Infrastructure Emaar promises free repairs as Dubai launches sewerage system Emaar Properties is offering free repairs to residents whose homes were damaged during this week’s extreme flooding, as Dubai also announced an AED80 billion ($22 billion) sewerage system. The developer announced on Friday that it would repair all homes in its communities affected by the historic levels of rain, “at no cost to residents”. Emaar’s […] April 19, 2024
Retail Diriyah Square planned for historic Riyadh district A public space featuring 400 retail outlets and 100 restaurants and cafes is planned for the historic Riyadh district of Diriyah. Diriyah Square will be announced next week at the World Retail Congress in Paris and aims to attract a combination of international retail brands and local artisans. Diriyah Gate Development Authority group CEO Jerry […] April 14, 2024
Agriculture $16m pumped into coffee farms as Riyadh chases lofty target Saudi Arabia has invested millions of dollars in the development of the local coffee sector over the past four years, but it is still 80 percent off its production target for 2026. The Sustainable Agricultural Rural Development Program (known as Reef Saudi) has allocated a total of SAR61 million ($16 million) to support over 3,700 […] April 10, 2024
Finance UAE invests $2.5 trillion overseas, with US the top recipient The UAE has invested an estimated $2.5 trillion overseas as of early 2024, with the United States the prime destination. “The UAE has strengthened its position in the global economy,” Jamal bin Saif Al Jarwan, secretary-general of the UAE International Investors Council, was quoted as saying by the state-owned Wam news agency. “It ranked first […] March 25, 2024
Economy Oman posts $220m budget surplus in January Oman’s budget surplus reached nearly a quarter of a billion dollars in January, helped by public income from state investments, according to its state-owned news agency. The surplus was OR85 million ($220 million) by the end of January, down just over 40 percent on the OR145 million surplus registered in the same month of 2023, […] March 18, 2024
Food & Drink Kuwait’s Alshaya lays off Mena Starbucks staff Kuwait’s Alshaya Group, one of the Gulf’s largest franchise owners, is cutting jobs at its Starbucks outlets. The coffee brand has suffered from calls for a boycott since the start of the Gaza conflict. “As a result of the continually challenging trading conditions over the last six months, we have taken the sad and very […] March 5, 2024
Food & Drink UAE diners eat local as global fast food faces boycott Homegrown restaurants in the UAE are reporting a lift in sales since the start of the Israel-Gaza conflict, as diners opt for local brands over international fast-food outlets. Steve Flawith, founder of UAE-based Yolk Brands that operates the Pickl and BonBird chains, said its sales have increased by 15 to 20 percent since the start […] February 19, 2024
Opinion People & Lifestyle Dubai authors must help balance the books A grant system could be the way to nurture homegrown literary talent February 8, 2024
Food & Drink Dubai drinks supplier raises a glass to Dry January Drink Dry, a Dubai-based supplier of non-alcoholic beverages, has reported a 20 percent bump in sales during Dry January, defying a traditional post-festive period slump in the hospitality sector. Dry January is an initiative launched in the UK by Alcohol Change in 2013. It involves consumers abstaining from alcohol for the first month of the […] January 31, 2024
Opinion Education Dubai v Dublin: UAE and Ireland battle for teachers Irish teachers are in demand both in the Gulf and at home January 31, 2024
Analysis Real Estate Dubai’s smaller homes more affordable than global rivals Dubai homes for sale today are about a quarter smaller than their equivalents four years ago, despite average prices growing by more than half, industry data shows. But experts claim this is a result of the rise in demand for smaller units, which are still substantially bigger and more affordable than those in rival global […] January 22, 2024
Retail Kuwait’s Alshaya scales back operations in Egypt Kuwait’s Alshaya Group, one of the Gulf’s largest franchise owners, is scaling back its operations in Egypt due to “the difficulties faced by overseas businesses” in the North African country. “As a result of the economic situation over the last three years and the difficulties faced by overseas businesses trading in Egypt, we have taken […] January 18, 2024
