Massive shift in retail experience after COVID-19 outbreak: Majid Al Futtaim Properties CEO
Updated 24 May 2022
Arab News
RIYADH: The retail experience has witnessed a massive shift after the outbreak of the pandemic, Majid Al Futtaim Properties CEO Ahmed Ismail told a gathering at the World Economic Forum Annual Meeting in Davos on May 24.
He said that this massive shift has come as people were confined to their homes due to the pandemic. As things have improved, the CEO said that human beings have now that hunger for a social experience — something that has opened up new possibilities.
Talking about the retail sector, Ismail said that data has been a big challenge for their businesses as their new-age competitors are incredibly data-rich with the implementation of new technologies.
He revealed that Majid Al Futtaim Properties has invested a lot in recent years in data collection through loyalty programs and partnerships.
The company has also inked partnership deals with payment processors, telecom companies, and even with the Dubai government through the Dubai smart initiative to bridge this data divide.
Reforms, incentives paving way for Saudi Arabia’s rise as logistics hub
Kingdom’s logistics market projected to hit $38.8 billionn by 2026, growing at a compound annual rate of 5.85 percent
Updated 9 sec ago
Nirmal Narayanan
RIYADH: Saudi Arabia’s logistics sector is emerging as a magnet for global investment, powered by regulatory reforms, incentive schemes, and its alignment with the ambitious Vision 2030 agenda, according to industry experts.
As the Kingdom pushes ahead with economic diversification, strengthening its transport and logistics infrastructure has become a central pillar of the program.
The National Logistics Strategy aims to transform Saudi Arabia into a global hub by integrating multiple modes of transport, expanding connectivity, and stimulating economic growth.
Speaking to Arab News, Paolo Carlomagno, partner at Arthur D. Little, said global logistics players now view Saudi Arabia not only as a high-growth market but as a strategic regional hub for multimodal operations — spanning the Gulf Cooperation Council region, Red Sea basin, and East Africa — anchored by the Kingdom’s expanding port, airport, and inland logistics network.
“The Kingdom has opened its logistics ecosystem through full foreign ownership allowances, streamlined customs procedures, and the development of strategic economic zones such as King Abdullah Economic City — collectively reducing barriers for international firms seeking to establish or expand their presence,” said Carlomagno.
He added: “With a population of approximately 36 million, Saudi Arabia offers significant domestic demand, which — combined with rising trade volumes — is helping transform the Kingdom into a central logistics node for both regional and global flows.”
In January, the Kingdom introduced 15 new incentives under the Authorized Economic Operator program to bolster its export competitiveness. These included streamlined administrative processes, dedicated account managers, and liaison officers to support investors.
Paolo Carlomagno, partner at Arthur D. Little. (Supplied)
Carlomagno said upcoming global events such as Expo 2030 and the 2034 FIFA World Cup would further accelerate the Kingdom’s logistics transformation. Both events are expected to drive infrastructure development, accelerate foreign investment, and unlock new trade corridors, he added.
Andre Martins, head of transportation, services, and operations for India, Middle East, and Africa at Oliver Wyman, echoed this view. He highlighted Saudi Arabia’s scale, infrastructure investments, and strategic location as key advantages.
“Saudi Arabia’s position as the largest country in the Middle East, combined with significant plans to upscale infrastructure and logistics capabilities, creates a strong foundation for becoming a central logistics hub,” he said, adding that the Kingdom is establishing multiple logistics zones while continuing to upgrade ports and increase rail connectivity with potential east-to-west connections under Vision 2030.
Martins also pointed to the strong domestic demand, particularly in Riyadh, as a growing force behind the Kingdom’s logistics ambitions.
Government support
According to a December report by the General Authority for Statistics, the number of logistics facilities in Saudi Arabia has surged 267 percent since 2021. A separate report from Maersk in November projected the Kingdom’s logistics market would hit $38.8 billion by 2026, growing at a compound annual rate of 5.85 percent.
Carlomagno pointed to the broader transformation strategy being implemented by the government, particularly the development of logistics zones designed to lower costs, boost connectivity, and drive industrial expansion.
“Recent ZATCA regulatory reforms — notably around less-than-container load handling in seaports — are increasing operational efficiency and making logistics more accessible for small and medium enterprises,” he said.
