Tourism Coronation, Eurovision and tea to entice Gulf travellers to UK The coronation of King Charles III, Liverpool’s hosting of the Eurovision Song Contest, and Britain’s obsession with drinking tea are some elements set to feature in a marketing campaign to encourage more Gulf travellers to visit the UK this spring. VisitBritain, the national tourism agency, said spending by GCC-based tourists visiting the UK climbed above […] February 28, 2023
Development UAE launches free zone for military and security sector The UAE has announced the establishment of a new free zone dedicated to the military and security sector, just days after the Gulf state signed deals worth AED23.34 billion ($6.36 billion) at a major defence expo in Abu Dhabi. The free zone will be located within the Tawazun Industrial Park in Abu Dhabi and will […] February 27, 2023
Employment More senior execs opting to live in Emirates and work globally Global firms are increasingly looking to hire senior executives based in the UAE to work for them remotely, according to industry experts. Deel, a headhunting company based in San Francisco, found that 89 percent of global roles it handled were for remote workers, with this figure rising to 97 percent in the UAE. The company’s […] February 27, 2023
Tourism Dubai hotels on course for post-pandemic rebound Dubai’s hospitality sector is forecast to return to pre-pandemic levels this year as the number of international tourists staying at hotels continues to rise, industry experts predict. A report by Zoom Property says that the occupancy rate in Dubai would reach an average of 80 percent this year, in addition to a steady increase in […] February 23, 2023
Lifestyle Middle East investors ‘need at least $5m to retire comfortably’ Most Middle East investors believe they need at least $5 million for a comfortable retirement, according to a survey. The latest MLIV Pulse survey, carried out by Bloomberg and published on Tuesday, asked more than 500 traders how big a nest egg ought to be. The global average was between $3 million and $5 million, […] February 22, 2023
Retail Dubai businesses continue discounting to stay competitive Dubai retailers have continued to cut prices in a bid to remain competitive and clear inventory, according to industry experts. Demand has held strong, and costs have now stabilised, with supply chain issues easing. This month’s S&P Global Dubai Purchasing Managers’ Index (PMI), showed non-oil business activity in the emirate hit its post-pandemic peak five […] February 14, 2023
Employment Rise in UAE non-oil orders means more staff recruitment UAE non-oil businesses reported a three-month high in the growth of new domestic orders last month, leading to a continued rise in staff recruitment as companies move to clear their growing backlog. However, this was offset by a “sustained reduction” in overseas orders, which fell at the quickest rate since June 2021, according to the […] February 3, 2023
Banking and Finance Saudi Arabia sees cashless payments up 25% in January Saudi Arabia saw the number of digital point-of-sale (Pos) transactions increase by nearly a quarter year-on-year during January, as the kingdom’s drive towards becoming a cashless economy takes hold. Figures from the Saudi Central Bank showed there were 598,861 transactions last month for both ATM cash withdrawals and credit card transactions at retail outlets and […] February 3, 2023
Banking and Finance Chauffeur firm gains UAE investor for premium Gulf service Chauffeur operator Blacklane has attracted investment from Dubai conglomerate Gargash Group, as it aims to offer Gulf passengers a more luxurious alternative to ride-hailing apps such as Uber and Careem. Founded in Berlin in 2011, Blacklane is active in around 50 countries. It launched in the Gulf in 2016 and currently operates in Dubai, Abu […] January 31, 2023
Exclusive Business of Sport Alcohol u-turn led to peaceful World Cup, says Fifa security chief Violent clashes between football fans and police, similar to those seen at the Euro 2016 tournament in France, were absent from the Qatar World Cup, and one of the reasons, according to the head of security at organiser Fifa, was the decision to reduce the consumption of alcohol. With two days to go before the […] January 28, 2023
Manufacturing Olayan and Canoo sign deal for electric vehicles in Saudi Saudi Arabian general contracting company GCC Olayan has signed a deal with US electric vehicles maker Canoo for the sale, service and distribution in the kingdom of its EVs. Part of Saudi conglomerate The Olayan Group, GCC Olayan said the partnership was the first step in plans to expand beyond the initial dealership agreement, with […] January 27, 2023
