Leisure & Hospitality Saudi-listed retail firms suspend merger plans Two major Saudi conglomerates have shelved their merger plans to create a new retail powerhouse. Arabian Centres Company (Cenomi Centers) and Fawaz Abdulaziz Alhokair Company (Cenomi Retail) have agreed to end talks on a merger proposal until further notice, the companies said in separate statements to the Saudi stock exchange. “The conditions and timing are […] December 22, 2023
Analysis Industry Saudi seeks gold in the Aseer hills – for tourism and mining Hidden in the heart of Saudi Arabia’s largest mountain range, the Aseer province was largely unknown to the West until the 1950s. The region’s remoteness helped to preserve its distinctive culture, with early visitors offered crowns of red and orange blooms for sale by its so-called Flower Men. Today tourists are an important part of the […] December 21, 2023
Tourism Saudi Arabia tourist numbers more than double Saudi Arabia had 14.6 million tourists during the first six months of 2023, more than twice the amount in the previous year, and their spending more than doubled to SAR87 billion ($23.2 billion), the ministry of tourism said this week. Tourism has become an important part of Saudi Arabia’s economic reform plans to diversify away […] December 21, 2023
Finance Payment app Foodics to launch first Saudi fintech IPO Foodics, the cloud-based restaurant management and payment business, is to be the first Saudi fintech to list on the Saudi stock exchange in an IPO next year. “We haven’t decided exactly when but we plan to do an initial public offering during the next year,” Foodics’s general manager, Kamal Mirghalani, told Saudi-owned TV channel Asharq […] December 20, 2023
Video length: 06:37 Retail Margins tighten for UAE retailers ahead of holiday season In the run-up to the holiday season, the UAE’s retailers are enjoying a healthy rise in new business and stocking up on inventory to meet demand. While a busy period is expected, costs continue to increase. To remain competitive, businesses are not increasing prices, meaning margins are being squeezed even further. The latest S&P Global […] December 20, 2023
Leisure & Hospitality Saudi’s Jadwa buys Dubai-based owner of Allo Beirut Saudi Arabia’s Jadwa Investment has acquired the Dubai-based food and beverage operator Black Spoon Group. The Riyadh-headquartered investment management and advisory firm acquired 100 percent of Black Spoon through its food and beverage opportunities fund. Black Spoon’s portfolio comprises 10 branches across three popular restaurant chains in the UAE, including its Lebanese casual dining flagship […] December 19, 2023
People & Lifestyle Opera hits the high notes as Saudi’s latest cultural attraction Anyone for opera? There was a time when the last place you would expect a serious answer to this question would have been Riyadh. But after Italian tenor Andrea Bocelli’s landmark performance in Alula last year, the sky’s the limit for musical tastes of all types as Saudi Arabia strives to develop a cultural profile […] December 18, 2023
Retail Sama issues regulations for growing BNPL sector The Saudi Central Bank (Sama) has issued new rules covering the rapidly expanding buy-now, pay-later (BNPL) retail sector, which analysts predict will double in size to $2.7 billion in annual transactions by 2028. Sama said it was issuing the regulations to ensure sustainable growth, transparency and consumer rights in the BNPL market, as part of […] December 18, 2023
Media & Advertising In the streaming age, the TV stays on after Ramadan YouTube creators and streaming services are changing the face of television all over the world – but particularly in Arab countries, according to executives who attended the Red Sea Film Festival in Jeddah this month. The entertainment industry in the Middle East traditionally focused on the fasting month, when TV shows could find a captive […] December 18, 2023
Tech Saudi Arabia ‘leads in luring venture capital to tech’ Saudi Arabia has become a regional centre for venture capital in the tech sector, a government minister told a technology conference in Riyadh this week. “The kingdom has become part of the fabric of the global digital economy,” Mohammed Alrobayan, deputy minister of communications and IT, told the techXpand forum. “Testament to this is the […] December 18, 2023
Food & Drink Think Jeddah, think fish For generations of pilgrims travelling to Mecca and Medina, the thriving port city of Jeddah on Saudi Arabia’s Red Sea coast is known as the gateway to the two Holy Mosques. With protein and nutrition comes strength and in the harsh conditions of Arabia it’s the fittest and strongest who thrive. No wonder then that […] December 18, 2023
