Economy Red Sea attacks dent Mena business activity The attacks on shipping in the Red Sea are depressing economies across the Middle East and North Africa, as supply chain disruption takes its toll on business activity. The latest economic monthly bulletins for the UAE, Saudi Arabia and Egypt all show a drop in operating activity for January. Houthi rebels in Yemen have been […] February 5, 2024
Business of Sport Sobha Realty strikes sponsorship deal with Arsenal Dubai real estate developer Sobha Realty has secured the naming rights for the training ground of English Premier League football club Arsenal. Arsenal’s facility in Hertfordshire will be known as the Sobha Realty Training Centre. It is the first time the naming rights have been sold. The deal is part of Sobha’s plan to expand […] February 2, 2024
Tourism Oman hotel licence limits signal ‘desire to enhance quality’ The decision by Oman to impose restrictions on new hotel developments across the sultanate demonstrates a focus on quality over quantity, an industry analyst says. From February 1, Oman’s Ministry of Heritage and Tourism will not accept any requests for new hotels in the Muscat governorate, aside from Quriyat and Al Amerat. Applications for hotel […] February 1, 2024
Leisure & Hospitality Fitness brands shape up for Saudi expansion plans GymNation, founded in Dubai, has revealed plans to open 50 new fitness centres in Saudi Arabia as it seeks to capitalise on the kingdom’s billion-dollar fitness industry. The mid-market brand was set up six years ago and currently operates 11 gyms in the emirate, with a further six set to open before the summer. Founder […] February 1, 2024
Health Training and tech to tackle healthcare staff shortage Technology and training combined can aid the impending recruitment crisis in UAE healthcare, experts say. Globally there will be an estimated shortfall of 10 million workers in the industry by 2030, primarily in low and middle income countries, according to the World Economic Forum. The UAE has not been spared. Research from Colliers showed there […] February 1, 2024
Health Gulf could have drone healthcare delivery by 2026 Drone delivery technology transporting healthcare materials such as blood samples, vaccines and pharmaceuticals is likely to take to the skies across the Gulf within the next two years. A test programme between Siemens Healthineers and the German drone manufacturer Wingcopter in Kenya is due to come to a conclusion in the next two and a […] January 31, 2024
Industry Oman consortium buys stake in gold and silver miner Oman’s Maaden International Investment has acquired almost a quarter of the Anglo-Russian gold and silver producer Polymetal International. The 23.9 percent stake was bought for an undisclosed sum from Powerboom Investments, a subsidiary of ICT Holding, which is owned by the Russian businessman Alexander Nesis. Polymetal was founded by Nesis in 1998. It is among […] January 30, 2024
Tourism Morocco hails record tourist numbers for 2023 Morocco welcomed a record-breaking 14.5 million tourists in 2023, despite a devastating earthquake that rocked the country. The number of inbound tourists was up 34 percent on 2022 and an increase of 12 percent on pre-pandemic 2019 levels. December alone had 1.3 million tourist arrivals, despite a tough economic climate and turbulent geopolitical times. The […] January 29, 2024
Employment Dubai launches small business plan to support Emirati retirees Retired emiratis are being incentivised to run their own companies after the launch of the Dubai Retiree Projects Support programme this week. The scheme is part of the Dubai Social Agenda 33, which aims to create a more proactive social system. Benefits include priority for government contracts, financing of future projects, exemption from service fees […] January 26, 2024
Economy Suez slump compounds Egypt’s foreign currency crisis Disruptions to shipping in the Suez Canal as a result of the conflict in the Red Sea are exacerbating Egypt’s foreign currency shortages and increasing the need for a new financing package from the International Monetary Fund. Royalties from traffic through the Suez Canal contribute nearly 8 percent of the Egyptian government’s revenue and generate […] January 26, 2024
Economy Tunisia debt repayment reaching ‘crunch point’ Just days after Tunisia announced it had cleared its debts from 2023, an expert is warning the country remains at real risk of a sovereign default, with extensive repayments due to creditors over the next two years. Finance minister Sihem Nemsia revealed earlier this week that the North African country had settled all domestic and […] January 26, 2024
