EXCLUSIVE Business of Sport Binance to launch new Ronaldo NFTs ‘soon’ amid legal case Cristiano Ronaldo and the world’s largest cryptocurrency exchange Binance are to launch a fourth set of non-fungible tokens (NFTs) “soon”, as the footballer faces a $1 billion lawsuit for promoting the company. The Al Nassr and Portugal forward signed a deal with Binance in 2022 to create NFTs – digital collectibles – using his “CR7” […] April 26, 2024
Video length: 04:13 VIDEO Retail Dubai art dealer uses NFTs for fractional art ownership A Dubai tech startup is introducing tokenisation to the art world, after the NFT bubble burst spectacularly. 10101.art aims to make investing in art accessible to all by selling digitised fragments of works by artists including Andy Warhol, Banksy and Picasso, allowing for collective ownership of a masterpiece for as little as $100 a fragment. […] April 26, 2024
Business of Sport Saudi Aramco signs up with Fifa as World Cup sponsor Saudi Aramco, the world’s largest oil producer, has signed a four-year global partnership with international football association Fifa. The energy giant will become Fifa’s major worldwide partner with sponsorship rights for multiple events, including the Fifa World Cup 26, co-hosted by the United States, Canada and Mexico and the Fifa Women’s World Cup 2027. The value […] April 26, 2024
Industry RAK free zone reports 61% surge in new companies Ras Al Khaimah Economic Zone (Rakez) reported a 61 percent year on year surge in new company registrations in the first quarter of 2024. Over the three months, 3,000 companies joined the economic zone, marking a solid start to the year. Rakez has attracted global investors, mostly from India, Pakistan, the UK and Egypt. NewsletterGet […] April 26, 2024
Retail Saudi mall operator takes aim at Dubai’s retail crown Saudi Arabia’s leading mall operator is looking to challenge Dubai for the title of the top retail location in the Gulf, with plans to add five more locations by 2027. Bruno Wehbe, chief operating officer of Cenomi Centers, said the Jawharat Riyadh would include new elements such as 3D holographic projections, food halls with live […] April 25, 2024
Leisure & Hospitality Aldar-owned Sodic to build third Nobu hotel in Egypt Sodic, the Egyptian real estate subsidiary of the UAE’s Aldar Properties and Nobu, the US-headquartered luxury lifestyle brand, have signed up to develop their third hospitality project in Egypt. The Nobu Hotel and Restaurant, which will come up in east Cairo, will open next year, the developer said in a statement. The cost of the […] April 25, 2024
Manufacturing Saudi Arabia’s food factory count rises to 1,300 The total number of food factories operated by the Saudi Authority for Industrial Cities and Technology Zones (Modon) has reached 1,300, across 36 cities. The increase signifies the growing capacity of the domestic food industry and its localisation efforts, the state-run Saudi Press Agency reported. Food industry companies have recorded a growth rate of more […] April 24, 2024
Opinion Aviation Dubai has faced the ultimate dilemma for an airline In bad weather, airport operators and carriers must make tough decisions fast. Let's cut Emirates some slack April 23, 2024
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. NewsletterGet the Best […] 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
Analysis Tech The Mena metaverse: moving beyond the hype Two years ago, the concept of metaverse lands transformed from an interesting subculture into a thriving multi-billion-dollar market, capturing the interest of major investors both regionally in the Middle East and globally. Metaverse lands, made of pixels and digital images, refer to buildings and plots within a virtual environment, offering spaces for gaming, socialising, business […] April 12, 2024
