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Retail and consumer news from the Middle East. All the important stories, exclusive interviews, plus authoritative opinion and analysis
Retail news
Revenue growth at PepsiCo Inc.’s Europe, Middle East and Africa (Emea) division outpaced all its other regional divisions in the first quarter, lifted by stronger demand in Egypt and Turkey. However, the US snacks and drinks company trimmed its full-year profit outlook and warned of rising global trade costs. The maker of Pepsi, Gatorade and […]
Turkish officials have denied media reports that they were about to block access to the popular Chinese online shopping platform Temu after it allegedly failed to comply with new regulations governing ecommerce. This has highlighted the debate in Turkey around the cost and benefit for the multi-billion dollar industry following this month’s introduction of the […]
In the bustling Gold Souk in Dubai, dubbed the “City of Gold”, 22-karat gold jewellery is a traditional favourite for weddings, religious celebrations, and as a family investment. Yet with bullion prices hitting record highs above $3,400 an ounce, there are signs of change, as buyers opt for diamonds and lighter gold jewellery instead. While […]
Bateel International, the Dubai-headquartered luxury food group that owns 40 international boutiques and 30 cafés, plans to double the number of organic date palm trees it cultivates in Saudi Arabia and to build a new factory in the kingdom to meet growing global demand. The company, which was founded by the Saudi Al Sudairy family […]
Azadea Group, which is backed by an investment company owned by Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum, has put its initial public offering on the back burner, it has been reported. Dubai Holding acquired a minority stake in the Beirut-based retailer in 2018, valued at $1 billion. The IPO pause is not down to […]
2PointZero, a subsidiary of Abu Dhabi-listed International Holding Company (IHC), has acquired ADVA, an Egyptian consumer finance company. The buyout by Maseera Holding for Financial Investments (Maseera), a subsidiary of 2PointZero, is part of its parent company’s $1 billion investment plan, the state-run Wam news agency reported. ADVA will be Maseera’s technology and data analytics […]
The UAE’s beauty industry has posted a major increase in revenue during the holy month of Ramadan. Cosmetics and personal care product sales have soared as consumers prioritise festive glamour for nightly iftars and Eid celebrations. UAE Ramadan sales are expected to hit $10 billion this year, with beauty products leading growth at over 20 […]
Shopping mall owner Majid Al Futtaim has reported a drop in profit for 2024, attributing the decline to lower retail revenue, a higher tax burden and currency devaluation in some of its international markets. Total revenue fell 2 percent to AED33.9 billion ($9.2 billion) and profit dropped 6 percent to AED2.5 billion in 2024, MAF […]
Staples such as rice and sugar cost about 10% more this year, but Iftar traditions still hold sway
Turkey’s competition watchdog is carrying out an investigation into four of the country’s five biggest retailers by sales, the supermarket group Carrefour, the discount store chain BİM, the supermarket chain Migros and the discount store group Şok. Their shares on the Boursa Istanbul fell by as much as 6.3 percent on Monday, the day the […]
The Public Investment Fund (PIF) has launched Saudi Arabia’s first duty-free operator as the kingdom targets 150 million annual visitors by the end of the decade, according to a statement. Al Waha Duty-Free Company (Al Waha), a wholly owned unit of the sovereign fund, aims to secure a “large” share of passenger spending to boost […]
Saudi consumers increased spending to one of its highest ever weekly levels as they rushed to build up food supplies ahead of the fasting month of Ramadan, local figures show. Consumer spending in the largest Arab economy soared by 35 percent to 17.6 billion riyals ($4.7 billion) in the period February 23 to March 1, […]
Chinese car makers look set to win big over traditional manufacturers from the US, Japan and Europe among Ramadan bargain hunters in the UAE this year. For years, Japanese, American, and European carmakers have relied on Ramadan promotions, offering free insurance, extended warranties and zero percent financing, to increase sales. But buyers, squeezed by inflation, […]
Abu Dhabi-listed Multiply Group will acquire a 68 percent stake in Spanish fashion retailer Tendam as part of its global expansion strategy, the investment holding company said in a statement. The stake was purchased from private equity funds CVC and PAI Partners, who will remain minority shareholders in Tendam, which owns the Cortefiel, Women’s Secret, Milano […]
Titan Company, the watches and jewellery arm of Indian conglomerate Tata Group, is in talks with Qatar-based Mannai Corporation to acquire a significant stake in Damas Jewellery, a news report said. The discussions, which began a year earlier, revolve around Damas’s valuation, estimated at Rs 45 billion ($518 million), the Economic Times, an Indian financial […]
Lenskart, a high profile optical retailer which is backed by the UAE’s sovereign fund Abu Dhabi Investment Authority (Adia), is planning to file for a $1 billion initial public offering (IPO). The company’s potential valuation has doubled to $10 billion from $5 billion last year after it raised $200 million from a secondary round, the Economic […]
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 […]
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 […]
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 […]
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 […]
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 […]
The UAE Lottery’s operator is in talks to sell tickets in shops across the country. The weekly draw and spin-off games were launched in December, for online play only. Bishop Woosley, director of lottery operations at The Game, which manages the draw, said discussions had been held with retailers to allow ticket sales as early […]
