Companies in the Middle East and North Africa (MENA) raised $1.7bn from 10 initial public offerings in the fourth quarter of 2025, according to EY’s MENA IPO Eye Q4 2025 report, as capital markets in the region continued to attract listings despite a slowdown from the previous year.

Morocco’s Société Générale des Travaux du Maroc led the region in terms of proceeds during the quarter, raising $525.4m on the Casablanca Stock Exchange, accounting for about 30 per cent of total funds raised, the report said.

It was followed by Alec Holdings, which raised $381.2m on Dubai’s financial market, representing 22 per cent of total proceeds in the quarter. No direct listings were recorded in the region during the period.

Brad Watson, EY-Parthenon MENA leader, said IPO activity in the final quarter reflected the increasing maturity of regional capital markets.

“IPO activity during the final quarter of 2025 highlights the continued maturation of MENA capital markets. Issuers and investors remained focused on quality, fundamentals and execution, reflecting an increasingly sophisticated market environment. The depth of capital available and the diversity of listings underscore the region’s growing role as a destination for public market activity,” Watson said.

Listings in the quarter spanned sectors including real estate, construction, energy, retail, transportation and industrials, pointing to continued efforts to broaden capital markets and support economic diversification.

Saudi Arabia remained the most active market in Q4, recording six IPOs that together raised $561.6m.

Kuwait, Morocco and the UAE accounted for the remaining listings.

MENA IPO listings across the year

Across the full year, the MENA region recorded 49 IPOs, raising total proceeds of $7.3bn. This marked a 9.3 per cent decline in the number of listings compared with 2024, when 54 IPOs were completed, while total proceeds fell 41.8 per cent from $12.6bn.

EY said issuance activity remained steady through the year, supported by diversification efforts, regulatory development and growing depth in regional capital markets, even as issuers and investors adopted a more disciplined approach.

Gregory Hughes, EY-Parthenon MENA IPO leader, said regulatory reforms were playing a role in sustaining interest among potential issuers.

“The continued expansion of regulatory frameworks and governance standards across the region is supporting market confidence and accessibility. These developments are strengthening capital market infrastructure and sustaining interest from companies preparing to list,” Hughes said.

Looking ahead, EY said the IPO pipeline remained active, with 18 companies and funds indicating plans to list on regional exchanges in early 2026.

Expected listings span sectors including logistics, utilities, technology, manufacturing and industrials.

Read: Al Ramz’s Amer Halawi on IPOs and why smart investors are playing the long game

In an era where hospitality is evolving beyond traditional hotel stays, Accor stands at the forefront of transformation. With more than 5,680 hotels and around 850,000 keys globally, the French hospitality group is redefining what it means to be a hotel company.

Leading this shift within the premium, midscale and economy division is Camil Yazbeck, global chief development officer, whose background across hotel operations and private equity gives him a distinctly owner-focused perspective on growth.

In this interesting conversation with Gulf Business editor Neesha Salian, Yazbeck explains how Accor’s concept of “augmented hospitality” stretches far beyond rooms, spanning branded residentials, food and beverage, co-working and wellness.

He outlines how an owner-centric, partnership-led model, aligned with national agendas such as Saudi Arabia’s Vision 2030, is shaping expansion across key markets. From the significance of the Treasure Island signing in Las Vegas to the rise of the elevated segment and the growing importance of conversions, Yazbeck shares how Accor is positioning itself for a more experience-driven, authenticity-focused future.

You manage an enormous global remit. How do you stay on top of it all and remain as calm as you seem?

It really comes down to having the right team and trusting that team. Without them, I can’t do anything. I’m very lucky to be supported by people who handle things day in, day out, and that makes a huge difference. Preparation is also key, being well organised and self-motivated.

I always say leadership is about the ability to influence, persuade, and inspire people to get the job done. Teams need to feel inspired. Beyond that, it’s about self-leadership and having strong support at home as well. It’s team, family, and mindset. A positive mindset is incredibly important.

You describe yourself as a global citizen. How does that shape your leadership style?

I love that idea. I’m Lebanese, French, British, and my grandmother was Greek, so I suppose I’m very global by nature. Growing up across different cultures makes you adaptable. You learn to take the best from each culture, and if you do that, you can build strong relationships and win trust. That adaptability helps enormously in a global role like mine.

The Middle East, Africa, and Turkey are seeing strong momentum. How is Accor scaling in these markets while protecting returns?

Globally, Accor has close to 5,700 hotels and a pipeline of around 1,400 properties, representing roughly 240,000 keys. Development is structured regionally, and while I oversee global development, the Middle East, Africa, and Turkey are managed by a dedicated leadership team.

