Retail Majid Al Futtaim reports 6% profit drop as sales slow Shopping mall owner Majid Al Futtaim has reported a drop in profit for 2024, attributing the decline to lower retail revenue, a higher tax burden and currency devaluation in some of its international markets. Total revenue fell 2 percent to AED33.9 billion ($9.2 billion) and profit dropped 6 percent to AED2.5 billion in 2024, MAF […] March 24, 2025
Opinion Leisure & Hospitality Ramadan food prices won’t stop Omanis filling their trolleys Staples such as rice and sugar cost about 10% more this year, but Iftar traditions still hold sway March 19, 2025
Retail Watchdog investigates four of Turkey’s biggest retailers Turkey’s competition watchdog is carrying out an investigation into four of the country’s five biggest retailers by sales, the supermarket group Carrefour, the discount store chain BİM, the supermarket chain Migros and the discount store group Şok. Their shares on the Boursa Istanbul fell by as much as 6.3 percent on Monday, the day the […] March 11, 2025
Retail PIF launches Saudi Arabia’s first duty-free retailer The Public Investment Fund (PIF) has launched Saudi Arabia’s first duty-free operator as the kingdom targets 150 million annual visitors by the end of the decade, according to a statement. Al Waha Duty-Free Company (Al Waha), a wholly owned unit of the sovereign fund, aims to secure a “large” share of passenger spending to boost […] March 11, 2025
Retail Ramadan sharply boosts Saudi consumer spending Saudi consumers increased spending to one of its highest ever weekly levels as they rushed to build up food supplies ahead of the fasting month of Ramadan, local figures show. Consumer spending in the largest Arab economy soared by 35 percent to 17.6 billion riyals ($4.7 billion) in the period February 23 to March 1, […] March 6, 2025
Retail Chinese car makers target UAE’s Ramadan bargain hunters Chinese car makers look set to win big over traditional manufacturers from the US, Japan and Europe among Ramadan bargain hunters in the UAE this year. For years, Japanese, American, and European carmakers have relied on Ramadan promotions, offering free insurance, extended warranties and zero percent financing, to increase sales. But buyers, squeezed by inflation, […] February 28, 2025
Retail Multiply Group targets Europe with Tendam stake buyout Abu Dhabi-listed Multiply Group will acquire a 68 percent stake in Spanish fashion retailer Tendam as part of its global expansion strategy, the investment holding company said in a statement. The stake was purchased from private equity funds CVC and PAI Partners, who will remain minority shareholders in Tendam, which owns the Cortefiel, Women’s Secret, Milano […] February 26, 2025
Retail India’s Tata Group in talks to acquire stake in Damas Titan Company, the watches and jewellery arm of Indian conglomerate Tata Group, is in talks with Qatar-based Mannai Corporation to acquire a significant stake in Damas Jewellery, a news report said. The discussions, which began a year earlier, revolve around Damas’s valuation, estimated at Rs 45 billion ($518 million), the Economic Times, an Indian financial […] February 18, 2025
Retail Adia-backed Lenskart to raise $1bn from Indian IPO Lenskart, a high profile optical retailer which is backed by the UAE’s sovereign fund Abu Dhabi Investment Authority (Adia), is planning to file for a $1 billion initial public offering (IPO). The company’s potential valuation has doubled to $10 billion from $5 billion last year after it raised $200 million from a secondary round, the Economic […] February 17, 2025
Retail Bahrain duty free operator’s 2024 earnings rise 17% Bahrain Duty Free Shop Complex, the operator of duty free shopping at the country’s international airport, said net profit increased 17 percent to BD5 million in 2024 compared to BD4.3 million a year ago. Total income increased to BD3.4 million, rising 44 percent year on year. Profits from investments reached BD6.1 million last year, up […] February 11, 2025
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
Exclusive Energy Adnoc Distribution to spend billions on M&A deals $2bn to spend Interview with strategy officer Listed in 2017 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 sen... Register now: It’s easy and free This content is available for registered members only. Register for your […] 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
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
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
Economy Kuwait consumer spending reaches record high Consumer spending in Kuwait hit record levels in 2024, underpinned by a growing preference for card payments and a thriving ecommerce industry. Figures from the Central Bank of Kuwait for 2024 showed spending reached KD47.81 billion ($155.7 billion), a rise of 4.4 percent from the previous year. The figures show an increase in card payments and […] January 30, 2025
Retail Abu Dhabi’s Royal Group buys eco brand Pangaia Abu Dhabi’s Royal Group has acquired a controlling stake in fashion brand Pangaia. No financial details of the transaction were revealed. Pangaia, which has its headquarters in London, designs eco-friendly clothing made from organic and recycled materials, sold primarily through its website. It uses next-generation materials for its clothing and accessories, including Mirum, a plant-based, plastic-free leather […] January 24, 2025
Finance Bahrain’s Investcorp agrees to buy Italy’s Epipoli Bahrain’s Investcorp has finalised a deal to acquire Epipoli, an Italian alternative payments company. The asset will be purchased from London-headquartered private equity Bregal Milestone and Epipoli founder and CEO Gaetano Giannetto. Giannetto will continue to hold a significant minority stake and lead the company. No terms of the transaction were disclosed. Epipoli owns the […] January 17, 2025
Retail Nice One share price up 55% in first week of trading Nice One Beauty Digital Marketing Co’s shares jumped 9.81 percent on Tuesday, beginning the day at SAR49.75 ($13.25) and reaching SAR 54.30 by its close. Eight days after the Saudi cosmetics retailer launched an initial public offering (IPO) for 30 percent of its capital (36.5 million shares) on January 7, its shares have increased in […] January 15, 2025
Retail UAE shoppers ready to spend, but retail outlook remains tough The spending of UAE consumers is expected to increase this year, but retail analysts have warned this is unlikely to be a silver bullet that halts shrinking margins. A survey of more than 15,000 shoppers in nine countries, published by consultancy AlixPartners, has found the percentage of UAE consumers intending to spend more is 13 […] January 15, 2025
Retail Sales rise 18% for airport retailer Qatar Duty Free Airport retailer Qatar Duty Free has reported an 18 percent sales increase for 2024. The rise was higher than passenger growth at Hamad International Airport in Doha, which increased 15 percent to 52.7 million. Qatar Duty Free, a subsidiary of Qatar Airways that owns and operates the airport’s shopping and food outlets, did not release […] January 14, 2025
Tech US PC makers bank on AI to regain Gulf market share US technology majors Dell and HP have launched a range of PCs featuring artificial intelligence capabilities. Industry analysts believe this may help them regain lost market share in the Gulf region and reverse the decline in demand for PCs. Global PC shipments, including in Europe, the Middle East and Africa, dropped 14.6 percent in the […] January 9, 2025
