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Top stories

Family boards an aeroplane. There are 213 airlines operating in the Middle East, says the OAG report

Qatar dazzles as Middle East aviation picks up pace

The Middle East’s aviation sector is growing at twice the global rate and is expected to offer 257 million passenger seats this year, according to a new report. Not so long ago major airlines viewed the Middle East as a place to get cheap fuel on their way from Europe to South East Asia. Now […]

Egyptian schools sometimes operate in shifts to avoid classroom overcrowding and the country is facing a shortage of more than 300,000 teachers

Education underspend dents Egypt’s long-term prospects

Egypt’s failure to meet its constitutionally mandated spending on education – partly as a result of spiralling state debts – is hurting its long-term development. The country’s education sector plan for 2023-2027 estimates 1.5 million children were out of school in 2021 and that 250,000 additional classrooms must be built to accommodate the current school […]

illegal pilgrims Mecca Saudi Arabia

Illegal Hajj pilgrims risk fines and deportation

Fines for Saudi nationals and deportation for foreign residents taking part in the Hajj pilgrimage without a permit have been announced by the country’s interior ministry. Those who help illegal pilgrims also face jail as the kingdom tries to impose stricter controls over the annual rites.  A fine of SAR10,000 ($2,700) will be issued against […]

Trending

  1. EU looks for alternatives as trade talks with GCC stall

  2. Riyadh Air expands with fleet of narrowbody jets

  3. Tourists keep flocking to Egypt as conflict rumbles on

  4. Dubai Taxi revenue and profit soar as fleet expands

  5. Rising freight costs impact Emirates Steel Arkan profit

OPINION & Analysis

Best of AGBI

A FlyDubai Boeing 737 Max. The airline's CEO says Boeing is 'fantastic' but he has sent inspectors to the manufacturer's facilities

Boeing’s ‘negative issues’ are top concern for FlyDubai CEO

Escalating regional tensions and recent floods in Dubai have “not especially” affected FlyDubai’s operations, but the low-cost airline’s chief executive said he was closely monitoring US plane maker Boeing’s response to a string of safety scandals.  “We are definitely very concerned about the delays and all the negative issues that are in the pipeline or […]

Binance clamps down on suspicious UAE crypto trades

Binance has blocked hundreds of thousands of suspicious cryptocurrency transactions in the UAE as it ramps up compliance efforts, senior executives have told AGBI. The business, which is the world’s largest crypto exchange, received nearly 60,000 law enforcement requests from governments around the world in 2023 after heightened regulatory scrutiny. Meera Judge, the Dubai-based director […]

Tim Draper: UAE benefits from US crypto ‘overregulation’

Billionaire venture capitalist Tim Draper has criticised the US for its restrictive stance on cryptocurrency, claiming it is driving innovators towards more encouraging and friendlier markets such as the UAE. The Gulf state is actively developing regulatory frameworks to lure new forms of business, amid intense regional economic competition. Dubai and Abu Dhabi have set […]

Oman’s ‘enormous’ hydrogen potential hangs on delivery

Hydrogen presents “enormous” opportunities for Oman, but the sultanate needs to focus on timely delivery of new project agreements if it is to achieve its ambitious targets, industry experts told AGBI. Oman’s Hydrom signed two agreements worth $11 billion with the Electricité de France (EDF Group) consortium as well as Actis and Fortescue to develop […]

Lebanon’s diners defy both slowdown and spectre of war

It is a cliché in Lebanon that people will always find the money for restaurants, even with war and conflict once again threatening its southern borders. “No matter what, Lebanese people want to go out,” says Christian Ghosn, CEO of Ghia Holding, which operates 25 restaurants in Lebanon, the Middle East, and Europe.  When Ghosn’s […]

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Accessories, Formal Wear, Tie

EU looks for alternatives as trade talks with GCC stall

The European Union is actively seeking alternative “avenues” for economic cooperation with the GCC following a deadlock in free trade agreement talks, said Johannes Hahn, the EU commissioner for budget and administration. “We would be interested, of course, to get an agreement [with the GCC], but we have not made a lot of progress,” Hahn […]