The Arthur D. Little partner added: “Additionally, the rollout of a national logistics platform (Single Window) is streamlining communication between logistics players and government entities, consolidating permits, customs, and approvals into one digital interface.”
Carlomagno also emphasized growing transparency, citing publicly available data on land, logistics zones, and shipping routes.
“Collectively, these initiatives reflect a coordinated push to make Saudi Arabia a modern, investor-ready logistics ecosystem,” he said.
Martins noted the government’s proactive efforts to attract global firms, offering tax breaks, incentive packages, and access to a large captive market.
“The Kingdom encourages these international companies by facilitating access to captive demand while providing specific incentive packages and tax advantages to encourage market entry and expansion,” he said.
In December, Saudi Transport and Logistics Minister Saleh Al-Jasser announced plans to increase the number of logistics zones from 22 to 59 by 2030. This includes 18 new zones, backed by investments exceeding SR10 billion ($2.66 billion).
UNCTAD’s 2024 report also highlighted Saudi Arabia’s growing global role, noting a 231-point rise in the Liner Shipping Connectivity Index and the addition of 30 new maritime shipping lines.
In August, Saudi Arabia approved an updated investment law to improve transparency and streamline the investor journey. It guarantees fair treatment, protects intellectual property rights, and enables seamless fund transfers.
Leveraging geography and megaprojects
Saudi Arabia’s geographic location — at the crossroads of Asia, Africa, and Europe — positions it advantageously on the global logistics map, but Carlomagno said this natural strength has historically been underutilized.
“Targeted infrastructure investments — such as port automation, integrated rail and road links, and inland logistics zones — are now enabling the Kingdom to fully harness this potential and position itself as a global logistics hub,” he said.
Martins noted that megacity developments are driving up logistics demand, not only during construction but throughout their operational lifespans.
“The construction and deployment periods require significant flows of goods and materials, while operational cities with resident populations create ongoing logistics needs. With expected continued population growth, demand for logistics services will only increase,” he said.
Carlomagno pointed to NEOM’s Oxagon as a prime example of logistics integration, describing it as “being developed as a next-generation logistics hub.”
He added that it will blend automated ports, AI-driven supply chains, and advanced manufacturing in a single maritime-logistics ecosystem.
“Supporting this is the new NEOM International Airport, which is strategically planned to handle both cargo and passenger volumes at scale, and NEOM Airlines, a new carrier designed to integrate seamlessly with smart logistics and cargo distribution infrastructure,” said Carlomagno.
With e-commerce surging, the Arthur D. Little partner said demand is also rising for fast, tech-enabled logistics services — especially in last-mile delivery, smart warehousing, and fulfillment operations.
A report from Research and Markets in April projected the Kingdom’s e-commerce market, valued at $24.67 billion in 2024, will grow to $68.94 billion by 2033 at an annual rate of 12.10 percent.
Addressing the challenges
Despite the momentum, experts warned of challenges that need to be addressed to sustain Saudi Arabia’s rise.
“While Saudi Arabia is moving in the right direction at a good pace, other countries are simultaneously investing in their logistics infrastructure, airports, ports, and platforms. The key challenge is ensuring that market demand, supply, and economics remain commercially viable for all players,” Martins said.
He added: “Additionally, geopolitical uncertainty presents potential risks to plans, and so many players are deploying a certain level of modularity to mitigate geopolitical risks while maintaining competitive positioning.”
Carlomagno pointed out that a shortage of specialized talent — particularly in digital logistics — could pose a hurdle, calling for more training and localization.
He also stressed the importance of sustainable logistics practices to align with global environmental, social and governance standards.
“Addressing these challenges demands a systemic approach that aligns infrastructure, policy, and human capabilities,” he concluded.
Jeddah by jet ski: How the Red Sea is powering Saudi Arabia’s new tourism economy
Jeddah’s Red Sea coast has transformed into a lively center for marine leisure and luxury tourism
Updated 28 sec ago
Reem Walid
RIYADH: Once a trading port and gateway to holy cities, Jeddah’s Red Sea coast has transformed into a lively center for marine leisure, luxury tourism, and major yachting and water sports events.
