Industry Update

Kuwait Finance House has confirmed its intention to buy Bahrain’s Ahli United Bank following its ordinary and extraordinary general assembly meeting. The combined entity will potentially become the Gulf’s sixth-biggest lender with $101 billion in assets. Kuwait Finance House chairman, Hamad Abdulmohsen Al-Marzouq, said the Central Bank of Kuwait and the Central Bank of Bahrain have agreed to start the process of the acquisition.

Source:https://www.arabianbusiness.com/banking-finance/438158-kuwaits-kfh-says-aub-merger-to-create-101bn-banking-giant

London's Metropolitan Police has announced controversial plans to use live facial recognition technology to improve officers' ability to identify suspects and police the British capital. The Met said in a statement Friday the technology will be deployed to places where data indicates people responsible for serious and violent crimes, such as gun and knife attacks and child sexual exploitation, are most likely to be located. Clearly marked cameras will be focused on small, targeted areas to scan people's faces as they walk by, it added.

Source: https://edition.cnn.com/2020/01/24/tech/london-live-facial-recognition/index.html

Emaar Hospitality Group has continued its ambitious growth strategy with the official opening of the iconic Address Sky View, in Downtown Dubai. The company opened Vida Emirates Hills, Vida Creek Harbour and Address Fountain Views in 2019. And Emaar chairman Mohamed Alabbar told guests at the opening ceremony of the Address Sky View, the company’s 19th hotel opening in the UAE, that the expansion plans would continue unabated throughout the rest of 2020. Among nine new openings to expect this year include; the new Address Beach Resorts in Dubai’s Jumeirah Beach, Fujairah, Bahrain and Egypt; Palace Beach Resorts in Sharjah and Fujairah and a Vida Beach Resort in Umm Al Quwain.

Source:https://www.arabianbusiness.com/travel-hospitality/438558-emaar-chairman-mohamed-alabbar-reveals-2020-hotel-expansion-plans

The Abu Dhabi Investment Office (ADIO) has announced AED60 million ($16.3 million) of investment in a batch of start-ups and fund managers applying to its Ventures Fund. The recipients - Securrency, TruKKer, Sarwa, YACOB and Okadoc - are innovation-focused companies that are either based in Abu Dhabi or expanding into the emirate. ADIO said it has also signed its first investment in a venture capital firm, UAE-based Global Ventures. ADIO’s Ventures Fund opened in May as an initiative of the Abu Dhabi Government’s Ghadan 21 accelerator programme and is supporting the growth of Abu Dhabi’s start-up and venture capital ecosystem by increasing access to capital.

Source:https://www.arabianbusiness.com/banking-finance/438513-abu-dhabis-adio-invests-163m-in-start-ups-fund-managers

Disney executives have cut the word "Fox" from their 20th Century Fox film studio in an apparent bid to distance it from operations of the previous owner, Rupert Murdoch.US media suggests Disney does not want to be associated with the media mogul's highly partisan, right-wing Fox News network. However, Disney has not clarified its reasons. It bought the studio, with other media operations, in a $71bn deal last March.20th Century Fox is known for producing some of the biggest films of all-time, including Avatar and Titanic.

Source: https://www.bbc.com/news/business-51160219

Emirates NBD PJSC is seeking to seize or sell the undeveloped land in the Dubai International Financial Centre after becoming frustrated by the pace of assets sales under Al Jaber’s debt restructuring, according to people familiar with the matter and an enforcement letter sent by the bank. The land which is worth about $70 million was used as collateral to secure a loan for Chairman Obaid Khaleefa Al Jaber Al Marri, the people said, asking not to be identified because the matter is private. Al Rihab Real Estate Co. LLC, a unit of Al Jaber, defaulted on a mortgage related to the land, they said.

Source: https://www.bloomberg.com/news/articles/2020-01-19/dubai-bank-goes-after-debt-laden-al-jaber-s-land-in-finance-hub?srnd=premium-middle-east

Sunset Hospitality Group has revealed an 18 percent increase in revenue growth for 2019.The group finished the year with 19 outlets, which included the launch of Mood Rooftop Lounge and Sweet Chick as well as openings in the United Kingdom and Saudi Arabia. Plans for 2020 involve the opening of more than 10 new outlets in the UAE and wider GCC region including Black Tap, Stage, Azure Beach and Ammos. This year the group will also be focusing on the launch of Sushisamba and Aura Skypool at Nakheel’s The Palm Tower.

Source: https://www.arabianbusiness.com/travel-hospitality/437980-sunset-hospitality-group-reveals-17-revenue-growth-for-2019

Dubai-based Fajr Capital has announced the sale of its significant minority stake in Bank Islam Brunei Darussalam (BIBD), Brunei’s largest bank, to Brunei Investment Agency. Fajr Capital invested in BIBD in September 2010 with a commitment to transform the bank into a world-class financial services institution. Fajr Capital said it has worked alongside BIBD’s shareholders to devise and begin implementation of a new strategy which resulted in enhanced customer experience, introduction of internet banking and new digital platforms, international expansion in South East Asia and the Middle East, and improved financial performance.

Source:https://www.arabianbusiness.com/banking-finance/437768-dubais-fajr-capital-sells-stake-in-bruneis-largest-bank

Contrary to common fears around how artificial intelligence (AI) will impact jobs, employees, managers and HR leaders in the UAE are welcoming AI in the workplace with love and optimism. A study of 8,370 employees, managers and HR leaders across 10 countries found that AI has changed the relationship between people and technology at work and is reshaping the role HR teams and managers need to play in attracting, retaining and developing talent. The increasing adoption of AI at work is having a significant impact on the way employees collaborate at the workplace, and they are ready to welcome AI-colleagues with open arms.

Source:https://gulfnews.com/business/analysis/workplaces-turn-more-welcoming-for-ai-1.69093173

Emirates on Wednesday announced that it has signed a memorandum of understanding (MoU) with Trip.com Group, a one-stop travel service provider based in China. The agreement was signed in Shanghai by executives of both companies, allowing the airline to expand its reach in the Chinese market. The mutual cooperation includes joint marketing promotions and other marketing initiatives to boost Emirates' sales via Trip.com Group's online platforms.

Source:https://www.arabianbusiness.com/travel-hospitality/437733-emirates-signs-deal-to-expand-reach-in-key-chinese-tourism-market