Transport AD Ports to build and operate Red Sea ports The UAE’s AD Ports Group has signed an agreement to build, develop, operate and maintain terminals for passengers and cruise lines at the Egyptian Red Sea ports of Hurghada, Safaga and Sharm El Sheikh. “This contract will contribute to operating cruise lines between Zayed Port and Safaga, Hurghada and Sharm El Sheikh and, later, Arabian […] January 5, 2024
Retail Perfume helps Dubai Duty Free hit record sales in 2023 Dubai Duty Free (DDF) recorded record sales of AED7.885 billion ($2.15 billion) in 2023, a year-on-year increase of 24 percent, and 6 percent above 2019, with perfume retaining its title as the top-selling sector. DDF celebrated its 40th anniversary in December, and the holiday month finished the year with sales of AED807.6 million, an 8 […] January 4, 2024
Tourism PIF-backed Cruise Saudi unveils first ship Aroya Cruises has unveiled its first ship as global demand continues to rise. The company, which is operated by state-backed Cruise Saudi, said the 335-metre-long vessel is undergoing refurbishment before it makes its maiden voyage from Jeddah in 2024. It will include 19 decks and 1,682 cabins. “We are delighted to sail into the new […] December 29, 2023
Real Estate Rising supply softens Dubai’s short-term housing market Short-term rents in Dubai’s housing market have fallen this year as the rapid rise in supply begins to outstrip demand. Vinayak Mahtani, CEO of bnbme holiday homes, told AGBI that over the past three years, he had seen 100 percent growth in the short-term rental market. “It’s become a buzzword in Dubai, a trendy business,” […] December 29, 2023
Trade GCC and South Korea sign free trade agreement South Korea and the GCC have signed a free trade agreement as the region continues to pivot eastwards for growth. The agreement will cover trade in goods, services and government procurement, as well as cooperation among small and medium-sized enterprises, customs procedures and intellectual property, among other areas, according to a statement. Trade between the […] December 28, 2023
Video length: 06:37 Retail Margins tighten for UAE retailers ahead of holiday season In the run-up to the holiday season, the UAE’s retailers are enjoying a healthy rise in new business and stocking up on inventory to meet demand. While a busy period is expected, costs continue to increase. To remain competitive, businesses are not increasing prices, meaning margins are being squeezed even further. The latest S&P Global […] December 20, 2023
Retail Rapid growth for Dubai retail despite rising costs Business activity and confidence in Dubai’s non-oil sector have returned to pre-pandemic levels, and retail in particular has shown growth. However, rising costs have brought a halt to hiring and the discounting of prices, according to a new survey published this month. The latest S&P Global Dubai Purchasing Managers Index (PMI) for September rose to […] October 13, 2023
Aviation Air Arabia to bring low fares to lucrative London route UAE low cost carrier Air Arabia will take on the highly competitive but lucrative London market when it takes delivery of Airbus aircraft able to fly longer distances, its CEO has confirmed. Air Arabia announced an order for 120 fuel-efficient aircraft comprising 73 A320neos, 27 A321neos and 20 A321 XLRs at the Dubai Air Show […] October 11, 2023
Aviation Moving from Kidman to Kaif, Etihad looks east Etihad Airways, the national airline of the UAE, has appointed Bollywood actress Katrina Kaif as its new brand ambassador, showing the Abu Dhabi carrier’s increased focus on the fast-growing eastern markets. The association was unveiled through a series of videos showcased on social channels. Amina Taher, vice-president of brand, marketing and sponsorship at Etihad Airways, […] September 12, 2023
Trade Qatar kicks back after post-World Cup slump There has been a rise in international companies considering a move to Qatar following a post-World Cup slump. Experts believe the spike in interest is partly due to the UAE’s decision to introduce corporate tax as well as an update to Qatar’s Single Window system, which was launched in 2019 to help companies set up […] August 31, 2023
Agriculture Gulf’s many-layered reaction to India’s new onion export tax Omani farmers could be one of the few beneficiaries of India’s decision to impose a 40 percent export duty on onions, while UAE restaurateurs are bracing for another hike in food costs. India is the world’s biggest exporter of onions, but a lack of rain this summer has affected harvests and prices have already risen […] August 22, 2023
