Tourism Abu Dhabi hotel group to build $272m resort in Ras Al Khaimah Abu Dhabi National Hotels is to build an AED1 billion ($272 million) luxury resort on a prime plot in Ras Al Khaimah, it said on Tuesday. The 1,000-room property will be on Al Marjan Island, where several international operators have opened hotels in recent years. Marjan is master developer for Ras Al Khaimah, one of […] September 20, 2022
Analysis Economy Abu Dhabi sets up KEZAD Group to bolster its industrial ambitions AD Ports Group has set up a new business, KEZAD Group, to expand its economic cities and free zones offering. KEZAD, which stands for Khalifa Economic Zones Abu Dhabi, merges the operations of Khalifa Industrial Zone Abu Dhabi (KIZAD) and Specialised Economic Zones (ZonesCorp). It operates 12 economic zones with a total area of 550 […] September 20, 2022
Analysis Economy Saudi capital spending surges 38% on back of higher oil prices Capital expenditure surged in Saudi Arabia in the first half of 2022, part of a wider spending spree on the back of higher oil prices. S&P Global Ratings said capital expenditure (capex) rose by 38 percent to SR51 billion ($13.6 billion) despite this year’s initial budget statement forecasting it would fall. Revenue was up 43 […] September 20, 2022
Exclusive Health Altibbi plans healthcare expansion in North Africa and Pakistan Altibbi, the largest AI-based digital health provider in the Arab world, is looking to expand into North Africa and Pakistan after “turbocharging” growth in Saudi Arabia and Egypt, its CEO has told AGBI. Jalill Allabadi said the proceeds from Altibbi’s latest funding round of $44 million – the largest ever single financing round for a […] September 19, 2022
Analysis Injection of interest in beauty industry as men turn to ‘Brotox’ Botox injections are becoming increasingly commonplace among men in the business world, but could they really prove the difference in securing that big, career-defining deal? It may sound far fetched but businessmen in the Middle East are turning to botulinum toxin type A, as the pressure to look good in the “Zoom Boom” era continues […] September 18, 2022
Analysis Banking and Finance Sukuk issuances slow as belt tightens around the world Global sukuk issuance is projected to moderate, settling at $185 billion in 2022, amid a worldwide tightening cycle and a surge in oil prices. However, sukuk issuance is still projected to grow at an estimated compound annual growth rate (CAGR) of 6.8 percent over the next five years, reaching $257 billion in 2027, according to […] September 16, 2022
Analysis Real Estate Rents near record levels in Dubai as interest rates bite House price growth in Dubai fell to its slowest rate in 18 months in August, with experts saying that the rising cost of mortgages is starting to impact the market. While the city’s real estate sector is hitting record highs, rising interest rates are putting the squeeze on some landlords. As a result rents are […] September 15, 2022
EXCLUSIVE: LONG READ Abraham Accords: The $3bn trade deal that shocked the world Two years after the signing of the historic Abraham Accords, the UAE and Israel are on track to see $3 billion worth of bilateral trade this year. The success of the relationship – kickstarted by the agreement signed by the Emirati and Bahraini foreign ministers, the Israeli prime minister and US president on the South […] September 15, 2022
Analysis Banking and Finance Middle East outlook ‘positive’ as largest economy eyes $1 trillion milestone The outlook for most Middle East economies remains positive despite a significant downgrade in global GDP growth, rising inflation and interest rates, according to new research. Analysts at the Institute of Chartered Accountants in England and Wales (ICAEW) predict regional growth of 5.5 percent this year, up 0.3 percent on their forecast three months ago. […] September 14, 2022
Saudi Arabia taps into Hong Kong AI firm SenseTime, a Hong Kong-based AI software giant, will launch a joint venture in Saudi Arabia as part of the kingdom’s plan to be among the world’s top 15 countries for the adoption of artificial intelligence by 2030. The Saudi Company for Artificial Intelligence (SCAI), a wholly owned subsidiary of the Public Investment Fund (PIF), today […] September 13, 2022
