Heineken Plans Gulf’s First Large-Scale Brewery in Dubai - Bloomberg
Dubai is poised to get the Gulf’s first large-scale brewery as a Heineken NV joint venture plans to start producing popular beer brands in the emirate, a landmark move for a region that’s long had strict restrictions around the sale and consumption of alcohol.
Sirocco, a joint venture of Heineken NV and Dubai-based Maritime and Mercantile International, will start building the brewery late next year and has secured all necessary permits, the company said a statement. Construction is set for completion in 2027.
Dubai is the Middle East’s business and tourism hub, and among the region’s most cosmopolitan cities. Officials first allowed alcohol consumption and sale over two decades ago and rules have since been gradually loosened amid a surge in tourism. The city also recently made it easier for residents to buy alcohol, scrapping a 30% sales tax and a liquor license fee even though sales to Muslims remain restricted.
The new brewery offers a look at the steps the Gulf’s rulers are taking to open their economies in a Muslim region with conservative social norms. Governments in the Middle East are increasingly trying to cut their reliance on oil, and in Dubai there’s been a persistent push to draw both tourists and expats.
Dubai is part of the United Arab Emirates, which includes seven sheikhdoms. Las Vegas-based Wynn Ltd. is building the region’s first casino in the emirate of Ras Al Khaimah, while UAE capital Abu Dhabi last year granted a license to a restaurant to sell beer on tap brewed on the premises.
The brewery in Dubai will produce brands including Heineken, Kingfisher, Amstel and Birra Moretti in Dubai and the company plans to expand its workforce to 190 full time employees from 60 currently.
Sirocco, which has been supplying alcohol in the UAE for nearly 20 years, says local production will boost output to meet growing demand in a market where more than 17 million tourists arrive each year. It’ll also provide a “fresher beer experience,” the firm’s general manager, Georgios Polymenakos, wrote in the statement.
Dubai had 10.6 million tourists in the first half of the year, an 8% increase from the year earlier period, government data show. The city welcomed 17.3 million visitors in 2023 amid a strong recovery after the pandemic hit. About 20% of tourists came from western Europe this year.
Thursday, 28 November 2024
Most Gulf markets higher on Israel-Hezbollah ceasefire | Reuters
Most Gulf markets higher on Israel-Hezbollah ceasefire | Reuters
Major stock markets in the Gulf ended higher on Thursday following Israel's agreement to a ceasefire deal with Lebanon's Hezbollah group under a deal brokered by the U.S. and France.
The agreement, a rare diplomatic feat in a region racked by conflict, ended the deadliest confrontation between Israel and the Iran-backed militant group in years.
The Spanish government has given the green light to the kingdom's largest telecoms operator, STC Group (7010.SE), opens new tab, to raise its stake in Telefonica (TEF.MC), opens new tab beyond 5% and reach 9.97%. However, STC shares finished flat.
Dubai's main share index (.DFMGI), opens new tab rose 0.4%, with Dubai Electricity and Water Authority DEWAA.DU climbing 3.1%.
Separately, Talabat, one of the largest food ordering businesses in the Middle East, is set to be the largest initial public offering (IPO) in the United Arab Emirates (UAE) this year after parent firm Delivery Hero (DHER.DE), opens new tab on Wednesday announced it had increased the offering.
The IPO on the Dubai Financial Market (DFM) could raise as much as $2 billion if priced at the top of its indicative price range of 1.5-1.6 dirhams per share.
In Abu Dhabi, the index (.FTFADGI), opens new tab gave up early gains to close 0.3% lower.
Oil prices were flat after a surprise jump in U.S. gasoline inventories and postponement of the OPEC+ meeting on output policy to Dec. 5 from Dec. 1.
OPEC+, which pumps about half the world's oil, will meet on Dec. 5. Two sources from the producer group told Reuters on Tuesday that members have been discussing a further delay to a planned oil output hike due to have started in January.
The Qatari benchmark (.QSI), opens new tab increased 0.5%, led by a 1.4% rise in the Gulf's biggest lender, Qatar National Bank (QNBK.QA), opens new tab.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab advanced 1.3%, as most of its constituents were in positive territory.
Major stock markets in the Gulf ended higher on Thursday following Israel's agreement to a ceasefire deal with Lebanon's Hezbollah group under a deal brokered by the U.S. and France.
The agreement, a rare diplomatic feat in a region racked by conflict, ended the deadliest confrontation between Israel and the Iran-backed militant group in years.
However, Israel is still fighting the Palestinian militant group Hamas in the Gaza Strip.
Saudi Arabia's benchmark index (.TASI), opens new tab closed 0.4% higher, with the country's biggest lender Saudi National Bank (1180.SE), opens new tab increasing 1.4%.
Saudi Arabia's benchmark index (.TASI), opens new tab closed 0.4% higher, with the country's biggest lender Saudi National Bank (1180.SE), opens new tab increasing 1.4%.
The Spanish government has given the green light to the kingdom's largest telecoms operator, STC Group (7010.SE), opens new tab, to raise its stake in Telefonica (TEF.MC), opens new tab beyond 5% and reach 9.97%. However, STC shares finished flat.
Dubai's main share index (.DFMGI), opens new tab rose 0.4%, with Dubai Electricity and Water Authority DEWAA.DU climbing 3.1%.
Separately, Talabat, one of the largest food ordering businesses in the Middle East, is set to be the largest initial public offering (IPO) in the United Arab Emirates (UAE) this year after parent firm Delivery Hero (DHER.DE), opens new tab on Wednesday announced it had increased the offering.
The IPO on the Dubai Financial Market (DFM) could raise as much as $2 billion if priced at the top of its indicative price range of 1.5-1.6 dirhams per share.
In Abu Dhabi, the index (.FTFADGI), opens new tab gave up early gains to close 0.3% lower.
Oil prices were flat after a surprise jump in U.S. gasoline inventories and postponement of the OPEC+ meeting on output policy to Dec. 5 from Dec. 1.
OPEC+, which pumps about half the world's oil, will meet on Dec. 5. Two sources from the producer group told Reuters on Tuesday that members have been discussing a further delay to a planned oil output hike due to have started in January.
The Qatari benchmark (.QSI), opens new tab increased 0.5%, led by a 1.4% rise in the Gulf's biggest lender, Qatar National Bank (QNBK.QA), opens new tab.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab advanced 1.3%, as most of its constituents were in positive territory.