joel Glazer in […] November 24, 2022
Banking and Finance Credit Suisse shareholders approve $4.2bn capital raise Credit Suisse shareholders have approved a 4 billion Swiss franc ($4.20 billion) equity capital hike earmarked to finance the embattled Swiss bank’s turnaround. Some 92 percent and 98 percent of shareholders at an extraordinary general meeting supported the two share capital increases which were first proposed last month under the scandal-prone bank’s restructuring plan. “Today’s […] November 24, 2022
Analysis Energy UK minister stresses commitment to GCC’s clean energy transition The UK is committed to remaining a “steadfast friend and partner” to Gulf countries as they continue to drive the clean energy transition and one of the most rapid economic transformations in history. British foreign secretary James Cleverly also hailed the development of “spectacular cities” rising from empty deserts in a speech at the Manama […] November 23, 2022
Analysis Energy Saudi Aramco inks $11bn deal to create 5,000 supply chain jobs Saudi Aramco signed agreements with dozens of manufacturers on Tuesday, with potential to create 5,000 new jobs in the kingdom over the next decade as the energy major looks to boost local capabilities. The 59 corporate procurement agreements (CPAs), valued at $11 billion, are expected to reinforce Aramco’s supply chain and result in the development […] November 22, 2022
Energy Shell to ‘evaluate’ $29bn British investments after windfall tax Shell said on Monday it will evaluate plans to spend up to £25 billion ($29.59 billion) in Britain over the next decade following the government’s decision to increase a windfall tax on oil and gas producer. “We’re going to have to evaluate each project on a case by case basis,” said Shell’s UK country chair […] November 22, 2022
Cop28 Cop27 deal delivers landmark on ‘loss and damage’, but little else Countries adopted a hard-fought final agreement at the Cop27 climate summit early on Sunday that sets up a fund to help poor countries being battered by climate disasters – but does not boost efforts to tackle the emissions causing them. After tense negotiations that ran through the night, the Egyptian Cop27 presidency released the final […] November 20, 2022
World Cup 2022 No alcohol sales at World Cup stadiums after Fifa u-turn Alcohol will not be sold at Qatar’s World Cup stadiums, Fifa has announced, in a reversal of its previous policy. The statement comes two days before the tournament begins on Sunday. It is the first to be held in a conservative Muslim country with strict controls on alcohol, the consumption of which is banned in […] November 18, 2022
