Construction Damac expands to the Maldives with resort deal Damac Properties is expanding further into South Asia with the signing of an agreement to operate a new Mandarin Oriental resort in the Maldives. The 34-hectare luxury resort, which is currently under development and will stretch across three private islands on the Bolidhuffaru Reef, is due to open in 2025 and will be the Dubai […] December 6, 2022
Retail Europe’s largest outlet mall targets Gulf shoppers Outletcity Metzingen, Europe’s largest luxury discount outlet mall, has signed a partnership to promote the destination to Gulf shoppers, as Germany reported a 318 percent surge in tourists from the region in the first half of this year. The shopping centre, which is located in the south of Germany, struck the deal with Dubai-based AVIAREPS […] November 28, 2022
Analysis Tourism Saudi may open military airspace as part of $100bn aviation drive Saudi authorities may open up some restricted military airspace to accommodate a surge in civilian flights, as part of the kingdom’s $100 billion investment to handle 330 million passengers a year by the end of the decade. Only 56 percent of Saudi airspace is open to civil aviation, with the remaining 44 percent used for […] November 28, 2022
Analysis Development ‘Second wave’ of wealthy Europeans moving to UAE An influx of wealthy Europeans are investing in and moving to the UAE as they face economic and political uncertainty at home, according to leading industry experts. “We’re seeing a new wave of wealthy entrepreneurs moving here,” Dubai-based Arnaud Leclercq, partner holding privé and head of new markets at Lombard Odier, told AGBI. Leclercq said […] November 24, 2022
Banking & Finance Younger Arabs invest in equity markets, tech and Islamic finance Nearly three-quarters of rich young Arabs believe equity markets will continue to perform well and are actively planning to invest, with regional entities, Islamic finance, technology and sustainability their key priorities. Geneva-headquartered global wealth and asset management company Lombard Odier surveyed around 200 high net worth individuals with assets of at least $1 million across […] November 24, 2022
DIFC Courts investing in metaverse and blockchain The DIFC Courts plan to enter the metaverse and use blockchain technology to make instant settlements following a judgment. Established in 2004, the DIFC Courts are the English language, independent, common law legal system for the Dubai International Financial Centre (DIFC) free zone, the emirate’s main financial hub. In 2017 the court partnered with the […] November 23, 2022
Banking & Finance Abu Dhabi-backed fund buys into UAE’s booming pet care industry Aliph Capital, the Gulf’s first female-led private equity firm, has entered the UAE’s booming pet care industry with its first deal. The fund, which raised $125 million last month from Abu Dhabi sovereign wealth fund ADQ, has bought The Pet Shop, the largest retailer of pet food and accessories in the UAE, from Kasamar Holdings. […] November 17, 2022
LONG READ The business of sleep: from beating jet lag to space-age linen “I think it’s probably the easiest topic in the world because everybody is interested in it,” says Lilburne Opie, founder and CEO of Dubai-based company Linen Obsession, when we meet for this interview. She’s talking about sleep, which, like breathing, eating and drinking, is a vital necessity. “Even if you get enough time in bed, […] November 14, 2022
Analysis Banking & Finance Influx of millionaires stokes UAE demand for private bankers An influx of affluent migrants is fuelling demand for wealth management services in the UAE, with some private bankers joining their clients in the seven-figure-salary club as competition for their expertise soars. Andrew Amoils, head of research at Johannesburg-based analyst New World Wealth, told AGBI that the number of centi-millionaires – people with fortunes of […] November 11, 2022
Banking & Finance Saudi Twitter backer KHC enjoys 996% soar in profits Shares in Prince Alwaleed Bin Talal’s Kingdom Holding Company (KHC) rose 3.2 percent in early trading today as the Saudi firm on Wednesday reported a 996 percent year-on-year increase in earnings for the first nine months of 2022. The investment holding firm, which is 16.87 percent owned by the Saudi sovereign wealth fund, the Public […] November 10, 2022
Analysis Construction Design changes mean Middle East has world’s worst project delays Construction projects in the Middle East are facing some of the longest delays of any region in the world, with average overruns adding more than 80 percent to timelines, and dispute claims increasing costs by more than a third. Despite the prevalent availability of cash reserves in the region, due to the high oil price […] November 8, 2022