Aviation Saudi will top Gulf business travel chart, says Wego boss Business travel to and from Saudi Arabia is expected to surpass neighbouring UAE, according to the CEO and co-founder of online travel marketplace Wego. As of the start of this month, foreign companies hoping to gain access to billions of dollars worth of government contracts must have their regional headquarters in Riyadh. The regional HQ […] January 25, 2024
Health Healthy rise in medical tourism to Abu Dhabi clinic The number of overseas patients travelling to the UAE for treatment at the Cleveland Clinic Abu Dhabi rose by 20 percent in 2023, the hospital’s CEO has said. Overseas visitors make up 1.5 percent of the patients treated each year at the Cleveland Clinic hospital on Al Maryah Island. Its CEO, Dr Jorge Guzman, told […] January 24, 2024
Logistics Wheat shipments through Suez Canal down 40% Shipments of wheat through the Suez Canal have fallen by 40 percent year-on-year as a result of the continuing crisis in the Red Sea, the World Trade Organisation’s Wheat Dashboard shows. Major shippers are avoiding the waterway, through which 15 percent of maritime commerce passes, causing supply chain disruptions and threatening a new wave of […] January 24, 2024
Economy Tunisia pays off all 2023 debt Tunisia has repaid all of its 2023 domestic and external debts despite constraints on public finance and difficulties in accessing foreign funding, according to finance minister Sihem Nemsia. It had been feared that the North African country was headed towards a default on its debt repayments. Speaking at the opening of a debate on the […] January 23, 2024
Trade Bahrain’s trade deficit increases 200% Bahrain’s trade deficit increased by 212 percent in the fourth quarter of last year following a drop in exports and re-exports from the kingdom. The trade balance, which shows the difference between exports and imports, recorded a deficit of BD276 million ($733.2 million) in the fourth quarter, up from BD88 million in the same period […] January 22, 2024
Transport SUVs drive UAE car sales but motorists gear up to go green Gas-guzzling sports utility vehicles remain a popular choice for UAE motorists and outlets across the country have reported strong sales of SUVs in 2023, despite the ongoing drive to switch to more environmentally friendly alternatives. Abhinav Gupta, CEO for the Gulf region at Cars24, a global e-commerce platform for pre-owned vehicles, said that SUVs represented […] January 22, 2024
Retail Rare chance to book profits for well-read investors From his shop in Dubai’s Alserkal Avenue, Alex Warren has been asked to source books by a particular Kazakh author, rare Indian poetry and even a copy of Catcher in the Rye in every language ever published. “That was quite odd,” says Warren, who opened Zerzura Rare Books in October 2022. “I didn’t hear from […] January 19, 2024
Education UAE teacher shortfall is looming ‘iceberg’ The UAE will need up to 30,000 more teachers by 2030, a shortfall that needs confronting, an expert has warned. The total number of students in the public and private sector in the UAE for 2020-2021 stood at 1.04 million. This is expected to increase to 1.25 million students by 2030. Based on this growth […] January 18, 2024
Transport Porsche sales up 11% as Red Sea strife threatens deliveries Porsche “simply couldn’t find the ships” to get its cars from Germany to customers in the Middle East last year, leaving it with “really low inventory”, the company’s regional CEO told a media sales briefing on Friday. Those supply chain issues have been resolved, Manfred Braunl told reporters, but he warned that the ongoing crisis […] January 15, 2024
Employment New Saudi visas aim to lure ‘high-wealth investors’ Saudi Arabia’s new long-term residency visas is at attracting “high-wealth investors” to the kingdom, though it may hinder the nurturing of local talent, some analysts have warned. The updated “premium residency” options are designed to lure top global talent to Saudi Arabia as it continues its billion-dollar transformation from a hydrocarbon-based economy. The visas cover […] January 11, 2024
Banking and Finance Dubai Investments plans flagship project in Africa UAE investment group Dubai Investments has revealed details of its first flagship mixed-use development in Africa. The company is creating Dubai Investments Park Angola, a 2,000 hectare residential, commercial and industrial hub in the West African country. The project, based 50 kilometres from the capital Luanda in Bengo Province, includes an 18-hole golf course and […] January 10, 2024
