Skip to content Skip to Search
Skip navigation

Arabian Gulf Business Insight

closing prices

ABU DHABI =0.0%
BAHRAIN +0.2%
dubai +0.1%
egypt -3.2%
kuwaiT +0.2%
oman +0.1%
qataR -0.3%
SAUDI -0.8%

Top stories

Rain falling on paved surfaces such as roads has nowhere to go, but retrofitting roads to allow rainwater harvesting could help, some experts say

Rain harvesting could help Dubai offset a stormy future

If last week’s floods made improving drainage a necessity for Dubai, the reward might come in the form of more natural water resources, provided the emirate can boost rain harvesting efforts, industry observers tell AGBI. “The main idea for countries, especially in drier areas, is to try to reuse water as much as possible,” says […]

Cenomi executives hope to attract shoppers who might otherwise spend abroad by offering a 'world class' experience Young muslim couple shopping and having fun

Saudi mall operator takes aim at Dubai’s retail crown

Saudi Arabia’s leading mall operator is looking to challenge Dubai for the title of the top retail location in the Gulf, with plans to add five more locations by 2027. Bruno Wehbe, chief operating officer of Cenomi Centers, said the Jawharat Riyadh would include new elements such as 3D holographic projections, food halls with live […]

Art NFTs Video length: 04:13

Dubai art dealer uses NFTs for fractional art ownership

A Dubai tech startup is introducing tokenisation to the art world, after the NFT bubble burst spectacularly. 10101.art aims to make investing in art accessible to all by selling digitised fragments of works by artists including Andy Warhol, Banksy and Picasso, allowing for collective ownership of a masterpiece for as little as $100 a fragment. […]

Trending

  1. Cairo has most billionaires in Africa, but wealthy are leaving

  2. Saudi Arabia’s Fakeeh Care to offload 21% stake in IPO

  3. IMF opens office in Riyadh to bolster Middle East presence 

  4. Emirates NBD Q1 profit rises 12% on global income growth

  5. Florida port service could increase Saudi non-oil exports

OPINION & Analysis

Best of AGBI

Egypt's wealthiest man, Nassef Sawiris, who lives in Cairo, has interests in construction, manufacturing and sports

Cairo has most billionaires in Africa, but wealthy are leaving

Cairo is home to more billionaires than any other African city, but Egypt is facing an exodus of its wealthiest citizens. The international wealth advisory firm Henley & Partners said Cairo is home to four billionaires, and 30 centi-millionaires – those worth $100 million or more. Most reside in affluent parts of Greater Cairo, including […]

Beirut bids to reclaim its regional shipping crown

The ruined grain silos that absorbed much of the Beirut Port blast still stand as a monument to Lebanon’s misery during the past four years.  Much of the debris, scattered across the old port and lying on the seabed, remains unmoved from where it fell on 4 August 2020, when 2,750 tonnes of ammonium nitrate […]

Iraq shapes up as a destination for UAE investors

Emirati investors may be increasingly tempted to look at Iraq after additional safeguards are introduced under a new bilateral investment treaty, observers believe. The treaty between Iraq and the UAE was signed in October 2021 and ratified by both states last year. All that is left now is for the instruments of ratification to be […]

economic indicators

The latest data from every GCC country

UAE latest

Art NFTs Video length: 04:13

Dubai art dealer uses NFTs for fractional art ownership

A Dubai tech startup is introducing tokenisation to the art world, after the NFT bubble burst spectacularly. 10101.art aims to make investing in art accessible to all by selling digitised fragments of works by artists including Andy Warhol, Banksy and Picasso, allowing for collective ownership of a masterpiece for as little as $100 a fragment. […]

Rain falling on paved surfaces such as roads has nowhere to go, but retrofitting roads to allow rainwater harvesting could help, some experts say

Rain harvesting could help Dubai offset a stormy future

If last week’s floods made improving drainage a necessity for Dubai, the reward might come in the form of more natural water resources, provided the emirate can boost rain harvesting efforts, industry observers tell AGBI. “The main idea for countries, especially in drier areas, is to try to reuse water as much as possible,” says […]

The UAE and Kenya will work will work together on mineral exploration, processing, marketing and mine development

