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
Analysis Finance Morocco’s GDP forecast downgraded after quake Analysts have downgraded growth forecasts for Morocco in the wake of the deadly earthquake on September 8. More than 3,000 people were killed and many more are still missing. Homes and infrastructure in the Al Haouz province, southwest of the High Atlas mountains, were severely damaged. The disaster has prompted analysts at BMI, formerly Fitch […] September 19, 2023
Aviation Saudi airlines issue $15m refunds to passengers Refunds of SAR58 million ($15.5 million) for flight cancellations, delays and loss of luggage have been issued by Saudi airlines over the past two years, it was revealed on Monday. The figures were announced by the General Authority of Civil Aviation (Gaca). Enhanced passenger rights protection regulations, which come into force in November, will result […] September 18, 2023
Banking & Finance Tarabut poised as Saudi plans open banking regulations Open banking platform Tarabut Gateway is gearing up for the launch of new regulations in Saudi Arabia as the kingdom expands its financial technology offerings. The system of open banking allows for financial data to be shared between banks and third-party service providers through the use of applications. Ayman al Sayari, governor of the Saudi […] September 14, 2023
Analysis Trade Hong Kong thrives as GCC-China ‘super-connector’ As Hong Kong prepares to host the Belt and Road Summit this week, its focus is increasingly turning to the Gulf for trade and investment opportunities. The Chinese special administrative region has been strengthening its links with the Middle East since 2013, when the Belt and Road Initiative was launched. It now wants to attract […] September 12, 2023
Exclusive Banking & Finance $33bn hedge fund hails ‘unprecedented opportunity’ in GCC Brevan Howard, a global alternative investment manager with more than $33 billion in assets under management, has appointed its first Middle East-based CEO as it sees an “unprecedented” opportunity for growth in the region. Oualid Lahsini has been appointed six months after the Jersey-based company announced the opening of an office in Abu Dhabi. The […] September 12, 2023
Health Leejam seeks payoff for forced closure of Riyadh gyms Leejam Sports Company is seeking compensation after being forced to close two of its gyms in Riyadh. The shuttered Fitness Time centres are on land in the city’s Al Khuzama district, which has been earmarked for the $50 billion Diriyah Gate project. In a filing to the Saudi Stock Exchange, Leejam said the two centres […] September 11, 2023
Media & Advertising UAE’s Multiply plans IPO after $61m ad agency deal Abu Dhabi investment holding company Multiply Group is planning an IPO for its media and communications business Multiply Media after buying a stake in Dubai outdoor advertising agency Media 247. The plan was announced after Multiply completed a deal to buy a 55 percent majority stake in Media 247 for AED225 million ($61.3 million). Media […] September 6, 2023
Health TruDoc’s new owner seeks to expand virtual health provider Virtual healthcare provider TruDoc has been bought by a private equity company that aims to accelerate its growth across south Asia, the GCC and Africa. Pulsar Capital bought a minority stake in TruDoc last year and has increased its investment to take a controlling interest. TruDoc serves markets including the UAE, Saudi Arabia as well […] September 6, 2023
Trade UAE and Brazil boost non-oil trade with partnership The UAE and Brazil have launched a partnership to exchange economic expertise and build on non-oil bilateral trade of $4.3 billion in 2022. The initiative is part the UAE’s Government Experience Exchange Programme that welcomed a Brazilian delegation to the Emirates earlier this week. Abdullah bin Touq Al Marri, the UAE’s minister of economy, said […] September 6, 2023
Tourism Qatar exceeds 2022 tourism figures in just eight months The number of tourists in Qatar this year has exceeded the figure for the whole of 2022, with officials saying that hosting the Fifa World Cup has put the Gulf state on the map. Qatar Tourism data revealed that the country has welcomed more than 2.5 million visitors as of the last week in August. […] September 5, 2023
Trade Italian companies urged to make Saudi their ‘second home’ Saudi Arabia has invited top Italian companies to make the kingdom their “second home” as both countries aim to boost investment and trade levels. The Italian-Saudi Investment Forum, which brought together policy makers, business leaders and innovators, witnessed the signing of 21 memoranda of understanding (MoUs) and investment agreements. They covered sectors including clean energy, […] September 5, 2023
Analysis Trade UAE and New Zealand plan Cepa to build non-oil trade When Auckland-based startup Exsurgo joined the Hub71 technology park in Abu Dhabi it was a potential sign of things to come in the UAE-New Zealand trade relationship. Exsurgo has raised $10.5 million and aims to provide non-pharmaceutical treatments for neurological conditions through the use of neuroscience and data analytics. Last week, two months after Exsurgo’s […] September 5, 2023
Finance Emirates NBD invests in Swiss fintech Emirates NBD, the largest bank by assets in Dubai, has invested in Komgo, a Swiss-based software development and technology company operating in the trade finance industry. The equity investment was made by Emirates NBD’s Innovation Fund, the bank’s corporate venture pool. The value was not disclosed. Created earlier this year, the fund is for investments in […] September 4, 2023
Leisure & Hospitality Lottoland boss hails UAE move to set up gaming regulator The entrepreneur behind the global lottery betting platform Lottoland has described the UAE’s new gaming regulatory authority as “big news”. David von Rosen-von Hoewel told AGBI that he looks forward to working with authorities to roll out lottery products in the UAE next year and beyond. “The UAE now has the chance to build the […] September 4, 2023
Analysis Leisure & Hospitality Gulf events turning to inflatable domes A Slovenian leader in the manufacture of high-tech air domes is seeking expansion across the Gulf after capturing deals in Saudi Arabia. DBS Engineering has agreements with the Ministry of Investment, Alwaseel Sport City, Filling & Packing Materials Co (Fipco) and Zamil Industrial. The company said it will soon complete its second project in Qassim […] September 4, 2023
Agriculture Red Sea Global farm co-op builds on Saudi food plans Saudi Arabia’s Red Sea Global has set up a farm cooperative to supply its resorts, amid wider plans to boost farming and food security. The Red Sea Farm Cooperative, also known as Tamala, aims to build on Saudi Arabia’s record agricultural production levels that were achieved last year. Farmers will be able to sell their […] September 1, 2023
Renewable Energy Acwa Power secures $123m for Egyptian solar project Acwa Power, the Saudi-based energy developer, has secured $123 million of loans to reach financial close on a $182 million solar project in Egypt. The financing for the Kom Ombo solar plant, which will add 200MW of energy capacity, comes from a range of banks and funds. According to a filing to the Saudi Stock […] August 30, 2023
