Retail How Ounass got the Gulf hooked on online luxury Luxury fashion website Ounass is among the e-tail platforms credited with developing the momentum of online shopping in the Gulf region. A report by consultancy Bain and Company claims 70 percent of GCC shoppers are now comfortable with digital retail, having always been better known for their love of malls, operated by the likes of Emaar […] July 29, 2022
Economy UAE to discuss first African bilateral trade deal with Kenya The United Arab Emirates has signed an agreement with Kenya to begin talks on a comprehensive economic partnership, the first of its kind between the emirates and an African country. Dr Thani bin Ahmed Al Zeyoudi, minister of state for foreign trade, and Betty Maina, cabinet secretary, ministry of industrialisation, trade and enterprise development of […] July 29, 2022
Energy UAE’s ADNOC Distribution buys 50% stake in TotalEnergies Egypt Abu Dhabi’s ADNOC Distribution has signed a $186 million agreement with TotalEnergies Marketing Afrique SAS to acquire a 50 percent stake in its Egypt unit. Established in 1998, TotalEnergies Egypt is among the top four fuel retail operators in the north African country. Listed on the Abu Dhabi Securities Exchange, ADNOC Distribution operates 464 retail […] July 29, 2022
Analysis Retail Ecommerce or bust: in-depth analysis on Gulf online shopping The coronavirus pandemic encouraged many people to embrace online shopping for the first time, leading to a huge spike in global ecommerce. But what does the sector look like now across the Middle East and North Africa? Its three largest ecommerce markets are the UAE, Saudi Arabia and Israel, and together they account for more […] July 27, 2022
Banking & Finance Gulf banks move step closer to creating $115bn new lender Kuwait Finance House (KFH) has made a firm offer to buy Bahrain’s Ahli United Bank (AUB). The bumper deal would create the Gulf’s seventh-largest lender with $115 billion in assets. In a statement on the Bahrain Stock Exchange on Monday, AUB said it had received a notice of firm intention from KFH to acquire 100 […] July 26, 2022
Biden Middle East US special envoy for Yemen travels to the Middle East The US special envoy for Yemen will visit Saudi and Jordan this week, as part of diplomatic efforts in support of the United Nations-mediated truce in Yemen. The US State Department reported on Monday. Tim Lenderking’s “engagements will focus on expanding, extending, and renewing the current truce agreement that will further the tangible benefits already […] July 26, 2022
Energy Dubai’s DEWA to invest over $10bn as energy demand rises Dubai Electricity and Water Authority (DEWA) plans to invest 40 billion dirhams ($10.89 billion) on capital expenditure over the next few years, just a day after it announced energy demand in the emirate rose by 6.3 percent year-on-year in the first half of 2022. The firm provides electricity and water services to 3.5 million people […] July 21, 2022
Tourism UAE’s Rotana expands further into Egypt with Luxor property Rotana, the Abu Dhabi-headquartered hotel management company, has signed a new agreement to operate a property in Luxor, as Egypt continues to be the dominant player in Africa’s hotel sector. The five-star Luxor Rotana in Egypt’s historic city is set to open in the fourth quarter of 2023. The UAE hotelier operates around 100 properties […] July 20, 2022
Lifestyle Arabic club music takes off in New York A music venue and nightclub in Brooklyn, New York, is putting the spotlight on music from the Middle East and North Africa. Laylit, or “the night of” in Arabic, is a party night at Elsewhere with Syrian resident DJ Saphe Shamoun. Launched last October, the event had become popular, attracting over 800 people. On the […] July 19, 2022
Economy Oman decrees locals to take over 200 professions from expats Oman’s Ministry of Labour (MoL) is to Omanise 207 professions. The decision regulates the practice of professions including administrative director, director of personnel affairs, director of public relations, security supervisor, general manager, deputy director, social service specialist, social welfare specialist, social psychology specialist, social worker, student activities specialist and flight operations inspector. The decision also […] July 19, 2022
Energy Djibouti explores geothermal energy to power country Icelandic engineering firm Verkis is conducting a feasibility study for the direct use of geothermal energy at Assal Lake in Djibouti, one of the 22 countries of the MENA region. The study will provide guidance for international best practices regarding the sustainable use of geothermal resources. The project will be carried out for the Djiboutian […] July 19, 2022