Tourism PIF eyes $400m investment in Saudi travel giant Almosafer Riyadh's Public Investment Fund could acquire a 30 percent stake in the tourism group, which has reported record growth in the second quarter September 13, 2022
Analysis Business of Sport Dubai plays vital World Cup role with GDP goal in its sights Germany and Japan are setting up training camps in Dubai ahead of the FIFA World Cup in Qatar. The football associations’ plans demonstrate that the emirate has adopted the same model for sports as has proven so effective in tourism and real estate. The World Cup squads are following in the footsteps of several English […] September 13, 2022
Analysis Manufacturing Factory investments triple in Abu Dhabi Investment in Abu Dhabi’s active industrial sector has tripled over the past year as the emirate seeks to become a regional manufacturing hub. Latest figures released by Industrial Development Bureau (IBD), part of the Abu Dhabi Department of Economic Development (ADDED), showed that the total value of factories that switched to the in-production stage rose […] September 12, 2022
EXCLUSIVE Banking and Finance Dukkantek unveils plan to lend capital to small retailers Dukkantek, whose tech platform is used by 13 million retailers in the Middle East, has secured $10m in pre-series-A funding September 12, 2022
World Cup 2022 Qatar’s airspace deal to boost global aviation ambitions Qatar is gearing up to establish its own airspace in a move that is key to the country’s ambitions to becoming a global aviation hub. The Qatari Civil Aviation Authority (QCAA) has signed a pact with representatives of Saudi Arabia, Bahrain and the UAE, with the activation of operations of the new Doha flight information […] September 8, 2022
Saudi bets $80m in gaming sector push Saudi Arabia’s National Development Fund (NDF) has announced a SR300 million ($80m) fund to help develop the gaming and e-sports sector in the kingdom. The budget aims to position Saudi Arabia as a global gaming hub, increasing the sector’s contribution to the gross domestic product (GDP) by providing career paths and new job opportunities as […] September 8, 2022
Tourism Dubai Expo 2020 and Saudi Vision 2030 fuel hotel growth The success of Expo 2020 in Dubai and interest in Saudi Arabia and its Vision 2030 programme are boosting investment and fuelling the hotel pipeline in the Middle East, experts said on Wednesday. Analysts say that while the pandemic cast uncertainty upon the regional hospitality landscape with hotel investment impacted, market sentiment has significantly improved […] September 7, 2022
Analysis Energy ADNOC sends first German cargo as it tests hydrogen ambitions Abu Dhabi National Oil Company (ADNOC) has announced that its first shipment of low-carbon ammonia has left the UAE bound for Hamburg, Germany, as the company aims to overcome one of the biggest obstacles to its hydrogen industry ambitions. The demonstration cargo will be delivered to Aurubis, a global provider of non-ferrous metals and one […] September 7, 2022
Manufacturing Abu Dhabi bids to become electric vehicle manufacturing hub Abu Dhabi today announced plans for its first electric vehicle assembly facility as the emirate looks to join Saudi Arabia and Sharjah in building a regional manufacturing hub for sustainable transport options. KIZAD, part of AD Ports Group’s Economic Cities & Free Zones, has signed a lease agreement with NWTN to establish an assembly plant […] September 6, 2022
Analysis Construction ‘The biggest construction site the world has ever seen’ Saudi Arabia was described on Tuesday as the biggest construction site the world has ever seen as projects valued at over $1.1 trillion are underway in the kingdom. That’s the total value of real estate and infrastructure projects since the launch of Saudi Arabia’s National Transformation Plan in 2016, according to global real estate consultancy […] September 6, 2022
Retail Dubai Duty Free rehires 2,000 staff Dubai Duty Free has recalled nearly 2,000 staff who were laid off during the global pandemic as the recovery in the regional aviation industry gathers pace. After announcing that sales have more than doubled in the first eight months of 2022 compared to the same period last year, the airport retailer said it has recovered […] September 6, 2022
EXCLUSIVE Gulf investors in talks to snap up UK metaverse business Talks between a virtual events company and MENA investors are in their early stages, but a deal is expected 'some time in Q1 of 2023' September 6, 2022
