Tourism Texas entertainment brand set to expand to the Middle East Dave & Buster’s, an entertainment and hospitality brand based in Dallas, is expanding to the Middle East. Following the signing of a 10-year franchise agreement with Saudi firm Abdul Mohsen Al Hokair Holding Group, the aim is to open the first of eleven venues next year. Founded in 1982 and headquartered in Coppell, Texas, the […] September 19, 2022
Real Estate Pakistan property sees surge in Gulf-based interest Pakistan’s real estate sector has seen increased interest from Gulf-based investors over the last year, according to data from the country’s largest property portal. The Pakistan Property Show was held in Dubai’s World Trade Centre earlier this month. With over 60 exhibitors, it attracted around 20,000 attendees, including Sultan Butti Bin Mejren, director general of […] September 19, 2022
Banking & Finance UK investor sets up in Bahrain to tap into Gulf fintech boom Hambro Perks is partnering with Bahrain Development Bank's Al Waha fund to set up a fintech venture studio in Manama September 13, 2022
EXCLUSIVE Banking & Finance Bahrain’s Investcorp plans three Saudi deals this year Investcorp plans to pump millions into at least three companies by the end of this year under its Saudi Pre-IPO Growth Fund, a senior executive has told AGBI. The first of the three planned deals is with TruKKer Holding, a Riyadh-based digital freight company often referred to as “the Uber of lorries” in the Middle […] September 12, 2022
Real Estate Dubai on alert as distressed assets become a real possibility Dubai’s real estate sector may be hitting record highs but rising interest rates are putting the squeeze on some landlords, leading to increased opportunities to snap up distressed assets in the coming year. “I had that conversation actually a couple of days ago with one of the local banks,” Thierry Leleu, chief executive officer of […] September 12, 2022
Banking & Finance Qatar gold reserves at record high after July price dip Qatar was the world’s largest buyer of gold in July, pushing its reserves to record a high, as central banks around the world took advantage of lower prices and the precious metal’s reputation as a safe haven during turbulent economic times. The World Gold Council (WGC) described central bank demand for gold in July as […] September 7, 2022
Real Estate Dubai real estate trust eyes Saudi after $400m refinancing Equitativa, the manager of Emirates REIT real estate investment trust, is looking to expand beyond Dubai once it concludes the refinancing of its $400 million sukuk within the next two months. The firm is also keen to launch new real estate trusts outside the UAE, in Saudi Arabia and Africa. Founded in 2010, the Emirates […] September 7, 2022
Analysis Economy UAE businesses fear recession, despite positive economic data The United Arab Emirates’ non-oil private sector saw business activity reach a 38-month high in August. S&P Global’s monthly UAE Purchasing Managers’ Index (PMI) identified strengthening demand, a drop in costs, which was mainly due to the decline in fuel prices, a sharp uplift in new orders, rising job creation and even faster repayments for […] September 6, 2022
Economy Exports help Saudi non-oil sector hit 10-month high A sharp surge in exports in the second quarter of 2022 has helped business activity in Saudi Arabia’s non-oil sector rise to a ten-month high, boosting employment and sentiment for the year ahead. The General Authority for Statistics reported that exports increased by 85.1 percent year-on-year in Q2 to SAR 429.8 billion ($114.61 billion). Oil […] September 5, 2022
Analysis UAE experts warn investors about ‘under-regulated fintech’ Financial technology (fintech) startups have been big business for investors and consumers in the UAE, but experts have raised concerns about whether they are under-regulated. Fintech startup funding saw steep growth in the UAE in the first half of this year, accounting for a third of all deals, well above the Middle East and North […] September 2, 2022
Manufacturing Record profits for Gulf’s materials sector but growth set to slow Profits among the Gulf’s listed companies in the materials sector reached their highest levels on record in the second quarter of 2022. However, industry experts believe supply chain issues and the Ukraine war will see growth begin to slow. Across the whole of the GCC, the total net profit of listed companies reached $77.3 billion […] September 2, 2022
