Economy Tech companies fuel spike in Saudi business registrations Commercial business registrations in Saudi Arabia increased by more than two-thirds in the fourth quarter of 2024, led by a proliferation of technology-based companies setting up in the kingdom. Over 160,000 new records were issued throughout the three-month period, taking the number of active commercial registrations in the country to more than 1.6 million, according […] January 9, 2025
Retail Dubai’s Majid Al Futtaim closes Carrefour in Oman Dubai-based retail conglomerate Majid Al Futtaim has launched its new grocery retail brand HyperMax in Oman, according to reports, after closing all of its Carrefour stores in the sultanate. It follows a similar move in Jordan in November where its Carrefour franchise brand ceased operations and 34 HyperMax locations were opened across the country. Carrefour […] January 8, 2025
Analysis Employment UAE and Kuwait companies struggling to hire staff Companies in the UAE and Kuwait are struggling to afford new staff as a result of squeezed margins, according to the latest business sentiment survey. For the third successive month, non-oil companies operating in the UAE highlighted a reduction in prices charged, with discounting used to support sales amid a highly competitive market. This was […] January 8, 2025
Business of Sport Stake in Premier League team sought by Saudi brothers A US-Saudi group has reportedly signed an exclusivity agreement to buy 45 percent of the English Premier League club Crystal Palace. A consortium funded by the Saudi brothers Mansoor and Haider Syed, which includes US sports and business executives, has agreed to buy the stake in the club owned by the American company Eagle Football, […] January 7, 2025
Tech Saudi Aramco leads $30m investment in tech startup Wa’ed Ventures, the $500 million venture capital fund owned by Saudi Aramco, and Japanese conglomerate Sumitomo have invested in Zension Technologies, a consumer electronics startup. Wa’ed led the funding raise of $30 million, which also included Dubai-based Global Ventures. Based in Riyadh, Zension provides consumers with access to the latest tech devices. Instead of purchasing devices […] January 7, 2025
Opinion Tourism The future of Middle East tourism must be regenerative How can we shift from reducing harm to regenerating the environments on which we depend? January 7, 2025
Construction Dubai’s $109m Al Mamzar Beach project to open in 2025 Dubai Municipality has awarded contracts for the AED400 million ($108.9 million) Al Mamzar Beach development project, set to open by the end of this year. The second phase focuses on upgrading the Al Mamzar Corniche beachfront and a focus on sustainable beach tourism, the UAE state-run Wam news agency reported. Spread across 125,000 sq m […] January 6, 2025
Tourism Foreign tourists in Dubai hit 17m in 11 months of 2024 International tourist arrivals to Dubai rose by 9 percent to 16.8 million in the first 11 months of 2024, compared to 15.4 million during the same period in 2023, according to official data. Western Europe remained the top source region, accounting for 3.3 million visitors, or 20 percent of the total, the UAE state-run Wam […] January 6, 2025
Leisure & Hospitality Dubai airport gears up for busiest January ever Dubai International (DXB) is set to welcome 4.3 million passengers in the first 15 days of the year, setting the stage for its busiest January yet. The airport saw its highest daily traffic on January 3, with over 311,000 passengers, the UAE state-run Wam news agency reported. An average of 287,000 guests are expected to […] January 5, 2025
Real Estate Rental index in Dubai expands to commercial properties Dubai is to expand its Smart Rental Index to include commercial and industrial properties, a move that could serve as a catalyst for landlords to improve poor maintenance standards in neglected buildings, industry experts said. Majid Al Marri, CEO of real estate registration and services at Dubai Land Department, told AGBI at the launch of […] January 3, 2025
Tax Dubai distributors to swallow 30% tax on alcohol brands Dubai’s two main alcohol distributors have promised to absorb most, and in some cases all, of the 30 percent tax that was reinstated on alcoholic drinks from January 1. The Dubai Municipality tax on alcoholic beverages was suspended from the start of 2023, continuing into 2024. It was widely seen as an attempt to make […] January 3, 2025
