Banking and Finance Investcorp Capital to list on Abu Dhabi Securities Exchange Investcorp Capital has revealed plans to offer 643 million ordinary shares in an initial public offering on the Abu Dhabi Securities Exchange. The shares, which represent an estimated 29.34 percent of issued share capital after the IPO, will have a nominal value of $0.50 (AED1.84), according to a statement from the Bahrain-based alternative investment company. […] October 24, 2023
FII Tourism Red Sea Global links up with Kingdom for $530m resort Red Sea Global and Kingdom Holding Company have agreed a SAR2 billion ($530 million) joint venture to develop and own a Four Seasons resort at the Red Sea giga-project. The luxury development, scheduled to open in early 2025, will be built on Shura Island, the main hub of the 22-island giga-project. The Four Seasons resort […] October 24, 2023
Trade Vietnam courts Middle East investors after US boost Vietnam is aiming to establish itself as a manufacturing hub to rival China and it is hoping improved relations with the US will be the catalyst for investment from the Middle East. The country is currently engaged in talks with the UAE about a trade agreement. During a visit to Vietnam by President Joe Biden […] October 20, 2023
Infrastructure Orascom ‘treading water’ in Egypt but remains bullish The value of Orascom Development’s strong growth in Egypt has been almost wiped out as a result of continued currency devaluations. But group CEO Omar El Hamamsy remains bullish on the future of the North African country. The conglomerate, that is based in Switzerland and develops infrastructure at scale, has grown 60 percent in Egypt […] October 20, 2023
Construction Gulf contractor ALEC’s five-year plan to double business ALEC Engineering and Contracting, the company behind some of the Gulf’s biggest projects, is looking to double its business in the next five years, with Saudi Arabia making up a core part of its plans. Developments already under their management include the UAE’s first casino and Saudi Arabia’s entertainment city. Barry Lewis, ALEC’s recently appointed […] October 18, 2023
Retail Food store Kibsons says IPO could be on the table Kibsons, the family-owned food delivery company in the UAE, has said a potential listing of the business is “absolutely” on the table. Launched in 2016, it processes over 35,000 orders a week. And founder and CEO Halima Jumani says they are on target to hit $100 million in turnover this year. Jumani, who co-owns the […] October 17, 2023
Construction ‘Unrealistic’ deadlines spark construction disputes in Gulf Developers in the Middle East are setting “unrealistic” timelines for building projects, industry experts have warned, as the region is named among the worst in the world for construction delays. Construction overruns added 82 percent to schedules in the region, well up on the global average of just over 67 percent, according to the 2023 […] October 16, 2023
Leisure & Hospitality Five completes $322m deal for Ibiza hotel business Five Holdings, the UAE real estate and hospitality group, has completed the purchase of the hotel and nightclub businesses of Ibiza’s Pacha Group in a deal worth $322 million. The acquisition was confirmed in a note on the London Stock Exchange (LSE). It includes the Pacha Nightclub, Destino Pacha Hotel, El Hotel Pacha, Toy Room […] October 13, 2023
Aviation Huge expansion planned for Saudi’s Abha airport Abha International Airport in the south-west of Saudi Arabia is to expand to more than six times its current size. The plans, revealed this week by Crown Prince Mohammed bin Salman, will see the terminal area of the airport increased to 65,000 square metres. It includes the construction of passenger boarding bridges, self-service facilities and […] October 13, 2023
Tech UAE businesses and families splurge on video surveillance Dubai retail conglomerate Majid Al Futtaim has signed a deal to use artificial intelligence to boost security systems at its malls across the region. The company has signed an AED3.5 million ($950,000), three-year deal with Australia-based Icetana to upgrade camera streams at 16 of its sites. Icetana’s AI software can identify and report unusual or […] October 13, 2023
Aviation Dubai leisure airline courts Middle East investors A new luxury leisure airline, which is set to operate routes from Dubai and Riyadh to the Maldives, is looking for potential investors from the Middle East to fund its long-term expansion plans. Headquartered in Dubai, Beond was unveiled this week at the emirate’s Al Maktoum International Airport. Funding for the luxury airline came from […] October 13, 2023
