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Category: Middle East/Asia

  • Dubai Property Market sets new benchmarks with Over 50,000 Sales Transactions

    Dubai Property Market sets new benchmarks with Over 50,000 Sales Transactions

    Dubai, United Arab Emirates, 20 November 2024: The real estate market in Dubai

    continues to grow at an exponential rate, driven by increasing demand as an investment

    destination, relaxing land ownership regulations, the increasing inflow of expats to the

    Emirate and convenient payment plans offered by developers.

    Breaking records in standard Dubai style, sales of real estate in the third quarter of 2024

    achieved an unmatched milestone, with a total value of almost AED 141.9 billion ($38.7

    billion). This surpasses the previous record of AED 124.07 billion ($33.8 billion) set in the

    second quarter of this year, a 14.4% QoQ increase, making this the largest quarterly sales

    amount ever attained. This strong performance record is a 30.1% value increase YoY, with

    first-sale properties taking the helm.

    The sustained demand for real estate in Dubai, especially from domestic and international

    investors, is demonstrated by this upsurge in activity which has been a consistent trend in

    the post-pandemic market. 50,423 sales transactions in the third quarter represented a

    16.6% increase QoQ and a 37.9% YoY increase in volume of sales.

    The apartment segment continued to lead the way, with 77% of all transactions in Q3

    recording an impressive 39,054 sales transactions valued at around AED 70.5 billion ($19.2

    billion). This number is a staggering 43.9% increase in volume compared to the same

    quarter in the previous year. Villa sales took the second spot with a substantial contribution

    of 8,156 units, sold for over AED 39.2 billion ($10.7 billion), demonstrating an increase of

    16.6% YoY and 18.4% over the Q2.

    Sales of land plots surged, AED 29.9 billion ($8.1 billion) recorded from 2,102 transactions,

    indicating a 45.9% YoY increase in volume and a 42.3% increase from the previous quarter.

    A 12.1% rise in volume over Q3 2023 was recorded in the commercial real estate sector,

    which also did strongly, recording 1,112 sales valued at almost AED 2.3 billion ($626 million).

    Palm Jumeirah continues to hold its position in the luxury property market, with an apartment

    in the neighbourhood selling for an astounding AED 275 million ($75 million) in Q3, making it

    the most expensive single property sold.

    Jumeirah Village Circle continued to top the list of the top five performing locations in Dubai

    in Q3 2024.

    1. JVC: 4,467 transactions valued at roughly AED 5.33 billion ($1.45 billion)
    2. Dubai South: 2,910 transactions valued at AED 8.25 billion ($2.25 billion)
    3. Wadi Al Safa 5 (AED 5.3 billion, $1.44 billion)
    4. Business Bay (AED 7.22 billion, $1.96 billion)
    5. Dubai Hills Estate (AED 7.38 billion, $2.01 billion)

    Overall, the larger portion of transactions, 31%, were houses priced between AED 1-2

    million ($272,000 and $544,000). Twenty-nine percent of properties were below AED 1

    million ($272,000), while 18% were between AED 2-3 million ($544,000 and $816,000). The

    trajectory for higher-valued properties continued, with 14% of all sales were for residences

    valued between AED 3-5 million ($816,000 and $1.36 million), and 8% were for properties

    priced beyond AED 5 million ($1.36 million).

    In light of the staggering growth in Dubai’s real estate market, the 21 st edition of IPS

    Congress, the leading international property sales event in the middle east, ramps up to

    bring together major stakeholders in this booming industry, from April 14 to 16, 2025. With

    an expected attendance of over 16,000 visitors and more than 150 exhibitors from over 45

    countries, this event aims to strengthen Dubai’s global leadership in this industry by fostering

    collaboration with the private sector and international firms aligning with Dubai’s Real Estate

    Strategy 2033.

    Key themes of IPS Congress 2025 will include IPS Real Estate: Highlighting the latest

    trends across the real estate sector; IPS Future Cities: Focusing on the development of

    sustainable urban environments; IPS Proptech Startups: Exploring technological

    innovations in the real estate space; IPS Design: Celebrating creativity in architectural

    aesthetics, and IPS Service: Elevating property management and hospitality standards.

    For more information about the exhibition, please visit: www.ipscongress.com

  • Africa Finance Corporation (AFC) Secures US$300 Million Loan, Expanding Investor Base with Indian Lenders

    Africa Finance Corporation (AFC) Secures US$300 Million Loan, Expanding Investor Base with Indian Lenders

    DUBAI, United Arab Emirates, November 18, 2024/ — Africa Finance Corporation (AFC) the continent’s leading infrastructure solutions provider, has successfully closed a US$300 million India-focused syndicated loan, marking a significant milestone in its ongoing strategy to diversify its international investor base. The transaction introduced a new group of lenders from India, further expanding AFC’s global partnerships.

    This landmark transaction, commemorated in Dubai, underscores AFC’s robust standing as an investment-grade rated development financial institution with a unique ability to attract diverse global investors, furthering its pivotal mission to catalyse infrastructure development across the continent.