UAE and Kenya sign mining and technology deal

The UAE and Kenya have signed an agreement to boost investment in the mining and technology sectors, as the Gulf state focuses on Africa to enhance its precious metals and minerals reserves. As part of the agreement, the UAE Ministry of Investment and the Republic of Kenya Ministry of Finance and National Treasury will work […]

emirates-nbd

Emirates NBD Q1 profit rises 12% on global income growth

Emirates NBD, Dubai’s largest bank by assets, said net profit rose 12 percent in the first quarter of 2024, thanks to income growth from its international network. Net profit for the first three months ended March 31 reached AED6.7 billion ($1.8 billion), up from AED6 billion a year ago. Total assets jumped to AED902 billion […]

GCC insurance companies may have to consolidate in the wake of payments for flooding damage in the region

More GCC insurance mergers likely after flooding impact

Consolidation in the GCC’s insurance sector – already underway because of rising competition and stricter regulations on solvency capital requirements – could be accelerated by the impact of the flooding in the region last week. Ratings agency S&P Global said this week that many insurance companies – mainly in the UAE, Kuwait and Saudi Arabia […]

Saudi Arabia latest

Jacksonville Port in Florida. A new container service connecting the port to Jeddha could improve Saudi exports

Florida port service could increase Saudi non-oil exports

Saudi Arabia’s exports are set to improve following the introduction of a new container service that will link Jeddah with Florida. Non-oil exports rose 4.4 percent year on year in February while production cuts led oil exports to slip to 77 percent of the total, the government said. Jacksonville Port Authority (Jaxport) in Florida said […]

Cenomi executives hope to attract shoppers who might otherwise spend abroad by offering a 'world class' experience Young muslim couple shopping and having fun

Saudi mall operator takes aim at Dubai’s retail crown

Saudi Arabia’s leading mall operator is looking to challenge Dubai for the title of the top retail location in the Gulf, with plans to add five more locations by 2027. Bruno Wehbe, chief operating officer of Cenomi Centers, said the Jawharat Riyadh would include new elements such as 3D holographic projections, food halls with live […]

Diriyah Gate encompasses the Al-Turaif Unesco World Heritage Site

Saudi giga-project Diriyah Gate targets 2027 completion

Diriyah Gate, one of the first Saudi giga-projects, said this week that it was on target for completion by late 2027. The opening of the project’s first hotel is now rescheduled for later this year.  “We’re looking forward to the conclusion of our project, probably toward the end of 2027,” said Andrew Tonnor, Diriyah Gate’s […]

Saudi Arabia’s Fakeeh Care to offload 21% stake in IPO

Fakeeh Care Group, one of the largest private healthcare groups in Saudi Arabia, plans to offload 21.47 percent of its stake through existing and new shares in an initial public offering (IPO). The group, which owns four hospitals in the kingdom, intends to offer 30 million new shares and 19.8 million existing shares to investors […]

The IMF said its Riyadh office will 'promote stability, growth and regional integration'

IMF opens office in Riyadh to bolster Middle East presence 

The International Monetary Fund (IMF) will open a new regional office in Riyadh to bolster collaboration with nations in the Middle East and beyond.  The new office will scale up capacity building, regional surveillance, and outreach to promote stability, growth, and regional integration, the Washington-headquartered fund said in a statement.  The office will be pivotal […]

Around the Middle East

UK Business and Trade Secretary Kemi Badenoch attended the sixth round of UK-GCC trade talks in Riyadh in February

UK election adds urgency to GCC trade talks

An imminent general election in the UK and a potential change of government has accelerated pressure on negotiators to resolve talks about a GCC trade deal. Talks between the six countries of the Gulf Cooperation Council – the UAE, Saudi Arabia, Bahrain, Qatar, Oman and Kuwait – and the UK are almost two years old.  […]

GCC insurance companies may have to consolidate in the wake of payments for flooding damage in the region

More GCC insurance mergers likely after flooding impact

Consolidation in the GCC’s insurance sector – already underway because of rising competition and stricter regulations on solvency capital requirements – could be accelerated by the impact of the flooding in the region last week. Ratings agency S&P Global said this week that many insurance companies – mainly in the UAE, Kuwait and Saudi Arabia […]

The 2020 explosion caused $15bn of damage and reduced the port's capacity

Beirut bids to reclaim its regional shipping crown

The ruined grain silos that absorbed much of the Beirut Port blast still stand as a monument to Lebanon’s misery during the past four years.  Much of the debris, scattered across the old port and lying on the seabed, remains unmoved from where it fell on 4 August 2020, when 2,750 tonnes of ammonium nitrate […]