Leisure & Hospitality Retailers wear the cost of sustainable process in UAE Retailers in the UAE are shouldering the financial burden of adopting sustainable practices to stay competitive, but policy reforms are needed to back their long-term environmental goals, an executive of the Gulf’s largest clothing company has said. Gaps in existing regulations include a lack of sufficient incentives, tax breaks and a comprehensive framework to enable […] December 15, 2023
Giga-projects Qiddiya to host first gaming district in Saudi Arabia The Qiddiya giga-project, near Saudi Arabia’s capital Riyadh, will host the first multi-use gaming and esports district in Saudi Arabia. The kingdom is striving to become a global gaming and sports centre by 2030. The upcoming gaming and esports district, which is claimed to be the first in the world, is part of the launch […] December 15, 2023
Tourism Golf course emerges from the desert at Diriyah giga-project Saudi Arabia is developing a luxury golf and equestrian resort outside Riyadh as part of the Diriyah giga-project, with three major hotel brands announcing this week that they were taking part. Aman, Oberoi and Six Senses are the first hotels to start construction in the mountainous rocky land on the edge of the desert west […] December 14, 2023
Tourism Expo 2030 to create 250,000 jobs, Saudi minister says Saudi Arabia will generate 250,000 jobs during its hosting of Expo 2030 in Riyadh, tourism minister Ahmed Al Khateeb said. The kingdom will add 1,000 hotel rooms for the mega event, the state-run Saudi Press Agency reported, citing the minister’s speech at the Global Labor Market Conference in Riyadh. Riyadh beat off bids from Busan […] December 14, 2023
Aviation Ryanair to begin domestic flights in Morocco in 2024 Irish low-cost carrier Ryanair will open domestic flights across Morocco from next summer as part of its $1.4 billion investment in the North African country. Ryanair will be the third airline to operate flights in Morocco, following national carrier Royal Air Moroc and the UAE’s Air Arabia. The extra commitment to Ryanair’s summer programme means […] December 13, 2023
Tourism PIF’s new tourism venture aims to contribute $1.6bn Saudi Arabia’s Public Investment Fund (PIF) has launched Dan Company, which aims to develop agricultural and eco-tourism projects across the kingdom. The company’s first project will be located in the Al-Ahsa region and will cover 1.8 million sq m, featuring an eco-resort, an agri-resort and an adventure resort. The company is expected to contribute nearly […] December 12, 2023
Food & Drink Region’s first brewery to open in Abu Dhabi A brewery is opening in Abu Dhabi this month, becoming the first to take advantage of relaxed alcohol laws in the emirate. A licence has been granted to Craft by Side Hustle, a restaurant with a fully operational brewery on site. It will have the capacity to produce 25,000 pints of beer a month. “We’re […] December 12, 2023
Analysis Construction Locals bemused by Jeddah’s planned transformation Amid a vast area of empty land in north Jeddah’s Obhur district, a lone unfinished tower stands out on the horizon with motionless yellow cranes around its edges – a stalled sign of the transformation of Saudi Arabia’s second city. Now work on the tower – possibly the tallest in the world upon completion – […] December 11, 2023
Business of Sport Qatari owners of PSG sell minority stake in French club The Qatari owners of Paris Saint-Germain (PSG) will sell a minority stake in the French football club to US investment group Arctos Partners. No details were disclosed in the official statement. However, the Financial Times reported that the talks started a year ago and Arctos will buy up to 12.5 percent, citing two informed sources. […] December 8, 2023
Analysis Tourism Oman-RAK tourism tie-up could spur more alliances Oman and Ras Al Khaimah are drawing up plans to jointly promote tourism, with ambitions to become a destination for adventure holidays. Ras Al Khaimah Tourism Development Authority (Raktda) and Oman Tourism Development Company (Omran) said the deal was a “first of its kind”. Officials described the partnership as a natural fit, with just a […] December 8, 2023
Leisure & Hospitality PIF buys 49% stake in UK’s Rocco Forte Saudi Arabia’s Public Investment Fund (PIF) is set to buy a 49 percent stake in British hotel group Rocco Forte with plans to launch new hotels in the Middle East over the next five years. The deal values Forte’s group of 14 hotels across Europe at £1.2 billion ($1.52 billion) and implies an enterprise value, including debt, […] December 4, 2023
