Analysis Food & Drink Gulf firms tap thirst for no-alcohol drinks On St Patrick’s Day this year Irish drinks brand Guinness seized the opportunity to promote one of its biggest innovations since its launch in 1759. Four years in the making, Guinness 0.0, a non-alcoholic version of the famous stout brew – first launched in the UK and Ireland in 2020 – has now gone global. […] July 16, 2022
Real Estate Dubai rents soar by over 20% as inflation bites Dubai residential rents rocketed by 21.7 percent on average in the 12 months to June 2022, more than double the mean growth in sales prices. The total volume of transactions in Dubai’s residential market reached 7,941 in June 2022, up 33.3 percent year-on-year, said research from real estate consultancy firm CBRE released today. In the […] July 15, 2022
Energy France in talks with Abu Dhabi to import fuel this winter France is talking to Abu Dhabi about importing fuel and diesel for the coming winter season, TotalEnergies Chairman and CEO Patrick Pouyanne said, Reuters reported on Wednesday. Pouyanne told the French Senate this was a response to the Russia/Ukraine conflict, which has impacted Russian energy supplies to Europe. Fuel prices in France were at $2.27 […] July 14, 2022
Analysis Economy 60% of UAE firms to hike prices as costs surge Nearly two-thirds of UAE businesses are planning to increase the price on their goods and services as costs in the non-oil sector climb at the fastest pace for 11 years. The latest S&P Global UAE Purchasing Managers’ Index (PMI), issued last week, found that rising energy costs and higher wage bills were biting into profit […] July 13, 2022
Analysis Real Estate Sanctions won’t dampen Dubai property allure for Russians The popularity of Dubai among Russian property buyers is unlikely to be dented by a US threat to impose sanctions on UAE banks who process their financial transactions, as most payments are made using cash or cryptocurrency. Dubai-based Mira Estate said its property sales to customers from Russia and the 11 other Commonwealth of Independent […] July 8, 2022
Employment Tech workers reap big salaries amid urgent skill shortage Dubai-based software engineers can earn up to 30 percent more than similar workers in rival tech hubs in Europe, due to an ongoing skills shortage within the sector across the Middle East. Amanda Line, a partner at global consultancy firm PwC, said that the Middle East and North Africa (MENA) region needs to create 300 […] July 7, 2022
Analysis Economy UAE businesses keep squeeze on profits as inflation bites Businesses in the UAE’s non-oil sector continue to defy global trends by choosing to squeeze profits rather than hike prices, as energy costs climb at the fastest pace for 11 years, according to a new survey. However, industry sources have told AGBI that this situation is unlikely to be able to continue in the long-term […] July 6, 2022
Development Prince Charles charity files report over $3m Qatari donations A charity linked to the UK’s Prince Charles has submitted a serious incident report to the government’s charity regulator, after it was reported that the royal had received payments of €3 million ($3.08 million) from a Qatari politician. The Sunday Times reported on June 25 that the heir to the British throne had received three […] July 6, 2022
Analysis Construction Gulf construction may face imminent sand shortage A little-known fact: the sand used in the concrete to build Dubai’s 829-metre tall Burj Khalifa was imported from Australia. While water scarcity generates much concern, sand shortages are only beginning to receive attention – especially in the desert metropolises of the Gulf. A report in April by the United Nations Environment Programme (UNEP) highlighted […] July 5, 2022
Exclusive Tourism Munch:On makes old business model hard to swallow Low-cost meals delivered in bulk from restaurants is one of the only ways of making the food delivery business in the UAE truly sustainable. So says Dana Baki, co-founder of Munch:On, the platform recently acquired by Uber-owned, Dubai-headquartered Careem. Created in 2016 by Baki, Mohammad Al Zaben and Awn Ali, Munch:On is a subscription-based food […] July 4, 2022
Exclusive Tech Pure Harvest aims to grow UAE’s next $1bn unicorn startup “Why did such a promising young man leave Silicon Valley to grow tomatoes in the desert?”. It’s a question Stanford University business graduate and former private equity investor Sky Kurtz says he gets asked a lot, even by his own father-in-law. “My wife’s father thought I’d lost my mind. He was literally like, ‘there’s something […] July 4, 2022
