Industry News

UOB Global Economics and Markets Research has released a report assessing the macroeconomic risks posed to Singapore by the ongoing conflict in the Middle East. The report, dated 6 March 2026, highlights that whilst the direct impact on Singapore’s GDP growth is expected to be limited, inflationary pressures could be more significant due to rising oil and gas prices.

The report notes that Brent crude oil prices are anticipated to remain elevated between US$80 and US$90 per barrel in the short term, potentially easing to US$75 if the conflict remains short-lived. Singapore’s export exposure to the Middle East is minimal, accounting for only 2% of total exports in 2024. However, the import share from the region is higher, driven largely by energy-related goods.

UOB’s analysis suggests that approximately 7–8% of Singapore’s Consumer Price Index (CPI) basket is directly affected by oil and gas prices. This includes electricity, gas, petrol, and transport services. The Energy Market Authority has indicated that global energy price increases could lead to higher domestic electricity prices, although many consumers are protected by fixed-price contracts.

The report also discusses potential spillover effects on inflation from increased utility and transport costs. A US$10 increase in Brent crude oil prices could raise core inflation by 30–40 basis points. UOB maintains its 2026 core inflation forecast at 1.5%, with risks skewed to the upside if the conflict persists. The Monetary Authority of Singapore (MAS) may consider tightening policy at its April 2026 meeting by adjusting the Singapore dollar nominal effective exchange rate (S$NEER) band slope.

In summary, whilst Singapore’s GDP growth may not be significantly impacted, the ongoing Middle East conflict poses a risk of heightened inflation, prompting potential policy adjustments by MAS.

OxPay Financial Limited has announced a strategic partnership with Liquid Group to integrate the RoamQR payment framework into its platform, enhancing QR wallet acceptance for merchants. This collaboration aims to support merchants in capturing increased tourist spending and strengthen OxPay’s merchant acquiring capabilities.

The integration of Liquid Group’s RoamQR will enable merchants to accept multiple regional e-wallets through local QR codes. This move is expected to drive growth in total processing volume by accommodating payment methods familiar to tourists. OxPay plans to leverage RoamQR in overseas markets where it holds payment licences, targeting tourism-driven digital payment growth across key Asian countries.

Chin Mun Chung, CEO of OxPay, highlighted the importance of merchant acquiring for the company’s growth, stating, “Delivering value-added and differentiated services is essential to enhance merchant loyalty and expand our market share.” Jeremy Tan, CEO of Liquid Group, added, “Our partnership with OxPay extends interoperability directly to merchants in Singapore and, over time, to OxPay’s regional markets.”

Singapore’s tourism sector saw significant growth in 2025, with tourism receipts reaching S$23.9b from January to September. This partnership aligns with the Singapore Tourism Board’s ambition to grow tourism receipts to S$47-50b by 2040.

OxPay, operating in Singapore, Malaysia, Indonesia, and Thailand, provides merchant payment services and digital commerce solutions. Liquid Group, a Singapore-based fintech company, specialises in cross-border digital payments through its RoamQR network.

Retail sales in Singapore experienced a slight decline of 0.4% in January 2026 compared to the same month last year, according to the latest figures from the Retail Sales Index. The drop follows a 2.5% increase in December 2025. Excluding motor vehicles, retail sales fell by 2.8%. The decline is partly attributed to the timing of Chinese New Year, which was celebrated in February this year as opposed to January last year. However, on a month-on-month basis, seasonally adjusted retail sales rose by 6.1%, with a 7.1% increase when excluding motor vehicles.

The total retail sales value for January 2026 was estimated at $4.6 billion, with online sales accounting for 14.4% of this figure. Notably, the Computer & Telecommunications Equipment sector saw 56.5% of its sales conducted online.

In the Food & Beverage (F&B) sector, sales dropped by 3.4% year-on-year, following a 0.3% decrease in December 2025. The shift in Chinese New Year celebrations also impacted this sector. Seasonally adjusted, F&B sales rose by 1.8% from the previous month. The total sales value for F&B services was approximately $1.6 billion, with online sales making up 22.1%.

Within the retail sector, the Wearing Apparel & Footwear industry saw a significant year-on-year decline of 12.9%, whilst Recreational Goods and Motor Vehicles recorded growths of 19.6% and 15.6%, respectively. In the F&B sector, Restaurants experienced a 9.3% drop in sales, whereas Cafes and Food Caterers saw increases of 9.3% and 3.1%, respectively.

