People & Lifestyle Falcons sink their talons into both hearts and wallets From ancient hunting companions to modern status symbols, the birds of prey are serious business in the Middle East September 8, 2024
Finance Mubadala applies to take full control of Turkey’s Getir The Abu Dhabi sovereign wealth fund Mubadala has formally applied to take full control of the Turkish grocery delivery startup Getir. Mubadala had taken a majority controlling stake in the company in June this year as part of a restructuring programme, with a capital injection of $250 million. The filing to take over Getir was […] September 6, 2024
Analysis Retail Primark launch would diversify Dubai’s retail offering The launch of value fashion retailer Primark in Dubai would add a much-needed affordable element to the emirate’s retail offerings, industry experts say. Kuwait-based Alshaya Group announced this week that it had partnered with the international fashion retailer and is looking to “explore opportunities to bring its stores to the Middle East”. Alshaya’s portfolio of […] September 6, 2024
Trade Upfront payment drive eases working capital struggle Companies in the Middle East are negotiating better payment terms before beginning a project to try to prevent working capital issues down the line. Katy Holmes, CEO of the British Chamber of Commerce Dubai, said there had been a “significant shift” towards more favourable terms for suppliers across a wide spectrum of sectors represented by […] September 6, 2024
Infrastructure Adia part of fund aiming to raise $4bn for India upgrade The National Investment & Infrastructure Fund (NIIF) in India, which is backed by Abu Dhabi, is aiming to raise $4 billion, according to reports. The fund, which counts the Abu Dhabi Investment Authority (Adia), the Indian government, AustralianSuper and Singapore’s Temasek Holdings among its investors, is raising the money in the early part of next […] September 5, 2024
Business of Sport Middle East’s first pro baseball park to open in Dubai Construction has started on the first professional baseball field and ballpark in the Middle East and South Asia, which is being built on the outskirts of Dubai. Baseball United, which was launched over a year ago as the first professional league in the region, will call the Sevens sports and entertainment complex its home from […] September 4, 2024
Analysis Aviation Qatar Airways’ expansion ‘on a different path from Etihad’ Qatar Airways is reportedly keen to buy more stakes in legacy airlines – a strategy that sounds familiar to anyone who knows the history of Etihad but is likely to have a different outcome, according to aviation experts. Almost a decade ago Abu Dhabi’s flag carrier was running into serious problems with its aggressive expansion […] September 3, 2024
Analysis Banking & Finance Bahrain’s corporate tax just the first in GCC, say experts Bahrain could be the first “domino to fall” in the GCC after announcing a tax targeting large multinational companies, analysts have told AGBI. The domestic minimum top-up tax (DMTT) will impose a 15 percent levy on the Bahraini profits of multinational enterprises whose revenues exceed €750 million ($830 million). It comes into force next January. […] September 3, 2024
Retail Gaza boycotts fuel sales spike for Gulf beauty brands Homegrown beauty brands in the Middle East are benefiting from boycotts of international companies as a result of the Israel-Gaza conflict. The cosmetics giant L’Oreal said the boycotts had a two-percentage-point drag on its growth in the first half of the year, as consumers turned their backs on the Paris-based company which also owns the […] August 30, 2024
Trade UAE-Philippines trade talks to enter third round The next round of trade negotiations between the UAE and the Philippines will take place next month, with a final deal expected to be signed in October. Beyond lower tariffs and reduced barriers to trade, the UAE-Philippines comprehensive economic partnership agreement (Cepa) is expected to drive capital flows by opening avenues for new investments and […] August 30, 2024
Food & Drink Talabat food delivery service prepares for Dubai IPO The food delivery company Talabat is to list on the Dubai Financial Market this year, 20 years after it was founded. The business, which operates in eight countries across the Middle East and North Africa, will pursue an initial public offering in the fourth quarter, according to a filing on the Frankfurt Stock Exchange from […] August 29, 2024
