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13 minutes ago
OK, the Trump Tower launch for Abu Dhabi didn’t happen during the US President’s visit this week – but there was a lot of action happening in Dubai. Buyer interest in the apartments at the recently launched Trump International Hotel & Tower in Downtown Dubai have been rated as ‘rock solid’ by estate agents, with a lot of attention coming from potential investors in the region and overseas. “All available market indicators suggest a robust response,” said Farooq Syed, CEO of Springfield Properties. “The demand signals a healthy absorption early into the sales launch of Trump Tower Dubai. What it also shows in an alignment with demand for branded, high-end real estate in Dubai.” “The resale potential gain for Trump Tower units is forecasted at approximately 30%.” That’s exactly what a number of investors would be thinking about, with the Trump Tower Dubai looking at completion in 2031. Market sources were saying that President Trump’s visit to Saudi Arabia, Qatar and UAE over the week was the ‘best promotion’ the two Trump Towers in Jeddah and Dubai could have got. Multi-billion dollar deals in technology, defense and aircraft acquisitions flowed, with the visit generating unprecedented levels of global attention. “Trump Tower […]
15 hours ago
President Trump has departed Abu Dhabi aboard Air Force One, concluding a historic week in the Middle East that saw the signing of more than a trillion dollars in deals aimed at advancing his ‘America First’ agenda. Ahead of his departure from the Middle East, President Trump addressed business leaders in Abu Dhabi, stating that his administration will unilaterally set tariff rates for U.S. trading partners within the next two to three weeks. “We just reached a fantastic trade deal with the United Kingdom. And we have another big one that we reached with China,” the president said. He continued, “At the same time, we have 150 countries that want to make a deal—but you’re not able to see that many countries.” He added that Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick “will be sending letters out essentially telling people what “they’ll be paying to do business in the United States.” “I think we’re going to be very fair. But it’s not possible to meet the number of people that want to see us,” Trump said. The president did not specify which countries want to make deals, nor the ones that will receive letters. Click here to read more…
15 hours ago
The annual inflation rate in Saudi Arabia stood at 2.3 percent in April 2025, maintaining the same rate of the previous month of this year and the same month of 2024. Consumer Price Index or inflation was mainly impacted by an 11.9 percent increase in apartment rents, according to the monthly statistics bulletin published by the General Authority for Statistics (GASTAT) on Thursday. The report showed that housing, water, electricity, gas, and fuel prices rose by 6.8 percent, driven by an 8.1 percent increase in residential rents, impacted by an 11.9 percent increase in apartment rents. The increase in this category had a significant impact on the continued pace of annual inflation in April, given its weight of 25.5 percent. Food and beverage prices rose by 2.2 percent, driven by a 9.4 percent increase in vegetable prices. Meanwhile, the education category recorded a 1.3 percent increase, impacted by a 5.6 percent increase in post-secondary non-tertiary education fees. According to the GASTAT report, prices for the miscellaneous personal goods and services category rose by 3.5 percent, impacted by a 21.9 percent increase in the prices of jewelry, watches, and valuable antiques. Restaurant and hotel prices also rose by 2 percent, driven by […]
2 days ago
Gulf Hotels Group B.S.C. (GHG) announced a net profit of BD 2.452 million for the first quarter of 2025, reflecting an 8% year-on-year decrease from BD 2.663 million in Q1 2024. The decline was primarily attributed to seasonal challenges, notably reduced travel and hotel occupancy during Ramadan. Earnings per share for the quarter stood at 11 Fils, compared to 12 Fils in the same period last year. Despite the dip in net profit, the Group posted a 7% rise in total comprehensive income, which reached BD 2.542 million, up from BD 2.382 million in Q1 2024. Total revenue for the quarter came in at BD 8.611 million, down 4% from BD 8.983 million a year earlier. Meanwhile, the Group’s total assets increased slightly to BD 113.786 million, up 0.8% from BD 112.862 million at the end of 2024. However, total equity (excluding minority interests) declined by 3% to BD 102.424 million. Commenting on the results, Group Chairman Mr. Fawzi Kanoo stated: GHG CEO Mr. Ahmed Janahi echoed this sentiment, noting that occupancy rates across the market dropped from 54.2% to 52.1% compared to Q1 2024. Revenue per available room (RevPAR) also declined by 11.7% year-on-year due to lower demand and […]
2 days ago
MicroStrategy — now rebranded as “Strategy” — could soon be the most valuable publicly traded company on Earth, according to its own analyst Jeff Walton. “Strategy will be the number one publicly traded equity in the entire market,” Walton said in Financial Times’ new documentary Michael Saylor’s $40 Billion Bitcoin Bet. His reasoning? Bitcoin. Lots of it. The company now holds 568,840 BTC — worth around $59 billion at current prices — and Walton believes that pile of digital gold is unmatched. “Strategy holds more of the best assets and the most pristine collateral on the entire planet than any other company, by multiples,” he added. It’s not just the Bitcoin stash. It’s also the ability to raise capital fast. In late 2024, Strategy raised $12 billion in just 50 days — something Walton calls “insane.” Saylor, the company’s chairman and co-founder, is even more bullish. He told FT that he believes the company can 100x from here. “MicroStrategy is in a position where we can grow from a $100 billion enterprise to a $1 trillion enterprise to a $10 trillion enterprise,” he said. That vision is tied directly to Bitcoin’s price. Saylor predicts BTC will hit $1 million in 10 years — and […]
3 days ago