A view of the 'command centre' at Adnoc headquarters. Adnoc L&S serves more than 100 customers worldwide, including Adnoc

Adnoc Logistics & Services first-quarter profit up 34%

Adnoc Logistics and Services – a subsidiary of Abu Dhabi National Oil Company – reported a 34 percent year-on-year increase in net profit to $194 million (AED712 million) in the first quarter of the year. Its revenue rose 42 percent year on year to $840 million in Q1, while EBITDA increased 44 percent to $286 […]

Emaar China Palace Hotel Downtown Dubai

Emaar Hotels reveals wide expansion plans

Emaar Hospitality Group is talking to investors in Europe, the Middle East and China to expand its footprint regionally and internationally. The Dubai-based company is behind iconic names such as The Address Hotels & Resorts, Vida Hotels, Palace Hotels & Resorts and Armani Hotels & Resorts. Mark Kirby, Emaar Hospitality’s CEO, told AGBI the company […]

Aldar Properties HQ. The developer's new bonds will be managed by HSBC and Standard Chartered

Aldar prepares for new 10-year green Islamic bonds

Aldar Properties, the largest developer in Abu Dhabi, has appointed banks for its US-dollar-denominated 10-year green Islamic bond, according to a news report. HSBC and Standard Chartered Bank will lead as joint global coordinators, Reuters reported, citing a bank document. Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, First […]

Revenues at Dubai Taxi's core taxi segment rose 15%, driven by increased trips, trip lengths and higher tariffs

Dubai Taxi revenue and profit soar as fleet expands

Dubai Taxi Company (DTC), a subsidiary of the emirate’s transport regulator, reported that revenue rose 16 percent year on year to AED558 million ($152 million) in the first quarter of 2024 due to a growing fleet and more taxi journeys. Revenue in the core taxi segment rose 15 percent annually, driven by increased trips, trip […]

Saudi Arabia latest

illegal pilgrims Mecca Saudi Arabia

Illegal Hajj pilgrims risk fines and deportation

Fines for Saudi nationals and deportation for foreign residents taking part in the Hajj pilgrimage without a permit have been announced by the country’s interior ministry. Those who help illegal pilgrims also face jail as the kingdom tries to impose stricter controls over the annual rites.  A fine of SAR10,000 ($2,700) will be issued against […]

Smasco provides manpower solutions for sectors such as construction, healthcare and hospitality

Saudi staffing company Smasco plans $240m from IPO

Smasco, the Saudi Manpower Solutions Company, is expected to raise between SAR840 million and SAR900 million ($224 million to $240 million) from its initial public offering after setting an indicative price range of SAR7 to SAR7.50 per share. The market capitalisation of the staffing company at listing will be between SAR2.8 billion and SAR 3 […]

Riyadh Air CEO Tony Douglas at the unveiling of the airline's livery. The company is waiting on its first order of Boeing Dreamliner 787s

Riyadh Air expands with fleet of narrowbody jets

The new Saudi airline Riyadh Air will announce a fleet of narrowbody jets later this year for a first-phase expansion that will eventually include a new terminal to meet Saudi tourism ambitions. Although its widebody aircraft come from the troubled manufacturer Boeing, Riyadh Air declined to say if the latest narrowbody orders would be from […]

SJP's chief investment officer Justin Onuekwusi, second from right, at the event in Dubai. Other speakers included, from left, Ben Powell of the BlackRock Investment Institute, Angelina Lai of SJP Asia and Middle East, and Robert Willock of the Economist Intelligence Unit

Wealth manager seeks Gulf growth despite setbacks in UK

St James’s Place, the UK’s largest wealth manager, plans to target local customers to expand its one-year-old Gulf operation as it seeks to brush off reputational setbacks in its home market. In February SJP disclosed that it had set aside more than $500 million for potential client refunds after an increase in complaints about its […]

Around the Middle East

A KFC outlet in a Dubai mall. It accounts for about two-thirds of Americana's sales, but has been hit by boycotts

