Tech Dubai’s Damac to invest $990m in data centres in Germany Dubai-based conglomerate Damac Group is planning to invest $990 million in data centres and technology acquisitions in Germany. The company is currently on a fact-finding expedition in the European country to identify opportunities. “It’s a very interesting time now in Germany, especially for future-oriented industries and the country has a lot of opportunities in sectors […] August 23, 2022
Real Estate Nakheel’s islands plan set to ease ‘severe shortage’ of luxury homes Developer Nakheel unveils masterplan for Dubai Islands, as real estate experts point to 'voracious' demand from super-rich buyers August 23, 2022
Analysis Banking & Finance Motor insurance stalls despite UAE premium growth UAE listed insurance companies reported that the value of premiums rose 7.64 percent year-on-year to AED15.676 billion ($4.27 billion) in the first half of 2022, but industry experts said the motor segment continues to struggle. A total of 13 insurers listed on the Dubai Financial Market accounted for 56.1 percent of the total premiums of […] August 22, 2022
Exclusive Energy UAE biofuel firm in talks with global investors A Dubai-based company which converts waste cooking oil into biofuel is in investment talks with major energy firms, as demand grows among climate-conscious global companies. The sector is expected to be worth over $200 billion by 2030. “I moved to Dubai in 2009. I’d been working for three years by then on sustainability, so it’s […] August 22, 2022
Analysis Startup exits escalate in UAE The UAE is seeing an increase in startup exits this year, as the market matures while bigger players look to acquisitions to scale up their operations. The UAE Venture Investment Report, by research firm Magnitt, states that there were 10 startup exits in the Emirates in the first half of 2022, just one less than […] August 19, 2022
Economy From chicken to weddings, Saudi prices continue to soar From meat and vegetables to the cost of events such as weddings, consumer prices in Saudi Arabia continue to rise, as inflation reached 2.7 percent year-on-year in July. The biggest increase was in the food and beverage segment, which rose 3.9 percent, mainly on the back of meat prices increasing 5.1 percent, the General Authority […] August 18, 2022
Female startups face ‘bias’ over funding in Middle East Startups founded by female entrepreneurs accounted for just 0.1 percent of the $105 million in funding raised in July, the lowest monthly level so far this year. Data compiled by Wamda, the largest early-stage investment fund in the Middle East, found that a total of $136,000 was raised by female-led startups last month, while those […] August 17, 2022
Exclusive Tech UAE agtech startup aims to disrupt $500bn fodder industry A UAE agtech startup is aiming to disrupt the $500 billion livestock feed industry, as prices rise on the back of supply chain disruptions caused by the Ukraine war. The Food and Agriculture Organisation (FAO) of the United Nations reported last week that, while the FAO Food Price Index declined 8.6 percent month-on-month in July […] August 17, 2022
Manufacturing Manufacturing and mining help Saudi industrial output rise 20.8% Industrial production in Saudi Arabia increased by 20.8 percent year-on-year in June, with the mining and manufacturing sectors the main catalysts for growth. The Saudi General Authority for Statistics (GASTAT) found that in June the Industrial Production Index (IPI) rose 20.8 percent year-on-year. A dive into the figures of their report showed that manufacturing activity […] August 16, 2022
Analysis Economy Rising inflation leaves UAE businesses underinsured Rising inflation is leaving UAE companies at risk of being underinsured in the event of a potential claim, with industry experts urging companies to make sure they keep the valuation of assets up to date. In the event of a claim, such as those being prepared by UAE businesses damaged by the severe flooding last […] August 15, 2022
Analysis Banking & Finance BlackRock may spur wealthy to make crypto leap Institutional investors and high net worth individuals have traditionally shunned cryptocurrencies as volatile and untrustworthy. The ongoing turbulence in the market, with the value of bitcoin dropping by nearly half so far this year, has not helped sentiment but there are signs this is changing. BlackRock, which has $8.49 trillion of assets under management, yesterday […] August 12, 2022
