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Mena Insights, 1200 COVINGTON Road 1, Wilmington, DE (2024)

12/22/2024

UAE-based Ohana Development has announced a partnership with Jacob & Co., a renowned luxury watch and jewelry brand, to launch a $1.3 billion ‘Jacob & Co. Beachfront Living by Ohana’ project in Abu Dhabi.

The waterfront project will offer a mix of high-end residences and luxury amenities and be located between Dubai and Abu Dhabi in Al Jurf.

The project should include apartments, large villas, sky mansions, canal-front mansions and beachfront mansions. Branded amenities include the Jacob & Co. beach club, residents club, and cigar lounge. The project is scheduled for completion by the second quarter of 2028.

12/21/2024

The GCC debt capital market grew 11% year-on-year to hit $1 trillion in 2024, with nearly 40% raised through sukuk, according to Fitch Ratings.

Key drivers include financing government projects, fiscal deficits, and diversification efforts, while falling oil prices and anticipated US Fed rate cuts could boost sovereign issuances and create a more favorable funding environment in 2025.

The region is expected to remain a global leader in sukuk issuance and among the largest emerging-market dollar debt issuers.

12/19/2024

Dubai has launched its first drone delivery system, with Keeta Drone receiving the first license from the Dubai Civil Aviation Authority to operate six drones at Dubai Silicon Oasis (DSO).

Four routes connect key locations like Rochester Institute of Technology-Dubai and Dubai Digital Park, facilitating fast deliveries of medicines, food, and parcels.

Sheikh Hamdan Al Maktoum placed the inaugural order, marking the start of this innovative system.

12/17/2024

Saudi Arabia’s Almoosa Health Company set a final offer price of 127 riyals ($33.8) per share, implying a market capitalisation of SAR 5.63 billion ($1.5 billion), with a subscription period for individuals from 23-24 December.

The Saudi healthcare provider’s SAR 1.69 billion IPO is the second largest in the kingdom this year, after Fakeeh Care Group’s $764 million listing.

Almoosa’s services include primary, critical, and rehabilitative care. The company posted revenue of SAR 979 million and net income of SAR 98 million in 2023. For the nine months of 2024, the company reported revenue of SAR 870 million and net income of SAR 40 million.

12/16/2024

Dubai’s Emaar Properties has announced plans to distribute 100% of its share capital as dividends for fiscal year 2024, amounting to AED8.8 billion ($2.4 billion). This is double the dividend paid for 2023 of AED 4.4 billion ($1.2 billion).

“At Emaar, our priority has always been to create exceptional value for our shareholders, and this year’s 100% dividend distribution is a clear reflection of that commitment. We’re thrilled to see our early investors realise returns that have multiplied four times,” said its Founder Mohamed Alabbar.

12/14/2024

Investing in Syria’s export-oriented sectors presents potential opportunities, only if the country achieves greater stability. Here are two more key industries to consider if a real path to stabilization ever occurs:

1. Phosphate Mining and Fertilizer Production

Syria possesses substantial phosphate reserves, with calcium phosphates being a notable export commodity, valued at $43.2 million in 2022.

Investing in the mining and processing of phosphates into fertilizers could meet domestic agricultural needs and serve export markets. Given the global demand for fertilizers, this sector offers significant growth potential. Strategic partnerships and investments could enhance production efficiency and open new markets.

2. Oil and Gas Development

Syria holds significant oil and natural gas reserves, primarily located in the northeast and central regions of the country. While current production is estimated at less than 25,000 barrels per day (bpd) due to infrastructure damage and operational challenges, the country’s pre-crisis production capacity was over 350,000 bpd, highlighting its potential.

12/12/2024

Saudi Arabia has been announced as the host nation for the 2034 Men’s FIFA World Cup after placing the only bid.

In preparation, the Saudi government has committed to significant infrastructure projects, in addition to building or renovating 11 stadiums and 185,000 new hotel rooms.

12/11/2024

The PGA Tour and Saudi Arabia’s Public Investment Fund (PIF) have finalized an agreement for a $1.5 billion investment into PGA Tour Enterprises, valuing the entity at approximately $12 billion, with PIF taking a 6% minority stake.

The deal, first announced as a framework in June 2023, still requires regulatory approval, with optimism fueled by US President-elect Donald Trump’s support for resolving the conflict between LIV Golf and the PGA Tour.

MENA Business Insights recently highlighted that Trump, a golf enthusiast, has been actively engaging with key figures, including PGA Tour commissioner Jay Monahan and PIF head Yasir Al-Rumayyan.

