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
Retail GCC retail industry concern as shoppers move online The Gulf’s retail industry remains an area of concern amid ongoing changes in consumer spending habits. The Q2 2023 edition of the Middle East Turnaround and Restructuring Survey, published by professional services firm Alvarez & Marsal, found more than two-thirds of respondents anticipated continued pressures in the sector as consumers increasingly turn to digital shopping […] September 6, 2023
Retail Dubai Holding weighs sale of 25% stake in retail franchisee Dubai Holding, the investment vehicle of Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum, is weighing the sale of its minority stake in Azadea Group, which operates Inditex franchises in the Middle East including Zara, three people with knowledge of the matter told Reuters. Dubai Holding has selected JPMorgan and Rothschild & Co to advise […] September 6, 2023
Exclusive Retail Middle East shoppers surge at UK’s Bicester Village Travelling on the train to Bicester Village, do not be surprised if you hear announcements in Arabic as you approach the British designer outlet retail destination an hour from London. This is just one example of the steps Bicester Village’s parent company Value Retail has taken in recent years to attract more Middle East shoppers. The […] September 3, 2023
Banking & Finance Network invests $32m to fuel Egypt’s cashless ambition Dubai’s Network International is investing EGP1 billion ($32 million) to accelerate Egypt’s transition from cash to digital payments. Network said it plans to enhance its payment technology and capabilities in Egypt. This includes investing significant amounts in procuring, deploying and maintaining about 100,000 point-of-sale machines. It will also invest in implementing and operating its payments […] August 28, 2023
Food & Drink HeroGo steps up fight against ‘ugly’ food waste HeroGo, an online delivery service for “ugly” or surplus produce, is planning to cut food waste beyond the UAE via partnerships with supermarkets and hotels, its founder reveals. “To have the biggest impact we need to be in multiple markets, so we’re in talks to expand in the near term,” HeroGo’s Daniel Solomon tells AGBI. […] August 28, 2023
Retail Qatar to invest $1bn for 1% stake in Reliance Retail Qatar Investment Authority will invest $1 billion for a 1 percent stake in India’s Reliance Retail Ventures, nearly doubling its valuation to $100 billion from its last funding round in 2020. Reliance Retail is India’s largest retailer and the retail arm of billionaire Mukesh Ambani’s Reliance Industries. It has been partnering with a slew of […] August 24, 2023
Leisure & Hospitality Turkish food delivery company to cut 2,500 jobs Turkish food delivery company Getir announced a global restructuring on Tuesday, saying it plans to cut 2,500 jobs across five countries, or 10.9 percent of its total workforce. Getir last month announced its exit from Italy, Spain, and Portugal, but it will continue to operate in Turkey, the UK, Germany, the Netherlands and the US, […] August 23, 2023
Leisure & Hospitality Majid Al Futtaim’s profit surges 74% as GCC flourishes UAE retail conglomerate Majid Al Futtaim Holding reported a 74 percent year-on-year rise in net profit to AED1.7 billion ($462.84 million) in the first half of 2023, driven by positive macroeconomic conditions across the Gulf countries. Revenues rose five percent year on year to AED18.9 billion, fueled by a 37 percent increase in income from […] August 21, 2023
Opinion Retail Brands will jump on the social commerce bandwagon in Mena Hurdles remain but e-commerce in the region must evolve August 15, 2023
Retail BinDawood plans expansion after profit rise Grocery retailer BinDawood Holding is opening up to six new stores in Saudi Arabia this year following increases in revenue and profit. The company operates a total of 84 hypermarkets and supermarkets across the kingdom. It is also planning to expand its e-commerce capacity including one “mega dark store”. Dark stores are large retail facilities […] August 14, 2023
Food & Drink Delivery Hero reports Mena revenue surge Germany’s Delivery Hero has reported a rise of almost 25 percent in second-quarter revenue from its operations in the Middle East and North Africa (Mena) region. The company said strong customer demand resulted in second-quarter Mena revenue rising 24.4 percent to €641 million ($706 million), up from €515 million a year earlier. The Berlin-based conglomerate […] August 10, 2023
Opinion Tech How augmented reality could boost your bottom line Marketers must leverage the region’s love of Snapchat and alternative realities August 10, 2023
Retail Cenomi Centers doubles profit as mall visitors rise Cenomi Centers, the largest owner, operator and developer of shopping malls in Saudi Arabia, more than doubled net profit in the first half of 2023 as bosses predict a record post-pandemic year for footfall. The company reported revenue over SAR1 billion, a 5.5 percent year-on-year increase, while net profit increased 103 percent to SAR725 million […] August 9, 2023
Video length: 04:13 Food & Drink Supermarkets embrace UAE’s brand of plant-based meat Switch Foods, the plant-based meat brand based in Abu Dhabi, is now available at 133 stores across the UAE as the Gulf’s appetite for alternative diets continues to grow. Consumers can now buy its products from retailers including Carrefour, Organic Food Café, Grandiose, Geant, Union Coop, Sharjah Coop, Al Maya, Abella and Spinneys. Online purchases […] August 8, 2023
Retail Store closures help Cenomi Retail return to profit Saudi franchise group Cenomi Retail posted net profit of SAR113 million ($30.1 million) during the first six months of 2023, compared with a small loss in the year-earlier period as the company closed dozens of stores. While 11 percent of its stores closed during the first half of the year, revenue only dipped by 1.9 […] August 8, 2023
Analysis Retail Bahrain shopping malls must adapt or risk losing tenants Shopping mall owners in Bahrain have been warned to adapt or risk their tenants leaving, as average rental rates in the kingdom dropped by 11 percent over the last year and the popularity of online shopping continues to grow. Retail rents have declined by 7 percent to BHD10 ($26.5) per square metre, as the sector […] August 7, 2023