Business of Sport Roma score commercial goal with Saudi signing Italian football club AS Roma will be anticipating commercial opportunities that might arise after it signed 25-year-old Saudi Arabian defender Saud Abdulhamid this week. Abdulhamid joined Roma from Al-Hilal in a deal worth $3.35 million. The transfer deal is the first involving a Saudi player and a major European league. “When I received the offer, […] August 28, 2024
Retail Majid Al Futtaim retail revenue drop drags H1 profit Increasingly frugal shoppers and currency devaluations led the retail division of UAE conglomerate Majid Al Futtaim to report an 11 percent year-on-year drop in revenue in the first half of the year, resulting in its net profit dropping 6 percent. The company’s retail operations account for around 70 percent of its total business and consist […] August 27, 2024
Economy Sharp slowdown in companies opening Saudi HQs The number of companies setting up headquarters in Saudi Arabia slowed sharply in the second quarter of 2024, after a rush to Riyadh at the start of the year. The country’s regional headquarters programme came into operation at the start of 2024, forcing international companies wanting to win government contracts worth SAR1 million ($260,000) or […] August 27, 2024
Analysis Retail Retailers rejoice as shoppers prepare for new school term An estimated 1.5 million students across the UAE are expected to enrol for the new term on Monday – and retailers are welcoming the traditional spending spree for everything from school uniforms to stationery. This year’s back-to-school shopping sales in the UAE are predicted to reach about AED3 billion ($820 million). “Overall, there is expected to […] August 25, 2024
Banking & Finance ADIA ‘in talks to join Sanofi bid consortium’ Abu Dhabi’s trillion-dollar investment fund is in talks to join a consortium to buy the French drugmaker Sanofi’s consumer health division, according to a report by Bloomberg. Abu Dhabi Investment Authority (ADIA) and the Singapore sovereign wealth fund GIC have both been contacted by the French buyout firm PAI Partners with a view to joining […] August 23, 2024
Oil & Gas Saudi oil receipts drop to a three-year low Sales of Saudi Arabian crude oil and refined products fell to a three-year low in June as a result of a drop in prices and ongoing cuts in production instigated by the kingdom. Receipts from shipments for the month were down to $17.7 billion – a fall of more than 9 percent year on year […] August 23, 2024
Retail TJ Maxx owner takes stake in Dubai’s Brands for Less US discount retailer TJX Companies, owner of the TJ Maxx chain, has helped create the latest unicorn in the Middle East after taking a 35 percent stake in the Dubai-based Brands for Less (BFL). TJX agreed this week to invest $360 million in the privately held branded apparel and home fashions retailer. Both TJX and […] August 22, 2024
Video length: 07:34 Analysis Retail Retail staff shortage dents GCC shopper satisfaction Shoppers across the Gulf Cooperation Council countries are being put off their purchases by a shortage of skilled staff in the region’s retail sector, as prices of products continue to rise. Annual retail sales in the six GCC countries are expected to grow to $300 billion by 2028, a 37 percent increase from 2022. But […] August 21, 2024
Analysis Finance Saudi Arabia’s PIF is focused on the home advantage The value of Saudi Arabia’s sovereign wealth fund’s domestic assets under management have doubled year on year in further evidence of a strategy to focus investments in the kingdom. The AuM, referred to in the fund’s annual report as “Saudi sector development (SSD)” increased from 21 percent to 33 percent last year. The investments are […] August 20, 2024
Logistics Saudi shipping company signs $1bn tankers deal National Shipping Company of Saudi Arabia (Bahri) has announced a SAR3.75 billion ($1 billion) deal to buy nine tankers from Greek company Capital Maritime and Trading Corporation. The very large crude carriers (VLCCs) will be used by Bahri to deliver crude cargoes for its customers. VLCCs are a crucial part of the global maritime logistics […] August 20, 2024
Energy Heat blackouts blamed on Kuwait’s fuel supply issues Rolling power cuts that have beset oil-rich Kuwait over the last two days have been blamed on technical issues experienced in fuel supplies. Several residential neighbourhoods experienced rolling blackouts over the weekend due to “a fuel supply disruption”, according to a statement from state-run Kuna news agency. The cuts also closed down desalination plants and […] August 19, 2024
