<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/106996223-1641295244289-Dubai_Marina_13-820x461.jpg" alt="" class="wp-image-422220" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/01/106996223-1641295244289-Dubai_Marina_13-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/106996223-1641295244289-Dubai_Marina_13-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/106996223-1641295244289-Dubai_Marina_13-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/106996223-1641295244289-Dubai_Marina_13-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/106996223-1641295244289-Dubai_Marina_13-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/01/106996223-1641295244289-Dubai_Marina_13.jpg 1600w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Dubai is seeing its hottest real estate market in years, with sales in the sector up 45% year on year in April and 51% in May, according to the Dubai Land Department.</figcaption></figure>



DUBAI, United Arab Emirates — Dubai on Wednesday announced a mammoth $8.7 trillion economic plan for the coming decade, aimed at turbocharging trade, foreign investment and its place on the map as a global hub.



“Dubai will rank as one of the top four global financial centers with an increase in FDI to over AED 650 billion ($177 billion) over the next decade,” Sheikh Mohammed bin Rashid al Maktoum, the ruler of Dubai, tweeted. “Over 300,000 global investors are helping build Dubai into the fastest growing global city.”



The post outlined a few of the 100 “future transformational projects” included in the ten-year economic roadmap. Those include boosting foreign trade to 25.6 trillion dirhams from 14.2 trillion dirhams in the last decade, nearly doubling annual foreign direct investment to 60 billion dirhams yearly, and increasing government spending from 512 billion dirhams in the last decade to 700 billion in the next.



The plan also aims to bring private sector investments up from 790 billion dirhams in the last decade to 1 trillion in the next and pledged 100 billion dirhams in annual contributions to the economy from digital transformation projects.



Dubai aims to double the size of its economy in the next decade and become one of the “top 3 economic cities around the world,” the Sheikh’s tweet read.



The news comes just a few days after Dubai announced an end to its steep 30% tax on alcohol, a move that looks to have been made to boost tourism and business. Recent years have seen the emirate — which is the glitzy commercial and tourism capital of the oil-rich United Arab Emirates — roll out a flurry of reforms aimed at making it more attractive for foreigners and international companies to live and invest.



The sheer size of the city’s economic goals may draw some skepticism, but finance experts in Dubai believe they are achievable.



“It’s ambitious, but there’s no reason to doubt those targets given Dubai’s economic history and records&nbsp;of&nbsp;reforms,” Tarek Fadlallah, Middle East CEO at Nomura Asset Management, told CNBC.



Karim Jetha, chief investment officer at Dubai-based asset management firm Longdean Capital, noted the competition angle: nearby Saudi Arabia is itself investing trillions to shed its closed and conservative image and attract tourism and foreign investment.



“The numbers sound ambitious but Dubai has never been short on ambition,” Jetha said. “As neighboring countries like Saudi Arabia open up and look to capture more regional business, Dubai is setting its sights higher and is seeking to be a global hub.”



Dubai has long been a regional hub for the Middle East but has of late made changes to integrate further with other parts of the world. It is home to a diverse 90% expatriate population and has for many years offered lifestyles comparable to those in the Western world — along with beaches, no income tax, and one of the world’s lowest crime rates.



The UAE also recently changed its Islamic weekend of Friday-Saturday to the Western weekend of Saturday-Sunday, to be in line with much of the rest of the world, and began offering a remote worker visa program through the coronavirus pandemic as more people adopted a remote work lifestyle.



Dubai has long been a regional hub for the Middle East but has of late made changes to integrate further with other parts of the world. It is home to a diverse 90% expatriate population and has for many years offered lifestyles comparable to those in the Western world — along with beaches, no income tax, and one of the world’s lowest crime rates.



The UAE also recently changed its Islamic weekend of Friday-Saturday to the Western weekend of Saturday-Sunday, to be in line with much of the rest of the world, and began offering a remote worker visa program through the coronavirus pandemic as more people adopted a remote work lifestyle.

106996223-1641295244289-Dubai_Marina_13

Dubai announces $8.7 trillion economic plan to boost trade, investment and global hub status

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="584" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/12/ZSAQE34QAFM4VM2K5JIKZAONEQ-820x584.jpg" alt="" class="wp-image-421917" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/12/ZSAQE34QAFM4VM2K5JIKZAONEQ-820x584.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/ZSAQE34QAFM4VM2K5JIKZAONEQ-300x213.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/ZSAQE34QAFM4VM2K5JIKZAONEQ-126x90.jpg 126w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/ZSAQE34QAFM4VM2K5JIKZAONEQ-768x547.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/ZSAQE34QAFM4VM2K5JIKZAONEQ-1536x1093.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/12/ZSAQE34QAFM4VM2K5JIKZAONEQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Saudi Crown Prince Mohammed Bin Salman stands with Chinese President Xi Jinping in Riyadh, Saudi Arabia December 8, 2022. Saudi Press Agency/Handout via REUTERS</figcaption></figure>



RIYADH, Dec 9 (Reuters)&nbsp;&#8211;&nbsp;Chinese President Xi Jinping meets with Arab leaders on Friday at &#8220;milestone&#8221; summits hosted by Saudi Arabia in a show of strength by Crown Prince Mohammed bin Salman as an aspiring leader of the Middle East and key partner for global powers.



Leaders of Arab League states spanning the Gulf, Levant and Africa began arriving in Riyadh on Thursday when Xi received a lavish&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N32Y0SI&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">reception</a>&nbsp;by Prince Mohammed and signed a China-Saudi partnership pact with King Salman, demonstrating deepening ties.



The United States is warily watching the growing influence of economic rival Beijing in the region, where China has vested interest as the world&#8217;s biggest energy consumer and Chinese firms are expanding into technology and other infrastructure.



Xi&#8217;s visit also comes at a time when Riyadh&#8217;s long-standing alliance with Washington has been strained over human rights, energy policy and Russia, as well as Gulf doubts about the commitment of main security guarantor America to the region.



In a lengthy&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AS8N2V902B&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">joint statement</a>&nbsp;on Friday, Beijing and Riyadh pledged to enhance cooperation and stressed principles of sovereignty and &#8220;non-interference&#8221;, while affirming the importance of a peaceful solution to the Ukraine conflict.



Saudi Arabia and Gulf allies have been defiant in the face of U.S. pressure to break with fellow OPEC+ oil producer Russia over its invasion of Ukraine and to limit dealings with China, as they try to navigate a polarised world order with an eye on national economic and security interests.



