Travel & Hospitality UAE embraces travel again as Ramadan airfares spike Airfares from the UAE to key expat locations have increased over the Ramadan period as a new report shows that residents in the Emirates have the biggest appetite for travel. A global survey of 18 countries by research firm YouGov, carried out in November last year, found that 58 percent of UAE respondents said travel […] March 21, 2023
Real Estate Turkey home sales down, but Russians still active buyers Turkey recorded an 18 percent year-on-year drop in the number of house sales in February, the same month in which an earthquake killed more than 44,300 people and caused $34.2 billion worth of damage. The latest data from the Turkish Statistical Institute also found that sales to foreign buyers were down 27 percent year-on-year in […] March 15, 2023
Banking & Finance UAE and Kuwait banks least at risk from energy transition UAE and Kuwait banks are the least exposed in the region to the impact of the energy transition away from fossil fuels and towards renewable sources such as wind and solar. The new research comes as the UAE’s top banks saw profits rise by nearly one-third last year. As part of the global climate change […] March 15, 2023
Travel & Hospitality Landlords benefit as UAE and Saudi embrace Airbnb model The UAE’s introduction of a remote working visa and Saudi Arabia’s plan to allow residents to rent out rooms in their homes has led to the Gulf embracing the Airbnb model and a boom in the short-term rental sector. In March 2021 the UAE cabinet introduced a remote work visa, allowing workers to set up […] March 12, 2023
Real Estate Dubai real estate prices haven’t yet peaked, says S&P Dubai’s fast-growing real estate market has not yet hit its peak and is unlikely to do so until at least next year, when supply will begin to catch up with demand, according to a senior industry analyst. The total volume of residential transactions in Dubai hit 90,881 in the full-year 2022, exceeding the historic record […] March 10, 2023
Banking & Finance Global banks look to fill ‘huge’ funding gap for Vision 2030 International banks have spotted an opportunity in Saudi Arabia to meet the “huge financing needs” of Vision 2030, according to an industry expert. Dr Mohamed Damak, senior director and financial institutions sector lead at S&P Global Ratings, told a media conference on Thursday that Saudi banks will continue to “grow tremendously” but the sheer size […] March 10, 2023
Travel & Hospitality Qatar vetoes Uber’s $3.1bn Careem deal Qatar’s competition authority has vetoed Uber’s $3.1 billion acquisition of Middle East rival Careem, four years after it was announced. Careem confirmed this week it had ceased operations in the Gulf state from February 28, despite the company expanding its fleet of branded cars to help transport fans to and from football matches during last […] March 2, 2023
Travel & Hospitality Coronation, Eurovision and tea to entice Gulf travellers to UK The coronation of King Charles III, Liverpool’s hosting of the Eurovision Song Contest, and Britain’s obsession with drinking tea are some elements set to feature in a marketing campaign to encourage more Gulf travellers to visit the UK this spring. VisitBritain, the national tourism agency, said spending by GCC-based tourists visiting the UK climbed above […] February 28, 2023
Development UAE launches free zone for military and security sector The UAE has announced the establishment of a new free zone dedicated to the military and security sector, just days after the Gulf state signed deals worth AED23.34 billion ($6.36 billion) at a major defence expo in Abu Dhabi. The free zone will be located within the Tawazun Industrial Park in Abu Dhabi and will […] February 27, 2023
Employment More senior execs opting to live in Emirates and work globally Global firms are increasingly looking to hire senior executives based in the UAE to work for them remotely, according to industry experts. Deel, a headhunting company based in San Francisco, found that 89 percent of global roles it handled were for remote workers, with this figure rising to 97 percent in the UAE. The company’s […] February 27, 2023
Travel & Hospitality Dubai hotels on course for post-pandemic rebound Dubai’s hospitality sector is forecast to return to pre-pandemic levels this year as the number of international tourists staying at hotels continues to rise, industry experts predict. A report by Zoom Property says that the occupancy rate in Dubai would reach an average of 80 percent this year, in addition to a steady increase in […] February 23, 2023
