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UAE Investors Turn to Lifestyle Assets as Hospitality and Leisure Deliver Faster Returns
UAE Investors Turn to Lifestyle Assets as Hospitality and Leisure Deliver Faster Returns

Hi Dubai

time3 hours ago

  • Business
  • Hi Dubai

UAE Investors Turn to Lifestyle Assets as Hospitality and Leisure Deliver Faster Returns

Agon Capital, a UAE-based leading private investment and conglomerate group, has announced that 60% of its current portfolio is now allocated to lifestyle-led assets, up from 30% in 2021. The shift reflects the company's growing focus on experience-driven investments, including hospitality, sports, and leisure, in response to changing market dynamics and investor demand across the Gulf region. According to Agon Capital, lifestyle assets within its portfolio are achieving break-even within six months of launch, with full return on investment typically realised within 2.5 to 3 years. This performance contrasts with longer-cycle sectors such as traditional real estate, where ROI can take up to a decade. The company's internal growth data shows a 15% revenue increase across brands such as The Coterie and Precision Football in 2024, followed by a further 10% growth in 2025. The portfolio expansion includes the launch of three lifestyle ventures over the past 18 months: Coterie Social & Kitchen , Saylor's , BCH: CLB , and Gitano Dubai . Repeat customer engagement has been a key driver of performance, with some guests returning more than 70 times to a single venue. While lifestyle ventures demand more operational resources, including staffing and licensing, Agon Capital views them as commercially viable and scalable investments. ' We're seeing strong demand across the region for experience-led assets that deliver measurable returns . These investments are no longer niche. They're demonstrating resilience, faster ROI, and long-term brand strength, which is why we continue to grow our allocation in this segment. ' said Ryan Hattingh, Group CEO of Agon Capital . The company's pipeline includes regional expansion of its sports platform, Precision Football, into Saudi Arabia, and the development of Villivaru Island Resort in the Maldives, a USD $300 million lifestyle investment comprising 61 villas and 11 branded residences. Scheduled to open in 2027 under a global hospitality operator, the project marks Agon's first international expansion of its lifestyle portfolio. External data reinforces the category's potential. Knight Frank reports that branded residences in Dubai command up to a 35% price premium over conventional properties, while Dubai's Department of Economy and Tourism (ADAT) values the UAE hospitality market at USD 7.37 billion in 2024, with forecasts projecting it will reach USD 9.46 billion by 2029, driven by sustained regional growth and increased private sector participation. Agon expects lifestyle to remain a core pillar of its portfolio in the years ahead, supported by measured capital deployment and a focus on high-performing, strategically located assets. News Source: Empyre Communications

Cenomi Retail Signs Share Purchase Agreement to Sell 49.95% Stake to Al-Futtaim
Cenomi Retail Signs Share Purchase Agreement to Sell 49.95% Stake to Al-Futtaim