Americana profit tumbles as Gaza boycotts hit sales

Americana Restaurants International’s revenue and profit fell again in the first quarter of this year as Mena diners continue to shun western brands in protest at the conflict in Gaza. Americana, which runs 2,456 fast-food outlets across the region, reported a 16.3 percent reduction in revenues year on year, to $493.5 million.  Net profit fell […]

SJP's chief investment officer Justin Onuekwusi, second from right, at the event in Dubai. Other speakers included, from left, Ben Powell of the BlackRock Investment Institute, Angelina Lai of SJP Asia and Middle East, and Robert Willock of the Economist Intelligence Unit

Wealth manager seeks Gulf growth despite setbacks in UK

St James’s Place, the UK’s largest wealth manager, plans to target local customers to expand its one-year-old Gulf operation as it seeks to brush off reputational setbacks in its home market. In February SJP disclosed that it had set aside more than $500 million for potential client refunds after an increase in complaints about its […]

Lebanon-restaurants

Lebanon’s diners defy both slowdown and spectre of war

It is a cliché in Lebanon that people will always find the money for restaurants, even with war and conflict once again threatening its southern borders. “No matter what, Lebanese people want to go out,” says Christian Ghosn, CEO of Ghia Holding, which operates 25 restaurants in Lebanon, the Middle East, and Europe.  When Ghosn’s […]

Freight trains on the Oman-UAE rail network will reach 120 km per hour, while passenger trains will reach 200 km per hour

Work to start on $3bn Oman-UAE rail network

Work will soon start on the $3 billion Hafeet Rail, a railway network between Oman and the UAE, local media has reported. The railway line will include two 2.5 km long tunnels and 36 bridges, Oman Daily Observer reported, citing Abdul Al Hatmi, CEO of Asyad Group. Oman Rail, part of Asyad Group, and the UAE’s Etihad […]

A subsidiary of Banque Misr will open the first digital-only bank in Egypt this year

Egypt to open first digital bank later this year

Misr Digital Innovation will open Egypt’s first digital bank towards the end of the year, as it looks to appeal to the North African’s country’s younger and unbanked demographic. MTI, a subsidiary of Banque Misr, is the first bank to have received approval to establish a digital bank by the Central Bank of Egypt (CBE) […]

Two to three cruise ships arrive in Bahrain every other Monday, carrying between 8,000 and 10,000 passengers

Bahrain port operator hopes to double cruise passenger arrivals

The operator of Bahrain’s biggest port has held discussions with international tour operators to try to double the number of cruise passengers visiting the kingdom next season. Khalifa Bin Salman Port is operated by APM Terminals Bahrain. It welcomed more than 116,000 cruise passengers in the last six-month season, which ran from October to March, […]

Lebanon EU aid

Lebanon to receive $1bn in financial aid from the EU

A financial aid package for Lebanon from the EU valued at more than $1 billion was announced on Thursday by the European Commission president, Ursula von der Leyen.  The money, most of which will be grants, will be made available over the next three years. Some will go towards helping to control the flow of […]

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Turkey Latest

Women working at a textiles factory in Izmir; Turkish manufacturing has been hit by rising costs and interest rates but economic growth is still anticipated

Turkish manufacturers waver on economic prospects

Turkey’s manufacturers are uncertain about the national economy’s prospects, with a report showing a slowing of new orders and an easing of output partly being offset by stronger inventory increases and expectations of a modest release from inflationary pressures.  The latest survey of Turkish manufacturers, conducted by Istanbul Chamber of Commerce and ratings agency Standard […]

Goldsmiths arrange products in a jewellery store in Istanbul. Demand for gold is rising sharply in Turkey

Demand for gold soars as Turkish investors seek safe haven

Rampant inflation, a weakening currency and geopolitical tensions are boosting demand for gold in Turkey, according to a World Gold Council report published on Tuesday. Turkey’s annual inflation hit a 16-month peak of 69 percent in March, with the central bank’s aggressive interest rate rises doing little to slow the pace of consumer price increases. […]

Turkey's treasury and finance minister Mehmet Şimşek and IsDB president Muhammad Al Jasser at the IsDB annual general meeting in Riyadh