People & Lifestyle Middle East investors ‘need at least $5m to retire comfortably’ Most Middle East investors believe they need at least $5 million for a comfortable retirement, according to a survey. The latest MLIV Pulse survey, carried out by Bloomberg and published on Tuesday, asked more than 500 traders how big a nest egg ought to be. The global average was between $3 million and $5 million, […] February 22, 2023
Retail Dubai businesses continue discounting to stay competitive Dubai retailers have continued to cut prices in a bid to remain competitive and clear inventory, according to industry experts. Demand has held strong, and costs have now stabilised, with supply chain issues easing. This month’s S&P Global Dubai Purchasing Managers’ Index (PMI), showed non-oil business activity in the emirate hit its post-pandemic peak five […] February 14, 2023
Employment Rise in UAE non-oil orders means more staff recruitment UAE non-oil businesses reported a three-month high in the growth of new domestic orders last month, leading to a continued rise in staff recruitment as companies move to clear their growing backlog. However, this was offset by a “sustained reduction” in overseas orders, which fell at the quickest rate since June 2021, according to the […] February 3, 2023
Banking & Finance Saudi Arabia sees cashless payments up 25% in January Saudi Arabia saw the number of digital point-of-sale (Pos) transactions increase by nearly a quarter year-on-year during January, as the kingdom’s drive towards becoming a cashless economy takes hold. Figures from the Saudi Central Bank showed there were 598,861 transactions last month for both ATM cash withdrawals and credit card transactions at retail outlets and […] February 3, 2023
Banking & Finance Chauffeur firm gains UAE investor for premium Gulf service Chauffeur operator Blacklane has attracted investment from Dubai conglomerate Gargash Group, as it aims to offer Gulf passengers a more luxurious alternative to ride-hailing apps such as Uber and Careem. Founded in Berlin in 2011, Blacklane is active in around 50 countries. It launched in the Gulf in 2016 and currently operates in Dubai, Abu […] January 31, 2023
Exclusive Business of Sport Alcohol u-turn led to peaceful World Cup, says Fifa security chief Violent clashes between football fans and police, similar to those seen at the Euro 2016 tournament in France, were absent from the Qatar World Cup, and one of the reasons, according to the head of security at organiser Fifa, was the decision to reduce the consumption of alcohol. With two days to go before the […] January 28, 2023
Manufacturing Olayan and Canoo sign deal for electric vehicles in Saudi Saudi Arabian general contracting company GCC Olayan has signed a deal with US electric vehicles maker Canoo for the sale, service and distribution in the kingdom of its EVs. Part of Saudi conglomerate The Olayan Group, GCC Olayan said the partnership was the first step in plans to expand beyond the initial dealership agreement, with […] January 27, 2023
Banking & Finance Anti-money laundering order in UAE to tackle stolen IDs The UAE’s latest anti-money laundering guidance aims to tighten up rules related to digital IDs. While it will have little impact for traditional banks, it may weed out some of the weaker players in the fast-growing fintech sector. The advice issued by the Central Bank of the UAE (CBUAE) last week focused on the use […] January 18, 2023
Retail Dubai customs law will ‘level playing field’ for local retailers Dubai’s decision to lower the tax threshold for goods imported from overseas has been hailed by local retailers. Industry insiders see it as a positive step to protect businesses from global ecommerce giants and say it is already having a positive effect. Under Dubai Customs Notice No. 5 of 2022, which was announced in June […] January 13, 2023
Science & Technology Dubai ‘ultra app’ acquires Botim ahead of $800m launch Astra Tech, the Dubai-based technology firm, has bought voice calling platform Botim and intends to incorporate it into the “ultra app” it aims to launch later this year. Botim, which was founded in 2018 and also has its headquarters in Dubai, is a VoIP (Voice over Internet Protocol) app that allows users across the Middle […] January 12, 2023
Development UAE sees surge in new Russian businesses The UAE has seen a surge in the number of Russian individuals and companies looking to set up businesses in the Emirates, industry experts said. Opportunities for Russian businesses have been limited since President Vladimir Putin invaded Ukraine last February and western governments including the US, UK and EU imposed sanctions on Moscow. The Henley […] January 11, 2023