Oil giant Saudi Arabia is a top supplier to China and the joint statement reaffirmed the importance of global market stability and energy collaboration, while striving to boost non-oil trade and enhance cooperation in peaceful nuclear power.



&#8220;The two sides reaffirmed that they will continue to firmly support each other&#8217;s core interests.&#8221;



In a nod to Gulf security concerns over Iran, another oil supplier to China and with whom Beijing has good ties, they agreed the need to &#8220;strengthen joint cooperation to ensure the peaceful nature of Iran&#8217;s nuclear programme&#8221; and for Tehran to respect &#8220;principles of good-neighbourliness&#8221;.



Riyadh voiced support for Beijing&#8217;s &#8220;One China&#8221; policy on the issue of Taiwan. Xi&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AS8N2YP08C&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">invited</a>&nbsp;King Salman to visit China, Saudi state television reported.



<h2 class="wp-block-heading" id="h-milestones">MILESTONES</h2>



The Chinese leader said his visit, during which he will meet other Gulf oil producers and attend a wider summit with Arab League countries on Friday, heralded a &#8220;new era&#8221; in relations.



&#8220;China looks forward to working with Saudi Arabia and Arab states to turn the two summits into milestone events in the history of China-Arab relations and China-GCC relations, and bring these relations to new heights,&#8221; the foreign ministry cited Xi as saying.



Qatar&#8217;s emir, Kuwait&#8217;s crown prince and the presidents of Egypt, Tunisia, Djibouti, Somalia and Mauritania are among rulers attending alongside leaders and prime ministers of Iraq, Morocco, Algeria, Sudan and Lebanon.



Ahead of the summits, Xi held bilateral talks with Kuwait Crown Prince Sheikh Meshal al-Sabah, Egyptian President Abdel Fattah al-Sisi, Iraqi Prime Minister Shia al-Sudani, Sudanese leader General Abdel Fattah al-Burhan and Palestinian President Mahmoud Abbas.



Diplomats said the Chinese delegation would sign agreements and memoranda of understanding with several states in addition to Saudi Arabia, which inked an MOU with Huawei on cloud computing and building high-tech complexes in Saudi cities.



The Chinese tech giant has participated in building 5G networks in most Gulf states despite U.S. concerns over a possible security risk in using its technology.



(Additional reporting by Eduardo Baptista in Beijing, Riham Alkousaa and Ahmad Ghaddar in Dubai; writing by Ghaida Ghantous; editing by Mark Heinrich)

Saudi Crown Prince Mohammed Bin Salman stands with Chinese President Xi Jinping in Riyadh

Saudi Arabia gathers China’s Xi with Arab leaders in ‘new era’ of ties

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/Aircraft-at-DXB-820x547.jpg" alt="" class="wp-image-421631" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/Aircraft-at-DXB-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/Aircraft-at-DXB-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/Aircraft-at-DXB-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/Aircraft-at-DXB-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/Aircraft-at-DXB-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/Aircraft-at-DXB-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



Dubai International (DXB), the world’s busiest airport by international passenger numbers, has announced a robust Q3 with prospects for a stronger Q4. In addition, the airport says it has recorded “tremendous growth” in traffic between DXB and the African continent, making it the third busiest region for the airport in terms of passenger traffic.



DXB increased its annual forecast for passenger traffic to 64.3 million following a strong performance in the third quarter, and the prospects of a stronger surge in the offing for the rest of 2022.



&#8220;The growth in passenger traffic has been terrific throughout the year and continues to exceed our expectations by a margin,” says Paul Griffiths, CEO of Dubai Airports, in a press statement.



Speaking to FORBES AFRICA, on Africa’s significance for the airport, he adds: “Traffic on routes between Dubai International (DXB) and Africa, which has been a key market for DXB for many years, has grown tremendously in 2022 making it the third busiest region for us in terms of passenger traffic.



“A total of 4.6 million passengers travelled between DXB and the multiple city destinations across Africa in the first nine months of 2022. We expect the region’s strong performance to continue throughout the remainder of the year.&#8221;



UAE-based carrier Emirates recently announced it&nbsp;will be increasing its flight schedule to South Africa in 2023, with Durban benefitting even sooner, with daily flights scheduled to start before the end of the year.



India was DXB’s top country destination in terms of traffic volume, recording 6.8 million passengers in the first nine months of the year.

Aircraft-at-DXB

‘Africa Is Third Busiest Region For Us’: Dubai Airports CEO On Growth In Passenger Traffic

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/R63MYNWHUNI5HMFBR6CJQ5GG4U-820x547.jpg" alt="" class="wp-image-421194" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/R63MYNWHUNI5HMFBR6CJQ5GG4U-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/R63MYNWHUNI5HMFBR6CJQ5GG4U-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/R63MYNWHUNI5HMFBR6CJQ5GG4U-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/R63MYNWHUNI5HMFBR6CJQ5GG4U-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/R63MYNWHUNI5HMFBR6CJQ5GG4U-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/R63MYNWHUNI5HMFBR6CJQ5GG4U-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Secretary-General of the United Nations Antonio Guterres, Egyptian President Abdel Fattah al-Sisi and United Arab Emirates President Sheikh Mohamed bin Zayed Al-Nahyan attend the COP27 climate summit in Sharm el-Sheikh, Egypt November 7, 2022. REUTERS/Mohammed Salem</figcaption></figure>



SHARM El-SHEIKH, Egypt, Nov 7 (Reuters)&nbsp;&#8211;&nbsp;The United Arab Emirates will be a responsible supplier of oil and gas for as long as the world needs, its President Sheikh Mohammed bin Zayed al-Nahyan said on Monday at the start of two weeks of climate talks in Egypt.



He added the Gulf nation, which is one of OPEC&#8217;s biggest producers but has also invested in renewable energy, was focused on reducing the carbon impact of its fossil fuel output.



&#8220;The UAE is considered a responsible supplier of energy and it will continue playing this role for as long as the world is in need of oil and gas,&#8221; he said.



&#8220;Oil and gas in the UAE is among the least carbon intensive around the world and we will continue to focus on lowering carbon emissions emanating from this sector.&#8221;



Egypt&#8217;s Conference of the Parties (COP) is the latest of decades of U.N. talks to try to curb climate change caused by the use of fossil fuels.



Next year&#8217;s COP28 summit will be hosted by the UAE in&nbsp;Dubai&#8217;s Expo City and will assess the implementation of the 2015 Paris climate agreement that seeks to limit to global warming to 1.5 degrees Celsius above pre-industrial levels.



