Banking & Finance Saudi Arabian banks see profits up 17.6% in first quarter Saudi Arabia’s top banks saw profitability increase by 17.6 percent quarter-on-quarter in the first three months of the year, on the back of a buoyant energy market, interest rate hikes in line with the US, and an increase in consumer spending. “The first quarter saw broad-based profitability improvement across the banking industry,” Asad Ahmed, managing […] June 8, 2022
Tourism Saudi to invest $100m in tourism training Saudi Arabia is planning to invest $100 million training around 100,000 young Saudis to work in the tourism sector, as the kingdom looks to attract over 70 million visitors per year. The Ministry of Tourism on Tuesday launched the Tourism Pioneers programme, which the Saudi Press Agency claimed was the “largest global programme” of its […] June 8, 2022
Banking & Finance Egypt and Turkey among top gold buyers Egypt and Turkey were some of the biggest buyers of gold reserves this year, according to the latest figures from the World Gold Council. “On a year-to-date basis, central banks remain net purchasers on the whole,” Mukesh Kumar, senior analyst of the World Gold Council, said in his report issued this week. “Egypt is the […] June 8, 2022
Retail Saudi mall reopens after blaze cost $6.67m Saudi retail operator Arabian Centres has reopened Mall of Dhahran, in the eastern province of the kingdom, and confirmed in a statement to the Saudi Exchange that the financial cost of a fire at the site last month will be roughly 25 million Saudi riyals ($6.67 million). In the bourse statement, Arabian Centres confirmed that […] June 8, 2022
Tourism Egypt dominates African hotel investment market Egypt is very much the dominant player in Africa’s hotel sector, as the Arab world’s largest country looks to rejuvenate its tourism sector following the impact of the coronavirus pandemic. A total of 80,300 rooms in 447 hotels, across 42 African countries, are currently in the pipeline for development, according to a study by hospitality […] June 2, 2022
Tourism Saudi’s Abdul Latif Jameel to invest $220m in Indian electric vehicle maker Saudi Arabian family conglomerate Abdul Latif Jameel is to invest $220 million in India’s Greaves Electric Mobility, as it looks to benefit from the country’s growing electric vehicle (EV) market. India is currently the world’s fourth-largest automotive market and Greaves Electric Mobility, a subsidiary of Indian engineering firm Greaves Cotton Ltd, produces two and three […] June 2, 2022
Retail Dubai’s Aramex in $265m deal to buy US e-commerce firm Dubai-listed courier firm Aramex has bought US-based e-commerce company Access USA Shipping, in a deal valued at around $265 million, it was reported on Wednesday. Access USA Shipping, operating as MyUS, is described as a technology-driven, cross-border e-commerce platform, and serves customers in the US, UK and China. “We see significant benefits to be derived […] June 1, 2022
Analysis Banking & Finance Digitisation costs, but UAE banks need to take the plunge Banks in the United Arab Emirates are seeing their profits squeezed due to the cost of digitalising their operations, but experts believe lenders still need to invest more to keep up with global benchmarks. The latest S&P Global UAE Purchasing Managers’ Index (PMI), released earlier this month, found that costs are at their highest levels […] May 30, 2022
Real Estate Dubai’s Damac makes US debut with $120m Miami deal Damac Properties plans to use the beachside site in Miami to build an ultra-luxurious, Cavalli-branded condominium May 28, 2022
Lifestyle Dubai ranked most overworked city in the world Dubai is the most overworked city in the world, according to a new global report out this week – but a workplace culture expert said this could be due to the type of workers the emirate traditionally attracts. Kisi, a New York-based cloud-based security systems provider, looked at the work-life balance in 100 global cities. […] May 27, 2022
Exclusive Banking & Finance UAE-Israel annual trade expected to hit $5bn within two years News that bilateral trade between the United Arab Emirates and Israel amounted to more than $1 billion during the first quarter of this year is “no surprise” to a senior Emirati official involved in spearheading relations between the two countries. As Israel relaxes its pandemic travel restrictions and investment funds begin to enter the market […] May 27, 2022