In that region alone, we operate around 350 hotels today, with approximately 150 new openings targeted by 2028. For me, success isn’t just about signing deals, it’s about opening hotels quickly and operating them well so there’s a real win-win for owners and for Accor.

A major factor is alignment with national agendas. Whether it’s Saudi Arabia’s Vision 2030, the UAE Tourism Strategy 2031, or Egypt’s tourism plans, our development strategy maps directly against these frameworks. That alignment builds confidence for investors and helps ensure long-term support.

How important is diversification across segments to that growth?

It’s critical. We have more than 45 brands, which allows us to capture demand across luxury, lifestyle, premium, elevated, and essential segments. Some of the fastest-growing areas right now are branded residentials, extended stay, and mixed-use developments.

Hospitality used to rank much lower as an asset class, but today it’s firmly among the top choices for investors. The reason is diversification. A mixed-use development can include a hotel, branded residences, extended stay, food and beverage, and wellness. That spreads risk and strengthens asset value.

Branded residentials, for example, typically commands a 30 to 40 per cent premium over non-branded residential. We created Accor One Living specifically to focus on this space, bringing in industry specialists to scale it properly. Owners can sell units early, generate cash upfront, and reinvest in the asset.

You often describe Accor as an “augmented hospitality” company. What does that mean in practice?

It’s not a buzzword. It reflects the fact that we go far beyond hotels. We operate across hotels, extended stay, branded residential, food and beverage, co-working, and wellness. We manage or franchise around 12,000 restaurants and bars globally, and we have multiple food and beverage brands that can be integrated into hotels or mixed-use projects.

On top of that, we have Accor Live Limitless, with around 100 million members. What’s different is that members can earn and use points not just in hotels, but across restaurants, bars, events, concerts, and other lifestyle experiences. From the customer side, it creates a much richer ecosystem. From the owner’s side, it drives revenue across multiple channels.

How does your background influence the way you work with owners?

I come from hotel operations and private equity, so I’ve sat on the owner side. I understand the importance of considering the cost of capital, investment criteria, holding periods, and return expectations. That’s why our approach is partnership-led.

We adapt deal structures to the owner, whether they’re private equity, family offices, or sovereign funds. We have master development agreements in markets like the UAE, Saudi Arabia, and across Africa to accelerate growth. We’re asset-light, we own our brands, and our focus is always on return on equity for our partners.

Today, about 50 per cent of our signings are conversions, which reflects market realities. Conversions allow faster entry, lower capex, and reduced risk, especially in a high-inflation environment.

Looking ahead to 2026 and beyond, what excites hoteliers the most?

I prefer to talk in practical terms. Take Treasure Island in Las Vegas, part of our Handwritten Collection. It’s nearly 2,900 keys, one of the largest deals we’ve done, and it shows how the market is shifting.

Owners want access to distribution, loyalty, procurement, and global systems, but they also want to preserve the identity and authenticity of what they’ve built. Our role isn’t to erase that, it’s to enhance it while connecting the property to a global ecosystem.

Travellers today are looking for authenticity. They want to feel the neighbourhood, experience local culture and food, and stay somewhere that feels unique. At the same time, they expect safety, comfort, loyalty benefits, and consistent service. Brands need to be flexible enough to deliver both.

What major trends will define hospitality over the next five years?

One big trend is the rise of the elevated segment. It sits above essentials and below traditional luxury, and it’s growing fast as the global middle class expands. India is a great example. That’s why we’ve partnered with InterGlobe to open hundreds of hotels and focus on tier-two and tier-three cities.

Another key trend is conversions. They offer speed, lower risk, and allow owners to retain authenticity while benefiting from international systems. We’re also investing heavily in technology, particularly AI, to remove repetitive tasks for our teams so they can focus on genuine service.

Sustainability and ESG are no longer optional. Conversions often improve ESG performance immediately, and we’ve created clear frameworks for owners, from quick wins to long-term improvements.

Finally, which markets are you most optimistic about?

The Middle East and North Africa remain strong, but India is a major growth engine. Europe continues to perform well, and in the US, we’re very selective, focusing on key gateway cities and specific brands.

Globally, we sign around 70,000 keys a year, and this year (2025) will be another record. Growth comes from discipline, focusing on the right markets, the right partners, and the right brands. When you combine that with diversified revenue streams and strong owner partnerships, hospitality becomes a truly mainstream asset class.

For millions of Indians living and working in the UAE, travelling home often means returning with suitcases packed with gifts, chocolates, electronics, clothing, and jewellery purchased abroad.

These purchases, typically meant for family use, have long been subject to tight customs rules and valuation disputes at Indian airports.

That experience is now set to change following a major overhaul of India’s baggage and duty-free framework.