The UAE president said his country was among the first in the Gulf region to announce a plan for carbon neutrality by 2050 and last week signed a&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N31X0ML&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">$100 billion</a>&nbsp;agreement with the United States with the goal of adding 100 gigawatts of renewable energy globally by 2035.



(Reporting by Mahmoud Mourad, Nafisa Eltahir and Omar Fahmy; Editing by Gareth Jones and Barbara Lewis)

COP27 climate summit in Egypt

COP27-UAE says will carry on pumping oil responsibly

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/ZKFR5IZG7BOEXIGVXVIQA7Z6EM-820x547.jpg" alt="" class="wp-image-421032" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/ZKFR5IZG7BOEXIGVXVIQA7Z6EM-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/ZKFR5IZG7BOEXIGVXVIQA7Z6EM-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/ZKFR5IZG7BOEXIGVXVIQA7Z6EM-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/ZKFR5IZG7BOEXIGVXVIQA7Z6EM-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/ZKFR5IZG7BOEXIGVXVIQA7Z6EM-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/ZKFR5IZG7BOEXIGVXVIQA7Z6EM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO: Emirates Airline Boeing 777-300ER planes are seen at Dubai International Airport in Dubai, United Arab Emirates, February 15, 2019. REUTERS/Christopher Pike</figcaption></figure>



LAGOS, Nov 3 (Reuters)&nbsp;&#8211;&nbsp;Dubai&#8217;s Emirates has suspended flights to Nigeria for the second time since September citing an inability to repatriate funds from Africa&#8217;s biggest economy, the airline said on Thursday.



Nigeria is facing severe dollar shortages, forcing many citizens and business to seek forex on the black market, where the naira currency has progressively weakened.



An Emirates spokesperson said the airline had attended several meetings with the Nigerian government and proposed ways to clear a backlog of blocked funds.



&#8220;This included the repatriation and receipt of at least 80% of our remaining blocked funds by the end of October 2022, in addition to providing a guaranteed mechanism to avoid future repatriation accumulation challenges and delays,&#8221; the spokesperson said in a statement.



&#8220;Under these extraordinary circumstances Emirates had no option but to suspend flights to/from Nigeria from 29 October 2022 to mitigate against further losses moving forward.&#8221;



A spokesman for Nigerian aviation ministry could not be immediately reached for comment.



Emirates did not say how much it was owed in Nigeria but the airline resumed flights in September after the Nigerian&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N30224Z&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">central bank released $265 million</a>&nbsp;to airlines to settle outstanding ticket sales.



Nigeria, which gets roughly 90% of its foreign exchange from oil, is struggling to produce due to pipeline theft and years of underinvestment.



(Reporting by MacDonald Dzirutwe, Editing by William Maclean)

FILE PHOTO: Emirates Boeing 777 planes at Dubai International Airport

Emirates suspends Nigerian flights again over trapped ticket sales

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="541" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/CZGAI4CUBZI4XOQ56Q6XI6PNYA-820x541.jpg" alt="" class="wp-image-420991" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/11/CZGAI4CUBZI4XOQ56Q6XI6PNYA-820x541.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/CZGAI4CUBZI4XOQ56Q6XI6PNYA-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/CZGAI4CUBZI4XOQ56Q6XI6PNYA-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/CZGAI4CUBZI4XOQ56Q6XI6PNYA-768x506.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/11/CZGAI4CUBZI4XOQ56Q6XI6PNYA.jpg 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Logos of fast food restaurants KFC, Pizza Hut and Hardee&#8217;s are seen at Americana Plaza Mall in Cairo, Egypt, September 10, 2018. REUTERS/Amr Abdallah Dalsh</figcaption></figure>



DUBAI, Nov 2 (Reuters)&nbsp;&#8211;&nbsp;Americana Restaurants, the Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut, said it planned to launch an initial public offering (IPO), followed by a dual listing in the United Arab Emirates and Saudi Arabia.



Adeptio Investments, an investment vehicle jointly-held by Dubai businessman and founder of Emaar Properties&nbsp;EMAR.DU&nbsp;Mohammed Alabbar and Saudi Arabia&#8217;s Public Investment Fund, is offering about 2.53 billion existing ordinary shares, representing 30% of the company, Americana said in a regulatory filing on Wednesday.



The IPO would start from Nov. 14 to Nov. 21 for retail investors in the UAE and Saudi Arabia, and Nov. 14 to Nov. 22 for institutional investors in both the countries.



Following its public share-sale, it expects to list on the Abu Dhabi Securities Exchange and the Saudi Exchange on or around Dec. 6, it said.



Americana said it is targeting a partial dividend distribution of about 75% of net profit attributable to its parent firm for the second half of this fiscal year, to be paid in cash during the first six months of the next year.



From 2023 onwards, Americana plans to adopt an annual dividend policy, distributing a minimum of 50% of net profit attributable to its parent, with &#8220;the intention to further distribute any cash not specifically reserved for general corporate purposes, growth investment or M&amp;A activity&#8221;, it added.



(Reporting by Hadeel Al Sayegh; Editing by Rashmi Aich)

CZGAI4CUBZI4XOQ56Q6XI6PNYA

KFC’s Middle East and North Africa franchisee plans dual listing in UAE, Saudi

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1288028873-2-820x547.jpg" alt="" class="wp-image-420864" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1288028873-2-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1288028873-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1288028873-2-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1288028873-2-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1288028873-2-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/GettyImages-1288028873-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>The Burj al Arab is illuminated in beams of light in Souk Madinat Jumeirah. (Photo by: Tyson Paul/Loop Images/Universal Images Group via Getty Images)</figcaption></figure>



Katerina joins Jumeirah Group from Radisson Hotel Group, where, as President Asia-Pacific since 2017, she led the execution of a comprehensive five-year strategic and operating plan



DUBAI, United Arab Emirates, October 26, 2022/ &#8212;&nbsp;Dubai Holding, a diversified global investment company with presence in over 13 countries, today announced the appointment of Katerina Giannouka as the new Chief Executive Officer (CEO) of Jumeirah Group (<a href="https://r.news.africa-wire.com/mk/cl/f/qtK7RiEBCy3eiTIF6kDyY_YFq2b2Mb5xF-YrxB__AwHIJzFwvrozrd9-OsxXh2-fuSCeZau5dVGMJvy5xvlhn2Zih7bI8S07RshUQtLpPSqfO1vJmBOxa1xHwqZnufB6ybIuk74KN07_vGTTOBR-3QtW7bfZ9le9Nc1Y9lUSaP3VxZ2TQyAYHhM_dj0AiBWnrdm-" target="_blank" rel="noreferrer noopener">www.Jumeirah.com</a>) as of December 2022.



