Retail Spinneys targets market cap of $1.5bn on Dubai listing Supermarket operator Spinneys will have a market capitalisation of between AED5.11 billion to AED5.51 billion ($1.39 billion-$1.5 billion) after its initial public offering (IPO) price range was set between AED 1.42 and AED 1.53 per share. The total offering size is expected to be between AED1.3 billion and AED 1.4 billion, the company said. Spinneys last […] April 23, 2024
Leisure & Hospitality Almarai profit rises despite Egyptian pound devaluation Saudi Arabia’s largest dairy producer, Almarai, said profit rose 9 percent year on year as a result of higher volume growth and the ability to absorb the adverse impact of the Egyptian pound devaluation. Net profit reached SAR692 million ($184 million) in the first quarter of 2024, compared with SAR635 million a year ago, driven […] April 22, 2024
Food & Drink Saudi Arabia aims to double local honey production Saudi Arabia has invested SAR140 million ($37 million) to support its nascent rural honey industry, the government said this week. The country has raised subsidised production by 41 percent since 2021 and wants to double output by 2026. The Sustainable Agricultural Rural Development Program, known as Reef Saudi, said its funding supported over 10,500 people […] April 22, 2024
Analysis Tech World Cup’s brimming prize pot to revive Saudi esports Saudi Arabia will offer a record-breaking $60 million prize pool for its upcoming Esports World Cup, at a time when the kingdom is facing challenges attracting foreign investments to the sector. The amount of prize money for this summer’s event breaks the previous record of $45 million set by esports festival Gamer8 in 2023. Saudi […] April 19, 2024
Leisure & Hospitality Ronnie O’Sullivan to be Saudi snooker ambassador Saudi Arabia has signed a deal with the world’s top snooker player, Ronnie O’Sullivan, for him to act as an “ambassador” for the sport in Saudi Arabia. It was announced alongside news that Saudi Arabia has become an official sponsor of the World Snooker Championship that begins this weekend in Sheffield, UK. Under the three-year […] April 18, 2024
Tourism Beirut airport arrivals drop as Westerners stay away The daily arrival rate at Lebanon’s only functioning international airport is down by 4 percent year on year in the first quarter of this year, according to Marwan Haber, the head of Middle East Airline’s (MEA) commercial division. Speaking at the Horeca hospitality conference in Beirut on Tuesday Haber said 95 percent of arrivals were […] April 18, 2024
Food & Drink Mubadala-backed Getir weighs asset sales Turkey’s grocery delivery startup Getir is considering asset sales as part of its ongoing restructuring talks, according to a media report. The company, operating in five markets, including the UK, aims to sell off assets such as US online grocer FreshDirect, acquired last year, and BiTaksi, a ride-hailing app in Turkey, Sky News reported, citing unnamed […] April 17, 2024
Exclusive Retail Spinneys bets big on sales growth for own-label goods Supermarket operator Spinneys is betting big on strong sales of its private-label products as it prepares to go public next month, CEO Sunil Kumar told AGBI on Tuesday. Its private label – or own-brand – ranges cover food, toiletries and household goods. The retailer also has exclusive rights to sell Waitrose-branded products from the UK […] April 17, 2024
Retail Spinneys to offer 900m shares in Dubai IPO Supermarket operator Spinneys will sell 25 percent of its business in an initial public offering (IPO) on the Dubai Financial Market (DFM), according to an intention to float document released on Tuesday. The company’s offering will be open from April 23 to April 29 for retail investors, while institutional investors can subscribe until April 30, according […] April 16, 2024
Tourism Revenue of Oman’s luxury hotels rise 18% to $136m The revenue of Oman’s three star to five star hotels rose 18 percent to OR52 million ($136 million) by the end of February 2024, compared to OR44 million a year ago. The revenue increase was driven by an 18 percent year on year rise in hotel guest numbers to 433,856 by the end of February, […] April 16, 2024
Retail Sharjah’s Ramadan retail sales peak at nearly $110m Ramadan retail sales in Sharjah hit a new record high of AED400 million ($109 million) in 2024, reinforcing the positive outlook UAE companies had ahead of this year’s holy month. Sales jumped 25 percent year on year during the Sharjah Ramadan Festival 2024, which concluded last Saturday, the UAE state-run Wam news agency reported, quoting […] April 15, 2024
