Banking and Finance Empower targets Gulf expansion with IPO cash boost Dubai’s Emirates Central Cooling Systems Corporation (Empower) plans to launch its initial public offering (IPO) on the Dubai Financial Market on November 16, as it eyes expansion to neighbouring Gulf states, company executives said on Monday. Subscriptions will open on October 31 and close on November 7. Final pricing will be set on November 9 […] October 24, 2022
Exclusive Interviews ‘The metaverse can change the way we school our children’ Some schools still rely on more traditional teaching methods but an Emirati entrepreneur believes the metaverse has the potential to extend the physical classroom experience. Using blended learning options such as augmented and virtual reality technologies, Amin Al Zarouni, CEO of UAE-based Web3 company Bedu, is aiming to give the Gulf’s education system an overhaul. […] October 23, 2022
Banking and Finance ‘It’s destined for disaster’, expert warns, as startups dilute equity Investors who demand increasingly bigger stakes in startups amid plunging valuations could be signing their own “death warrants”. Startup valuations in the Middle East and North Africa (MENA) region are already seeing a downward correction this year, in line with global trends as VC funding has tightened since interest rates were increased by central banks […] October 21, 2022
EXCLUSIVE Trump-branded properties in Dubai report 100% growth Donald Trump may be the subject of an ongoing criminal investigation in the US, but his name is still big business in Dubai, where properties in the Gulf city bearing his brand name have appreciated by nearly 100 percent and continue to command strong demand. The former US president is under multiple probes, including the […] October 16, 2022
Retail Lulu Group targets Iraq and Africa ahead of Abu Dhabi IPO Lulu Group International is planning a listing on the Abu Dhabi Securities Exchange in 2023 and has hired investment bank Moelis & Co to advise it. The supermarket chain, which has its headquarters in Abu Dhabi, also confirmed to AGBI that it will add new outlets to its network as it consolidates in the Middle […] October 14, 2022
Exclusive Tech Metaverse will boost online home sales ‘five-fold’, says Damac One of Dubai’s largest real estate developers is already close to $500 million in property sales each year online – and the metaverse is expected to help this grow more than five-fold when it is fully utilised as a selling channel. Many observers may be sceptical about the nascent Web3 sector, but Damac Properties is […] September 30, 2022
Analysis Real Estate Saudi developer to sell utility NFTs on its $1.6bn Oman project Saudi Arabia’s largest listed real estate developer plans to drop a limited number of utility non-fungible tokens (NFTs) for its $1.6 billion project in Oman next month. Unlike the art and collectibles digital asset, utility non-fungible tokens (NFTs) are built to give their holders certain perks, such as exclusive access to events and items or […] September 29, 2022
EXCLUSIVE Economy ‘Everyone’s attacking Truss but her plan will attract foreign investors’, says Damac exec The British government's plans to reduce taxes and planning red tape will attract Gulf investors, says Damac executive Ali Sajwani September 28, 2022
Analysis Tourism From Bulgari to Versace: Dubai’s rich splash out on branded homes The UAE is expected to attract the largest net inflow of high net worth individuals globally in 2022 – and with that comes a growing demand for luxury housing. Catering to this income bracket, the branded residences sector has grown by 230 percent across the world over the past decade. Savills, the real estate services […] September 25, 2022
Analysis Lifestyle Arab youth’s negative stance on Israel challenges trade growth Israel is still seen as an enemy by the majority of young Arabs, despite the thaw in relations after the signing of the Abraham Accords in 2020. The sentiment could impact future business growth projections, experts have said. Eighty-eight percent of Arab youth described Israel as an enemy or somewhat of an enemy, according to […] September 22, 2022
Lifestyle Expats staying in the UAE longer, but stress levels are rising Expats stay for longer in the UAE than in any other country but workplace stress is a growing problem, a new study has found. The 2022 edition of the 360° Global Well-Being Survey, compiled by health services firm Cigna, reported that some employees in the Emirates were complaining of unmanageable stress and burnout caused by long […] September 22, 2022