A recognised professional in the international hospitality industry, Giannouka joins Jumeirah Group with 20 years of experience in business leadership, operations, hotel development, asset management and strategic advisory.



Katerina joins Jumeirah Group from Radisson Hotel Group, where, as President Asia-Pacific since 2017, she led the execution of a comprehensive five-year strategic and operating plan, delivering unprecedented growth of nearly doubling the size of the hotel portfolio. Prior to this, Katerina led the Asia-Pacific and China Development team of ultra-luxury Rosewood Hotels &amp; Resorts, where beyond delivering growth, she played an influential role in supporting new brand development, corporate decision making and strategic planning.



Commenting on her appointment, Amit Kaushal, Group Chief Executive Officer, Dubai Holding, said: “We are delighted to welcome Katerina as the new Chief Executive Officer of Jumeirah Group. Over the years, Jumeirah has become synonymous with excellence, providing guests from across the globe with unique and unrivalled experiences. Given Katerina’s impressive track record as a transformative business leader, as well as her luxury hospitality background and drive to create resilient teams and culture, I am confident that she will build on Jumeirah’s incredible success story and lead the business to new levels of sustainable and accelerated growth across the world.”



For her part, Katerina Giannouka, incoming Chief Executive Officer, Jumeirah Group, said: “I am honoured to be entrusted and appointed to this key role with Jumeirah Group.&nbsp; Jumeirah operates some of the world’s most iconic hotels and has redefined luxury hospitality with its exceptional and beyond-expectations service offering. The opportunities for Jumeirah are extremely exciting, and I eagerly look forward to commencing this new journey alongside the entire team to unlock the immense potential of the Jumeirah brand and sustainably secure its position on the world stage as the top luxury Emirati hospitality brand recognised and sought-after globally.”



Today, Jumeirah Group is a national champion, a member of Dubai Holding and a global luxury hotel company, which operates a world-class 6,500-key portfolio of 25 luxury properties across the Middle East, Europe and Asia.

GettyImages-1288028873-2

Dubai Holding Appoints Katerina Giannouka as New Chief Executive Officer of Jumeirah Group

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="603" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/OFWW5BLDIFLJHPYC72PP4SIQTU-820x603.jpg" alt="" class="wp-image-420750" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/OFWW5BLDIFLJHPYC72PP4SIQTU-820x603.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/OFWW5BLDIFLJHPYC72PP4SIQTU-300x220.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/OFWW5BLDIFLJHPYC72PP4SIQTU-122x90.jpg 122w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/OFWW5BLDIFLJHPYC72PP4SIQTU-768x564.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/OFWW5BLDIFLJHPYC72PP4SIQTU-1536x1129.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/OFWW5BLDIFLJHPYC72PP4SIQTU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO: A woman walks past the entrance to the Dubai Financial Market, June 17, 2013. REUTERS/Jumana El Heloueh</figcaption></figure>



DUBAI, Oct 24 (Reuters)&nbsp;&#8211;&nbsp;Dubai&#8217;s Emirates Central Cooling Systems Corporation (Empower) plans to launch its initial public offering next week, company executives said on Monday.



Empower is the fourth state-linked entity to seek a listing this year in Dubai in a programme aimed at boosting investor interest in the domestic stock exchange.



Reuters reported in May that&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL5N2XH164&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Empower invited banks</a>&nbsp;to pitch for roles in the IPO.



Shareholders Dubai Electricity &amp; Water Authority (DEWA)&nbsp;DEWAA.DU&nbsp;and Emirates Power Investment will offer a 10% stake, equivalent to 1 billion shares.



DEWA will sell 7% and Emirates Power 3%, giving them holdings of 63% and 27%, respectively, following the IPO, if the offering size is not increased.



Subscriptions open on Oct. 31, when the price range will be announced, and close on Nov. 7. Final pricing will be set on Nov. 9 and Empower&#8217;s shares, which will have a nominal value of 0.10 dirhams ($0.0272), are expected to begin trading on Nov. 16.



Empower is &#8220;having extensive discussions with local, regional and international investors and we will continue to have this conversation&#8221; until Nov. 9, said CFO Ramesh Ramadurai.



Dubai&#8217;s deputy ruler, Sheikh Maktoum Bin Mohammed,&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2RS1OZ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">announced plans in November</a>&nbsp;to list 10 government-linked entities.



Empower plans to pay a minimum of 850 million dirhams in dividends in each of the first two fiscal years after the IPO, it said in a statement.



&#8220;After the October 2024 distribution, the company expects to pay a sustainable dividend in line with the growth of the business,&#8221; Empower added.



Citi&nbsp;C.N, Emirates NBD Capital&nbsp;ENBD.DU&nbsp;and Merrill Lynch International&nbsp;BAC.N&nbsp;are joint global coordinators and EFG Hermes joins them as joint bookrunner.



&#8220;We have about 80% of Dubai&#8217;s market,&#8221; CEO Ahmad Bin Shafar said, adding the company planned to expand in the United Arab Emirates and Saudi Arabia, Oman, Bahrain and Egypt.



($1 = 3.6729 UAE dirham)



(Reporting by Yousef Saba and Hadeel Al Sayegh; Editing by Kim Coghill Tom Hogue, Kirsten Donovan)

A woman walks past the entrance to the Dubai Financial Market

Dubai to offer 10% of Empower in fourth state-linked IPO

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="800" height="800" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/DP-World-Wanderers-Stadium-800x800.jpg" alt="" class="wp-image-420499" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/DP-World-Wanderers-Stadium-800x800.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/DP-World-Wanderers-Stadium-300x300.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/DP-World-Wanderers-Stadium-90x90.jpg 90w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/DP-World-Wanderers-Stadium-768x768.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/DP-World-Wanderers-Stadium-1536x1536.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/DP-World-Wanderers-Stadium-scaled.jpg 2048w" sizes="auto, (max-width: 800px) 100vw, 800px" /></figure>



Johannesburg, South Africa, 13 October 2022:&nbsp;The iconic Wanderers Stadium in Johannesburg will now be known as the DP World Wanderers Stadium, after the leading global logistics provider announced an agreement on naming rights at an unveiling ceremony today.



The DP World Wanderers Stadium naming rights is accompanied by the sponsorship of the DP World Gauteng Lions men’s and women’s cricket teams – a further commitment to the advancement of sport in South Africa.



