Economy Iran growth forecasts cut but Gulf trade could rally Growth forecasts for Iran’s economy have been cut as analysts see US sanctions remaining in place “for the foreseeable future”, but expanding trade with the UAE and improved relations with Saudi Arabia may help to cushion the blow. Fitch sees growth slowing to 2.3 percent in 2023-24 from a previous forecast of 5.8 percent because […] April 27, 2023
Banking & Finance Jared Kushner’s private equity firm backed by UAE and Qatari funds Sovereign wealth funds from the UAE and Qatar invested millions of dollars in former US president Donald Trump’s son-in-law Jared Kushner’s private equity firm, according to a news report. The UAE fund invested more than $200 million with Kushner’s Affinity Partners, while a Qatari entity put in an equivalent amount, the New York Times said, […] March 31, 2023
Construction Damac expands to the Maldives with resort deal Damac Properties is expanding further into South Asia with the signing of an agreement to operate a new Mandarin Oriental resort in the Maldives. The 34-hectare luxury resort, which is currently under development and will stretch across three private islands on the Bolidhuffaru Reef, is due to open in 2025 and will be the Dubai […] December 6, 2022
Banking & Finance Jared Kushner’s firm leads $200m funding for Dubizzle’s owner UAE-based unicorn Emerging Markets Property Group (EMPG) has completed a $200 million investment led by Affinity Partners, a global firm launched in 2021 by former US president Donald Trump’s son-in-law Jared Kushner. EMPG owns leading UAE classifieds platforms Bayut and Dubizzle, along with several platforms across emerging markets focused on Mena, South and Southeast Asia. The investment round […] October 28, 2022
EXCLUSIVE Trump-branded properties in Dubai report 100% growth Donald Trump may be the subject of an ongoing criminal investigation in the US, but his name is still big business in Dubai, where properties in the Gulf city bearing his brand name have appreciated by nearly 100 percent and continue to command strong demand. The former US president is under multiple probes, including the […] October 16, 2022
Arab Youth Survey 2022 Arab youth ‘trust Russia and China more than UK and US’ Arab youth see the United States and the United Kingdom as bigger enemies than Russia and China, with the majority blaming the US and NATO for the war in Ukraine, a new survey has said. Close to three quarters (72 percent) of young Arabs describe Russia as either a strong ally or somewhat of an […] September 21, 2022
Retail How Ounass got the Gulf hooked on online luxury Luxury fashion website Ounass is among the e-tail platforms credited with developing the momentum of online shopping in the Gulf region. A report by consultancy Bain and Company claims 70 percent of GCC shoppers are now comfortable with digital retail, having always been better known for their love of malls, operated by the likes of Emaar […] July 29, 2022
Real Estate Dubai’s Damac makes US debut with $120m Miami deal Damac Properties plans to use the beachside site in Miami to build an ultra-luxurious, Cavalli-branded condominium May 28, 2022
Manufacturing Gulf ports trump US in global efficiency rankings Heavy investment has seen the Middle East dominate the top of the rankings of a list of the most efficient container ports in the world, with some Saudi ports up to four times more efficient than their North American rivals. The latest edition of the Container Port Performance Index (CPPI), which was developed by the […] May 26, 2022