Turkey secures $6bn from Islamic Development Bank

Turkey has secured $6.3 billion in funding over the next two years from the Islamic Development Bank (IsDB) Group to support its economic development.  The facility will support sectors such as education, health, transport, finance, agriculture, industry, energy and infrastructure, state-run Anadolu Agency said, quoting Turkey’s treasury and finance minister Mehmet Şimşek. The total amount consists of $2 billion […]

A boy shares a hot spring with cows in Guroymak, Bitlis, Turkey. The World Bank has recognised Turkey’s geothermal potential with $600m of grants and loans

Investors warm to Turkey’s geothermal sector

Turkey is planning to offset its hydrocarbons deficit by broadening its renewable energy base, with the country’s geothermal sector being targeted by investors as a strong growth market. Turkey’s current installed capacity of 1700 megawatts (MW) – much of which is being used in agriculture to heat greenhouses – ranks it among the leaders in […]

Turkey LNG Exxonmobil

Turkey looks for Exxon LNG deal to replace Russia

Turkey is aiming to secure a multibillion-dollar long-term liquefied natural gas deal with ExxonMobil as it strives to reduce reliance on Russian energy. The Turkish energy minister, Alparslan Bayraktar, told the Financial Times Ankara wanted to buy up to 2.5 million tonnes of liquefied natural gas a year in a 10-year agreement.  Bayraktar said the […]

Egypt Latest

Tourists stop for a breather at a cafe in Cairo's Khan el Khalili souq. About 14.9m people visited Egypt in 2023

Tourists keep flocking to Egypt as conflict rumbles on

Egypt’s visitor numbers rose 27 percent in the first four months of 2024, according to its vice minister of tourism and antiquities. The tourism ministry aims to increase inbound visitors by 25-30 percent this year, as it chases a target of 30 million visitors a year by 2030. Tourists from Arab countries accounted for the […]

Egyptian schools sometimes operate in shifts to avoid classroom overcrowding and the country is facing a shortage of more than 300,000 teachers

Education underspend dents Egypt’s long-term prospects

Egypt’s failure to meet its constitutionally mandated spending on education – partly as a result of spiralling state debts – is hurting its long-term development. The country’s education sector plan for 2023-2027 estimates 1.5 million children were out of school in 2021 and that 250,000 additional classrooms must be built to accommodate the current school […]

A shopping street in Cairo. The Ras El-Hekma investment underscores the strength of GCC financial support for Egypt, said Fitch

Egypt’s outlook revised up as external financial risks ease

Fitch Ratings has upgraded Egypt’s outlook to “positive” from “stable” citing lower external financing risks and increased foreign capital inflow.  The $35 billion Ras El-Hekma deal with the UAE, a flexible exchange rate, and tightening of monetary policy have reduced near-term external financing risks, the global rating agency said in a report. “The Ras El-Hekma investment underscores the […]

Last year, there was a 29 percent increase in international tourist arrivals to the GCC compared to 2022

Why ‘over-tourism’ offers an opportunity for the GCC

The GCC region and its North African neighbour Egypt can reap the rewards of over-tourism across the globe, according to industry experts, with affordability playing a key role in fuelling the sector’s growth. The number of hotel rooms in the six countries of the GCC – Bahrain, Kuwait, Qatar, Oman, Saudi Arabia and the UAE […]

A subsidiary of Banque Misr will open the first digital-only bank in Egypt this year

Egypt to open first digital bank later this year

Misr Digital Innovation will open Egypt’s first digital bank towards the end of the year, as it looks to appeal to the North African’s country’s younger and unbanked demographic. MTI, a subsidiary of Banque Misr, is the first bank to have received approval to establish a digital bank by the Central Bank of Egypt (CBE) […]

Features

Dubai The World Villas

Demand for beach plots sells 80% of The World villas in days

An ultra-luxe villa community planned for Dubai’s The World Islands is more than 80 percent sold only days after first being announced, thanks to the dearth of available beachfront plots in the city. The boutique developer Amali Properties, co-founded by siblings Ali and Amira Sajwani of Damac Properties, said last week that the community will […]

