Retail Lulu aims to raise $1.4bn from Abu Dhabi IPO listing Lulu Retail Holdings, the largest grocery retailer in the GCC, has announced a price range of between AED1.94 and AED2.04 per share for its much-anticipated IPO on the Abu Dhabi Stock Exchange (ADX). If all the 2.8 billion shares offered, a quarter of the total holding, are sold, the size of the offering will be […] October 28, 2024
Retail Retail rents rise at Dubai malls due to lack of supply Rents in Dubai’s retail sector grew by an average of 15 percent in the third quarter of this year, as a lack of new supply and high demand from shoppers meant it remained a landlords’ market at the emirate’s popular malls. There were no new completions of retail space in the second quarter of the […] October 28, 2024
Analysis Giga-projects Saudi Arabia pins branding hopes on Riyadh Air launch Saudi Arabia still hasn’t found the magic sauce for branding its social and economic reforms. Hopes are high that the launch of Riyadh Air will do for the kingdom what Emirates airline did for Dubai, industry experts say. “We saw the journey of the UAE, how brands started there then became iconic on a global […] October 25, 2024
Markets Lulu shrugs off rivals’ stock performance ahead of IPO Lulu Retail Holdings, one of the Middle East’s largest hypermarket operators, has shrugged off the double-digit stock declines of its listed competitors as it kicked off its initial public offering, focusing on its expansion plans. The company is selling a 25 percent stake, and more than 2.5 billion shares are to be offered at a […] October 22, 2024
Retail Cenomi to dispose of more brands in journey to black The Saudi franchiser Cenomi Retail has agreed to sell more non-core brands as part of a programme to draw the company back into the black. At an extraordinary general meeting on Monday, shareholders gave the go-ahead for more sell-offs from the company’s portfolio of non-core assets, which was worth SAR2 billion ($530 million) when the […] October 22, 2024
Finance Saudi financial services operator to list 30% on Tadawul United Electronics Company (eXtra) has announced plans to list a 30 percent stake of its financial unit, United International Holding Company (UIHC), on the main market of the Saudi Exchange (Tadawul). UIHC is the parent company of Tasheel Finance, an Islamic consumer finance operator, and Procco Financial Services, which provides payment and loyalty services to the financial […] October 21, 2024
Retail Supermarket major Lulu officially announces IPO UAE supermarket major Lulu is to list a 25 percent stake on the Abu Dhabi Securities Exchange (ADX). Over 2.5 billion shares of Lulu Retail Holdings, which is among the largest hypermarket chain operators in the Middle East, will be made available with a nominal value of $0.014. “With GCC retail presenting a $100 billion […] October 21, 2024
Trade Saudi Arabia signs deals worth $15bn with Egypt Egypt and Saudi Arabia provisionally agreed investment deals worth a combined $15 billion following the meeting of President Abdel Fattah El Sisi and Crown Prince Mohammed bin Salman in Cairo on Tuesday. Speaking to Al Arabiya TV on Wednesday, the head of the Saudi-Egyptian Business Council, Bandar Al-Ameri, said that the deals include projects in […] October 17, 2024
Business of Sport Inter Milan becomes first club to get Saudi investment licence Italy’s Inter Milan has become the first international football club to receive a licence in Saudi Arabia. The ministry of investment licence will support the club in extending its brand presence in the Middle East and growing its fanbase. Inter Milan, or Nerazzurri, will bring its expertise and experience as a top-level football club to […] October 17, 2024
Tourism Las Vegas’s giant Sphere entertainment centre coming to Abu Dhabi A twin of the $2.5 billion 111-metre-tall Sphere entertainment centre in Las Vegas is to be built in Abu Dhabi. Abu Dhabi’s Department of Culture and Tourism (DCT) has signed an agreement with US company Sphere Entertainment to build the venue at an as yet unnamed “prime spot” in Abu Dhabi that will echo the […] October 16, 2024
Leisure & Hospitality ADNH Catering raises $235m from Abu Dhabi listing ADNH Catering has raised AED864 million ($235 million) by selling 900 million shares, or a 40 percent stake, on the Abu Dhabi Securities Exchange (ADX). The final offer price was AED0.96 per share, the top end of the previously announced price range. The market capitalisation on listing will stand at AED2.16 billion. The initial public offering was […] October 16, 2024
