Real Estate GCC investors unfazed by UK real estate crackdown A crackdown on anonymous foreign investments in UK real estate will not put off GCC buyers and may even increase deals in the long term, experts say. The Register of Overseas Entities will require anonymous foreign companies owning or seeking to buy UK land to reveal their true owners, ensuring criminals cannot hide behind secretive […] August 2, 2022
Analysis Agriculture Food security report delivers stark warning to import-reliant Gulf GCC governments must step up their efforts to develop agri-food technology and recycle waste, a new food security report has warned. The Gulf is one of the world’s most import-dependent regions. The main food security challenge for the GCC is a natural or man-made crisis that could block one or more countries’ access to imports, […] August 2, 2022
Energy Global investor Actis turns focus on Dubai solar platform Actis, a London-headquartered investor in global sustainable infrastructure, has announced an agreement to acquire a controlling stake in Dubai-based Yellow Door Energy Limited (YDE). Yellow Door Energy is a major solar platform in the Middle East and Africa region with around 200MW of secured production capacity. The transaction, the value of which has not been […] August 1, 2022
Dubai record label launches as Arab music appeal grows Galaxy Racer (GXR), the media giant focused on e-sports, music and sports, has announced the launch of GXR Records, an independent music label based in Dubai. GXR and Empire, the global independent label, distributor and publisher, said the new venture will be led by Elia Mssawir and will focus on developing talents in West Asian […] August 1, 2022
Analysis Economy GCC embraces public-private partnerships to drive projects Public-private partnerships will become more important across a wider range of sectors in the Gulf region as countries continue to diversify their economies, say experts. With the total value of planned and unawarded projects in the GCC countries expected to reach $2 trillion, governments are seeking more private sector support in infrastructure projects delivery. “Both […] July 28, 2022
Employment Dubai workers return to office in their droves as rents rise Four in every five professionals in Dubai have returned to the office as Covid restrictions ease. The return is one of the highest rates across the Middle East and Europe. New research from real estate consultants Savills shows there is significant geographic variation in office utilisation levels. An average of 80 percent of workers are […] July 27, 2022
Analysis Real Estate Gulf investors head outside London to fill up on UK property The Midlands and Northern England are looking ever more appealing to commercial real estate investors from the GCC, according to a new report GCC investors’ appetite for UK property continues to grow, new research has found, driven in part by the surging appeal of regions outside of London. A report from Bank of London and […] July 27, 2022
Banking and Finance Huobi heads for Dubai as report dubs UAE ideal location for crypto Hong Kong-based exchange granted provisional licence by Dubai's VARA as UAE is ranked at No 4 in list of world's top 'crypto-ready' countries July 26, 2022
Emirates space agency names astronaut for 6-month ISS mission Sultan Al Neyadi, 41, will lift off for the International Space Station next spring, in a mission set to boost the UAE's burgeoning space sector July 25, 2022
EXCLUSIVE Tourism Etihad CEO issues call to make aviation industry net zero There is no “single bullet” to solve the climate crisis and airlines must work together to create a sustainable aviation sector, the CEO of Etihad Airways has told AGBI. Tony Douglas, group chief executive officer, Etihad Aviation Group, said: “This is about industry – from the giants to the start-ups – governments, regulators and academics […] July 25, 2022
Tourism Dubai digital maps get self-driving on the road Digital maps are being created in Dubai in preparation for the launch of self-driving vehicles in the city next year. US-based Cruise will this month operate two Chevrolet Bolt electric vehicles to prepare the maps for the company’s self-driving vehicles which are scheduled to be on the road in Dubai in 2023, making it the […] July 25, 2022
Exclusive Retail Vision giant Magrabi eyes IPO and global expansion Magrabi Retail could be set for international expansion and an upcoming IPO, according to Amin Magrabi, CEO of the Middle Eastern ocular powerhouse. With 142 stores, an estimated market share of 40 percent, 1,350 employees and revenue of $220 million a year, Riyadh-headquartered Magrabi Retail plans to double in size by 2025. “International expansion is […] July 20, 2022
Tourism Saudi Arabia plans lifestyle hotels in new $400m deal Lifestyle hotel brands such as Mama Shelter, The Hoxton and 25hours are set to debut in Saudi Arabia as part of a new $400 million deal. The kingdom’s Tourism Development Fund (TDF) today announced the signing of a tripartite deal with Ennismore, the world’s largest and fastest-growing lifestyle hospitality company, and Saudi-based asset manager Al […] July 20, 2022
Exclusive UAE tech firm Arrow Labs plans major European expansion Arrow Labs is planning a major expansion into Europe as more companies seek to improve remote working practices. The UAE-based technology company which offers digital workflow solutions, has announced its entry into the Greek market after securing a “significant” new contract with one of the world’s largest industrial gas manufacturing companies. Having attracted renowned Silicon […] July 20, 2022
Analysis Economy Sheikh Mohamed underlines ties with France on first foreign trip The Louvre Abu Dhabi is perhaps the most visible symbol of the flourishing relationship between the UAE and France. The museum on Saadiyat Island, which opened in 2017 under an agreement between the two governments, is said to be France’s largest cultural project abroad. Given this backdrop of cultural and commercial ties, France was a […] July 19, 2022
Tech Emirates-US joint venture opens world’s largest vertical farm Emirates Flight Catering (EKFC) and US-based Crop One have announced the opening of Bustanica, the world’s largest hydroponic farm, backed by an investment of $40 million. The facility is the first vertical farm for Emirates Crop One, the joint venture between the two companies, and is located near Al Maktoum airport at Dubai World Central. […] July 18, 2022
Banking and Finance Crypto giant OKX plans ‘long-term play’ in UAE after licence win Crypto trading app OKX plans to make Dubai its regional hub and hire 100-plus people in the UAE July 18, 2022
Analysis Biden Middle East The road from Jeddah: US and Saudi set out their 19 priorities Clean energy, investment deals and space exploration are at the heart of the Jeddah communiqué – the partnership agreement issued by the US and Saudi governments after President Joe Biden’s meeting with King Salman and Crown Prince Mohammed bin Salman. Among the agreements reached during the president’s visit on July 15 and 16 was a […] July 18, 2022
Exclusive Banking and Finance The Gulf is going cashless – and sooner than you think Hany Fekry has been living in the UAE for about six months. In that time he says he has spent a grand total of AED40 in cash transactions. It’s why the group MD (Processing) of regional payments giant Network International is so certain that the UAE will effectively be a cashless society within three years. […] July 14, 2022
Analysis Development Closing the MENA gender gap could take 115 years It will take 115 years to close the gender gap in the Middle East and North Africa according to the latest World Economic Forum report. The analysis, which benchmarks the difference between women and men as reflected in social, political, intellectual, cultural, or economic attainments or attitudes, reveals that women’s employment has suffered as the […] July 13, 2022
Lifestyle Welcome to Kuwait, the world’s worst expat destination They say they are unhappy with career opportunities, fed up with the poor quality of life, find it difficult to settle and rarely talk to “unfriendly” locals. It’s no wonder that expats in Kuwait have voted it the worst place in the world to live and work. Kuwait not only ranks last of all 52 […] July 12, 2022
Exclusive Tech Red Sea Farms ploughs new ground as investments soar Saudi-based Red Sea Farms is planning to ride the wave of increased global investments in agricultural technology by organising a Series A funding round later this year. The move follows an oversubscribed Pre-Series A round last year of $16 million and also a recent strategic raise of $18.5 million. “The proceeds of our successful fundraise […] July 12, 2022