Real Estate Super-rich choosing Dubai for second homes Dubai has become a second-home paradise for the super-rich as the number of wealthy residents in the emirate continues to soar. The city boasts more than 500 centi-millionaire second-home owners. It features ahead of locations such as Palm Beach and West Palm Beach in the US, Sydney, Nice and Napa, according to the latest wealth […] October 11, 2023
Real Estate UK commercial property bargains lure Gulf buyers Gulf backers have contributed over 80 percent towards a British investment fund targeting distressed commercial property sales in the UK. Greenridge Investment Management Ltd has just closed the first round of its $190 million Greenridge Opportunities fund and has surpassed its first capital raise target by 46 percent. Strong participation from Saudi Arabia and Kuwait […] October 11, 2023
Real Estate Beachfront villa in Abu Dhabi listed for record $27m The most expensive villa in Abu Dhabi has been listed for sale as the off-plan property market in the UAE capital continues to witness strong growth. The AED98 million ($26.7 million) villa, located in the Ohana by the Sea coastal development between Abu Dhabi and Dubai, is scheduled to be handed over in the fourth […] October 9, 2023
Leisure & Hospitality UAE hotel revenue hits $7bn as guest numbers surge 15% UAE hotels generated AED26 billion ($7.08 billion) in revenues in the first seven months of 2023, according to Abdullah bin Touq Al Marri, minister of economy. Hotels received 16 million guests, up more than 15 percent annually in the year to July, the UAE state-owned Wam news agency reported, citing the minister, who also heads […] October 9, 2023
Analysis Finance Middle East whisky investors toast strong returns Investors in rare whisky could be forgiven for raising a glass to the success of their investment over the past 10 years. Just maybe not using the expensive stuff. The latest Knight Frank Luxury Investments report revealed the value of rare whisky has soared by 322 percent in that time. That is a higher return […] October 8, 2023
Economy World Bank drops growth forecast for Tunisia further Tunisia’s economic growth forecast has been downgraded further by the World Bank amid concerns over the drought-hit agricultural sector, as well as uncertainties over debt financing and the weak momentum of structural reforms. In its report, Balancing act: Jobs and wages in the Middle East and North Africa when crises hit, the World Bank noted […] October 6, 2023
Analysis Business of Sport Morocco must now tackle cost of World Cup win Winning the right to co-host the World Cup in 2030 will have Morocco walking an economic tightrope, experts say. Morocco will become only the second African nation to host the event, albeit alongside five other countries spread across three continents. In celebration of the 100th anniversary of the World Cup, the 2030 edition will be […] October 6, 2023
Sustainability Taiwan’s Miniwiz to build UAE upcycling plant A Taiwanese architect who co-founded the business Miniwiz is looking to turn the UAE’s rubbish into riches with the opening of an upcycling plant in Abu Dhabi. Arthur Huang, who is also Miniwiz CEO, promotes the concept of a circular economy, upcycling consumer and industrial waste into usable products. The circular economy involves breaking from […] October 5, 2023
Business of Sport Saudi Arabia reveals 2034 football World Cup bid Saudi Arabia has officially thrown its hat into the ring to become the host nation of the 2034 Fifa World Cup. It had been thought the kingdom was going to launch a joint bid with Greece and Egypt to co-host the 2030 tournament, but these rumours proved to be unfounded. The 2030 event, a celebration […] October 5, 2023
Adipec Energy Emirates up clean energy capacity to 16% of total mix The UAE’s installed clean energy capacity accounted for 15.6 percent of the country’s total energy mix last year, according to energy and infrastructure minister Suhail Al Mazrouei. The Gulf state has set a target of 30 percent by 2030 as per the updated UAE Energy Strategy 2050. Dr Dawud Ansari, a Berlin-based researcher at Stiftung […] October 4, 2023
Economy New business in UAE increases at pre-Covid levels New orders for non-oil businesses in the UAE increased beyond pre-pandemic levels in September. The seasonally adjusted S&P Global Purchasing Managers’ Index (PMI), which measures operating conditions in the non-oil private sector, registered 56.7, rising from 55.0 in August. The index remains well above the 50.0 mark that separates economic growth from contraction. The increase, […] October 4, 2023
