Media & Advertising Abu Dhabi-backed venture buys UK TV production giant RedBird IMI, partly owned by Abu Dhabi’s International Media Investments, is buying Britain’s largest independent television producer All3Media in a deal worth £1.15 billion ($1.45 billion). A joint venture between International Media Investments and New York private equity firm RedBird Capital Partners, RedBird IMI is also currently bidding for the UK’s Daily Telegraph newspaper All3Media […] February 19, 2024
Banking & Finance Not yet time to write off UAE cheque payments Cheque books are on their way out in the UAE, but experts have said there is still some way to go before they are signed off for good. The number of cheques cleared through the country’s banks has fallen from 26 million in 2019 to just over 20 million for the first 11 months of […] February 16, 2024
Real Estate UP to invest $1bn in real estate projects as profits rise Union Properties (UP), a previously troubled Dubai real estate developer, has said it plans to spend AED5 billion ($1 billion) on new projects, after its financial results rebounded last year. Net profit for 2023 increased by 2,600 percent year on year to hit AED811 million, according to a bourse filing on Thursday. UP, best known […] February 16, 2024
Finance Record occupancy at DIFC despite Riyadh’s HQ drive Occupancy levels in Dubai’s International Financial Centre (DIFC) have risen significantly in the last year, despite strong competition from neighbouring Saudi Arabia. “The fastest growth we ever witnessed in the DIFC has been in the last three or four years,” Essa Kazim, the DIFC governor, told a media briefing on Thursday. He revealed that the […] February 15, 2024
Opinion Banking & Finance Banks swap bricks and mortar for clicks and torture Fuelled by the ill effects of the Covid pandemic, everything in retail banking has gone digital February 14, 2024
Finance Union Properties issues final notice to former chairman Dubai developer Union Properties has issued a final notice to former chairman Khalifa Al Hammadi, his family members and another unnamed person. It accuses them of defaulting on a multi-million dollar settlement agreement. The settlement deal was announced at the company’s annual general meeting last year and involved payments totalling AED620 million ($163 million). Under […] February 14, 2024
Sustainability UAE maintaining Cop28 momentum with ‘Troika’ partnership Cop28 host the UAE has reached an agreement with future hosts Azerbaijan and Brazil to make sure the momentum achieved at the event in Dubai continues throughout the next two climate summits. The Cop Presidencies Troika (group of three) was launched at Dubai’s Expo City with the aim of sticking to the 1.5C maximum global […] February 13, 2024
Banking & Finance Investcorp stays cool on digital assets Investcorp, the Gulf region’s largest alternative investment company, will not be turning to digital assets to boost its bottom line in the short term. The Bahrain company’s Abu Dhabi-listed Investcorp Capital invested more than $639 million in the first half of its financial year to December 31, 2023. The company’s latest financial reports revealed a […] February 13, 2024
Markets Investcorp lines up diverse strategies for east and west Multibillion-dollar asset manager Investcorp Capital is planning listing activity from its companies in the east in the next six months, but sees more profit in mergers and acquisitions in the west. The Bahrain-based company, which was listed on the Abu Dhabi Stock Exchange in November, on Monday reported income of $34 million for the first […] February 12, 2024
Food & Drink Kuwait’s Alshaya in talks to sell Starbucks stake Kuwait’s Alshaya Group is in talks to sell a minority stake in its regional Starbucks business that covers the Middle East, North Africa and central Asia, according to reports. The Kuwaiti retailer operates 70 brands in 4,000 stores across 18 countries. This includes the franchise for Starbucks, with 2,000 stores in 17 countries. US private […] February 9, 2024
Business of Sport Emirates airline signs big US basketball sponsorship deal Emirates, the Dubai airline, has signed a sponsorship deal with the National Basketball Association in the United States that will see the NBA’s in-season tournament renamed the Emirates NBA Cup. Emirates will become the association’s official airline partner and referees’ kits will feature the airline’s logo. The airline’s patch will also be featured on the […] February 8, 2024
Employment Morocco job market hit by rise in rural unemployment Morocco’s unemployment rate increased by 13 percent to nearly 1.6 million last year as the country’s rural areas haemorrhaged jobs. Between 2022 and 2023, the national economy lost 157,000 jobs, according to the latest figures from the Higher Commission of Planning. Although urban areas recorded an increase of 41,000 jobs, employment in rural parts of […] February 7, 2024
Markets Increased staffing drives up Dubai Taxi profits Profits at Dubai Taxi Corporation rose 54 percent in 2023, which it attributes to an increase in its driving staff. The Dubai Financial Market-listed company reported revenues of AED1.95 billion ($532 million) for the 12-month period, a year-on-year increase of 11 percent. It resulted in a net profit of AED345 million and an 18 percent […] February 7, 2024
Real Estate Dubai real estate ‘hot’ but no bubble fears, say experts Dubai’s real estate market is running “a bit hot”, but it is not heading towards a bubble or another catastrophic crash, experts say. Residential sales prices in the emirate increased 20 percent in 2023, while city-wide rents grew 9 percent higher, according to the latest research from Cushman & Wakefield Core. Although Dubai remains more […] February 6, 2024
Infrastructure Investcorp seeks more global airport and seaport stakes Bahrain’s Investcorp Holdings is looking at investment opportunities in airports and seaports across the world as it seeks to double the infrastructure assets in its portfolio to $10 billion by the end of the decade. Investcorp, the region’s biggest alternative investment firm, completed a 50 percent acquisition of the New York-based Corsair Capital’s infrastructure business, […] February 6, 2024
Markets Gulf markets attracting more international investors International investors are increasingly considering opportunities in Gulf markets, according to traders and observers. The only exception is China, where interest in investing in the Gulf remains relatively low. GCC countries raised $6.8 billion through 29 offerings during the first nine months of 2023, buoyed by a privatisation push in Dubai, several record-breaking listings from […] February 6, 2024
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