Sultan Ahmed Bin Sulayem, Group Chairman &amp; Chief Executive Officer at DP World, said: “We place a strong emphasis on empowering and supporting the local people and communities in which we operate, while delivering sustainable and inclusive growth. Taking over the naming rights of the most iconic stadium in Africa is part of our commitment to developing and driving business, sports and culture on the continent. The DP World Wanderers Stadium is a solid extension of our global partnership network and one that we believe will be a catalyst for our positioning on the African continent”.



The partnership with the Lions and Wanderers Stadium marks a new milestone in realising DP World’s ambition to build its international reputation and inspire the next generation. These are two organisations who share a winning mindset and a bold, collaborative approach with the goal of reshaping the future of our businesses, disrupting our industries, and leading in our respective fields.



DP World aims to utilise this partnership as a platform from which to drive awareness of various socio-economic issues such as gender-based violence, support South African sporting heroes, and continue to make a positive impact on the country and the continent as a whole.



“We are focused on building a better future together and what better way to do it than through sport, which has an intrinsic ability to inspire, motivate and unite people. We look forward to this partnership, as part of our larger commitment to Africa and her people,” Bin Sulayem added.



The DP World Wanderers Stadium is a premier multi-purpose entertainment space, known throughout the world, and aims to bring South African and international visitors together to connect around shared interests and collective passions – such as sport, music and fundraising.



This convergence of business and sporting talent provides a powerful platform for DP World to build brand awareness and understanding both globally and in Africa. We already support the business of sport, providing smart logistics solutions that help move the equipment and infrastructure needed for major sporting events, and we help ensure consumer sporting goods are traded across global markets.

DP-World-Wanderers-Stadium

DP World reaffirms commitment to developing African sport and culture

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/Large-DTCM_Bluewaters-Island_Ain-Dubai-0-820x615.jpg" alt="" class="wp-image-420311" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/Large-DTCM_Bluewaters-Island_Ain-Dubai-0-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/Large-DTCM_Bluewaters-Island_Ain-Dubai-0-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/Large-DTCM_Bluewaters-Island_Ain-Dubai-0-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/Large-DTCM_Bluewaters-Island_Ain-Dubai-0-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/Large-DTCM_Bluewaters-Island_Ain-Dubai-0.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



With the event industry finally opening up again after a Covid-induced hiatus, Dubai’s Department for Economy and Tourism (DET), brought their first roadshow in two years to South Africa.



In what was a display of their ongoing activities on the African continent, the multi city roadshow which started in Cape Town, moving on to Durban and culminating in Johannesburg demonstrated Dubai’s renewed commitment to South Africa. Following the hugely successful three city tour in South Africa, DET headed East in continuation of its ongoing activities in sub–Saharan Africa with Ethiopia, Uganda, and Kenya on the roadshow itinerary.



The intention was to showcase Dubai’s affordable experiences and the diversity of the city’s offerings to key travel partners as well as SA Tourism and Brand SA in South Africa. Noteworthy highlights during the roadshow included travel, hospitality, entertainment and Dubai’s citywide events, with a focus on leisure, family travel, education and medical tourism. Breakout network sessions, partner presentations, one-on-one meetings, and medical facility updates were key elements which enhanced the programme.



Dubai, renowned for its continuous drive to establish, maintain and show its safe, open, and accessible sides, has been ranked the No.1 global destination in the TripAdvisor Travellers’ Choice Awards 2022. The new tourism figures from DET show that overall, Dubai hotels maintained an average occupancy level of 76 per cent from January to May 2022. According to data from hotel management analytics firm STR, Dubai ranked No.1 globally in hotel occupancy, ahead of other international destinations including New York (61 per cent), London (60 per cent) and Paris (57 per cent), for the January-April 2022 period. These are impressive stats in a post-Covid marketplace.



Individual presentations made by the roadshow delegates shone a new spotlight on experiences in their city. Travel to Dubai is not only for the privileged few with its dazzling night life and world-class restaurants. There is a plethora of experiences which cost little to nothing available to be enjoyed ranging from visiting art galleries and exploring museums at the waterfront souk to drives in the desert and lazy days the beach swimming in tranquil ocean with beautiful views. Click on&nbsp;<a href="https://whatson.ae/2022/06/free-things-to-do-in-dubai-2/" target="_blank" rel="noreferrer noopener">this link</a>&nbsp;to find out more about Dubai experiences that won’t break the bank.



Feedback from attendees at the roadshow offered positive feedback. Nomafrench Mbombo, Provincial Minister of Health for the Western Cape commented that she had never thought of Dubai as a ‘must-see’ place to visit but was “now seriously considering a trip there” after seeing what Dubai as a city has to offer to South Africans. She said she was particularly interested what the medical facilities have to offer and would review possibilities that may exist around “health exchange programmes”.



Melody Williams said: “I was pleasantly surprised at how affordable Dubai is and I am impressed by the number of new attractions that have arisen in recent years, the Museum of the Future, the Aura Pool and the Frame.”



Mr. Tareq Binbrek, Assistant Manager, International Relations (Africa) for Dubai Tourism (DET), commented: “Africa is a significant market for Dubai Tourism. This is our first roadshow post pandemic, and we are happy to be back. We were delighted to work closely with our trade partners and speak directly to our audience. A lot of new and exciting things have come up in Dubai since our last visit to this region and so we savoured the opportunity to share the good news with all of our African travellers.”



Some of the organisations that accompanied DET to South Africa included Hotels, Hospitals and other stakeholders in the Dubai Tourism ecosystem.



HOTELS &#8211; 25hours Hotel Dubai One Central L.L.C, Aloft Hotel City Centre Deira Dubai, Atlantis The Palm Hotel &amp; Resort, Four Seasons Resort Dubai at Jumeirah Beach, Golden Sands Hotel Apartments, Jumeirah Group, Habtoor Palace, LXR Hotels &amp; Resorts L.L.C, Pullman Dubai Creek City Centre, Radisson Blu Hotel &#8211; Dubai Deira Creek, Radisson Hotel Group, Rove La Mer Hotel L.L.C, S L S Hotel and Residences Dubai L.L.C, Swiss Hotel Alghuraair L.L.C, TRYP by Wyndham Dubai and also Terra Sol Hospitality Services.



HEALTHCARE &#8211; Dubai Healthcare Authority in the company of select private hospitals.



ATTRACTIONS &#8211; Dubai Parks &amp; Resorts, The View At The Palm L.L.C.



AIRLINES &#8211; Emirates Airline.



