Real Estate Tenants hit Dubai’s suburbs as prime property rents soar Rising property rents in prime areas of Dubai are increasingly causing tenants to move to more affordable suburban communities, leading to a growing demand in the mid-market residential segment. Dubai rents increased by an average of 36 percent in 2022, according to a new report by real estate firm Betterhomes. Average apartment rents increased by […] January 19, 2023
Tourism Four Seasons reveals new hotel as Morocco’s tourism sector recovers Four Seasons Hotels and Resorts has announced plans to transform a former military hospital in Rabat as Morocco’s tourism revenues continue to recover from the impact of the coronavirus pandemic. The luxury hospitality company is partnering with Atlantic Coast Hospitality, a subsidiary of Abu Dhabi-based real estate development firm Q Holding, to create Four Seasons […] January 18, 2023
Banking & Finance Rise of UAE foundations as wealth management sector matures The UAE’s richest people are increasingly setting up foundations to structure and preserve their wealth for the future. Regional wealth managers told AGBI they have noticed a “significant increase” in the number of foundations being established in the UAE, and in the volume of enquiries they are receiving about setting one up. Bradley Moran, an […] January 18, 2023
Lattes and logistics drive growth in UAE-Canada trade Tim Hortons coffee shops are the most visible symbol of the trade relationship between the UAE and Canada. The chain has just opened its 250th café in the Gulf – in City Centre Mirdif, Dubai – halfway to its target of 500 outlets in the region. “This milestone is representative of the UAE’s position as […] January 18, 2023
Energy UK and Saudi eye investments in space-based solar power The UK and Saudi governments are exploring closer collaboration to invest in what could be the next era of renewable energy: space-based solar power. Grant Shapps, Britain’s business and energy secretary, met Abdullah Al Swaha, chairman of the Saudi Space Commission and minister of communications and information technology, for talks last week. A potential collaboration […] January 17, 2023
Energy GCC poised for starring role in global hydrogen market The GCC is set to play a key role in the global hydrogen market, with the UAE, Saudi Arabia and Oman looking to become leaders in the export of clean fuel. As industry experts come together in Abu Dhabi this week for the World Future Energy Summit, a report from Frost & Sullivan paints a […] January 16, 2023
Banking & Finance Agtech startups and Egypt are hot prospects for Mena funding Startups across the Middle East and North Africa region raised $125 million in funding in December last year, with Egyptian companies leading the pack, ahead of regional powerhouses the UAE and Saudi Arabia. A joint report by Wamda and Digital Digest showed that Egyptian startups secured $45.7 million across 11 deals in December, more than […] January 13, 2023
Tourism Gulf in sustainable tourism push as legislation looms When the first tourists arrive to experience the Red Sea Global sustainable tourism destination in Saudi Arabia later this year, they will touch down at an airport run entirely by renewable energy and designed to include shaded areas and natural ventilation that minimises reliance on air conditioning. They will continue their journey to a resort […] January 12, 2023
Retail Strong Gulf consumer spending defies global concerns Consumer confidence among the Gulf’s shoppers remains strong, despite concerns about the impact of a global slowdown and rising prices. A survey by management consulting firm Kearney found that 88 percent of respondents in the UAE and 79 percent of those questioned in Saudi Arabia were concerned about global market volatility and rising inflation. At […] January 12, 2023
Economy Why the Middle East is now a ‘must’ for top UK companies The Middle East’s contribution to revenues of major UK-listed companies is predicted to rise to record levels in 2023 on the back of an acceleration in green energy, industrials and infrastructure sectors. Lumina Capital Advisers report that money generated from the region this year will deliver an additional £1.6 billion ($1.9 billion) to UK Plc […] January 11, 2023
Indian exports to GCC boom ahead of free trade talks Indian exports to the GCC are booming, with nearly $30 billion of business in the first seven months of the fiscal year – and analysts are predicting more growth as talks resume on a free trade deal. The GCC is already India’s largest trading partner bloc, with bilateral trade valued at over $154 billion in […] January 11, 2023
