Retail US cigarette giant buys slice of Egyptian rival The American tobacco giant Philip Morris International (PMI) has acquired a minority stake in Egypt’s largest cigarette manufacturer. PMI, which owns brands such as Marlboro, L&M, Merit and Parliament and is the world’s top tobacco company by market value, has bought 14.7 percent of Egypt’s Eastern Company, which also includes cigars and pipe tobacco in […] May 23, 2024
Business of Sport PIF to sponsor women’s world tennis rankings Saudi Arabia’s Public Investment Fund (PIF) is giving its name to the women’s world tennis rankings, the latest sponsorship deal in the kingdom’s drive to dominate global sports. “The PIF WTA Rankings will track players’ journeys, and PIF will work with the WTA to celebrate and support players’ progress,” PIF said, calling the deal “multi-year”. […] May 22, 2024
Analysis Tourism Pressure on Saudi tourism exposes mixed feelings about AI Saudi Arabia is trying to limit the use of artificial intelligence technology in its expanding tourism industry in an effort to boost job numbers, despite strides being made elsewhere in the sector to make the kingdom a leader in digitalisation. Speaking at an economic forum in Doha last week, tourism minister Ahmed Al-Khateeb expressed concerns […] May 22, 2024
Agriculture Tunisia’s honey production hit by global warming Almost three-quarters of beekeepers in Tunisia have seen their honey production curtailed by climate change. The North African country has 305,000 hives tended by 13,000 beekeepers, according to Hassene Ben Salem, chief engineer at the Office of Livestock and Pastures. But he said extreme weather conditions have almost halved honey production, from an average of […] May 22, 2024
Tourism Egypt to host more Turkish tourists as relations improve Egypt will likely host 250,000 Turkish tourists this year as relations between the two nations improve. Cairo hosted around 80,000 Turkish tourists in the first four months of 2024, Amr El-Kady, CEO of the Egyptian Tourism Authority, told the state-run Anadolu Agency. The Egyptian government is working on several initiatives to boost tourism, with a […] May 22, 2024
Finance Mega-projects aid in upgrade of Ras Al Khaimah’s rating Fitch has upgraded Ras Al Khaimah’s credit rating from A to A+ thanks to the launch of a number of large investment projects. The emirate’s mega tourism projects, including hotels, beach resorts and high-end leisure facilities, offer promising opportunities for investors and are a catalyst to attract new investment, the rating agency added. Fitch forecasts […] May 22, 2024
Video length: 4:19 VIDEO Leisure & Hospitality GCC hoteliers unfazed by rising costs As global inflationary pressures continue to vex businesses, hospitality chains are faced with a choice: increase room rates or sacrifice profit margins. GCC hoteliers seem to be opting for squeezing profit margins rather than increase room rates, even as geopolitical tensions and supply chain challenges threaten to push up costs. Average daily rates (ADR) in […] May 21, 2024
Tourism Pilgrim air terminal planned for Kuala Lumpur airport Saudi Arabia and Malaysia are planning to build a pilgrimage air terminal in Kuala Lumpur to increase tourism numbers in both countries. Malaysia’s transport minister Anthony Loke told an aviation industry forum in Riyadh that it was looking with the Saudi Arabian government into “building and establishing a Hajj and Umrah hub” in Kuala Lumpur […] May 20, 2024
Tourism Palazzo Versace hotel sale aims to ride Dubai tourism wave Owners of Dubai’s ultra-luxurious Palazzo Versace hotel are looking to capitalise on the emirate’s tourism boom before it peaks, offering it for sale at nearly AED1.4 billion ($380 million). A source familiar with the asset told AGBI the hotel is being “readvertised” as it has not found a buyer willing to meet its price tag […] May 17, 2024
Opinion Leisure & Hospitality When the saxophonist appears, it’s time to pay the bill The noise in Dubai's restaurants is the single biggest obstacle to enjoying a night out May 17, 2024
Business of Sport LIV Golf chief says rugby next in line for Gulf funds Talks are taking place with sovereign wealth funds and private equity entities about potential Gulf investment in rugby, according to Mark Foster, senior vice president of finance operations at Saudi-backed LIV Golf Investments. Foster, a former Gloucester and Exeter Chiefs professional rugby player, told The Good the Bad & the Rugby podcast that discussions have […] May 17, 2024
