Leisure & Hospitality Jadwa buys 60% of Saudi chain Tikkaway Restaurants Jadwa Investment is acquiring a majority stake in the Saudi fast-food chain Tikkaway Restaurants for an undisclosed sum. The Riyadh-based investment management company acquired a 60 percent stake in Tikkaway through its food and beverage opportunities fund. The homegrown restaurant chain has 20 branches and plans to expand to more than 40 outlets across the […] July 18, 2024
Video length: 08:13 Analysis Tourism Event tourism the spur for economic growth in Bahrain Bahrain has affirmed the strategic importance of the Sakhir Sports City development in a growing focus on event-related tourism as a primary engine of economic growth. The project, near the country’s Formula 1 circuit, is slated for completion in 2025 and expected to cost more than BD100 million ($266 million). It will encompass a stadium […] July 18, 2024
Tourism Near-space balloon flights to start from Abu Dhabi next year European space exploration company Eos-X Space will begin operating balloon flights to the edge of space from Abu Dhabi in the third quarter of 2025, as it aims to gain a bigger stake in the $9 billion space tourism industry. The UAE capital will host the launch facility and spaceport, including a hotel complex on […] July 17, 2024
Tourism Oman hotel revenues increase more than 10% Hotel revenues across Oman were up by more than 10 percent in the first five months of 2024, fuelled by an increasing number of Asian and European visitors to the sultanate. Three-to-five star hotels reported revenues of OR108 million ($281 million) at the end of May, the latest data from the National Centre for Statistics […] July 16, 2024
Retail PepsiCo growth defies Middle East boycott of Western brands PepsiCo Inc has reported robust growth in the Middle East, defying the boycotts that have battered other Western brands in the region. The food and beverage giant posted double-digit organic revenue growth in Egypt for the second consecutive quarter, even though it has been the subject of a backlash linked to perceived US support for […] July 16, 2024
Business of Sport Qatar’s beIN to pay €100m to broadcast French football games Qatar broadcaster beIN has agreed to pay €100 million ($109 million) annually for the rights to broadcast one French Ligue 1 football match per week, according to a news report. The sports channel is paying a premium per game as its package includes the most sought-after fixtures, the Financial Times reported, citing informed sources. NewsletterGet […] July 16, 2024
Aviation UAE issues visas for Nigerians after two-year hiatus The UAE government has started issuing visas for Nigerians after a halt of nearly two years. The governments of the UAE and Nigeria reached an agreement to resume travel between the two countries, Nigeria’s information minister said in a post on social messaging platform X. The UAE stopped issuing visas to Nigerians in 2022 after […] July 16, 2024
Manufacturing Henkel expands Gulf presence with Riyadh factory German consumer goods group Henkel has opened a beauty care production facility in Riyadh amid a localisation drive by the Saudi government. The facility in Riyadh will produce a range of products under the Pert brand, including shampoos, conditioners and other specialised items. No details were given on the production capacity and cost of the facility. […] July 16, 2024
Aviation Saudi air passengers up 17% in first half of 2024 Saudi Arabia had a 17 percent increase in the total number of air passengers in the first half of the year, rising to 62 million. This was based on a 12 percent rise in total flights to 446,000, the General Authority of Civil Aviation (GACA) said. Air freight was also up, showing an increase of […] July 15, 2024
Retail Saudi shoppers heavily favour local produce Saudi shoppers heavily favour local produce over imported foodstuffs and have a high interest in the use of artificial intelligence in food shopping, a new survey has found. It also described the Saudi supermarket sector as a huge opportunity for discount retailers. The Customer Perception Map by global consultancy Oliver Wyman, which included Saudi Arabia […] July 15, 2024
Business of Sport Anyone for cricket? Saudi Arabia’s next big sports play Saudi Arabia is aggressively courting much-needed foreign investment to commercialise its emerging sport sector, part of its Vision 2030 plan to diversify from its dependence on wealth from hydrocarbons. Basim Ibrahim, director of sport investment development at Saudi’s Ministry of Investment, said the kingdom, which has already put its football clubs up for sale, is […] July 15, 2024
