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Consumer spending in Kuwait hit record levels in 2024, underpinned by a growing preference for card payments and a thriving ecommerce industry. Figures from the Central Bank of Kuwait for 2024 showed spending reached KD47.81 billion ($155.7 billion), a rise of 4.4 percent from the previous year. The figures show an increase in card payments and […]
Dubai’s DP World and Australia’s NSW Ports have announced plans to invest $249 million in doubling the rail capacity at Port Botany in Sydney. The project will extend the rail terminal at the port with the addition of five new rail sidings to accommodate 600-metre-long regional trains. Expected to start in June, it will take […]
Colossal Biosciences, the US biotech backed by Saudi investor Prince Khaled bin Alwaleed, this month raised $200 million in new funding, which will finance its goal to resurrect extinct species such as the woolly mammoth and the dodo. The newest fundraising round brings the Dallas-based startup’s total raised from investors to $435 million. Based on […]
Kuwait is close to finalising a mortgage law that aims to increase homeownership among its citizens. At present, only the government-controlled Kuwait Credit Bank (KCB) can provide property loans to Kuwaiti citizens and companies. The law has been in planning since 2018, when the central bank submitted liberalisation proposals that would allow commercial banks to […]
A joint venture with property developer British Land and the Singapore sovereign wealth fund GIC to develop a dual high-rise office-led tower project in central London has been announced by Abu Dhabi’s Modon Holding. The partnership will deliver a 750,000 square feet mixed-use project at an office-led campus in Broadgate in the City of London. It […]
Energy company Esyasoft has agreed to acquire UK renewable electricity provider Good Energy for almost £100 million ($123 million) at 490p per share. The deal, which is subject to shareholders’ approval, represents a premium of 66 percent on Good Energy’s closing price on October 25, the last trading day before the start of the offer period. […]
Abu Dhabi developer Eagle Hills has announced plans to invest more than €5.5 billion ($5.7 billion) in two projects in Georgia. It signed an agreement with the Georgian government to develop waterside projects in Tbilisi and Batumi. The Krtsanisi Park in Tbilisi will be a riverside mixed-used project of residences and retail spaces that will […]
China has banned imports of sheep and goats from Egypt and animals and meat products from Qatar and nine other countries after outbreaks of highly infectious disease in those countries. The ban, which includes processed and unprocessed products, comes after China’s General Administration of Customs issued a series of announcements outlining the outbreaks in several countries based […]
Americana Restaurants, the largest food service business in the Mena region, has acquired the Pizza Hut brand in Oman from the Khimji Ramdas Group. The restaurant operator said the acquisition includes 46 Pizza Hut restaurants which had an annual revenue of approximately $11 million in 2024. The additional outlets increase its Pizza Hut restaurants across […]
Lebron James, the NBA basketball star, has signed up as team owner in the UIM E1 World Championship, the all-electric raceboat series. James was named as owner of Team AlUla, named after the ancient oasis city in Saudi Arabia, ahead of the start of the 2025 season on Saturday in Jeddah. The championship, now in […]
Abu Dhabi’s Royal Group has acquired a controlling stake in fashion brand Pangaia. No financial details of the transaction were revealed. Pangaia, which has its headquarters in London, designs eco-friendly clothing made from organic and recycled materials, sold primarily through its website. It uses next-generation materials for its clothing and accessories, including Mirum, a plant-based, plastic-free leather […]
Kuwait has awarded the tender for the first phase of its plan to build 111 kilometres of railway. The Central Agency for Public Tenders awarded the contract to Turkish engineering and consulting company Proyapi to carry out a study and detailed design to prepare tender documents for the railway. The first phase is expected to […]
Saudi low-cost carrier Flynas is likely to get approval soon from the market regulator for its planned listing on the Riyadh stock exchange. Talal Al Maiman, CEO of the airline’s part-owner Kingdom Holding, said in an interview with Al Arabiya TV at the World Economic Forum that Flynas planned to list 30 percent of its […]
A Kuwait-backed car wash operator in the US is considering a sale that could value the company at nearly $3 billion including debt. Spotless Brands, which operates more than 205 locations through six brands across 10 US states and Washington DC, is working with investment bank William Blair on the possible sale, which was not […]
Saudi Arabia’s Derayah Financial has announced plans for an initial public offering on the Riyadh stock exchange. The financial services company, which specialises in brokerage and asset and wealth management, plans to offer investors a 20 percent stake, it said on Thursday. The company is looking to sell more than 49.9 million shares and the […]
Asyad Group, a logistics business owned by Oman’s sovereign wealth fund, has announced plans to float its shipping unit on the Muscat stock exchange. At least 20 percent of Asyad Shipping Company will be sold in the initial public offering. The Asyad IPO will be divided into two tranches. The first is 75 percent of […]
Almarai, the Middle East dairy and food production group, announced plans to increase its poultry output by 35 percent this year as it continues with its multi-billion-dollar expansion plans. The Riyadh company reported fourth-quarter profit of SAR430 million ($115 million), an increase of 16 percent, as revenue rose 4.8 percent to SAR5.15 billion. It announced a […]
The Suez Canal expansion, which will extend the waterway’s two-way section by 10km, is expected to be operational in the first quarter of 2025, the authority’s chairman has said. Egypt announced on Saturday that the new stretch, near the canal’s southern end and close to Little Bitter Lake, was successfully tested without incident. Osama Rabie, chairman of […]
Smart Accommodation for Residential Complexes Company (Sarcc), the company established to provide housing for workers employed on major projects, has bought a luxury residential compound in Riyadh. Sarcc acquired Al Nakhla Residential Resort in Riyadh for SR2.5 billion ($667 million). The development, located in northern Riyadh, has more than 600 apartments and over 500 villas. […]
Investcorp is considering a tie-up with a strategic investor or an initial public offering in the next few years, its executive chairman has said. Mohammed Alardhi said the Bahrain-based alternative asset manager had streamlined its strategy and reshuffled its leadership and management teams. For its next period of growth, Investcorp may look to outside investment, […]
Southeast Asian mobile phone tower company EdgePoint Infrastructure plans to add at least 5,000 towers in the next two to three years. The Singapore-based company, backed by the Abu Dhabi Investment Authority (Adia), is planning to expand in Indonesia, Malaysia and the Philippines, where it already has a presence, and enter new markets such as […]
Revenues for billboard operators have grown as much as eightfold in the past few years as digitalisation has given out-of-home (OOH) advertising a notable boost. Sometimes seen as a bellwether for the local economy, billboards get plenty of viewing time in places such as Dubai during morning and evening traffic rush hours when cars are […]