DESTINATION MANAGEMENT COMPANIES &#8211; Arrival Gate Tourism, Dusk Travel and Tourism, Groups Travel Tourism, Liberty International Tourism

Large-DTCM_Bluewaters-Island_Ain-Dubai-0

Dubai Tourism successfully showcases offering in SA

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="538" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/Jessica-Usenbor-820x538.jpeg" alt="" class="wp-image-420279" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/10/Jessica-Usenbor-820x538.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/Jessica-Usenbor-300x197.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/Jessica-Usenbor-137x90.jpeg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/Jessica-Usenbor-768x504.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/Jessica-Usenbor-1536x1008.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/10/Jessica-Usenbor-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Jessica Usenbor</figcaption></figure>



Jessica Usenbor, 36, moved to Dubai in 2018 after being a lifelong New Yorker. Self-described as Nigerian-American, she discovered a gap in the market.&nbsp;&nbsp;



“I&#8217;m going from a city, New York, where there&#8217;s a beauty supply store in every corner, I can get the products I need at every stage, no matter the price point, no matter the type. And I come here and I&#8217;m struggling.”&nbsp;



She started planning THEKÜR over two years, finally launching in April this year.&nbsp;



Pronounced ‘the cure’, this comes from Usenbor being a problem-solver; and this is the remedy she has, a curated range of skincare and haircare products.&nbsp;&nbsp;&nbsp;



“It&#8217;s important to say we&#8217;re not looking only for melanated skin, we just want to be included in that conversation. So our products, especially our skincare products, are meant for everyone – anyone can use it – but the brands are inclusive to people of color.”&nbsp;



Usenbor points out that there are still moisturizers today that render a white cast on the skin, still a huge market around bleaching, and often higher levels of whitening agents in masks.&nbsp;



“It was really important to look for brands that are truly focusing on the canvas that is inclusive to people of color.”&nbsp;



She wants to show the beauty of brown and black people in the Middle East.&nbsp;



Haircare products are based on texture and environmental concerns, as well as lifestyle. Her website, she says, guides and tailors products to your needs. The products are sourced not for the sake of luxury – but for effectiveness, designed often by dieticians and dermatologists.



During the interview, Usenbor is wearing the Vitamin Injections London sunscreen. She says the best thing about the sunscreen is you don’t have to worry about a white cast.&nbsp;



“But not only that, they&#8217;re clean. They&#8217;re vegan, cruelty-free, they&#8217;re made with very rich ingredients. It has hyaluronic acid in them. It has various oils to help protect the skin. So not only is it protecting you from it [the sun], it&#8217;s also treating your skin.”&nbsp;



When it comes to moving to a new city from across the world, Usenbor does not have the same story as many.&nbsp;&nbsp;



“I lived in the hustle bustle, New York City mentality. It&#8217;s just intense all the time, career-driven. And I just needed a break. I did a silent meditation retreat in Thailand. And I came back and said ‘I&#8217;m quitting my job, I&#8217;m going international’.”&nbsp;



She felt at home the moment she landed in Dubai, seeing the city lights in a taxi going to her hotel.&nbsp;&nbsp;



“I knew this is exactly where I needed to be. I&#8217;ve been fortunate to kind of attract like-minded people. I&#8217;ve just made it home fairly quickly. It is not perfect, though. It has its own quirks,” Usenbor outlines.



“But I do think that the opportunity here is enormous, they&#8217;re in a place where there are a lot of gaps, and they are looking for people to come in and help them close it and partner with them on that. And I think THEKÜR wouldn&#8217;t have been birthed anywhere else. This is where it needed to happen,” she says of Dubai.&nbsp;



Next month, she is bringing haircare designed by a cancer survivor, and also introducing their first premium male line. In 2023, THEKÜR is hoping to expand to South Africa.&nbsp;&nbsp;

Redefining An Aspect Of The Beauty Sector In Dubai

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107098672-1659606797135-gettyimages-1239915338-UAE_ABU_DHABI-820x462.jpeg" alt="" class="wp-image-420086" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107098672-1659606797135-gettyimages-1239915338-UAE_ABU_DHABI-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107098672-1659606797135-gettyimages-1239915338-UAE_ABU_DHABI-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107098672-1659606797135-gettyimages-1239915338-UAE_ABU_DHABI-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107098672-1659606797135-gettyimages-1239915338-UAE_ABU_DHABI-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/107098672-1659606797135-gettyimages-1239915338-UAE_ABU_DHABI.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Photo: via CNBC</figcaption></figure>



DUBAI, Sept 22 (Reuters)&nbsp;&#8211;&nbsp;Abu Dhabi-based hospital operator Burjeel Holdings is seeking local investors for its planned initial public offering, two sources said, scrapping plans to seek foreign investors after Abu Dhabi&#8217;s International Holding Company (IHC) took a 15% stake this week.



Egypt-listed EFG-Hermes&nbsp;HRHO.CA&nbsp;and JPMorgan&nbsp;JPM.N&nbsp;are no longer involved in the deal, said the sources, declining to be named as the matter is not public.



The transaction was expected to be authorised for marketing to U.S. investors, but the company will instead focus on its domestic market.



Burjeel, which has a network of 39 hospitals and clinics across the Middle East and India, declined to comment when contacted by Reuters on Thursday. JPMorgan also declined to comment, while EFG-Hermes did not immediately respond to requests for comment.



IHC&nbsp;IHC.AD&nbsp;said on Monday in a regulatory disclosure that its acquisition of a stake in Burjeel would help diversify its healthcare investments both locally and regionally.



The company had previously planned to go public with a listing in London, but in 2019 was forced to reconsider because of uncertainty surrounding Britain&#8217;s departure from the European Union.



(Reporting by Hadeel Al Sayegh; editing by Jason Neely, Kirsten Donovan)

107098672-1659606797135-gettyimages-1239915338-UAE_ABU_DHABI

UAE healthcare firm Burjeel Holdings seeks local investors for IPO -sources

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/MKML3NZLSBLR7AYQVHZ4D6LE5Q-820x429.jpg" alt="" class="wp-image-419819" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/MKML3NZLSBLR7AYQVHZ4D6LE5Q-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/MKML3NZLSBLR7AYQVHZ4D6LE5Q-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/MKML3NZLSBLR7AYQVHZ4D6LE5Q-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/MKML3NZLSBLR7AYQVHZ4D6LE5Q-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/MKML3NZLSBLR7AYQVHZ4D6LE5Q-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/MKML3NZLSBLR7AYQVHZ4D6LE5Q.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>A Salik toll gate is seen on Al Garhoud bridge in Dubai, February 4, 2012. Launched in July 2007, the electronic toll collection system currently has four electronic gates in Dubai. REUTERS/Jumana El Heloueh (UNITED ARAB EMIRATES &#8211; Tags: CITYSPACE)</figcaption></figure>



DUBAI, Sept 13 (Reuters)&nbsp;&#8211;&nbsp;Dubai road-toll operator Salik priced its initial public offering at 2 dirhams a share, according to Dubai-based daily Gulf News on Tuesday, valuing the issue at around 3 billion dirhams ($817 million).