    Underlining AFC’s strong position in global capital markets, Bank of Africa UK PLC (BOA UK) acted as the sole mandated lead arranger and bookrunner, assembling a syndicate of seven leading Indian banks. This group included five new lenders—State Bank of India, Canara Bank, Bank of India, Indian Bank, and UCO Bank—alongside two returning lenders, SBI (Mauritius) and Indian Overseas Bank. The lender group behind the transaction reinforces AFC’s strategy of diversifying institutional partnerships and its pivotal role in advancing Africa’s economic growth and industrialization.

    This latest transaction which was oversubscribed by 50% builds on AFC’s fundraising momentum this year, including a landmark US$1.16 billion debt facility that attracted lenders from the Middle East, Europe and Asia. These transactions reflect the Corporation’s growing capacity to mobilise global capital, supported by its A3 credit rating from Moody’s, reaffirmed recently with a stable outlook, which underscores AFC’s sound creditworthiness, strategic positioning in global capital markets, and enhanced capabilities to finance transformative infrastructure projects across Africa.

    “We are very pleased to have achieved this historic milestone with the Indian debt markets,” said Banji Fehintola, Executive Board Member & Head, Financial Services, AFC. “This transaction is a remarkable feat in our efforts to mobilise global capital for development impact.

    With the backing of our A3 credit rating and proven track record of mobilising capital, we remain committed to delivering high-impact initiatives that unlock Africa’s potential. Through transactions like this, we expand transformative opportunities, foster economic resilience, and pave the way for sustainable growth across the African continent. We are grateful to our lenders for their confidence in our mandate and their support for our development goals.”

    Said Adren, Chief Executive Officer, Bank of Africa UK PLC, emphasised the significance of this new chapter in AFC’s fundraising strategy: “We have always believed that there is an appetite for Africa risk in previously unexplored lender geographies like India provided it is presented in the right manner. We hope that this deal paves the way for more capital inflows into Africa.”

    “Indian lenders are unique in their requirements, and we are glad that we could leverage our expertise and successfully execute this landmark transaction for AFC,” said Zineb Tamtaoui, General Manager, Bank of Africa SA, DIFC Branch, and Head Middle East & Asia for Bank of Africa.

    The funds raised through this syndicated loan will be deployed to support transformative projects that will drive long-term positive change across Africa, further cementing AFC’s leadership in advancing impact development.

    Distributed by APO Group on behalf of Africa Finance Corporation (AFC)

    .

  • Dubai’s tourism triumph: Issam Kazim on the strategy driving Brand Dubai

    Dubai’s tourism triumph: Issam Kazim on the strategy driving Brand Dubai

    Dubai’s tourism sector has been on a remarkable trajectory, marking an 11 per cent increase in international overnight visitors in Q1 2024, with 5.18 million visitors gracing the emirate’s shores.

    This surge follows a record-breaking year in 2023, where Dubai welcomed an unprecedented 17.15 million international overnight visitors, firmly establishing itself as a global tourism powerhouse.

    Dubai’s success story isn’t just confined to numbers; it’s a testament to the city’s diversified approach, tailored strategies, and activities across more than 80 markets.

    This approach has maintained Dubai’s status as the destination of choice for visitors worldwide, as evidenced by its recent recognition as the top spot in the Tripadvisor Travellers’ Choice Best of the Best 2024 awards for the third consecutive year.

    The success story doesn’t end here; Dubai International Airport (DXB) has recorded its busiest quarter in history, with an impressive 23 million guests passing through its terminals.

    We caught up with Issam Kazim, CEO of Dubai Corporation for Tourism & Commerce Marketing, at the recent ATM show, where he shared the strategies, innovations and vision that continue to drive Dubai’s success on the global stage.

    Tell us about Dubai’s tourism achievements in 2023 and what has been driving them.

    Dubai’s success is driven by visionary leadership, which keeps us on track and punctual. Our ambitious targets and goals push us to create the foundation for our successes.

    When we launched our strategy in 2014, we focused on moving beyond our traditionally strong markets to a more diversified approach.

    We are in a dynamic environment influenced by socioeconomic and geopolitical factors beyond our control. Therefore, we ensure our trade and markets remain active worldwide.

    If one market slows down, we can quickly pivot to others to compensate. This market-to-market perspective is crucial.

    We’ve transitioned from traditional marketing to a digital focus, becoming leaders in this space. Strong relationships with key global players help us leverage their know-how and continue our growth.

    Our targets — such as increasing visitor numbers, length of stay, spending, GDP contribution, and repeat visitation — were challenging but exciting to achieve.

    Today, Dubai enjoys a 25 per cent repeat visitation rate within 12 months, which we’re very proud of.

    This success is not just due to marketing campaigns but also the service delivered by both the private and public sectors.

    From the moment visitors board a flight to Dubai, through their stay, and until they leave, every touchpoint ensures a smooth, safe, and enjoyable experience.

    We’ve launched initiatives to showcase not just luxury but also Dubai’s culture, tradition, and affordability.