This shift shows Saudi Arabia’s Vision 2030 diversification plan in action, with private enterprise working alongside government-led reforms to help deliver new economic developments.
In 2024, Jeddah’s Red Sea tourism figures were robust, with the Jeddah Season attracting over 1.7 million visitors in 52 days, according to the Saudi Press Agency.
This came as the Kingdom as a whole saw a record 30 million inbound tourists in 2024, an 8 percent increase from 2023, with a total inbound tourism spending of SR168.5 billion ($44 million), up 19 percent year on year, according to the Ministry of Tourism.
How the Red Sea coastline in Jeddah changed into a key hub for marine leisure activities
Developments on hand are part of a larger coastal regeneration plan aimed at establishing Jeddah as a key gateway between the Red Sea and global destinations.
According to Samir Imran, partner at Arthur D. Little Middle East, the Red Sea Global resort is expanding its eco-development along the Red Sea coast, focusing on regenerative tourism, coral reef preservation, and high-end hospitality, noting that resorts like Sheybarah, Six Senses, and Desert Rock are already open, with more set to launch soon.
Samir Imran, partner at Arthur D. Little Middle East. (Supplied)
“Modern Waterfront & Marinas: Jeddah’s 4.2 km Corniche Waterfront was completely redeveloped and opened, providing parks, beaches, promenades and recreational facilities. Now named the Roshn Waterfront, this seaside promenade attracts over 55 million visitors each year who come to exercise and enjoy Red Sea views,” Imran said.
He explained that the Jeddah Yacht Club & Marina, which opened in 2022, is Saudi Arabia’s first luxury tourist marina, offering 101 deep-water berths, superyacht services, and positioning Jeddah as a key hub for the Kingdom’s growing tourism sector.
Similarly, PwC Middle East Partner and Global Tourism Industry Lead, Nicolas Mayer, elaborated on how Jeddah’s Red Sea coast has become a top tourism destination, offering a mix of heritage, culture, and marine leisure that appeals to today’s experience-driven travelers.
“There’s also been rapid growth in nature-based activities. Snorkeling, fishing trips, and coral reef tours now feature alongside kayaking, bird watching, and excursions into the coastal wetlands. These options open the door to everything from a morning adventure to a multi-day itinerary,” Mayer said.
“What makes Jeddah special is how well all of this comes together. You can start your day in a historic district and end it on a jet ski or dining seaside. For many visitors, this mix of experiences is what makes Jeddah feel like a real destination, not just a single attraction,” he added.
How the Saudi Vision 2030 is influencing the coastal renaissance in Jeddah
Jeddah’s marine luxury growth stems from the Kingdom’s Vision 2030, which drives tourism, economic diversification, and quality of life, with the coastline showcasing these efforts.
From Arthur D. Little’s side, Imran explained that Saudi Arabia has introduced major regulatory reforms to boost marine tourism, including tourist e-visas, lifting the ban on foreign-flagged yachts, and establishing the Red Sea Authority to issue licenses and oversee the sector’s growth.
“By establishing defined entry points with customs facilities and streamlining yacht permit procedures, the Kingdom eliminated longstanding barriers, making it more accessible and connected to the global community,” he said.
The partner went on to say that under Vision 2030, the nation has heavily invested in the area’s tourism infrastructure, including the Jeddah Central Project, backed by the Public Investment Fund, which is expected to feature a new waterfront, marina, beaches, and cultural landmarks by 2027.
At the same time, the government is encouraging private-sector participation through regulatory reforms and incentives, leading to partnerships like Cruise Saudi and MSC Cruises, all aimed at transforming Jeddah into a global marine tourism hub.
He added that the area’s coastal transformation is fueling Saudi Arabia’s tourism boom. As marine attractions grow, so does local spending and job creation, with Red Sea tourism expected to add SR85 billion to gross domestic product and create 210,000 jobs by 2030.
“In Jeddah, one can already see the impact in the hospitality sector: dozens of new restaurants, cafes, and boutique hotels have sprung up along the revitalized Corniche, employing Saudi youth and diversifying the local economy,” Imran said.
