Tax Dubai distributors to swallow 30% tax on alcohol brands Dubai’s two main alcohol distributors have promised to absorb most, and in some cases all, of the 30 percent tax that was reinstated on alcoholic drinks from January 1. The Dubai Municipality tax on alcoholic beverages was suspended from the start of 2023, continuing into 2024. It was widely seen as an attempt to make […] January 3, 2025
Tourism Saudi hotel rates are flat, but tourists are staying longer Room rates in Saudi hotels are flat, but visitors to the kingdom are staying for longer, according to government figures. The average daily room rate was SAR725.50 ($193.50) in the second quarter of 2024, said the General Authority for Statistics. This was a dip of 0.4 percent year on year. Average room occupancy rates in […] December 24, 2024
Banking & Finance Goldman Sachs appoints new CEO for Saudi Arabia US investment bank Goldman Sachs has appointed Omar Alzaim as chief executive officer of its operations in Saudi Arabia. Alzaim joined Goldman in 2021 from HSBC Saudi Arabia and replaces Khalid Albdah, who left Goldman in October after nearly a decade and took up a position at Neuberger Berman. Goldman received a licence to set […] December 13, 2024
Tourism PIF sets up company to develop Saudi hotel brands Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has launched Adeera, a hotel management company. The aim is to develop homegrown Saudi hotel brands and help the kingdom achieve its goal of attracting 150 million annual tourists. Adeera has been described as “a national champion” that will build new world-class Saudi hotel brands […] December 11, 2024
Aviation Middle East-Europe is ‘fastest-growing route for air cargo’ The Middle East-Europe route for air cargo was the fastest growing in the world in October, according to International Air Transport Association figures. Annual growth in cargo tonne-kilometres stood at 15.3 percent in October, IATA said. The global average is 9.8 percent and the Middle East average is 4.5 percent. The Middle East-Europe route has […] December 3, 2024
Retail Retail rents rise at Dubai malls due to lack of supply Rents in Dubai’s retail sector grew by an average of 15 percent in the third quarter of this year, as a lack of new supply and high demand from shoppers meant it remained a landlords’ market at the emirate’s popular malls. There were no new completions of retail space in the second quarter of the […] October 28, 2024
Finance Record gold price dents demand for Swiss bullion in Gulf Swiss gold exports to Saudi Arabia and the UAE have slumped in the past year, as its price rose by more than 30 percent driven by geopolitical challenges. Gold passed $2,700 per ounce on Friday for the first time ever. A year ago it was $1,980 per ounce, and a month ago $2,559. While global […] October 21, 2024
Trade Qatar is first Gulf state to join US visa waiver programme Qatar has become the first Gulf state to join the US visa waiver programme, allowing Qatari citizens to visit visa-free for up to 90 days from December 1. The US Department of Homeland Security and the Department of State said in a statement on Tuesday that the move would help to “significantly enhance the security […] September 25, 2024
Analysis Food & Drink Champagne shipments to the Gulf slow but still flowing The growth in champagne shipments to the Gulf has slowed in recent years but the market is still one of the strongest in the world, bucking a global trend for declining sales. Around 3.5 million bottles of champagne were shipped to the Gulf states in 2023, an increase of about 40 percent, according to data […] September 13, 2024
Banking & Finance Ultra-wealthy pinpoint Gulf to set up family offices US private equity investor Leon Black, who has a net worth of around $14 billion, last week confirmed he was opening a branch of his family office in Abu Dhabi. The co-founder of New York investment giant Apollo Global Management joins the likes of Egyptian tycoon Nassef Sawiris, Binance co-founder Changpeng “CZ” Zhao, India’s Adani […] September 11, 2024
Economy New factories underpin Saudi non-oil activity surge Investment of nearly SAR6 billion ($1.6 billion) in 300 new factories in Saudi Arabia has spurred a resurgence in non-oil activity in the kingdom, as oil production hits a three-year low. Estimates in a report by Riyadh-based advisory company Jadwa Investments found that non-oil GDP in the first half of 2024 was up by around […] August 27, 2024
