Tech Founder returns to Dubai lifestyle app The Entertainer The founder of The Entertainer, a Dubai tech business that offers thousands of lifestyle product discounts, has returned as CEO to steer the company through a shake-up as it seeks to revive sales. Donna Benton launched the Entertainer in 2001 and played a pivotal role in its success before her departure in 2018. Now she […] October 9, 2023
Analysis Banking & Finance Dealmakers expect record year for UK-GCC M&A The GCC region – in particular Saudi Arabia and the UAE – is seeing a “significant influx” of interest in mergers and acquisitions from UK investors. Lumina Capital Advisers, a mid-market corporate finance company, said record levels of M&A activity are expected this year between the Gulf and the UK, based on a new survey […] October 6, 2023
Retail Saudi fashion brands attract first international investment The first international investment in Saudi Arabian fashion brands has been agreed in what represents a key milestone in the country’s ambition to rival Louis Vuitton and Chanel. Consumer-focused private equity firm Turmeric Capital has invested undisclosed sums in Saudi-founded streetwear brand 1886 and ethical luxury label Abadia. The company, which has its headquarters in […] October 5, 2023
Analysis Economy UAE double digit surplus to continue until 2025 The UAE’s current account surplus will narrow this year but remain in double figures until 2025, analysts predict. It will be boosted by stronger than expected growth in non-oil exports, re-exports and tourism in the first six months of the year. The surplus will slip from nearly 15 percent last year. But experts have raised […] October 4, 2023
Renewable Energy Masdar enters Tajikistan with solar and hydro ambitions A joint venture between Abu Dhabi state clean energy company Masdar and W Solar Investment is exploring floating solar power and hydropower projects in landlocked and water-abundant Tajikistan. MW Energy has signed an agreement with Tajikistan’s Ministry of Energy and Water Resources and plans to develop at least 500MW capacity of clean energy. With an […] October 3, 2023
EXCLUSIVE Logistics Dubai company’s EVs aim to deliver ‘last mile’ in 100 cities Dubai company One Moto, which aims to decarbonise “last mile” deliveries using electric vehicles, has said it plans to serve 100 cities by 2028. After launching the company in the UAE, serial entrepreneur Adam Ridgway has gained a foothold in the UK, Bahrain, Jordan, Sri Lanka, Chile, Iraq, Nepal and Ethiopia. It is in talks […] October 3, 2023
Economy Abu Dhabi’s non-oil GDP grows 12% in second quarter Abu Dhabi’s non-oil economy hit a nine-year high in the second quarter of this year, driven by expansion in the construction, manufacturing and financial sectors. Non-oil GDP in Q2 was up by more than 12 percent on the same quarter of 2022, contributing to a 3.5 percent year-on-year increase in total GDP, according to Statistics […] October 2, 2023
Exclusive Banking & Finance $250m Aliph Fund expects closure on GCC deals Aliph, a private equity fund that attracted $125 million from an Abu Dhabi sovereign wealth fund last year, is aiming to close up to three investments in GCC states UAE and Saudi Arabia by the end of 2023. The Aliph Fund, set up by Aliph Capital and one of the few female-led private equity companies […] October 2, 2023
Health Saudi Arabia injects $133m into vaccine factory Saudi Arabia is planning to invest SAR500 million ($133 million) in a factory to boost local vaccine and medicine manufacturing capacity as the kingdom seeks to become a regional centre for biotechnology. Saudi Authority for Industrial Cities and Technology Zones, also known as Modon, has signed an investment agreement with the Vaccine Industrial Company to […] September 28, 2023
Energy Dubai’s Amea Power brightens Tunisia’s solar ambitions Dubai’s Amea Power has reached financial close on its first 120 megawatt (MW) solar project in Tunisia as the North African country seeks to boost its renewable energy production. The $86 million solar plant will be located in Metbassta, in the north-western Kairouan governate. It is being built by Kairouan Solar Plant, a company registered in […] September 27, 2023
Markets Qatari company seeks $43m over ‘systematic defamation’ A Qatari company has filed a civil lawsuit seeking more than QR157 million ($43.1 million) for defamation in the run-up to its stock market listing. Mekdam Holding Group, which has interests in technology, engineering, procurement and construction, oil and gas, and logistics, said its compensation claim had been filed with the country’s Investment and Trade […] September 27, 2023
