Expo organisers hail ‘amazing achievement’ as event records milestone with nearly two weeks still to run
Author Archives: Andrew Sambidge
Abu Dhabi economy
UAE’s Alpha Dhabi set to look overseas for growth after making record profits
CEO Hamad Al Ameri says company will continue to look for investment opportunities in 2022
Dubai Chambers
Why Dubai is targeting Latin America as it seeks to boost foreign trade to $540bn
Dubai Chambers president and CEO says region offers ‘tremendous potential for UAE businesses’
Abu Dhabi
SpaceChain launches Abu Dhabi office as UAE space sector growth gathers pace
SpaceChain MENA will spearhead the planning and development of integrated space-blockchain projects and initiatives in the region
Diriyah
Luxury hotel operator Four Seasons to launch new property in Saudi’s Diriyah Gate
Four Seasons Hotel Diriyah will include about 150 luxury rooms and suites, expansive meeting and event spaces
Bahrain Investcorp
Bahrain’s Investcorp agrees to sell Dainese in $688m deal
Dainese is a leader in protective equipment and technical gear for motorcycling and dynamic sports
Dubai property market
Villas continue to lead Dubai’s property price surge as Palm Jumeirah passes 2014 peaks
ValuStrat research shows that villa price growth was more than double the average monthly increase of 1% in February
Dubai Financial Market
Emaar Properties plans to raise stake in development unit
Additional 3% stake valued at about $144m based on Emaar Development’s closing share price on Friday
cruise business
Cruise Saudi appoints CEO as kingdom looks to make global tourism impact
Industry veteran Lars Clasen says Saudi Arabia is garnering attention globally as the newest player in the cruise sector
Dubai luxury real estate
Uber-luxury mansion sells for over $20m in Dubai’s Emirates Hills
Luxhabitat Sotheby’s announces deal following record-breaking $200m sales during 2021
Abdulla Mohamed Butti Al Hamed
Unit of new investment major Q Holding launches $2.2bn Abu Dhabi real estate project
Q Properties says project features a man-made hill and is designed to encourage its residents to escape pressures of everyday life
5G connectivity
Global supply chain bottlenecks unlikely to clear until 2023, says DP World chief
New study says supply shortages will increase global inflationary pressure during 2022
ADQ
E-vision, ADQ ink deal to buy majority stake in streaming platform Starzplay Arabia
Starzplay Arabia CEO says agreement will enable platform to grow further by ‘focusing on original content production’
Aviation
Emirates eyes Israel setting new Tel Aviv flights launch date after pandemic delay
Dubai airline says it will launch daily services to Tel Aviv from June 23
dubai banks
Dubai’s Mashreq launches new program to help SMEs access working capital
New initiative leverages the credit worthiness of larger buyers to provide a more cost-effective early payment to their smaller suppliers
Emirates National Oil Company
Fuel retailer ENOC plans to add 24 new service stations in the UAE in 2022
ENOC Group says 10 service stations will open in Dubai, nine in Sharjah, four in Umm Al Quwain and one in Fujairah
Dubai property market
Samana unveils new $45m project as developer rides recovery in Dubai property market
Samana Waves in Jumeirah Village Circle will include over 200 apartments, set for 2025 completion
Acciona Energia
Spain’s Acciona inks $480m green loans for Saudi sewage treatment plants
Company says three projects will treat the wastewater of up to two million residents and contribute to Vision 2030
Bilateral trade
Paraguay plans UAE embassy as it seeks to enhance bilateral trade
World’s largest producer of renewable energy in the world says Expo 2020 has been an ‘excellent opportunity to showcase prospects’
abu dhabi farming
UAE dairy major inks deal to set up $177m production facility in Abu Dhabi
Al Rawabi says it will initially develop 2 sq km in KIZAD with an additional 3 sq km slated for the future
cashless economy
UAE payments giant Network International says Saudi launch plan ‘ahead of schedule’
CEO Nandan Mer says he continues to be positively surprised by the scale of opportunities as 2021 revenues, profits rise
Amazon
E-commerce giant Amazon puts focus on women in new Saudi hiring spree
Female delivery associates sought for roles in Jizan, Al Qassim, Makkah, Madinah and Al Hofuf as Amazon extends recruitment plan
Abu Dhabi Securities Exchange
Record IPO proceeds generated as Gulf bourses rally after pandemic
New research shows 21 IPOs in MENA region raising proceeds of $7.9bn in 2021
Dubai banking
Dubai’s Mashreq invests in fintech at centre of F&B payments revolution
Bank says partnership reinforces its commitment to support the burgeoning fintech ecosystem across the UAE
Dubai Financial Market
Dubai’s Tecom Group said to hold investor meetings to plan IPO
Tecom hosts 10 large business complexes including Dubai Internet City and Dubai Media City and is part of Dubai Holding
hays
Inside Saudi Arabia’s jobs market as optimism hits record high for 2022
Hays Saudi Arabia Salary Guide 2022 reveals most in-demand jobs in the Gulf kingdom
Everdome
Why Dubai’s Hatta will play a key part in a metaverse journey to Mars
Everdome unveils Hatta as its mission launch site as it plans to take users on a virtual journey from Earth to Mars
Capital Market Authority
Oman approves first licence for crowdfunding platform after rules change
