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
Retail Food inflation leads to rise of Gulf discount operators Rising food costs in the Gulf over the last two years have spurred an increase in the number of discount operators entering the market. The food and beverage category of the UAE’s consumer price index rose from 100.3 in 2021 to 107.5 in 2022, and is forecast to rise further to 111.8 in 2023, according […] December 2, 2023
Tourism Neom’s Siranna promotes Saudi eco-friendly tourism Saudi Arabia’s giga-project Neom has unveiled its latest eco-friendly tourism destination on the coast of the Gulf of Aqaba. Siranna, located in northwest Saudi Arabia, will be home to a 65-key hotel and 35 “exclusive” residences. The architecture of the “ultra-luxurious” destination comprises hexagonal pillars that will “blend into the adjoining mountain and wadi”, Neom […] November 30, 2023
Construction Atlantis may expand further in Palm Jumeirah Resort group Atlantis Global is “looking at different options” to expand its Dubai footprint further, despite president Tim Kelly predicting a drop in room rates across the emirate. The company operates the Atlantis The Palm resort at the tip of Palm Jumeirah, and opened the neighbouring Atlantis The Royal property in February this year, at […] November 30, 2023
Retail Majid Al Futtaim to invest $1bn in Egyptian market Dubai-based Majid Al Futtaim Holding plans to invest $1 billion in the Egyptian market, according to CEO Ahmed Galal Ismail. The retail conglomerate has already invested $2.5 billion in Egypt so far, Ismail told Prime Minister Mostafa Madbouly during a meeting, Egypt Today newspaper reported. He disclosed that a Carrefour branch will open at Administrative […] November 28, 2023
Leisure & Hospitality Envi Lodges to add new beach eco-retreat in Oman Envi Lodges, a Dubai-based tented camps and eco-pods specialist, is planning to add a new property in Oman, located an hour’s drive from Muscat. The new eco-retreat close to the shores of Al Sifah follows the announcement of a mountain ecolodge at Al Jabel Al Akhdar in the Hajar mountains. Set to open in late […] November 28, 2023
Retail Tihama shareholders to vote on rescue for Saudi media group Shareholders in the loss-making media group that operates WH Smith shops in Saudi Arabia are to vote on a rescue plan next month. Tihama Advertising and Public Relations Company said its “financial reorganisation proposal under the Saudi bankruptcy rules” would be put to shareholders on December 18. The meeting will be overseen by Osama Al […] November 27, 2023
Leisure & Hospitality Dubai’s Gaia to open fourth outlet in London next month UAE-headquartered Fundamental Hospitality Group will open its fourth international Gaia restaurant – a luxury dining concept created in Dubai – in London next month as part of its global expansion plan. The restaurant will also house NYX, a signature lounge, in the fashionable London neighbourhood of Mayfair. Gaia London spans almost 10,000 square feet and 160 […] November 27, 2023
Business of Sport Red Bull’s Max Verstappen wins Abu Dhabi GP Red Bull’s triple world champion Max Verstappen wrapped up Formula One’s most dominant season with a record-extending 19th win in 22 races at the season-ending Abu Dhabi Grand Prix on Sunday. The pole-to-flag victory, for the fourth year in a row under the Yas Marina floodlights, left the 26-year-old alone in third place in Formula […] November 27, 2023
Tourism Turkey’s foreign tourist arrivals rise 12% to 44m Foreign visitors arriving in Turkey rose 11.58 percent year on year in the first 10 months of 2023, according to a local media report. Arrivals reached 44.2 million in the year to October compared to 39.6 million a year ago, Daily Sabah newspaper reported, citing tourism minister Mehmet Nuri Ersoy. The overseas visitor number more […] November 27, 2023
INTERVIEW Real Estate UAE buyers help ex-England footballer hit property goals The former Manchester United and England footballer Gary Neville has revealed that one in five properties in his luxury residential development have been snapped up by UAE investors. Neville, a Champions League-winning defender turned entrepreneur, visited the Emirates this week to gauge Middle Eastern interest in his £400 million ($501 million) hotel and apartment project […] November 26, 2023
Analysis Trade Raiven launches fund to strengthen UAE-Canada ties Raiven Capital, a venture capital company based in Toronto, has launched a new $125 million fund in Dubai with a focus on tech-based founders. The fund, set up in Dubai International Financial Centre (DIFC), will invest in entrepreneurs developing artificial intelligence to disrupt sectors including fintech and cybersecurity. “Raiven has ambitious plans for the region […] November 23, 2023
Opinion Tourism Tourism is understandably down, but now is the time to visit Jordan Barring an escalation in the Israel-Gaza conflict, it feels safe to visit November 21, 2023
Sustainability Shoppers ‘will pay premium for sustainable products’ Consumers are willing to pay more to be sustainable, a study has found, even as most businesses remain far from meeting their environmental goals. A survey of 23,000 global consumers by management consultancy Bain & Company found that 64 percent of respondents reported high levels of concern about the environment. Most said their worries had […] November 21, 2023
Leisure & Hospitality Cop28 brings big boost in occupancy for UAE hotels Hotels in the UAE are expected to see double-digit growth in occupancy rates over the next month as they prepare to welcome tens of thousands of Cop28 attendees. More than 70,000 participants, including world leaders, non-government organisations, private sector representatives, indigenous peoples and young people are scheduled to attend the 28th annual iteration of the […] November 21, 2023
Agriculture UAE refreshes strategy to reduce food waste by 50% The UAE has launched an action plan to reduce food waste by 50 percent by 2030, minister of climate change and environment Mariam Almheiri said. At Cop28, which will be hosted in Dubai later this month, the UAE is prioritising the transformation of food and agricultural systems. Earlier this year, the Emirate launched the Cop28 […] November 20, 2023
Analysis Business of Sport Tourism up, growth down: a year on from the Qatar World Cup A year ago, the Al Bayt stadium, 35 kilometres outside Doha, hosted the opening game of the first World Cup ever held in the Middle East. More than 67,000 supporters thronged the giant complex to watch Qatar’s first game against Ecuador. The stadium will come into its own again in January when it hosts the […] November 20, 2023
Leisure & Hospitality Real Madrid World theme park set to open in Dubai Real Madrid World – the first-ever football theme park – will open in Dubai. The amusement park will have “adrenaline-pumping themed attractions, immersive experiences and fan engagement opportunities, celebrating football and basketball the Real Madrid way,” Dubai Parks and Resorts and Real Madrid said in a joint statement. Real Madrid World will host new experiences, including family-friendly attractions, […] November 17, 2023
Business of Sport F1 promoter predicts strong turnout for Abu Dhabi GP The promoter of the Abu Dhabi Grand Prix is predicting strong attendance for this month’s race despite the continuing conflict in Israel and Gaza. Several events in the UAE and across the Middle East have been cancelled or postponed because of the war, but Formula One’s governing body has dismissed speculation that the final race […] November 17, 2023