Analysis Trade Southeast Asia on the rise as UAE shifts trade focus Officials from the UAE are headed to Singapore as the country looks to improve ties and strengthen trade with Southeast Asia. Top officials from the Dubai Financial Market (DFM) stock exchange will arrive in Singapore on Wednesday to hold their first international investor roadshow there. The debut aims to underline DFM’s commitment to broaden its […] September 27, 2023
Leisure & Hospitality Lottoland founder sets sights on $1bn Dubai lottery The founder of the global lottery betting platform Lottoland has revealed plans to launch the world’s first $1 billion overnight jackpot in Dubai. David von Rosen-von Hoewel told AGBI he is set to hold talks with the General Commercial Gaming Regulatory Authority (GCGRA). The UAE’s new industry watchdog was established earlier this month, which will lay […] September 26, 2023
Industry Algeria’s rail tender aims to boost iron ore mining sector Algeria has issued a construction tender for a rail project that the government hopes will unleash the potential of an iron ore mine in a remote province. Anesrif, a transport business set up by the government to expand and modernise the railway system, is seeking companies to build a 575km section to the Gâra Djebilet […] September 26, 2023
Markets Bahrain’s Investcorp completes first IPO in Indonesia Investcorp has successfully listed its Indonesian franchisee of the Mothercare brand as its focus on Asia continues to grow. The listing of PT Multitrend Indo is the Bahrain alternative investment company’s first IPO on the Indonesian stock exchange and the 26th in its 40-year history. Mothercare is one of Indonesia’s leading baby and kids retailers, […] September 25, 2023
Giga-projects Saudi developer wins $610m Qiddiya giga-project contract A SAR2.3 billion ($610 million) contract has been awarded to carry out key infrastructure work on Saudi Arabia’s Qiddiya giga-project, described as the country’s capital of entertainment. The Saudi Real Estate Company said in a filing on the Saudi Stock Exchange on Monday that contracts have been agreed between the Qiddiya Investment Company and one […] September 25, 2023
Water Alpha Dhabi takes over water specialist Metito Investment company Alpha Dhabi announced on Monday the acquisition of a majority stake in Metito Holdings, a company involved in the water and wastewater industry worldwide. Pending regulatory approvals, the deal marks Abu Dhabi-based Alpha Dhabi’s entry into the water and wastewater sector, with its CEO saying the need for sustainable water solutions “has never […] September 25, 2023
Retail First Riyadh Fashion Week aims for global impact The inaugural Riyadh Fashion Week will take place in the Saudi capital next month with a line-up of 30 of the kingdom’s brands taking over the runway. Celebrities, VIPs, buyers and key industry figures from the global fashion community are expected in Riyadh to celebrate Saudi’s rapidly emerging fashion scene. The inaugural event will also […] September 21, 2023
Real Estate Aldar pairs up with Nikki Beach for RAK residences Aldar Properties is partnering with resort group Nikki Beach Global to develop three branded residential buildings in Ras Al Khaimah as part of a larger beachfront community on Al Marjan Island. Sales for the Abu Dhabi developer’s inaugural residential development in Ras Al Khaimah – named Nikki Beach Residences – are expected to launch later […] September 20, 2023
Analysis Trade UAE-Serbia talks begin in Dubai as trade speeds up “I want to have Dubai as a base for my business and innovation,” says Novak Djokovic. “I love the champion mentality.” The world tennis number one, arguably Serbia’s most famous son, describes the emirate as his “second home”. Emirati officials, who launched trade talks with the European country on Monday, will be hoping Djokovic’s compatriots […] September 20, 2023
Analysis Trade Dubai Chamber opens offices in France and Italy Dubai has opened new representative offices in Paris and Milan as part of the UAE’s ambitions to build trade and investment opportunities with the European Union. Dubai International Chamber made the move on the back of more than $53 billion of trade between the UAE and Europe last year, up $11 billion on 2021. The […] September 19, 2023
Analysis Media & Advertising Middle East to be world’s fastest-growing ad market The Middle East’s advertising market is on track to be the world’s fastest growing over the next two years, driven by Saudi Arabia’s ongoing transformation. The regional market, worth $5.9 billion last year, is forecast to grow 10 percent in 2023 and a further 6.2 percent in 2024, when its value will reach $6.9 billion. […] September 19, 2023