Exclusive Food & Drink $500-an-hour sobriety coach helps Dubai’s big drinkers Dubai’s work-hard, play-hard expat party lifestyle, and its famous all-you-can-drink weekend brunches can be the perfect breeding ground for potential alcoholics, according to the founder of a new $500-an-hour sober coaching service. British sober and recovery coach, David Golding, relocated to Dubai nearly four months ago and has launched Sober Lifestyle Coaching, a 13-week recovery […] July 1, 2022
Real Estate Zero-carbon smart city in Riyadh to house 44,000 A Dubai-based architecture firm is working on designs for a 10km2, zero-carbon smart city in Saudi Arabia which will provide homes for 44,000 people. URB, which is headquartered in Dubai Design District, said it has completed the concept stage for ALNAMA Smart City and will soon begin the detailed design stage. Set to be located […] July 1, 2022
Analysis Employment Saudi unemployment rate drops as over 1 million expats leave The unemployment rate among Saudi nationals, especially women, continues to decline, as the latest data from the Saudi General Authority for Statistics (GASTAT) also showed that over a million expats left the kingdom during the pandemic. The population at the mid-year point in 2021 was 34.1 million, a 2.6 percent year-on-year decrease. Foreign workers and […] July 1, 2022
Saudi imports from UAE drop 23% in a year Saudi imports from the UAE fell by 23 percent year-on-year in April, with analysts citing last year’s changes to the customs rules as the main reason for the drop. Imports into the kingdom from the six GCC countries, which also includes Oman, Bahrain, Kuwait and Qatar, rose seven percent year-on-year to 6.55 billion riyals ($1.75 […] June 30, 2022
Food & Drink Saudi prince backs $40m funding for dairy replacement producer KBW Ventures, the venture capital firm founded by Saudi Arabia’s Prince Khaled bin Alwaleed, was one of the prime investors in a $40 million fundraising round by a Californian company that is aiming to become the world’s first true plant-based dairy replacement producer. Oakland-based Eclipse Foods was founded in 2019 by chef Thomas Bowman and […] June 30, 2022
Energy G7 should opt for fuel tax cut over price cap, says Saudi-based analyst A proposal by the G7 group of leaders to look at the feasibility of introducing a price cap on energy imports was dismissed as “highly doubtful” by a top Saudi-based energy analyst. A report by the Financial Times on Tuesday claimed that the G7 leaders – which includes Canada, France, Germany, Italy, Japan, the UK […] June 29, 2022
Exclusive Real Estate Damac set to splurge on jewellers and real estate across Europe Dubai developer Damac is looking at projects in Germany and Copenhagen, as well as more partnerships with fashion brands, says senior VP June 29, 2022
Logistics Abu Dhabi incentives tipped to relieve squeeze on factory space Analysts have welcomed Abu Dhabi’s plan to launch an incentives package aimed at the industrial sector, including discounts on electricity bills and land purchases. Mohamed Ali Al Shorafa Al Hammadi, chairman of the Abu Dhabi Department of Economic Development, unveiled the package last week, ahead of its launch in July. The scheme also includes a […] June 29, 2022
Banking & Finance US warns UAE banks to swerve Russian deposits The US has warned UAE banks to be more proactive and take extra care when dealing with Russian clients, or the emirates may face stateside sanctions. Addressing a roundtable of the United Arab Emirates Banks Federation during a two-day visit to the country, Wally Adeyemo, deputy secretary of the US Treasury, commended UAE-based financial institutions […] June 23, 2022
Analysis Electric vehicles cost more to insure than petrol cars in the UAE Electric vehicles (EVs) are more expensive to insure in the UAE than their traditional fuel-powered alternatives. This is due to the higher number of claims, cost of repairs and parts, and the fact that some drivers are not used to them, industry experts told AGBI. “It’s true that some insurers price electric and hybrid car […] June 23, 2022
Analysis Banking & Finance Crypto crisis will weed out the Gulf’s weak players, say analysts The region’s cryptocurrency industry has grown rapidly – and is now being hit hard by the worldwide plunge in prices, but experts and businesses are welcoming the shake-up The value of the cryptocurrency market has slumped by more than $2 trillion since November, with bitcoin’s price dropping 70 percent and some in the sector laying […] June 22, 2022