Analysis Employment Saudi tops global expat salaries list while UAE slips Saudi Arabia continues to offer the highest expatriate salaries in the world, while wages in the UAE have fallen in real terms, recruitment experts have said. Expat salaries in Saudi Arabia rose by 11 percent year on year in 2021 to an average of $188,000 for middle management roles, according to the latest MyExpatriate Market […] August 31, 2022
Lifestyle Gulf’s first weekly lottery eyes expansion as revenues rise Sales for Mahzooz, the Gulf’s first weekly lottery, have surged since the game’s format was tweaked to make it easier to win, its operator has told AGBI. The change last November was prompted by the players themselves, according to Farid Samji, co-CEO of Ewings, the Dubai-based company that runs the game. “The feedback we got, […] August 31, 2022
Energy Omani energy services provider eyes potential IPO Abraj Energy Services, an Omani state-owned oil and gas field services provider, is looking at launching an initial public offering (IPO), as the Sultanate looks to develop the revamped Muscat Stock Exchange (MSX). The company, which is a subsidiary of state investment vehicle OQ, said in a press statement it is “currently reviewing the possibility […] August 31, 2022
Tourism Dubai hotel rates surge by up to 75% during World Cup Dubai Marathon has been forced to move its upcoming race in December 2022 to February 2023, as organisers said the massive demand by football fans to base themselves in the emirate has resulted in a lack of hotel rooms, with average daily rates during the tournament rising by as much as 75 percent. “Thousands of […] August 30, 2022
Tourism UAE sees dramatic rise in flight bookings from Russia The UAE has seen a hefty rise in flight bookings from Russia as domestic tourists, shut off from most western countries, flock to the emirates for leisure and business. Air travel from Russia to the UAE during the first eight months of the year exceeded pre-pandemic levels by 27 percent, according to London-based ForwardKeys, a […] August 29, 2022
Long read Retail From Chauf-fur to diamond dog collars, UAE pet sector booms Whether it’s on a doggie cut and blow dry, a luxury kennel stay, or the finest food and bling accessories, UAE households spend nearly a quarter of a billion dollars on their four-legged friends every year. Market research firm Euromonitor International estimates that the UAE pet care industry will be valued at around AED854.4 million […] August 29, 2022
Banking & Finance Dubai launches Emirati savers programme for women In the run up to Emirati Women’s Day on August 28, National Bonds, which is owned by Dubai’s sovereign wealth fund, has launched a new initiative designed for female Emirati investors and savers. This follows its survey findings that more than half of Emirati women do not invest any of their money and 30 percent […] August 27, 2022
Banking & Finance UAE banks’ exposure to real estate sector declines UAE banks have seen a reduction in real estate and construction exposure as cash buyers dominate the market. Exposure to property sectors decreased by 30 basis points quarter-on-quarter to 19.8 percent, according to the latest UAE Banking Pulse Q2 2022 by professional services firm Alvarez & Marsal (A&M). “We have been following this from Q1 […] August 26, 2022
Analysis Quotas for funding women-led startups could address male bias Experts have deemed the regional venture capital industry as “fundamentally biased against women” as new data shows female startups and entrepreneurs secured just 0.1 percent of the $105 million of the available Middle East funding pot last month. In a bid to equalise gender opportunities, the UAE recently mandated that all listed companies must have […] August 25, 2022
Construction Emaar shares rise on plan to scrap limit on foreign ownership Emaar Properties, the developer behind the Dubai Mall and Burj Khalifa, saw its shares soar in early trading on Thursday after its announced plans to consider removing a limit on foreign ownership. The developer’s shares rose 4.7 percent to AED6.25 ($1.70), its highest level since early May. Foreigners invest $4.2bn in UAE stocks since start […] August 25, 2022
Retail UAE’s Majid Al Futtaim sees 73% surge in digital grocery sales UAE retail conglomerate Majid Al Futtaim (MAF) recorded a 73 percent year-on-year rise in digital grocery sales in the first half of 2022, helping its total pre-tax earnings to rise 18 percent. The privately owned company, which operates the Carrefour supermarket brand in the Middle East, Africa and Asia, said earnings before interest, taxes, depreciation, […] August 24, 2022