Banking & Finance Oman pushes $5.2bn plan to boost small business growth Oman has launched a OR2 billion ($5.2 billion) fund to encourage more investment in local small and medium-sized enterprises, as the sultanate looks to capitalise on a growth in support for startup businesses. The funding plan by the Oman Investment Authority follows on from the announcement of the Future Fund Oman last May, which aimed […] January 17, 2024
Giga-projects Saudi Arabia plans stadium for holographic concerts Saudi Arabia has announced plans to build a new stadium featuring holographic technology that will be able to stage virtual interactions with celebrities and artists. The Prince Mohammed bin Salman Stadium will be built in Qiddiya City, located 40 minutes from Riyadh and part of the kingdom’s new entertainment city, the state-run Saudi Press Agency […] January 15, 2024
Banking & Finance Banks and VCs pour cash into Saudi small businesses Funding for small companies in Saudi Arabia from banks, financial institutions and venture capitalists rose sharply in 2023, bucking regional and global trends. Figures released in December by Sama, the kingdom’s central bank, show that the total value of loans to micro-, small and medium-sized enterprises (MSMEs) rose 17.8 percent year on year to SAR268.6 […] January 9, 2024
Food & Drink Vegan meals take off on Emirates Dubai’s Emirates reported a 40 percent increase in demand for vegan meals across its network of 140 routes in 2023, and has plans to add more plant-based catering options in 2024. The airline served 450,000 plant-based meals on board last year, up from 280,000 in 2022. The biggest rise in demand was on routes to […] January 5, 2024
Economy Dubai unveils $56bn plan to improve standard of living Dubai has unveiled a AED208 billion ($56.64 billion) ten-year strategy aimed at making the city one of the top three in the world for standard of living. There are also plans to double the number of Emirati families and triple the number of citizens working in the private sector by 2033. “We aim to double […] January 5, 2024
Transport AD Ports to build and operate Red Sea ports The UAE’s AD Ports Group has signed an agreement to build, develop, operate and maintain terminals for passengers and cruise lines at the Egyptian Red Sea ports of Hurghada, Safaga and Sharm El Sheikh. “This contract will contribute to operating cruise lines between Zayed Port and Safaga, Hurghada and Sharm El Sheikh and, later, Arabian […] January 5, 2024
Retail Perfume helps Dubai Duty Free hit record sales in 2023 Dubai Duty Free (DDF) recorded record sales of AED7.885 billion ($2.15 billion) in 2023, a year-on-year increase of 24 percent, and 6 percent above 2019, with perfume retaining its title as the top-selling sector. DDF celebrated its 40th anniversary in December, and the holiday month finished the year with sales of AED807.6 million, an 8 […] January 4, 2024
Tourism PIF-backed Cruise Saudi unveils first ship Aroya Cruises has unveiled its first ship as global demand continues to rise. The company, which is operated by state-backed Cruise Saudi, said the 335-metre-long vessel is undergoing refurbishment before it makes its maiden voyage from Jeddah in 2024. It will include 19 decks and 1,682 cabins. “We are delighted to sail into the new […] December 29, 2023
Real Estate Rising supply softens Dubai’s short-term housing market Short-term rents in Dubai’s housing market have fallen this year as the rapid rise in supply begins to outstrip demand. Vinayak Mahtani, CEO of bnbme holiday homes, told AGBI that over the past three years, he had seen 100 percent growth in the short-term rental market. “It’s become a buzzword in Dubai, a trendy business,” […] December 29, 2023
Trade GCC and South Korea sign free trade agreement South Korea and the GCC have signed a free trade agreement as the region continues to pivot eastwards for growth. The agreement will cover trade in goods, services and government procurement, as well as cooperation among small and medium-sized enterprises, customs procedures and intellectual property, among other areas, according to a statement. Trade between the […] December 28, 2023
