Category: Business

  • How Gulf States Turn Heritage Into a Business Strategy

    How Gulf States Turn Heritage Into a Business Strategy

    How Gulf States Turn Heritage Into a Business Strategy

    In the Gulf, heritage is no longer limited to museums or old ruins. It is now a key part of economic growth, tourism, and global image-building. In Riyadh, the historic Diriyah district — birthplace of the Saudi royal family — is being turned into a major cultural hub. With more than $63 billion invested, the project will feature 28 hotels, large shopping and office areas, and a cultural zone around Diriyah Square. By 2030, it aims to create 178,000 jobs, house 100,000 residents, and welcome 50 million visitors each year. Across the region, Gulf governments are using UNESCO heritage sites and cultural festivals to turn old traditions into modern tools for tourism, jobs, and global influence.

    Saudi Arabia now has eight World Heritage sites, Oman five, the UAE two, Bahrain three, and Qatar one. These sites not only attract visitors but also boost investment and help diversify economies beyond oil.

    A 2024 UNESCO report shows cultural tourism makes up 9.1% of global GDP and around 40% of total tourism — an opportunity Gulf countries are eager to tap.

    Tourism already plays a big role. In the UAE, it added about $64 billion to the economy in 2024, equal to 12% of GDP. Hotels reached record occupancy at 77.8%, and more than 103 million people traveled through Dubai, Abu Dhabi, and Sharjah airports by September. Saudi Arabia also saw growth, with tourism bringing in a $13.3 billion surplus in 2024, a 7.8% rise from the year before, while visitor spending hit $41 billion.

    Heritage as Soft Power

    Museums, cultural restoration, and creative centers are now part of Gulf economic plans, alongside large infrastructure projects. UNESCO heritage status does more than give prestige — it attracts global tourists, foreign investment, and positions Gulf cities as cultural leaders.

    For example, Saudi Arabia’s Winter at Tantora festival in AlUla — a UNESCO site — combines concerts, art, and storytelling to create a high-end cultural experience. It includes the UNESCO-backed AlUla Story Circles, inspired by oral traditions, where small groups share personal stories to build empathy, cultural exchange, and stronger bonds between visitors and the local community.

    In the UAE, events like the Sharjah Biennial and Sharjah Heritage Days attract international experts, artists, and tourists. These festivals bring money to hotels, craft markets, and other services. The Biennial, run by the Sharjah Art Foundation since 1993, is now one of the biggest art events in the region. It features large art installations, music, films, and performances, encouraging global cultural exchange. Sharjah Heritage Days focuses on Emirati and Arab traditions, with folk arts, craft shows, and cultural exchanges, highlighting Sharjah’s role in preserving heritage. For example, the “Cluster of Lights” event drew more than 15,000 visitors in just five days, boosting hotels, markets, and the city’s cultural image.

    Design also plays a major role in this transformation. Gulf governments are promoting creative industries to diversify their economies. Both Dubai (2017) and Doha (2021) were named UNESCO Creative Cities of Design, showing their commitment to using design for sustainable growth. In Dubai, the Dubai Design District (d3) was built as part of the Creative Economy Strategy 2021–2026. This plan aims to double the sector’s share of GDP and make Dubai one of the world’s top creative hubs by 2025, supporting 500 companies and creating 10,000 jobs. Doha uses its UNESCO title to support Qatar’s National Vision 2030. Museums like the Museum of Islamic Art and the National Museum of Qatar serve as cultural landmarks and boost tourism, education, and creative industries. Heritage also ties into these plans: for example, the UNESCO-listed Al Ain Oasis, with its ancient irrigation system and 147,000 date palms, is promoted as a site for eco-tourism and sustainability. Together, these projects are not just tourist attractions but also tools for building global partnerships, cultural influence, and economic diversification away from oil dependence.

    Technology, Challenges, and the Future

    To achieve these goals, Gulf states are using advanced technology in heritage management. Artificial intelligence (AI), machine learning, and virtual reality (VR) are being used to map archaeological sites and predict heritage locations, as noted in a UNESCO 2025 workshop. Museums are also using VR to let more people explore exhibits while protecting the original artifacts.

    One example is the Sharjah Archaeology Authority’s VR projects, available on its website. These include 3D reconstructions of sites like the Tomb of Amud (TA-5) and the Mleiha Fort, allowing people to explore them online in detail. Through these digital tools, heritage sites become more accessible to the public.

    Government efforts and risks

    However, this rapid growth comes with risks. The UNESCO report warns that too many tourists can harm fragile desert ecosystems. Over-commercialization may reduce cultural authenticity, and rising property values in heritage areas could push out long-term residents. Large festivals and events may also have negative environmental impacts.