    This diversified market approach allows us to create bespoke campaigns for different demographics, working with key opinion leaders, influencers, and celebrities from Bollywood, Hollywood, Nollywood, and more.

    Are you exploring new markets?

    Yes, indeed, we are consistently exploring new markets, and sometimes we’re even delving into different segments within existing markets. This level of customisation allows us to tap into various demographics and segments of the market.

    For instance, some markets previously associated Dubai solely with luxury. However, there’s immense potential in showcasing the non-luxury aspects of Dubai. Even a three-star or four-star accommodation here can rival five-star experiences elsewhere in the world.

    We’ve been deliberate in incentivising investment in the three- and four-star sector, ensuring that while offering incentives, we maintain Dubai’s reputation for luxury and quality.

    Additionally, we keep a close eye on the routes opened up by flydubai and Emirates, identifying potential growth markets and aligning our marketing efforts accordingly.

    If there’s a positive response from a market, we explore opportunities for scheduled or charter flights, collaborating with Dubai World Central (DWC) to facilitate increased air traffic.

    Every step we take is meticulously planned and analysed, with a structured approach guiding our decisions. Collaboration between the public and private sectors ensures that we have the right visa policies and regulations in place to welcome visitors from diverse markets.

    Ultimately, our goal is to continue expanding Dubai’s reach and appeal to a global audience.

    How are you pushing to achieve the D33 economic agenda targets?

    Our tourism strategy now includes remote working opportunities and new visas, leading to more people relocating to Dubai. We’re the number one relocation destination and the top for remote working globally. We’ve also introduced a retirement visa.

    We’re attracting regional and global HQs to Dubai, leveraging our connectivity and visa policies.

    Free zones in the city make it easy for companies to operate here. We’re continuously meeting with the private sector to address their needs and implement new programmes, maintaining an entrepreneurial, startup spirit.

    How is sustainability incorporated into your agenda?

    Sustainability holds deep significance for us, rooted intrinsically in our cultural ethos. Originating from a desert landscape where resources were scarce,
    we’ve embraced a mindset of preservation, recognising the finite nature of our surroundings.

    This ethos permeates every facet of our endeavours, from tourism to urban development.

    Several initiatives underscore our commitment to sustainability. In the tourism sector, we’ve incentivised hotels to retrofit their properties to meet stringent sustainability standards.

    Additionally, we’ve made tools like carbon calculators readily available on our website to empower individuals and businesses to track and reduce their environmental footprint.

    On the regulatory front, we’re implementing stringent standards for new developments to ensure compliance with sustainability norms.

    In collaboration with the hospitality industry, we’ve witnessed the swift adoption of sustainable practices, such as eliminating single-use plastics in hotel rooms and investing in on-site bottling plants to reduce carbon emissions associated with bottled water transportation.

    Furthermore, our citywide infrastructure reflects our commitment to sustainability, with cooling stations and watering facilities installed in public spaces to promote sustainable living.

    Looking ahead, we remain steadfast in our sustainability efforts. Recently, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of the Executive Council of Dubai, launched Dubai Reef, the latest endeavour under the Dubai Can initiative.

    This project aims to enhance marine biodiversity and promote eco-tourism by introducing coral reefs into our waters.

    How do you see the GCC unified visa initiative boosting tourism?

    We’re continually focused on streamlining visa processes to enhance the ease of travel for tourists. Simplifying visa procedures not only facilitates my role in attracting more visitors but also enriches the overall tourism experience in Dubai.

    While proximity markets and those familiar with Dubai may find visa procedures manageable, attracting tourists from farther regions presents a unique challenge.

    For many potential visitors, Dubai may not rank as a top destination on their travel list due to limited awareness of the diverse offerings and experiences available here. The introduction of the GCC unified visa will play a pivotal role in changing this perception.

    By offering tourists the opportunity to explore multiple destinations within the GCC region with a single visa, Dubai becomes a more compelling choice for travellers seeking diverse experiences.

    This unified visa not only simplifies travel logistics but also highlights the interconnectedness of destinations within the GCC, making Dubai a gateway to a broader spectrum of experiences.

    As a result, tourists are more likely to view Dubai as a pivotal hub for their travels, encouraging repeat visits and extended stays.

    However, with the implementation of the GCC unified visa, the onus is on us and our stakeholders to showcase Dubai’s unique attractions and experiences effectively.

    What can we expect from Brand Dubai in terms of tourism?

    Dubai is always innovating. We’ve introduced cycling and hiking tracks, a Real Madrid World theme park, new hotels like One&Only’s first city resort and Siro Hotel, and numerous gastronomy offerings.

    Our Michelin Guide has grown, highlighting our culinary excellence, including three Green Star restaurants for sustainability.

    Hatta’s development, the new airport with a capacity of 260 million passengers, and the unified visa are all part of our efforts to enhance Dubai’s tourism.

    The unified visa will make it easier for tourists to explore the region, compelling them to visit Dubai and other nearby destinations.

    What can the world learn from Dubai’s leadership?