Sustainability Gulf’s sustainability consulting market set to hit $1.3bn by 2025 Middle Eastern companies are calling in expert advisers to help them improve their environmental performance and analyse carbon-tracking and other sustainability indicators. As national carbon reduction policies roll out across the Gulf, the region’s market for sustainability consulting is forecast to grow by 10 percent each year between now and 2025, according to a report […] January 11, 2023
Agriculture Export deal with India tipped to boost Morocco’s fertiliser industry Morocco is set to sign a long-term agreement with India to export rock phosphate, a key ingredient in fertiliser. The North African country is already one of the largest producers of phosphates and fertilisers, but the India deal is expected to lead to other agreements with governments around the world, according to an industry analyst. […] January 11, 2023
Banking & Finance Saudi takes fintech to ‘new level’ with Open Banking Lab The launch of a new Open Banking Lab in Saudi Arabia is set to take the fintech sector to a “new level” in the kingdom, according to industry experts. Saudi Central Bank, also known as Sama, is tracking the readiness of banks and fintechs with a view to launch open banking services by the end […] January 10, 2023
Food & Drink Gulf hotels and cloud kitchens join forces to cook up extra profit Partnership between hotels with spare capacity and fast-growing cloud kitchens is a “no brainer”, say industry experts. Radisson Hotel Group in Dubai recently announced a partnership with food technology company Krush Brands, with the first cloud kitchen location at Radisson Red Silicon Oasis. Cloud kitchens are companies that prepare food solely for home delivery without […] January 9, 2023
Economy Gold set to sparkle as global recession looms Gold may have underperformed last year but it is expected to shine in 2023 and could rise as high as $3,000, analysts have said. The World Gold Council said in its 2023 market outlook that the precious metal is set to record a stable performance next year despite a mix of competing challenges. “Economists and […] January 8, 2023
Banking & Finance Rising demand for green bonds, despite ‘bleaching’ Global issuance of green bonds has increased by an average of 70 percent each year between 2016 and 2021. The market for environmental, social and corporate (ESG) governance finance in the Middle East and North Africa (Mena) region remains small compared to elsewhere, but it is growing quickly. Saudi Arabia’s Public Investment Fund issued $3 […] January 6, 2023
Real Estate Dubai mid-market homes will rise 15%, says Danube chief Prices in Dubai’s mid-market property sector could climb as much as 15 percent this year, the founder and chairman of Danube Group has said. The prediction comes as the firm’s property arm, Danube Properties, sold out its latest affordable housing project, Elitz, on the day of its launch. Rizwan Sajan said that the real estate […] January 5, 2023
Economy Dubai’s $8.7trn plan hailed as ‘latest step in economic evolution’ The ruler of Dubai on Wednesday launched a strategy to double foreign trade and investment over the next decade and boost the emirate’s position among global financial centres. The AED32 trillion ($8.7 trillion) Dubai Economic Agenda, known as D33, includes 100 “transformative” projects to increase foreign trade to AED25.6 trillion by 2033, from AED14.2 trillion […] January 5, 2023
Employment UAE’s unemployment insurance ‘first step’ towards welfare state The introduction of the UAE unemployment insurance programme is the “first step” towards the country creating a welfare state, experts predict. Over 60,000 people signed up for the social security programme, called the Involuntary Loss of Employment insurance scheme, in the first two days since going live on January 1. Represented by Dubai Insurance, it […] January 5, 2023
Economy Chinese investors target Middle East for growth More than three-quarters of Chinese businesses are looking to expand their presence in Middle East markets or enter them. The UAE and Saudi Arabia were named as the top two destinations for Chinese investment over the next three to five years. According to a new survey – part of the Report on Chinese Investors’ Confidence […] January 4, 2023
Business of Sport Ronaldo will be first of many Saudi superstar signings Cristiano Ronaldo was officially revealed as an Al Nassr player on Tuesday night amid a cacophony of noise and a sea of yellow and blue. And as fans inside the 25,000-seater Mrsool Park chanted his name, Ben Gordon, a sports diplomacy expert at Dentons Global Advisors, said that Saudis should get set for more superstar […] January 4, 2023
