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July 9, 2018

‘New era’ Gulf carriers look to join aviation alliances

Two of the Gulf’s resurgent carriers have said they are looking at the possibility of cooperation with other airlines including joining alliances in an attempt to stem losses and reinvent their business models.

In an interview with Abu Dhabi daily The National last week, Etihad Aviation Group CEO Tony Douglas, who took over in January, said the airline could be looking at building closer ties with airlines within the Star Alliance network.

“In the past, the Etihad Group was identified as being an alliance itself and, consequently, under the rules of Star Alliance, its members were not allowed to engage in collaboration with us on codeshares,” Douglas was quoted as saying.

Douglas stopped short of saying anything that would confirm Etihad would be joining the global Star Alliance network just yet.

The airline would depart from “growth for growth’s sake” and instead “look for sustainable growth” including through “partners to build connectivity with their networks through codeshares wherever both parties agree to do so,” he added.

Etihad has sustained losses of nearly $3.5 billion owing to a strategy involving buying stakes in European carriers Alitalia and Airberlin that have since both filed for insolvency.

In a new strategy unveiled last week Douglas said Etihad would now focus on point to point flights that keep its focus on Abu Dhabi. That strategy could see it align itself more closely with carrier’s that were open to codeshare partnerships, possibly similar to its extensive January 2017 codeshare agreement with Star Alliance member Lufthansa.

Etihad’s new direction echoes that of another airline that was once considered the benchmark of aviation experience over the Gulf’s skies.

Gulf Air partnerships
Bahraini carrier Gulf Air’s Krešimir Kučko told reporters on the sidelines of ACI Europe & World general assembly, that the airline’s new forward plans would involve more partnerships.

Appointed in November last year, Kučko is vying to bring Gulf Air back to profitability after years of losses at the carrier and a crisis of leadership that saw the abrupt resignation of its CEO last year.

The airline signed a number of codeshare partnerships with Star Alliance carriers Aegean Airlines and Turkish airlines last year and will likely look to grow those partnerships with other carriers as it increases its scope of operations.

“The national carrier has a future,” he told AIN earlier in the year. “We are evaluating the possibilities and will start the process of approaching the groups at the end of the summer,” he said.

Source: https://www.arabianbusiness.com/transport/400233-new-era-gulf-carriers-look-to-join-aviation-alliances

July 9, 2018

Saudi unemployment increases despite decline in expat workers

Saudi Arabia is moving ahead with plans to curtail its dependence on foreign labour, but the intended benefits haven’t yet trickled down to the country’s own nationals as intended.

Expat jobs declined by 2.3 percent, or 234,191 over the first three months of 2018 to just over 10.18 million, according to results revealed by the country’s General Authority for Statistics.

However, Saudi Arabia’s unemployment rate for nationals over the age of 15 creeped up to 12.9 percent, up from 12.8 percent in the fourth quarter of 2017.

A closer look at the results shows that Saudi Arabia’s male and female workforce participation rates registered increases, now amounting to 63.5 percent and 19.5 percent of each gender’s active and employable population.

Those increases contrast with unemployment rates for each: Saudi women’s unemployment rate decreased during the quarter to 30.9 percent from 31.10 percent in the fourth quarter of 2017; the unemployment rate for Saudi men increased to 7.6 percent during the same period.

Saudi Arabia’s Ministry of Labour and Social Development issued a new decree earlier in the year limiting retail and other operational jobs in 12 different sectors to Saudi nationals.

The country’s Ministry of Civil Service has also announced it wants only nationals to staff roles in its public sector.

The nationalisation initiatives are intended to create over 1 million jobs over the next decade.

But the latest measures from the state of Saudi Arabia’s workforce show that the total number of workers in the Kingdom has actually declined by 247,628 to 13,333,513.

Unemployment across the country, including rates for both nationals and expats, has risen to 6.1 percent in the first quarter of 2018 from six percent in the last quarter of 2017.

Source:https://www.arabianbusiness.com/politics-economics/400163-saudi-unemployment-increases-despite-decline-in-expat-workers

June 20, 2018

Dubai airport unveils high-tech installation

New state-of-the-art feature allows transit passengers to explore the city without stepping outside terminal

Dubai: Travellers making a quick stopover in Dubai International can now explore the emirate without having to step outside the airport.
A new state-of-the-art kiosk, dubbed “MyDubai Experience,” has just been set up in Terminal 3, Concourse A to allow flyers who are just passing through to virtually discover Dubai and inspire them to make a visit in the city.

