Finance Tabby hires three global banks for Saudi listing Tabby, the buy-now-pay-later startup backed by Abu Dhabi sovereign wealth fund Mubadala, has appointed three global banks to oversee its potential initial public offering (IPO) on the Saudi stock exchange. The company has brought in HSBC Holdings, JPMorgan Chase. and Morgan Stanley to finalise the flotation process, Bloomberg reported, citing informed sources. The plans are still in the early […] February 11, 2025
Aviation Airbus expects Middle East aircraft fleet to double by 2043 Aircraft manufacturer Airbus expects fleet size in the Middle East to more than double in the 18-year period to 2043, the world’s third-fastest rate after China and the Asia-Pacific region. In its latest Global Market and Services Forecast, Airbus said Middle East demand, led by airlines in the Gulf, is estimated at 3,740 new aircraft […] February 11, 2025
Exclusive Energy Adnoc Distribution to spend billions on M&A deals Adnoc Distribution, the UAE’s largest fuel and convenience retailer, is looking to deploy $2 billion in potential mergers and acquisitions in the Middle East and beyond, a senior executive has told AGBI. Athmane Benzerroug, Adnoc Distribution’s chief strategy, transformation & sustainability officer, said on Tuesday that with a free cash flow of more than $700 […] February 11, 2025
Retail Lulu’s 2024 profit strong but fourth quarter takes a hit Lulu Retail, the largest grocery retailer in the GCC, said 2024 net profit rose 12 percent to $249 million from $222 million in 2023, thanks to new store rollouts and improved margins. Revenue increased 5 percent year on year to $8 billion, driven by strong performance in Oman, the UAE and Saudi Arabia, the company […] February 11, 2025
Analysis Business of Sport PIF backs $5bn NBA rival basketball league Saudi Arabia’s Public Investment Fund is planning to back a new $5 billion basketball competition in Europe and Asia that’s expected to rival the US’s National Basketball Association (NBA), according to media reports. The unnamed tournament will feature six men’s and six women’s teams playing in eight host cities in Europe and Asia. The competition […] February 10, 2025
Food & Drink Former KFC operator in Turkey files for bankruptcy IS Gida, the former operator of the KFC and Pizza Hut franchises in Turkey, has filed for bankruptcy after debt reached TR7.7 billion ($214 million). The filing comes a month after the US-based owner of KFC and Pizza Hut terminated its franchise agreements with the Turkish company, state-run Anadolu Agency (AA) reported. “The reality we […] February 10, 2025
Tourism Oman hotel revenue up 6% to $633m by end of 2024 The revenue of Oman’s 3 to 5-star hotels rose 6 percent year on year to OMR243.4 million ($633 million) by the end of December 2024, official data shows. Hotel guest numbers increased by 4 percent to 2 million by the end of December, the Oman Daily Observer reported citing data from the state-run National Centre […] February 10, 2025
Tourism Foreign tourists to Dubai up 9% Dubai received nearly 19 million international overnight visitors in 2024, a 9 percent increase from the previous year, according to the Dubai Department of Economy and Tourism (DET). Partnerships, campaigns, and the hosting of events led to the rise in numbers to 18.7 million, state-run WAM news agency reported. The hotel sector consisted of 154,016 […] February 10, 2025
Leisure & Hospitality Wynn Resorts secures loan for RAK casino The Wynn Resorts joint venture behind the Gulf’s first casino in Ras Al Khaimah has secured a $2.4 billion loan to finance its development. The Wynn Al Marjan Island JV — which includes RAK Hospitality Holding and Las Vegas’ Wynn Resorts — secured the seven-year loan facility, denominated in a combination of AED and USD […] February 7, 2025
Opinion Leisure & Hospitality Sotheby’s first Saudi auction: a test of Gulf’s market potential The 150 lots will feature everything from Picasso to Hermès handbags, at prices up to $1.5m February 7, 2025
Tourism Gallipoli takes centre stage in Turkey’s battlefield tourism plans Visitors from as far afield as Canada and Australia wishing to pay respects at Gallipoli are proving to be another string to Turkey's tourism bow February 7, 2025
Tourism Qatar stopover initiative draws thousands more visitors An initiative encouraging passengers passing through Qatar to stay a night in the country has already sold more than 100,000 room nights this year. Launched in August 2021, the Discover Qatar Stopover Programme allows travellers with Qatar Airways and its codeshare partners to book overnight stays from anywhere between one and four nights at lower […] February 6, 2025