Mining Diamond weighing 1lb cheers Mubadala-backed financier The discovery in Botswana of a rough diamond weighing more than a pound, the second largest ever found, is likely to prove timely for Apex Group, the global financial services provider, which counts the Abu Dhabi sovereign wealth fund Mubadala among its key backers. The huge gem’s discovery was announced on Thursday by Lucara Diamond Corp, […] August 23, 2024
Banking & Finance Bad loan provisions drop markedly at UAE banks Most of the UAE’s top banks have significantly reduced how much they put aside to cover bad loans, in an indication of a generally benign economy and expectations of growth stretching into next year. During April and June this year, banks set aside AED1.3 billion ($350 million) in net loan loss provisions (LLPs) – the […] August 22, 2024
Banking & Finance Abu Dhabi-backed financier among bidders for Hollywood giant A New York investment company backed by Abu Dhabi is part of a group that has launched a bid to take over Paramount Global, one of Hollywood’s biggest entertainment companies. The conglomerate, led by the industry veteran Edgar Bronfman Jr, a former CEO of Warner Music Group, submitted a $4.3 billion bid on Monday to […] August 21, 2024
Aviation Slice of South Africa’s Airlink bought by Qatar Airways Qatar Airways has acquired a 25 percent stake in the Southern African independent carrier Airlink, expanding its operations further into Africa. The privately-owned, Johannesburg-based Airlink already has a code-sharing partnership with the Doha airline and flies to 45 destinations in 15 African countries. Financial details of the deal were not revealed. Qatar Airways’ group chief […] August 20, 2024
Trade Saudi export financing grows while trade deficit widens Credit facilities for Saudi Arabian exporters surged in the first half of 2024 as the kingdom aimed to curb its non-oil trade deficit. The Saudi Export-Import Bank awarded SAR16.3 billion ($4.3 billion) in financing and insurance during the first six months of this year, an increase of 128 percent year on year, the state-owned Saudi […] August 19, 2024
Construction Dubai’s Sidara shelves bid to take over UK’s John Wood Group Dubai’s Sidara has abandoned its multi-billion-dollar plan to take over the British consultancy John Wood Group. The Emirati engineering and consulting group cited “geopolitical risks and market uncertainty” for its decision. Shares in Wood slumped by 37 percent on the news, hitting their lowest level since December 2022. Sidara raised its offer to 230p per […] August 5, 2024
Economy IMF postpones $820m Egypt loan meeting An executive meeting between Egypt and the International Monetary Fund (IMF) to discuss the North African country’s next loan instalment has been postponed to the end of the month. “The IMF executive board meeting on Egypt’s third review under the extended fund facility has been rescheduled to July 29th,” the IMF’s Egypt mission chief, Ivanna […] July 11, 2024
Banking & Finance UAE increases gold reserves with growth set to continue The UAE’s gold reserves reached almost AED20 billion ($5.5 billion) at the end of March, rising 12.6 percent year on year, with expectations that the growth will continue into the rest of the year. The Central Bank of the UAE (CBUAE) said the Gulf state’s reserves of the precious metal have risen considerably over the […] June 20, 2024
Economy Saudi Arabia and UAE up in World Competitiveness Ranking Saudi Arabia and the UAE have improved their rankings in the annual IMD World Competitiveness Ranking this year, as both Gulf states embrace artificial intelligence (AI) to make their economies more productive. The list, which is compiled by the International Institute for Management Development (IMD) in Switzerland, saw the UAE rise three places to seventh, […] June 19, 2024
Infrastructure Qatar company buys Kazakh mobile network for $1bn Qatar Power International Holding has bought Kazakhstan’s largest mobile phone network. The Qatari company, a private conglomerate based in Lusail, has bought Kazakhtelecom subsidiary Mobile Telecom-Service LLP, Reuters reported, citing a statement from the Kazakh government on Tuesday. Mobile Telecom-Service LLP is a joint venture between Swedish telco Tele2 and Kazakh high speed mobile internet […] June 19, 2024
Trade UAE dominates Saudi imports Saudi Arabia’s imports from its neighbouring five GCC countries rose 5 percent to SAR21 billion ($5.6 billion) in the first quarter of 2024. Oman led the growth, but goods trade with Qatar suffered a steep decline, according to figures from Saudi platform Argaam, citing the Saudi General Authority for Statistics (GASTAT). Goods shipped from the […] June 19, 2024