2007
- The news you choose »
- Login to Add to Watchlist
Largest cinema hall in Dubai
Emaar Malls Group LLC has signed a joint venture deal with Singapore-based premier entertainment provider Cathay Organisation to form Reel Entertainment LLC. Reel Entertainment will initially open two cineplexes in Dubai at The Dubai Mall and the Dubai Marina Mall while Dubai's largest cinema with 22-screens and about 3,000 seats is planned for The Dubai Mall.
LG launches 32-inch plasma TV
Regional digital leader LG Electronics has released its first 32-inch plasma TV, the 32PC5RV, to be launched worldwide this month. The 32-inch flat panel TV is the fastest growing segment in the industry, as the large-size market is becoming saturated. LG's new plasma TV will be released in 27 countries throughout the Middle East, North America, Europe, and Asia.
Dubai gold trade up 55%
Gold trade through Dubai reached $5.23bn in the third quarter of 2007, an increase of 55% from $3.37bn during the same period in 2006, according to the Dubai Multi Commodities Centre. A total of 174 tonnes of gold was imported in the third quarter, 47% higher than the 118 tonnes in 2006. These are the highest third-quarter imports recorded in seven years.
GCC retail hits $100bn
The retail industry in the GCC exceeds $100bn and has become the second largest industry after oil production, reported the Bahrain Tribune citing RetailME magazine. By 2009, the retail spend in Dubai's shopping malls alone is expected to exceed $7.6bn with Abu Dhabi's at $1.9bn. Dubai alone will 16 times more sales-floor space in malls per capita than the average for the EU25.
Internet cafes face crackdown
Dubai police are cracking down on internet cafés that use and illegally sell internet phone cards to customers seeking to make international calls, reported Gulf News. etisalat is tracing people using such cards because it says they are stealing phone call units. More than eight internet cafés have already been shut down in Al Rolla, Al Ghaweer and the Clock Tower area.
BSH $15m deal to fit GCC homes
Bosch and Siemens Hausgerate (BSH) has won three major contracts worth $15m of domestic appliances to be supplied to major Gulf real estate developments. A total of over 3,000 luxury apartments will be fitted with Bosch and Siemens appliances over the next two years.
Giordano at Dubai Outlet Mall
Giordano has launched its first outlet store in the Middle East at the Dubai Outlet Mall. The recently opened mall houses well known and reputed high street brands, located on the Al Ain-Dubai road.
More shops at Muscat City Centre
Muscat City Centre has inaugurated its Phase 2 extension with 20 new stores. Somes of its new international brands include Tommy Hilfiger, Camaieu, Sunglass Hut and The White Company. The shopping centre now houses over 140 top brands as well as destination stores such as Carrefour hypermarket, Magic Planet, family entertainment centre and 22 food outlets, restaurants and cafes.
Cold Stone at Dubai Festival City
Cold Stone Creamery has launched its first ice cream outlet in Dubai Festival City as part of its Middle East expansion plans. Cold Stone will open four stores in Dubai by year-end and 40 across the region by end 2008, with an investment of Dhs30m.
Gold hits 28-year high
Gold reaches to a 28-year high of $770 per ounce yesterday, reported Reuters. Stephen Briggs, economist at SG Corporate and Investment Banking cited gold as tied to the dollar story, making gold cheaper for non-US investors.
UAQ shops can use sidewalk
Shops and cafes in Umm Al Quwain will soon be allowed to obtain a permit to use the front pavement of their stores to display products and seat customers, reported Khaleej Times. The fees for the permits will vary depending on the size of the store. Companies that use the front space without a permit will face fines.
Riyadh offers mall investment
Investing in shopping malls in Riyadh should prove profitable for some time to come according to a study by Colliers International and cited by Reuters. Rent prices in top-end malls have spiked by 20% since 2005 and the development of malls and mixed use projects with a retail component has increased. The gross leasable area in the Saudi capital should hit 2.5m sqft by the end of this year.
UAE price hikes likely
Suppliers of some essential food items have warned retailers that prices will need to be hiked by more than 25% across the UAE, reported Gulf News. An export ban imposed by India on varieties of non-Basmati rice will see the cost of 20 kg rise from around Dhs32 to Dhs42 or more. Meanwhile, 10 kg of wheat flour will rise from around Dhs16 to Dhs22 or more.
Landmark into China
The UAE based Landmark Group has entered the Chinese market by opening a 14,000 sqft Babyshop in the Hongqiao District in Shanghai. Landmark has already committed around $25m to new outlets in China over the next six months. The group hopes to have six stores covering 285,000 sqft in and around Shanghai by 2009; a second Babyshop will open in December.
Midas, Francorp deal
Kuwait's Midas Furniture has signed a deal with the US based franchising firm Francorp in order to expand regionally and globally. Midas began operating in Kuwait 15 years ago and it has now built up a sizeable market share; it has already branched out into Jordan. Francorp will devise a franchising programme for Midas which will initially see various regional branches set up.
It looks like you are using a Mac - check out our 
Web Feeds