Arab Youth Survey 2022 Arab youth ‘trust Russia and China more than UK and US’ Arab youth see the United States and the United Kingdom as bigger enemies than Russia and China, with the majority blaming the US and NATO for the war in Ukraine, a new survey has said. Close to three quarters (72 percent) of young Arabs describe Russia as either a strong ally or somewhat of an […] September 21, 2022
Markets Salik’s $1bn IPO target ‘easily achievable’ after stake boost Dubai toll gate operator Salik’s decision to increase the number of shares offered in its initial public offering will yield lower stock price volatility, and the $1 billion the government aims to raise “seems easily achievable”, analysts have predicted. Salik Company announced on Friday that it has increased the size of the stake it is […] September 17, 2022
Banking and Finance Scaramucci and UAE government to partner on investment event Former White House communications director Anthony Scaramucci has partnered with a UAE investment forum set to take place next year. Investopia, a global investment platform launched by the UAE government in 2021, has joined forces with his international thought leadership forum SALT to host a joint event in 2023. Sharjah has world’s second-largest growth of […] September 16, 2022
Exclusive Banking and Finance Israel’s $15bn Rapyd aiming to acquire Gulf fintech startups Rapyd, Israel’s highest-valued unicorn, is eyeing financial technology acquisitions in the Middle East and North Africa as it seeks to capitalise on the challenging business environment for startups. As the US Federal Reserve continues to hike interest rates in an effort to curb rising inflation, the prospect of a worldwide recession dominates concerns, particularly among […] September 16, 2022
Energy ‘We cannot replace Russian gas’, says Qatar Emir Russian gas is essential to the global market and Qatar does not have the capacity to replace supplies to Europe with liquefied natural gas, the Gulf state’s Emir has said. The European Union (EU) imposed sanctions on Russian oil imports in March in response to Moscow’s invasion of Ukraine, pledging to wean itself off Russian […] September 15, 2022
Analysis Banking and Finance Should your business jump on the bandwagon? From groceries to luxury properties, hotel stays to coffees, burgers to business licenses, consumers in the UAE can now buy it all using cryptocurrency. But, even as several bricks-and-mortar businesses jump on the crypto bandwagon and regulations evolve, experts say the uptake is modest and widespread adoption in the Gulf state is still about five […] September 14, 2022
Exclusive World Cup 2022 Qatar 2022 will change views of Arab world, says football legend Former England and Liverpool footballer John Barnes believes the World Cup in Qatar will help change the perception of Middle Eastern countries and dismantle negative narratives in the West. The tournament, which is held every four years, is set to take place in Qatar between November 21 and December 18. It is the first World […] September 10, 2022
Retail UAE likely to pioneer iPhone 14 emergency message service The UAE is predicted to be at the forefront of adopting the iPhone 14 satellite message feature to send emergency messages from remote locations, according to a local retailer. “With the way Dubai Police and the Ministry of Interior work, I wouldn’t be surprised to see that here fairly soon,” Ashish Panjabi, chief operating officer […] September 8, 2022
Exclusive Business of Sport Samba in the sand: Arab investors set sights on Brazilian football A 51 percent stake in Atletico Mineiro could fetch $200m Liverpool legend John Barnes says European-sized deals unlikely Libra league expects broadcasting revenues to rise 56% to $1bn A new law allowing Brazil’s soccer clubs to seek foreign investment is already attracting investors from the Middle East. But experts say Brazilian teams are unlikely to […] September 8, 2022
Retail Apple and Samsung herald latest UAE launches as rivalry cools The global rollout of the Samsung retail store revamp will arrive in the UAE with much fanfare this week, within days of the next global Apple launch. But the battle for smartphone dominion is not as heated as it once was, according to Gulf retailers. Apple’s annual fall event – dubbed “Far Out” this year […] September 7, 2022
Analysis Something old, something new: The Quran goes NFT In a novel merging of yesterday and tomorrow, one million people have been invited to purchase a non-fungible token (NFT) version of a rare copy of the Quran. MetaDee, a London-based digital NFT marketplace offering artworks and rare collectibles from around the world, has tokenised an exclusive handwritten Holy Quran manuscript by the personal scribe […] September 4, 2022
