Construction Drake & Scull awarded contracts worth over $270m Shares in Drake & Scull International opened 2 percent up on Monday morning after the construction and engineering company announced two contract wins in Dubai worth in excess of AED1 billion ($270 million). DSI said in a stock exchange announcement that it has been awarded the deal at Arabian Hills, a 224 million square foot […] February 24, 2025
Logistics Massive investment in cold storage needed in UAE The UAE is racing to meet a substantial shortfall in cold storage space that will be essential if the country’s food security goals are to be met, real estate analysts say. At least 125,000 square metres of additional space are needed to bring the country up to the required capacity, according to Harish Rajagopalan, director […] February 21, 2025
Markets More dual listings expected as IPO trend continues Last year, eight companies launched initial public offerings (IPO) on the two main stock exchanges in the UAE, attracting more than $7 billion in investment. The same number could float this year and list in neighbouring Saudi Arabia, analysts say. UAE-based technology company Alpha Data has already announced plans to list 40 percent of its […] February 20, 2025
Business of Sport Stadium naming rights for sale ahead of World Cup It is early days yet but the commercial case for local and international private sector companies sponsoring sports arenas in Saudi Arabia may yet emerge, after the 2034 host of the Fifa World Cup opened its stadiums to naming rights. For the moment, however, it looks as if state-backed companies with a mandate to promote […] February 20, 2025
Gaming Second casino in UAE not on cards, says Wynn’s CEO A second casino in the UAE is unlikely for quite some time, according to the man whose company is building the first gaming outlet in the Gulf. Wynn Resorts of Las Vegas last year won a licence to build and operate a casino in the UAE emirate of Ras Al Khaimah. Wynn CEO Craig Billings, […] February 18, 2025
Banking and Finance Number of hedge funds doubles at DIFC The number of hedge funds registered at Dubai International Financial Centre doubled in the last year as the district brushed off the challenge of neighbouring Abu Dhabi and Riyadh. Overall 1,823 new companies registered within the financial district, up 25 percent year on year. It is now home to 6,920 active companies, including 75 hedge […] February 18, 2025
Economy Saudi Arabia’s anti-corruption efforts paying off Bribery and abuse of influence are the leading corruption offences in Saudi Arabia’s public sector, according to a new report. Saudi Arabia’s Oversight and Anti-Corruption Authority (Nazaha), formed in 2011, arrested 1,708 people last year on corruption charges, according to legal, risk and regulatory advisory company Secretariat. Charges included embezzlement, money laundering, forgery and misuse […] February 17, 2025
Analysis Food & Drink Dubai restaurants risk out-pricing customers on alcohol costs The cost of eating out in Dubai’s restaurants is rising, especially if you’re washing your meal down with an alcoholic drink. Last year, Dubai was named the third-most expensive city in the world for a half-litre of draught beer at an average of $10.89, according to price comparison website Numbeo. Qatar was number one, followed […] February 16, 2025
Tourism Gulf’s first casino likely to spur hotel demand in RAK The Gulf’s first casino, being developed by Las Vegas-based Wynn Resorts in the UAE’s Ras Al Khaimah (RAK), is likely to spur investment in the emirate’s hotel sector through to 2030 to plug an expected shortfall in supply, say developers. Home to the UAE’s sixth biggest town by population, RAK needs to add about 24 […] February 14, 2025
Banking and Finance US banks buy Dubai gold to counter potential tariffs Dubai is among several global gold centres benefiting from fears among US banks that President Donald Trump might impose duties on the precious metal, analysts say. A backlog at refining facilities in Switzerland has added to US banks’ concerns about the availability of bullion. “There is now a real concern about the tariffs being imposed […] February 13, 2025
Transport Dubai signs deal for Tesla underground ‘Loop’ Dubai has signed a deal with Tesla, Elon Musk’s electric vehicle maker, to build an underground road system in the emirate. Under a partnership agreement with Dubai authorities, a network of tunnels will be constructed under the city. Known as the Dubai Loop, the road system is intended to alleviate to some extent the increasing […] February 13, 2025