    Our leadership combines vision with commitment to delivery and execution. Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime Minister of the UAE, and Ruler of Dubai, sets ambitious targets and ensures we monitor and communicate our progress transparently.

    This approach helped us rebound quickly from Covid-19, achieving record-breaking growth in 2023 and continuing into 2024.

    Our leadership’s accessibility and dedication to public service ensure we address stakeholders’ needs and work collaboratively. This mindset filters through every touchpoint of our organisation, fostering a culture of agility and responsiveness.

    I can say we are a startup at heart, always striving for what’s next.

    SOURCE

    GULF BUSINESS 

  • UAE Society of Engineers Calls for Nominations in 3rd Excellence and Creative Engineering Award

    UAE Society of Engineers Calls for Nominations in 3rd Excellence and Creative Engineering Award

    Dubai, UAE, 1 July 2024: The UAE Society of Engineers has announced the opening of nominations for participants in the third session of the Excellence and Creative Engineering Award 2024. The aim is to motivate engineers within the country to excel, create, and innovate by providing advanced engineering solutions.

    This initiative aims to foster a spirit of competition and leadership while promoting excellence in various fields of engineering, contributing to the prominence and prosperity of engineering work in the United Arab Emirates.

    In the previous session held in 2023, the award received 378 applications, from which 29 winners were honored across different categories. These categories include legal entities represented by engineering offices, institutions, companies, and departments, as well as individual awards targeting creative individuals.

    This reflects the commitment of the organizing team to achieve the award’s overarching goals in line with the association’s strategies and aspirations.

    Eng. Abdulla Yousef Al Ali, President of the UAE Society of Engineers, emphasized the Excellence and Creative Engineering Award’s leading position within engineering circles in the country. He highlighted its crucial role in showcasing the best innovative and successful engineering practices and models, aimed at benefiting and applying them to develop and grow engineering projects across various fields.

    Al Ali stated, “Today, we announce the opening of registration and participation for the third year of the Excellence and Creative Engineering Award. Applications will be accepted until mid-November via the award’s website www.ecea.ae . Our goal is to inspire engineers to innovate and provide sustainable solutions and practices.

    This initiative aims to encourage institutions, companies, and individuals to adopt an active, competitive, and inspiring environment to explore new horizons and achieve leadership, excellence, and unprecedented accomplishments in engineering fields, thereby contributing to a better and sustainable future for all.”

    Eng. Abdulla Yousef Al Ali, President of the UAE Society of Engineers, added, “The UAE places great emphasis on enhancing the professional and cognitive levels of engineers. This is achieved through continuous support for scientific research centers, universities, and specialized associations, as well as through initiatives like the Excellence and Creative Engineering Award. These efforts provide developmental opportunities for qualified youth in the engineering sector.”

     Award categories

    The award comprises two main categories: Legal Personality and Individual, encompassing a total of 13 subcategories. Under Legal Personality, awards include the Pioneering Engineering Project, Best Engineering Consultancy Company, Best Engineering Services Company, Best Construction Company, Best Industrial Company, Best Startup Engineering Company, and Best Scientific Research in the Engineering Field.

    The Pioneering Engineering Project category is further divided into three subcategories: Best Mega Project, Best Medium Project, and Best Small Project.

    In the Individuals category, awards include Leading Personnel, Outstanding Engineer, Outstanding Student, and Rising Engineer.

    The award targets government and private entities in the field, including consultants, engineering service providers, industrial companies, emerging engineering firms, contractors, students, faculty members in educational institutions, research centers, project owners, and project management companies.

    Participating firms are evaluated by a specialized committee of Emirati engineering experts according to international standards of excellence and innovation in the engineering sector. The process ensures complete transparency and high accuracy from nomination and evaluation through to announcing the results.

    The Engineering Excellence and Creativity Award was launched in March 2022, under the directives of the late Sheikh Hamdan bin Rashid Al Maktoum, may God rest his soul, marking the first of its kind in the UAE.

    It aims to foster a culture of creativity and elevate the pace of innovative competition in engineering designs and projects, aligned with the country’s strategies and national projects striving for leadership, quality, and excellence across various sectors.

    Since its establishment in 1979, the UAE Society of Engineers, organizer of the Award, has seen over 70,000 engineers join its membership.

    Over this period, it has achieved significant milestones in accrediting engineering certifications, regulating professional practices and standards, and enhancing skills and qualifications for all UAE engineers through its Accreditations Committee.

    Distributed by Strategic Exhibitions & Conferences on behalf of UAE Society of Engineers 

    SOURCE: UAE SOCIETY OF ENGINEERS

     

  • Strait of Malacca becomes oil market’s largest transport artery

    Strait of Malacca becomes oil market’s largest transport artery

    The transit of oil and petroleum products through the Strait of Malacca, which is located between the Malay Peninsula and the Indonesian island of Sumatra and connects the Indian and Pacific oceans, rose by 800,000 barrels per day (bpd) in 2023, reaching 23.7 million bpd.

