Tourism Saudi Arabia promises more pilgrimage industry work visas Saudi Arabia will issue more temporary work visas to those employed in the pilgrimage industry. A statement by the ministry of human resources said Hajj and umrah work would now be included in its temporary visa programme. A half-year visa will cover the fasting month of Ramadan and the Hajj pilgrimage, which comes around three […] October 3, 2024
Analysis Tourism Gulf hospitality industry shrugs off war concerns Middle East hospitality veterans downplayed concerns over wider regional tensions this week, saying the industry has survived crises before and is poised to do so again. Government officials and corporate executives spoke during the Future Hospitality Summit, which is taking place in Dubai this week, just as military action intensified in Israel, Lebanon and Iran, […] October 3, 2024
Aviation Airlines suspend flights to Middle East Airlines in the Middle East have cancelled some flights and rerouted others after Iran fired more than 180 ballistic missiles at Israel. Shares in some European airlines and travel companies fell on Wednesday by up to 2.7 percent after Israel’s neighbours closed airspace and airline crews skirted the conflict zone. Many airlines have suspended operations […] October 2, 2024
Exclusive Leisure & Hospitality Red Sea Global seeks more credit and considers IPO Saudi giga-project Red Sea Global is looking for a second credit facility and may consider an initial public offering by 2030, a senior official said this week. That will come after it has two dozen hotels in operation by the end of next year. “An IPO or real estate investment trust, you tend to begin […] October 2, 2024
Tourism PIF companies push ahead with Mecca expansion plans Saudi Arabia’s Public Investment Fund is building a vast commercial district in Mecca with an estimated value of $10 billion, giving the Islamic holy city a radical makeover. After a series of ownership changes, two companies have emerged as the lead developers of commercial space around the Grand Mosque in Mecca – the 100 percent […] October 2, 2024
Giga-projects Red Sea Global to open 19 luxury hotels in 2025 Red Sea Global, the Saudi giga-project, is due to open 19 new luxury hotels in 2025, it was revealed this week. It will also be opening two hotels this year, including one carved into a mountainside, an official said. “2023 saw us opening our first resort, and in 2024 we’ve opened another two resorts and […] October 1, 2024
Video length: 04:53 Analysis Retail Rise in retail M&A predicted as Gulf stores struggle An increase in mergers and acquisitions in the GCC’s retail sector has been predicted for this year, as operators try to cope with an increasingly uncertain economic environment. Six retail M&A deals have taken place since the beginning of 2023, all involving intra-regional players. Thirteen retail M&A deals were concluded in 2022, of which five […] September 30, 2024
Markets Abu Dhabi National Hotels launches IPO of catering unit Abu Dhabi National Hotels (ADNH) said it will float a 40 percent stake in its catering unit, or 900 million shares, on the local stock exchange. The final offer price, determined through a book-building process, will be announced on October 16. The sharia-compliant ADNH Catering shares sold are owned by ADNH, which trades on […] September 30, 2024
Construction Global investors seek stake in Diriyah projects says CEO The Diriyah Gate Development Authority is holding discussions with foreign investors interested in buying equity stakes in hotels and other real estate developments in the $63 billion Diriyah giga-project. The Public Investment Fund (PIF)-backed developer has secured deals worth $1 billion with an Italian developer and a French company, CEO Jerry Inzerillo told Reuters. The names and specifics of the […] September 30, 2024
Analysis Retail Save now, buy later: the new shopping model cutting debt A new “save up before you buy” online shopping model is emerging in the UAE, offering an alternative to the debt-driven “buy now, pay later” approach that has surged in popularity across the Gulf. “Save now, buy later” (SNBL) platforms are betting on a shift towards financial responsibility, especially as concerns over household debt and […] September 27, 2024
