Finance US private equity giant General Atlantic opens Gulf offices Global private equity firm General Atlantic, which manages $77 billion in assets, is opening offices in the UAE and Saudi Arabia. The company has been investing in the Middle East since 2015 without a local base, but is now establishing a stronger foothold as it nears the completion of new investment deals in the region. […] November 29, 2023
Analysis Trade Raiven launches fund to strengthen UAE-Canada ties Raiven Capital, a venture capital company based in Toronto, has launched a new $125 million fund in Dubai with a focus on tech-based founders. The fund, set up in Dubai International Financial Centre (DIFC), will invest in entrepreneurs developing artificial intelligence to disrupt sectors including fintech and cybersecurity. “Raiven has ambitious plans for the region […] November 23, 2023
Economy US-China tensions among risks facing Middle East The divide between China and the US is one of the top five global risks facing businesses in the coming year, according to consultancy Control Risks. But commentators said the Middle East would continue to engage economically and politically with both superpowers, with little negative impact on trade flows. Control Risks’ annual “RiskMap” forecast highlights […] November 20, 2023
Opinion Oil & Gas US oil has got its groove back – now Opec has to react The resurgence of the US shale industry complicates the calculations for Opec producers meeting this month November 20, 2023
Oil & Gas Opec+ agonises over quotas but more cuts loom Opec+ members are likely to extend their voluntary output cuts through to next year at their meeting in Vienna on November 26, even if this means the oil group risks losing market share to keep prices high, analysts and economic experts said. Brent prices held above $82 a barrel on Monday, after four weeks of […] November 20, 2023
Tech Ousted OpenAI CEO Altman mulls new AI venture Sam Altman, the just ousted CEO of OpenAI, is discussing a possible return to the company behind the ChatGPT bot even as he considers launching a new artificial intelligence (AI) venture, a person briefed on the matter said on Saturday. A day after the board fired him in a surprise move that rocked the tech […] November 20, 2023
Analysis Sustainability What Big Oil says about climate change The role to be played by Big Oil in global efforts to tackle climate change will be central to the debate at the Cop28 summit that begins in Dubai in three weeks. Ending the world’s dependence on oil in its current form is seen as vital if the worst effects of rising temperatures are to […] November 9, 2023
Finance Global investor looking to Middle East healthcare sector The global asset management group Janus Henderson Investors is targeting the Middle East’s trillion-dollar medical sector to deliver healthy returns. The group has $308 billion in assets under management and 24 offices globally, including one in Dubai International Financial Centre since 2012. The healthcare team’s strategy has a pot of more than $10 billion, while […] November 3, 2023
Opinion Energy Geopolitical risk will shape next twist in crude oil prices Warning lights are on but the oil market's focus is softening demand November 1, 2023
People & Lifestyle Hollywood mogul is AlUla’s hero in Saudi movie twist The ancient city of AlUla in Saudi Arabia has turned to a former Warner Bros movie mogul to further its ambitions to become a world-class hub for the film and creative industry. Film AlUla, the Royal Commission for AlUla’s film agency, has signed a three-year deal with Stampede Ventures, led by founder and CEO Greg […] October 29, 2023
Banking & Finance US banks lead pack for M&A advice in Middle East US banks have been the top advisers for mergers and acquisitions in the Middle East and Africa this year, research has found. Bank of America advised on deals with a combined value of $9.9 billion in the first nine months of 2023, followed by JP Morgan at $7.6 billion and Citi at $6.3 billion. “Bank […] October 25, 2023
Analysis Tech Race is on for AI chips as nations seek tech supremacy The Gulf states are expected to invest heavily in powerful semiconductor chips in the years ahead to drive artificial intelligence forward. However, US restrictions on exports of the world’s biggest player in the chips market are a potential stumbling block. AI technology is critical to developing global influence and expanding high-growth industries, and the high-performance […] October 12, 2023
Video length: 07:09 Analysis Energy Riyadh adds safety valve to US and China nuclear quest Saudi Arabia is to allow inspections of future nuclear facilities, in an effort to persuade Washington to allow transfer of US reactor technology. The decision by Riyadh will appease Washington, but the Saudis are still courting China as a possible alternative option if US fears of nuclear proliferation prevent a deal. The Saudi government presented […] October 11, 2023
Finance World Bank president sees over $100bn lending boost World Bank Group President Ajay Banga on Tuesday said proposed new contributions from wealthy countries combined with balance sheet changes could boost the bank’s lending capacity by $100 billion to $125 billion over a decade. Banga told a council on foreign relations event that the contributions would come outside the bank’s normal shareholding structure and […] September 27, 2023
Economy Fed interest rate pause will help GCC non-oil sector The decision by the US Federal Reserve to leave policy rates unchanged will have a positive impact on the non-oil sectors of Gulf Cooperation Council (GCC) countries, according to leading economists. The Fed has announced 11 rate hikes since March 2022, but on Wednesday decided to hold its benchmark rate steady, albeit at a 22-year […] September 21, 2023
Real Estate Bahrain’s Arcapita exits US student housing portfolio Arcapita Group Holdings, the Bahrain-headquartered alternative investment company, has exited from its student housing community investment in the United States. Arcapita sold its student housing community near Clemson University, the second largest university in South Carolina, to Chicago-based Core Spaces, an operator of student housing properties. The transaction is Arcapita’s second student housing exit in […] September 21, 2023
People & Lifestyle Georgetown launch a sign of growing US presence in Dubai Georgetown University has launched its business programme in Dubai as more US companies set up shop in the UAE. The Washington DC-based university’s McDonagh School of Business this week welcomed its first cohort of 53 students to its new Executive MBA. Located in the Dubai International Financial Centre (DIFC) Academy, the 19-month programme covers business […] September 15, 2023
Video length: 06:36 VIDEO Trade Abraham Accords – 3 years on, $3 billion in trade An Israeli politician has described how the Abraham Accords, signed three years ago today, have “opened a floodgate to, hopefully, a new Middle East”. Fleur Hassan-Nahoum, deputy mayor of Jerusalem, tells AGBI in an exclusive video interview that the agreement signed at the White House on September 15 2020, is transforming Israel’s relations with the […] September 15, 2023
Construction US 3D home printer to set up factories in UAE and Saudi The UAE and Saudi are set to have 3D-printed prefabricated homes in the coming years, after a US company announced plans to set up factories in the Gulf states. The move comes after Mighty Buildings, a California-headquartered 3D home construction company, raised $52 million in funding, led by Wa’ed Ventures, the $500 million venture capital […] September 13, 2023
Tech Mubadala commits $1bn to US tech lending platform Abu Dhabi state investor Mubadala Investment Company has committed $1 billion to US-based Blue Owl Capital’s credit platform to initially focus on financing technology and software companies. New York Stock Exchange-listed Blue Owl is an alternative investment manager with $150 billion in assets under management. “Private credit has become an integral part of the financing […] September 12, 2023
Finance SoftBank’s Arm to be valued at up to $54bn Arm Holdings Ltd, the chip designer owned by SoftBank Group Corp, is planning to ask investors to pay $47 to $51 for each of its shares when it begins marketing its initial public offering (IPO) next week, people familiar with the matter said on Saturday. The price range, which has not been previously reported, would […] September 3, 2023
Exclusive Energy Dow Chemical oils wheels for Saudi Arabia expansion The Dow Chemical Company has put Saudi Arabia at the heart of its Middle East expansion strategy, its new regional president told AGBI. The multinational corporation, which makes chemicals used in everything from oil and plastics to paints and building materials, also wants to capitalise on higher gas demand in the region. Moosa Al Moosa, […] August 27, 2023