    According to the U.S. Energy Information Administration (EIA), the Strait of Malacca has surpassed the Strait of Hormuz in terms of transit volume of raw materials, as the amount of oil and petroleum products transported via the Strait of Hormuz last year totalled 20.9 million bpd

    The other 40% comes from four groups of suppliers: Russian producers who transport oil and petroleum products to the east (exports from ports in the European part of the Russian Federation) and to the west (supplies from Sakhalin); the United States, which increased its total exports of oil and petroleum products by almost 20% (from 8.6 million bpd to 10.2 million bpd) in 2021–2023; African countries, which have been reducing their transit volumes through the Strait of Malacca in recent years due to lower production in Angola and Nigeria; and Malaysia and Indonesia, regional oil producers (with a total output of 1.2 million bpd in 2023), which use the Strait of Malacca not only for exports, but also for domestic shipping.

    The transit of oil and petroleum products through the Strait of Hormuz dropped by 200,000 bpd (to 20.9 million bpd) in 2023. In addition to the OPEC+ deal, under which Saudi Arabia reduced its oil and gas condensate production by 800,000 bpd (to 11.4 million bpd) in 2023, this was caused by the use of transportation infrastructure bypassing the Strait of Hormuz.

    For instance, the UAE has an oil pipeline with a capacity of 1.5 million bpd, through which oil is transported to the port of Fujairah, a major regional hub for oil and petroleum products located on the coast of the Gulf of Oman. Meanwhile, Saudi Arabia uses the East-West oil pipeline designed to transport oil to the coast of the Red Sea.

    There wasn’t enough time for the Red Sea conflict to seriously affect transit volumes last year: the volume of oil and petroleum transportation through the Bab el-Mandeb Strait adjacent to the Red Sea has gone from 5.4 million bpd in 2021 to 7.5 million bpd in 2022 to 8.6 million bpd in 2023.

    As a result, the year 2023 saw the Red Sea become the third-largest transport artery in the oil market, ahead of the Cape of Good Hope (6.0 million bpd), the Danish Straits (4.9 million bpd), the Panama Canal (2.1 million bpd) and Turkey’s Dardanelles (3.4 million bpd).

    However, this list is going to change in 2024 due to the aforementioned conflict in the Red Sea. For instance, according to the IMF and Oxford University, the number of tankers with oil, petroleum products and liquefied natural gas (LNG) using the transit route across the Red Sea has fallen by nearly 60%, from 835 in April 2023 to a mere 342 in April 2024.

    SOURCE

    THE GLOBAL ENERGY ASSOCIATION 

    PHOTO: GEA/ICS-SHIPPING

  • Africa Offers Attractive Investment Opportunities for Japanese Firms, Say African Development Bank Leaders

    Africa Offers Attractive Investment Opportunities for Japanese Firms, Say African Development Bank Leaders

    TOKYO, Japan, June 22, 2024/ — Africa presents a compelling investment destination for Japanese firms, with high growth potential and the African Development Bank’s strong support to manage risks, African Development Bank Group (www.AfDB.org) leaders stressed at the Japan-Africa Business Forum in Tokyo.

    “Africa has huge private sector opportunities. The continent offers some of the highest returns globally,” said Prof. Kevin Chika Urama, Bank Group Chief Economist and Vice President, in a presentation highlighting Africa’s abundant renewable energy potential, and the need for strategic investments in green minerals and value addition.

    “Smart investments in Africa are good business — doing well by doing good,” he stressed.

    Dr. Kevin Kariuki, Vice President for Power, Energy, Climate and Green Growth, highlighted Japan’s competitive advantage in geothermal technology. “90% of all the turbines in Kenya are from Japan, starting with Mitsubishi,” he noted. Kariuki also positioned Africa as a solution to Europe’s energy challenges, with planned interconnections to export power and hydrogen.

    The forum was organised by the African Development Bank and Keizai Doyukai, the Japanese Association of Corporate Executives, with support from Japan’s Ministry of Finance.

    Bank leaders underscored the institution’s commitment to making investing in Africa more attractive. “We have facilities within the Bank to try and de-risk these projects,” said Kariuki, citing the Sustainable Energy Fund for Africa’s (SEFA) support for the Kom Ombo and Kairouan solar projects amid escalating costs.

    Kazuko Nagura from Japan’s Ministry of Economy, Trade and Industry (METI) announced plans to hold the third Japan-Africa Public-Private Economic Forum later this year. The event will offer Japanese companies an opportunity to travel to Africa to undertake business development and networking.

    Nagura also made reference to the ministry’s  efforts to support Japanese business ventures in Africa such as the AfDX (https://apo-opa.co/4eCjcP4) program and Expo 2025 Osaka, Kansai (https://apo-opa.co/4be8M58) planned for next year.

    During a panel discussion on investing in African startups, Vice President for Private Sector, Infrastructure and Industrialisation Solomon Quaynor stressed the potential of the Fourth Industrial Revolution (4IR) to drive productivity improvements and deliver services to the base of the pyramid.

    “The idea is to use technology to increase profitability through efficiency, so you’re delivering value for which all segments of society are actually paying,” he explained.