Hi Dubai

time3 hours ago

  • Business
  • Hi Dubai

Cenomi Retail Signs Share Purchase Agreement to Sell 49.95% Stake to Al-Futtaim

Cenomi Retail, Saudi Arabia's leading retail brand partner, today announced that its founding shareholders have signed a share purchase agreement (SPA) with Al-Futtaim, one of the region's most prominent and diversified private business groups. Pursuant to the SPA, Al-Futtaim will acquire a 49.95% stake in Cenomi Retail from the selling shareholders, namely, Fawaz Abdulaziz Alhokair, Abdul Majeed Abdulaziz Alhokair, Salman Abdulaziz Alhokair, Saudi FAS Holding Company, and FAS Real Estate Company. The shares are priced at SAR 44 each, valuing the transaction at more than SAR 2.5 billion. As part of the completion conditions of the agreement, Al-Futtaim and Cenomi Retail are currently negotiating a shareholder loan agreement pursuant to which Al-Futtaim will extend a shareholder loan of an amount not less than SAR 1.3 billion, upon completion of the transaction, to help strengthen Cenomi Retail's balance sheet and support its next phase of growth, the entry of which is a completion condition for the private transaction between the selling shareholders and Al-Futtaim. This landmark deal represents a major milestone for Cenomi Retail, introducing Al-Futtaim as a long-term strategic shareholder and signaling strong confidence in the company's growth trajectory and market leadership in Saudi Arabia's dynamic retail sector. This strategic investment by Al-Futtaim in Cenomi Retail is a key step in the company's transformation journey. Al-Futtaim brings not only significant capital but also deep retail expertise, operational capabilities, and a strong track record of building successful consumer platforms across the region. The company believes this strategic collaboration will accelerate its ability to seize new opportunities and deliver long-term value to its shareholders. Al-Futtaim is one of the region's most established private business groups, with operations spanning automotive, financial services, real estate, retail, and healthcare across the Middle East, Asia, and Africa. The group brings a proven track record in retail, including exclusive operations of leading Inditex brands like Zara, Massimo Dutti, and Bershka across key markets such as Malaysia, Thailand, and Singapore, as well as other retail operations across the Kingdom of Saudi Arabia, the United Arab Emirates, and Egypt. Their global expertise and operational excellence will further enhance Cenomi Retail's platform and future growth trajectory. Fawaz Abdulaziz Alhokair, in his capacity as one of the selling shareholders of Cenomi Retail in the private transaction, said: 'This transaction marks a transformative milestone for Cenomi Retail and our shareholders. By deleveraging our balance sheet and establishing a stronger financial foundation, we are reinforcing long-term partnerships with stakeholders and positioning the company to deliver sustainable growth and enhanced shareholder value. The entry of Al-Futtaim as a strategic investor in the company will provide it with the investor's deep sector expertise, operational scale, and a shared long-term vision. Al-Futtaim's global retail footprint, financial strength, and presence in the Kingdom make them an ideal strategic investor. This strategic investment unlocks significant value for all stakeholders and aligns with Saudi Arabia's Vision 2030 to diversify the economy and attract foreign investment.' Omar Al Futtaim, Vice Chairman and CEO of Al-Futtaim: 'Our investment in Cenomi Retail reflects our strong confidence in the Kingdom of Saudi Arabia's economy and its long-term Saudi Vision 2030. This investment represents substantial foreign direct investment from the UAE private sector and underscores the robust economic partnership between our countries. It strengthens our presence and customer reach in Saudi Arabia, a strategic market with solid fundamentals and a clear national vision. We see significant opportunities to support Cenomi Retail in enhancing operations, accelerating digital transformation, and expanding its brand portfolio. This partnership also paves the way for further collaborations in the dynamic Saudi market.' Salim Fakhouri, Chief Executive Officer at Cenomi Retail, commented: 'Today's announcement demonstrates that Cenomi Retail is firmly on the right strategic path towards our next phase of growth, focused on scalable, high-performing global brands that drive long-term value to our shareholders. Having Al-Futtaim as a strategic investor enables us to capitalize on their proven capabilities and further solidify our leadership in the retail sector and position us for sustainable growth and compelling shareholder returns.' Upon completion of the transaction, Al-Futtaim will work closely with Cenomi Retail's management and board to drive operational efficiencies, enhance customer offerings, and unlock significant value for all shareholders. The transaction is subject to customary regulatory approvals, including clearance from the General Authority for Competition in Saudi Arabia, and other contractual conditions. Further updates will be provided as the transaction progresses. Cenomi Retail was supported by its exclusive financial advisor, Lazard, throughout this transaction execution. J.P. Morgan was appointed by Al-Futtaim as its exclusive financial advisor with respect to the transaction.

FTA Approves AED 3.2 billion in VAT Refunds for UAE Nationals Building New Homes by June 2025
FTA Approves AED 3.2 billion in VAT Refunds for UAE Nationals Building New Homes by June 2025

Hi Dubai

time7 hours ago

  • Business
  • Hi Dubai

FTA Approves AED 3.2 billion in VAT Refunds for UAE Nationals Building New Homes by June 2025

The Federal Tax Authority (FTA) has processed AED 3.2 billion in VAT refunds for UAE nationals building new residences since the launch of the programme, with over 38,000 applications approved by June 2025. This marks a significant 26% increase in refund value and a 23% rise in application volume compared to June 2024. Key Highlights: New Residences VAT Refund for Nationals: 38,000 total approved applications to date. AED 3.2 billion refunded as of June 2025. Up from 31,000 applications and AED 2.54 billion in refunds by June 2024. In H1 2025 alone: 3,097 applications approved AED 284.77 million refunded Tourist VAT Refund System: 18,410 shops connected as of June 2025, up from 17,720 by end-2024. 697 outlets joined in H1 2025 (up 29% from 2024). 96 self-service refund kiosks operational across major malls, hotels, and departure points. Digital Transformation in Tax Services: 'Maskan' Smart App simplifies VAT refund process for UAE nationals with 100% paperless workflows. E-commerce VAT Refund for Tourists launched in December 2024, allowing tourists to: Digitally scan passports Sync purchase invoices Claim VAT refunds in minutes via a seamless, paperless process Statements from FTA: Director General Khalid Ali Al Bustani confirmed that the FTA's efforts are aligned with the UAE's national digital transformation strategy, citing the ongoing upgrades and automation of refund systems as a major factor in improving user experience, efficiency, and cross-sector leadership. The FTA reiterated its commitment to customer satisfaction, digital innovation, and reducing bureaucracy, with further transformation projects expected to follow in 2025 and beyond. News Source: Emirates News Agency

