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
Giga-projects Red Sea Global to open Thuwal island resort in weeks Saudi giga-project Red Sea Global will open hotels at a second site within weeks and more at a third location will open next year, the luxury resort developer said this week. The company, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), will open a private island called Thuwal just north of Jeddah, followed by […] August 23, 2024
Giga-projects Five Saudi banks to finance cultural development fund Five Saudi banks have agreed to provide financing for a new arts fund managed by Saudi Arabia’s Cultural Development Fund, which has been leading government support for the arts since 2021. The agreement with Al-Rajhi Bank, Alinma Bank, Banque Saudi Fransi, Arab National Bank and Bank Aljazira will provide support to private sector projects in […] August 22, 2024
Retail TJ Maxx owner takes stake in Dubai’s Brands for Less US discount retailer TJX Companies, owner of the TJ Maxx chain, has helped create the latest unicorn in the Middle East after taking a 35 percent stake in the Dubai-based Brands for Less (BFL). TJX agreed this week to invest $360 million in the privately held branded apparel and home fashions retailer. Both TJX and […] August 22, 2024
Aviation UAE airports post 14% rise in passenger traffic The UAE’s airports handled nearly 72 million passengers in the first half of 2024, a 14 percent increase from 63 million a year ago. The breakdown includes 20 million arrivals, 21 million departures, and 30 million transit passengers, the UAE state-run Wam news agency reported The General Civil Aviation Authority director-general Saif Mohammed Al Suwaidi […] August 21, 2024
Video length: 07:34 Analysis Retail Retail staff shortage dents GCC shopper satisfaction Shoppers across the Gulf Cooperation Council countries are being put off their purchases by a shortage of skilled staff in the region’s retail sector, as prices of products continue to rise. Annual retail sales in the six GCC countries are expected to grow to $300 billion by 2028, a 37 percent increase from 2022. But […] August 21, 2024
Retail Cenomi in brand merger talks with global fashion retailer The Saudi Arabia-based franchiser Cenomi Retail is in talks with an unnamed international fashion retailer for a potential merger of some of its brands. The investment bank Lazard has been appointed as financial advisor while AS&H Clifford Chance will take on the task of legal adviser, the Saudi-listed company said in a statement. Updates on the […] August 20, 2024
Telecoms Chinese brands gain ground as Mena smartphone sales surge Economic stability and rising populations have fuelled a 20 percent year-on-year surge in the sale of smartphones in the Middle East and North Africa. Chinese brands have made significant gains on other, more established manufacturers. Smartphone shipments in the Middle East reached 11.5 million units in the second quarter of 2024. That was a 20 […] August 20, 2024
Analysis Trade Metals market under pressure with India-UAE pact review The UAE’s lucrative trade in gold, silver and other precious metals is facing fresh scrutiny as India seeks a review of a Comprehensive Economic Partnership Agreement between the two countries. The evaluation could significantly alter the flow of these metals, impacting UAE businesses and particularly affecting exports from Russia via the Gulf state. Sunil Barthwal, […] August 20, 2024
Markets Saudi perfume maker to list 30% stake Al Majed for Oud Company, a $200 million perfume and oud products manufacturer, intends to float 30 percent of its capital, or 7.5 million shares, on the Saudi stock exchange. The final IPO price will be determined after the book-building process, which will run from August 25 to 29. The retail offering will be for one day on September 15, comprising […] August 19, 2024
Business of Sport Saudi Arabia adds soccer in North America to sports portfolio Saudi Arabia has added the Confederation of North, Central America and Caribbean Association Football (Concacaf) to its squad of sporting investments. The kingdom’s sovereign wealth fund has partnered with the regional governing body for soccer “to support the growth of the sport at all levels”. The Public Investment Fund will sponsor football development initiatives, with […] August 16, 2024
Tourism Tourist spending in Saudi Arabia hit new high in 2023 Around 27 million international tourists spent SAR141 billion riyals ($37.6 billion) in Saudi Arabia in 2023, the highest figure yet. The international spending, published on X by the ministry of tourism, was a 44 percent rise on 2022 and compares to the previous high of SAR103.4 billion spent by 17.5 million inbound tourists in 2019, […] August 15, 2024
Analysis Logistics Cold storage in hot demand across the Gulf Demand for chilled and frozen foods is rising across the Gulf, driving growth in the region’s cold chain infrastructure. Maersk, the Danish logistics company, says this demand – along with food security concerns – motivated it to open its first UAE cold store at Dubai Industrial City last summer. Population growth and concerns around climate […] August 14, 2024
Tourism Surge in Yemeni visitors to Oman The tourism sector in Oman recorded a 5 percent year-on-year increase in visitors to 2 million visits in the first half of 2024, up from 1.9 million visits recorded over the same period in 2023. Visitors from Yemen more than doubled, to just under 108,000, from 52,000 in the first half of 2023, Omani local […] August 14, 2024
Analysis Banking and Finance Riyadh’s investment law reforms tipped to win over sceptics Saudi Arabia’s investment law reforms are poised to release a backlog of pent-up deals – and are a tacit admission that procedures have often been cumbersome, analysts have told AGBI. Under the overhaul announced on Sunday, elements of Vision 2030 and the National Investment Strategy will be combined in a single framework that aims to […] August 13, 2024
Opinion Tourism Oman adopts right approach to ambitious tourism targets A focus on more sustainable options differentiates it from the competition August 9, 2024
Tourism ‘Space balloon’ to launch from Saudi Arabia Spain’s Halo Space said this week that Saudi Arabia will be one of the regular launch sites for its commercial near-space balloon project, giving a boost to ambitious Saudi tourism plans. An unmanned test flight will take place in the second half of September from a location in the Al-Aflaj oasis 330km south of Riyadh, […] August 9, 2024
Video length: 04:53 VIDEO Retail Rents keep rising while space is in short supply at Dubai’s malls Demand for retail space is outstripping supply in Dubai’s most popular malls, leading to hefty rent rises for all tenants, whether big, small, established or new. The highest rents on new leases were recorded in Mall of the Emirates and Dubai Mall, according to a report by consultancy company Nikoliers, with Emaar Malls prime assets […] August 9, 2024
Business of Sport Football continues to attract tourists to Qatar Qatar’s strategy of staging major sporting events continues to reap economic benefits, as regional football tournaments help to attract tourists to the Gulf state. Visitor numbers rose 28 percent in the first half of 2024, benefitting its hotels and wider hospitality businesses. A total of 2.6 million international tourists visited in the first six months […] August 8, 2024
Business of Sport Investor bids invited for six Saudi football teams Saudi Arabia this week opened bids for six football teams as part of its new drive to monetise the kingdom’s sport sector and raise its foreign direct investment numbers. Local and international investors are invited to bid for Al-Okhdood, Al-Orouba and Al-Kholoud – all in Saudi Arabia’s top Pro League – as well as Al-Zulfi, […] August 8, 2024