Retail Fire-hit Dubai shopping mall fails to attract auction bids A Dubai shopping mall closed since a fire in 2017 has failed to attract interest from potential buyers after being put up for auction. The Lamcy Plaza mall went on auction earlier this month with a starting bid of AED200 million ($54 million), but received no offers. The five-storey neighbourhood mall, which opened in 1997, […] May 17, 2024
Retail Record footfall at Saudi Arabia’s largest mall operator Cenomi Centers, Saudi Arabia’s biggest mall operator, said on Thursday it had seen record footfall of 31.7 million customer visits in the first quarter of 2024, highlighting the continued strength of the Saudi retail sector. Net profit at the company, which runs 21 malls, was down 53 percent at SAR180.5 million ($48 million) after the […] May 17, 2024
Giga-projects Diriyah giga-project to open first hotel in November Diriyah, one of Saudi Arabia’s leading giga-projects, will finally open its first hotel in November along with other attractions and sites, its CEO said this week. “This November we’ll open another few kilometres of parks, we’ll open our first Bab Samhan hotel, we’ll open our first museum which is the Diriyah Art Futures Museum, we’ll […] May 16, 2024
Tourism Passenger numbers rise 26% in Saudi Arabia Saudi Arabia said this week that its total number of air passengers rose 26 percent to 112 million in 2023. This includes a 46 percent rise in the total number of international travellers to 61 million. The number means the kingdom’s airports are approaching full capacity, which is 116 million passengers a year, including 45 […] May 16, 2024
Giga-projects Affluent tourists around the globe on Saudi Arabia’s radar Saudi Arabia will invest more than $800 billion in its main giga-projects by the next decade as part of a tourism expansion strategy focused on affluent tourists in China, India and Europe. The kingdom’s tourism minister Ahmed Al-Khateeb, speaking at the Qatar Investment Forum, said: “We’re building and investing in major destinations like Neom, Red […] May 16, 2024
Tourism Tourist numbers drop as Western visitors avoid Lebanon Inbound tourism to Lebanon fell 13.5 percent year on year in the first three months of 2024, mainly as a result of Western tourists staying away, data released by the country’s Ministry of Tourism shows. It is the latest indication of damage to Lebanon’s post-crisis economy caused by the ongoing border conflict between Hezbollah and […] May 16, 2024
ANALYSIS Tourism Travel startups seen as ‘high risk’ by VC investors The co-founder and CEO of Dharma, an Abu Dhabi business travel management platform, has claimed the tourism sector isn’t seen as attractive enough for investors. Dharma, which was one of the first startups accepted into Abu Dhabi’s Hub71 incubation programme, closed a $4.7 million Series A funding round last year. “I think for venture capital […] May 15, 2024
Analysis Tourism Club Med resort tipped to help Oman hit tourism targets Tourist arrivals in Oman are forecast to nearly double over the next four years, boosted by developments such as the region’s first Club Med resort. Analysts at BMI expect visitor numbers to rise by a quarter to 5.3 million this year – and reach nearly 11 million by 2028. The sultanate’s tourism sector is likely […] May 15, 2024
EXCLUSIVE Leisure & Hospitality Rotana reveals plans to reflag hotels in Saudi Arabia Rotana, the Abu Dhabi-based hospitality company, is looking at aggressive expansion in Saudi Arabia, including taking over already operational hotels, its chief executive has revealed to AGBI. At this month’s Arabian Travel Market, Rotana outlined plans to launch nine new properties in Saudi Arabia within four years, aiming to double its rooms to more than […] May 14, 2024
Food & Drink ADIA consortium bids for stake in India’s largest snack maker A consortium including Abu Dhabi Investment Authority (ADIA) has submitted a bid to acquire a controlling stake in the snacks business of India’s Haldiram, according to a media report. The consortium, which also include US-based alternative asset manager Blackstone and GIC of Singapore, aims to secure 75 percent of the Indian company’s snacks unit, valuing it […] May 14, 2024
Retail Dubai’s Spinneys plans Saudi entry as profit rises 13% First quarter 2024 net profit at Spinneys rose 13 percent year on year to AED75 million ($20.4 million) as it targets opening its first stores in Saudi Arabia. Revenue grew by 11 percent annually to AED815 million over the period, driven by higher retail revenue, the supermarket operator said in its first quarterly results after listing […] May 14, 2024