Retail Diriyah Square planned for historic Riyadh district A public space featuring 400 retail outlets and 100 restaurants and cafes is planned for the historic Riyadh district of Diriyah. Diriyah Square will be announced next week at the World Retail Congress in Paris and aims to attract a combination of international retail brands and local artisans. Diriyah Gate Development Authority group CEO Jerry […] April 14, 2024
Retail Boycott of western brands hurts GCC workers, Apparel chief warns Boycotts of western brands by Gulf consumers in protest against the Gaza conflict only hurts local workers in the region, the founder of the fashion and lifestyle retail conglomerate Apparel Group has warned. The company, which is based in the UAE and handles more than 80 brands from the US, Canada, Europe, Asia and Australia […] April 12, 2024
Construction Egypt allocates land for airport at ADQ’s metropolis The Egyptian government has allocated two plots of land for the development of Ras El-Hekma international airport by UAE sovereign wealth fund ADQ. The land plots in Matrouh, a governorate in the north-west of Egypt, were handed over to the country’s civil aviation ministry, Ahram Online newspaper reported. The airport development is part of the […] April 11, 2024
Agriculture $16m pumped into coffee farms as Riyadh chases lofty target Saudi Arabia has invested millions of dollars in the development of the local coffee sector over the past four years, but it is still 80 percent off its production target for 2026. The Sustainable Agricultural Rural Development Program (known as Reef Saudi) has allocated a total of SAR61 million ($16 million) to support over 3,700 […] April 10, 2024
Analysis Food & Drink Dubai restaurant scene ‘at risk of hitting saturation point’ Food and beverage operators in Dubai have warned that the emirate’s restaurant market is increasingly saturated as one company calls time on a prominent location. Gates Hospitality, which operates venues across the Middle East, announced this week that two of its restaurants in Souk Madinat Jumeirah, Folly and Publique, would close at the end of […] April 9, 2024
Tourism Turkey’s health tourism sector worth $2bn in 2023 Turkey’s health tourism sector generated revenue of $2.3 billion in 2023, data released by the Ministry of Trade reveals. Health service exports surged from $1.9 billion in 2022 to $2.3 billion in 2023, driven by an influx of 1.4 million health tourists, placing Turkey seventh in the global health tourism rankings. The country has 40 […] April 9, 2024
Analysis Retail The pros and pitfalls of pop-up shops Pop-up shops are appearing in more shopping malls, hotels and even beach clubs. Whether they are for new brands looking to build a name or more established companies opting for a more experiential way to market and test their products, pop-ups are largely temporary affairs designed to create a buzz. They are also considered a […] April 9, 2024
Opinion Tourism Hotels and malls evolve in Bahrain’s battle for tourists To win over the region's visitors, Bahrain is adapting to changing expectations April 8, 2024
Tourism Morocco denies subsidising Ryanair domestic flights Morocco’s Ministry of Tourism has denied claims that it is subsidising the Irish low-cost carrier Ryanair’s expansion across the country. Ryanair will open domestic flights throughout Morocco from the summer as part of its $1.4 billion investment in the North African country. It had been reported that the Moroccan National Tourism Office would be providing […] April 8, 2024
Aviation Saudi Arabia and China strengthen ties with extra flights Saudi Arabia is strengthening its ties with China with the launch of new passenger and cargo flights between the two countries. Beginning on April 16, China Southern Airlines (CZ) will operate four commercial passenger flights and three cargo flights connecting Beijing Daxing and Riyadh, according to a report on the Saudi Press Agency website. This […] April 8, 2024
Business of Sport Riyadh secures three years of women’s world tennis finals Riyadh is to host the Women’s Tennis Association finals for the next three years, with record prize money for participants. The top eight singles players and doubles teams in the annual Race to the WTA Finals will play for a prize pot of $15 million, the Women’s Tennis Association (WTA) said in a statement. The […] April 5, 2024
