Video length: 04:13 VIDEO Retail Dubai art dealer uses NFTs for fractional art ownership A Dubai tech startup is introducing tokenisation to the art world, after the NFT bubble burst spectacularly. 10101.art aims to make investing in art accessible to all by selling digitised fragments of works by artists including Andy Warhol, Banksy and Picasso, allowing for collective ownership of a masterpiece for as little as $100 a fragment. […] April 26, 2024
Food & Drink UAE-backed Getir plans sale of shopping platform Turkish grocery delivery startup Getir is planning to sell its Istanbul-based online shopping platform, known as n11, as part of its restructuring strategy, a media report said. “There are many options on the table being discussed with investors. One of them is the sale option for n11,” Reuters reported, citing an unnamed source. A Getir spokesperson […] April 26, 2024
Retail Saudi mall operator takes aim at Dubai’s retail crown Saudi Arabia’s leading mall operator is looking to challenge Dubai for the title of the top retail location in the Gulf, with plans to add five more locations by 2027. Bruno Wehbe, chief operating officer of Cenomi Centers, said the Jawharat Riyadh would include new elements such as 3D holographic projections, food halls with live […] April 25, 2024
Retail Spinneys targets market cap of $1.5bn on Dubai listing Supermarket operator Spinneys will have a market capitalisation of between AED5.11 billion to AED5.51 billion ($1.39 billion-$1.5 billion) after its initial public offering (IPO) price range was set between AED 1.42 and AED 1.53 per share. The total offering size is expected to be between AED1.3 billion and AED 1.4 billion, the company said. Spinneys last […] April 23, 2024
Exclusive Retail Spinneys bets big on sales growth for own-label goods Supermarket operator Spinneys is betting big on strong sales of its private-label products as it prepares to go public next month, CEO Sunil Kumar told AGBI on Tuesday. Its private label – or own-brand – ranges cover food, toiletries and household goods. The retailer also has exclusive rights to sell Waitrose-branded products from the UK […] April 17, 2024
Retail Spinneys to offer 900m shares in Dubai IPO Supermarket operator Spinneys will sell 25 percent of its business in an initial public offering (IPO) on the Dubai Financial Market (DFM), according to an intention to float document released on Tuesday. The company’s offering will be open from April 23 to April 29 for retail investors, while institutional investors can subscribe until April 30, according […] April 16, 2024
Retail Sharjah’s Ramadan retail sales peak at nearly $110m Ramadan retail sales in Sharjah hit a new record high of AED400 million ($109 million) in 2024, reinforcing the positive outlook UAE companies had ahead of this year’s holy month. Sales jumped 25 percent year on year during the Sharjah Ramadan Festival 2024, which concluded last Saturday, the UAE state-run Wam news agency reported, quoting […] April 15, 2024
Retail Diriyah Square planned for historic Riyadh district A public space featuring 400 retail outlets and 100 restaurants and cafes is planned for the historic Riyadh district of Diriyah. Diriyah Square will be announced next week at the World Retail Congress in Paris and aims to attract a combination of international retail brands and local artisans. Diriyah Gate Development Authority group CEO Jerry […] April 14, 2024
Retail Boycott of western brands hurts GCC workers, Apparel chief warns Boycotts of western brands by Gulf consumers in protest against the Gaza conflict only hurts local workers in the region, the founder of the fashion and lifestyle retail conglomerate Apparel Group has warned. The company, which is based in the UAE and handles more than 80 brands from the US, Canada, Europe, Asia and Australia […] April 12, 2024
Analysis Retail The pros and pitfalls of pop-up shops Pop-up shops are appearing in more shopping malls, hotels and even beach clubs. Whether they are for new brands looking to build a name or more established companies opting for a more experiential way to market and test their products, pop-ups are largely temporary affairs designed to create a buzz. They are also considered a […] April 9, 2024