    To reduce these risks, Gulf governments are taking steps like adding entry fees, offering programs during off-seasons, and training local experts in conservation. These efforts also support larger national plans for sustainability. For example, Saudi Arabia’s Vision 2030 highlights culture as a key focus.

    Culture as a growth driver

    In the Gulf, culture is now seen not as something from the past, but as a renewable resource that brings in money, attracts skilled people, and boosts global influence. Museums, design centers, and UNESCO projects are no longer just for show—they are practical tools for economic growth and soft power. Heritage is not only being protected, but also reused as a source of identity and sustainability, linking Gulf economies to their ancient roots while guiding them toward a global future.

    Published: 1st September 2025

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  • Indian Companies Lead Dubai Chamber’s New Memberships in First Half of 2025

    Indian Companies Lead Dubai Chamber’s New Memberships in First Half of 2025

    Indian Companies Lead Dubai Chamber’s New Memberships in First Half of 2025

    Indian companies added the most new registrations at the Dubai Chamber of Commerce in the first half of 2025. More than 9,000 Indian firms joined, a rise of 14.9% compared to last year, according to a report released on Wednesday.

    New Memberships by Country

    • Pakistan came second with 4,281 new firms.

    • Egypt was third with 2,540 firms, up 8.3%.

    • Bangladesh grew the fastest, rising 37.5% to 1,541 firms, taking fourth place.

    • UK was fifth with 1,385 companies, up 11.1%.

    • Syria ranked sixth with 945 firms.

    • China followed with 772 firms, up 3.8%.

    • Jordan came eighth with 688 firms.

    • Türkiye was ninth with 642 firms.

    • Canada was tenth with 535 firms.

    Dubai’s Growing Role

    Overall, the Dubai Chamber of Commerce welcomed 35,532 new companies in the first half of 2025, showing a 4% increase from last year. This highlights Dubai’s role as a top global hub for foreign investment and international business expansion.

    Sectors with Most Activity

    • Wholesale & retail trade and real estate, renting, and business services each made up 35% of new businesses.

    • Construction accounted for 17.3%.

    • Transport, storage & communications and social & personal services each had 7.6%.

    Dubai International Chamber

    The Dubai International Chamber, another branch of Dubai Chambers, also saw strong growth. It attracted 143 new companies in the first half, a 138% increase from last year. These included 31 multinational firms and 112 small and medium enterprises (SMEs).

    Published: 29th August 2025

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  • Oman and Lebanon Ministers Discuss Trade and Investment

    Oman and Lebanon Ministers Discuss Trade and Investment

    Oman and Lebanon Ministers Discuss Trade and Investment

    Oman and Lebanon held talks to strengthen their trade and investment ties. The two countries are looking at new ways to work together, including more investments, developing industries, and improving logistics.

    Oman–Lebanon talks

    The talks were held through a video call between Qais Mohammed Al Yousef, Oman’s Commerce Minister, and Amer Bisat, Lebanon’s Trade and Economy Minister, according to the Oman News Agency.

    They also discussed starting a direct flight between Muscat and Beirut to support tourism and trade. Another proposal was to organize an Oman–Lebanon economic forum and an exhibition to promote Lebanese industries. Both ministers agreed on the need to expand cooperation and build partnerships that support long-term development.

    The meeting was also attended by Oman’s ambassador to Lebanon, Ahmed Mohammed Al Saidi, and other officials from both countries.

    Background

    In February, Omani Foreign Minister Sayyid Badr bin Hamad bin Hamood Albusaidi said Oman wants to reactivate a joint committee with Lebanon. He invited Lebanese President Joseph Aoun to visit Oman, and Aoun accepted.

    Lebanon–GCC cooperation

    President Aoun has also been working to strengthen Lebanon’s ties with Gulf countries. He visited Bahrain in July, where he met King Hamad bin Isa Al Khalifa to discuss boosting trade, investment, and cooperation in several sectors.

    In March, Aoun visited Riyadh and met Saudi Crown Prince Mohammed bin Salman. This was the first visit by a Lebanese president to Saudi Arabia in eight years and showed Lebanon’s efforts to rebuild relations with Gulf nations.

    Published: 22nd August 2025

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  • Business Bay, JVC, and Downtown Top Dubai’s Property Market in 2025

    Business Bay, JVC, and Downtown Top Dubai’s Property Market in 2025

    Business Bay, JVC, and Downtown Top Dubai’s Property Market in 2025

    Business Bay has become one of the most popular areas for property buyers in Dubai. Its central location, busy business scene, and steady supply of new projects are attracting strong interest, especially from buyers in India, the UK, and the Gulf region.

