Retail BinDawood to invest $390m in delivery hubs Saudi grocery retailer BinDawood Holding has announced plans to invest SAR1.5 billion ($390 million) in robotics and delivery hubs. CEO Ahmad BinDawood confirmed that the investment, with partners, would be made in the company’s automated “dark stores” and the infrastructure needed to run them. The stores, typically hubs for online shopping orders, will range from […] September 16, 2024
Retail Turkish ecommerce growing faster than wider economy Turks are embracing online life in ever growing numbers, both as users and as service providers, with ecommerce gaining a strong foothold in the domestic economy and scaling up in overseas markets. Turkish ecommerce is expanding at a rate far faster than the general economy, Ömer Bolat, the trade minister, told delegates at a summit […] September 10, 2024
Tourism Saudi Arabia plans refund scheme to cater for tourists Saudi Arabia is planning to introduce a tourist tax refund scheme in an attempt to boost visitor numbers and compete with its Gulf neighbours. The Zakat, Customs and Tax Authority opened a public consultation at the end of August on proposed changes to tax regulations that aim to improve compliance with valued added tax legislation […] September 10, 2024
Retail Carrefour and Dubai’s Apparel Group plan India expansion Dubai’s Apparel Group has teamed up with Carrefour to take the French supermarket retailer into the Indian market. The franchise agreement will see the first five Carrefour stores open in 2025, with a particular focus on the north of India, before expanding nationwide. “This partnership represents a significant step in strengthening our position in India,” […] September 9, 2024
Retail Online retail sales in Saudi Arabia to double, report says Ecommerce in Saudi Arabia’s retail sector is likely to double between 2020 and 2025, with annual compound growth of 15 percent a year, a government report has revealed. “As the second-highest venture capital-funded sector in Saudi Arabia, ecommerce is booming,” the report by the Small and Medium Enterprises Authority said. Venture capital funding in ecommerce […] September 9, 2024
Finance Mubadala applies to take full control of Turkey’s Getir The Abu Dhabi sovereign wealth fund Mubadala has formally applied to take full control of the Turkish grocery delivery startup Getir. Mubadala had taken a majority controlling stake in the company in June this year as part of a restructuring programme, with a capital injection of $250 million. The filing to take over Getir was […] September 6, 2024
Opinion Retail Swede dreams are made of this – but no meatballs, thanks The vast majority of homes in Dubai have at least one item from Ikea September 6, 2024
Analysis Retail Primark launch would diversify Dubai’s retail offering The launch of value fashion retailer Primark in Dubai would add a much-needed affordable element to the emirate’s retail offerings, industry experts say. Kuwait-based Alshaya Group announced this week that it had partnered with the international fashion retailer and is looking to “explore opportunities to bring its stores to the Middle East”. Alshaya’s portfolio of […] September 6, 2024
Finance Saudi perfumer to raise $188m from 30% stake sale Al Majed for Oud Co priced its initial public offering (IPO) on the Saudi stock exchange at SAR94, the top of its indicative price range announced last week. The Riyadh-based perfume and oud products manufacturer will raise SAR705 million ($188 million) by selling 7.5 million shares, or a 30 percent stake. The institutional book-building phase was oversubscribed by 156.5 times, the […] September 4, 2024
Retail Gaza boycotts fuel sales spike for Gulf beauty brands Homegrown beauty brands in the Middle East are benefiting from boycotts of international companies as a result of the Israel-Gaza conflict. The cosmetics giant L’Oreal said the boycotts had a two-percentage-point drag on its growth in the first half of the year, as consumers turned their backs on the Paris-based company which also owns the […] August 30, 2024
Retail Majid Al Futtaim retail revenue drop drags H1 profit Increasingly frugal shoppers and currency devaluations led the retail division of UAE conglomerate Majid Al Futtaim to report an 11 percent year-on-year drop in revenue in the first half of the year, resulting in its net profit dropping 6 percent. The company’s retail operations account for around 70 percent of its total business and consist […] August 27, 2024
