Tourism Moscow courts UAE to bump up inbound tourism Moscow aims to double the number of annual visitors from the UAE this year, to expand its international tourist base amid headwinds such as the war with Ukraine. Bulat Nurmukhanov, head of the International Cooperation Division at Moscow City Tourism Committee (MCTC), told AGBI that while the Russian capital’s domestic tourism has broadly recovered since […] February 13, 2024
Real Estate Hope at last for Dubai expats seeking a shared rental home Shared rental accommodation for expats in Dubai, something previously difficult to offer because of rules against subletting, is being developed by a company called Co-Living Legends, working with developers and landlords. Co-Living Legends was set up in 2021 to help female expats find house-share rental options in Dubai. House sharing is well established in markets […] February 9, 2024
Logistics Gulf turns to trucking to bypass Red Sea unrest The Gulf trucking industry is preparing for a surge in business as companies seek alternatives to shipping goods while Red Sea risks persist. Trukker, a UAE-based app that is touted as the Middle East’s Uber for land freight, told AGBI that enquiries from clients interested in using its truck booking and other freight forwarding services […] February 8, 2024
Real Estate Rental platform Silkhaus plans new Saudi home Silkhaus, a property technology platform specialising in short-term rentals, plans to launch in Riyadh after more than doubling its revenues last year and completing a pre-series A financing round this month. The size of the round, with San Francisco-based Partners for Growth, was not disclosed. Silkhaus launched in Dubai in 2021 and entered Abu Dhabi […] February 5, 2024
Logistics Air cargo demand rises after Red Sea shipping disruption Middle East airlines posted an 18.3 percent annual increase in air cargo demand in December, in line with strong global growth attributed to Red Sea disruption. Global demand for air cargo was up 10.8 percent compared with December 2022 – the strongest performance in two years, according to the International Air Transport Association (IATA). The […] February 4, 2024
Real Estate Millennial ‘co-living’ concept gains momentum in Gulf The appetite for “co-living”, a form of communal housing that offers private rooms and shared spaces, is on the rise in the GCC, and more investors are entering the sector. Co-living as a sub-segment of residential property has gained in popularity in markets such as the UK and the US, as developers seek to provide […] February 2, 2024
Logistics Cost of Red Sea shipping insurance rises 2,700% The cost of insurance to protect ships against losses incurred from conflict has jumped more than twenty-fold since October, before Houthi rebels began firing on vessels passing through the Red Sea. In late November, the rebels in Yemen began attacking commercial ships in what they claim is a show of support for Palestinians in the […] February 1, 2024
Trade Red Sea crisis ‘will push up Middle East consumer prices’ Higher prices will be seen in Middle East shops if the crisis in the Red Sea continues for another two months, the research firm BMI has warned. In late November, Houthi rebels in Yemen began attacking commercial vessels travelling through the Red Sea in what they claim is a show of support for Palestinians in […] January 30, 2024
Banking & Finance Dubai on track to tackle $78bn debt, analysts say Dubai’s state-run conglomerates have $78 billion in loan repayments due over the next few years, according to new research, but analysts have told AGBI the emirate is on track to cover the debts. The loans date back to Dubai’s 2009 debt crisis and equate to 67 percent of its GDP, said consultancy Capital Economics in […] January 23, 2024
EXCLUSIVE Education Taaleem aims to double revenues after 60% profit rise Taaleem, the UAE schools operator, plans to double its revenues by 2028 by opening “at least one school every two years”, managing more government schools and diversifying into early years, its chief executive told AGBI. The company, which has low debt, has yet to deploy the proceeds of its AED750 million ($204 million) initial public […] January 16, 2024
Education Keen students enrol to bring Taaleem ‘record’ revenues Revenues at the UAE schools operator Taaleem grew by 11.5 percent to a record AED258.7 million ($70.4 million) in the first quarter of the 2023-2024 academic year ending November 30, compared to the same period in 2022-2023, it said on Friday. Taaleem, which listed on Dubai Financial Market stock exchange in November 2022, also posted […] January 12, 2024
