Finance Saudi and UAE remittances to Pakistan hit $125m in Ramadan Saudi Arabia topped the list of countries with the highest remittance to Pakistan in March, local media reported. Remittances from the kingdom reached a high of just over $70 million during Ramadan, rising 30 percent from $54 million in February, Dawn, an English-language media outlet in Pakistan, reported, quoting the State Bank of Pakistan’s data. […] April 10, 2024
Analysis Food & Drink Dubai restaurant scene ‘at risk of hitting saturation point’ Food and beverage operators in Dubai have warned that the emirate’s restaurant market is increasingly saturated as one company calls time on a prominent location. Gates Hospitality, which operates venues across the Middle East, announced this week that two of its restaurants in Souk Madinat Jumeirah, Folly and Publique, would close at the end of […] April 9, 2024
Analysis Retail The pros and pitfalls of pop-up shops Pop-up shops are appearing in more shopping malls, hotels and even beach clubs. Whether they are for new brands looking to build a name or more established companies opting for a more experiential way to market and test their products, pop-ups are largely temporary affairs designed to create a buzz. They are also considered a […] April 9, 2024
Economy Housing benefit for Abu Dhabi citizens tops $500m Abu Dhabi has handed out over AED2 billion ($500 million) worth of housing benefits to citizens across the emirate. The first benefits package of the year, to coincide with the Eid Al Fitr celebrations, includes housing loans, ready-built houses and residential land grants. Thety will help 1,400 Emiratis. Additionally, senior citizens, retirees with low incomes, […] April 9, 2024
Aviation UAE airlines increased Saudi flights during Ramadan Weekly flights from the UAE and Saudi Arabia rose 13 percent to 383 in March, compared to 338 in February. The increase was driven by growing demand from Umrah performers during the last 10 days of Ramadan, which started last month, state-run Wam news agency reported, quoting the General Civil Aviation Authority’s (GCAA) statistics. Flydubai […] April 9, 2024
Opinion Industry Gulf giants need to take a lead role in the age of ‘Big Shovel’ There are challenges to overcome before the region can become a mining powerhouse April 8, 2024
Real Estate Lunate and Olayan buy into Dubai’s ICD Brookfield Place Dubai’s sovereign wealth fund Investment Corporation of Dubai and Brookfield Corporation have sold a 49 percent stake in ICD Brookfield Place (ICDBP), the emirates’ largest office tower. Abu Dhabi alternative investment fund Lunate and Saudi Arabia-based Olayan will each own 24.5 percent equity interest in ICDBP. It is the largest institutional third-party single-asset real estate […] April 8, 2024
Cybersecurity UAE is a ‘prime target’ for ransomware attacks The UAE is a “prime target” for ransomware attacks, the country’s Cyber Security Council has warned. Its 2024 State of the UAE Cybersecurity report says the Emirates’ rapid digital transformation has increased its vulnerability to cyberattacks, including ransomware incidents and distributed denial of service (DDoS) attacks. “The broader Middle East region” is a target for […] April 8, 2024
Trade Finance platform aims at $2.5trn trade funding hole A blockchain-based platform that lets institutions and wealthy individuals provide finance to importers and exporters for returns of up to 9 percent a year could help fill a multi-trillion-dollar hole in international trade, it says. In trade finance, the involvement of third-party financial companies removes payment and supply risks for sellers and buyers respectively. Historically, […] April 8, 2024
Education Mena reaches for tech to upgrade results in education Demand for education technology, or edtech, is growing in the Middle East and North Africa as countries seek to bolster learning to drive economic growth. However, experts warned against excessive use of technology in classrooms, saying it could affect the attainment of basic skills such as reading and writing. Examples of edtech include interactive whiteboards, […] April 8, 2024
Energy ADIA joins $600m fundraise by Indian power company Indian power company, JSW Energy Limited, has raised 50 billion rupees ($600 million) by selling shares to institutional investors, which includes UAE sovereign fund Abu Dhabi Investment Authority (ADIA). The qualified institutions placement was 3.2 times oversubscribed, including global asset managers such as GQG, Blackrock, Nomura, Wellington, and UBS the Indian company said in a […] April 7, 2024
Analysis Real Estate Dubai developers tempt off-plan buyers with 1% payment Dubai developers are offering 1 percent payment plans in an attempt to maintain interest in an increasingly crowded off-plan sales market and to delay an anticipated slowdown after years of record growth. Yet experts warn that this tactic carries significant risks, drawing parallels to the precedents set before the 2008 housing crash. Ziad Hinnawi, sales […] April 6, 2024
Trade Israel’s trade with Arab countries up 16% in 2023 Trade between Israel and the seven Arab countries that have normalised relations with the Jewish state broke records in 2023, exceeding $4 billion, up 16 percent from 2022, according to a report. Bilateral trade among the nations decreased by only 4 percent following the outbreak of the war in Gaza in October, from $937 million […] April 5, 2024
Opinion Lifestyle Emirates at its premium best When you’re paying for yourself, premium economy really is the only way to fly April 5, 2024
Opinion Retail UAE Ramadan shopping combines tech and tradition Consumers have been navigating a complex shopping landscape during the holy month April 5, 2024
Finance DAE gets $750m liquidity boost from Emirates NBD Aircraft leasing company Dubai Aerospace Enterprise (DAE) has secured AED2.75 billion ($750 million) in funding from Dubai-listed Emirates NBD. The five-year unsecured term loan will be used for general corporate purposes and to support the company’s financing requirements, the aircraft lessor said in a statement. “The AED-denominated loan will serve to strengthen our exceptional liquidity […] April 5, 2024
Banking & Finance UAE investors join Olam Agri’s $625m Islamic facility Investors from the UAE are part of a global consortium providing Singapore’s Olam Group with a $625 million sharia-compliant financing facility. Other investors are from Malaysia, Singapore and Hong Kong, the company said in a statement. Names of the investors were not disclosed. The facility, initially guaranteed by Olam Group, will transfer to Olam Agri […] April 5, 2024
Analysis Finance China and US vie for FDI supremacy in Gulf’s biggest economies China and the United States invested more than $23 billion in projects in the Gulf’s two biggest economies last year. The US more than doubled its “greenfield” foreign direct investment in the UAE to nearly $4 billion, while China’s commitment to Saudi Arabia rose 10-fold to almost $17 billion. Greenfield FDI involves a foreign entity […] April 5, 2024
Transport Investcorp to invest in $4.2bn JFK terminal 6 overhaul Investcorp Capital, an alternative investment company listed on the Abu Dhabi bourse, will help fund the $4.2 billion redevelopment of terminal 6 at New York’s JFK International Airport. The investment will flow through Investcorp Corsair Infrastructure Partners, a joint venture formed with New York-headquartered Corsair Capital. The investment amount was not disclosed. The venture is […] April 4, 2024
Infrastructure UAE to develop Iraq’s port and economic zone Iraq’s Al-Faw Grand Port and its economic zone will receive an investment boost with the backing of a UAE state-backed entity. Abu Dhabi Ports Group has signed a preliminary agreement with the General Company for Ports of Iraq, state-run Wam news agency said. The entities will establish a joint venture to develop the Al-Faw Grand […] April 4, 2024
