Anghami bets on Arabic music to deliver streaming growth Abu Dhabi-based streaming provider Anghami is betting on Arabic content to deliver future growth as it announced a 41 percent increase in subscribers in the first half of 2022. With just one percent of Anghami’s content being Arabic, it is one area that the company is looking to grow significantly, Elie Habib, chief technology officer […] August 17, 2022
Dubai bank metaverse Banking and Finance Dubai bank enters metaverse to support $4bn tech push Emirates NBD, Dubai’s biggest bank, today announced its first play in the metaverse as part of the emirate’s ambition to become one of the world’s top 10 virtual economies. Its global accelerator programme, in partnership with the Dubai International Financial Centre (DIFC) Fintech Hive and powered by Microsoft, is for metaverse startups and aims to […] August 17, 2022
Real Estate Dubai tenants consider ownership amid record rental surge Dubai tenants are considering a move into home ownership as residential rents surged by nearly 24 percent in the year to July, the highest annual rate of growth for more than eight years. Double-digit price rises for apartments was widespread across the city but were supercharged in Palm Jumeirah, Downtown and Dubai Marina which saw […] August 17, 2022
Analysis Banking and Finance How Oman has moved from protests to surplus in a year Last June Oman was facing protests over job layoffs and poor economic conditions as the sultanate suffered from the double shock of the coronavirus pandemic and a slump in oil prices. Just 14 months later Fitch Ratings has upgraded Oman’s long-term foreign-currency issuer default rating to ‘BB’ from ‘BB-‘, with a stable outlook. Fitch said […] August 16, 2022
Analysis Tourism Sharjah enters the fray as UAE holiday home market heats up The UAE’s fledgling holiday homes market will remain attractive to investors and could fuel consolidation among hotel operators, experts say, as Sharjah becomes the latest emirate to announce regulations to diversify its tourism sector. Sharjah Commerce and Tourism Development Authority (SCTDA) has launched an official framework – the Holiday Homes Project – which aims to […] August 16, 2022
Exclusive Digital payments giant hopes for boost from UAE-Africa trade talks Dubai-based digital payments giant Network International is hopeful that “more doors will open” for it across Africa as the UAE starts free trade deal talks on the continent. The Middle East and Africa-focused company, which generated nearly 30 percent of its revenues from Africa last year with key markets including Kenya, Egypt and South Africa, […] August 15, 2022
LONG READ Business of Sport Saudi Arabia’s next goal: women’s sport Likely Saudi investment in an overseas women’s football team Kingdom may fund other sports such as athletics Sector’s contribution to Saudi GDP is $7bn Just five years ago, Saudi women were banned from watching football at stadiums. Fast forward to 2022 and Saudi Arabia has officially announced its intention to bid for the 2026 AFC […] August 13, 2022
Long read Energy Hello hydrogen: inside the GCC’s next mega-commodity With annual revenues from green hydrogen in the GCC estimated to grow to about $200 billion by 2050, the region is investing heavily as a means to continue using its oil resources, while supporting international partners in reducing carbon emissions. Up to one million hydrogen-related jobs could be created in the Gulf within three decades, […] August 11, 2022
Real Estate Dubai villa prices pass 2014 peak amid influx of overseas money Villa prices in many parts of Dubai have surpassed the previous peak of 2014, fuelled in large part by a “relentless” influx of capital from wealthy overseas investors. Real estate consultants ValuStrat reported that although villa price rises are slowing, average values are now at levels last seen in early 2014. Faisal Durrani, partner – […] August 11, 2022
Banking and Finance Reforms draw North American investors to the Gulf North America-based entities were the most active investors in Middle East and North Africa merger and acquisition (M&A) deals in the first half of 2022. Attracted by ongoing economic reforms in the region, US and Canadian firms took part in 30 percent of inbound M&A activity, with a particular focus on technology-related investments. The latest […] August 10, 2022
Aviation Emirates ‘flies against grain’ with $2bn investment pledge Emirates president Sir Tim Clark has taken a swipe at his rivals, pledging to invest $2 billion while claiming others are cutting costs in response to industry pressures. The Dubai airline plans to enhance its inflight customer experience, including a programme to retrofit over 120 aircraft with the latest interiors, plus an array of other […] August 10, 2022