Analysis Banking & Finance Gulf property buyers in the dark over UK ‘death tax’ Whether it is a second home in Kensington or an apartment for their children studying at university, Gulf investors have spent billions on UK property over the decades – but many are oblivious to the tax implications, especially when it comes to inheritance tax. His Majesty’s Revenue & Customs (HMRC) applies 40 percent inheritance tax […] August 14, 2023
Infrastructure UAE invests in battle against severe flooding UAE government bodies and residents are working proactively to combat the impact of severe flooding, as climate change leads to increased levels of rainfall. Dubai Municipality said it received more than 100 emergency calls at the weekend as a result of severe weather conditions, and the National Centre of Meteorology (NCM) has warned that heavy […] August 10, 2023
Tourism Saudi expands online visa programme in tourism drive Saudi Arabia has added eight new countries to its list of nationalities that can apply for a tourist visa online, as the kingdom aims to attract 100 million visitors per year by 2030. The addition of Albania, Azerbaijan, Georgia, Kyrgyzstan, Maldives, South Africa, Tajikistan and Uzbekistan to the e-visa system allows people from these countries […] August 7, 2023
Real Estate Looming deadline sees scramble for Riyadh offices As an end of year deadline for setting up regional headquarters in Saudi Arabia looms, international companies are taking lower grade Riyadh office space due to a shortage of availability in prime locations. Crown Prince Mohammed bin Salman announced in February 2021 plans to transform Riyadh into one of the top cities in the world, […] August 2, 2023
Food & Drink UAE restaurants feel the squeeze from rice restrictions The UAE has banned the export of rice for four months, and while most restaurant owners have sufficient excess stock in place, some are concerned supply chain disruptions will lead to increased costs. The Gulf state said the ban will cover rice of all varieties, including brown rice, fully or partially milled rice and broken […] July 31, 2023
Analysis Lifestyle Hollywood strikes a blow to Mena film industry When it came to creating the epic sunset scenes for the upcoming Dune movie sequel, director Denis Villeneuve chose the sand dunes of Jordan and Abu Dhabi to stand in for the futuristic desert planet of Arrakis. Local fans sitting down to watch the movie this November should relish the occasion, as it may be […] July 31, 2023
Analysis Manufacturing Sales slump ‘does not signal end’ for PCs in UAE The ongoing decline in PC sales in the UAE reflects a worldwide trend of decreasing shipments of desktop computers, say analysts. Global shipments of PCs shrunk by 16.6 percent year on year to 59.7 million in the second quarter of this year. It marked the seventh consecutive global quarterly decline. Local UAE industry experts say […] July 27, 2023
Real Estate Russians bucking trend in Dubai with bigger, pricier homes Russian buyers are bucking the trend in Dubai real estate and buying bigger, more expensive houses as they make the emirate their new permanent home. Residential property prices in the emirate climbed at their fastest rate in almost a decade in the first half of this year. Villas topped previous records set in 2014. Property […] July 27, 2023
Economy Tax revenues fail to offset $4bn drop in UAE federal balance The UAE federal government’s balance sheet decreased by nearly $4 billion, or 38 percent, year on year in the first quarter of 2023, even though tax revenues rose 12 percent. Data from the UAE Government Finance Statistics Report for the first quarter of 2023, published on Tuesday by the UAE Ministry of Finance, found that […] July 26, 2023
Logistics DHL buys Turkish firm to tap into e-commerce sector DHL Group has bought Turkish parcel delivery company MNG Kargo, as the German logistics giant looks to tap into Turkey’s fast-growing ecommerce industry. “E-commerce remains one of the biggest growth drivers for logistics services and especially for parcel volumes,” CEO Tobias Meyer said. “We, therefore, continuously work to expand our footprint.” DHL will buy MNG […] July 26, 2023
Energy Oil cuts take $11bn bite out of Saudi exports Saudi Arabia’s decision to scale back oil production cut the kingdom’s total exports in the last year by $11 billion, according to data published on Tuesday by the General Authority for Statistics. Overall merchandise exports from Saudi Arabia amounted to SAR 97.1 billion ($25.89 billion) in May 2023, down 32.1 percent year on year. The […] July 26, 2023