These indices provide a snapshot of the economic activity in Singapore’s retail and F&B sectors, reflecting changes in consumer behaviour and market conditions.

Wind Asia Training Pte Ltd, a subsidiary of Sheffield Green, has signed a Memorandum of Understanding (MOU) with Vestas Offshore Wind Taiwan Limited to explore potential training services collaboration for Vestas personnel in Taiwan. The agreement will see Vestas assess Wind Asia Training’s Chiayi facilities for technical training and Global Wind Organisation (GWO)-certified programmes.

The collaboration aims to enhance workforce skills development within the wind industry in Taiwan, with potential expansion into Japan and other Asia-Pacific markets. Gavin Taylor, CEO of Wind Asia Training, stated, “This MOU represents a valuable opportunity to explore areas of cooperation with Vestas to support their training requirements in Taiwan, and potentially other regional markets, subject to further agreement.”

Sheffield Green, headquartered in Singapore, specialises in providing human resource services for the renewable energy sector, including onshore and offshore wind, solar, and green hydrogen projects. The company is well-positioned to support the growing demand for skilled personnel in the renewable energy industry across the Asia-Pacific region.

The partnership between Wind Asia Training and Vestas highlights the increasing focus on developing technical expertise and certified training programmes to meet the evolving needs of the renewable energy sector. As the industry continues to expand, such collaborations are crucial for ensuring a skilled workforce capable of supporting future growth and innovation.

Geo Energy Resources Limited has announced a proposed placement of up to 35 million new ordinary shares at a price of S$0.425 each, aiming to raise approximately S$14.875m. The agreement, signed on 4 March 2026 with KGI Securities (Singapore) Pte Ltd as the placement agent, is set to bolster the company’s capital structure and broaden its shareholder base.

The placement price represents a 4.49% discount to the volume-weighted average price of S$0.445 per share on 3 March 2026, the last full trading day before the agreement. The new shares will account for about 2.05% of the company’s existing share capital and 2.01% of the enlarged share capital post-placement.

The placement is not underwritten and will be conducted under exemptions in the Securities and Futures Act of Singapore, meaning no prospectus will be lodged with the Singapore Exchange (SGX) or the Monetary Authority of Singapore. The shares will not be offered to directors, substantial shareholders, or interested persons unless exempted under SGX rules.

The net proceeds, estimated at S$14.3m after expenses, will be used entirely for working capital purposes. Geo Energy Resources will provide updates on the use of funds in its financial statements and annual reports. Pending deployment, the proceeds may be temporarily invested in short-term financial instruments.

The placement is subject to SGX approval and other conditions outlined in the agreement. Completion will occur once these conditions are met, and the company will announce the listing of the new shares in due course.

UI Boustead REIT has announced the launch of its initial public offering (IPO) on the Singapore Exchange (SGX) Mainboard, marking the first real estate investment trust (REIT) IPO of 2026 and the largest in Singapore this year, valued at S$973.6m. The offering includes 677,175,200 units priced at S$0.88 each, with a distribution yield of 7.4% for the forecast period of 2026 and 7.8% for 2027.

The IPO portfolio comprises 23 properties across Singapore and Japan, with a total gross floor area of approximately 5.9 million square feet and an agreed property value of S$1,904.2m. The REIT is backed by UIB, a Pan-Asian logistics and industrial real estate platform, providing access to a pipeline of stabilised assets and co-development opportunities.

Tan Shu Lin, CEO of the REIT Manager, highlighted the strong commitment from cornerstone investors, which include global and regional institutional investors and family offices, totalling S$377.7m. “The commitment we have received from cornerstone investors is a clear endorsement of the quality of our portfolio and long-term growth prospects,” she stated.

James Kemp, Head of Real Estate for Asia-Pacific at Macquarie Asset Management and Chairman of UIB Holdings Limited, expressed confidence in the REIT’s potential to enhance investor access to industrial, logistics, and business space sectors in Asia. The public offer opens on 5 March and closes on 10 March, with trading expected to commence on 12 March.

The IPO aims to capitalise on high-growth markets in Asia, with a focus on sectors such as high-technology and innovative industries, aligning with Singapore’s economic strategies. The REIT’s strategic positioning is expected to provide stable income and growth opportunities for investors.

Saeed Investment Pte. Ltd. has increased its stake in Atlantic Navigation Holdings (Singapore) Limited to 75.1% by acquiring 130 million shares from the company’s founder, Wong Siew Cheong, Bill. This transaction, completed on 3 March 2026, raises Saeed’s interest from 50.2%, whilst Wong’s direct interest drops from 31.8% to 7.0%, with an additional deemed interest of 6.4%.

