Exclusive Lifestyle Saudi fashion has designs on the international stage Saudi Arabia has long been a major draw for the world’s fashion houses. Princesses devoted to haute couture, fashionistas with expensive tastes, and plenty of young people make for a winning combination. The value of luxury fashion purchases in the GCC hit $9.6 billion in 2021, and Saudi Arabia accounted for more than $7 billion […] July 2, 2023
Video length: 04:29 Banking and Finance UAE strengthens planning support for family businesses A network of organisations in the UAE is meeting growing demand from family businesses for help with issues such as succession planning and good governance. In May, the Dubai Centre for Family Businesses was launched at the head office of Dubai Chambers. Inefficient governance and incomplete succession planning are the two main challenges facing UAE […] July 2, 2023
Real Estate Saudi mortgage issuances fall as stock shortage bites Saudi mortgage issuance fell by 35.8 percent year on year in the first quarter of 2023, as the kingdom grapples with rising interest rates and a delay in new stock. Residential mortgage contracts issued by Saudi banks fell to 30,213 in the first three months of 2023, according to research from real estate consultancy firm […] June 28, 2023
Development Saudi Arabia to invest $320m rebuilding Yemen Saudi Arabia will invest SAR1.2 billion ($320 million) to help rebuild war-battered Yemen, the state-owned Saudi Press Agency announced on Sunday. The kingdom has launched a package of 20 development projects in Yemen’s Hadramawt province, which form part of the kingdom’s “continuous economic and development support for the country,” the Saudi ambassador to Yemen, Mohammed […] June 26, 2023
Economy Egypt pins hopes on FDI to offset domestic woes Egypt’s faltering privatisation drive was given a shot in the arm this week after the government announced that it had entered into a five-year partnership with the International Finance Corporation to sell off state assets. Under the partnership, the IFC – the private sector development arm of the World Bank – will help to structure […] June 26, 2023
Lifestyle ‘Paris Intervention’ as Saudi designers hit the catwalks The Saudi fashion industry has made its debut at Paris Fashion Week, showcasing the work of 60 designers from the kingdom. Saudi 100 Brands, a programme that helps Saudi designers expand both local and international markets, took a curated selection of emerging Saudi designers to the event, where it hosted the Emerge catwalk show and […] June 23, 2023
Banking and Finance $7.8bn of Saudi investments lined up for Expo 2030 bid Saudi Arabia has allocated $7.8 billion worth of investments to its bid to host Expo 2030. “The budget of $7.8 billion is catalytic to our broader Riyadh investment plan,” said Khalid al-Falih, the kingdom’s investment minister. He was speaking on Tuesday at the 172nd General Assembly meeting of the Bureau International des Expositions, the organisation […] June 22, 2023
Renewable Energy Gulf is worst performer for investment in renewables The Middle East is the worst-performing region for investment in renewable electricity sources, new research has found. Africa and the Middle East combined represented just 1.6 percent of worldwide investment last year, according to the Renewables 2023 Global Status Report. China accounted for 55 percent of total investment, followed by Europe at 11 percent and […] June 21, 2023
Trade Dubai Chambers London hub opens to grow trade Dubai Chambers has opened an office in London aimed at boosting bilateral trade with the UK, as the number of British companies setting up in the emirate grew by a quarter in the last year. “We are opening this office for three main reasons,” Khalid al Shamsi, vice president of operations at Dubai Chambers, told […] June 19, 2023
Employment UAE talent drive continues despite rising living costs The UAE’s talent drive continues to record strong growth despite the Gulf state’s rising cost of living. Industry executives say that the number of overseas companies and candidates looking to join the labour market is at a record high. “Dubai is becoming increasingly more attractive for people to move here, with record levels of new […] June 15, 2023
Banking and Finance PIF wary of crowding out private sector Saudi Arabia’s Public Investment Fund has put measures in place to ensure it does not starve the private sector of investment opportunities. “It’s of concern to everyone and it’s something we talk about a lot,” Jerry Todd, head of the National Development Division at the $700 billion sovereign wealth fund, said, adding that the PIF […] June 15, 2023
