Finance Mubadala applies to take full control of Turkey’s Getir The Abu Dhabi sovereign wealth fund Mubadala has formally applied to take full control of the Turkish grocery delivery startup Getir. Mubadala had taken a majority controlling stake in the company in June this year as part of a restructuring programme, with a capital injection of $250 million. The filing to take over Getir was […] September 6, 2024
Opinion Retail Swede dreams are made of this – but no meatballs, thanks The vast majority of homes in Dubai have at least one item from Ikea September 6, 2024
Analysis Retail Primark launch would diversify Dubai’s retail offering The launch of value fashion retailer Primark in Dubai would add a much-needed affordable element to the emirate’s retail offerings, industry experts say. Kuwait-based Alshaya Group announced this week that it had partnered with the international fashion retailer and is looking to “explore opportunities to bring its stores to the Middle East”. Alshaya’s portfolio of […] September 6, 2024
Business of Sport Middle East’s first pro baseball park to open in Dubai Construction has started on the first professional baseball field and ballpark in the Middle East and South Asia, which is being built on the outskirts of Dubai. Baseball United, which was launched over a year ago as the first professional league in the region, will call the Sevens sports and entertainment complex its home from […] September 4, 2024
Video length: 04:08 VIDEO Gaming Prince Faisal: growth, not profit, is focus for esports Cost-intensive spectator events are not going to be a “serious profit generator”, Prince Faisal bin Bandar Al Saud told AGBI, as Saudi Arabia concluded the first Esports World Cup last week. The event was watched by more than 500 million people but Prince Faisal, president of the Arab Esports Federation, said: “In esports, sustainability is […] September 4, 2024
Markets Three banks shortlisted for Talabat’s Dubai listing Three banks have been picked to proceed with the proposed listing of food delivery service Talabat on the Dubai Financial Market. Emirates NBD Bank, Morgan Stanley and JPMorgan Chase & Co. will work on the initial public offering (IPO), Bloomberg reported, citing sources familiar with the matter. However, the sources said that final decisions on […] September 4, 2024
Finance Saudi perfumer to raise $188m from 30% stake sale Al Majed for Oud Co priced its initial public offering (IPO) on the Saudi stock exchange at SAR94, the top of its indicative price range announced last week. The Riyadh-based perfume and oud products manufacturer will raise SAR705 million ($188 million) by selling 7.5 million shares, or a 30 percent stake. The institutional book-building phase was oversubscribed by 156.5 times, the […] September 4, 2024
Business of Sport Construction starts on Aramco football stadium in Al Khobar Construction has started on the Aramco football stadium in Al Khobar, one of the venues for the 2027 Asian Cup in Saudi Arabia. Belgian construction group BESIX made the announcement on its website over the weekend, saying the goal of delivering the 47,000-seat stadium by 2026 would be “challenging”. BESIX is working with Riyadh-based contractor […] September 2, 2024
Real Estate ADQ’s Egypt project lights fire under region’s real estate The $35 billion investment by the Abu Dhabi sovereign wealth fund ADQ in Egypt’s tourism sector appears to have spurred a jump in real estate transactions on the country’s Mediterranean coast. In February ADQ unveiled its plan to build Egypt’s “largest new city” in Ras El-Hekma, and develop the coastal region into a Mediterranean vacation […] September 2, 2024
Industry Oman wealth fund begins merger of food units Oman has initiated a merger between two state-run entities to support its food security sector. Oman Investment Authority, the sultanate’s sovereign wealth fund, has begun the initial process of merging Oman Food Investment Holding Co (Nitaj) and Fisheries Development Oman, the state-run Oman News Agency reported. The move is intended to lead to high-quality products, […] September 2, 2024
Retail Gaza boycotts fuel sales spike for Gulf beauty brands Homegrown beauty brands in the Middle East are benefiting from boycotts of international companies as a result of the Israel-Gaza conflict. The cosmetics giant L’Oreal said the boycotts had a two-percentage-point drag on its growth in the first half of the year, as consumers turned their backs on the Paris-based company which also owns the […] August 30, 2024
