Analysis Business of Sport Fifa ‘referee tech’ to transform the beautiful game at Qatar 2022 The 2022 Fifa World Cup in Qatar is set to kick off with some new technology that will prevent a replay of some of football’s most controversial moments and generate even more potential revenue streams for the game. The single biggest tournament for the single biggest sport will begin in Doha on November 20, with […] November 6, 2022
Exclusive Banking & Finance Jobs at risk as private equity slows hiring in the Gulf The looming global recession is pushing private equity firms to freeze hiring in the Gulf, with layoffs likely to be on the way, an executive at a UAE-based global investment company has said. Major Wall Street firms are already beginning to rein in expenses amid a slump in deals volume on the back of repeated […] November 4, 2022
Tech IPO juggernaut Bayanat eyes driverless vehicle acquisitions Abu Dhabi’s geospatial and data analytics firm Bayanat AI Plc expects its next wave of growth to come from the driverless vehicles segment and is in the market for potential acquisitions. The company this week recorded the best first-day performance of any global stock market listing of at least $100 million this year. It nearly […] November 3, 2022
Economy Influx of rich expats pushing up UAE inflation, says IMF panel The influx of affluent migrants into the UAE has contributed to the country’s rising inflation, but also presents new opportunities for the Gulf state. A Henley Global Citizens report published in August forecast that the UAE will record the largest net inflow of millionaires on record, adding an additional 4,000 high net worth individuals this […] November 1, 2022
EXCLUSIVE English language skills top of learning list for UAE workers An online course in English for career development from the University of Pennsylvania has emerged as the most popular course in the Mena region and among the top five courses in Gulf countries. In addition, a course in how to write professional emails in English from the Georgia Institute of Technology ranked among the five […] October 30, 2022
Analysis Energy Top Oman drilling firm Abraj plans regional expansion Omani oil and gas service company Abraj has set its sights firmly on exporting to the Gulf and the wider region. That’s according to Salah Al Harthy, business development director, Abraj Energy Services, Oman’s leading drilling firm and a subsidiary of state-owned OQ (formerly known as Oman Oil Company). “Abraj has significant expansion opportunities in […] October 28, 2022
Exclusive Energy Fracking in high demand as Oman drills the desert for oil Oil fracking demand in Oman has proliferated in the last four years and is projected to increase further, a top executive at Abraj Energy Services has said. Hydraulic fracturing, or fracking as it is more commonly known, is a technique for extracting oil, natural gas, geothermal energy or water from shale rock deep underground. It […] October 28, 2022
Analysis Employment UAE warns against hiring ‘ghost’ Emiratis to meet quota targets UAE authorities have warned private sector organisations against hiring ‘ghost’ Emirati employees in the race to meet their Emiratisation targets. The Ministry of Human Resources and Emiratisation last week called on companies with more than 50 employees to expedite a target to fill 10 percent of their positions with Emiratis before the end of 2022. […] October 27, 2022
Banking & 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 & 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 & 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