Oman UAE deals Sultan of Oman president of UAE

Oman and UAE sign deals worth $35bn

The UAE and Oman have announced a host of new commercial and business deals worth a total of AED129 billion ($35 billion). The partnerships were agreed during Monday’s state visit to the Emirates by the ruler of Oman, Sultan Haitham bin Tariq al Said.  Investment and collaboration agreements covered areas including renewable energy, green metals, […]

Total and OQ executives at the FID signing ceremony for the LNG bunkering project in Sohar Port

OQ and Total approve $1.6bn LNG project in Oman

State-owned Oman National Oil (OQ) and French energy major TotalEnergies have finalised the construction of a $1.6 billion Marsa LNG bunkering project at Sohar Port. The project will be developed by Marsa Liquefied Natural Gas, a joint venture owned 80 percent by TotalEnergies and 20 percent by OQ, the state-run Oman News Agency reported. The upstream component […]

UAE Oman trade

Oman’s sultan in UAE to push for rebound in trade

Sultan Haitham bin Tariq of Oman will arrive in the UAE on Monday for a state visit as he looks to cement ties with his country’s biggest trade partner. During the visit the Omani ruler will meet UAE President Sheikh Mohamed bin Zayed Al Nahyan to discuss bilateral relations which were worth more than $14 […]

Philippine President Ferdinand Marcos Jr., walks with Qatar's Emir Sheikh Tamim Bin Hamad Al Thani during arrival honors at the Malacanang Presidential palace in Manila, Philippines, April 22, 2024. Aaron Favila/Pool via REUTERS

Philippines and Qatar sign nine agreements on trade

The Philippines and Qatar have signed nine agreements aimed at boosting trade and investment between the two countries, while also addressing global challenges such as climate change and human trafficking.  The agreements were signed by Philippine President Ferdinand Marcos Jr and Qatari Emir Sheikh Tamim bin Hamad Al Thani on Monday, the Philippine News Agency […]

Officer, Person, Adult

Saudi fund agrees $67m deal to support Omani SMEs

The Saudi Fund for Development in Oman has signed an OR 25 million ($67 million) deal with the Oman Development Bank to finance startups and create more jobs for the sultanate’s youth. The agreement is part of a wider $150 million package of support provided by the Saudi government through the fund, which offers loans […]

Topics:

metaverse
Neom
HYDROGEN
SAUDI ARABIA VISION 2030
BLOCKCHAIN
FOOD SECURITY
OPEC

Turkey Latest

The funding of Midas is among the 'biggest ever' Series A fund raise by a Turkish fintech

Turkish fintech Midas raises $45m for new products

Turkish fintech startup Midas has raised $45 million in equity funding to expand its services and launch new products. The new products include cryptocurrency trading, mutual funds and savings accounts. The funding is among the “biggest ever” Series A fund raise by a Turkish fintech and comes less than three years after Midas was launched.  […]

A worker at Al Faw Grand Port. The Development Road project aims to connect the port with Turkey

Gulf to collaborate on $17bn Suez Canal road and rail rival

The $17 billion “Development Road” project is moving ahead after the UAE, Iraq, Qatar and Turkey signed a quadrilateral cooperation agreement.  The road and rail collaboration aims to tie the Al-Faw Grand Port in Iraq’s oil-rich south to Turkey, thereby shortening travel time between Asia and Europe in a bid to rival the Suez Canal. […]

The Turkish Airlines deal with Rolls-Royce and Airbus will be announced later this month

Turkish Airlines nears $20bn deal with Airbus and Rolls-Royce

State-backed Turkish Airlines is expected to sign an agreement with UK’s Rolls-Royce Holdings Plc and European planemaker Airbus to manufacture $20 billion worth of aircraft components locally. The deal will be announced in Istanbul later this month, Bloomberg reported, quoting Turkish officials who were aware of the agreement. Last December the Turkish national carrier announced […]

Turkey textiles

Hit by rising costs, Turkey’s textile producers move overseas

Textile manufacturers in Turkey, struggling with pricing pressures and labour costs, are moving their operations overseas, although at least some in the sector see a turnaround by the year’s end. The Istanbul Chamber of Industry sectoral purchasing managers’ index for March showed sentiment among textile manufacturers was the lowest among the 10 sectors covered by […]