Opinion Tourism Hotels and malls evolve in Bahrain’s battle for tourists To win over the region's visitors, Bahrain is adapting to changing expectations April 8, 2024
Opinion Entrepreneurs Under the lanterns’ glow: unveiling Oman’s entrepreneurial spirit Ramadan opens up many opportunities for entrepreneurs, particularly women April 5, 2024
Opinion Retail UAE Ramadan shopping combines tech and tradition Consumers have been navigating a complex shopping landscape during the holy month April 5, 2024
Retail Electronic retail payments rise to 70% in Saudi Arabia The Saudi central bank said this week that the share of electronic payments in the retail sector rose to 70 percent in 2023 from 62 percent the year before, as the government tries to boost online banking and the fintech sector. A total 10.8 billion transactions were processed in 2023 compared to 8.7 billion transactions […] April 4, 2024
Leisure & Hospitality QIA joint venture sells stake in high-end Turkish mall for $500m A joint venture between Qatar Investment Authority (QIA) and Turkey’s Dogus Holding has divested its 42 percent stake in a high-end shopping mall in Istanbul for $500 million, according to a media report. The stake was sold to Orjin Group, a local entity that already owns 58 percent of the IstinyePark mall, after the joint […] April 4, 2024
Video length: 5:33 VIDEO Leisure & Hospitality Merex’s revival of ‘challenging’ City Walk and La Mer Merex Investment is redeveloping its lifestyle beachfront destination La Mer and using its successful transformation of City Walk in Dubai as a benchmark for the revival of its failing assets. La Mer is to be renamed J1 Beach, with 13 new dining and club venues due to open in September 2024. Occupancy rates at City […] April 4, 2024
Retail Cenomi Retail to divest more brands in turnaround plan Franchiser Cenomi Retail has announced another round of brand divestments as it seeks to tackle rising losses. The Saudi company closed more than 200 stores last year and sold 16 brands in the first quarter of 2024. On Wednesday Cenomi Retail said its board of directors had approved the third phase of the sell-off. The […] April 3, 2024
Retail Saudi retailer Cenomi reveals major brand sale Saudi-based franchiser Cenomi Retail has announced the sale of 16 brands in the first quarter of 2024 as part of a turnaround strategy to stem mounting losses. Cenomi transferred 226 stores in Saudi Arabia to Abdullah Al Othaim Fashion Company. This follows the retailer’s exit from some international markets and the net closure of an […] April 2, 2024
Retail ADIA and Mubadala join $8.3bn China shopping mall deal Two Abu Dhabi state-backed companies are part of a group which has agreed to invest $8.3 billion to acquire a 60 percent stake in Chinese property major Dalian Wanda’s shopping mall subsidiary. The investment was led by Hong Kong private equity firm PAG, along with Platinum Peony B 2023 RSC, a wholly-owned subsidiary of the Abu […] April 1, 2024
Retail Cenomi Centers’ growth reflects Saudi retail potential Saudi Arabia’s largest operator of shopping malls has reported record footfall, which drove a 49 percent jump in net profit last year. The number of visitors to Cenomi Centers malls rose by 19 percent to 124 million in 2023, smashing the previous pre-Covid record of 114 million in 2019. The company delivered SAR2.3 billion ($613 […] March 26, 2024
Retail UAE’s Lulu selects banks for potential $2bn IPO UAE’s retail conglomerate LuLu Group International has appointed local and international banks to lead its proposed $2 billion initial public offering (IPO), according to a media report. The company, which is among the largest hypermarket chain operators in the Middle East, has selected Abu Dhabi Commercial Bank, Citigroup, Emirates NBD Capital and HSBC Holdings to […] March 22, 2024
Health Aster DM says India, GCC business split nears closure Hospital chain Aster DM Healthcare has confirmed that the separation of its GCC and Indian businesses and the proposed investment in the former by a Dubai private equity firm are nearing completion. The company agreed to sell a 65 percent stake in its Gulf business to a state-backed Fajr Capital-led consortium for $1 billion in November […] March 21, 2024