Luggage, airspace and size: challenges for Dubai’s new airport

Sizing, air traffic control and passenger handling are among the challenges Dubai will face in building the world’s largest airport within the next 10 years, industry experts tell AGBI.  Authorities announced last month plans to expand Al Maktoum International into a facility that will handle 150 million passengers annually within a decade, and eventually 260 […]

UAE leads GCC on board gender mix but region still lags

More than 10 percent of board seats at listed companies in the UAE are filled by women, well ahead of its Gulf neighbours, but still lagging the global average. At the 168 companies listed on the Abu Dhabi Securities Exchange and Dubai Financial Market, just 133 out of 1,231 board seats, or 10.8 percent, are […]

Crypto miners see ‘enormous potential’ in the Gulf

With cryptocurrencies edging up again after last weekend’s “halving” – in which the rewards Bitcoin miners get for solving problems is cut in two to maintain scarcity – these are heady days for holders of Bitcoin and other virtual currencies. Bitcoin miners have been attracted to the Gulf by cheap electricity and established infrastructure.   “GCC […]

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 […]

People & Lifestyle

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. […]

A young Cristiano Ronaldo fan pictured at an Al Nassr Saudi Pro League match. The star has approximately 849 million social media followers

Binance to launch new Ronaldo NFTs ‘soon’ amid legal case

Cristiano Ronaldo and the world’s largest cryptocurrency exchange Binance are to launch a fourth set of non-fungible tokens (NFTs) “soon”, as the footballer faces a $1 billion lawsuit for promoting the company. The Al Nassr and Portugal forward signed a deal with Binance in 2022 to create NFTs – digital collectibles – using his “CR7” […]

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 […]

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, […]

Electronics, Phone, Mobile Phone

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Around the world

The Daily Telegraph will remain in British hands after the government blocked foreign governments from owning UK newspapers

UAE’s RedBird pulls out of Telegraph acquisition

RedBird IMI, partly owned by Abu Dhabi’s International Media Investments, has backed out of plans to acquire the Telegraph Media Group, after the UK government blocked the deal. RedBird IMI’s decision comes after the UK crafted legislation blocking foreign governments from owning British newspapers and news magazines. The company said the deal was “no longer feasible”, Reuters […]

2REKCFR Soroako, Indonesia. 28th July, 2023. A worker seen in action at Nickel mine, operated by PT Vale Indonesia in Sorowako. U.S. Geological Survey Shows that Indonesian nickel reserves ranked first, reaching 21 million tons or equivalent to 22% global reserves. Credit: SOPA Images Limited/Alamy Live News

Manara takes a $2.5bn stake in Brazilian mining giant

Manara Minerals, a joint venture between Saudi Arabian Mining Co (Maaden) and the sovereign Public Investment Fund (PIF), has completed a $2.5 billion deal to acquire a stake in a subsidiary of Brazilian giant Vale. Maaden said in a filing to the Saudi Exchange that it has acquired 10 percent of Vale Base Metals Limited […]

UAE Minister of State for Foreign Trade Dr Thani Al Zeyoudi meets with Tiit Riisalo, Estonia’s Minister of Economic Affairs and Information Technology

UAE-Estonia trade grows around tech collaboration

The digital economy is expected to be at the forefront of trade between the UAE and Estonia as the former Soviet state positions itself to become a European centre for deep tech projects. Officials from both countries met on Saturday in Abu Dhabi, with artificial intelligence and health tech highlighted as areas for greater collaboration. […]

The Elmed undersea power line will run from the electrical substation at Partanna in Sicily to a substation at Mlaabi, Tunisia

Tunisia-Italy power project gets $285m investment 

The Tunisian Electricity and Gas Company (STEG) has revealed plans to invest about €266 million ($285 million) to complete the Tunisian-Italian Elmed Interconnector Project, a 220km power line connecting the two countries. The investment will fund the Tunisian side of the project, which includes laying a 100km submarine power cable worth €125 million and the […]