Mubadala-backed Getir weighs asset sales

Turkey’s grocery delivery startup Getir is considering asset sales as part of its ongoing restructuring talks, according to a media report. The company, operating in five markets, including the UK, aims to sell off assets such as US online grocer FreshDirect, acquired last year, and BiTaksi, a ride-hailing app in Turkey, Sky News reported, citing unnamed […]

Egypt Latest

Sodic general manager Ayman Amer and Robert De Niro, Nobu Hospitality Co-Founder, at the launch of their third venture in Egypt

Aldar-owned Sodic to build third Nobu hotel in Egypt

Sodic, the Egyptian real estate subsidiary of the UAE’s Aldar Properties and Nobu, the US-headquartered luxury lifestyle brand, have signed up to develop their third hospitality project in Egypt. The Nobu Hotel and Restaurant, which will come up in east Cairo, will open next year, the developer said in a statement. The cost of the […]

Egypt's wealthiest man, Nassef Sawiris, who lives in Cairo, has interests in construction, manufacturing and sports

Cairo has most billionaires in Africa, but wealthy are leaving

Cairo is home to more billionaires than any other African city, but Egypt is facing an exodus of its wealthiest citizens. The international wealth advisory firm Henley & Partners said Cairo is home to four billionaires, and 30 centi-millionaires – those worth $100 million or more. Most reside in affluent parts of Greater Cairo, including […]

A square in Cairo

‘Worst is behind us’ in Egypt’s black market dollar war says BMI

The Egyptian government’s priority for 2024 should be to keep the gap between the official and parallel exchange rates for Egypt’s pound and the US dollar as narrow as possible, says BMI Research. In a webinar on Tuesday BMI, a Fitch Group firm specialised in country risk, said that “the worst is behind us” in […]

reducing inflation Egypt Mohamed Maait finance minister

Reducing inflation is Egypt’s top priority, says minister

Reducing inflation in Egypt to align with the central bank’s target is the government’s main priority, the country’s finance minister, Mohamed Maait, has announced. Inflation in Egypt fell to 33 percent in March from 38 percent in September, passing the central bank’s target range of a 5 to 9 percentage point fall. Maait, speaking at […]

Egypt growth forecast Cairo street

World Bank lowers Egypt’s growth forecast again

The World Bank has downgraded Egypt’s growth forecast for the current fiscal year to 2.8 percent, the lowest for 11 years, despite recent investment in the country of nearly $60 billion. In its latest Middle East and North Africa economic update, the bank blamed “sluggish industrial sector performance” and the effects of war in the […]

Features

The Line at Neom

Saudi Arabia strives to counter giga-project doubts

As Saudi Arabia ramps up its global tour to attract more giga-project investment, doubts have begun to set in over costs and whether they will meet the imminent 2030 deadline. The kingdom’s officials put on a big show at an international real estate event in Cannes in March and this week Neom kicked off the […]

Rising prices risk making Dubai homes ‘unattainable’

Escalating home prices in Dubai’s affordable communities are making it even more difficult for residents to get on the property ladder, real estate experts have warned. February data from property consultancy ValuStrat shows the highest annual growth in apartment values was recorded in the emirate’s more budget-friendly neighbourhoods.  Prices in Discovery Gardens and The Greens […]

Space trash offers Saudi Arabia a new revenue source

Saudi Arabia is targeting lucrative and environmentally critical opportunities in the rubbish removal sector – in outer space. More than 27,000 man-made objects larger than 10 centimetres, such as defunct satellites and spent rocket stages, orbit Earth, according to Nasa. This space debris puts at stake billions of dollars of assets such as spacecraft and […]

The Mena metaverse: moving beyond the hype

Two years ago, the concept of metaverse lands transformed from an interesting subculture into a thriving multi-billion-dollar market, capturing the interest of major investors both regionally in the Middle East and globally.  Metaverse lands, made of pixels and digital images, refer to buildings and plots within a virtual environment, offering spaces for gaming, socialising, business […]

