EXCLUSIVE Media & Advertising Imax seeks investors in its vision of growth in the Gulf Imax Corporation, the US cinema technology giant, is in discussions with Gulf investors including sovereign wealth funds as it seeks to deepen its presence in one of its fastest-growing markets. The UAE and Saudi Arabia rank among Imax’s top 20 global markets, its popularity driven by rising demand for premium cinematic experiences. “We’re meeting various […] 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
Tourism Record tourism numbers expected in Tunisia Tunisia expects to break its all-time record for tourism numbers in 2024, with more than 10 million visitors. The number of incoming tourists so far this year is approximately 9.9 million, with the National Tourism Office expecting that the figure will pass 10 million by December 31. That would mark a record high in tourism […] December 4, 2024
Tourism Jumeirah enters Africa to expand hotel portfolio Jumeirah, a member of Dubai Holding, has partnered with South Africa’s Thanda Group to expand the luxury brand into Africa, as it aims to diversify its portfolio of destinations. The companies have launched a private island and safari reserve. The Jumeirah Thanda Island, a villa retreat, is located on a remote island in a protected […] December 3, 2024
Opinion Media & Advertising Who do Middle East marketers think they are talking to? The GCC is a melting pot of non-native nationalities from countries with very different mindsets December 3, 2024
Gaming PIF continues to trim stake in Japan’s Nintendo The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, has further reduced its holding Japanese gaming company Nintendo. In the latest move, PIF cut its holding to 5.26 percent from 6.3 percent, the second reduction this month. The fund lowered its stake to 6.3 percent from 7.5 percent on November 13. The news comes despite comments […] December 3, 2024
Analysis Retail Apple, HP and Dell lose market share in Gulf Apple, HP and Dell are losing market share in the Gulf, analysts have told AGBI, but their weakening position appears to be due to the allure of their rivals rather than a boycott of American brands. The region’s relatively wealthy, young and tech-savvy consumers are an attractive target for makers of smartphones, tablets and computers. […] December 3, 2024
Business of Sport Fifa praises ‘impressive’ Saudi World Cup 2034 bid The vast construction projects proposed by Saudi Arabia for the 2034 Fifa World Cup are impressive, but present a medium risk of not being completed in time, football’s governing body Fifa has warned. In a 110-page bid evaluation document, Fifa’s inspection team said Saudi Arabia must invest “significant effort and time” to fulfill its ambitious […] December 2, 2024
Business of Sport Rio Ferdinand invests in Saudi sports platform Rio Ferdinand, the former England and Manchester United footballer, has invested in a Saudi sports platform. The Ferdinand Group (TFG), a sports and entertainment investment company owned by the ex player, acquired a minority stake in Koora Break, described as the fastest-growing football app in the Middle East and North Africa. No specific financial terms […] December 2, 2024
Infrastructure $54bn private investment sought for Abu Dhabi infrastructure Abu Dhabi is overseeing more than 600 infrastructure projects valued at more than AED200 billion ($54 billion), representing an opportunity for the private sector to collaborate on a pipeline of projects that are integral to the emirate’s Economic Vision 2030 plan, a senior official said. The projects, being led by the Abu Dhabi Projects and […] December 2, 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
Business of Sport QIA buys minority stake in Audi Formula 1 team The Qatar Investment Authority (QIA) has agreed to acquire a “significant minority” stake in Audi’s Formula 1 team, becoming a long-term investor and strategic partner. This sovereign wealth fund’s investment will provide a substantial capital injection to support infrastructure and team buildout, aligning with QIA’s strategy of focusing on investments with long-term growth potential. Audi […] December 1, 2024
Business of Sport PIF in talks to unite world golf tournaments Saudi Arabia’s Public Investment Fund (PIF) is engaged in two separate series of talks to unify the main world golf tournaments, after it disrupted the sport by setting up its upstart LIV Golf tour. The controversial launch of the LIV tour thrust Saudi Arabia and its $925 billion sovereign wealth fund into a multi-billion industry […] November 29, 2024
Retail Abu Dhabi grocery business Mair Group to list on ADX Abu Dhabi grocery retail and real estate business Mair Group is set to directly list on the emirate’s ADX stock exchange next month. The company, which operates more than 100 stores under the Adcoop and Spar brands, said the listing will take place on December 9. No details about the value or relative shareholding were […] November 29, 2024
Opinion Leisure & Hospitality Dubai stand-up as cultural symbiosis – that’s a laugh Laughter Factory has evolved into a prime example of the Dubai “salad bowl” November 29, 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
Retail Saudi eyewear retailer secures $100m for expansion Saudi eyewear retailer Eyewa has raised $100 million in a series C funding round as it expands production and its footprint on the ground. The funding was led by global investors General Atlantic alongside Dubai-based Badwa Capital and Singapore’s Turmeric Capital. Eyewa said the capital will be used to open at least 100 new stores […] November 27, 2024
Retail UAE retailer Union Coop explores going public Dubai retailer and mall owner Union Coop has begun exploring a transition from a consumer cooperative society to a public joint-stock company. The company said the move is aimed at increasing its presence, expanding its operations and maximising its financial resources. Dubai-based law firm Al Tamimi Company has been appointed to conduct a study exploring the […] November 27, 2024
Video length: 03:17 VIDEO Banking and 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