Tourism Morocco aims to double airport capacity by 2030 Morocco expects airport traffic to reach 60 million passengers by 2030 and 90 million by 2035, according to a government official. The growth from 32 million passengers in 2024 is expected as a result of the 2030 Fifa World Cup, which Morocco will co-host with Spain and Portugal, Morocco World News reported, quoting transport and […] February 6, 2025
Tourism Marriott to convert Cairo’s Mogamma building into hotel Marriott International has agreed with the Sovereign Fund of Egypt to convert Al Mogamma Al Tahrir – a Cairo landmark and former government office – into a hotel as Egypt sells off state assets to raise funds. The 500-room hotel development is led by a group that includes Chicago-based property manager Oxford Capital Group, US […] February 5, 2025
Economy Cash withdrawals in Saudi Arabia rise for first time in 5 years Cash withdrawals in Saudi Arabia in 2024 increased for the first time in five years, helping to underpin a rise in consumer spending, the local advisory company Jadwa Investment has reported. Consumer spending in the largest Arab economy rose by nearly 7.5 percent for the year and the value of point of sale (POS) transactions […] February 4, 2025
Real Estate Talks start with Kuwait hotel group on $125m Egypt project Kuwait’s Bukhamseen Holding is considering investing in a $125 million new hotel project in Egypt. Hassan El-Khatib, Egypt’s minister of investment and foreign trade, met Jawad Bukhamseen, chairman of the family-owned conglomerate, to discuss current and future projects in hospitality, finance and restaurant management. In a statement, the ministry of investment said Bukhamseen Holding was […] February 4, 2025
Gaming UAE Lottery operator in talks to sell tickets in shops The UAE Lottery’s operator is in talks to sell tickets in shops across the country. The weekly draw and spin-off games were launched in December, for online play only. Bishop Woosley, director of lottery operations at The Game, which manages the draw, said discussions had been held with retailers to allow ticket sales as early […] February 4, 2025
Analysis Business of Sport Saudi football spending takes youthful turn as big names depart It says much for the evolution of football in Saudi Arabia that the main talking points of the winter transfer-window were of individuals leaving the league rather than multi-million dollar signings. The majority of headlines in the last week of January were devoted to the departures of Brazilian forward Neymar, effectively having his contract ripped […] February 4, 2025
Leisure & Hospitality Abu Dhabi’s Modon plans to buy UK events company Modon Holding has announced plans to acquire a global events company. Modon, an investment company that is backed by state-owned Abu Dhabi Developmental Holding Company (ADQ), announced on Monday that it plans to complete the acquisition of Theta Bidco, a limited company registered in London that owns 100 percent of Arena Events Group (AEG). The […] February 4, 2025
Aviation Kuwait’s Jazeera Airways cuts losses as revenues rise Low-cost carrier Jazeera Airways, which trades on the Kuwaiti stock exchange, narrowed its fourth-quarter 2024 loss on rising revenue and operational efficiency. Net loss narrowed by 42 percent year on year to KD4.2 million ($13.6 million) in the final quarter, as operating revenue climbed 15 percent year on year to KD45.1 million. Passenger numbers grew 9 […] February 4, 2025
Tourism Egypt’s tourism revenue tops $15bn in 2024 Egypt’s tourism revenues more than doubled to $15.3 billion in 2024 compared to $7.2 billion in 2014 amid a major overhaul of the industry. Inbound tourist numbers rose by 60 percent to 15.8 million last year from 9.9 million in 2014, local media outlets reported citing a report released by the cabinet’s media office. The […] February 4, 2025
Aviation Riyadh Air in talks to buy 50 more widebody aircraft Saudi Arabian airline Riyadh Air, backed by the Public Investment Fund (PIF), is in talks with US and European planemakers for 50 additional widebody aircraft, according to a news report. The airline is evaluating the Airbus 350-1000 and Boeing 777X models, Bloomberg reported, citing unnamed informed sources. The carrier is eager to secure delivery slots, […] February 4, 2025
