Analysis Tourism Moroccan tourism startups build momentum ahead of World Cup Startup innovation and entrepreneurship are helping to fuel growth in Morocco’s tourism industry. The sector’s importance to the economy is increasing as the country prepares to co-host the Fifa World Cup in 2030. Morocco welcomed 17.4 million international tourists in 2024, a 20 percent increase on 2023, the latest data from the UN World Tourism […] February 13, 2025
Food & Drink Americana Restaurants profit rises as Gaza boycott eases Americana Restaurants, the largest food service business in the Middle East and North Africa, said profit rose in the fourth quarter as a consumer boycott that is related to the Gaza conflict eased. Net income in the three months to December 31 rose 26 percent to $41 million, compared with $32 million in the same […] February 12, 2025
Analysis Tourism Gulf water park market risks saturation as numbers grow With the Grand Hyatt Dubai due to open a new onsite water park this year, the UAE and wider Gulf region will add to an already vast collection of slides, lazy rivers, splash parks and other water-based leisure facilities. There being so many is perhaps not surprising given near year-round sunshine and heat in the […] February 12, 2025
Business of Sport Contractors invited to bid for Qatar racecourse expansion Qatar has started inviting contractors to bid on the expansion of its second-largest horse racecourse. The design and build contract covers the development of the fourth phase of the Al Uqda equestrian complex. This covers expansion of the existing track, a new straight racecourse, an additional grandstand of 5,000 square metres for spectators, a new […] February 11, 2025
Food & Drink McDonald’s sales rebound in Middle East as boycott impact fades McDonald’s recorded sales growth in the Middle East in the fourth quarter of last year as the impact of boycotts tied to the Gaza war faded. This helped the US burger giant offset weaker performance elsewhere in the world. The fast food chain posted a 4.1 percent rise in Q4 sales in its international developmental […] February 11, 2025
Retail Bahrain duty free operator’s 2024 earnings rise 17% Bahrain Duty Free Shop Complex, the operator of duty free shopping at the country’s international airport, said net profit increased 17 percent to BD5 million in 2024 compared to BD4.3 million a year ago. Total income increased to BD3.4 million, rising 44 percent year on year. Profits from investments reached BD6.1 million last year, up […] February 11, 2025
Finance Tabby hires three global banks for Saudi listing Tabby, the buy-now-pay-later startup backed by Abu Dhabi sovereign wealth fund Mubadala, has appointed three global banks to oversee its potential initial public offering (IPO) on the Saudi stock exchange. The company has brought in HSBC Holdings, JPMorgan Chase. and Morgan Stanley to finalise the flotation process, Bloomberg reported, citing informed sources. The plans are still in the early […] February 11, 2025
Aviation Airbus expects Middle East aircraft fleet to double by 2043 Aircraft manufacturer Airbus expects fleet size in the Middle East to more than double in the 18-year period to 2043, the world’s third-fastest rate after China and the Asia-Pacific region. In its latest Global Market and Services Forecast, Airbus said Middle East demand, led by airlines in the Gulf, is estimated at 3,740 new aircraft […] February 11, 2025
Exclusive Energy Adnoc Distribution to spend billions on M&A deals Adnoc Distribution, the UAE’s largest fuel and convenience retailer, is looking to deploy $2 billion in potential mergers and acquisitions in the Middle East and beyond, a senior executive has told AGBI. Athmane Benzerroug, Adnoc Distribution’s chief strategy, transformation & sustainability officer, said on Tuesday that with a free cash flow of more than $700 […] February 11, 2025
Retail Lulu’s 2024 profit strong but fourth quarter takes a hit Lulu Retail, the largest grocery retailer in the GCC, said 2024 net profit rose 12 percent to $249 million from $222 million in 2023, thanks to new store rollouts and improved margins. Revenue increased 5 percent year on year to $8 billion, driven by strong performance in Oman, the UAE and Saudi Arabia, the company […] February 11, 2025