Emirates to Launch Third Daily Flight to Dublin Starting October 2025
Emirates to Launch Third Daily Flight to Dublin Starting October 2025

Hi Dubai

time7 hours ago

  • Business
  • Hi Dubai

Emirates to Launch Third Daily Flight to Dublin Starting October 2025

Emirates has announced the launch of a third daily flight to Dublin, beginning 26 October 2025, significantly enhancing connectivity between Ireland and Dubai. This move will offer more flexible travel options for passengers and increase cargo capacity on the route. The new flight, EK165, will depart Dubai at 02:10hrs, arriving in Dublin at 06:25hrs local time. The return flight, EK166, will depart Dublin at 08:25hrs, reaching Dubai at 20:00hrs. The early morning schedule complements Emirates' current afternoon and evening flights, providing greater flexibility for both business and leisure travellers. The third service will be operated using a Boeing 777-300ER in a three-class configuration, featuring: 8 First Class private suites 42 lie-flat Business Class seats 304 spacious Economy seats The expansion enhances connectivity from Dublin to major cities such as Sydney, Melbourne, Singapore, Kuala Lumpur, and Bangkok, further strengthening Emirates' position as a leading global carrier. Emirates has also recently introduced its retrofitted Boeing 777 on the Dublin route, offering a four-class configuration that includes the popular Premium Economy cabin. A second refurbished aircraft is expected to join the Dublin route from 16 October, offering passengers a consistently upgraded experience. Travellers can enjoy Emirates' renowned hospitality, regionally inspired meals, and the award-winning inflight entertainment system, ice , offering over 6,500 channels of movies, TV shows, music, and podcasts. Premium passengers will also experience Irish touches onboard with VOYA bathroom amenities, Keogh's Crisps, and Killowen yogurt. Bookings are available through the Emirates App, retail stores, contact centres, or travel agents. News Source: Dubai Media Office

Dubai Launches Major Initiative to Promote Volunteerism Across All Communities
Dubai Launches Major Initiative to Promote Volunteerism Across All Communities

Hi Dubai

time7 hours ago

  • General
  • Hi Dubai

Dubai Launches Major Initiative to Promote Volunteerism Across All Communities

The Community Development Authority (CDA) has launched the 'Volunteerism Awareness and Engagement' project in alignment with the 'Year of Community', aiming to embed the values of civic engagement, inclusion, and public service into every layer of Dubai's society. This flagship initiative not only promotes awareness about the volunteering ecosystem, including the rights and responsibilities of volunteers, but also creates diverse platforms for all age groups to contribute, either through direct service or by stepping into leadership roles within the sector. Key Highlights: Over 1 million volunteer hours recorded in 2024, signaling a significant rise in community participation. recorded in 2024, signaling a significant rise in community participation. Nearly 59,000 volunteers are registered on CDA's platform. are registered on CDA's platform. In Q1 2025 alone: 18,000 volunteers participated in programs 500,000 hours of service rendered Estimated economic impact: AED 40 million Skilled volunteering is on the rise: 500 volunteers contributed 8,000 hours to 100+ specialised projects is on the rise: New Community Initiatives Introduced: First volunteer team of People of Determination , enabling inclusive roles in society. , enabling inclusive roles in society. Senior Citizens Volunteer Team from the Thukher Club, acknowledging intergenerational wisdom. from the Thukher Club, acknowledging intergenerational wisdom. Mothers and Daughters: Visits to hospital patients to foster compassion. Visits to hospital patients to foster compassion. A Day with Senior Citizens: Promoting intergenerational bonding. Promoting intergenerational bonding. Agriculture Zones: Connecting students with the elderly in educational gardening. Connecting students with the elderly in educational gardening. Recycling Awareness: Environmental responsibility campaigns. Environmental responsibility campaigns. Volunteer Leadership Hub: Developing certified volunteer leaders. Developing certified volunteer leaders. National identity programmes like Sana'a etiquette sessions and storytelling for cultural awareness. The project stems from a community ideation workshop, which included diverse participants—from government bodies to people of determination—and has produced a roadmap focused on sustainable, impact-driven volunteering opportunities. CDA affirmed that strong public-private partnerships will be central to ensuring these efforts translate into long-term societal benefit. News Source: Emirates News Agency

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