Media & Advertising Poddster builds on Mena’s podcast popularity Poddster aims to “democratise” Middle East podcast production by expanding its network of recording studios, capitalising on high listener figures and rising interest in independent content in the Mena region. Founded by Vuk Zlatarov and Ivan Zeljkovic, the Dubai-based podcast company plans to increase its number of UAE studios from three to seven, and launch […] January 12, 2024
Construction Saudis to build carbon-negative concrete factory The Saudi real estate company Roshn Group and the Bahamas-based startup Partanna have agreed to build a factory to produce carbon-negative concrete in the kingdom. The specifics of the agreement, including the facility’s size and location, are still being finalised, a Partanna spokesperson told AGBI. The factory could have the capacity to produce enough concrete […] January 12, 2024
Trade Healthcare, hydrogen and more: Saudi-Thai deals in sight Saudi Arabia and Thailand are strengthening economic ties with prospective deals in healthcare, hydrogen and agriculture after patching up a longstanding diplomatic spat. The two nations reached a rapprochement in January 2022, more than three decades after a dispute over a 1989 jewellery heist known as the Blue Diamond Affair. “The economic opportunities from cooperation […] January 11, 2024
Sustainability Gulf’s recycling industry grows with mega-projects The volume of Gulf construction projects will increase the use of recycled materials, the head of the Bureau of Middle East Recycling has told AGBI. Ibrahim Aboura, who is also managing director of Aboura Metals in Dubai and a committee chairman of the Bureau of International Recycling (BIR), added that it will also raise the […] January 8, 2024
Banking & Finance Angel investor Natalia Vodianova opts for GCC Russian supermodel and angel investor Natalia Vodianova, nicknamed “Supernova”, is eyeing further investments in the GCC through her Paris-registered company, after backing the UAE café chain Angel Cakes this month. In an interview with AGBI, Vodianova said she and business partner Timon Afinsky, a London-based digital media professional with whom she runs the investment vehicle […] January 5, 2024
Education Dubai kindergarten sector shows strong potential The number of children enrolled at nurseries, or kindergartens, in Dubai has risen 15 percent over the past year, the government said, pointing to increased investment opportunities in the early years education sector. The figures from Dubai’s Knowledge and Human Development Authority (KHDA) show that 250 “early childhood centres” operate in the emirate, 27 of […] January 5, 2024
Leisure & Hospitality Gulf hotels under pressure to boost green credentials Hotels in the Gulf region are facing pressure to make their buildings and operations more green or lose out on future investment. Ufi Ibrahim, chief executive of the Energy and Environment Alliance (EEA), a hotel industry network, told AGBI that EU green banking regulations that take effect in January will affect global investors. If hotel […] January 4, 2024
Real Estate Aldar’s green retrofits lead to ‘phenomenal payback’, says CEO Aldar Properties has increased the value of buildings in its portfolio by up to 10 percent through green retrofits, its group chief executive said. The Abu Dhabi developer has seen “phenomenal” payback, Talal Al Dhiyebi told AGBI, after investing around $40 million to improve the energy efficiency of residential and other real estate. “We’ve done […] January 3, 2024
Education Saudi private schools’ report card points to untapped potential Saudi Arabia has the Gulf’s lowest rate of students attending private schools, despite being the region’s largest market, a report has found. Consultancy Colliers, which published its overview of K-12 education (kindergarten to 12th grade, covering ages 5 to 18) in the kingdom last month, attributed the low take-up to issues around education quality and […] January 2, 2024
Exclusive Construction Aldar ‘confident’ of doubling market cap within five years Abu Dhabi developer Aldar Properties is ramping up an international expansion drive that, alongside plans to grow its UAE portfolio, will help to double its market cap, its group chief executive said. Aldar’s market cap is currently $12 billion, and group CEO Tilal Al Dhiyebi foresees “doubling that in five years,” he told AGBI in […] December 18, 2023
Manufacturing Abu Dhabi Ports in green steel deal with UK producer Abu Dhabi Ports Group and the UK’s Liberty Steel Group have agreed to work together on importing magnetite ore – used in green iron and steel production – from Australia to the UAE. The memorandum of understanding was signed this week. They will explore plans to create a green iron production facility in the Khalifa […] December 12, 2023
