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Retail

Retail and consumer news from the Middle East. All the important stories, exclusive interviews, plus authoritative opinion and analysis

People visit the Mall of the Emirates in Dubai. Majid Al Futtaim Properties revenue grew by 20%

Currency concerns hit Majid Al Futtaim’s retail revenue

Dubai conglomerate Majid Al Futtaim recorded a slight increase in revenues over the past year but the company’s retail business was hamstrung by geopolitical tensions and currency concerns across several countries. Overall revenue was up by a single percentage point to AED34.5 billion ($9.4 billion) for 2023, with profit rising 12 percent to AED2.7 billion.  […]

Uzbekistan's retail sector is moving away from traditional markets and towards retail chains

Cenomi’s Uzbekistan debut a sign of Saudi trade ambitions

Saudi retail major Cenomi has announced its debut in Uzbekistan in tandem with the kingdom’s efforts to expand bilateral trade with the Central Asian nation. Uzbekistan is Cenomi’s 11th-largest international market, and it has signed a deal to open eight international brands – including a flagship Zara store – at the newly developed Tashkent City […]

Tourists at Lake Burj Khalifa in Dubai. Businesses are confident that growth will continue throughout 2024

Dubai’s non-oil economic growth at five-year high

Dubai’s non-oil economy has recorded its highest growth since before the pandemic, according to the latest business sentiment survey for the emirate.  At 58.5 in February, the S&P Global Dubai Purchasing Managers’ Index (PMI) increased from January’s 56.6 to the highest seen since May 2019.  The number is well above the 50.0 mark which separates […]

BinDawood profit reached 4.9% in 2023 as revenue rose 14.4% year on year to SAR5.6 billion

BinDawood profit more than doubles on higher revenue

Saudi grocery retailer BinDawood Holding more than doubled its profit in 2023, on higher revenue and gross profit margin. Earnings for the 12-month period reached SAR275 million ($73 million) compared with SAR125 million the previous year. Revenue rose 14.4 percent year on year to SAR5.6 billion amid high sales from BinDawood and Danube stores, as […]

UAE business Ramadan

UAE businesses dispute predicted Ramadan downturn

UAE businesses are optimistic about Ramadan’s prospects in spite of a projected 10 percent decline in spending over the holy month. The anticipated dip is partly linked to considerable consumer expenditure after the pandemic and during recent festive sales, according to a study by Redseer Strategy Consultants. “The last two years were a period of […]

In Dubai, '80% of the wine lists are the same', but Abu Dhabi is opening to more alcohol brands

Alcohol brands blocked from Dubai target Abu Dhabi

Independent alcohol brands blocked from the Dubai market are entering the UAE by breaking into the more open Abu Dhabi market, industry insiders have said. The alcohol market in the UAE is regulated at the emirate level, and each has different levels of access and competition. Dubai’s market is a duopoly. Two distributors – Maritime […]

A Starbucks cafe in Beirut, Lebanon. Jobs are being cut due to 'continually challenging trading conditions' in the Mena region

Kuwait’s Alshaya lays off Mena Starbucks staff

Kuwait’s Alshaya Group, one of the Gulf’s largest franchise owners, is cutting jobs at its Starbucks outlets.   The coffee brand has suffered from calls for a boycott since the start of the Gaza conflict. “As a result of the continually challenging trading conditions over the last six months, we have taken the sad and very […]

A cafe in Dubai Mall. Consumers' tastes are changing, according to food producer Agthia Video length: 05:02

Made in UAE: consumers turn to local food brands

UAE consumers are increasingly turning to locally produced products, according to the head of a multi-billion-dirham food and beverage conglomerate.  Consumption patterns in the region are changing rapidly, prioritising healthy lifestyles, time-saving and convenience while maintaining authentic tastes.  “If you can produce something locally, give them good value for money, they are much more open […]

The increase in onion prices was caused by 'floods affecting production in India and some Asian countries' said Oman

Onion prices surge 300% in Oman

Onion prices have increased by 300 percent in Oman, primarily due to a ban on exports from India, according to a local media report. Prices rose from 0.14 baisas ($0.36 cents) per kilogramme in 2023 to 0.47 baisas per kilogramme in December of 2023, before surging to 0.6 baisas per kilogramme by mid-February 2024, the […]

Cenomi Said retail

Cenomi Centers gets $1.4bn to support growth plans

Cenomi Centers, Saudi Arabia’s largest shopping mall operator, has secured sustainability-linked financings worth SAR5.3 billion ($1.4 billion) from a consortium of regional banks. HSBC Saudi Arabia led the syndication, with participation from Saudi National Bank, Saudi Awwal Bank, Arab National Bank, Commercial Bank of Dubai, Mashreq Bank, and Qatar National Bank. The new facilities consist […]

Tihama operates WH Smith branches at airports in Riyadh, Jeddah and the UAE

Tihama board member rebels as group’s losses exceed $37m

A board member at troubled Saudi Arabian media group Tihama has rebelled over the company’s decision not to appeal against a court ruling that blocks its rescue plan. Sultan Abdul Latif Nuqli, a non-executive director, has filed a unilateral request to appeal against the Riyadh Commercial Court decision to reject Tihama’s restructuring proposal. The move […]

Around a quarter of UAE and Saudi shoppers are frustrated when they are not offered free delivery

Free delivery is decisive for UAE and Saudi shoppers

Among the myriad discounts and perks offered by the Gulf’s retail sector, one factor that stands as a vital consideration for UAE and Saudi shoppers is free delivery, a report has found. A survey by the buy-now-pay-later platform Tabby found that free shipping outweighs the allure of customer loyalty schemes. In all, 29 percent of […]

Malina Ngai, Asia and Europe CEO of Watsons, says the GCC and Mena have 'immense significance' for the beauty retailer

Asia’s largest beauty retailer plans GCC expansion

Watsons, Asia’s largest health and beauty retailer, is to launch in two more GCC markets after recording sales growth of 53 percent in the region last year. The company has 18 stores in the UAE, Saudi Arabia and Qatar through a franchise deal with AI Futtaim Group. It is targeting expansion into Bahrain and Kuwait […]

Fashion, Plant, Person

Cenomi Centers sells Riyadh shopping mall for $53m

Arabian Centres Co., know as Cenomi Centers and Saudi Arabia’s largest shopping mall operator, has sold Sahara Plaza in Riyadh for SAR200 million ($53.33 million). The shopping centre is the fourth asset to be sold as part of the company’s programme to sell a portfolio of non-core assets worth SAR2 billion. Sahara Plaza has been […]

Heading to the same store or somewhere new? UAE consumers believe companies should offer tangible rewards for their loyalty

The perks and pitfalls of the UAE’s retail loyalty sector

When customers consistently fly with Emirates or buy their daily coffee at Tim Hortons, the chances are high that they are members of a loyalty programme – and companies deploy them to ensure they return to the brand. But UAE consumers are increasingly discerning about the brands and products with which they interact.  “The direct […]

Tecom Group's revenue reached a record of AED2.2 billion, up 10 percent year on year

Tecom profit rises 49% on growing customer demand

Tecom Group saw net profit for 2023 rise 49 percent year on year to AED1.1 billion ($299.48 million) on robust demand from new and existing customers across all its six business clusters. The company registered broad-based growth across the business, owing to the group’s ongoing efforts to enhance operations and reduce costs. Revenue reached a […]