12/09/2024

Investing in Syria’s export-oriented sectors presents potential opportunities, only if the country achieves greater stability. Here are two key industries to consider if a real path to stabilization ever occurs:

1. Agriculture and Agro-Processing

Syria’s agricultural sector has traditionally been a cornerstone of its economy, producing commodities like olive oil, nuts, and raw cotton. In 2022, pure olive oil exports amounted to $140 million, with other nuts contributing $43.8 million.

Investing in modernizing agricultural practices and establishing agro-processing facilities could enhance product quality and increase export volumes.
2. Textile and Garment Manufacturing

The textile industry has been a significant employer in Syria, with over 24,000 registered facilities employing about 30% of the population.

Historically, textiles have been a major non-oil export, with products reaching markets in the Middle East and Europe. Investing in this sector could revitalize production capacities, improve competitiveness, and recapture lost market share. Modernizing equipment and training the workforce would be essential steps in this process.

12/08/2024

Apple CEO Tim Cook visited Abu Dhabi’s historic Qasr Al Hosn as part of his UAE tour, announcing the company’s fifth retail location in the country, Apple Al Ain, set to open next year.

“The UAE is home to an incredible community of creators, innovators, developers, and entrepreneurs,” Cook said.

Apple’s investments in the UAE have exceeded AED 6 billion (USD 1.6 billion) over the past five years, creating 38,000 jobs through collaborations with Emirati companies, direct employment, and the iOS app economy, reinforcing its commitment to the region.

12/04/2024

OQ Base Industries attracted substantial retail investor demand to a recently oversubscribed IPO, generating OR188 billion (around $489 million) from its stock float.

OQBI’s three advanced plants transform Oman’s natural gas into essential products for cooking, heating, transport, manufacturing and multiple other uses.

12/02/2024

President-elect Donald Trump has appointed Massad Boulos as senior adviser on Arab and Middle Eastern affairs. Boulos, a Lebanese-American businessman, leads Nigeria-based Boulos Enterprises, a conglomerate specializing in the distribution and assembly of motorcycles and power equipment. He played a significant role in Trump’s 2024 presidential campaign by engaging Arab American voters, particularly in Michigan. Trump praised Boulos as a respected leader with extensive international experience and a longstanding advocate for Republican and conservative values.

11/30/2024

Delivery Hero’s Middle Eastern unit, Talabat, has priced its IPO at 1.60 UAE dirhams ($0.44) per share, raising AED 7.5 billion ($2 billion) in what is set to be the UAE’s largest listing of the year. Strong investor demand led to an upsizing of the offering to 20% of the company’s issued share capital, giving Talabat a market capitalization of AED 37.3 billion ($10.1 billion) at the time of listing. Shares are expected to start trading on the Dubai Financial Market on December 10, 2024, following allocations and refunds on December 6.

11/28/2024

Dubai is set to become home to the Gulf’s first large-scale brewery, with Sirocco—a joint venture between Heineken NV and Dubai-based Maritime and Mercantile International—planning to produce popular beer brands locally.

The brewery, a landmark move in the region, will begin construction in late 2025 and is expected to be completed by 2027, with all necessary permits already secured, the company announced.

11/27/2024

Saudi Arabia’s Finance Ministry has announced a 2025 budget deficit of 101 billion riyals ($27 billion) as spending is set to fall to 1.285 trillion riyals ($342 billion) amid declining oil prices.

Despite the reduction, the government emphasizes maintaining high expenditure to support the Vision 2030 agenda.

11/24/2024

Credit rating agency Moody’s upgraded Saudi Arabia’s credit rating to “Aa3” from “A1,” recognizing its progress in diversifying beyond oil through Vision 2030 investments in sectors like tourism, sports, and manufacturing.

The agency also revised the outlook to ‘stable’ from ‘positive’ due to lingering uncertainties in global economic conditions and the oil market. According to Moody’s a stable outlook indicates a low likelihood of a rating change over the medium term.

11/22/2024

Al-Nassr star Cristiano Ronaldo is all set to feature in a special documentary. CR7 will be seen in the Special Saudi Pro League: Kickoff football documentary.

The special documentary series features six episodes and Ronaldo took to his official social media handles to share a teaser of Saudi Pro League: Kickoff. This series will focus on Cristiano Ronaldo’s historic transfer to the Saudi Pro League at the end of 2022 and how it changed level of the football in Saudi Arabia.

Since Ronaldo’s arrival, there are many other football stars such as Neymar Jr, Karim Benzema, Ngolo Kante, Sadio Mane and others joined CR7 in the Saudi Pro League

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