Melissa Hancock

West Midlands

Editor at Arab Banker

Journalist at Freelance

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Articles

Dubai’s expats face a reality check

Mar 7, 2025 | semafor.com | Melissa Hancock

Dubai’s once-idyllic expat lifestyle has become unattainable for many as costs rise and salaries stagnate. An influx of more than 400,000 expats since the pandemic has made the labor market more competitive, dragging down salaries and benefits even for top jobs, according to Bloomberg. Employers don’t expect to offer UAE workers a pay bump this year.
Private equity deals in the Middle East see rare fall

Mar 7, 2025 | semafor.com | Melissa Hancock

Private equity deals in the Middle East and Africa fell to a three-year low in 2024, reflecting a global slowdown in the asset class. Tighter credit conditions and valuation mismatches hampered the execution of deals, according to a report by data analytics firm Magnitt. While the UAE has historically led the region in deal activity, Saudi Arabia has taken the top spot over the past two years and is expected to expand its lead further as it ramps up local investments to diversify its economy.
Dubai bucks global heat trend with cooling temperatures

Mar 5, 2025 | semafor.com | Melissa Hancock

As global temperatures consistently hit record highs, Dubai has recorded a surprising cooling trend over the past 25 years. A new study found that land surface temperatures in urban areas fell from 52 degrees Celsius in 1998 to 49 degrees in 2023, which researchers attribute to the expansion of green spaces and water bodies. Large inland water features such as Dubai Creek and artificial lagoons act as heat sinks, while greenery cools the air by providing shade and moisture.
Dubai bucks global heat trend with cooler temperatures

Mar 5, 2025 | yahoo.com | Melissa Hancock

Melissa HancockWed, March 5, 2025 at 1:07 PM UTC1 min readThe NewsAs global temperatures consistently hit record highs, Dubai has recorded a surprising cooling trend over the past 25 years. A new study found that land surface temperatures in urban areas fell from 52 degrees Celsius in 1998 to 49 degrees in 2023, which researchers attribute to the expansion of green spaces and water bodies. A chart showing summertime land temperatures in Gulf cities.
Gulf countries race to attract motorsports fans beyond F1

Mar 3, 2025 | semafor.com | Melissa Hancock

The race between Gulf countries to attract motorsport fans is expanding beyond F1, with Saudi Arabia announcing plans for a Mercedes F1 experience center to rival Abu Dhabi’s Ferrari World. The new attraction will be built at Qiddiya — a sports and entertainment megaproject under development near Riyadh. It will have 60 simulators and straddle the Qiddiya Speed Park circuit, which is due to host future editions of the Saudi Grand Prix.
Saudi’s PIF partners with German elevator factory with $168M investment

Feb 28, 2025 | semafor.com | Melissa Hancock

Alat, the Public Investment Fund’s technology and manufacturing company, is partnering with Germany’s TK Elevator to manufacture elevators, escalators, and moving walkways in Saudi Arabia. The $168 million investment in the local venture coincides with Alat’s acquisition of a 15% stake in the German company, which had $9.75 billion in sales last year. The new Saudi unit aims to meet growing demand from the kingdom’s giga-projects and large developments across the region.
Saudi Arabia’s biggest stocks hit by petrochemical slide

Feb 28, 2025 | semafor.com | Melissa Hancock

Rising global petrochemical supplies have driven down prices, triggering sharp declines in some of Saudi Arabia’s biggest listed companies and weighing on a sector central to the kingdom’s diversification strategy. The largest producer, Sabic — owned by Aramco — posted an unexpected fourth-quarter loss of 1.89 billion riyals ($504 million). “Challenges remain ongoing,” Sabic’s CEO said.
UAE ramps up China charm offensive to deepen investment, tech ties

Feb 26, 2025 | semafor.com | Melissa Hancock

The UAE is making a major push to deepen ties with China, with back-to-back government delegations targeting investment and tech partnerships. Dubai officials are in Shenzhen this week, following a six-day tour by Abu Dhabi officials across major Chinese cities that sealed multiple deals. The focus: artificial intelligence, advanced tech, and smart cities — as well as attracting top-tier Chinese firms.
UAE to unlock employee savings for investment

Feb 10, 2025 | semafor.com | Melissa Hancock

The mandatory employee retirement savings held as cash on UAE companies’ books may soon be funneled into more profitable, and riskier, investments. Abu Dhabi-based investment firm Lunate’s newly launched Ghaf Benefits Scheme will allow companies to transfer these savings into a selection of six investment funds — a game-changer for the UAE’s 85% expat population, who were previously barred from investing these funds in stocks and other assets.
Dubai property developers struggle to meet the demands of ultra-wealthy

Feb 5, 2025 | semafor.com | Melissa Hancock

Dubai real estate developers are used to catering to the whims of millionaires, but they are now struggling to meet the demands of the truly rich. Wissam Damaa, founder of property developer Palace Group, was stumped when a buyer requested an entire wall of his sprawling living room be made from a single pane of glass — equivalent in size to some swimming pools, according to Bloomberg’s Zainab Fattah.