Middle East | Pixr8 News

13Jul By PriyankaNo Comments

MIDDLE EAST

Middle East loses $270 bn oil income amid virus, recession

Dubai, Jul 13, 2020 (AP): The Middle East's energy producers are expected to earn $270 billion less in oil revenue compared to last year as the region's economic heavyweight, Saudi Arabia, sinks deeper into recession amid the coronavirus pandemic, according to the International Monetary Fund's outlook released on Monday. The international lender expects an overall economic contraction of 7.3% in Mideast oil-exporting countries this year due to hits from the coronavirus outbreak and oil market turmoil. The contraction is 2% greater than the IMF's initial projections in mid-April. “We are in a year like no other and therefore developments are very fast and coping with them is challenging for everyone,” Jihad Azour, director of the IMF's Middle East and Central Asia department, told Th...

Saudi Arabia Extended its business hours

17Jul By NitishNo Comments

MIDDLE EAST

Saudi Arabia Extended its business hours

Saudi Arabia's Cabinet has approved a measure to allow shops to remain open for 24 hours, but the move stops short of explicitly peeling back the mandatory closure of stores during daily Muslim prayers. The decision, reported by the state-run Saudi Press Agency, only says that the Ministry of Municipal and Rural Affairs will decide the fees shops would need to pay to remain open around the clock. The move could help local businesses boost their sales. Any decision to allow stores to remain open during prayer would likely stoke public backlash from conservative Saudis. Although the powers of the kingdom's morality police have been curbed under King Salman, they still monitor that shops close for the five daily prayers, though that enforcement has become lax in some neighbourhoods....

Uber buys rival Careem in $3.1 billion deal to dominate ride-hailing in Middle East

26Mar By reutersNo Comments

ACQUISITION, MIDDLE EAST

Uber buys rival Careem in $3.1 billion deal to dominate ride-hailing in Middle East

SAN FRANCISCO (Reuters) - Global ride-hailing firm Uber will spend $3.1 billion to acquire Middle East rival Careem, buying dominance in a competitive region ahead of a hotly anticipated initial public offering. Uber said it would pay $1.4 billion in cash and $1.7 billion in convertible notes in a deal that gives it full ownership of Careem. The long-expected agreement ends more than nine months of start-and-stop negotiations between the two companies and hands Uber a much-needed victory after a series of overseas divestments. The notes will be convertible into Uber shares at a price equal to $55 apiece, Uber said, marking about a nearly 13 percent increase over Uber’s share price in its last financing round, led by SoftBank Group Corp more than a year ago. The acquisition makes...

Spotify Officially Launches in Middle East and North Africa

14Nov By Gauri SinghNo Comments

MIDDLE EAST, News

Spotify Officially Launches in Middle East and North Africa

The world's most popular paid music streaming service, Spotify, has officially launched in the Middle East and North Africa on Tuesday. The company stated that its services would now be available in 13 Arab markets, including Saudi Arabia, the United Arab Emirates, Egypt, and Morocco but not Libya, Iraq, Syria, or Yemen. Spotify has been unofficially available in the Middle East for several years through accounts usually registered in other markets such as Europe. Claudius Boller, who previously worked in the region with Universal Music Group, is Spotify's managing director for the Middle East and Africa. Boller said in a statement that Saudi Arabia, the UAE, Egypt, and Morocco were expected to drive regional growth, pointing to the Middle East's youthful population and high sm...

Careem Ties up with DCT Abu Dhabi to Create Curated Routes in UAE

12Nov By Gauri SinghNo Comments

MIDDLE EAST, News

Careem Ties up with DCT Abu Dhabi to Create Curated Routes in UAE

Middle East-based cab aggregator Careem has entered into a deal and signed a memorandum of understanding (MoU) with the Department of Culture and Tourism, Abu Dhabi (DCT Abu Dhabi) for the purpose of creating curated routes across the emirate and encourage events in the city. Careem GCC managing director Bassel Al Nahlaoui and DCT Abu Dhabi undersecretary Saif Saeed Ghobash have signed the agreement. They both will also oversee Careem work with DCT Abu Dhabi to improve customer journeys from Abu Dhabi International Airport and enhance water taxi solutions. Also, they would be looking after the transfer of knowledge and map various data points to better understand commuter behvaiour and create solutions to commuter problems. “This agreement between our two organisations is in line with ...

Dubai-based VC firm BECO Capital Raises $10 Million from IFC

5Nov By Gauri SinghNo Comments

FUNDING

Dubai-based VC firm BECO Capital Raises $10 Million from IFC

Dubai based venture capital firm BECO Capital has reportedly raised an amount of $10 million for its second fund from the popular International Finance Corporation (IFC) which is a member of World Bank Group. This investment is basically a part of an effort to support technology start-ups and drive innovation across the Middle East and North Africa. According to the reports, this particular fund is being anticipated to reach up to $100 million. If BECO does close the fund with $100, it would be one of the largest in the region. “Our vision at BECO is to improve the region through technology entrepreneurship and innovation,” said Dany Farha, the Managing Partner of BECO Capital. “With IFC as a partner, we will have the firepower to continue fueling and igniting liftoff for MENA’s disrup...

