Food & Drink ‘World first’ date soft drink launched by PIF subsidiary A soft drink made from dates has been launched by Al Madinah Heritage Company, a subsidiary of Saudi Arabia’s Public Investment Fund. Milaf Cola, which is claimed to be the world’s first commercial soft drink made from dates, uses only premium fruit and contains no added sugar. Dates have historically been used in Middle Eastern beverages […] December 6, 2024
Opinion Real Estate Dubai home renovations: enough to drive a man to drink Real estate may be peaking if the work in my apartment block is anything to go by December 6, 2024
Food & Drink Dubai to reintroduce 30% alcohol tax Dubai will reintroduce the 30 percent sales tax on alcohol in January, according to an email sent by a local alcohol distributor to venues in the city. The correspondence sent by MMI, which also operates off licences in the city, said: “Please note, Dubai Government have informed us the 30 percent municipality tax on alcoholic […] December 5, 2024
Agriculture Almarai to foray into food segments beyond dairy Almarai, the largest dairy producer in Saudi Arabia, will launch seafood and red meat facilities to help achieve the Vision 2030 goal of becoming food self-reliant. The company is building domestic production facilities for seafood and beef and lamb, which will become operational in two years, Bloomberg reported, citing CEO Abdullah Albader. In March, Almarai […] December 5, 2024
Analysis Markets Mena delivery app Talabat outperforms its German parent When Talabat makes its debut on Dubai Financial Market next week, the food delivery app will be worth nearly as much as its parent company despite providing only about a quarter of Delivery Hero’s revenue. This might suggest Talabat’s initial public offering (IPO) was overpriced but a closer look at both companies’ earnings shows otherwise […] December 4, 2024
Agriculture UAE’s ADQ to explore building land-based fish farm ADQ, an Abu Dhabi-based investment and holding company, has signed an agreement with a Finnish aquaculture technology company to explore the feasibility of developing a land-based fish farming facility. Finnforel will collaborate with ADQ on the fish farm that could have a capacity of producing three thousand tonnes per year. The farm will cultivate rainbow trout, […] December 2, 2024
Markets Talabat to raise $2bn from IPO as price is finalised Germany’s Delivery Hero has set the price for the initial public offering (IPO) of Talabat, its Mena-based food delivery company, at the top of the range. The final IPO price was set at AED 1.60 ($0.44) per share, enabling the company to raise AED7.5 billion ($2 billion). Following strong investor demand, Talabat increased its IPO […] November 29, 2024
Food & Drink Heineken joint venture to build brewery in Dubai Dubai is to follow Abu Dhabi and Ras Al Khaimah in opening its own brewery. Sirocco, a joint venture between the Dutch drinks company Heineken NV and the Emirates Group-owned Maritime and Mercantile International (MMI), will start construction on a new brewery, having secured all the necessary permits from the relevant local authorities, the company […] November 28, 2024
Food & Drink Food exports from UAE climb 20% in six months Food and beverage exports from the UAE rose by almost 20 percent during the first half of 2024, the Abu Dhabi Chamber of Commerce and Industry (ADCCI) has revealed. The organisation predicted that food exports would “surge” to $38.3 billion (AED141 billion) this year. The ADCCI gave no figure for last year, but according to the […] November 28, 2024
Video length: 03:17 VIDEO Banking & Finance Opportunities for ‘distressed investors’ as Saudi companies restructure International and regional distressed investors looking at buying debt in Saudi businesses are becoming more active as new bankruptcy laws and reforms take shape in Saudi Arabia. Paul Gilbert, Middle East managing director at Alvarez & Marsal, said bankruptcy processes were “being very predictable”, which was an “important factor for inward investment into the country”. […] November 27, 2024
Food & Drink Americana to invest $100m in Saudi French fries factory A subsidiary of fast-food brand operator Americana will invest SAR375 million ($100 million) in a greenfield frozen French fries manufacturing plant in Riyadh. The new processing factory will be set up in Sudair Industrial and Business City as a collaboration between Agricultural Growth and Processing Company, an Americana unit, and Egypt-based potato processing company Farm […] November 27, 2024