    Quaynor highlighted the Bank’s initiatives to develop Africa’s human capital and startup ecosystem, including partnerships with tech giants: “We have a program with Intel to train 9 million Africans in artificial intelligence and a coding for employment program to upskill up to 50 million youth.”

    He said the Youth Entrepreneurship Investment Banks (YEIBs) (https://apo-opa.co/4cuUaPV) will further support tech-enabled companies and enhance the collaboration with &Capital, a new Africa-focused impact fund endorsed by Keizai Doyukai.

    Misako Takahashi, Deputy Director-General of the Middle Eastern and African Affairs Bureau at Japan’s Ministry of Foreign Affairs, highlighted TICAD as a platform for co-creating innovative solutions for growth and to discuss Japan and Africa’s shared future.

    Yacine Fal, the Special Representative of the African Development Bank’s President to the Africa Investment Forum (www.AfricaInvestmentForum.com), showcased the platform’s role as a premier conduit for investment into Africa’s agriculture, energy, transport, healthcare  and ICT sectors, among others.

    She noted the successful participation of Japanese investors and business leaders including those from Keizai Doyukai at the 2023 Market Days held last November in Marrakech.

    Earlier in the day, Keizai Doyukai, and the African Development Bank reaffirmed their commitment to work together to strengthen business ties between Japan and African countries.

    The two jointly organized the business forum to increase interest in African business and promote a better understanding of the Japanese private sector ahead of TICAD9.

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).

    More images: https://apo-opa.co/3VyblJv

    Media Contact:
    Olufemi Terry
    African Development Bank Group
    media@afdb.org

  • Entrepreneur Mahmoud Bartawi on cooking up a startup success

    Entrepreneur Mahmoud Bartawi on cooking up a startup success

    Mahmoud Bartawi founded Under500, a brand that was ultimately acquired by dark kitchen outfit Kitopi after raising $700m from investors

    Emirati serial entrepreneur Mahmoud Bartawi knows a thing or two about starting and exiting a business.

    In 2016, Bartawi founded Under500, a brand that pioneered selling healthy meals consisting of less than 500 calories. Fast forward to 2021 and Under500 was acquired by dark kitchen outfit Kitopi after raising $700m through investors, including SoftBank’s Vision Fund 2. In a recent interview with Gulf Business, Bartawi gives some tips to budding entrepreneurs in the GCC.

    Mahmoud Bartawi, can you give us the backstory to how Under500 started?

    Ten years ago, I was going to the gym, trying to be healthy, and looking for healthy food options, but there weren’t many around me. I approached a couple of healthy food brands, asking if they would franchise their location to me. Essentially, I would pay a downpayment, and they would then provide me with the know-how to replicate their existing brand.

    I first approached Subway, but they rejected me. Then I tried another local healthy food brand, but they said I didn’t have the necessary experience. At that time, I was a corporate banker with about five years of experience at major banks like Emirates NBD and FAB.

    Facing the challenge of finding healthy food options and the rejections from these brands motivated me to start my own healthy food brand. That was the beginning of my startup journey with Under500. I found a great co-founder, and we grew the brand beyond Dubai and the UAE to include Saudi Arabia, Iraq, the US, the UK, and Kuwait.

    Initially, we planned to franchise locations. We did franchise a few units in Iraq and Dubai, and we were on the verge of franchising in Saudi Arabia. However, we were interrupted by the emergence of cloud kitchens, which introduced the innovative concept of dark kitchens. We saw dark kitchens as the next step in franchising — Franchising 2.0 as I put it.

    They allowed us to enter new markets more easily by providing locations and the ability to sell our brand without committing to a physical branch upfront. That marked the evolution of our startup.

    How did you go about getting your first customer?

    I believe that for any business, whether it’s technology or food, you need proof of concept before investing significant resources. For us, it started with a food tasting at home. I invited my friends over and hired an Italian chef and nutritionist to prepare the food. I would then have my friends try it and see if anyone was interested in buying it.

    My advice for anyone starting a business is to create something and give it out to your neighbours for free, along with a note saying, “This is my contact information if you want to buy this or get more.” If out of ten neighbours, three come back wanting to pay for it, then you know you have a viable product.

    Once you have initial interest, that’s where sales and marketing come in. The next step is scaling, reducing costs and figuring out how to produce your product on a larger scale. Creating a feedback loop is crucial.

    The food and beverage sector has a lot of opportunities, but it is a crowded space. How did you find gaps in the market and still achieve scale?

    The food business is indeed saturated. To navigate this, you need to look at current trends and understand what’s working. If I were to start a food business today, I would approach an aggregator like Deliveroo or Uber Eats, who have insights into various brands and their demand. They can tell you whether there’s more demand for chicken, meat, fish, or vegan options, for example.

    Based on this information, you can identify trends and opportunities. Differentiation is key. You need signature dishes that set your brand apart. If your offering is something that anyone can make at home, it won’t stand out. So, create a few unique dishes that people will associate with your brand.

    It’s also important to continuously iterate and improve. You should always strive to enhance your offerings. This could mean starting with a broad menu and refining it down to the most successful items. For instance, you might have 30 items initially, but through feedback and sales data, you might reduce it to the top-performing 10.