Salik is the third state-linked entity to seek a listing this year in Dubai, in a programme aimed at attracting investor interest in the domestic stock exchange.



Cornerstone investors UAE Strategic Investment Fund, Dubai Holding, Shamal Holding and the Abu Dhabi Pension Fund, have committed about 606 million dirhams, the report said.



Salik&#8217;s offer price was announced through advertisements in local media, and was determined following investor engagement that saw significant strong initial demand indications from both local and international investors, the newspaper added.



Dubai&#8217;s deputy ruler, Sheikh Maktoum Bin Mohammed, announced plans in November to turn Salik, then a division of the Roads and Transport Authority (RTA), into a public company. The listing of Salik and nine other government-linked entities was intended to boost stock market activity.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N2RS1OZ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Salik, which was launched in 2007 and has 3.6 million vehicles registered on the toll system, is selling 1.5 billion shares.



Salik had a series of investor meetings ahead of the IPO, which confirmed appetite for the offering and expectations from investors, its Chief Executive Officer Ibrahim Al Haddad told Reuters in an interview last week.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N30C070&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



($1 = 3.6727 UAE dirham)



(Reporting by Hadeel Al Sayegh; Writing by Enas Alashray; Editing by Rashmi Aich)

MKML3NZLSBLR7AYQVHZ4D6LE5Q

Road-toll operator Salik aims to raise $817 mln in Dubai IPO – Gulf News

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/CCA66F4B-1D7E-484C-AFBB-0594059E27E2-2-820x547.jpg" alt="" class="wp-image-419563" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/CCA66F4B-1D7E-484C-AFBB-0594059E27E2-2-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/CCA66F4B-1D7E-484C-AFBB-0594059E27E2-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/CCA66F4B-1D7E-484C-AFBB-0594059E27E2-2-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/CCA66F4B-1D7E-484C-AFBB-0594059E27E2-2-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/CCA66F4B-1D7E-484C-AFBB-0594059E27E2-2-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/CCA66F4B-1D7E-484C-AFBB-0594059E27E2-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



The word ‘multi’ comes up many times in a conversation with 28-year-old Dubai-based Nigerian businesswoman Gbemi Giwa.



“I am a multi-passionate entrepreneur with a knack for turning ideas into creative impactful brands…. I am a multi-hyphenated person…” she says in a Zoom interview on a hot summer day in August from her abode in the sunny city of Dubai in the United Arab Emirates.



Although Giwa started out as an influencer and launched several businesses in the glistening Middle Eastern emirate by the time she turned 26, she is wary of calling herself ‘a serial entrepreneur’.



Now making a conscious effort to focus solely on her core competence – the food business – she says her passion project remains Catfish, an online restaurant serving “a healthy twist on African dishes” that she launched in Dubai in 2018. &nbsp;



The realization to hone in on one serious endeavor came after a few “bold moves” and the twists and turns that the Covid-19 pandemic brought when Giwa was forced to close down Gbemi’s Kitchen, the physical restaurant she started in 2019 at the Jumeirah Lake Towers in Dubai serving authentic Nigerian food.



“In 2020, Covid hit and for the first time, I navigated a big loss with the shutting of my restaurant concepts, forcing me to start afresh with a larger focus on building a Covid-proof business with a deeper focus on digital,” she says of those tough months.



She started by launching a consulting company called Digiboss to help women in business build their online profiles to establish themselves as thought leaders, whilst consistently attracting profitable partnership opportunities.



“I help millennial women build an impactful personal brand and commit to taking action by teaching them profitable action steps to validate their creative ideas, craft them into polished concepts and launch them into the real world,” says Giwa.



“Using the same method I teach my clients, I was able to secure funding to relaunch my restaurant Catfish just at the end of the pandemic. I’m currently navigating our redirection into the e-commerce space and retail by taking a piece of the growing ready-to-eat industry.”



The food business is not new for her. It was while at design school in 2014 that she launched Dubai Fit Foodie, a wellness blog she calls her “longest-paying side hustle”. Her growing years shaped her early love for African food and she wanted to give it the respect it deserved.



A year later, she turned her love for dancing by launching dance classes in Dubai, teaching Afrofit, which she calls her “second longest-paying side hustle”.



In 2016, she specialized in creating impactful digital campaigns for local and international brands in the Middle East. A year later, yet again foraying into the business world, she launched a boutique agency specializing in branding and content creation for F&amp;B concepts.



<h2 class="wp-block-heading" id="h-a-good-idea-is-nothing-without-action">‘A good idea is nothing without action’</h2>



Even when she was 16, on a plane to Dubai from Lagos to enrol at the American University of Sharjah, she was already harboring ideas of creating content and an impactful career. Even if at times, this meant going against the norm and using the word ‘no’ multiple times to her now-late father, also a businessman, who took a keen interest in her professional journey.



“I am from a classic African family that says ‘either you become a doctor or a lawyer, or you are nobody’.



“But ever since I went to design school, I’ve been obsessed with ideas. I believe good ideas come when you explore and exhaust several bad ideas, but a good idea is nothing without action.”



Luckily, she was glad to find herself in Dubai.



“It’s one of the easiest places to do business in, especially if you know the right people and have the money… I always tell youngsters it’s better to partner with the right mentor, as they have the experience and you can keep learning from them.”



Where there’s hustle, there’s also heart.



“My passion will always be around creating content, product, and brands that reflect my African roots and help people embrace wellness in order to feel like their happier healthiest selves,” says Giwa.



Currently catering for events and working towards moving Catfish into the e-commerce space, she will also be seen at The Ripe Market, a farmers’ market in Dubai, from October.