Capital Market Authority says Ethis Investment is the first Islamic crowdfunding platform to be set up in the sultanate
Agthia Group
UAE food major Agthia eyes further acquisitions after jump in revenues, profits
Agthia Group CEO says company will continue to ‘explore strategic investment opportunities’ during 2022
Abu Dhabi
How Abu Dhabi aims to become a global player in the comic books industry
Sandstorm, a new studio for comic books, is launched as part of a AED30bn Culture and Creative Industries strategy
acquisitions
Investment firm MBH Corp says on the prowl for SME acquisitions in the UAE
Delegation from Germany and US-listed investment holding company is visiting the UAE this month to talk to businesses
Adel Sajan
Dubai jewellery giant Malabar says to invest $100m in Bangladesh foray
Malabar Gold and Diamonds is searching for location to set up manufacturing facility which will be followed by retail move
Air Arabia
Air Arabia to seek more opportunities as world continues to reopen after Covid shock
Shareholders of Sharjah-based carrier have approved a dividend distribution of 8.5% of share capital
MiSK foundation
Saudi Arabia reveals plans for world’s first non-profit city
Prince Mohammed Bin Salman Nonprofit City will occupy an area of about 3.4 sq km in western Riyadh
Aleph Hospitality
Gulf tourism rebound faster than expected amid Expo 2020 Dubai success, say experts
Senior hospitality execs come together in a virtual roundtable in Dubai to discuss what the future looks like for hotels in the region
ABU DHABI PORTS GROUP
Abu Dhabi aims to revolutionise steel industry with Metal Park plans
AD Ports Group inks deal to establish an integrated metal hub in the Khalifa Industrial Zone Abu Dhabi
alef group
Developer Alef unveils $950m Hayyan real estate project as Sharjah continues to grow
New community, which extends over an area of 8.7 million sq ft, is set for handover in the second half of 2025
City Centre Me’aisem
UAE retail giant launches first hybrid digital food hall in Dubai, more to follow
Majid Al Futtaim unveils Halla Food which combines digital and physical dining experiences
Electricity production
Oman powers through with Middle East’s first electricity spot market
New market makes it possible for generating companies to sell uncontracted output at the most competitive prices
Bahrain Investcorp
Bahrain’s Investcorp adds heavyweight advisor as it targets growth in India
Renowned emerging markets investor Mark Mobius is appointed advisor to Investcorp’s India business
Dubai school fees
Dubai’s private schools will not be allowed to increase fees in 2022-23
Knowledge and Human Development Authority says its latest Education Cost Index has been set at -1.01%
air travel
How Dubai is leading the global air travel recovery as ticket sales surge
Latest OAG data shows Dubai’s DXB operates five of the world’s 10 busiest international air routes last month
abu dhabi chemicals derivatives company
ADNOC, Proman to partner on the UAE’s first methanol production hub
Facility will meet growing demand for chemical which is gaining momentum as a lower-emission fuel option
commercial complaints
Dubai sees 17% drop in commercial complaints as ease of doing business improves
Department of Economy and Tourism unit says it received 414 commercial complaints last year compared to 500 in 2020
Abdulmohsin Al Hokair Holding
Grocery retail giant Spinneys eyes Saudi debut after partnership deal
Spinneys Dubai and Abdulmohsen Al Hokair Holding Group plan to open first Saudi store in early 2023
Abu Dhabi International Airport
Why long-haul reliance will dampen the Gulf’s air travel rebound
International Air Transport Association says it will be 2025 before the Middle East sees passenger numbers exceed pre-pandemic levels
Dubai economy
Expo 2020 Dubai pavilions extend hours as mega event enters final month
Decision follows record month in February when Expo site attracted 4.4 million visitors
Luxury ski resorts
Trojena: How Saudi Arabia plans to redefine mountain tourism
Gulf kingdom unveils new global destination, part of Neom City’s plan to contribute to tourism sector growth
Chiva-Som
Middle East’s largest wellness resort set to open in Qatar
Zulal Wellness Resort will be world’s first contemporary showcase of traditional Arabic and Islamic medicine
alpago group
Will Palm Jumeirah’s Frond G become the Middle East’s ‘billionaires row’?
Alpago Group chairman sees Frond G rivalling the likes of 57th Street in Manhattan and The Bishops Avenue in London
Commodities
Dubai’s DGCX sees $13.7bn trades in February as Ukraine crisis drives volatility
Dubai Gold & Commodities Exchange CEO says investors are continuing to grapple with inflation, oil prices and geo-political developments
Arabian Travel Market
New hotels pipeline remains strong as GCC countries defy pandemic impact
STR research shows new hotel development remains substantial in Saudi Arabia, Qatar, Oman and the UAE
ICC Men’s T20 World Cup 2021
How live sport is driving business growth at UAE’s Netflix rival Starzplay
Subscriptions and revenue per user on the up as streaming platform Starzplay adds new sports content to offering
Anghami
UAE’s Shuaa Capital lists tech-focused $100mn SPAC on NASDAQ New York
Special Purpose Acquisition Company will focus on identifying tech-enabled financial services businesses in the MENAT region