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  • Nasdaq Dubai to Launch Futures Trading in Saudi Quoted Companies before End of Year
     

    Nasdaq Dubai will launch futures trading in Saudi quoted companies “before the end of this year,” according to reports, marking the first time Saudi stocks can be traded in derivative form. The move will allow global investors to trade shares in Saudi Arabian listed companies via contracts to buy or sell shares at a set price in […]

     
  • Arab Leaders Gather in Dhahran to Unite on Regional Challenges
     

    Arab leaders gathered in Dhahran this weekend for the 29th session of the Arab Summit, held for the first time at the recently-opened King Abdulaziz International Cultural Center in Dhahran. The group called on Sunday for an international probe into the “criminal” use of chemical weapons in Syria and condemned what it saw as Iran’s […]

     
  • Saudi, Qatar Bond Issues Get Cozy; Both Oversubscribed
     

    Saudi Arabia beat out regional rival Qatar’s first bond issuance since the Gulf crisis began with its own “surprise” $11 billion raise, which drew $52 billion of orders this week, according to reports. Saudi Arabia denies that the timing of the quick-fire raise was not aimed at damaging Qatar’s issuance. The Saudi debt management office told the […]

     
  • Development on Jeddah Tower and Surrounding Economic City Moves Forward After Alwaleed’s Release
     

    Construction of what is planned to be the world’s tallest skyscraper in Jeddah is going ahead following the release of Saudi Arabia’s Prince Alwaleed bin Talal, the head of the consortium behind the $1.5 billion project said. Mounib Hammoud,  chief executive of Jeddah Economic Co (JEC), said in an interview that the project will ideally be completed […]

     
  • Bloomberg News, MiSK Launch Course in Dubai to Train Aspiring Saudi Journalists
     

    Bloomberg news and Saudi Arabia’s MiSK Foundation have teamed up to launch a course on financial reporting to train aspiring Saudi journalists, according to a report in Arab News. The intensive week-long course is taught at the Bloomberg Middle East headquarters in Dubai. 30 Saudi undergraduates, including 22 women and eight men, were chosen by MiSK […]

     
  • Ride-Sharing Apps in Saudi Arabia Begin Recruiting Women as Drivers
     

    Ride sharing apps Uber and Careem have reportedly begun recruiting female drivers following the landmark royal decree permitting women the right to drive in Saudi Arabia, CNN reports. Careem has launched a series of 90-minute-long training sessions in Saudi, targeting Saudi women who have already obtained valid driving licenses from abroad. Those sessions are “taught by […]

     
  • Saudi Aramco, Partners Launch Offshore Focused Shipyard at Ras Al-Khair Industrial City
     

    Saudi Aramco and partners announced a joint venture to build a shipyard on the kingdom’s east coast, part of the Saudi Arabian government’s drive to diversify the economy beyond oil. Along with UAE-based Lamprell, the National Shipping Company of Saudi Arabia (Bahri), and South Korea-based Hyundai Heavy Industries, Saudi Aramco says the shipyard will be focused on […]

     
  • UAE, Saudi Arabia to form new ‘Joint Cooperation Committee’
     

    The United Arab Emirates on Tuesday announced it has formed “a new economic and partnership group” that is a “joint cooperation committee” with Saudi Arabia, separate from the Gulf Cooperation Council, in a move that further emphasizes Saudi-UAE alignment amid a diplomatic crisis with member state Qatar. The Emirati Foreign Ministry announcement was made just hours ahead of a […]

     
  • Markets Rattled by Saudi Shake-Up, Rising Regional Tensions
     

    Rising tensions between Saudi Arabia and Iran, as well as the kingdom’s crackdown on corruption last week that has seen over 200 jailed and $100b in assets frozen, have rattled markets in the region and kicked off efforts for wealthy Saudis to move money abroad, according to reports. In Lebanon, where tensions are escalating between the two […]

     
  • Keeping Track of Saudi Arabia’s Public Investment Fund’s Expanding Footprint
     

    Saudi Arabia’s Public Investment Fund (PIF) has created a handful of new companies in several sectors in the Kingdom while investing in many others, injecting capital and a new competitor in the housing, energy, waste and recycling, tourism, transportation sectors and more. As the PIF’s role in the Saudi economy increases, critics say the mega-fund will crowd out private […]

     

MUST-READS

  • Neither Saudi Arabia Nor Market Concerns Dent Dubai’s Real Estate Market

    A large influx of ultra-high-net-worth, often cash-paying individuals, many of them Russians, fuels real estate demand in Dubai that last year drove prices up by 70 per cent.