CCA66F4B-1D7E-484C-AFBB-0594059E27E2-2

Hustle And Heart: The Nigerian Entrepreneur Promoting African Food In Dubai

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="783" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/IMG_9332-boye-2-820x783.jpg" alt="" class="wp-image-419319" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/IMG_9332-boye-2-820x783.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/IMG_9332-boye-2-300x286.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/IMG_9332-boye-2-94x90.jpg 94w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/IMG_9332-boye-2-768x733.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/IMG_9332-boye-2-1536x1466.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/IMG_9332-boye-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Nigerian entrepreneur Boye Balogun</figcaption></figure>



People often underestimate how addictive the entrepreneurial process can be. There is a particular thrill to starting up and growing a business that has the person with an entrepreneurial bent coming back for more. This has been the experience of Nigerian entrepreneur Boye Balogun.



Growing up in London, Balogun had a thriving career the corporate world before he decided to take the plunge and start his own business in Nigeria. Being too early to market, the first venture did not succeed. But the bug had bitten, and his interest lay with emerging markets.



In the latest media inspired episode of CNBC Africa’s Entrepreneurial Edge, the Founder and CEO of FutureTech Media spoke to Tania Habimana, about his journey. FutureTech Media is one of several of his businesses, and it currently has operations in Africa, Dubai and Singapore.



“What I didn’t realize was the confidence you get from running your own business was just so attractive to recruiters and I landed a job within a week and that trajectory has really helped me in terms of confidence but also in terms of looking back at the continent and thinking to myself something is here,” he told Tania.



In this energetic interview, Balogun emphasised the importance of building future leaders and encouraging them to become entrepreneurs. As part of his recruitment strategy, he tells people when they get to a point where this company is not the direction for them anymore, and they would like to start their own business, he may be the first to invest. He is driven to prepare the next generation to be ready when business prospects come around the corner.



Amongst a wide range of topics brought up in this discussion, Balogun spoke passionately about how scaling up a business is not his first concern when it comes to his investment strategy. “What we are really looking for is businesses based on sustainable business practices and by that I mean not get rich quick schemes. I want sustainable businesses that care about their people and sustainable businesses that are building their product that actually elevates and empower lives.”



The resource richness of the African content was also brought to the table, and Balogun emphasised the human resource capabilities of the continent, and how young Africans are at the forefront of innovation in the ICT sector.



Balogun makes a conscious effort to “feed the creative mind.” He does this in a multitude of ways. One of them is reading. While non-fiction business related books are important, he dedicates a greater portion of his reading time on fiction to inspire and retain the creative aspects of life. The most important thing Balogun does to keep his mind fresh and in a constant state of creative thinking is to do something new all the time.

IMG_9332-boye-2

Entrepreneurship is addictive – Boye Balogun

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="541" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/XHKXHIOUFZIJZAGULBLYUNLOQA-820x541.jpg" alt="" class="wp-image-419294" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/XHKXHIOUFZIJZAGULBLYUNLOQA-820x541.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/XHKXHIOUFZIJZAGULBLYUNLOQA-300x198.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/XHKXHIOUFZIJZAGULBLYUNLOQA-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/XHKXHIOUFZIJZAGULBLYUNLOQA-768x507.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/XHKXHIOUFZIJZAGULBLYUNLOQA-1536x1014.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/XHKXHIOUFZIJZAGULBLYUNLOQA-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>FILE PHOTO: Workers offload boxes with Oxford/AstraZeneca vaccines as the country receives its first batch of coronavirus disease (COVID-19) vaccines under COVAX scheme, at the international airport of Abuja, Nigeria March 2, 2021. REUTERS/Abraham Archiga</figcaption></figure>



LAGOS, Aug 18 (Reuters)&nbsp;&#8211;&nbsp;Dubai&#8217;s Emirates will suspend flights to Nigeria from next month over an inability to repatriate funds from Africa&#8217;s most populous nation, the airline said on Thursday.



The decision highlights the difficulties faced by international carriers that fly to Nigeria, which is one of the biggest markets in Africa for several of them.



The country has restricted access to foreign currency for imports and for investors seeking to repatriate their profits due to a shortage of dollars. Nigeria gets about 90% of its foreign exchange from oil, but is struggling to produce due to pipeline theft and years of under-investment.



The International Air Transport Association said in June Nigeria was withholding $450 million in revenue that international carriers operating in the country had earned.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2Y608C&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Emirates said it had made no progress in efforts to initiate dialogue with the relevant authorities for their urgent intervention.



&#8220;Therefore, Emirates has taken the difficult decision to suspend all flights to and from Nigeria, effective 1 September 2022, to limit further losses and impact on our operational costs that continue to accumulate in the market,&#8221; it said in a statement.



A Federal Ministry of Aviation spokesperson did not immediately respond to a request for comment.



Emirates had earlier sent a letter to the government saying it could cut flights to Lagos this month because it could not get $85 million stuck in the country as of July, a figure that had been rising by $10 million per month.&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N2ZD2XY&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">Read full story</a>



Emirates said it would re-evaluate its decision if the situation over the blocked funds changed in the coming days.



Affected customers would be helped to make alternative travel arrangements where possible, it added.



(Reporting by MacDonald Dzirutwe; Editing by Mark Potter)

Oxford/AstraZeneca vaccines against COVID-19 arrive in Abuja

Emirates to suspend Nigeria flights from September over trapped funds

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/GettyImages-1394242451-820x547.jpg" alt="" class="wp-image-418805" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/07/GettyImages-1394242451-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/GettyImages-1394242451-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/GettyImages-1394242451-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/GettyImages-1394242451-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/GettyImages-1394242451-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/07/GettyImages-1394242451-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>DUBAI, UNITED ARAB EMIRATES &#8211; APRIL 28: A general view of the Dubai Skyline on April 28, 2022 in Dubai, United Arab Emirates. Muslim men and women across the world observe Ramadan, a month long celebration of self-purification and restraint. (Photo by Francois Nel/Getty Images)</figcaption></figure>



July 25 (Reuters)&nbsp;&#8211;&nbsp;The qualification tournament for the final place at next year&#8217;s men&#8217;s Rugby World Cup in France will be held at the Sevens Stadium in Dubai from Nov. 6-18, World Rugby said on Monday.



Hong Kong, Kenya, the United States and Portugal will clash in a round-robin format, and the winners will go into Pool C at the World Cup, alongside Wales, Australia, Fiji and Georgia.



The World Cup will be played in France for the second time from Sept. 8 next year. The country also hosted the tournament in 2007.



(Reporting by Aadi Nair in Bengaluru, editing by Ed Osmond)

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Dubai announces $8.7 trillion economic plan to boost trade, investment and global hub status

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Emirates to suspend Nigeria flights from September over trapped funds

Dubai to host final 2023 World Cup qualification tournament

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