The acquisition reflects Saeed’s continued confidence in the offshore oil and gas sector, despite regional instability in the Middle East. Saeed, controlled by Kum Soh Har, Michael, who serves as the Non-Executive Chairman of Atlantic Navigation, initially acquired a 50.2% stake in December 2018. Wong remains as Executive Director and CEO, ensuring his leadership and expertise continue to guide the company.

Atlantic Navigation Holdings, listed on Bloomberg and Reuters, is a Singapore-based investment holding company. It offers marine logistics services, ship repair, and maintenance services. Following the sale of its fleet in the fourth quarter of 2024, the company now focuses on ship management and cross-chartering services, partnering with reputable offshore oil and gas firms in the Arabian Gulf.

This strategic move by Saeed Investment underscores its commitment to Atlantic Navigation’s governance and management, positioning the company for future growth in the offshore sector.

Singapore’s retail sales are expected to maintain a steady growth trajectory into the first half of 2026, according to RHB Bank’s latest Global Economics and Market Strategy Report. The bank’s Group Chief Economist and Head of Market Research, Barnabas Gan, has projected a 2% growth in retail sales for the full year, citing a resilient economic backdrop, festive activities, and a stable labour market as key supporting factors.

Despite a 0.4% year-on-year decline in retail sales in January, which marked a sharp reversal from December’s 2.5% increase, the outlook remains positive. Excluding motor vehicles, retail sales fell by 2.8% year-on-year in January, contrasting with a 1.8% rise in December. These fluctuations, however, have not deterred the overall optimistic forecast for the sector.

Gan’s analysis suggests that the retail climate will remain robust, at least through the first half of the year, driven by ongoing economic resilience and consumer spending during festive periods. The stable labour market is also expected to contribute to sustained consumer confidence and spending power.

The report underscores the importance of these economic indicators in shaping the retail landscape in Singapore, providing a cautiously optimistic outlook for businesses and investors in the sector. As the year progresses, the interplay of these factors will be crucial in determining the actual performance of retail sales in Singapore.

Blue Planet Environmental Solutions, a Singapore-based company specialising in waste management and clean energy systems, has signed three Memoranda of Understanding (MoUs) with the Government of Uttar Pradesh. The agreements were formalised during the Investment Roadshow in Singapore, attended by Chief Minister Yogi Adityanath.

The MoUs aim to establish a collaborative framework for advancing scientific waste management and circular resource recovery in Uttar Pradesh. This partnership is expected to leverage Blue Planet’s expertise in integrated waste management systems to address the region’s environmental challenges.

The collaboration will focus on developing sustainable solutions for waste processing and resource recovery, contributing to the state’s environmental goals. Blue Planet’s initiatives are anticipated to enhance the efficiency of waste management processes and promote the use of clean energy solutions.

The strategic partnership underscores the commitment of both parties to tackle environmental issues through innovative and sustainable practices. By integrating advanced waste management technologies, the initiative aims to reduce environmental impact and improve resource utilisation in Uttar Pradesh.

CapitaLand Development has launched Gourmet Xchange, a pioneering waterfront food hub in Kallang, Singapore. This innovative facility, the largest of its kind in the country, combines modern food production with community and dining spaces, aligning with the Urban Redevelopment Authority’s plans to revitalise the Kallang River precinct. Gourmet Xchange aims to support food businesses by offering production-ready spaces that enhance operational efficiency and sustainability.

Located along the Kallang River, Gourmet Xchange is designed to bring food production closer to urban life, reflecting Singapore’s shift towards centrally located industrial spaces. Ronald Tay, CEO of CapitaLand Development (Singapore), highlighted the project’s unique approach: “Gourmet Xchange will set a new benchmark for how industrial developments can evolve. By introducing public and riverfront spaces with dining, events, and lifestyle experiences alongside production facilities, we are creating new opportunities for brands to engage customers.”

The development features 264 units across a nine-storey block and eight terraced units in a three-storey heritage block, offering versatility for various food business models. It also boasts high-capacity infrastructure, including large contiguous spaces and efficient logistics access, making it ideal for regional operations.

Gourmet Xchange is the first strata-titled food development in Singapore to achieve the Building and Construction Authority’s Green Mark Platinum Super Low Energy certification. Sales bookings for the facility will commence on 13 March 2026, with the sales gallery opening on 27 February 2026.