Opinion Aviation Emirates’ first Asian store is a sign of its wider ambition Airlines have been veering away from bricks-and-mortar but Emirates has bucked the trend August 26, 2024
Markets Saudi perfume maker sets IPO price guidance Al Majed for Oud Company, a Riyadh-based perfume and oud products manufacturer, has set the price range for its initial public offering (IPO) between SAR90 and SAR94 ($23.99-$25.05) per share. The institutional book-building period started on Sunday and will end on August 29. The company is floating 30 percent of its capital, or 7.5 million shares, on the Saudi stock exchange. […] August 26, 2024
Analysis Retail Retailers rejoice as shoppers prepare for new school term An estimated 1.5 million students across the UAE are expected to enrol for the new term on Monday – and retailers are welcoming the traditional spending spree for everything from school uniforms to stationery. This year’s back-to-school shopping sales in the UAE are predicted to reach about AED3 billion ($820 million). “Overall, there is expected to […] August 25, 2024
Retail TJ Maxx owner takes stake in Dubai’s Brands for Less US discount retailer TJX Companies, owner of the TJ Maxx chain, has helped create the latest unicorn in the Middle East after taking a 35 percent stake in the Dubai-based Brands for Less (BFL). TJX agreed this week to invest $360 million in the privately held branded apparel and home fashions retailer. Both TJX and […] August 22, 2024
Video length: 07:34 Analysis Retail Retail staff shortage dents GCC shopper satisfaction Shoppers across the Gulf Cooperation Council countries are being put off their purchases by a shortage of skilled staff in the region’s retail sector, as prices of products continue to rise. Annual retail sales in the six GCC countries are expected to grow to $300 billion by 2028, a 37 percent increase from 2022. But […] August 21, 2024
Retail Cenomi in brand merger talks with global fashion retailer The Saudi Arabia-based franchiser Cenomi Retail is in talks with an unnamed international fashion retailer for a potential merger of some of its brands. The investment bank Lazard has been appointed as financial advisor while AS&H Clifford Chance will take on the task of legal adviser, the Saudi-listed company said in a statement. Updates on the […] August 20, 2024
Telecoms Chinese brands gain ground as Mena smartphone sales surge Economic stability and rising populations have fuelled a 20 percent year-on-year surge in the sale of smartphones in the Middle East and North Africa. Chinese brands have made significant gains on other, more established manufacturers. Smartphone shipments in the Middle East reached 11.5 million units in the second quarter of 2024. That was a 20 […] August 20, 2024
Analysis Trade Metals market under pressure with India-UAE pact review The UAE’s lucrative trade in gold, silver and other precious metals is facing fresh scrutiny as India seeks a review of a Comprehensive Economic Partnership Agreement between the two countries. The evaluation could significantly alter the flow of these metals, impacting UAE businesses and particularly affecting exports from Russia via the Gulf state. Sunil Barthwal, […] August 20, 2024
Markets Saudi perfume maker to list 30% stake Al Majed for Oud Company, a $200 million perfume and oud products manufacturer, intends to float 30 percent of its capital, or 7.5 million shares, on the Saudi stock exchange. The final IPO price will be determined after the book-building process, which will run from August 25 to 29. The retail offering will be for one day on September 15, comprising […] August 19, 2024
Video length: 04:53 VIDEO Retail Rents keep rising while space is in short supply at Dubai’s malls Demand for retail space is outstripping supply in Dubai’s most popular malls, leading to hefty rent rises for all tenants, whether big, small, established or new. The highest rents on new leases were recorded in Mall of the Emirates and Dubai Mall, according to a report by consultancy company Nikoliers, with Emaar Malls prime assets […] August 9, 2024
Retail Spinneys profit grows 18% with help from online sales Profits at UAE supermarket operator Spinneys surged 18 percent year on year to AED146 million ($40 million) in the first half of 2024. Strong growth in online sales helped raise revenues, which increased by 10 percent year on year to AED1.6 billion. The company also opened two new branches in Dubai, the first standalone dining concept […] August 8, 2024
