Technology Elon Musk denies UAE-Saudi investment in SpaceX Elon Musk has denied speculation suggesting investors from Saudi Arabia and the UAE are preparing to participate in a funding round for his SpaceX venture. A report earlier this week, carried in US tech-focused publication The Information, said a unit of Saudi Arabia’s investment fund and an Abu Dhabi-based company are planning to invest in […] March 24, 2023
Economy Dubai hires half a million more white-collar workers in four years Dubai is welcoming an increasing number of white-collar workers as the emirate evolves towards a knowledge-based economy, with an increased emphasis on the financial sector. Between 2018 and 2022, the number of workers employed in the UAE business and finance sector grew by half a million. At the same time, the number of construction workers […] March 24, 2023
Exclusive Travel & Hospitality VistaJet continues to fly high from Qatar World Cup Private jet operator VistaJet has seen enduring business benefits from the Qatar World Cup, staged at the end of 2022. It witnessed a 146 percent year-on-year increase in its Qatar flights in 2022, driven by a 561 percent rise in December compared to the same month in 2021. Demand at the Dubai-based company has continued […] March 24, 2023
Travel & Hospitality Saudi Arabia launches second new airline Saudi Arabia has announced its second new airline in a matter of weeks with the launch of Neom Airlines. The carrier will solely serve the $500 billion Neom city in the north west of the kingdom. The first flights for tourists, residents and commercial partners are scheduled to take off in the fourth quarter of […] March 23, 2023
Entertainment UAE’s first casino resort in Ras Al Khaimah appoints builder Construction preparation work has begun on the UAE’s first casino resort project, it was confirmed on Wednesday. Wynn Resorts, which is based in Las Vegas, announced plans last year to build a casino within its multi-billion-dollar resort on Ras Al Khaimah’s Marjan Island. Set to open its doors in early 2027, the development will be […] March 22, 2023
Real Estate Italian firm secures acquisition deal to clean Burj Khalifa An Italian firm has bought a controlling stake in the company that cleans the Burj Khalifa, the world’s tallest building in Dubai. EdiliziAcrobatica has acquired 51 percent of the shares in Enigma Capital Investments in a deal initially worth 7.2 million Euros ($7.76 million). As part of the agreement 70 percent (5 million Euros) will […] March 22, 2023
Retail Amazon bucks global tech slowdown with UAE expansion Amazon has strengthened its commitment to the UAE with the opening of a new fulfilment centre – in the same week the e-commerce giant announced 9,000 jobs are to go across its global network. This follows a previous announcement in January to cut 18,000 roles within the company. The latest redundancies will fall mostly in […] March 22, 2023
Banking & Finance Dubai startup fund aims to be worth $7bn within 10 years Dubai Future District Fund is aiming to have $7 billion worth of assets under management within 10 years, creating more than 185,000 jobs and contributing $20 billion to the emirate’s gross domestic product. The government-backed fund – launched in 2020 by Dubai’s ruler Sheikh Mohammed Bin Rashid Al Maktoum – has invested $28 million to […] March 21, 2023
Banking & Finance Assets under management at ADGM rise by over 50% Abu Dhabi Global Market saw its assets under management increase by 56 percent year-on-year in 2022 as the authority became the fastest growing international financial centre in the region. Total licence issues for financial and non-financial firms increased by 30 percent from 4,262 companies in 2021 to 5,546 in 2022, according to figures released on […] March 20, 2023
Banking & Finance SNB plans growth despite Credit Suisse losses Saudi National Bank has said its growth strategy will not be impacted by the UBS takeover of beleaguered rival Credit Suisse, despite analysts predicting “heavy losses” for Gulf backers. SNB is joined by Qatar Investment Authority and Saudi Arabian conglomerate Olayan Group, who all have varying levels of interest in the 167-year-old Swiss bank. Rohit […] March 20, 2023
Travel & Hospitality Italian travel company to invest $75m in Saudi luxury train An Italian hospitality company is investing around €70 million ($75 million) to develop the first luxury train for “rail cruising” across Saudi Arabia. Arsenale Group has signed an agreement with Saudi Arabia Railways to introduce the train on a 770-mile route from Riyadh to the northern city of Al Qurayat, close to the border with […] March 20, 2023