Video length: 04:13 VIDEO Food & Drink Abu Dhabi’s Switch feeds appetite for meat alternative UAE consumers are some of the biggest meat eaters in the world, so it might seem an unlikely place to open a plant-based meat factory. The Emirates’ average annual consumption of meat per person is 73kg – more than double the global average of 34.1kg, according to Statista. But Edward Hamod, founder and CEO of […] June 14, 2023
Economy Gulf’s non-oil sector challenged by growing pains The pace of growth in non-oil business activity is creating challenges for business owners across the Gulf, including delivering new orders on time, increased labour shortages and higher non-staff costs. The seasonally adjusted S&P Global UAE Purchasing Managers’ Index (PMI) stood at 55.5 in May as surveyed firms continued to report a marked increase in […] June 5, 2023
Tourism Hotel group Rotana to open new casino resort in Georgia Abu Dhabi hotel management company Rotana is opening a new casino resort on the Black Sea coast in Georgia in 2026. Set to be the largest hotel complex in the country, the five-star Pontus Rotana Resort & Spa, Gonio, will add 600 keys to Rotana’s growing global footprint and provide access to world-class gaming at […] May 30, 2023
Retail Harrods checks into hotels as it awaits return of Chinese shoppers Harrods, the London department store owned by Qatar, has opened its first branded hotel project, diversifying into hospitality overseas as the retail sector faces challenges at home. In late March it launched the Harrods Residence Suite, a two-storey luxury suite in Swire Hotels’ Beijing property the Opposite House. The retailer also has a hospitality outpost […] May 30, 2023
Analysis Retail K-beauty is not just a pretty face in Middle East Thousands of UAE fans flocked to Expo 2022 Dubai when some of K-pop’s biggest musical acts took to the stage. From Psy and his mega hit Gangnam Style to girlband (GI)-dle, Korean superstars proved to be some of the biggest crowd pleasers at the world fair. And it would appear that devotees do not only […] May 29, 2023
Economy Pharma IPO set to be Saudi’s largest listing this year Saudi’s Jamjoom Pharmaceuticals looks set to raise SAR1.26 billion ($336 million) when it lists later this year, putting it on course to become the kingdom’s biggest IPO in 2023. The manufacturer’s final offer price has been set at SAR60 per share. It was at the top of a range that started at SAR56, implying a […] May 26, 2023
Analysis Banking and Finance Abu Dhabi tops agencies’ GCC sovereign ratings UAE capital Abu Dhabi is the highest-rated sovereign in the GCC, while Bahrain and Oman are the only sub-investment grade credit ratings, according to the three major US agencies – Fitch, Moody’s and S&P Global. All three ratings agencies use similar systems, although there are differences in the way their ratings are conveyed. In the […] May 24, 2023
Energy Saudi approves 106 firms to help hit solar power target Saudi Arabia has approved a list of 106 companies qualified to install solar power systems. The decision aligns with the kingdom’s aim for 68.1 percent of its renewables capacity to be generated by solar power by 2030. The Saudi Electricity and Water Regulatory Authority has qualified a list of both contractors and consultants to design, […] May 19, 2023
Banking and Finance Saudi’s ANB invests $38.2m in new Iraqi bank Saudi Arabia’s Arab National Bank (ANB) will invest $38.2 million to set up a new bank in Iraq, as it looks to boost trade exchange for its customers and expand into new markets. ANB, one of the kingdom’s largest lenders with assets of SAR214.04 billion ($57 billion), will own a 20 percent stake in the […] May 16, 2023
Economy Rent and energy price rises keep Saudi inflation at 2.7% Saudi Arabia’s annual inflation rate stood at 2.7 percent in April, driven mainly by a 9.6 percent hike in residential rents, plus rises in other housing costs and in hotel and restaurant prices. Away from restaurants, food and beverage prices were up by just over 1 percent year-on-year, according to the General Authority for Statistics. […] May 15, 2023
Analysis Lebanon’s export orders rise for first time in two years In spite of an overall decline in business activity, Lebanon recorded an increase in its export orders during April owing to improved currency stability. “Lebanon’s currency started to stabilise, particularly around mid-April,” Wael Menhem, a partner in the Beirut office of Lundy Investors, said. “It’s the first time in a long time that the currency […] May 15, 2023