Analysis Economy Raising prices is not the only way to protect margins from inflation Amid the onslaught of rising UAE business costs, a newly published industry report has outlined where exactly the pain is being felt most. While some firms are opting to raise prices, experts outlined some of the other short-term strategies companies are adopting in order to help keep their margins healthy. The latest S&P Global Dubai […] August 12, 2022
Analysis Employment Qatar ramps up recruitment drive ahead of World Cup With just over 100 days until the start of the tournament, the World Cup Qatar 2022 is looking to hire thousands of temporary workers to help stage the Middle East’s largest ever sports event. Regional competition for talent remains high, but Qatar has so far resisted offering inflated salaries to lure cross-border workers. French hotel […] August 11, 2022
Analysis Banking & Finance SoftBank slump not a ‘total disaster’ for Gulf wealth funds The $23.1 billion quarterly loss announced by Japan’s SoftBank Vision Fund this week may not represent a “total disaster” for its Gulf investors, according to US-based experts. Announced during President Donald Trump’s visit to Saudi Arabia in 2017, the Vision Fund is heavily backed by GCC sovereign wealth funds (SWFs). Saudi Arabia’s Public Investment Fund […] August 10, 2022
Analysis Banking & Finance UAE businesses to boost investment in cyber insurance Revenue from the cyber security insurance sector is forecast to grow by 10 percent per annum to $10.6 billion in 2025, with Gulf companies set to be part of this investment push. “The Russia-Ukraine war has increased the likelihood of state-sponsored cyber attacks that target critical infrastructure, military operations, and businesses,” said Amrit Dhami, a London-based […] August 9, 2022
Real Estate UAE’s property rules target money laundering via virtual assets The UAE has introduced new real estate reporting requirements as part of its fight against money laundering. The clampdown is primarily aimed at transactions involving virtual assets, and is a partnership between the Ministry of Economy (MoE), the Ministry of Justice (MoJ) and the UAE Financial Intelligence Unit (FIU). The new rules will cover the […] August 9, 2022
Food & Drink Meet the Irishman selling ice in the desert In the ever-competitive Dubai bar and restaurant market, a new supplier has launched this week, aiming to offer venues another unique selling point: high quality, hand-cut ice. Since he officially launched on August 1, John Gillespie, founder of Artisan Ice Co., has been targeting the top 30 venues in the city and he said the […] August 6, 2022
Analysis Sustainability UAE invests in future flood control after record rainfall The UAE’s recent record levels of rainfall, resulting in loss of life and flood damage, pose budgetary challenges for authorities, but also opportunities for regional infrastructure investors. The National Centre of Meteorology said last month was the wettest July in the UAE for over 40 years. It said that 234.9mm of rain fell between 22:30 […] August 5, 2022
Exclusive Select Group eyes more UK and UAE real estate projects Dubai developer Select Group has had a ‘record-breaking’ year of sales, on a par with the pre-2008 boom era that many may associate it with, as it pushes ahead with ambitious plans both in the UAE and the UK. The firm, which was founded in 2004, is one of many riding the wave of the […] August 4, 2022
Analysis Banking & Finance Gulf’s $2bn buy-now-pay-later sector shrugs off global slump Despite the global pessimism surrounding buy-now-pay-later (BNPL) finance providers, the Gulf region continues to push forward with related acquisitions and expansion plans. The recent string of big ticket global BNPL casualties highlights several companies with direct links to the UAE. Abu Dhabi-backed Swedish operator Klarna last month managed to raise $800 million in new funding, […] August 4, 2022
Tourism Travel expenses by UAE employees soar 286% UAE employees are filing soaring business expenses on the back of spiking energy prices. Average total monthly travel reimbursement costs have risen 286 percent year-on-year in 2022, according to research by Bayzat, a UAE-based employee benefits platform. At the same time, the average amount spent per travel request rose 66 percent year-on-year. With UAE fuel […] August 3, 2022
Analysis Lifestyle Kuwait City leads the world for billionaires Kuwait City is home to more billionaires per capita than anywhere else in the world, according to the latest data. The Gulf capital boasts one billionaire for every 33,090 inhabitants, making it the most densely populated city for those with more than ten digits of wealth, reports the Billionaire Census 2022 from New York-based consultancy […] August 2, 2022