Leisure & Hospitality Morocco nears 2024 tourism target as numbers surge 14% Morocco has almost achieved 50 percent of its tourism target for 2024, according to a news report. The country received 7.4 million tourists in the first six months of 2024, an increase of 14 percent year on year, Morocco World News reported, citing tourism ministry data. The annual target has been set at 15 million. […] July 15, 2024
Business of Sport Saudi PIF ups stake in Newcastle United to 85% Saudi Arabia’s sovereign wealth fund – the Public Investment Fund (PIF) – has increased its stake in Newcastle United football club to 85 percent from 80 percent. PIF and RB Sports & Media, the sporting arm of the UK-based Reuben Brothers, will together acquire PCP Capital Partners’ shareholding in the club, the stake co-owned by […] July 15, 2024
Analysis Business of Sport Saudi football spending tipped to tumble as economy falters Saudi Arabia’s domestic football ambitions may have to take a back seat this year as the kingdom focuses on funding its $1.25 trillion giga-projects programme, according to analysts. Last summer Saudi Pro League clubs spent close to $1 billion signing the likes of Neymar, Ruben Neves and N’Golo Kante. This year’s transfer window is expected […] July 14, 2024
Tourism Saudia reports big rise in international passengers Saudi Arabia’s national carrier Saudia reported a 24 percent increase in international passengers to 9.1 million in the first half of 2024. There was also a 13 percent rise in the number of flights. The Hajj pilgrimage in June played a large part in the growth. The number of passengers flying on domestic routes rose […] July 12, 2024
Opinion Retail The bricks-and-clicks battle to win over GCC shoppers In a region where shopping is entertainment, smart marketers must adopt a hybrid strategy July 12, 2024
Giga-projects AlUla plans Nabataean resort carved into Saudi mountains Saudi Arabia is spending around $15 billion on the ancient site of AlUla, including a resort for the super-rich chiselled into the face of its rock formations and mountains. AlUla is the site of the pre-Islamic Nabataean kingdom that was based in Jordan’s Petra. The resort, called Sharaan, will include 38 suites “carved into sandstone […] July 11, 2024
Real Estate Sports and entertainment to push up Riyadh retail rents The sports and entertainment sectors will be key drivers in Riyadh retail rents rising by 28 percent by 2026, according to new research, with rates already up 3 percent in the past year. “The total existing retail supply in Riyadh stands at 3.6 million square metres, with around 27,050 square metres of retail space entering […] July 11, 2024
Business of Sport Saudi Arabia to build world’s tallest sports tower A design for the world’s tallest sports tower, to be built in Riyadh’s Sports Boulevard development, has been approved. The mega project is part of the $23 billion development launched by King Salman in 2019 to expand green areas in the capital, including the world’s biggest city park. The other three projects are King Salman […] July 11, 2024
Finance Mubadala-backed Shein to invest $271m in Europe Chinese fashion retailer Shein, backed by the UAE’s Mubadala sovereign wealth fund, will invest €250 million ($271 million) over the next five years in the UK and Europe to expand its online business. The company has allocated €50 million for potential investments in research and development or pilot production facilities in Europe or the UK. […] July 10, 2024
Manufacturing Agthia enters Saudi protein market with $25m facility The UAE’s food and beverages group Agthia is expanding its presence in Saudi Arabia, the largest economy in the GCC. The Abu Dhabi-listed company, which is majority owned by the Abu Dhabi government through the state investor ADQ, has opened a new AED90 million ($24.5 million) protein manufacturing facility in Jeddah to support growing demands […] July 9, 2024
Tourism Investors to build 1,400 hotel rooms in Petra despite tourism slump Local investors are proceeding with plans to build 1,400 hotel rooms in Petra, a tourism official has said, as Jordan grapples with the impact of the Gaza conflict. Petra’s hotel occupancy rates tumbled to a record low of 3 percent last November and have remained in the single or the low double digits since then. […] July 8, 2024