India has revised its customs and baggage rules under the New Baggage Rules 2026, announced in the Union Budget 2026 and effective from February 2, 2026. The reforms raise duty-free limits, simplify jewellery rules, and digitise passenger declarations, offering relief to returning residents, Indian-origin travellers, and long-term expatriates, including those based in the UAE.

Read more-Why gold and silver crashed, wiping out trillions

According to a Times of India report, the changes were introduced by the Central Board of Indirect Taxes and Customs (CBIC) to better align customs regulations with present-day travel patterns and rising global prices, particularly for gold and high-value consumer goods.

India raises duty-free allowance

Under the updated rules, Indian residents and Indian-origin travellers, including those living in the UAE, can now bring goods worth up to INR75,000 duty-free, an increase from the earlier INR50,000 limit.

This allowance applies to passengers who have stayed abroad for more than three days and are carrying items for personal use in bona fide accompanied baggage.

As the Times of India report noted, the duty-free allowance applies only to used personal effects and travel souvenirs and excludes commercial quantities intended for resale. Foreign nationals visiting India on non-tourist visas for work or other purposes are also eligible for the INR75,000 allowance, while foreign tourists are entitled to a lower duty-free limit of INR25,000. Airline crew members receive a duty-free allowance of INR2,500.

Passengers must carry items on their person or in accompanied baggage to qualify. Goods exceeding the permitted value are subject to customs duty.

Perks for UAE-based shoppers

For UAE-based travellers, the higher allowance offers meaningful relief. Dubai and other UAE cities are popular shopping destinations due to competitive pricing and wider product availability. The revised limits allow travellers to bring back more electronics, clothing, accessories, and personal effects without facing additional taxes.

To improve passenger convenience, India has also rolled out electronic and advanced baggage declaration systems. These tools allow flyers to plan declarations before arrival, helping speed up airport clearance.

The Ministry of Finance has digitised customs processes to enable officials to cross-check high-value purchases more efficiently. Travellers carrying goods beyond the free allowance are advised to declare them at the Red Channel. Failure to do so can result in confiscation, fines, or legal action, the Times of India report said.

Jewellery rules rewritten under new baggage rules 2026

Another major reform relates to jewellery. According to an Economic Times report, the government has removed value-based caps on jewellery imports and replaced them with a weight-only system under the New Baggage Rules 2026.

Eligible returning residents and tourists of Indian origin who have lived abroad for more than one year are now allowed to bring jewellery duty-free purely on a weight basis, up to 40 grammes for female passengers and up to 20 grammes for other passengers.

The Economic Times noted that earlier rules under the 2016 Baggage Regulations imposed both weight and value limits, allowing 20 grams up to INR50,000 for men and 40 grammes up to INR1,00,000 for women. These limits often resulted in seizures and disputes at airports, even for small quantities of jewellery.

Tax and customs experts cited in the Economic Times said the new rules are expected to simplify procedures, improve transparency, enable electronic clearance, and significantly ease customs processing for passengers.

Why the value cap was removed

The Economic Times highlighted that the removal of the value cap was necessary due to the sharp rise in gold prices over the past decade. In 2016, gold traded at around INR29,080 per 10 grams on the Multi Commodity Exchange of India (MCX). By February 2, 2026, prices had surged to INR1,43,926 per 10 grammes, an increase of nearly 394 per cent.

At current prices, even 10 grams of gold exceeds INR1,00,000, making the earlier value thresholds obsolete. The new rules apply to all types of jewellery, although the benefit is most pronounced for gold jewellery brought in by returning expatriates.

Consolidated concessions and simplified structure

The revised baggage rules also consolidate duty-free allowances into clearer, passenger-based categories. As outlined in the Economic Times report, residents, tourists of Indian origin, and foreign nationals with valid non-tourist visas are eligible for a INR75,000 duty-free allowance. Foreign tourists are entitled to INR25,000, while passengers arriving by land borders are limited to used personal effects.

In addition, the government has incorporated duty-free import of one laptop for passengers above 18 years of age and provisions related to pets into the unified baggage framework.

For many, the idea of US broadcaster-turned-podcaster Tucker Carlson and Zimbabwean President Emmerson Mnangagwa sharing a stage might once have seemed unlikely.

But that was precisely the scene on Wednesday at the World Government Summit in Dubai, where the two men engaged in a wide-ranging on-stage discussion covering China’s role in Africa, Western sanctions, land reform and economic sovereignty.

Carlson, the former Fox News host of Tucker Carlson Tonight, now runs The Tucker Carlson Show, an independent interview-led programme distributed via YouTube, X and podcast platforms. On YouTube, he has 5.6 million subscribers.