Dubai International is a major hub for global travel, accommodating 90 million flyers in 2017 alone, making it the world’s busiest airport for international travellers.
Dubai, whose top three source markets are India, Saudi Arabia and the United Kingdom, is nearing its 2020 tourism target, with the number of people visiting the emirate in 2017 reaching 15.79 million, up by 6.2 per cent over a year earlier. The newly installed feature is designed to boost these tourist numbers further.

Designed to catch the attention of a transient flyer, the kiosk features LED tiles positioned to create five 360-degree rings, each showing photos, videos, social media and user-generated content that has been curated.
“The rings can either work together to produce a single large visual, or operate independently to create a collage depicting a multitude of different Dubai experiences and offerings,” a statement reads.

Just below the rings are seven 55-inch curved OLED screens and seven 22-inch touchscreens. With the touchscreens, travellers can now have an immersive virtual travel experience and access information about Dubai, including the city’s attractions, landmarks, activities, experiences, itineraries and maps.

And what’s more, the installation can create a tailor-made two-day itinerary in Dubai based on the passenger’s interests and preferred experiences, making it easier for any potential visitor to plan their stopover.
The project has been launched by Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism), in collaboration with Dubai Airports and Emirates Airline.

Source:https://gulfnews.com/news/uae/tourism/dubai-airport-unveils-high-tech-installation-1.2238472

June 18, 2018

Visionary of the Year: What makes Bin Faqeeh stand out in 2018?

Considered as one of the biggest real estate markets in the Gulf intense Cooperation Council (GCC) countries, the real estate market of the Kingdom of Bahrain is also one of the region’s most competitive markets. And while there are several renowned developers working to make out the best of the island kingdom’s potential, Bin Faqeeh Foundation has been standing out as one of the most unique real estate development companies there.

Ever since its launch in 2008 less than 10 years ago, Bin Faqeeh’s brand has reserved itself as one of the best players of the real estate sector in Bahrain. This status can be attributed to multiple reasons, the most important of which being are the developer’s creativity that was demonstrated in the projects and concepts it has worked on as well as the fact that the developer mainly aimed at acquiring a share in the prosperous market of the Bahraini Freehold Areas.

Achievements of 2018:

Last year, our team at Weetas has conducted an interview with Faysal Faqeeh, the founder and CEO of Bin Faqeeh organization, around the current status quo of the real estate market of the Kingdom of Bahrain. Faqeeh has demonstrated his positive personal predications not only through his answers to our questions, but also through the activities of his foundation during the first four months of the current year.

As a result of that, Bin Faqeeh – both the foundation of the man – won multiple deserved awards. During MEED awards, Bin Faqeeh has won the Real Estate Developer of the Year award and the National Residential Project of the Year for The Treasure project. In addition to that, Faisal Faqeeh won the Visionary of the Year award during Arabian Business Real Estate awards.

Previous Projects:

Bin Faqeeh has maintained for itself a portfolio of successful projects that included Layan, the residential development located in Durrat Marina which has won itself the Best Residential Project in Bahrain in Arabian Real Estate Awards in 2016 which includes studios, duplexes, one-bedroom, two-bedroom, and three-bedroom apartments, and The Tweet, a 21-storey residential tower located in Seef District that comprises 135 one-bedroom luxurious apartments.

Bin Faqeeh has launched 28 projects so far, 12 of which have been successfully delivered, 4 of which have been delivered ahead of schedule.

Future Projects

The aforementioned awards only add to the many prestigious honors that Bin Faqeeh has won before; it also reflects the organization’s commitment to delivering excellence and creativity through its projects. With that in mind, let’s take a look upon the most highlighted current projects of Bin Faqeeh in the Kingdom of Bahrain:

The Treasure:

Being the winner of MEED’s National Residential Project of the Year award, The Treasure has gained a lot of attention and has been under the spotlight for a while now.

Situated within the heart of the famous Dilmunia Island, The Treasure has a lot of compelling features for the local and international real estate investors. We need to mention here that Dilmunia Island is currently being developed and renovated to be a major healthcare resort and one of the key attractions of the GCC regions for the wellness tourism.

The healthcare city that is being developed over an area that spans more than 165,000 square meters on the island right now is planned to comprise the state-of-the-art equipment and the most advanced medical technologies to be operated by the finest calibers in the healthcare field.

The Treasure is not only situated within a close distance from the healthcare city, it is also close to the island’s airport. In addition to that, the project’s high-end residential units – which will vary between one-bedroom apartments, two-bedroom apartments, three-bedroom apartments, and penthouses – will offer its residents a mesmerizing view of the gulf waters.