    Key market trends

    Jumeirah Village Circle (JVC) is also seeing strong demand. Many Indian and British buyers prefer it for its lower prices, good rental returns, and growing number of off-plan projects, according to a new report by Bayut, Dubizzle, and Driven Properties.

    For luxury apartments, Downtown Dubai and Dubai Creek Harbour remain top choices. Al Furjan is popular with middle-income buyers who want affordable homes with good access and community facilities.

    Technology is also shaping the market. Tools like Bayut’s TruEstimate, which uses AI to give accurate property values and verified data, are making the process more transparent—especially for overseas buyers.

    Global investor interest

    Dubai continues to attract a wide range of international investors. Driven Properties’ data shows that Indian buyers lead the market, followed by buyers from the UK, Pakistan, Canada, and Lebanon. These five groups account for more than half of all sales.

    Canadian buyers, though fewer in number, are making some of the biggest deals—like a recent $12.53 million (AED 46 million) purchase in Al Wasl.

    Overall, demand is rising from South Asian, North American, and European investors, with many focusing on new off-plan communities.

    Apartments and villas

    Apartments dominate the market, making up over 91% of all transactions in the first half of the year. Indians, Britons, and Pakistanis are the most active buyers.

    Villas and townhouses, though fewer in number, are attracting wealthy buyers—mainly from the UK and France—who want bigger homes in planned communities such as Al Furjan and Dubai Hills Estate. Prices for villas continue to rise, with strong sales in areas like Arabian Ranches 3 and Dubai South, driven by both investors and families looking to move in.

    Published: 20th August 2025

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  • Dubai International Chamber Welcomes 143 New Companies in H1 2025

    Dubai International Chamber Welcomes 143 New Companies in H1 2025

    Dubai International Chamber Welcomes 143 New Companies in H1 2025

    The Dubai International Chamber, part of Dubai Chambers, attracted 143 new companies in the first half of 2025, which is a 138% increase compared to last year.

    Out of these, 31 were multinational companies and 112 were small and medium-sized enterprises (SMEs).

    At the same time, the Dubai Chamber of Commerce, another branch of Dubai Chambers, added 35,532 new members, a 4% rise from last year.

    Exports and re-exports from members reached $46.8 billion (AED 171.9 billion), up 18%. The Chamber also issued 409,083 Certificates of Origin (10% increase) and processed 2,961 ATA Carnets for goods worth $528 million (AED 1.94 billion).

    Sultan Ahmed bin Sulayem, Chairman of Dubai International Chamber, said Dubai is becoming a strong global hub for foreign investment and international business expansion. He added that the Chamber’s network of international offices plays a big role in attracting investors, building trade ties, and supporting partnerships between Dubai companies and global markets.

    As part of the Dubai Global initiative, which aims to open 50 international offices by 2030, the Chamber opened five new offices in Dhaka, Cape Town, Bengaluru, Bangkok, and Toronto in H1 2025.

    These offices hosted 247 business roundtables, promoting Dubai as a launchpad for international growth and attracting more foreign investment. The network now helps link Dubai with world business communities, encouraging two-way investments, trade, and partnerships.

    The offices also provide market research and tailored support to help foreign companies set up in Dubai and connect with local opportunities.

    Published: 19th August 2025

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  • Norway’s $2 Trillion Wealth Fund May Sell More Israeli Investments Amid Gaza Conflict

    Norway’s $2 Trillion Wealth Fund May Sell More Israeli Investments Amid Gaza Conflict

    Norway’s $2 Trillion Wealth Fund May Sell More Israeli Investments Amid Gaza Conflict

    Norway’s $2 trillion sovereign wealth fund, the biggest in the world, said Tuesday it may sell shares in more Israeli companies as it reviews its investments due to the ongoing crisis in Gaza and the West Bank.

    Recent sales

    The statement came a day after the fund revealed it had ended contracts with some outside managers who handled Israeli investments. It also said it had already sold some of its Israeli holdings because of the worsening humanitarian situation in Gaza.

    The review started last week after news reports showed the fund had bought a little over 2% of Bet Shemesh Engines Ltd (BSEL), an Israeli jet engine maker that works with the country’s military, including servicing fighter jets. On Tuesday, the fund confirmed it had now sold that stake.

    Norges Bank Investment Management (NBIM), which runs the fund, owned shares in 61 Israeli companies as of June 30. It said it has sold its stake in 11 of them in recent days.