Travel & Hospitality Marriott signs deal with Saudi firm for eight Madinah hotels American hotelier Marriott International has signed a deal with Rua Al Madinah Holding Company to open eight hotels in the Saudi Arabian city of Madinah. Located close to the Prophet’s Mosque, Al Masjid An Nabawi, the openings will add 4,400 rooms across the eight Marriott brands. The expansion forms part of the Rua Al Madinah […] March 20, 2023
Economy UAE announces ‘huge stride’ free-trade deal with Georgia The UAE-Georgia Comprehensive Economic Partnership Agreement (Cepa) for free trade was signed in Tbilisi on Friday. Dr Thani bin Ahmed Al Zeyoudi, UAE minister of state for foreign trade, said the deal “represented another huge stride forward” in the country’s foreign trade agenda “and signals our ambition to build a truly global network of trade […] March 17, 2023
Banking & Finance GCC lenders can withstand US contagion risk GCC lenders are well equipped to withstand the current crisis in the world’s banking sector, according to experts from ratings agency S&P Global. The turbulence in the industry over the last seven days – which has seen the high-profile collapse of Silicon Valley Bank (SVB) and Signature Bank in the US, and the bailout of […] March 17, 2023
Energy Emirates drives growth in electric vehicle adoption The UAE is known for its SUVs and supercars, but companies in the Gulf state are accelerating the drive worldwide towards electric vehicles. The number of EVs on the road globally is expected to reach 200 million by 2030, says Gustave Cordahi, principal with Strategy& Middle East. EV sales are projected to surpass those of […] March 17, 2023
Exclusive Markets Presight to use IPO as springboard to global expansion Big data and analytics company Presight is targetting international expansion once they have listed later this month. The firm, part of Abu Dhabi’s G42, plans to raise $495 million from its floating on the ADX. The subscription period for the initial public offering (IPO), which was 136 times oversubscribed, closed on Friday with a total […] March 17, 2023
Banking & Finance Saudi National Bank has liquidity to withstand Credit Suisse shock Saudi National Bank has enough liquidity to withstand any losses arising from the troubled Credit Suisse, according to a leading economist. SNB, the kingdom’s biggest lender, took a stake of almost 10 percent in Credit Suisse last year after it participated in the bank’s $4.3 billion capital raise. It became its largest shareholder, with a […] March 17, 2023
Majid Al Futtaim announces 105 job cuts Majid Al Futtaim is cutting 105 jobs from its 46,000-strong workforce after reporting a 2% drop in profit for 2022. The cuts will be at the holding level and in divisions including its leisure and entertainment operations, according to a report from Reuters. A statement from the retail and property conglomerate on Thursday said the […] March 16, 2023
Banking & Finance No more investment in Credit Suisse, says Saudi National Bank Saudi National Bank has ruled out any further investment in Credit Suisse as the troubled Swiss bank shed a quarter of its value on Wednesday. Saudi National Bank (SNB) chairman Ammar Al Khudairy said during an interview with Bloomberg TV that investing any more would then increase its current 10 percent stake in the the […] March 15, 2023
Banking & Finance Cairo VC firm launches $95m African startup fund Venture capital firm Flat6Labs has announced a $95 million seed fund to grow early-stage African tech startups. The African Seed Fund (ASF) will invest in more than 160 companies over the next five years. It will pay particular attention to sectors that accelerate digital inclusion through information technology, as well as healthtech, fintech, edtech, greentech, […] March 15, 2023
Energy Oman signs green hydrogen deals worth $20bn Hydrom, a subsidiary of Energy Development Oman, has signed six deals worth $20 billion to invest in green hydrogen projects across the sultanate. The agreements, which span seven years, were inked with developers from Belgium, Germany, India, Japan, Kuwait, the Netherlands, Singapore, the UAE and the UK. The production capacity of the projects will hit […] March 15, 2023
Banking & Finance SVB collapse likely to bring down Gulf interest rates The collapse of Silicon Valley Bank (SVB) and continuing concerns over the broader financial stability of the market could help to bring down interest rates across the Gulf. Following SVB’s demise, US interest rates fell sharply from 5.05 percent to 4.10 percent in just three days – a scale of drop only matched by events […] March 15, 2023