QSR Startup Charcoal Eats to Foray into the International Markets

2Nov By Gauri SinghNo Comments

News

QSR Startup Charcoal Eats to Foray into the International Markets

Quick service restaurants startup Charcoal Eats which currently operates only in India is foraying into international markets starting with the Middle East and Europe. The company at present offers its services in about 30 locations across 11 cities in India. The company is expecting to enter the Middle East through Bahrain with about 8-10 outlets and then expand to other countries in the area. Along with the Middle East, the company would also reach the areas of the United Kingdom with 4-5 outlets by March next year. “Going forward, we will maintain a dual focus for India expansion - opening more outlets in metros (Mumbai, Delhi NCR, Pune, Bengaluru, Chennai and Kolkata); and expanding into tier II cities, which we see as the future growth engines for the food space. Charcoal Eats int...

British Restaurant Chain Wagamama to Make its Debut in Abu Dhabi

12Oct By Gauri SinghNo Comments

MIDDLE EAST, News

British Restaurant Chain Wagamama to Make its Debut in Abu Dhabi

A popular British restaurant chain known as Wagamama which has become a global brand is again entering into the Middle East market with another branch. The restaurant chain is making a debut and opening its first restaurant in Abu Dhabi. This new restaurant will be launched at Abu Dhabi Mall on October 31 which will bring the number of locations across the UAE to eight. The retailer said the opening marks a new chapter in the wider expansion plans for the restaurant brand across the UAE and a growing presence in neighboring GCC countries. “The arrival of wagamama at Abu Dhabi mall is an important milestone for the brand as we continue to deliver food that’s good for the soul, in a warm and friendly atmosphere,” said Elias Madbak, director of operations at RMAL Hospitality, franchise pa...

18Sep By Gauri SinghNo Comments

MIDDLE EAST

FoodTech Firm Faasos to Foray into the Middle East Market

The food on demand platform Faasos is reportedly foraying into the international market starting from Dubai. The company has plans of seeking to capture the next leg of growth. Faasos Food Services, which operates the brand Faasos, is gearing up to establish its first batch of multi-brand cloud kitchens in Dubai. By the first quarter of 2019, the company is expecting to have three kitchens operational in the city. These will witness the venture launch its brands Faasos, Behrouz Biryani, Oven Story and Firangi Bake in the Middle East. “We test new brands with limited locations within our existing kitchens. We only scale those brands that we know are being liked by users and where economics are working. The good thing is that our kitchens become profitable in the second month itself and ...

Dubai’s Ride-Hailing Firm Careem to Launch Services in Sudan

10Sep By Gauri SinghNo Comments

MIDDLE EAST

Dubai’s Ride-Hailing Firm Careem to Launch Services in Sudan

Careem, the leading ride-hailing company in the Middle East has announced that it has started a service in Sudan, one of few international companies to enter the country since US economic sanctions were lifted last year. Following this move, Careem has hired 10 Sudanese employees and signed up hundreds of drivers to its app to launch operations in Khartoum, which is the capital of Sudan. The company is planning to have 30 employees in Sudan and have its existence in at least one other city in the northeast African country by the end of the year. "My goal and aim is to cover as many (cities) as possible in the next one or two years," Careem's Managing Director for Emerging Markets Ibrahim Manna stated. It has been stated that Sudan has the potential to be one of biggest markets of C...

UAE is One of the Top Spenders of Beauty & Wellness Products

1Sep By Gauri SinghNo Comments

MIDDLE EAST

UAE is One of the Top Spenders of Beauty & Wellness Products

With the increased demand for beauty and wellness products among the people, UAE is now among the top spenders in cosmetics and personal care products across the globe. People these days are preferring natural skin care treatments, non-invasive beauty procedures and also with the growing influence of beauty and lifestyle bloggers has created a great impact on the growth of UAE's beauty sector. According to the reports, consumers in the UAE spent $247 per capita on cosmetics and personal care, more than any other country in the Middle East, and ninth worldwide; this is forecast to grow to $294 in 2020. It has been stated that the rise in UAE's cosmetics and skincare space is fuelled by the lifestyle that it is associated with. Also, the harsh climate of UAE is another factor that the ...

Chinese E-commerce Players Eyeing to Target Indian and Middle East Market

8Jul By AnkitaNo Comments

CHINA

Chinese E-commerce Players Eyeing to Target Indian and Middle East Market

Chinese e-commerce players are now targeting India and middle east countries markets due to high potential for economic growth as per the report in Chinese media today. According to a report from app data provider App Annie, five of the top 10 best performing cross-border e-commerce Chinese apps in the first five months such as Club Factory, SHEIN, ROMWE and JollyChic focussed on the Middle East and India markets. According to the report in Xinhua news, the Indian market enjoys a huge population and high potential for economic growth, thus attracting many e-commerce players to expand their presence. Smartphones are popular in Arab countries and local consumers have strong purchasing power. But the oil-rich countries lack textiles and other light sectors, offering cross-border e-co...