In addition to that, the project will also comprise luxurious entertainment facilities that include an outdoors swimming pool, a gym, a private cinema, and a gaming area.

Waterbay West Project:

This is probably the finest example that reflects the foundation’s creativity and willingness to bring brand new concepts not only into the Bahraini market, but also to the whole GCC.

In partnership with Paramount Residences, Bin Faqeeh has unveiled the new Waterbay West project last month; the project, which is planned to be open within the second quarter of 2019, is aiming at bringing about the Hollywood Lifestyle through three towers that consist of 10 stories.

Upon its announcement during an event which was attended by Shaikh Khalid bin Humood Al Khalifa, the chief executive of Bahrain Tourism and Exhibtion Authority (BTEA), as well as Steven Seagal, the famous American actor and producer and Ghassan Aridi, the chairman of Paramount Hotels and Resorts.

According to Bin Faqeeh, this project is considered a challenge for the foundation as they are trying to open the project as soon as possible since Dubai, the top tourism destination in the region, does not have any projects of the same type yet and Riyadh, the capital of the Kingdom of Saudi Arabia, has one that is still not open yet.

Bin Faqeeh also explained that the design and the concept of the trio of towers will be brand new to the architectural landscape of the Kingdom of Bahrain. The first tower will feature 180 apartments, while the second will feature 200 and the third will feature 189 units.

Al Sidra:

Situated at the heart of Diyar Al Muharraq island, Al Sidra’s strategic location grants its residents almost an instant access to some of the top attractions like Marassi Beach, Amwaj Island and Dragon City.

The project is also 15 minutes away from Bahrain International Airport.

In addition to the unique and variant design styles of the residential units, the project will offer multiple luxurious amenities that include the stunning Flamingo Park, the public beaches and the connected waterways.

All of these promising features and upcoming projects reflect the unique brand Bin Faqeeh Foundation has established for itself through the past decade. It is safe to say that such projects will help the Bahraini real estate market to grow more robust as one of the top attractions of investments and tourism in the GCC.

June 18, 2018

NEOM:Saudi Arabia’s Vision 2030

In the Kingdom of Saudi Arabia, the Crown Prince Mohammed bin Salman has been pushing for economic and cultural reforms with his plan called the ‘Vision 2030’ for Saudi Arabia.

On the 24th of October, the Crown Prince announced plans to build a brand new mega-city on the Red Sea coast. The announcement came at an international business conference in Riyadh, which drew over 3,500 people from 88 countries.

The Prince announced the city project, “NEOM” and with it the news that the mega-city will be operating completely independently from the current governmental framework and regulations of Saudi Arabia. NEOM is also said to have its own tax and labour laws and an autonomous judicial system.

The Crown Prince while talking about NEOM, held two cellular phones in his hand, one was a decade old and one was a smartphone from 2017, stating that “this represented the difference between what NEOM would be and any other such area in Saudi Arabia”

He also mentioned that the plans for this mega-city would not be passed without consulting big-ticket investors and experts at every step of this project’s development.

The announcement of this plan, took many foreign investors and traders by surprise, even though the Kingdom of Saudi Arabia has been announcing a series of major changes which are being made by the Crown Prince to get Saudi prepared for the post oil-economy.

In another twist, the mega-city project, NEOM is going to be powered completely by clean-energy, including solar and wind. The 32 year old Crown Prince announced that NEOM will “not have room for anything traditional.”

The mega-city project development is estimated to cost over $500 billion, and the ambitious project would include a bridge spanning the Red Sea, connecting the NEOM city to Egypt and the rest of Africa. The total covered area of NEOM is said to be over 29,5000 square kilometres. NEOM is set to stretch into not only Egypt, but also Jordan, as well.

Saudi Arabia’s border with Jordan touches the northern end of the Gulf of Aqaba, near the Israeli city of Eilat. It also sits opposite Egypt, across the Straits of Tiran.

The Kingdom of Saudi Arabia has stated on record that the project will be developed over the years with investments coming from both the treasury of Saudi Arabia, and foreign and local investors.

The mega-city development plan of NEOM, is said to be focused on nine major sectors, including clean energy, water sustainability, biotechnology, advanced manufacturing, entertainment, and food technology with Klaus Kleinfeld, former chairman and CEO of Siemens AG, leading the development.

A statement released by Saudi Arabia, stated “NEOM’s contribution to the kingdom’s GDP is projected to reach at least $100 billion by 2030, in addition to its per capita GDP – projected to become the highest in the world,”

Source:http://www.jordanbusinessmagazine.com/economy/saudi-arabia-plans-build-mega-city-jordan-egypt

June 14, 2018

Iran Invites Sri Lanka for Economic Commission in August

Iran has called for a meeting of its joint economic commission with Sri Lanka to be held in Tehran in August.