Construction UK architect designs new HQ for Kuwait bank UK architecture studio Foster + Partners has created a landmark 300-meter-high skyscraper for the National Bank of Kuwait (NBK) headquarters in Kuwait City. The second tallest building in the country “incorporates a sustainable, functional, and iconic design that signifies NBK’s unique presence and identity in the city,” said Foster + Partners head of studio Stefan Behling. […] July 19, 2022
UK PM resignation unlikely to affect Gulf trade talks Boris Johnson said on Thursday he was resigning as Britain’s prime minister, bowing to calls from ministers in his Conservative Party. “The process of choosing that new leader should begin now,” Johnson said at the door of Number 10 Downing Street. “And today I have appointed a cabinet to serve, as I will, until a […] July 7, 2022
Banking & Finance Latest $11.6bn bank merger to create Gulf’s 7th largest lender Kuwait Finance House (KFH) has agreed to buy Bahrain’s Ahli United for about $11.6billion. The bumper deal would create the Gulf’s seventh-largest lender with $115 billion in assets. Under the revised terms, KFH will offer one share for every 2.695 shares of Ahli, implying an offer price of $1.04 per share – a 13 percent […] July 7, 2022
Arab music streaming service expands into live events Abu Dhabi-headquartered Arabic music streaming service Anghami has expanded into the live music sector through its acquisition of Dubai-headquartered events and concert organiser Spotlight Events. The partnership will bridge the online and offline sector, giving Anghami music fans opportunities to see their favourite acts live, access to exclusive private concerts, VIP lounges, artist meet-and-greets and […] July 4, 2022
Banking & Finance Qatar First Bank acquires office tower in the US Qatar First Bank has acquired a building in Richmond, Virginia, the lender’s eleventh real estate investment deal in the United States. The Gateway Plaza building is described as a Class AA trophy asset with an area of 330,000 square feet, the bank said in a press statement. Build in 2015, the building is a multi-tenant […] July 4, 2022
Banking & Finance Careem buys Dubai-based money transfer startup Uber-owned app ride-hailing firm Careem has acquired the assets of Dubai-based money transfer platform Denarii. Founded in 2019 by Jon Santillan and Walfrido Perez, Denarii will enable fintechs like Careem Pay to process quick and affordable international money transfers. Careem will also use the new addition to its Super App to allow customers and Captains […] July 4, 2022
Markets Supermarket chain Union Coop to list on Dubai stock market UAE supermarket chain Union Coop is to list its shares on the Dubai stock market from July 18, it announced today. The retailer suspended the trading of shares on its own portal and when trading resumes on July 18 on the DFM shareholders will be given ten shares for each already held. The company, which […] July 1, 2022
Tourism Bahrain sees 984% rise in tourism There has been a 984 percent increase in the number of tourists arriving in Bahrain in the first quarter of this year, compared with the same period last year. The Gulf kingdom received nearly 1.7 million visitors in Q1 2022, against 152,000 in Q1 2021, according to the Information and eGovernment Authority (iGA), The jump follows […] July 1, 2022
How I got to the top Real Estate Mamad Kashani Akhavan, CEO, Powerhouse Real Estate What does your company do? We’re aiming to reinvent real estate by educating brokers and expanding their knowledge in the field. We’ve implemented a simple training programme for each new joiner to ensure their quality of performance in the market. Once they’re released into what we call “the sales floor”, they’re ready to enter the […] July 1, 2022
Media & Advertising BBC News controller heads for Saudi’s Al Arabiya News A former senior news editor at the BBC left the corporation to take a position at Saudi Arabia’s state broadcaster. Jamie Angus stepped down from his role as BBC News’s senior controller of output and commissioning in April. He is expected to take a senior role at Al Arabiya News. Sources were uncertain about Angus’s […] June 30, 2022
Dubai to open 50 commercial offices around the world Dubai is planning to open 50 commercial representative offices around the world as part of its goal to transform the emirate into a truly global trading hub and double its economy in the next five years. The new Dubai Global initiative, launched yesterday, aims to help Dubai-based companies scale up globally and provide them with […] June 29, 2022