Logistics Apple heads list of key investors in Saudi’s cargo logistics zone Apple will be one of the global anchor investors in Saudi Arabia’s special logistics zone – part of the kingdom’s plan to more than quadruple the amount of cargo processed through its airports by 2030. The Special Integrated Logistics Zone was launched on Monday by Saudi Arabia’s General Authority for Civil Aviation (GACA). The zone […] November 1, 2022
Transport Invygo, Gulf’s largest car subscription startup, raises $10m Invygo, the Gulf’s first car subscription operator, has secured $10 million in new funding, endorsing a trend for businesses to opt for renting over ownership. Headquartered in Saudi Arabia and the UAE, Invygo is an app-based service that allows people to choose, drive and swap cars. Founded in 2019, the new funding was led by […] October 31, 2022
Abu Dhabi’s ADQ invests $125m in female-led private equity fund Wealth fund ADQ is backing Aliph Capital, set up by Huda Al Lawati. Research has found women in VC are more likely to invest in other women October 25, 2022
Analysis Real Estate Dubai tenants jump on property ladder as rents soar Dubai has seen an increase in end-user homeowners as its property market matures and begins to move away from the speculators and flippers of the boom days before 2008. Surging rental rates and expats opting to live in the UAE longer have also made the jump from tenant to homeowner increasingly more attractive, industry experts […] October 21, 2022
Economy Pensions in demand as expats stay longer in the Gulf Expats are staying in the Gulf longer than the global average, leading to greater demand for pension services in the UAE and Saudi Arabia. “We have observed an increase in interest and discussion in the Middle East around offering pension type savings for expatriate employees,” said Robert Ansari, head of investment and retirement for India, […] October 20, 2022
Royal seal of approval for Polish firm to solve Gulf’s tech issue A member of the royal family in the UAE is backing a Polish firm’s entry to the Gulf as it aims to address the severe skill shortage in the region’s technology sector. Future Collars is a digital IT training company that has worked with Amazon, Accenture and BNP Paribas to train highly skilled workers. Headquartered […] October 19, 2022
Real Estate Arab buyers eye prime New York properties as Russians exit market The wealthiest city in the world has seen a sharp rise in interest from Middle Eastern property buyers, replacing the void left from the exodus of super-rich Russians. A spokesperson for real estate firm Knight Frank told AGBI that the number of enquiries for New York property from Middle Eastern customers had increased by 50 […] October 19, 2022
Analysis MENA startup valuations take a hit as funding tightens Funding for startups in the Middle East and North Africa (MENA) has continued to decline this year, in line with global trends, but industry experts remain optimistic that the end of the year will see a resurgence. The tightening of cash has also meant investors are looking for increasingly bigger stakes, resulting in startup valuations […] October 18, 2022
Exclusive Lifestyle UAE hybrid working leads to 90% rise in demand for home cleaners The rise of hybrid working during the coronavirus pandemic has seen Gulf residents spending more time at home, leading to a surge in demand for domestic cleaning services. This has spurred growth in the wider on-demand home services industry, but investments in technology and manpower and rising business costs in the UAE has resulted in […] October 16, 2022
Transport UK firm in talks in Dubai to launch high-speed, electric ferries Belfast-based Artemis Technologies is in talks to with Dubai authorities to launch its electric, high-speed passenger ferries in the emirate, part of the UAE government’s AED600 billion ($163bn) Net Zero 2050 Strategy. The Northern Irish company’s marine vehicles, which are 24 metres in length and accommodate up to 150 passengers, can achieve a top speed […] October 16, 2022
Tech Gulf investors back $20m funding for ‘YouTube of the metaverse’ Los Angeles-headquartered social media startup VUZ, which describes itself as ‘the YouTube of the metaverse’ has raised $20 million from a range of Gulf-based investors and aims to use the new funding to expand into Asia. Founded in 2017, VUZ also has offices in Dubai and Riyadh, and is a social app which allows users […] October 14, 2022