Leisure & Hospitality Dubai’s Sunset Hospitality expands global portfolio Sunset Hospitality Group (SHG) has acquired a majority stake in Maximal Concepts Holding, a Hong Kong hospitality company, as part of its strategic expansion plan. The acquisition will diversify Dubai-based SHG’s portfolio and facilitate its expansion into key markets such as the US, Canada, Hong Kong, South Korea, Thailand and Vietnam, the company said. SHG, […] August 30, 2024
Opinion Business of Sport Gulf sports wins are sidelined by the summer season An uncertain global economy has dampened sports investments fervour across the region August 29, 2024
Food & Drink Talabat food delivery service prepares for Dubai IPO The food delivery company Talabat is to list on the Dubai Financial Market this year, 20 years after it was founded. The business, which operates in eight countries across the Middle East and North Africa, will pursue an initial public offering in the fourth quarter, according to a filing on the Frankfurt Stock Exchange from […] August 29, 2024
Business of Sport Roma score commercial goal with Saudi signing Italian football club AS Roma will be anticipating commercial opportunities that might arise after it signed 25-year-old Saudi Arabian defender Saud Abdulhamid this week. Abdulhamid joined Roma from Al-Hilal in a deal worth $3.35 million. The transfer deal is the first involving a Saudi player and a major European league. NewsletterGet the Best of AGBI […] August 28, 2024
Retail Majid Al Futtaim retail revenue drop drags H1 profit Increasingly frugal shoppers and currency devaluations led the retail division of UAE conglomerate Majid Al Futtaim to report an 11 percent year-on-year drop in revenue in the first half of the year, resulting in its net profit dropping 6 percent. The company’s retail operations account for around 70 percent of its total business and consist […] August 27, 2024
Analysis Tourism Kuwait Entertainment City targets Gulf tourism rivals Kuwait Investment Authority taking over a planned Entertainment City development in the nation’s capital is the latest sign of an upturn in its commercial real estate sector, according to experts. Authorities first announced the nearly $660 million (KWD 200 million) project in October 2019, then relaunched it in May 2023. A study at the time […] August 27, 2024
Analysis Construction Mena hotel construction to focus on Saudi Arabia and Egypt The Middle East and North Africa is forecast to see a rapid increase in hotel construction over the next 12 months, led in particular by high-end properties in Saudi Arabia and Egypt, new industry data suggests. During the second quarter of 2024 there were 607 projects and 147,088 rooms in the overall regional pipeline at […] August 27, 2024
Opinion Aviation Emirates’ first Asian store is a sign of its wider ambition Airlines have been veering away from bricks-and-mortar but Emirates has bucked the trend August 26, 2024
Markets Saudi perfume maker sets IPO price guidance Al Majed for Oud Company, a Riyadh-based perfume and oud products manufacturer, has set the price range for its initial public offering (IPO) between SAR90 and SAR94 ($23.99-$25.05) per share. The institutional book-building period started on Sunday and will end on August 29. The company is floating 30 percent of its capital, or 7.5 million shares, on the Saudi stock exchange. […] August 26, 2024
Analysis Business of Sport Morocco makes 2030 World Cup a focus for investment The artist’s impression shows a massive polygonal structure, with an aluminium lattice roof draped in floating cream sheets. This is the Grand Stade Hassan II de Casablanca at Benslimane, north of Morocco’s commercial capital. The successful design was unveiled earlier this week by the winning architects, the Casablanca-based Oualalou + Choi and the arena specialist […] August 25, 2024
Analysis Retail Retailers rejoice as shoppers prepare for new school term An estimated 1.5 million students across the UAE are expected to enrol for the new term on Monday – and retailers are welcoming the traditional spending spree for everything from school uniforms to stationery. This year’s back-to-school shopping sales in the UAE are predicted to reach about AED3 billion ($820 million). “Overall, there is expected to […] August 25, 2024
