Leisure & Hospitality Dubai hospitality thrives despite rising costs Dubai’s hospitality industry reported a strong end to the year despite global economic turbulence and geopolitical concerns in the region. According to the latest headline S&P Global Dubai Purchasing Managers’ Index (PMI), the emirate’s non-oil private sector posted its best performance for 16 months in December, buoyed by strong sales in wholesale and retail and […] January 10, 2024
Retail Retailers point up savings as Dubai bans plastic bags Supermarket operators have told AGBI that Dubai’s ban on single-use plastic bags is an opportunity to cut costs – and pass on savings to customers. The emirate’s prohibition on the import, production and circulation of single-use plastic shopping bags came into force on January 1, in an attempt to reduce waste and pollution. The Gulf […] January 10, 2024
Opinion Retail What shoppers want – and how to make sure they get it Generative AI tools and ‘value hacking’ will influence buying decisions this year January 9, 2024
Video length: 05:17 VIDEO Retail Gulf retailers absorb Red Sea shipping cost rise – for now The Red Sea shipping crisis is only a “hiccup” in the day-to-day operations of UAE retailers, and customers will not experience any price rises or product shortages in the short term, chains are saying. “We wouldn’t call it a crisis. This particular situation isn’t much different to the challenges we had when the Suez Canal […] January 9, 2024
Analysis Construction Bahrain’s consumer spend to rise as destination malls open Consumer spending in Bahrain is forecast to rise this year as its economy grows – with retail confidence reflected by construction starting on a $530 million development. Bahrain Marina will have nearly 200 shops, including international brands, restaurants and cafes, as well as 274 residential units, 182 berths for yachts and boats, and more than […] January 5, 2024
Retail Perfume helps Dubai Duty Free hit record sales in 2023 Dubai Duty Free (DDF) recorded record sales of AED7.885 billion ($2.15 billion) in 2023, a year-on-year increase of 24 percent, and 6 percent above 2019, with perfume retaining its title as the top-selling sector. DDF celebrated its 40th anniversary in December, and the holiday month finished the year with sales of AED807.6 million, an 8 […] January 4, 2024
Retail UAE enforces new rules for buy-now-pay-later operators Updated regulations for buy-now-pay-later service providers and other finance companies providing short-term credit facilities have been introduced by the Central Bank of the UAE. Buy-now-pay-later (BNPL), a business model that allows consumers to make immediate online purchases and spread their payments over interest-free instalments, has grown in popularity in the Gulf post Covid-19. Last month, […] January 2, 2024
Sustainability Dubai bans single-use plastic bags in new year recycling push A ban on single-use plastic bags has come into force in Dubai. The January 1 ban follows a resolution issued by Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, reported the UAE state-run news agency Wam. It aims to encourage the private sector to promote the use of recycled products, aligning with […] January 1, 2024
Leisure & Hospitality Saudi-listed retail firms suspend merger plans Two major Saudi conglomerates have shelved their merger plans to create a new retail powerhouse. Arabian Centres Company (Cenomi Centers) and Fawaz Abdulaziz Alhokair Company (Cenomi Retail) have agreed to end talks on a merger proposal until further notice, the companies said in separate statements to the Saudi stock exchange. “The conditions and timing are […] December 22, 2023
Finance Payment app Foodics to launch first Saudi fintech IPO Foodics, the cloud-based restaurant management and payment business, is to be the first Saudi fintech to list on the Saudi stock exchange in an IPO next year. “We haven’t decided exactly when but we plan to do an initial public offering during the next year,” Foodics’s general manager, Kamal Mirghalani, told Saudi-owned TV channel Asharq […] December 20, 2023
Video length: 06:37 Retail Margins tighten for UAE retailers ahead of holiday season In the run-up to the holiday season, the UAE’s retailers are enjoying a healthy rise in new business and stocking up on inventory to meet demand. While a busy period is expected, costs continue to increase. To remain competitive, businesses are not increasing prices, meaning margins are being squeezed even further. The latest S&P Global […] December 20, 2023
Retail Sama issues regulations for growing BNPL sector The Saudi Central Bank (Sama) has issued new rules covering the rapidly expanding buy-now, pay-later (BNPL) retail sector, which analysts predict will double in size to $2.7 billion in annual transactions by 2028. Sama said it was issuing the regulations to ensure sustainable growth, transparency and consumer rights in the BNPL market, as part of […] December 18, 2023
Leisure & Hospitality Retailers wear the cost of sustainable process in UAE Retailers in the UAE are shouldering the financial burden of adopting sustainable practices to stay competitive, but policy reforms are needed to back their long-term environmental goals, an executive of the Gulf’s largest clothing company has said. Gaps in existing regulations include a lack of sufficient incentives, tax breaks and a comprehensive framework to enable […] December 15, 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
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
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
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
Retail Adnoc Distribution reports 9% quarterly profit rise Adnoc Distribution’s third-quarter net profit rose 9 percent year on year, boosted by double-digit growth in fuel volumes and non-fuel business, the company said in a results announcement this week. The UAE’s largest fuel and convenience retailer, listed on the Abu Dhabi Securities Exchange, reported a net profit of AED835 million ($227 million) and a […] November 10, 2023
Video length: 07:13 Opinion Lifestyle Hold on to your wallet – the Aston Martin bicycle is here The so-called hyperbike is just the thing to be parked next to your supercar November 3, 2023
Analysis Leisure & Hospitality UAE’s indoor entertainment smashes it out of the park Have you ever looked at your smartphone, laptop, or even that dreaded printer, with utter rage and felt the urge to crush it into tiny little pieces? You’re not alone – and the UAE’s The Smash Room offers just that service. It is now planning to break into the Indian and Saudi Arabian markets, as […] October 27, 2023
Analysis Trade UAE-Swiss trade golden age adds technology to luxury The trade relationship between the UAE and Switzerland is enjoying a golden era, with the European nation now the top non-oil destination for Emirati exports. Gold, jewellery and luxury watches traditionally dominated non-oil bilateral trade but innovation is growing in importance, according to Swiss Business Hub Middle East. It said that technology was increasingly important […] October 26, 2023
Retail Saudi warehousing shortage offers developers opportunity Saudi Arabia is facing a severe shortage of warehousing, and experts say the challenge for industrial occupiers presents an opportunity for developers. Real estate consultancy Knight Frank said the warehouse market in the kingdom remains “severely undersupplied” and rents are on a sharp upward trajectory. Average warehouse rents in Riyadh rose 20 percent during the […] October 25, 2023