    If you already have a brand on platforms like Deliveroo or Zomato, analyse what sells well and build a separate brand around those successful products.

    If you don’t have a brand yet, approach these platforms to learn about current trends and popular items.

    Sales and marketing are also crucial for any business. You need someone who understands the market and how to enter it successfully. Many businesses fail because they focus on operations first, rather than prioritising sales and marketing.

    Do you think businesses and entrepreneurs in the UAE have the patience and resilience to test things out over time, as you’ve done?

    I think patience and resilience are definitely there. However, what I see lacking is the time commitment. Many people here have full-time jobs and try to outsource the entire startup process. They don’t realise that a startup requires significant personal investment, including weekends and evenings. Doing a startup alongside a full-time job is like having two jobs, not just delegating tasks to someone else.

    Often, I see people hiring a chef and giving them money to create a brand, treating it more like a hobby. Competing with someone fully dedicated to their startup will be very challenging if you’re not equally invested. Running a home business for fun is one approach, but if you’re serious, you need to set aside time for learning and research.

    Understand your competitors, identify the best location, decide whether to focus on delivery or dine-in, and know your target customers. If you’re thinking of a unique concept, like a square pizza, gauge interest first. If there’s demand, then you can develop the product.

    Market research is essential. Use tools like Excel and Google to document and analyse your findings. For example, search for healthy food options or car workshops in your area. Identify patterns, such as location and pricing. No one will hand you this information, so you need to actively seek it out.

    SOURCE

    CULF BUSINESS

  • Dubai South: Final phase of South Bay project sells out in 4 hours

    Dubai South: Final phase of South Bay project sells out in 4 hours

    Upon completion, South Bay will feature over 800 spacious villas and townhouses and more than 200 luxurious waterfront mansions

    Dubai South Properties announced the swift sell-out of the final phase of its South Bay development, located in the heart of Dubai South’s Residential District, just four hours after its market launch.

    The rapid sale follows the successful sell-out of all previously launched units in earlier phases, highlighting strong demand and the strategic success of the company’s project launches.The newly launched phase included 160 units consisting of three- and four-bedroom townhouses, as well as four- and five bedroom semi-detached villas.

    Construction contracts for all phases have been awarded, and work is currently underway on-site.

    Upon completion, South Bay will boast over 800 spacious villas and townhouses, more than 200 luxurious waterfront mansions, a kilometre-long lagoon, over 3 kilometres of waterfront promenade with cafes, multiple beaches, a clubhouse, state-of-the-art fitness centres, lush parks, a shopping mall, a renowned spa, kids’ clubs, waterparks, swimming pools, a lake park, and private beaches among other amenities.

    Nabil Al Kindi, CEO of Dubai South Properties, expressed satisfaction with the project’s market reception: “We are pleased with the huge interest the project has garnered since its launch, given its unique value proposition and the state-of-the-art amenities that will enrich the lifestyles of future residents. The sell-out of all units reaffirms its attractiveness to investors and buyers and the prominent position Dubai South has attained due to its strategic location, offerings, and connectivity.

    “We are aligned with the government’s vision of attracting one million inhabitants to the area, once Al Maktoum International Airport is complete, and our unique projects cater to all customer preferences, via premium units that include townhouses, villas, and apartments, promising an upscale living experience.”

    Dubai South: Focused on community living

    Dubai South has been enhancing the Residential District with various amenities for tenant comfort and convenience. These include public parks, sports courts, retail shops, a 50,000 square-foot hypermarket, a mosque, a petrol station, and a public bus route connecting the district to the Expo Metro station.

    Additionally, GEMS Founders School at Dubai South has begun student enrollments for the 2024-2025 academic year, subject to KHDA approvals.

    Currently, the Residential District is home to over 25,000 residents who benefit from its distinctive lifestyle, range of amenities, and several gated residential communities with apartments and townhouses.

    SOURCE

    GULF BUSINESS

  • CIBAFI Introduces Innovative GHG Measurement Tool to Advance Climate Action in Islamic Finance

    The General Council for Islamic Banks and Financial Institutions (CIBAFI), the global umbrella of Islamic financial institutions, on May 21 st, successfully conducted a webinar titled “Unveiling the CIBAFI Greenhouse Gas Measurement Tool to Strengthen the Contribution of Islamic Financial Institutions to Climate Action”.

    Experts in climate action and Islamic finance discussed the crucial role of Islamic banks in advancing climate initiatives.

    This initiative aligns with the declaration made by the Islamic Finance Infrastructure Organizations during COP28 and CIBAFI’s commitment to sustainability. The webinar introduced a groundbreaking Greenhouse Gas Measurement Tool for Islamic banks.

    This tool helps banks assess the environmental impact of their investment portfolios, marking a significant step in CIBAFI’s environmental responsibility efforts.

