Retail Tihama shareholders to vote on rescue for Saudi media group Shareholders in the loss-making media group that operates WH Smith shops in Saudi Arabia are to vote on a rescue plan next month. Tihama Advertising and Public Relations Company said its “financial reorganisation proposal under the Saudi bankruptcy rules” would be put to shareholders on December 18. The meeting will be overseen by Osama Al […] November 27, 2023
Employment More women join UAE boards, but progress ‘still slow’ When Maha Abdul Majeed Ismail Ali Al Fahim joined the board of Islamic Arab Insurance Company this year, she became part of a growing trend. Women made up 23 percent of appointments to UAE boards in 2022, from just 12 percent in 2020, according to executive search company Heidrick & Struggles. But campaigners in the Gulf […] November 27, 2023
Analysis Trade Raiven launches fund to strengthen UAE-Canada ties Raiven Capital, a venture capital company based in Toronto, has launched a new $125 million fund in Dubai with a focus on tech-based founders. The fund, set up in Dubai International Financial Centre (DIFC), will invest in entrepreneurs developing artificial intelligence to disrupt sectors including fintech and cybersecurity. “Raiven has ambitious plans for the region […] November 23, 2023
Real Estate Foreign HQs drive Riyadh rent growth to record highs A rush of international companies to set up regional headquarters in Riyadh is driving record increases in commercial property rents, latest figures reveal. Prime rents in the Saudi capital rose by almost 24 percent in the year to Q3, according to CBRE, with rents currently at SAR2,617 ($712) per sq m. Observers say Saudi Arabia’s […] November 23, 2023
Manufacturing Saudi Cable Co seeks more time to deliver rescue plan Saudi Cable Company, which suspended trading in its shares earlier this month, has requested an extension to the deadline for submission of its financial restructuring proposal to the courts, as bosses scramble to finalise a rescue plan. The company, which owns manufacturing facilities in Saudi Arabia, Bahrain and Turkey, said at the start of November […] November 22, 2023
Opinion Tourism Tourism is understandably down, but now is the time to visit Jordan Barring an escalation in the Israel-Gaza conflict, it feels safe to visit November 21, 2023
Tech UAE takes next step in developing satellite industry The Crown Princes of Abu Dhabi and Dubai have launched the execution phase of the UAE’s Sirb satellite programme, which aims to commercialise satellites and the data they generate. Sirb – Arabic for a flock of birds – consists of a constellation of synthetic aperture radar satellites. Highly accurate, the satellites will support a wide […] November 21, 2023
Energy Licence granted for fourth reactor at Abu Dhabi’s Barakah The UAE’s regulator has issued an operating licence for the final reactor at the Barakah nuclear power plant in Abu Dhabi. The 60-year licence, awarded by the Federal Authority for Nuclear Regulation (FANR), will allow operating company Nawah to commission and operate Unit 4. Nawah’s application was submitted six years ago, the regulator said. Hamad […] November 20, 2023
Analysis Trade Zimbabwe sharpens focus on trade with UAE The UAE could soon rival South Africa as Zimbabwe’s largest trading partner as the southern African country competes to attract more foreign investment. Zimbabwe is working to develop a number of sectors with the UAE, including agriculture, mining and energy, to build on the $2 billion bilateral trade registered last year, Lovemore Mazemo, Ambassador of […] November 13, 2023
Agriculture Saudi unveils next-gen coffee farm as ambitions percolate Saudi Arabia has unveiled its first next-generation coffee farm in Jazan, home to the world-famous Coffea Arabica plant, as the kingdom looks to significantly increase production. Saudi Coffee Company, a wholly owned subsidiary of the Public Investment Fund, said the farm – spread across one million square metres – will act as a template for […] November 10, 2023
Transport Neo seeks $30m to drive ambitious EV plans “Last-mile” logistics company Neo Mobility is launching in Dubai next month with a fleet of 100 electric two-wheeler vehicles. The company secured $10 million in pre-launch seed funding from investors including green asset financing platform Delta Corp Holding. It is now in talks to raise $30 million to finance growth plans which includes a vehicle […] November 9, 2023