Markets Investors scent riches in Middle East perfume The retail offering of Al Majed for Oud Company was more than nine times oversubscribed this week, as investors rushed to buy up the first tranche of 1.5 million shares in the Riyadh-based perfume and oud products manufacturer. The full listing of 7.5 million shares, or a 30 percent stake in the company, will raise […] September 25, 2024
Trade Qatar is first Gulf state to join US visa waiver programme Qatar has become the first Gulf state to join the US visa waiver programme, allowing Qatari citizens to visit visa-free for up to 90 days from December 1. The US Department of Homeland Security and the Department of State said in a statement on Tuesday that the move would help to “significantly enhance the security […] September 25, 2024
Business of Sport Egyptian developer invests $1bn in Saudi sports clubs Egyptian real estate developer Melee will spend SAR4.5 billion ($1.2 billion) to establish three new sports clubs in the Saudi cities of Riyadh, Jeddah and Al Khobar, according to a company executive. The club in Al Khobar is slated to be first in line for completion before the end of the year, Gasser Bahgat, Melee […] September 24, 2024
Tourism Morocco on course for record-breaking tourism year Morocco is on track to break its record for international visitors after reporting a 13 percent increase in the first seven months of the year. Overnight stays in the North African country passed 15.35 million from January through to July, which was up 8 percent year on year. International tourism accounted for 10.9 million of […] September 24, 2024
Leisure & Hospitality Dubai allocates $2.7bn to expand Exhibition Centre The Dubai government has approved an AED10 billion ($2.72 billion) expansion of the Dubai Exhibition Centre (DEC) at Expo City to strengthen its position in the multi-billion-dollar regional events and exhibition sector. The expansion, which will take place in three phases, will make DEC the region’s largest indoor exhibition and events destination, the UAE state-run […] September 24, 2024
Opinion Business of Sport Qatar scores Champions League deal in battle for Gulf skies Qatar Airways has added a new trophy to its prestigious sponsorship collection September 23, 2024
Retail Adnoc Distribution to pay $350m in interim dividend Adnoc Distribution, an Abu Dhabi-listed fuel and convenience retailer, will pay an interim dividend of AED1.3 billion ($350 million) for the first half of 2024. The dividend is the first instalment of the expected full-year 2024 dividend of $700 million. The payout falls under the five-year dividend policy, which has set an annual dividend of […] September 23, 2024
Analysis Tourism Arab Disneyland and Da Vinci: Saudi Arabia’s two great hopes Saudi Arabia is spending billions on tourism projects at the heart of its grand plan to transform a once isolated kingdom into a global tourist destination. But a nagging question is haunting policymakers: will the world pay attention? Tourism numbers are rising, hitting 27.4 million in 2023, but half of those were religious visitors. The […] September 23, 2024
Leisure & Hospitality MGM applies for UAE casino licence says CEO US hospitality and entertainment group MGM Resorts has submitted a proposal to the UAE government to secure a casino operating licence, CEO Bill Hornbuckle has confirmed. “The way it will work is the federal government in Abu Dhabi will approve it, we’ve applied for it and hopefully we’ll win the licence there,” Hornbuckle said at […] September 23, 2024
Leisure & Hospitality Jordan tourism down 7% to 4.2m visitors The number of visitors to Jordan fell 7 percent year on year to 4.2 million in the first eight months of 2024, official data reveals. However, Arab visiitors did increase, up 6 percent to 2.3 million tourists over the same period last year, Jordan Times reported, citing data from ministry of tourism and antiquities. Arab […] September 22, 2024
Food & Drink Kuwait’s Alshaya delays Starbucks franchise stake sale Kuwait’s Alshaya Group is “not in a hurry” to sell a stake in its Starbucks regional franchise due to the ongoing geopolitical unrest and boycotts, which is affecting its valuation, according to a news report. Discussions are expected to resume next year “if the situation improves”, Reuters reported, citing informed sources. The company, one of […] September 20, 2024
Leisure & Hospitality Arabian nights: what goes on when the sun goes down A jazz festival, desert raves and sports bar are part of the Saudi plan to build a night economy September 19, 2024
