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
Retail Food store Kibsons says IPO could be on the table Kibsons, the family-owned food delivery company in the UAE, has said a potential listing of the business is “absolutely” on the table. Launched in 2016, it processes over 35,000 orders a week. And founder and CEO Halima Jumani says they are on target to hit $100 million in turnover this year. Jumani, who co-owns the […] October 17, 2023
Giga-projects Construction to start on Rua Al Madinah giga-project Rua Al Madinah Holding, the Saudi Public Investment Fund (PIF) subsidiary in charge of the touristic and cultural development of Medina, has invited companies to bid for contracts to build 5,000 hotel rooms. Construction of the mega mixed-use scheme is due to start soon. Rua Al Madinah expects to welcome its first guests in 2026. […] October 16, 2023
Tech UAE businesses and families splurge on video surveillance Dubai retail conglomerate Majid Al Futtaim has signed a deal to use artificial intelligence to boost security systems at its malls across the region. The company has signed an AED3.5 million ($950,000), three-year deal with Australia-based Icetana to upgrade camera streams at 16 of its sites. Icetana’s AI software can identify and report unusual or […] October 13, 2023
Retail Rapid growth for Dubai retail despite rising costs Business activity and confidence in Dubai’s non-oil sector have returned to pre-pandemic levels, and retail in particular has shown growth. However, rising costs have brought a halt to hiring and the discounting of prices, according to a new survey published this month. The latest S&P Global Dubai Purchasing Managers Index (PMI) for September rose to […] October 13, 2023
Retail Cenomi enters Uzbekistan as new mall launches Saudi franchiser Cenomi Retail has announced plans to enter Uzbekistan as part of its capital city’s urban redevelopment. The retailer has signed an agreement for nine international brands to open in Tashkent City Mall, an upcoming 250,000 sq m project. Having signed Aldo and Cinnabon agreements in April, the company confirmed that it will also […] October 11, 2023
Opinion Media & Advertising Advertisers, don’t forget the Gen X factor Gen X is responsible for 27% of global spending and its earnings are growing October 10, 2023
Tech Founder returns to Dubai lifestyle app The Entertainer The founder of The Entertainer, a Dubai tech business that offers thousands of lifestyle product discounts, has returned as CEO to steer the company through a shake-up as it seeks to revive sales. Donna Benton launched the Entertainer in 2001 and played a pivotal role in its success before her departure in 2018. Now she […] October 9, 2023
Retail Adia to invest $598m in India’s Reliance Retail Reliance Retail Ventures, a subsidiary of India’s Reliance Industries Limited (RIL), is planning to raise 49.67 billion rupees ($598 million) from the Abu Dhabi Investment Authority (Adia). The investment by a wholly owned subsidiary of the UAE’s sovereign wealth fund will translate into an equity stake of 0.59 percent in Reliance Retail, which makes it […] October 8, 2023
Retail Saudi fashion brands attract first international investment The first international investment in Saudi Arabian fashion brands has been agreed in what represents a key milestone in the country’s ambition to rival Louis Vuitton and Chanel. Consumer-focused private equity firm Turmeric Capital has invested undisclosed sums in Saudi-founded streetwear brand 1886 and ethical luxury label Abadia. The company, which has its headquarters in […] October 5, 2023
Markets Bahrain’s Investcorp completes first IPO in Indonesia Investcorp has successfully listed its Indonesian franchisee of the Mothercare brand as its focus on Asia continues to grow. The listing of PT Multitrend Indo is the Bahrain alternative investment company’s first IPO on the Indonesian stock exchange and the 26th in its 40-year history. Mothercare is one of Indonesia’s leading baby and kids retailers, […] September 25, 2023
Leisure & Hospitality Supermarket chain Spinneys Dubai plans IPO next year Spinneys Dubai, the franchisee of the supermarket chain in the UAE and Oman, is planning an initial public offering (IPO) of the business in the second quarter of 2024, three sources with direct knowledge of the matter said. Albwardy Investment, the franchise’s 100 percent owner, hired Rothschild & Co to advise on the planned IPO, […] September 25, 2023
Retail Adnoc to expand its branded service stations across Egypt Adnoc Distribution, a subsidiary of state-owned Abu Dhabi National Oil Company, plans to open six new service stations in Egypt by the end of the year. The UAE company announced the opening of three Adnoc branded service stations on Saturday after acquiring a 50 percent stake in TotalEnergies Marketing Egypt earlier this year. The newly opened […] September 25, 2023
Retail First Riyadh Fashion Week aims for global impact The inaugural Riyadh Fashion Week will take place in the Saudi capital next month with a line-up of 30 of the kingdom’s brands taking over the runway. Celebrities, VIPs, buyers and key industry figures from the global fashion community are expected in Riyadh to celebrate Saudi’s rapidly emerging fashion scene. The inaugural event will also […] September 21, 2023
Analysis Manufacturing The time could be right for a ‘Made in the Gulf’ brand Creating a “Made in the Gulf” brand for the region’s manufacturing sector would not be easy – but such an initiative has potential, according to industry experts. Plans to establish a unified definition and standards for such a brand were discussed by trade and industry ministry representatives at a meeting of the Industrial Cooperation Committee […] September 21, 2023
Retail UAE’s Brands For Less sets sights on Asia and Africa UAE retail group Brands for Less (BFL Group) has revealed plans for international expansion including a $20 million distribution centre in Saudi Arabia. The 38,000 square metre facility in Sudan City for Industry and Businesses close to Riyadh will employ 350 people and be able to store three million products. BFL Group plans to increase […] September 14, 2023
Construction Work begins in Saudi on $293m Yanbu entertainment centre Saudi Entertainment Ventures (Seven) has started work on its new SAR1.1 billion ($293.27 million) entertainment centre in Yanbu. The Yanbu project is part of Seven’s SAR50 billion plan to build 21 entertainment destinations in the kingdom. The company, a wholly-owned subsidiary of the Public Investment Fund (PIF), has awarded the contract to a joint venture […] September 13, 2023
Analysis Tech Russians bulk buying iPhones in UAE to sell back home Last year Apple officially stopped all product sales on its Apple store in Russia in response to the Russian invasion of Ukraine. Despite this, Russian telecom operator MTS and Russian e-commerce sites are already accepting pre-orders for the iPhone 15 – to be unveiled by Apple CEO Tim Cook on Tuesday – and some of […] September 12, 2023