Banking & Finance Abu Dhabi to allow investors to donate shares to charity The Abu Dhabi Securities Exchange (ADX) has signed an agreement to allow investors to fund charitable causes by donating some of their shares. The agreement with Dubai’s Awqaf and Minor Affairs Foundation (AMAF) will see dividends from the shares donated used to fund a wide range of charitable causes, and investors can choose which charities […] May 27, 2022
Lifestyle Supermodel Tyra Banks to launch ice cream brand in Abu Dhabi Californian supermodel Tyra Banks has picked Abu Dhabi as the first international market outside the US to launch her global ice cream brand, Smize Cream, as part of a partnership with the Abu Dhabi Investment Office (ADIO). The 48-year-old entrepreneur made the announcement at the Access Granted talk series on Thursday, adding that she was […] May 27, 2022
Lifestyle Rocketman’s jet-pack set to take off in the Gulf A British technology firm which has developed jet suits allowing users to fly at altitudes of up to 12,000 feet has already sold some of its products in the region and is keen to set up a training facility in the Gulf. Based in Wiltshire, South-West England, Gravity Industries was launched in March 2017 and […] May 27, 2022
Food & Drink Alcohol is not on the menu in Saudi, says tourism official Saudi Arabia has no plans to legalise the sale of alcohol in the kingdom, a senior tourism official confirmed this week at the World Economic Forum (WEF) in Davos. “The short answer is that we’re going to continue with our current laws,” assistant minister of tourism Princess Haifa bint Mohammed said during a session yesterday. […] May 26, 2022
Manufacturing Gulf ports trump US in global efficiency rankings Heavy investment has seen the Middle East dominate the top of the rankings of a list of the most efficient container ports in the world, with some Saudi ports up to four times more efficient than their North American rivals. The latest edition of the Container Port Performance Index (CPPI), which was developed by the […] May 26, 2022
Crypto Oasis smashes Blockchain ambition in the UAE The United Arab Emirates has set a new goal to attract 1,500 Blockchain-related entities by the end of 2022, after achieving its initial target of 1,000 seven months early. In January 2020, at the World Economic Forum in Davos, the Dubai Multi Commodities Centre (DMCC) announced a partnership with Switzerland’s Crypto Valley to develop the […] May 25, 2022
Energy Commercial waste-to-energy plant to power 28,000 homes A new commercial scale waste-to-energy plant inaugurated in Sharjah will produce enough electricity to power 28,000 homes per year and help the government to achieve its goal of becoming the Middle East’s first zero-waste city. The Emirates Waste to Energy company, a joint venture between Sharjah-headquartered Beeah and Abu Dhabi-based Masdar, was inaugurated yesterday and […] May 25, 2022
Energy UAE’s first commercial waste-to-energy plant to power 28,000 homes A new commercial scale waste-to-energy plant inaugurated in Sharjah, one of the seven emirates in the United Arab Emirates (UAE) will produce enough electricity to power 28,000 homes per year and help the government to achieve its goal to become the Middle East’s first zero-waste city. The Emirates Waste to Energy company, a joint venture […] May 25, 2022
Manufacturing Saudi Arabia likely to see two more electric vehicle plants Plans by American electric vehicle (EV) maker Lucid Motors to build a production plant in Saudi Arabia is likely to be the first of at least three such facilities in the kingdom, investment minister Khalid Al-Falih said today. Speaking at the World Economic Forum in Davos, Falih did not provide any further details on the […] May 25, 2022
Analysis Tourism Dubai’s Global Village: an incubator for startups Dubai’s Global Village has been running for over two decades and it had a record-breaking 7.8 million visitors for its most recent season that ended on May 7, but organisers are keen to emphasise that the attraction is more than just theme park rides, food and retail from around the world. They claim Global Village […] May 23, 2022
Tourism Saudi teams with Indian travel portal to boost tourism The Saudi Tourism Authority has signed an agreement with EaseMyTrip, India’s second-largest online travel platform for air ticket bookings, as part of its goal to exceed 70 million visitors to the kingdom by the end of 2022. As part of the deal, EaseMyTrip will raise awareness about Saudi Arabia as a tourist destination in India […] May 20, 2022
