Latest STR data reveals demand remains solid but significant supply growth continues to pressure hoteliers
Author Archives: Staff Writer
Banking & Finance
Oman Oil Company unit secures $1bn loan deal
Oman Oil Company Exploration & Production says funds will go towards expansion plans
Dubai Consumer Confidence Index
UAE business conditions, salaries expected to improve – survey
Middle East Job Seeker Confidence Survey shows that 74% are upbeat about economic prospects
Retail
Historic MG car brand returns to Saudi Arabia
Agreement between SAIC Motor and Taajeer Group will see new models sold in local dealerships
Banking & Finance
Popularity of Islamic banking products slumps in the UAE
Yallacompare data reveals drop in applications for car and personal finance in 2017
Dubai property
Moving story: where are Dubai’s residents relocating?
ServiceMarket, the UAE-based platform for moving and home services, reveals trends over past 12 months
Dubai Creek Harbour
Emaar launches sales of new Address Harbour Point project in Dubai
Emaar unveils Dubai Creek towers of 66 and 54 storeys – consisting of a hotel and serviced residences
Real Estate
UAE developer plans new Sharjah tower after sales success
Al Thuriah Properties eyes new residential tower launch in 2018 following sale success of its Sahara Tower 6 project
Banking & Finance
Saudi Arabia said to bring in new bankruptcy law in 2018
Commerce minister also says Gulf kingdom is working on new laws for commercial mortgages, franchising
Driving
Saudi cleric suspended for calling women ‘quarter brained’
Saad al-Hijri banned from all religious activity in the southern province of Asir after his comments
Super car
UAE new car sales forecast to hit 267,000 by 2020
More than 150 car manufacturers, including the UAE’s Devel, will take part in this year’s Dubai International Motor Show
Banque Saudi Fransi
Alwaleed’s Kingdom completes $1.5bn deal for Banque Saudi Fransi stake
Kingdom Holding CEO announces closure of one of Saudi Arabia’s largest non-governmental deals
Energy
Indian firm wins $265m deal to build Kuwait oil pipeline
Larsen & Toubro’s hydrocarbon division bags contract from Kuwait Oil Company
DIFC
Dubai’s DIFC launches The Academy centre of excellence
Dubai International Financial Centre says facility will form partnerships with leading business schools and universities
Abu dhabi tourism
More than 80 new hotels set to open in the UAE in 2018
New research says the UAE currently has more than 200 hotel projects in the pipeline
Saudi Arabia
Saudi Arabia proposes own port for aid to Yemen
Vital food and medicine could be shipped through Jizan port to avoid Yemen’s rebel-controlled Hodeida port
Goldman Sachs Group Inc
Saudi Arabia must find new way to lure expat workers, says top CEO
Goldman Sachs Group chief Lloyd Blankfein says Gulf kingdom must address cultural differences with the West
Abu Dhabi
Revealed: the best Gulf city for a stress-free life
New global ranking published to show the best places to live to avoid stress
Banking sector
Dubai hospital operator secures $100m financing deal
Capital raised by Emirates Healthcare Development Co will be used for expansion of Saudi German Hospital, Dubai
Omanis, Qataris arrested in India over sham Islamic ‘marriages’
Indian police detain eight accused of paying brokers to arrange sham Islamic ‘marriages’
Saudi Arabia
Saudi minister says detainees were ‘pushing an extremist agenda’
Foreign minister Adel Al-Jubeir defends crackdown on prominent figures critical of government
Banking & Finance
Mortgage broker opens Dubai office amid surge in demand
Enness says it has seen a 31% growth in demand from GCC clients looking for UK property finance in the past six months
Airports
Airport fee boosts profits at Abu Dhabi Int’l
Airport operator reports 65% jump in operating profit in first year of AED35 passenger fee
ADNOC
Abu Dhabi’s ADNOC said to mull sale of shipping unit shares
Sources say Abu Dhabi National Oil Co is considering plan as part of investment strategy
Softbank
Inside the world of Intelligent investing
GCC funds, particularly from Saudi Arabia and Abu Dhabi, are making an increasing number of international technology investments, as they diversify and, at the same time, strive to build knowledge economies
Kuwait’s Global inks deal to buy B&Q warehouses in England
Warehouses in Bury and Grimsby are both let to major DIY retailer
Education
Dubai nursery firm merges with Europe’s largest