Analysis Real Estate Tenants hit Dubai’s suburbs as prime property rents soar Rising property rents in prime areas of Dubai are increasingly causing tenants to move to more affordable suburban communities, leading to a growing demand in the mid-market residential segment. Dubai rents increased by an average of 36 percent in 2022, according to a new report by real estate firm Betterhomes. Average apartment rents increased by […] January 19, 2023
Banking and Finance Anti-money laundering order in UAE to tackle stolen IDs The UAE’s latest anti-money laundering guidance aims to tighten up rules related to digital IDs. While it will have little impact for traditional banks, it may weed out some of the weaker players in the fast-growing fintech sector. The advice issued by the Central Bank of the UAE (CBUAE) last week focused on the use […] January 18, 2023
Retail Dubai customs law will ‘level playing field’ for local retailers Dubai’s decision to lower the tax threshold for goods imported from overseas has been hailed by local retailers. Industry insiders see it as a positive step to protect businesses from global ecommerce giants and say it is already having a positive effect. Under Dubai Customs Notice No. 5 of 2022, which was announced in June […] January 13, 2023
Dubai ‘ultra app’ acquires Botim ahead of $800m launch Astra Tech, the Dubai-based technology firm, has bought voice calling platform Botim and intends to incorporate it into the “ultra app” it aims to launch later this year. Botim, which was founded in 2018 and also has its headquarters in Dubai, is a VoIP (Voice over Internet Protocol) app that allows users across the Middle […] January 12, 2023
Analysis Retail Strong Gulf consumer spending defies global concerns Consumer confidence among the Gulf’s shoppers remains strong, despite concerns about the impact of a global slowdown and rising prices. A survey by management consulting firm Kearney found that 88 percent of respondents in the UAE and 79 percent of those questioned in Saudi Arabia were concerned about global market volatility and rising inflation. At […] January 12, 2023
UAE sees surge in new Russian businesses The UAE has seen a surge in the number of Russian individuals and companies looking to set up businesses in the Emirates, industry experts said. Opportunities for Russian businesses have been limited since President Vladimir Putin invaded Ukraine last February and western governments including the US, UK and EU imposed sanctions on Moscow. The Henley […] January 11, 2023
EXCLUSIVE Development Emirati partners in demand despite easing of company laws The UAE’s move to introduce 100 percent company ownership has not dented demand among international companies for local Emirati partners. Before the publication of UAE Federal Decree-Law No. 26 of 2020, foreign companies could only own up to 49 percent of a UAE business, with the majority 51 percent held by a local Emirati partner. […] January 9, 2023
Banking and Finance New UAE partnership to cut red tape of business bank accounts Opening a bank account is listed as “the biggest hurdle” entrepreneurs and business founders face in the UAE, but a new scheme is aiming to address this. A report last year by identity verification platform IDnow Middle East, which surveyed more than 1,000 people, found that nine out of 10 UAE respondents think it takes […] January 4, 2023
Analysis Food & Drink Dubai’s alcohol tax cut met with some cheers but more booze Dubai’s move to suspend the 30 percent tax on alcohol has triggered differing views about its impact on retail and hospitality businesses and their customers. Some experts say it will result in a short term boost in sales and will deter residents from travelling to other emirates to buy cheap liquor. But industry insiders disagree […] January 3, 2023
Economy Job creation hits five-year high in Saudi non-oil sector Employment at non-oil companies in Saudi Arabia reached its strongest level for five years in December, as business activity and demand from overseas increased. The latest Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), published on Tuesday, recorded a headline figure of 56.9 for December. Although this was down from 58.5 in November, companies said […] January 3, 2023
Analysis Real Estate China the ‘wild card’ for Dubai property sales, says Damac The reopening of China following their strict Covid lockdown will be the “wild card” that propels the Dubai real estate surge for at least another 18 to 24 months, says a senior executive at Damac Properties. “It’s no secret that there is a large influx of Russian buyers. European buyers have [also] increased drastically,” Ali […] December 21, 2022
