Analysis Energy Energy crisis inflates Gulf demand and strains Europe The Opec+ oil production cuts announced in early October look set to ensure high energy prices continue for some time – a boon for Gulf producers but a headache for energy importers elsewhere. The situation is particularly acute in Europe, where countries have been scrambling to find alternatives to Russian gas. The first instinct of […] October 28, 2022
Analysis Energy Ukraine war brings oil and gas underinvestment into sharp focus Oil and gas companies have slashed capital expenditure since a 2014 price crash and underinvestment will likely persist, despite the sector’s record profits this year, industry experts have warned. Saudi Aramco’s second-quarter net income of $48.4 billion was its largest since going public in 2019. ExxonMobil and Chevron and many other international oil companies also […] October 28, 2022
Banking and Finance Credit Suisse seeks billions from investors in make-or-break deal Credit Suisse plans to raise 4 billion Swiss francs ($4 billion) from investors, cut thousands of jobs and shift its focus from investment banking towards rich clients as the bank attempts to put years of scandals behind it, sending its shares sliding. Chairman Axel Lehmann dubbed the plan a “blueprint for success”, but it fell […] October 28, 2022
Opinion Banking and Finance Five financial tips: How to beat the inflation crunch Our new personal finance columnist explores ways to manage your money through turbulent times October 27, 2022
Lifestyle Giant new mural celebrates ‘warrior’ Maradona in Argentina An Argentine artist has painted a giant mural of late soccer legend Diego Maradona in Buenos Aires to commemorate what would have been the World Cup winner’s 62nd birthday at the end of October. Muralist Martín Ron filled the 1,600-square-metre wall in the heart of the city with a depiction of Maradona, based on a […] October 27, 2022
Manufacturing Mercedes-Benz lifts profit forecast as luxury cars boom Mercedes-Benz raised its full-year profit forecast on Wednesday as strong demand for luxury cars and cost savings offset the supply chain bottlenecks that have hampered industry output this year. The German automaker said it now expected group earnings to rise at least 15% this year, compared with a previous forecast of 5%-15% growth, after profits […] October 27, 2022
Tourism Saudia to buy up to 100 German electric jets for domestic network Saudi Arabian Airlines (Saudia) has signed an agreement with German air taxi developer Lilium to buy up to 100 of its aircraft for use on Saudia’s domestic network, the state carrier’s chief executive said on Wednesday. Saudia CEO Ibrahim Koshy said the planes would be ‘a premium service’ that carry four to six passengers, adding […] October 27, 2022
Analysis PureGym eyes up to 130 branches as part of Mena expansion UK-based fitness brand PureGym has revealed plans to open branches in the Middle East and North Africa (Mena), beginning in the UAE but with Egypt, Kuwait and Oman also on the radar. The company has signed an agreement with its franchise partner, Ektimal, to open at least 130 gyms across the region over the next […] October 26, 2022
Energy Riyadh was more ‘mature’ in spat with Washington, minister tells FII Saudi Arabia decided to be the “maturer guys” in a spat with the United States over oil supplies, the kingdom’s energy minister Prince Abdulaziz bin Salman said on Tuesday. Prince Abdulaziz made the comment during his speech to the kingdom’s Future Investment Initiative (FII) event, which has drawn top executives from the US and elsewhere. […] October 25, 2022
Aviation Qatar Airways wins UK court battle with aircraft seat maker A British court has ruled in favour of Qatar Airways in a dispute between the Gulf carrier and an Italian aircraft seat manufacturer. Sezze-based Optimares had sued Qatar Airways after the airline terminated a contract to buy made-to-order business and economy class seats for some of the Doha-based airline’s Boeing and Airbus aircraft. But a […] October 25, 2022
Economy Rishi Sunak to be UK prime minister: What you need to know Rishi Sunak will be Britain’s next prime minister after his rivals quit the race, following one of the most turbulent periods in British political history. Politics Sunak, the 42-year-old former finance minister, will become Britain’s third prime minister in less than two months. His predecessor Liz Truss was brought down after just six weeks in […] October 24, 2022