“As per our own assessment, the May 2018 state visit by the Lankan delegation to Iran was very good and productive,” said Iran’s Ambassador to Sri Lanka Mohammad Zaeri Amirani in a meeting with Sri Lankan Industry and Commerce Minister Rishad Bathiudeen.

“Outcomes of the state visit led by President Maithripala Sirisena were good. Among the major outcomes were the many memoranda of understanding signed between the two countries in Tehran. These pack great benefits for Sri Lanka … During this visit, President Hassan Rouhani also stressed the need to continue with the bilateral Joint Commission for Economic Cooperation meeting series, as well as to start on the new MoUs,” Amirani was quoted by Sri Lankan newspaper Daily News as saying on Wednesday.

According to the Department of Commerce, bilateral trade between the two countries last year was at $188 million—an increase of 4.5% over 2016’s total of $180 million.

The balance of trade was in favor of Sri Lanka, as 94% of total trade ($177 million) were exports from Sri Lanka to Iran. Among the leading exports from Sri Lanka to Iran in 2017 were Ceylon tea (90%), desiccated coconut (3%), other vegetable mixtures (2%) and defatted coconuts (1%).

Total imports into Sri Lanka from Iran were only $ 11 million—the leading four imports being fish, wires and cables, grapes and plastic products.

Until 2013, Sri Lankan fuel imports from Iran were at a much higher rate ($1.4 billion in 2011, $660 million in 2012).

“The series of JCEC has been helpful in advancing our relations in many ways. Since the bulk of our exports is a single product (90% of exports in 2017 constituted tea), it is time to diversify our exports basket to Iran.”

Bathiudeen said the August meeting can help Sri Lanka in this regard.

Source:https://financialtribune.com/articles/economy-business-and-markets/88035/iran-invites-sri-lanka-for-economic-commission-in-august

June 5, 2018

Revealed: dates set for Dubai Summer Surprises 2018

Six-week retail extravaganza will offer discounts of 25-75% across shopping malls in Dubai

Dubai Summer Surprises (DSS), Dubai’s annual city-wide retail celebration, will return to the city from June 22 to August 4, it was announced on Wednesday.

Organised by the Dubai Festivals and Retail Establishment (DFRE), an agency of the Department of Tourism and Commerce Marketing (Dubai Tourism), the 21st edition of the event will feature a line-up of spectacular sales, retail experiences, and weekly performances.

Ahmed Al Khaja, CEO, DFRE, said: “Dubai Summer Surprises is one of the most popular events of the Retail Calendar and we are excited to announce this year’s dates.

“Together with our partners across the emirate, we are putting the final touches to a jam-packed, six-week schedule of sales, retail promotions and events that we know will make Dubai the ultimate summer destination.”

Highlights of this year’s event include a Opening Day 12 Hour Sale, a daily Deal of the Day offer, weekly Weekend Destination surprises and the Final Weekend Sale.

Dubai Summer Surprises will feature discounts of 25-75 percent throughout the six-week period. Top name global brands will be offering knockout discounts, the statement said.

DSS will kick start with a mega 12-hour sale on the opening day with participating retail outlets at Majid Al Futtaim malls in Dubai offering up to 90 percent discounts.

Deal of the Day will offer shoppers an “incredible” deal, starting on the June 23 and finishing on August 1 while the Weekend Destination initiative will see a different mall every week offering full weekend of additional surprises and entertainment.

DSS will culminate in a Final Weekend Sale, commencing on August 2 and finishing on August 4.

Source:http://www.arabianbusiness.com/retail/397885-revealed-dates-set-for-dubai-summer-surprises-2018

June 5, 2018

Mubadala said to be among bidders for UAE’s Amana Healthcare

Sources say the fund’s healthcare unit is in advanced talks about the acquisition

Abu Dhabi’s Mubadala Investment Co is among potential bidders for the UAE-based privately-held Amana Healthcare, people with knowledge of the matter said.

The fund’s healthcare unit is in advanced talks about the acquisition, the people said, asking not to be identified because the discussions are private. Amana, which operates in Abu Dhabi and Al Ain, has also drawn interest from other large healthcare providers and investors, some of the people said.

Bank of America Corp was hired to work on the sale that could value the business at about $400 million, people said in 2016. Amana hopes to close a deal by the end of the year, some of the people said. A representative for Amana didn’t immediately respond to requests for comment, while Mubadala declined to comment.