Banking & Finance QIA invests in owner of McDonald’s China The Qatar Investment Authority has invested in a continuation fund that will hold a controlling stake in McDonald’s China. Trustar Capital, a Chinese private equity firm, raised $1 billion for the fund, sources told Reuters, with the QIA, Qatar’s sovereign wealth fund, committing the largest amount, to become the anchor investor. Other investors include the […] November 26, 2024
Economy Turkish consumer confidence slides as inflation persists Turks appear to have taken to heart government efforts to cool the economy and rein in inflation, with the latest consumer confidence survey showing a dip in outlook, reversing a five-month upward trend. Turkey’s consumer confidence slipped further into negative territory in November, according to data issued by statistics agency Turkstat on November 21, as […] November 21, 2024
Retail Lulu Q3 profit rises 126% as revenue hits $1.9bn Lulu Retail Holdings, the largest grocery retailer in the GCC, reported a 126 percent year-on-year increase in net profit to $35.1 million in the third quarter of 2024. The company cited improved operating profit and cost management for the rise. Revenue rose to $1.86 billion, up 6 percent on last year, driven by a strong […] November 21, 2024
Finance Jadwa raises $266m for GCC investment fund Saudi Arabia’s Jadwa Investment has announced the first close for its blind pool private equity fund, with total capital commitments of SAR1 billion ($266 million). The fund, called GCC Private Equity Fund 1, will invest in “high-potential private equity opportunities across the GCC”, the company said. A blind pool fund is where investors commit capital without […] November 20, 2024
Markets Talabat to raise $1.5bn from Dubai listing The parent company of food delivery app Talabat, is expected to raise AED5.2 billion to AED5.6 billion ($1.4 to $1.5 billion) in gross proceeds from its Dubai Financial Market listing. Delivery Hero Mena Holding is offering more than 3.49 billion shares from November 19-28, with the price range set between AED1.50 and AED1.60 ($0.40 and £0.43) […] November 19, 2024
Analysis Food & Drink Saudis getting a taste for non-alcoholic drinks The Saudi government’s drive to improve the nation’s health is boosting the food and beverage market in the most unlikely of places – zero-alcohol beer. A report by MarkNtel Advisors shows the Gulf market is growing by 7.7 percent a year. The local and international brands vying for share include Aujan Group Holding, Anheuser-Busch InBev, […] November 15, 2024
Markets Restaurant chain AlAbraaj plans IPO on Bahrain Bourse AlAbraaj Restaurants Group is planning to list on Bahrain Bourse before the end of 2024. Founded in 1987, the restaurant chain manages 15 brands across 37 locations in Bahrain. It employs about 1,200 people. AlAbraaj also franchises five restaurants, three of which are in Saudi Arabia – Khobar, Jeddah and Riyadh. The company is finalising […] November 11, 2024
Markets Talabat focusing on core markets ahead of listing, says CFO Food delivery app Talabat aims to prioritise organic growth over geographical expansion, its chief financial officer says, as it prepares to launch one of the region’s largest listings. Delivery Hero, the German parent company of the UAE-headquartered app, announced on Monday that it plans to sell a 15 percent stake in Talabat. The initial public […] November 11, 2024
Leisure & Hospitality Talabat plans to list 15% on Dubai bourse via IPO Talabat Holding, a UAE-based online food ordering and delivery platform, plans to list 15 percent of its share capital on the Dubai Financial Market (DFM). Nearly 3.49 billion shares, each with a nominal value of AED 0.04, will be divested through the initial public offering. The shares will be offered by the sole shareholder, Delivery […] November 11, 2024
Food & Drink Chocolate trend sends Dubai nuts for Turkish pistachios It may have started with a UAE resident trying to assuage her hunger cravings during pregnancy, but the latest taste sensation to sweep the Middle East and beyond is causing contractions in the supply of Turkish pistachios as demand for Dubai chocolate swells. Turkey is in line to post a record high pistachio harvest for […] November 10, 2024
Food & Drink Talabat profits soar ahead of planned IPO Food delivery company Talabat reported a 46 percent increase in third-quarter profits ahead of its planned IPO. Delivery Hero, the Berlin-headquartered parent company of the business, said net income reached $98 million in the three months, up from $67 million the previous year. It said the increased profit was due to improved logistics efficiency, continued […] November 8, 2024