Analysis Sustainability Egypt’s Cop27 will see developing nations call for ‘climate justice’ Drought and famine haunt the Middle East. The Dead Sea has fallen to its lowest level in centuries. Starved of food and fresh water, desperate migrants criss-cross the Mediterranean, fomenting social unrest and violence. Within a few decades, a healthy global trade network has collapsed. Every major settlement has been abandoned or razed to the […] October 21, 2022
Analysis Real Estate Dubai tenants jump on property ladder as rents soar Dubai has seen an increase in end-user homeowners as its property market matures and begins to move away from the speculators and flippers of the boom days before 2008. Surging rental rates and expats opting to live in the UAE longer have also made the jump from tenant to homeowner increasingly more attractive, industry experts […] October 21, 2022
Opinion Development Truss’s exit has battered Britain’s global image Next week the UK will get its third prime minister in four months, who has the unenviable job of getting it back on track domestically and internationally October 20, 2022
Economy Sterling rallies as UK PM Liz Truss resigns over mini budget fiasco Sterling pared gains following the announcement that Liz Truss was resigning as prime minister of the UK. The country’s mid caps jumped as much as one percent as Truss, speaking outside the door of her Number 10 Downing Street office, said a leadership election would be completed within the next week. Truss appointment as UK […] October 20, 2022
Economy Pensions in demand as expats stay longer in the Gulf Expats are staying in the Gulf longer than the global average, leading to greater demand for pension services in the UAE and Saudi Arabia. “We have observed an increase in interest and discussion in the Middle East around offering pension type savings for expatriate employees,” said Robert Ansari, head of investment and retirement for India, […] October 20, 2022
Royal seal of approval for Polish firm to solve Gulf’s tech issue A member of the royal family in the UAE is backing a Polish firm’s entry to the Gulf as it aims to address the severe skill shortage in the region’s technology sector. Future Collars is a digital IT training company that has worked with Amazon, Accenture and BNP Paribas to train highly skilled workers. Headquartered […] October 19, 2022
Sustainability Mubadala buys stake in German offshore wind power giant Mubadala Investment Company has announced the acquisition of a stake in Skyborn Renewables, the world’s largest private offshore wind developer. The deal by the Abu Dhabi-based sovereign investor, which manages a global portfolio of assets valued at $284 billion, bolsters its rapidly growing clean and sustainable energy portfolio. Global Infrastructure Partners (GIP) also has a […] October 19, 2022
Analysis MENA startup valuations take a hit as funding tightens Funding for startups in the Middle East and North Africa (MENA) has continued to decline this year, in line with global trends, but industry experts remain optimistic that the end of the year will see a resurgence. The tightening of cash has also meant investors are looking for increasingly bigger stakes, resulting in startup valuations […] October 18, 2022
Development UAE and UK partner to support women entrepreneurs The UAE-UK Business Council announced a new partnership with the Cherie Blair Foundation for Women on Monday as it rallies business leaders to mentor more female entrepreneurs in the least developed countries. The 100,000 Women Programme has already secured the participation of over 100 business leaders in the UAE but it plans to turbo-charge the […] October 17, 2022
Trade UK drinks firms raise glass to Morocco and Tunisia trade deal British drinks companies have raised a glass after the UK removed trade barriers that deterred alcohol sales to Morocco and Tunisia. The changes in the countries, which extends to Argentina and Angola as well, will help the UK’s products to reach millions of new potential customers and boost alcohol exports, which reached £6.5 billion last […] October 17, 2022
Transport UK firm in talks in Dubai to launch high-speed, electric ferries Belfast-based Artemis Technologies is in talks to with Dubai authorities to launch its electric, high-speed passenger ferries in the emirate, part of the UAE government’s AED600 billion ($163bn) Net Zero 2050 Strategy. The Northern Irish company’s marine vehicles, which are 24 metres in length and accommodate up to 150 passengers, can achieve a top speed […] October 16, 2022
