Analysis Food & Drink Dubai alcohol tax cut saving swallowed by most venues Six months after Dubai suspended its 30 percent sales tax on alcohol, most hospitality venues have not passed on savings to consumers – but retailers have, driving up sales. Mike Glen, managing director at Maritime and Mercantile International (MMI), one of the main alcohol distributors in the emirate, estimates that only around 30 percent of […] July 12, 2023
Entrepreneurs Egypt’s currency slump deters startup investors Egypt’s economic woes have led to a 70 percent decline in the number of startup funding deals in the first half of the year. The country’s currency devaluation and other ongoing economic challenges are deterring investors, industry experts said. Funding for startups across the Middle East and North Africa (Mena) fell 21 percent year-on-year to […] July 11, 2023
Video length: 05:43 Aviation Abu Dhabi’s Royal Jet expands into Asia Abu Dhabi’s Royal Jet is expanding into Asia with plans to acquire a share of a private aviation business located close to Kuala Lumpur. It is buying the Malaysian aviation business operated by Sapura Resources Berhad at Subang International Airport. “We are keen to expand our business in Asia,” Mohammed Husain Ahmed, CEO of Royal […] July 10, 2023
Analysis Entrepreneurs Female startup founders have ‘tough sell’ in the region More women need to be in investment decision-making positions to rebalance the gender bias within the Mena startup funding sector, industry experts say. The amount raised by female-led startups tumbled by 88 percent over the first half of this year to $5.6 million, according to the latest data from Wamda, the largest early-stage investment fund […] July 7, 2023
Manufacturing Food sector dominates new factories approved in Saudi Saudi Arabia approved licences for 53 new factories with total investment capital of more than $5 billion in April. The majority of new licences came from the food products industry, according to the latest monthly figures from the Ministry of Industry and Mineral Resources, with nine new licenses approved. Other major sectors included non-metallic minerals […] July 6, 2023
Food & Drink Prince’s cell-grown meat investment gets US approval Saudi Arabia’s “vegan prince” is set to get a prime cut of the profits from his investment in a startup producing meat made from cultivated animal cells. The US government this month approved the sale of Upside Foods products to American consumers. “Sometimes when you talk to an entrepreneur, you know,” Prince Khaled bin Alwaleed […] June 30, 2023
Real Estate Indian buyers flock to Dubai for higher rental yields With more wealthy Indians moving to the UAE and rental yields in the Gulf state more than twice the size of those in India, interest in purchasing real estate is set to continue to rise. Indians were the top foreign buyers in Dubai last year, spending more than those from Russia, China, Pakistan and the […] June 29, 2023
Business of Sport Bayern Munich and Qatar Airways end $50m sponsorship German football club Bayern Munich will not renew its five-year sponsorship deal with Qatar Airways after it expires this month. The decision was made by mutual consent, according to a joint statement issued on the club’s website on Wednesday. “The connections that FC Bayern has been able to forge with its fans in the Arab […] June 28, 2023
Lifestyle Animated film helps revive Turkish cinema An animated film about children who help aliens stranded on Earth return to their home planet has helped revive the Turkish cinema industry after it slumped during the Covid lockdown. Rafadan Tayfa: Galaktik Tayfa, the third in a series of films spun off from a popular Turkish children’s TV show, has earned $6.7 million so […] June 28, 2023
Banking & Finance Abu Dhabi-backed Swiss skincare group raises $1bn A Swiss skincare group backed by the Abu Dhabi Investment Authority has raised $1 billion from newly issued shares. Galderma aims to use the funds to boost its balance sheet ahead of a planned stock market listing. The company, founded in 1981, was bought in 2019 by a consortium led by the Abu Dhabi sovereign […] June 27, 2023
Manufacturing Coca-Cola subsidiary in Turkey plans expansion The Coca-Cola subsidiary in Turkey is in advanced talks to expand in existing and new markets, with a potential acquisition deal in Bangladesh possible within the next few months. Coca-Cola İçecek (CCI) is headquartered in Istanbul and operates in Turkey, Pakistan, Kazakhstan, Iraq, Uzbekistan, Azerbaijan, Kyrgyzstan, Jordan, Tajikistan, Turkmenistan and Syria. With 30 plants in […] June 26, 2023