Food & Drink Foodtech startup Calo plans IPO after $25m funding round Saudi food technology startup Calo is planning to list on the country’s stock exchange following a raise of SAR94 million ($25 million) in its Series B funding round. Based in Riyadh, Calo specialises in personalised meal subscriptions and also has a bricks-and-mortar offering. It is embarking on an accelerated expansion phase, increasing its physical locations […] January 2, 2025
Tourism Clampdown begins on Saudi’s unlicensed hospitality Travel and tourism service providers and booking platforms have been ordered by Saudi Arabia’s Ministry of Tourism to remove unlicensed hospitality facilities from their listings or “face penalties”. The ruling, which came into effect from January 1, is to ensure outlets offering hospitality meet a certain standard, the ministry said in a statement. It urged […] January 2, 2025
Leisure & Hospitality Dubai Duty Free sales stay flat in 2024 Dubai Duty Free achieved sales of AED7.9 billion ($2.16 billion) in 2024, almost exactly equalling its 2023 performance. December set an all-time monthly record, however, with sales of AED821.94 million, a 2 percent year-on-year increase and the highest in the retailer’s history, the UAE state-run Wam news agency reported. The December performance was fuelled by […] January 2, 2025
Real Estate Burj Khalifa at 15: Ups and downs of the world’s tallest skyscraper It may have a few aches and pains but demand in Dubai's supertower remains strong January 2, 2025
Retail Retail orders for IPO of Saudi’s Nice One hit $242m The retail tranche of Nice One Beauty Digital Marketing’s initial public offering on the Saudi stock exchange was 7.9 times oversubscribed, with the order book reaching SAR908 million ($242 million). SNB Capital Company, the lead manager for the IPO, said the two-day subscription included 3.47 million shares, representing 10 percent of the IPO, at SAR35 […] December 31, 2024
Business of Sport World Cup contractors may have to register in Saudi Foreign companies hoping to capitalise on Saudi Arabia’s SAR100 billion ($26.6 billion) World Cup preparations must be registered in the kingdom, according to the chief executive of a leading Saudi-based investment company. “Don’t waste time offering services from abroad,” said Mohammed AlQahtani, CEO at Saudi Arabia Holding Company, a private equity firm in Riyadh, in […] December 31, 2024
Analysis Food & Drink Gulf restaurants urged to keep it local Restaurant operators and investors in the Gulf should open local, authentic outlets rather than imported high-end brands, experts say. Saudi Arabia, where government-backed initiatives seek to double the number of restaurants, “is definitely a growth market”, according to Duncan Fraser-Smith, CEO of Craft Hospitality Group. But the establishment needs to suit the location. Craft turned […] December 31, 2024
Retail MAF Lifestyle awaits ‘stability’ before entering Egypt The lifestyle arm of the UAE conglomerate Majid Al Futtaim is looking for opportunities to expand into Egypt. However, there must be “stability” in the country before any move is made, MAF Lifestyle’s CEO, Fahed Ghanim, has told AGBI. Majid Al Futtaim as a group already runs operations in Egypt, including the Mall of Egypt […] December 30, 2024
Analysis Real Estate Pricey homes and packed hotels: the year in GCC real estate The story of the Gulf property market this year was about decreased housing affordability and a growing gap between top-quality properties and second-tier ones. Meanwhile, surging numbers of international visitors in the UAE, Saudi Arabia and Qatar brought thriving hospitality and retail sectors in the main tourist hotspots. Industry observers expect 2025 to bring more […] December 27, 2024
Tourism Abu Dhabi records 26% rise in international visitors Abu Dhabi welcomed almost five million guests to its hotels in the year through to October. The latest figures from the Department of Culture and Tourism (DCT) Abu Dhabi show that the number of international guests was up 26 percent year on year over the 10-month period. Visitors mainly came from India, China, Russia, the […] December 27, 2024
Retail Strong demand for discount retail in Saudi Arabia and UAE Experts are predicting significant growth in discount retail stores and private label brands in UAE and Saudi Arabia in the coming years. Cost-conscious consumers in the region are looking for convenience and value in their weekly shop and that extends to buying retailer own-brand products usually cheaper than market leading brands. In a recent survey […] December 27, 2024