Carlson, who also interviewed the presidents of Sierra Leone and Botswana during the summit on-stage, opened by asking Mnangagwa to contrast Chinese and Western engagement on the continent.

“In as clear terms as you can, I wonder if you would contrast your experience with China versus the Western powers? Do you think that Zimbabwe and other African countries, to be totally blunt, get a better deal from Chinese investment than they have with Western powers over the last 150 years?”

Mnangagwa pointed to Zimbabwe’s post-independence trajectory and evolving partnerships.

“Well, my view is that initially as we became independent, most of our development thrust was from the West. But as we evolved, we’ve also benefitted from investment and cooperation from countries like China.”

Carlson pressed further, arguing that the underlying structure of foreign involvement had not fundamentally changed.

“But the basic structure seems the same. Foreign powers extract mineral wealth from various African countries, but do you think the arrangement that Zimbabwe and other countries currently have with China is better or worse for Zimbabwe than it was under, say the Brits.”

Mnangagwa rejected the premise of the comparison.

“I think the premises upon which you construct your question, I don’t think is perfect.”

After Carlson replied “Not surprised,” the Zimbabwean leader shifted the focus to sovereignty.

“Zimbabwe is a sovereign state, you understand. And we move on the basis that given the best results of our resources, whether it is relations with the West or the East, what is primarily important is what we as ourselves side with. We don’t need to please the West or please the East to please ourselves.”

The discussion later turned to Zimbabwe’s turbulent economic history, including land reform and long-standing Western sanctions.

“Our economy has faced challenges. Zimbabwe has been under sanctions for decades as a result of us claiming our land from the British and making ourselves independent,” Mnangagwa said. “We seized the land and gave it to our people. So sanctions were imposed on us. But in spite of all that constraint, we have developed… we feel very independent.”

Carlson questioned whether land seizures were racially motivated.

“Well, some of the land was seized from people who were born there. So I wonder if there’s a lesson about targeting people based on their skin colour, do you think.”

Mnangagwa pushed back.

“No, land did not belong to a race… when the colonialists took land from us, the time came when we asserted ourselves to take back our land. Those who wanted to have land on the same basis as the African people of Zimbabwe remained. But those who felt they were superior left.”

Zimbabwe’s economy collapsed in the early 2000s following land seizures, triggering hyperinflation, food shortages and a mass exodus of citizens to neighbouring countries. While structural challenges remain, recent data point to tentative stabilisation.

Inflation fell sharply to around 4.1 per cent in January 2026, returning to single-digit levels for the first time since the late 1990s, while GDP is estimated to have grown by about 6.6 per cent in 2025, supported by mining, agriculture and services. However, external debt, currency policy and investor confidence continue to weigh on the outlook.

Sunset Hospitality Group (SHG), a multinational lifestyle hospitality company, has acquired a majority stake in Solutions Group, one of the UAE’s most awarded operators of nightlife, dining, and entertainment venues, as part of a strategy to accelerate global growth.

The acquisition brings 15 venues under SHG’s portfolio, including Asia Asia, Lock, Stock & Barrel, Ula, The 305, Wavehouse, Papas, Central, and En Fuego, adding to SHG’s existing 100 sites across 26 countries.

Solutions Group’s senior management will remain in place to oversee operations and maintain the group’s brand identity while leveraging SHG’s scale and international reach.

Solutions Group and Sunset Hospitality Group to enhance market reach

Antonio Gonzalez, chairman and group CEO of SHG, said, “Bringing Solutions Group into the SHG family reflects our commitment to investing in operators with proven creativity and international potential. Their portfolio attracts millions of guests each year and has a strong foundation for future expansion.”

Paul Evans, CEO and founder of Solutions Group, described the deal as “a supernova moment; a collision of stars that will fuel exponential growth, unlocking new global chapters for our much-loved homegrown brands, and elevating the careers and aspirations of our exceptional teams.”

Chris Spiliopoulos, chief development officer at SHG, added that the acquisition broadens SHG’s reach into new segments, adding award-winning concepts with strong customer appeal that complement the existing portfolio.

The deal aligns with SHG’s broader investment-led strategy, which focuses on partnering with high-performing operators with scalable concepts and strong brand equity.

It follows recent SHG milestones, including a strategic investment from Goldman Sachs in April 2025 and an investment in Maximal Concept Limited in August 2025.

Solutions Group, established in 2013, manages a diversified portfolio of restaurants, entertainment, retail, and wellness venues.

Its brands are recognised for approachable, experience-driven concepts and creative hospitality management.

The acquisition is expected to drive operational synergies, enhance market reach, and accelerate geographic expansion for both groups in the global lifestyle hospitality sector.