He concluded by saying that marine sports in Jeddah are boosting local talent, with over 1,000 Saudis trained in 2024 for roles like dive instructors and marina managers. Vision 2030 has also enabled women to join the sector, competing in sailing and powerboat racing. These efforts are creating a cycle of stronger infrastructure, workforce inclusion, and rising tourism.
Additionally, Vision 2030 has driven Jeddah’s shift from standalone projects to integrated coastal destinations, fostering long-term tourism growth and job creation.
“In Jeddah, we’re seeing a sharp rise in new job categories tied to the marine economy. Tour operators, diving instructors, marina staff, fishing guides, and jet ski rental businesses are expanding fast. Yacht chartering and high-end marine hospitality are growing too,” PwC’s Mayer said.
Nicolas Mayer, partner at PwC Middle East. (Supplied)
He continued to stress that upscale waterfront dining is boosting demand for a wide range of hospitality roles, supported by local training programs.
Meanwhile, the “Umrah Plus” trend is encouraging religious visitors to extend their stays for cultural and leisure experiences, creating new jobs and aligning with Vision 2030’s goals of economic diversification and investment in people.
The future development of Jeddah’s marine
Arthur D. Little’s Imran noted that Jeddah’s Red Sea coast is set to strengthen its position as a marine luxury hub, combining heritage with modern coastal appeal. With strong infrastructure already in place, experts are optimistic about continued rapid growth.
“The Al-Arbaeen Lagoon revival, with its new yacht marina and 4.4 km park, is actively under construction in 2025. These will add capacity for more boats and more visitors. Cruise tourism is also ramping up, Jeddah’s port is now a home base for Red Sea cruises, introducing yet another stream of maritime tourists exploring the coast,” he said.
“We can expect tourist volumes in Jeddah to keep climbing as air connectivity improves and as word spreads about its Red Sea treasures,” the ADL partner added.
Private and global investors are playing a bigger role in Jeddah’s tourism growth, aiming to serve 19 million coastal visitors by 2030, many from the region, Imran clarified.
He noted that experts view Jeddah’s Red Sea location as ideal for year-round yachting, positioning it as a strong alternative to winter destinations such as the Caribbean or Dubai.
From PwC’s perspective, Mayer justified that the Red Sea Authority will ensure future growth stays sustainable and coordinated, while the city’s active private sector helps drive innovation and preserve its unique character.
“We’ll likely see growth in multi-day yacht itineraries that link Jeddah to quieter parts of the coast. Cruise tourism might also become a bigger part of the mix, especially as infrastructure improves. Water taxis, floating hotels, and digitally enhanced marine experiences, like virtual dive guides, could help the city appeal to younger travelers and tech-savvy tourists,” Mayer said.
He added: “Jeddah also benefits from its position as both a cultural capital and a transit hub for religious tourism. That makes it a natural gateway. Travelers might start their trip with Umrah or a visit to Al-Balad and then head to the coast for a few days of nature and leisure.”
Startup Wrap: Early stage funding continues to attract investors in MENA
Saudi-led funding activity in the first half of 2025 raises $860 million
Updated 1 min 16 sec ago
Nirmal Narayanan
RIYADH: Startups across the Middle East and North Africa witnessed multiple funding rounds throughout the past week, as firms across a range of industries seek geographical expansion.
The moves come in the light of a new report from regional venture platform MAGNiTT showing Saudi Arabia led funding activity in the region in the first half of 2025, raising $860 million — a 116 percent annual jump — backed by sovereign support and foreign interest.
The report added that the Kingdom also witnessed 114 deals in the first half of the year, marking a significant 31 percent rise compared to the same period in 2024.
Wittify.ai secures $1.5 million in pre-seed round
Wittify.ai, a Saudi Arabia-based conversational AI startup, raised $1.5 million in a pre-seed funding round, from a syndicate of angel investors from the Kingdom.
The funding will be used to accelerate the company’s product development, as well as expanding its operations in the region.
Headquartered in Riyadh, the firm aims to develop interactive Arabic AI agents that can listen, act, and integrate across systems.
“We’re building Arabic-first, human-level AI to transform customer engagement,” the company said in a statement.
Yasmina closes $2 million seed round
Saudi Arabia-based Yasmina, an embedded insurance platform, has secured $2 million in seed funding to expand insurance tech across the Middle East and North Africa.