Transport Private sector vital to meet Gulf EV charging station demand Demand for charging stations for electric vehicles in the UAE, Saudi Arabia and other Gulf states is expected to surge this year and beyond as regional governments set ambitious greenhouse gas emission targets and sales of EVs pick up. Saudi Arabia, for instance, has fewer than 300 charging stations, but is committed to building 5,000 […] February 10, 2025
Gaming UAE Lottery operator in talks to sell tickets in shops The UAE Lottery’s operator is in talks to sell tickets in shops across the country. The weekly draw and spin-off games were launched in December, for online play only. Bishop Woosley, director of lottery operations at The Game, which manages the draw, said discussions had been held with retailers to allow ticket sales as early […] February 4, 2025
Analysis Business of Sport Saudi football spending takes youthful turn as big names depart It says much for the evolution of football in Saudi Arabia that the main talking points of the winter transfer-window were of individuals leaving the league rather than multi-million dollar signings. The majority of headlines in the last week of January were devoted to the departures of Brazilian forward Neymar, effectively having his contract ripped […] February 4, 2025
Media & Advertising UK’s ITV in sights of Abu Dhabi-backed RedBird IMI RedBird IMI, the Abu Dhabi-backed US investment management company thwarted in its attempt to take control of the UK’s Telegraph newspaper group, has turned its attention to a deal involving the British broadcaster ITV. Discussions have taken place, according to reports, with a view to merging the business of ITV Studios with All3Media, which was […] February 3, 2025
Tax Bahrain’s expat tax move ‘likely to be replicated GCC-wide’ Bahrain is proposing to levy a tax on expatriate remittances, a move an industry expert believes is likely to be replicated in other neighbouring Gulf countries. Members of parliament in the kingdom this week supported a revised proposal which would mean expat remittances face a two percent tax. “It would not surprise me if other […] January 30, 2025
Opinion Business of Sport Neymar’s Saudi Arabia stint is an economic lesson for its football goals Beset by injuries, Neymar only played seven games for his Saudi employers January 30, 2025
Health US fund plans $200m factory in Saudi Arabia US-based fund Akkad Holdings is to invest $200 million to build an intravenous fluid factory in Saudi Arabia. The facility will be based in King Abdullah Economic City (KAEC) in Mecca province. “We’re going to break ground hopefully in the next six months,” Dr Steven Shaya, managing director of the fund, told AGBI at the […] January 28, 2025
Analysis Food & Drink Middle Eastern coffee market expected to hit $11bn The price of your half-caff, soya milk, extra hot with a pump of vanilla and a sprinkle of cinnamon is likely to go up this year, as the cost of coffee is set to increase by as much as one fifth. The Middle Eastern coffee market alone is projected to reach $11.5 billion in 2025, […] January 26, 2025
Business of Sport Saudi Arabia in talks to host MMA facility at Qiddiya Saudi Arabia has been identified as a potential host for a multi-use mixed martial arts facility akin to the Ford Center at The Star in the US, the head of MMA organisation the Professional Fighters League (PFL) has said. The Star is a partnership between the city of Frisco in Texas and the Dallas Cowboys […] January 25, 2025
Artificial Intelligence MGX could use Trump deal as springboard to global stage UAE technology investment company MGX emerged on to the global stage this week when it was announced as one of the core backers of Donald Trump’s $500 billion Stargate artificial intelligence programme. Among the myriad announcements made in the opening days of Trump’s second stint as US president, was a $500-billion investment over four years […] January 23, 2025
Analysis Employment Companies seek new CEOs for maximum profits The number of UAE and Saudi companies looking to replace their CEOs reached record levels in the fourth quarter of 2024, according to a leading recruitment company. Trefor Murphy, founder and CEO of Dubai-based Cooper Fitch, says the number of companies launching searches for the top job during the end of last year saw “heavy […] January 23, 2025