Tourism US and European visitors behind Qatar tourism surge Qatar has reported a 25 percent year-on-year rise in visitors during August, a figure largely attributed to a significant increase in travellers from the US, Europe and Africa. The country welcomed 328,000 visitors, with 41 percent of those coming from GCC countries, an 18 percent increase on 2023, according to data from the National Planning […] October 15, 2024
Tourism Jordan’s 2024 tourism revenue drops Jordan’s tourism revenues in the first nine months of 2024 fell by 4 percent year on year to $5.5 billion. The decline was attributed to a 7 percent drop in tourist numbers, state-run Petra reported, quoting data from the Central Bank of Jordan. Despite the overall decline, tourism income from Jordanian expatriates and Arab visitors […] October 14, 2024
Leisure & Hospitality Saudi Arabia launches e-karting racing tracks in 6 cities Six cities in Saudi Arabia are set to get Hot Wheels e-karting racing tracks. The indoor e-karts will be a venture between Saudi Entertainment Ventures (Seven), part of Qiddiya Investment Company (QIC), and US toy maker Mattel. The Hot Wheels e-karting will be available in entertainment complexes such as Riyadh, Makkah, Taif, Al Madinah, Tabuk, and Jazan. In January, Seven […] October 13, 2024
Finance Qatar to reduce stake in UK supermarket Sainsbury’s Qatar’s sovereign wealth fund is selling part of its 15 percent stake in the British supermarket Sainsbury’s as the fund pushes ahead with expansion in the United States and Asia, particularly China and India. Qatar Investment Authority (QIA), the biggest shareholder in Sainsbury’s, is selling £306 million ($399 million) worth of shares in the retailer, […] October 11, 2024
Opinion Agriculture Food is the hidden frontier in the Middle East conflict The impact of conflict on food production and trade will be felt around the world October 11, 2024
Leisure & Hospitality New Red Sea private island to propel Saudi cruise sector Saudi Arabia is developing a private island in the Red Sea to boost its cruise tourism sector. Cruise Saudi, a subsidiary of the Public Investment Fund, has awarded a contract to Jeddah-based PC Marine Services to carry out the project. The island will be exclusive to cruise passengers and have facilities such as a welcome centre, […] October 10, 2024
Gaming Wynn Resorts says UAE site will earn $1bn in gaming revenue Wynn Resorts estimates that gaming revenue from its forthcoming resort in Ras Al Khaimah will be between $1 billion and $1.66 billion, it revealed at an investor presentation. The range assumes a UAE market size of $3 billion to $5 billion and Wynn’s 33 percent share of it, based on two more integrated resorts eventually […] October 9, 2024
Business of Sport Riyadh Air signs stadium naming deal with Atlético Madrid The new Saudi Arabian carrier Riyadh Air has agreed a deal with the Spanish football club Atlético Madrid to rename the team’s stadium after the Gulf state airline. Atlético Madrid’s stadium, the Estadio Metropolitano, opened in 2017, will now be called the Riyadh Air Metropolitano. The stadium sponsorship deal is scheduled to run until 2033, […] October 9, 2024
Food & Drink Shareholder disputes worsen Saudi fast-food chain Herfy’s woes As its profits and share price plunge, Saudi Arabia’s leading fast-food chain Herfy has become embroiled in disputes with its two biggest shareholders. Founded in 1981 by Ahmed Al-Said after he returned from studying in the United States, Herfy operates about 385 restaurants across the kingdom, plus bakeries and meat processing factories. It also has […] October 9, 2024
Tourism Holiday homes fend off competition from Dubai’s hotels The number of holiday home listings in Dubai hit 18,000 in August, up 38 percent year on year, as investors look to capitalise on the emirate’s popular tourism industry. The mix of short and long-term lets are most favoured in hotspots such as Dubai Marina, Palm Jumeirah, Downtown Dubai and Business Bay, according to the […] October 9, 2024
Analysis Leisure & Hospitality Infrastructure needed to support Egypt’s tourism ambitions Regional and international hotel operators are keen to expand in Egypt, but the country needs to improve infrastructure such as airports to support its tourism ambitions, industry sources have said. Egypt aims to emulate the high-end hospitality and entertainment development that the UAE and other Gulf countries have pioneered, at the same time bringing in […] October 9, 2024