Analysis Business of Sport PIF backs $5bn NBA rival basketball league Saudi Arabia’s Public Investment Fund is planning to back a new $5 billion basketball competition in Europe and Asia that’s expected to rival the US’s National Basketball Association (NBA), according to media reports. The unnamed tournament will feature six men’s and six women’s teams playing in eight host cities in Europe and Asia. The competition […] February 10, 2025
Food & Drink Former KFC operator in Turkey files for bankruptcy IS Gida, the former operator of the KFC and Pizza Hut franchises in Turkey, has filed for bankruptcy after debt reached TR7.7 billion ($214 million). The filing comes a month after the US-based owner of KFC and Pizza Hut terminated its franchise agreements with the Turkish company, state-run Anadolu Agency (AA) reported. “The reality we […] February 10, 2025
Tourism Oman hotel revenue up 6% to $633m by end of 2024 The revenue of Oman’s 3 to 5-star hotels rose 6 percent year on year to OMR243.4 million ($633 million) by the end of December 2024, official data shows. Hotel guest numbers increased by 4 percent to 2 million by the end of December, the Oman Daily Observer reported citing data from the state-run National Centre […] February 10, 2025
Tourism Foreign tourists to Dubai up 9% Dubai received nearly 19 million international overnight visitors in 2024, a 9 percent increase from the previous year, according to the Dubai Department of Economy and Tourism (DET). Partnerships, campaigns, and the hosting of events led to the rise in numbers to 18.7 million, state-run WAM news agency reported. The hotel sector consisted of 154,016 […] February 10, 2025
Leisure & Hospitality Wynn Resorts secures loan for RAK casino The Wynn Resorts joint venture behind the Gulf’s first casino in Ras Al Khaimah has secured a $2.4 billion loan to finance its development. The Wynn Al Marjan Island JV — which includes RAK Hospitality Holding and Las Vegas’ Wynn Resorts — secured the seven-year loan facility, denominated in a combination of AED and USD […] February 7, 2025
Opinion Leisure & Hospitality Sotheby’s first Saudi auction: a test of Gulf’s market potential The 150 lots will feature everything from Picasso to Hermès handbags, at prices up to $1.5m February 7, 2025
Tourism Gallipoli takes centre stage in Turkey’s battlefield tourism plans Visitors from as far afield as Canada and Australia wishing to pay respects at Gallipoli are proving to be another string to Turkey's tourism bow February 7, 2025
Tourism Qatar stopover initiative draws thousands more visitors An initiative encouraging passengers passing through Qatar to stay a night in the country has already sold more than 100,000 room nights this year. Launched in August 2021, the Discover Qatar Stopover Programme allows travellers with Qatar Airways and its codeshare partners to book overnight stays from anywhere between one and four nights at lower […] February 6, 2025
Tourism Morocco aims to double airport capacity by 2030 Morocco expects airport traffic to reach 60 million passengers by 2030 and 90 million by 2035, according to a government official. The growth from 32 million passengers in 2024 is expected as a result of the 2030 Fifa World Cup, which Morocco will co-host with Spain and Portugal, Morocco World News reported, quoting transport and […] February 6, 2025
Tourism Marriott to convert Cairo’s Mogamma building into hotel Marriott International has agreed with the Sovereign Fund of Egypt to convert Al Mogamma Al Tahrir – a Cairo landmark and former government office – into a hotel as Egypt sells off state assets to raise funds. The 500-room hotel development is led by a group that includes Chicago-based property manager Oxford Capital Group, US […] February 5, 2025
Economy Cash withdrawals in Saudi Arabia rise for first time in 5 years Cash withdrawals in Saudi Arabia in 2024 increased for the first time in five years, helping to underpin a rise in consumer spending, the local advisory company Jadwa Investment has reported. Consumer spending in the largest Arab economy rose by nearly 7.5 percent for the year and the value of point of sale (POS) transactions […] February 4, 2025
Real Estate Talks start with Kuwait hotel group on $125m Egypt project Kuwait’s Bukhamseen Holding is considering investing in a $125 million new hotel project in Egypt. Hassan El-Khatib, Egypt’s minister of investment and foreign trade, met Jawad Bukhamseen, chairman of the family-owned conglomerate, to discuss current and future projects in hospitality, finance and restaurant management. In a statement, the ministry of investment said Bukhamseen Holding was […] February 4, 2025