Analysis Tourism Shortfall of skilled staff could hamper GCC tourism goals The GCC’s tourism sector is forecast to return to pre-pandemic levels in 2022, generating revenue of $26.3 billion, but experts question whether future growth could be stymied by shortages in the region’s skilled hospitality workforce. UAE-based investment banking advisory firm, Alpen Capital, said the sector registered a 74.8 percent growth over the past year, adding […] August 10, 2022
Economy Cause for cautious optimism: inflation eased in Dubai in July Price inflation eased slightly in Dubai in July for the first time in four months but remained among the fastest on record, according to new figures. The latest purchasing managers’ index (PMI) data from S&P Global showed that activity in the non-energy private sector continued to expand sharply to its highest level in three years […] August 9, 2022
Banking and Finance London finance firm sees GCC as Europe-Asia bridge London-based DKK Partners, an emerging markets foreign exchange liquidity provider, has announced a major expansion into the Middle East. Four new offices will open in the MENA region as it sees the GCC developing into a “financial hub that bridges Europe with Asia”. The company, which has its headquarters in Mayfair, has seen its revenues […] August 9, 2022
Analysis Banking and Finance How the new Saudi Companies Law could affect your business Saudi Arabia’s Council of Ministers recently approved a new Companies Law, which aims to enhance the growth of the kingdom’s commercial ecosystem. According to the Ministry of Commerce, the law aims to increase business sustainability and encourage investment in SMEs by facilitating procedures and regulatory requirements. It introduces new corporate entities, increasing the level of […] August 9, 2022
Banking and Finance Saudi’s cashless revolution well underway as investments soar Saudi Arabia’s digital payments revolution is gathering pace with point-of-sale transactions surpassing ATM cash withdrawals for the first time in the second quarter of 2022. The kingdom’s transformation into a cashless economy resulted in point-of-sale (PoS) transactions rising 16.6 percent annually in Q2 to $36.7 billion, described by the Saudi Ministry of Investment (MISA) as […] August 8, 2022
Retail UAE retail economy report shows spending up 16% this year Consumer spending in the UAE is proving resilient against the effects of market volatility, supply chain stress, rising fuel costs and inflation. The State of the UAE Retail Economy report from retail giant Majid Al Futtaim showed that overall spending increased by 22 percent in the first six months of 2022 compared to the same […] August 8, 2022
Analysis Real Estate Dubai property market ranked among top 5 globally Prime residential property prices in Dubai rose by nearly five percent in the first half of the year, placing the emirate at number four in a new list of the world’s best performing markets. US cities including Miami, Los Angeles, San Francisco and New York dominated the leaderboard, with Dubai the only non-US city to […] August 8, 2022
Economy UAE and Saudi ‘bright spots’ in challenging global IPO market The UAE and Saudi Arabia bucked the global downturn in initial public offering (IPO) activity in the first half of 2022. According to the EY MENA IPO Eye report, both countries – and the wider MENA region – remain a “bright spot in a challenging market”. It witnessed a 500 percent year-on-year increase in the […] August 4, 2022
Transport Etihad Rail on track to deliver UAE property price rises The UAE-wide Etihad Rail network is set to drive significant price hikes for properties located near its stations, according to industry experts. The 1,200km rail track, which is expected to carry over 60 million tonnes of freight and 36.5 million passengers by 2030, aims to make commuting easier for UAE residents. Ata Shobeiry, CEO at […] August 3, 2022
Exclusive Tourism Diriyah CEO sets date for first stage of $50bn project The first phase of Saudi Arabia’s $50.6 billion project to transform the historic Diriyah district will open later this year, its boss has told AGBI. Jerry Inzerillo, group CEO of the Diriyah Gate Development Authority, said the public would be able to visit the restored UNESCO World Heritage site at At-Turaif and the Mattal Al […] August 3, 2022
Energy Masdar takes lead as Azerbaijan sets ambitious green targets Masdar, the Abu Dhabi-based renewable energy company, announced on Tuesday that it has achieved financial close for its 230mw Garadagh Solar Photovoltaic (PV) Plant in Azerbaijan. The project, the country’s first foreign investment-based independent solar power project and Masdar’s first in Azerbaijan, is co-financed by Abu Dhabi Fund for Development, the Asian Development Bank, the […] August 2, 2022