Transport Food delivery drives Turkish motorbike sales Turkey has recorded a sharp rise in the number of motorcycles on its roads, as the online food delivery business in the country continues to expand. A total of 223,541 vehicles were registered in May, and 45.4 percent of these were motorcycles and scooters according to data published by the Turkish Statistical Institute (TSI). Cars […] June 26, 2023
Analysis Real Estate Affordable homes warning for Dubai private developers Private developers in Dubai must build enough affordable housing or the government may be forced to step in, a prominent business leader has warned. Nasser al Shaikh, who served as director-general of Dubai’s Department of Finance until 2009 and held senior roles at real estate finance firm Amlak Finance and property developer Deyaar Development, said […] June 26, 2023
Aviation Sponsorship deal grows Emirates’ presence in Africa Emirates airline is to sponsor a Tunisian sports club, as the Dubai carrier looks to increase its revenues in Africa. The airline will sponsor Etoile Sportive du Sahel, which has teams across a number of sports including football, basketball, volleyball and handball. Emirates’ branding will be on the teams’ jerseys and training kits, as well […] June 23, 2023
Tech UAE grocery delivery startup InstaShop buys GroCart Grocery delivery app InstaShop is expanding into the wholesale sector with the acquisition of B2B operator GroCart. The move comes as a new survey said that a third of UAE consumers are planning to spend more on food in the next year. Founded in 2015 in Dubai, InstaShop operates in the UAE, Bahrain, Egypt and […] June 19, 2023
Construction Construction workers on the up as Turkey rebuilds The number of construction workers in Turkey has risen 11 percent year-on-year to over 1.5 million in April, as the country rebuilds from the devastating earthquakes in February that killed 50,000 people. The disaster caused $34 billion worth of damage. Latest data from the Turkish Statistical Institute, reported this week, shows that the number of […] June 18, 2023
Banking & Finance Debt and fintech dominate Mena startup funding Fintech and debt financing were the dominant themes in Mena startup funding in May, as experts predicted continued growth for the remainder of the year. In May, $445 million was invested in 39 startups in the Middle East and North Africa, up from only $7 million and 11 deals in April. The data was compiled […] June 16, 2023
Analysis Economy Wealth funds likely to increase African investments Sovereign investors from the UAE and wider GCC bloc are likely to ramp up investments across African countries, building on a 50 percent jump in capital flows from the Middle East over the past five years, say experts. Agriculture, energy and infrastructure are sectors likely to benefit from multi-billion dollar deals as the UAE accelerates […] June 13, 2023
Tourism Geneva’s Gulf visitors not put off by Swiss bank crisis Switzerland’s banking system may have suffered a dent to its reputation this year, but the headlines have not put off Gulf visitors from visiting Geneva. For the first 10 months of 2022, Gulf visitors accounted for 191,139 room nights in the European country’s second city, according to data from its official tourism body. Travellers from […] June 12, 2023
Transport Dubai considers taxi operator IPO as sector surges Dubai is considering a stock market listing for its taxi operator, as the sector surges back to pre-pandemic levels and attracts local and international investment. The emirate’s Roads and Transport Authority (RTA) is in the early stages of considering listing the Dubai Taxi Corporation (DTC) as the latest state-backed entity to list on the Dubai […] May 31, 2023
Banking & Finance UAE bank customers shift cash to chase higher interest Savers in the UAE are moving more of their money into income-generating deposit accounts to capitalise on rising interest rates, according to data from the country’s top 10 banks. The US Federal Reserve has increased interest rates by 75 basis points this year in a bid to curb rising inflation. The UAE Central Bank has […] May 30, 2023
Economy Gulf leaders welcome Erdogan re-election Gulf leaders have congratulated Recep Tayyip Erdoğan on his re-election as president of Turkey, as currency and stock markets had a more mixed reaction to the news. Saudi Arabia’s King Salman bin Abdulaziz Al Saud sent a cable of congratulations, the Saudi Press Agency reported on Monday, and UAE President Sheikh Mohamed bin Zayed Al […] May 29, 2023
