EXCLUSIVE Banking and Finance Dukkantek unveils plan to lend capital to small retailers Dukkantek, whose tech platform is used by 13 million retailers in the Middle East, has secured $10m in pre-series-A funding September 12, 2022
Analysis New UK foreign secretary Cleverly to bolster Gulf ties New UK foreign secretary James Cleverly’s experience and knowledge of the Gulf region should help pave the way for a stronger start to relations between economies, according to industry professionals. Cleverly was given his new role by Britain’s new prime minister Liz Truss, who appointed many of her closest allies to key roles in her […] September 9, 2022
Economy Oman to offer tax waivers and incentives in renewable push Oman is studying offering tax waivers and other incentives to attract investments and localised manufacturing opportunities across the value chain of the new “green energy” industry, according to a local media report. Some of the proposed incentives were recently shared by a high-level delegation representing a key forum held in London, UK, Oman Daily Observer […] August 29, 2022
Long read Retail From Chauf-fur to diamond dog collars, UAE pet sector booms Whether it’s on a doggie cut and blow dry, a luxury kennel stay, or the finest food and bling accessories, UAE households spend nearly a quarter of a billion dollars on their four-legged friends every year. Market research firm Euromonitor International estimates that the UAE pet care industry will be valued at around AED854.4 million […] August 29, 2022
Analysis Economy How Oman got its budget back into the black Oman’s economic outlook looks rosier now than policymakers might have dared to expect just a few months ago – having registered a rare budget surplus in the first half of 2022. Data from the Ministry of Finance revealed a OMR784 million ($2 billion) fiscal surplus, compared to an OMR457m deficit in the same period in […] August 25, 2022
Analysis Employment Indian workers return to Gulf in their droves The demand for skilled, semi-skilled and unskilled Indian workers has increased “drastically” as a rebound in Gulf economic growth signals the end of the coronavirus-induced reverse migration of workers from the region. An increase of nearly 50 percent in fresh migration to the six Gulf Cooperation Council (GCC) members – including the UAE, Saudi Arabia, […] August 19, 2022
Analysis Startup exits escalate in UAE The UAE is seeing an increase in startup exits this year, as the market matures while bigger players look to acquisitions to scale up their operations. The UAE Venture Investment Report, by research firm Magnitt, states that there were 10 startup exits in the Emirates in the first half of 2022, just one less than […] August 19, 2022
Data analysis Economy UK-GCC trade in numbers: relationship set for new era Total trade between all six GCC countries and the United Kingdom increased in the year to the end of the first quarter of 2022, as talks begin on a free trade agreement aimed at further boosting the relationship. The UK posted a trade surplus with all the nations apart from Qatar, with the data showing […] August 18, 2022
Economy IMF urges Saudi to explore new taxes to boost non-oil revenues Saudi Arabia should investigate new taxes, including on income and property, as it aims to boost its non-oil revenues. While significant change has already been undertaken by the kingdom, with a tripling of VAT to 15 percent during the coronavirus pandemic, more can be done, said Amine Mati, assistant director and mission chief for Saudi […] August 17, 2022
Analysis Banking and Finance How Oman has moved from protests to surplus in a year Last June Oman was facing protests over job layoffs and poor economic conditions as the sultanate suffered from the double shock of the coronavirus pandemic and a slump in oil prices. Just 14 months later Fitch Ratings has upgraded Oman’s long-term foreign-currency issuer default rating to ‘BB’ from ‘BB-‘, with a stable outlook. Fitch said […] August 16, 2022
Analysis Kenya general election ‘could delay’ trade deal with UAE The UAE and Kenya are launching talks to form a free trade agreement to boost bilateral economic ties. But political uncertainty in the east African country could hamper efforts to collaborate on shared priorities such as oil, gas, technology and ports, experts say. The two countries signed a joint statement on July 28 pledging to […] August 9, 2022