    “We expect to sell shares in more companies,” NBIM CEO Nicolai Tangen told reporters.

    Tangen said the fund first invested in BSEL in November 2023—about a month after the Gaza war began—through an unnamed outside manager. Since then, NBIM met with the company every quarter but never discussed the war, only its U.S. business.

    The fund first rated BSEL as a “medium risk” investment in terms of ethics, but raised it to “high risk” in May. “We should have made that change faster,” Tangen said.

    Financial results

    The fund invests Norway’s oil and gas income around the world. It owns about 1.5% of all listed stocks worldwide, plus bonds, real estate, and renewable energy projects.

    In the first half of this year, it made a $68.28 billion profit, a 5.7% return, mainly thanks to strong stock market gains in the financial sector.

    Published: 13th August 2025

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  • Dubai Residential REIT Sees 10% Profit Growth in First Half, Reaches $169.3 Million

    Dubai Residential REIT Sees 10% Profit Growth in First Half, Reaches $169.3 Million

    Dubai Residential REIT Sees 10% Profit Growth in First Half, Reaches $169.3 Million

    Dubai Residential REIT reported a 10% increase in net profit for the first half of 2025, reaching $169.3 million (AED 622 million). The rise was due to strong property occupancy and good business performance.

    Strong First-Half Results

    Revenue grew 10% from last year, totaling $260.8 million (AED 958 million). This was helped by steady leasing activity and higher rents across its residential properties.

    The company’s adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) rose by 11% to $195.5 million (AED 718 million), thanks to better revenue and efficient operations. The profit margin stayed strong at 75%.

    The average occupancy rate across all properties was 98%, and income per leased area went up by 6%.

    Here’s a look at occupancy by segment:

    • Premium properties: 98%

    • Community living: 97%

    • Affordable housing: 99%

    • Corporate housing: 100% (fully occupied)

    The company’s strong performance was supported by high rental income, excellent occupancy, and good financial management.

    As of the end of June 2025, the total value of its assets was $6.26 billion (AED 23 billion), a 7% increase from December 2024.

    Dubai Residential REIT is a Shariah-compliant trust managed by DHAM REIT Management. It focuses on income-generating residential properties.

    Dividend Update

    The Board has approved an interim cash dividend of $149.7 million (AED 550 million), which will be paid in September 2025.

    Starting from the year ending December 2026, the REIT plans to pay out at least 80% of its profit (before property value changes) each year.

    Published: 7th August 2025

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  • Bahrain’s Mumtalakat Buys a Share in Abu Dhabi’s BlueFive Capital

    Bahrain’s Mumtalakat Buys a Share in Abu Dhabi’s BlueFive Capital

    Bahrain’s Mumtalakat Buys a Share in Abu Dhabi’s BlueFive Capital

    Bahrain’s national investment fund, Mumtalakat, has bought a share in BlueFive Capital, a private investment company based in Abu Dhabi.

    Details of the Deal

    The exact amount of the deal and how much of the company Mumtalakat bought were not shared. The announcement comes after BlueFive finished building its group of early investors in July. With this new deal, Mumtalakat becomes one of 25 investors from the region and around the world supporting the company.

    BlueFive said the new investment will help it grow globally by giving it steady support from a trusted institution.

    BlueFive’s Chairman, Sheikh Mohamed Isa Al Khalifa, said welcoming Mumtalakat is a big step forward and shows strong belief in the company’s future. He also said the partnership adds trust and stability as BlueFive expands internationally, with strong roots in Bahrain’s financial sector.

    About BlueFive Capital

    BlueFive was started in 2024 by Hazem Ben-Gacem, an expert in private equity. It is led by Sheikh Mohamed Isa Al Khalifa, who used to run Bahrain’s national pension fund. Today, the company manages over $2.6 billion and has offices in Manama, London, Abu Dhabi, and Beijing.

    New Investment Fund

    In July, BlueFive launched a new $2 billion private equity fund to invest in fast-growing companies in the Gulf region. The fund plans to buy both small and large shares in big businesses, especially in the UAE, Saudi Arabia, and Qatar. It will focus on sectors like healthcare, technology, travel, aviation, and manufacturing. The fund is registered in Abu Dhabi Global Market (ADGM).

    Growing Interest in the Region

    Many global investment firms—like GIP (supported by BlackRock), Permira, and General Atlantic—are expanding in the Gulf, showing that the region is becoming more attractive for big investors.

    Mumtalakat’s Size

    Mumtalakat manages about $18 billion in total, according to the Sovereign Wealth Fund Institute.

    Published: 5th August 2025

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