The concept of so called insurtech refers to transforming and modernizing the traditional insurance sector, revolutionizing how policies are created, underwritten, and managed.
Saudi Arabia- based Yasmina, an embedded insurance platform, has secured $2 million in seed funding to expand insurance tech. (Supplied)
It also promotes greater customer engagement by offering personalized insurance products based on individual risk profiles and lifestyle choices.
Yasmina’s seed funding round was led by Scene Holding and co-led by Access Bridge Ventures, with participation from Arzan VC and Sanabil Investment Accelerator by 500 MENA.
The financing will be used to expand the team and explore opportunities in other regions, with the company planning to launch operations in the UAE later this year and in Egypt by 2026.
“This round is a strong vote of confidence in our vision to simplify insurance across digital touchpoints. We’re proud to be the first embedded insurance platform in Saudi Arabia, and this funding will help us scale faster, serve more partners, and redefine how protection is offered in the region,” said Masoud Alhelou, CEO and co-founder of Yasmina.
Egypt’s PALM raises 7-figure funding
PALM, an Egypt-based fintech startup offering incentivized goal-based saving, has closed its pre-seed seven-figure funding round, led by 4DX Ventures with participation from Plus VC and several international angel investors.
In a press statement, the company said that the funding will be used to focus on accelerating user acquisition, expanding its product use cases, and strengthening its network of strategic partners.
“We’re incredibly grateful to our investors for their trust and belief in PALM’s vision. Their support empowers us to accelerate our mission of transforming how Egyptians save and achieve their life goals,” said Mazen El-Kerdany, co-founder and CEO of PALM.
He added: “We launched PALM to help Egyptians take control of their financial future by turning gradual saving into a smarter, more rewarding habit.”
PALM is a goal-based saving company that offers personalized saving experience to help users achieve their various goals of life, whether to fund basic needs such as education and healthcare, or afford their funding needs for travel, home appliances and electronics.
Ahmed Ashour, co-founder of PALM, said: “We will offer Egyptians a modern saving experience that caters to their lifestyle needs, aligns with their interests, and helps them along their financial journeys regardless of their income levels or assets.”
Morocco’s Ora Technologies raises $7.5 million
Ora Technologies, a Morocco-based super app, has raised $7.5 million in a series A funding round, led by Azur Innovation Fund and a group of local investors.
Through the funding, the company aims to expand its delivery network and strengthen the firm’s logistics capability.
Morocco-based super app Ora Technologies has raised $7.5 million in a series A funding round. (Supplied)
It will be also used to grow its user base, expansion into new regions, as well as accelerating the adoption of its digital payment solution.
“This is more than funding, it is proof that Morocco is ready to back innovation made by and for its people,” said Omar Alami, founder and CEO of Ora Technologies.
Founded in 2023, the app offers multiple features, including an e-commerce platform, on-demand services, chat functionality, social networking, and a digital platform which is expected to be launched soon.
Telr partners with Peko to support business setup in UAE
Telr, a digital payment gateway and financial solutions provider based in Dubai, has partnered with fintech firm Peko to launch Telr Incepta, a platform aimed at supporting business setup and operations in the UAE.
According to a press statement, Telr Incepta is expected to empower small- and mid-sized businesses with advanced tools that transform the way businesses manage their finances and operations.
Digital payment gateway Telr has partnered with Peko to launch Telr Incepta, a platform aimed at supporting business setup and operations in the UAE. (Supplied)
With over 50 business services, Telr Incepta centralizes essential functions, from enabling investors and entrepreneurs to set up their new companies in the UAE to helping companies streamline operations, manage expenses, and gain full financial visibility.
“At Telr, our mission has always been to simplify digital commerce and equip entrepreneurs with everything they need to succeed,” said Khalil Alami, founder and CEO of Telr.
He added: “With Telr Incepta, we’re taking that mission even further. From secure payments to setting up your business in the UAE to smart business tools, we’re proud to be the one-stop shop for the UAE’s e-commerce ecosystem.”
The platform also offers other features including bill payments, human resources tools, corporate travel arrangements, eSIM services, software subscriptions, license renewals, as well as, WhatsApp for Business integration, and automated financial reporting.