    The webinar was inaugurated with welcoming remarks from Dr. Abdelilah Belatik, Secretary General of CIBAFI. Dr. Belatik underscored CIBAFI’s commitment to supporting Islamic banks by introducing this groundbreaking tool aimed at addressing climate change and promoting sustainability within the industry.

    He emphasized the potential benefits of this tool, expressing hope that Islamic banks will leverage it to enhance their operations and achieve greater sustainability outcomes.

    After the opening remarks by the Secretary General, Mr. Rachid Ettaai, Business Development Manager at CIBAFI, introduced the CIBAFI GHG Emissions Measurement Tool within the context of Islamic finance.

    Following this introduction, a panel session commenced featuring Mr. Peter Casey, Consultant from the UK; Mr. Noman Ali, Managing Director of Financial Controller ESG and Sustainable Finance at HSBC Group in the UAE; Dr. Wael Mohamed Aaminou, Managing Partner at Green for South in Canada; and Mrs. Sunita Devi, Senior Sustainability Manager at Frencken Group Limited in Malaysia.

    The speakers explored the integration of sustainability into Islamic banking, emphasizing collaborative efforts and adherence to global standards for managing climate risks. Additionally, they shared strategies for seamlessly implementing the GHG tool.

    CIBAFI remains dedicated to sustainability and climate action, supporting the Islamic financial services industry through dialogues on emerging issues and representation at global financial events.

     

     

     

  • UN Tourism Empowers Women Entrepreneurs and Charts Future of Tourism Investments at AIM Congress 2024

    UN Tourism Empowers Women Entrepreneurs and Charts Future of Tourism Investments at AIM Congress 2024

    Dubai, UAE, 9th May 2024: UN Tourism made a resounding impact at the AIM Congress 2024 with two insightful side events, focusing on empowering women entrepreneurs and navigating tourism investments in the Middle East.

    The 2024 AIM Congress took place at ADNEC in Abu Dhabi from May 7-9, 2024, acting as a convergence point for global leaders, international organizations, entrepreneurs from around the world.

    On May 8th, UN Tourism hosted a dynamic session centered on “Investing in Innovation and Enabling Women Entrepreneurs.” The event, spearheaded by Ms. Basmah Al-Mayman, Regional Director of the Middle East, UN Tourism, aimed to address the pressing need for support and funding for women-led startups in the tourism sector across the region.

    The highlight of the session was the launch of the second edition of the Women in Tech Middle East startup competition, emphasizing sustainability and inclusive growth. The competition garnered significant interest, showcasing the region’s burgeoning entrepreneurial spirit among women.

    Distinguished speakers, including Mr. Dawood Al Shezawi, President of AIM Global Foundation, and Ms. Natalia Bayona, Executive Director of UN Tourism, provided invaluable insights into fostering innovation and empowering women in the tourism sector. Panel discussions led by industry experts explored key challenges and opportunities, with a focus on bridging the gender gap and promoting sustainable practices.

    Keynote speeches and panel sessions delved into the needs of women entrepreneurs, the role of public and private sectors in empowerment, and investment opportunities in sustainable tourism. The session also featured engaging pitching rounds, providing a platform for aspiring women entrepreneurs to showcase their innovative ideas.

    Building on this momentum, UN Tourism continued its impactful presence on May 9th with a compelling discussion on “Quo Vadis Tourism Investments: The Middle East Chapter.” Esteemed panelists, including industry leaders and experts, shed light on the evolving landscape of tourism investments in the region.

    Insights shared during the session underscored the Middle East’s growing prominence as a hub for tourism investments, with notable greenfield FDI projects totaling USD 6.8 billion. Speakers emphasized the region’s resilience and strategic vision in driving tourism growth, highlighting initiatives to promote sustainable investments and economic diversification.

    Mr. Peter Janech, Coordinator of Innovation, Education, and Investments at UN Tourism, reiterated the organization’s commitment to fostering sustainable tourism practices and facilitating collaborative efforts for economic development. Mr. Alejandro Sabarich Scattaglia shared statistics showcasing the region’s robust FDI inflows and UAE’s emergence as a key investment destination.

    Panelists provided valuable insights into exploring untapped destinations, promoting halal tourism, and leveraging technology to enhance visitor experiences. Discussions also centered on strategies to address challenges such as over-tourism and the importance of inclusive growth for local communities.

    Ms. Lubna Bader Salim Al Mazroei, Manager of Economic Diversification Investments at Oman Investment Authority, highlighted Oman’s ambitious plans to attract investments worth 20 billion Omani riyals by 2040, emphasizing sustainable employment opportunities and support for SMEs.

    As the AIM Congress 2024 draws to a close, UN Tourism reaffirms its commitment to driving inclusive and sustainable tourism growth in the Middle East and beyond. Through collaborative partnerships and innovative initiatives, UN Tourism continues to pave the way for a more resilient and equitable tourism sector.

    AIM Congress 2024 hosted more than 150 high-level dignitaries, with 900+ speakers and over 12,000 participants from 175 countries around the world participating for three days from May 7-9 at ADNEC in Abu Dhabi. AIM Congress has also organized 27 joint events in cooperation with over 330+ local, international, and global partners.