Lithium’s highs and lows – and what they mean for the Gulf

For one of the world’s most critical minerals, the past two years have been the best of times and the worst of times. First, lithium prices shot skywards, hitting around $80,000 per metric tonne in 2022 amid fears that global supply would not meet demand. Then, in just a year, the soft, silvery-white metal lost […]

People & Lifestyle

Egypt's wealthiest man, Nassef Sawiris, who lives in Cairo, has interests in construction, manufacturing and sports

Cairo has most billionaires in Africa, but wealthy are leaving

Cairo is home to more billionaires than any other African city, but Egypt is facing an exodus of its wealthiest citizens. The international wealth advisory firm Henley & Partners said Cairo is home to four billionaires, and 30 centi-millionaires – those worth $100 million or more. Most reside in affluent parts of Greater Cairo, including […]

Electronics, Headphones, Adult Foreign investment in esports has been slowing but experts remain upbeat about the future of the market esports game gaming Saudi Arabia

World Cup’s brimming prize pot to revive Saudi esports

Saudi Arabia will offer a record-breaking $60 million prize pool for its upcoming Esports World Cup, at a time when the kingdom is facing challenges attracting foreign investments to the sector. The amount of prize money for this summer’s event breaks the previous record of $45 million set by esports festival Gamer8 in 2023. Saudi […]

The number of customers playing digital games in Jordan expanded to just under 6 million in 2023

Jordan’s digital game spend at $82m in 2023

The total amount spent on digital games in Jordan reached $82.5 million in 2023, official data has revealed. Nearly $17 million was allocated to paid games while $7.3 million was spent on live in-game purchases, state-run Jordan News Agency said, quoting the Information and Communications Technology Association of Jordan (Intaj). Mobile games commanded the largest […]

Dubai has more than 13,000 restaurants and cafes, according to tourism officials

Dubai restaurant scene ‘at risk of hitting saturation point’

Food and beverage operators in Dubai have warned that the emirate’s restaurant market is increasingly saturated as one company calls time on a prominent location. Gates Hospitality, which operates venues across the Middle East, announced this week that two of its restaurants in Souk Madinat Jumeirah, Folly and Publique, would close at the end of […]

Taaleem has doubled its investment in edtech over the past five years but says it is selective with its use

Mena reaches for tech to upgrade results in education

Demand for education technology, or edtech, is growing in the Middle East and North Africa as countries seek to bolster learning to drive economic growth.  However, experts warned against excessive use of technology in classrooms, saying it could affect the attainment of basic skills such as reading and writing.  Examples of edtech include interactive whiteboards, […]

Riyadh women's tennis Iga Swiatek

Riyadh secures three years of women’s world tennis finals

Riyadh is to host the Women’s Tennis Association finals for the next three years, with record prize money for participants. The top eight singles players and doubles teams in the annual Race to the WTA Finals will play for a prize pot of $15 million, the Women’s Tennis Association (WTA) said in a statement. The […]

Electronics, Phone, Mobile Phone

NEWSLETTER

Sign up to get the Best of AGBI direct to your inbox every week

Around the world

Marcel Ciolacu, Romania's PM, speaks to reporters in Rome. He is now in Qatar for trade talks

Romania touts $16bn of opportunities as PM visits Qatar

Romania is looking to secure €15 billion ($16 billion) of investment from Qatar during a visit by its prime minister, Marcel Ciolacu. He is set to hold talks with Qatar’s prime minister and minister of foreign affairs, Mohammed bin Abdulrahman bin Jassim Al Thani. Ciolacu is also due to have discussions with representatives of Qatar […]

Debt-for-nature swaps may give $100bn boost to climate fight

Debt-for-nature swaps, where poorer countries have debt written off in return for protecting ecosystems such as barrier reefs or rainforests, could provide $100 billion for the fight against climate change, a new report has calculated. The UK-based, non-profit International Institute for Environment and Development (IIED) based the estimate on the possibility of debt swaps in […]

An artist's impression of the new Casablanca cruise terminal to be operated by a consortium led by the UK's GPH

UK’s Global Ports to operate Casablanca cruise terminal

A consortium led by British cruise operator Global Ports Holding (GPH) has secured preferred bidder status for operating a new cruise terminal in Casablanca. The consortium was awarded a 15-year concession agreement with Morocco’s state-owned Agence Nationale des Ports (ANP). The consortium and ANP are working towards finalising the concession terms, the London stock exchange-listed […]