Kashif Khan, founder and CEO of Peko said: “From setting up a company to managing payments, controlling expenses, and streamlining operations, we’re empowering founders with world-class tools to build boldly from day one.”
Abu Dhabi index gains on oil surge, Dubai falls on profit-taking
Updated 18 July 2025
Reuters
BENGALURU: Abu Dhabi index closed higher on Friday, supported by an increase in oil prices after the EU introduced new sanctions against Russia, while the Dubai index declined after investors moved to book profit on last five sessions’ gains.
Abu Dhabi’s benchmark index recorded gains for the fourth session with the index finishing 0.2 percent higher, led by a 1.7 percent jump in Emirates Telecom Group, while its biggest lender First Abu Dhabi Bank added 0.5 percent.
Dubai’s main index meanwhile fell 0.2 percent, ending a five-day winning streak after reaching its highest level in 17 and a half years during the previous session.
Losses were driven by a decline in financial sector stocks as Dubai’s top lender Emirates NBD Bank dropped 2.4 percent after three consecutive session gains, while Commercial Bank of Dubai slumped 3.6 percent.
However, budget airline Air Arabia rose by 0.8 percent, continuing its upward trend after Air Arabia Abu Dhabi announced plans to increase its operational capacity by 40 percent in 2025.
The Dubai index saw profit-taking on Friday, but its sustained rally last week has pushed the index to a key resistance level. Next week’s corporate earnings may provide the catalyst needed to break through this barrier, said Ahmed Negm, head of market research MENA at XS.com.
Dubai’s index went up 4.1 percent and Abu Dhabi’s rose 2 percent in their fourth week of gains, according to LSEG data.
Markets remain steady, supported by positive corporate earnings and stable oil prices, though global developments continue to have an impact on investor confidence, said Negm.
Global Markets — shares rise as US consumer holds up, yen weak ahead of Japan vote
Updated 18 July 2025
Reuters
LONDON/SYDNEY: Global shares edged higher on Friday as robust US economic data and corporate earnings this week tempered tariff concerns for now, while the yen headed toward a second successive weekly loss ahead of a crunch legislative election in Japan on Sunday.
Stronger-than-expected US retail sales and jobless claims suggesting modest improvement in economic activity helped to push the S&P 500 and the Nasdaq to close at record highs on Thursday.
Asian and European shares followed suit with gains on Friday, with Asian shares outside Japan up 0.9 percent, while European stocks were last up 0.4 percent. Wall Street futures were also up around 0.1 percent.
A solid start to earnings season in the US — with companies including streaming giant Netflix beating forecasts — was also supporting investor confidence, said Eren Osman, managing director of wealth management at Arbuthnot Latham.
“We’re pretty constructive on the (US) macro backdrop ... We do see some scope for slowing growth, but not for anything material and that’s giving the markets quite a nice bounce,” Osman said, adding the potential full impact of US tariffs was still in focus.
Alphabet and Tesla are among the companies reporting half-year results next week, which will further test the market mood.
The dollar was broadly flat against the yen at 148.65 but was down nearly 1 percent this week after polls showed Prime Minister Shigeru Ishiba’s coalition was in danger of losing its majority in the upper house election on Sunday.
Data on Friday showed Japan’s core inflation slowed in June due to temporary cuts in utility bills but stayed above the central bank’s 2 percent target. The rising cost of living, including the soaring price of rice, is among the reasons for Ishiba’s declining popularity.
“If PM Ishiba decides to resign on an election loss, USDJPY could easily break above 149.7 as it would usher in an initial period of political turbulence,” said Jayati Bharadwaj, head of FX strategy at TD Securities, adding: “JPY could reverse the recent dramatic weakness if the ruling coalition wins and is able to make swift progress on a trade deal with Trump.”
In currency markets, the US dollar index slipped 0.1 percent to 98.365, but was heading for a second successive weekly gain, bouncing from a 3-1/2 year low hit over two weeks ago.
Fed Governor Christopher Waller said on Thursday he continues to believe the central bank should cut interest rates at the end of this month, though most officials who have spoken publicly have signalled no desire to move.
Treasury yields were slightly lower. Benchmark 10-year US Treasury yields dropped 2 basis points to 4.44 percent, two-year yields also edged 2 bps lower to 3.90 percent.