Analysis Real Estate Dubai property market ranked among top 5 globally Prime residential property prices in Dubai rose by nearly five percent in the first half of the year, placing the emirate at number four in a new list of the world’s best performing markets. US cities including Miami, Los Angeles, San Francisco and New York dominated the leaderboard, with Dubai the only non-US city to […] August 8, 2022
Analysis Lifestyle Kuwait City leads the world for billionaires Kuwait City is home to more billionaires per capita than anywhere else in the world, according to the latest data. The Gulf capital boasts one billionaire for every 33,090 inhabitants, making it the most densely populated city for those with more than ten digits of wealth, reports the Billionaire Census 2022 from New York-based consultancy […] August 2, 2022
Analysis Economy Britain’s plunging pound rattles Middle Eastern investors As Britain battles multiple headwinds of an unstable parliament, spiking inflation and a weakened sterling, global investors have taken note. The pound fell to two-year lows against the dollar this month – trading below $1.19 at one point – and Middle Eastern investors are now looking to spread their UK risk, a senior executive at the […] July 27, 2022
Analysis Retail The tourists are back – and they want to shop till they drop Hotels in the UAE generated AED11 billion ($3 billion) in revenue during the first quarter of 2022, a 20 per cent increase compared with the same period in 2019 as Gulf tourism continues its recovery from the pandemic. In other regions, tourism has been rebounding slowly and unevenly. According to a report from the UN […] July 27, 2022
Analysis Manufacturing Ethical fashion: it’s so right now, but it’s granny chic too Sustainable fashion is a buzzword that’s becoming a sound business proposition, particularly for MENA manufacturers returning to the thrifty practices of their grandparents The QR code on the clothing label takes you to a field where the cotton is grown. Shoppers can swipe to see the cotton being picked by hand and gathered into fluffy […] July 27, 2022
Analysis Banking and Finance What’s behind Saudi Arabia’s dwindling treasure chest? Saudi Arabian reserves have dwindled by almost half in the last five years, with the government splashing out $70 billion on investment plans amid the coronavirus pandemic. In spite of the kingdom’s depleted treasure chest, analysts expressed confidence that the reserves are being redeployed wisely into funds and giga-projects, as oil prices and foreign direct […] July 26, 2022
Analysis Retail UAE’s gold clean-up rules will shine in the long-term New UAE gold regulations could take the shine off the sector and lead to a supply and profits squeeze, according to experts. The due diligence rulings were announced last week to help stem the flow of supplies from conflict zones and enhance the UAE’s global reputation in the long-term. The Due Diligence Regulations for Responsible […] July 25, 2022
Analysis Banking and Finance Fresh wave of hedge funds poised to tap UAE The UAE is fast becoming a magnet for overseas hedge funds seeking a low-cost, investor-friendly base amid Brexit, the Ukraine crisis, and changes in working patterns brought about by the coronavirus pandemic. A clutch of hedge funds from the UK and US have set up or expanded operations in Dubai or Abu Dhabi in the […] July 21, 2022
Analysis Food & Drink Gulf firms tap thirst for no-alcohol drinks On St Patrick’s Day this year Irish drinks brand Guinness seized the opportunity to promote one of its biggest innovations since its launch in 1759. Four years in the making, Guinness 0.0, a non-alcoholic version of the famous stout brew – first launched in the UK and Ireland in 2020 – has now gone global. […] July 16, 2022
Analysis Economy Saudi and UAE fire big shots in battle for regional dominance Saudi Arabia has created a new authority to provide both financial and non-financial incentives for investment projects as its rivalry with the UAE to become the top regional business hub intensifies. The establishment of the National Incentives Committee (NIC) by the Council of Ministers has been described by analysts as a “major development” in the […] July 11, 2022
Analysis Banking and Finance Gulf sovereign investments may be hit by new UK tax plans Gulf-based sovereign wealth funds could see tax exemptions on investments in the UK slashed under new proposals put forward by the British government. Britain is planning to reduce the scope of the exemption to just interest income from investment activity. This would move income profits and capital gains from investment in UK real estate, as […] July 8, 2022