Blossom Nurseries inks deal with the Middle East operations of Babilou Group
Abu Dhabi
Aldar completes construction of Repton School Abu Dhabi
UAE developer hands over overseas campus of top UK independent school
Abu Dhabi
Finding a little piece of the UAE in a Washington hospital
A $150m donation from Abu Dhabi to a children’s hospital in Washington, DC is helping to save the lives of dozens of young Emiratis, while also training some of the newest UAE medical graduates
Banking & Finance
Dubai’s Abraaj hires key figure in Middle East peace process
Former Office of the Quartet exec Kito de Boer will oversee Abraaj’s Impact Investing business
Dubai real estate market
Emaar says to develop new waterfront homes and hotel in Dubai
Developer announces plan to build on 10 million sq ft plot in Dubai Harbour project
Dubai tourism
UAE hotel projects pipeline worth more than $71bn
New research shows 543 active hospitality project; four new development completed in August
Kingdom Holding
Alwaleed’s Kingdom sells $90m stake in luxury Malaysian hotel
Investment vehicle of Saudi billionaire sells interest in Four Seasons Resort Langkawi
Kurdish region
Saudi Arabia urges Kurds to scrap independence referendum
Iraqi Kurdish leader Massud Barzani is urged to drop plans amid regional crises
national day
Saudi Arabia to allow women into stadium for national day
King Fahd stadium in Riyadh will allow women in for first time to mark 87th National Day this weekend
Cybersecurity
Revealed: who are the hackers targeting Saudi Arabia?
FireEye Inc announces details of an Iranian hacking group it says was responsible for cyber attacks in Saudi Arabia
Aviation
Bahrain’s Gulf Air to launch daily flights to Istanbul
National carrier says increase in flights to Turkish city will start in November
E-commerce
Kuwait’s Alshaya invests in Alabbar’s e-commerce platform Noon
Retail franchise operator acquires stake in soon to be launched online marketplace
Damac Properties
Dubai’s Damac launches new Maison Royal hotel apartments
52-storey tower in Downtown features a fine casual dining restaurant, luxury spa and rooftop lounge overlooking the Burj Khalifa
Renewable Energy
Dubai’s Abraaj inks deal to build wind power projects in India
Company partners with French utility ENGIE; plans projects in several key Indian states
DIFC
GCC fund managers forecast to hold $110bn in assets by 2020
New DIFC report says assets under management in the Gulf is set to more than double
Concert
UK pop legends Take That to return to Dubai
Popular British band announces plan to play Dubai Media City Ampitheatre later this year
General Entertainment Authority
Saudi Arabia reveals $2.7bn plan to expand entertainment sector
Public Investment Fund says to set up company to invest in new leisure projects from 2019
Bentley GT “Dark Sapphire”
Breitling’s Bentley GT ‘Dark Sapphire’ comes to the Middle East
The limited edition model is inspired by the recently launched Bentley Continental GT
Boost investment
Emirati-Iraqi team formed to invest in new Iraq
Technical experts to advise UAE companies on investing in reconstruction projects
Dubai
Forum Group’s $355m residential project XXII Carat nearing completion
XXII Carat has already sold half of its units and is set to welcome its first residents at the beginning of 2018.
Dubai
Construction begins on new Dubai landmark One Za’abeel
The mixed-use development by Ithra consists of two towers linked by the world’s largest cantilever floating at 100 meters above ground
Shura Council
Saudi Shura Council considers curbing religious police powers
Advisory body to vote on merging religious police into Islamic Ministry
Extremist
Twitter suspends almost 1m accounts for promoting terrorism
Twitter touts victories in war on extremist content
Aviation
Emirates’ partner JetBlue slams US carriers in Gulf expansion row
JetBlue Airways CEO accuses United, American and Delta of protectionism
counterfeit goods
Abu Dhabi Police seize 27kg of counterfeit gold jewellery
Police launch crackdown on commercial fraud
Dubai Expo
Chinese firms look to tap lucrative halal market in Dubai
Dubai, hosting Halal Expo Dubai 2017, is positioning itself as a major hub for the $3 trillion industry
Gulf rival Qatar
Saudi Arabia, UK sign new military agreement
The kingdom’s Crown Prince met UK defence secretary Michael Fallon on Tuesday
Earthquake
Scramble for survivors as quake flattens Mexico City buildings
Quake ravaged the far-flung region of more than 20 million people