Real Estate Seera Group invests $160m in Riyadh business park Saudi travel major Seera Group plans to invest SAR600 million ($160 million) in a real estate fund to finance the development of a new business park in Riyadh. Seera will be the primary investor in the Sharia-compliant fund with the aim of developing the Kayanat Central Business Park in the north of the Saudi capital. […] November 9, 2023
Health Work starts on Dubai factory for Indian pharma business Construction has started on a $54 million factory in Dubai for Indian herbal pharmaceuticals company Himalaya Wellness, as analysts predict more international investment in the UAE healthcare sector. The factory at Dubai Industrial City, supported by financing from Emirates Development Bank, will produce tablets, capsules, liquids and ointments. The Bangalore-based company, founded in 1930, already […] November 8, 2023
Finance Mena IPOs drop but analysts still bullish for 2024 Listings on Middle East and North African stock markets slowed during the third quarter, but analysts remain upbeat for 2024 despite concerns over the Israel-Gaza conflict. There were six initial public offerings (IPOs) in Q3, raising $523 million in total. This is a 14 percent drop in volume and a 66 percent slump in proceeds compared […] November 7, 2023
Transport Orascom wins deals as Egypt steps up transport ambitions Orascom Construction has signed new contracts to work on two major transport projects in Egypt. The National Authority for Tunnels has hired the Cairo-based builder to carry out all civil works for a package of the Greater Cairo Metro Line 4 expansion. Orascom said in a filing to Nasdaq Dubai – where its share price […] November 7, 2023
Tourism Gaza conflict puts pressure on neighbours’ economies A prolonged conflict in Gaza and Israel is likely to lead to a significant contraction in GDP and loss of foreign exchange receipts across Middle East and North Africa, according to S&P Global Ratings. The month-long conflict leaves the tourism sectors of Lebanon, Egypt and Jordan “most exposed” due to their geographical proximity to the […] November 7, 2023
Manufacturing Abu Dhabi strikes deal with Chinese province of Jiangsu Abu Dhabi is turning to the Chinese province of Jiangsu, the 12th largest economy in the world, as it seeks to expand its manufacturing sector. The Abu Dhabi Department of Economic Development and Jiangsu Provincial Overseas Cooperation and Investment Company have signed an agreement that aims to attract more Chinese industrial investments. The focus is […] November 7, 2023
Trade World’s biggest law firm sets up in Saudi Arabia Law firm Kirkland & Ellis is to open its first Middle East office in Riyadh ahead of new legislation which aims to make it easier for businesses operating in the kingdom. The office will serve as its regional headquarters. Kirkland & Ellis is the world’s largest international law firm by revenue and completed nearly 800 […] November 3, 2023
Analysis Trade Dubai-Dutch office digs into UAE and Netherlands trade Dubai International Chamber has inaugurated its fourth European representative office, in Amsterdam. The UAE is seeking to build on bilateral non-oil trade of AED11.2 billion ($3.1 billion) with the Netherlands in the first half of 2023. Officials said the new office, which opened last month, will play a key role in enabling Dubai-based companies to […] November 2, 2023
Media & Advertising Saudi advertising major in $270m pursuit of rival The Saudi advertising giant Arabian Contracting Services is pursuing the acquisition of its Riyadh-based rival Faden Media, in a deal worth more than SAR1 billion ($270 million). The company, also known as Al Arabia, said in a filing to the Saudi Stock Exchange that it is now working to complete the takeover within six months, […] November 1, 2023
Analysis Banking & Finance Stronger GCC relations a boon to Turkey’s Islamic banks Improving relations between Turkey and the GCC could lead to more investment in the country’s Islamic banking system, which the government is keen to expand. The Turkish authorities have set a target for Islamic banks to reach 15 percent of total sector assets by 2025, up from 8.5 percent this year. Top-down support has been […] November 1, 2023
Tech Kuwait’s private sector to aid final broadband push Kuwait is looking to the private sector to help roll out the final stage of a national fibre-optic broadband project that forms part of the country’s digital transformation ambitions. The Ministry of Communications has announced plans to use private public partnerships (PPP) in coordination with the Kuwait Authority for Partnership Projects. The PPP will take […] November 1, 2023