  • Dubai lays out massive $8.7tn economic plan

    Middle East's luxury business hub aims to double the size of its economy as competition with Saudi Arabia heats up

  • How Emirates & flydubai Work Together As A Competitive Force In The Middle East

    Emirates and flydubai are increasingly close partners, such that Emirates' Chief Commercial Officer described them in 2020 as "almost a merger." When they're combined, they're obviously a much more powerful and dominant competitive force versus the likes of Qatar Airways and Turkish Airlines.

  • Dubai scraps 30% alcohol tax and licence fee in apparent bid to boost tourism

    Dubai has scrapped its 30% alcohol tax in an apparent bid to boost tourism. It will also stop charging for personal alcohol licences - something residents who want to drink at home must have. Dubai has been relaxing laws for some time, allowing the sale of alcohol in daylight during Ramadan and approving home delivery during the pandemic.

  • Dubai Ends Hefty Alcohol Tax in Bid to Boost Business, Tourism

    Dubai kicked off the new year by scrapping a 30% tax on alcohol sales and making liquor licenses free, in an apparent move to bolster its status as the Middle East’s leading business and tourism hub. Faced with increasing competition from Persian Gulf neighbors such as Saudi Arabia and Qatar, the government has introduced a series of rules over the past few years to make itself more attractive for foreigners to live and work.

  • Saudi Arabia Invests $2.4 Billion in Key Dubai Port Developments

    Saudi Arabia is buying stakes in three flagship DP World developments in the United Arab Emirates for $2.4 billion, in the latest sign that increasing competition between the two largest Gulf economies isn’t impacting deal flow.

  • Domino’s reaches 600 stores in MENA and Pakistan with latest Dubai opening

    Global pizza company Domino’s has reached 600 stores in MENA and Pakistan. It was only in March 2022 thatthe pizza chain pushed past 500 stores in the region. The company’s growth has been primarily led by its master franchisee, Alamar Foods. Chiefs from both Domino’s global and Alamar Foods convened at store number 600, located in Dubai’s Mirdif area, to celebrate the milestone.

  • Dubai Is a New Hotspot for Idle Bankers Chasing IPO Deals

    As listings dwindle in London, Hong Kong and New York, the United Arab Emirates and Saudi Arabia have emerged as new IPO hotspots buoyed by high oil prices and investor inflows. Listings in the region have fetched $22.6 billion this year — over half of the proceeds in Europe, the Middle East and Africa. Investor demand is strong, with this week’s dual listing of Americana Restaurants International Plc drawing $105 billion of orders for a $1.8 billion offering.

  • 10 Dubai photos show incredible changes over the years

    When Dubai celebrated the UAE’s 51st National Day on December 2 it was as a global city with hundreds of skyscrapers, world-class airports and modern attractions that are the envy of the world. But it wasn’t always that way. Just a few decades ago, construction projects were less ambitious, the city was much smaller and the vision was still taking shape. Website Dubai As It Used To Be is a treasure trove of memories and photographs of the emirate in the mid to late 20th century.

  • NBA for sale: Dubai, Qatar and Saudi on alert as basketball league looks to unlock $30tn investment opportunity

    The NBA (National Basketball Association) will let sovereign wealth funds, pensions and endowments acquire passive stakes in its teams, opening up to investors who manage assets that by some estimates exceed $30tn. The NBA’s board of governors voted to approve such investments, though any buyer would still be subject to league review and board approval, spokesperson Mike Bass said. The move extends the NBA’s push to get more institutional investors involved in team ownership.