Thought leaders, safety professionals, policymakers, and innovators from around the world are set to gather at the Kingdom’s 9th Global Health, Safety & Environment (HSE) Conference & Exhibition from 19th to 22nd May 2025 at The Gulf Hotel Bahrain. Under the theme, “Connecting Minds, Inspiring Transformation”, the conference returns as one of the most influential platforms driving progress in health, safety, and environmental sustainability across industries. At a time when workplace safety, environmental resilience, and public health have taken centre stage globally, Global HSE 2025 is aiming to catalyse practical solutions, forge partnerships, and set new benchmarks for the future of occupational safety and sustainable operations. Global HSE 2025 is organised by iCONEX, a specialist in curating high-impact business events that connect governments, industries, and innovators. Global HSE 2025: What to Expect? The four-day event will convene international experts, government representatives, and leading voices from energy, construction, public health, and manufacturing sectors. Expect keynote addresses from world-renowned figures, panel discussions on emerging risks, and technical sessions dissecting the shifting dynamics of HSE in the digital age. The exhibition will showcase cutting-edge technologies, services, and tools that are redefining the safety and sustainability landscape. For businesses looking to stay ahead of […]
4 days ago
Minister of Investment Khalid Al-Falih reaffirmed Saudi Arabia’s efforts to deepen its investment relations with the United States over the next four years, by pumping $600 billion. “This initiative comes within the framework of achieving the aspirations of Crown Prince and Prime Minister Mohammed bin Salman,” the minister said. Al-Falih made the remarks in his opening speech at the Saudi-US Investment Forum at the King Abdulaziz International Conference Center in Riyadh on Tuesday. High-ranking officials from both countries are taking part in the forum being held on the sidelines of the landmark visit of US President Donald Trump to Saudi Arabia. Al-Falih commended the size and caliber of the American and Saudi investment delegations, reflecting both countries’ commitment to advancing cooperation and continuing over 90 years of strong bilateral relations built on trust, partnership, and a shared focus on achieving mutual economic interests. “From the very outset, these relations have been driven by unprecedented demand for energy, coupled with Saudi ambition and American expertise,” he said. The minister noted that these relations have resulted in the establishment and growth of Saudi Aramco, one of the largest energy companies in the world. “While the energy sector remains a core focus of our […]
4 days ago
US President Donald Trump is reportedly seeking $1 trillion in investments from Saudi Arabia in an upcoming visit to the energy-rich Gulf Kingdom. This comes amid reports that normalization between Riyadh and Tel Aviv has effectively “been delinked” from economic and security talks with Washington. Trump has departed Monday on a four-day visit to Saudi Arabia, Qatar, and the United Arab Emirates, with the trip expected to center on securing business deals and attracting new investments from the oil-rich Gulf states. The president will not visit Israel. Reuters reported Sunday that Saudi Arabia is unlikely to normalize relations with Israel at this time due to Israel’s continuation of its war in Gaza and refusal to allow the establishment of a Palestinian state, according to US and Saudi officials. “Establishing ties has become especially toxic for Saudi Arabia, the birthplace of Islam, since the start of Israel’s war in Gaza,” Reuters wrote. US officials have failed to convince their Israeli counterparts to agree to an immediate ceasefire in Gaza – one of Saudi Arabia’s preconditions for any re-start of normalization talks, two Gulf sources and a US official stated. Instead, Israeli leaders have expressed their desire to continue the war, which has killed well over 60,000 Palestinians, in an effort […]
5 days ago
While middle-market retailers brace for a slowdown, luxury’s upper echelon continues to soar – underscoring a growing economic divide that may prove as precarious as it is profitable. Signs of strain are increasingly visible among mass-market players. Retail giants like Target and Macy’s are reporting that their customers are pulling back, trading down to less expensive alternatives as tariffs and inflation weigh on household budgets. But across the gilded corridors of high-end commerce, the story is markedly different. Italian automaker Ferrari is sticking to its 2025 guidance even as peers trim forecasts. Hermes, the Parisian icon of leather and silk, has responded to U.S. import duties not with cost-cutting but by raising prices on its signature scarves. Brunello Cucinelli, the Perugian prince of cashmere, expects double-digit sales growth through next year. And Life Time, the luxury fitness chain with $200 monthly memberships, has seen its shares rise 85% since its 2021 IPO – well ahead of discount rival Planet Fitness, according to Reuters. The persistence of the ultra-wealthy’s spending power is providing a rare pillar of strength in an otherwise uncertain macroeconomic environment. An index tracking Europe’s largest luxury companies has outpaced the S&P 500 by roughly 80 percentage points over the past decade. Luxury travel is seeing a similar divergence: […]
1 week ago
Nearly half of all establishments in Saudi Arabia’s accommodation and food service sector are now owned by women. According to official figures released by the General Authority for Small and Medium Enterprises (Monsha’at), 59,800 women-owned businesses operated in the sector in 2024, representing 49.7 per cent of all establishments in this vital and fast-growing segment of the economy. The report also offered a detailed breakdown of the workforce powering the sector. In 2024, the accommodation and food service industry employed 712,000 workers, including 250,000 in micro enterprises, 258,600 in small enterprises, 115,000 in medium-sized firms, and 88,000 in large companies. This upward trend in business activity is not limited to the hospitality sector. The Ministry of Commerce reported a 48 per cent increase in commercial registrations during the first quarter of 2025 compared to the same period last year. Over 154,000 new commercial registrations were issued between January and March, bringing the total number of active registrations across the Kingdom to more than 1.68 million.
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