Demand for private health care in the Middle East has been increasing with mandatory health insurance for the expats who make up the majority of the population, luring international investors to look at opportunities.

Abu Dhabi’s NMC Health planned to bid for Saudi Arabian Airlines’ healthcare business, its founder said last June. Mediclinic International agreed to combine with Al Noor Hospitals Group.

Amana was founded in 2013 and provides services including long-term acute care, rehabilitation and respite care, according to its website. Gulf Capital, an Abu Dhabi-based alternative asset manager, made an undisclosed investment in the company in 2014.

Source;http://www.arabianbusiness.com/banking-finance/397996-mubadala-said-to-be-among-bidders-for-uaes-amana-healthcare

May 7, 2018

Saudi-led group wins deal to build key Oman water project

A consortium led by Saudi-based ACWA Power has been awarded the Salalah Independent Water Project by the Oman Power and Water Procurement Company.

The plant will be located in Salalah, Dhofar region and will have a capacity to generate 25 million gallons per day of desalinated water using reverse osmosis technology.

The consortium also includes Veolia and Veolia Middle East and Dhofar International Development & Investment Holding Co (DIDIC), a statement said.

The project is being procured by OPWP under a build-own-operate framework on the back of a 20 year water purchase agreement, it added.

Dhofar Desalination Company, the project company, will be owned by ACWA Power, Veolia Middle East and DIDIC.

Paddy Padmanathan, president and CEO of ACWA Power, said: “Water is the most vital commodity for human life as well as a necessity for all enterprises. We are delighted to have been awarded this project and the opportunity to continue supporting Oman as a reliable supplier of desalinated water and power.”

The engineering, procurement, and construction of the plant will be handled by a consortium of Fisia Italimpianti and Abeinsa Infraestructuras Medioambiente while the operations and maintenance of the plant will be undertaken by a consortium of Veolia Middle East, NOMAC Oman and DIDIC.

Thamer Al Sharhan, managing director at ACWA Power, said: “Oman is a strategic country for ACWA Power – our portfolio of six plants can generate over 4,300 MW of power and 42 million gallons per day of desalinated water. ACWA Power is committed to ensuring the success of this project while creating real value for the local communities.”

Demand for water in Oman is expected to rise by about six percent per annum over the next seven years.

Source:http://www.arabianbusiness.com/industries/construction/385461-saudi-led-group-wins-deal-to-build-key-oman-water-project

May 7, 2018May 7, 2018

Oman forecast to see double digit growth in tourists to 2021

Tourism arrivals to Oman will increase at a compound annual growth rate (CAGR) of 13 percent between 2018 and 2021, according to a new report.

The Colliers International data, released ahead of Arabian Travel Market 2018 (ATM), which takes place at Dubai World Trade Centre next month, predicts the rise will be fuelled by visitors from across the GCC, who accounted for 48 percent of guests in 2017.

In addition, arrivals from India (10 percent), Germany (6 percent), the UK (5 percent) and Philippines (3 percent) are also expected to contribute heavily to the growth, supported by new visa processes and improved flight connections, the report said.

Historically, the Middle East has been the largest source market for Oman, with arrivals from this group increasing at an annual rate of 20 percent between 2012 and 2017, it added.

Simon Press, senior exhibition director, ATM, said: “The latest data demonstrates the growth in visitors to Oman will continue, supported by strategic investment from the government as it turns to tourism to diversify its income streams.

“Oman is a fantastic destination with responsible, eco, cultural and heritage attractions, as well as being a key travel hub, with significant opportunity to capitalise on transit itineraries for stopover visitors.”

Accommodating the predicted influx, a number of major hotel chains have recently announced properties in Muscat, driving the 12 percent CAGR over the next three years – from 10,924 rooms in 2017 to 16,866 keys in 2021.

Supply in Muscat is dominated by five-star properties, accounting for 21 percent, and four-star, accounting for 24 percent.

Press said: “With strong existing demand from GCC leisure and business travellers, Oman is preparing for even more 4- and 5-star guests over the coming years as work completes on the Oman Exhibition and Convention Centre and Muscat Opera. Occupancy could rise by as much as 5 percent in 2018, so Oman really is one to watch.”

Complementing its hotel pipeline, Oman has made significant investments in other tourism infrastructure, including airports, the report said, adding that expansions at Muscat and Salalah International Airports pushed passenger figures to 12 million and 1.2 million in 2016.

Source:http://www.arabianbusiness.com/travel-hospitality/391937-oman-forecast-to-see-double-digit-growth-in-tourists-to-2021