The Enduring Legacy of Kate Spade’s Witty, Misunderstood Life | Kanebridge News
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The Enduring Legacy of Kate Spade’s Witty, Misunderstood Life

As the brands she founded seek to recapture her magic, the late designer’s husband and collaborators reflect on what made her special: ‘Katy was more subversive than anyone knew’

By RORY SATRAN
Fri, Aug 30, 2024 1:13pmGrey Clock 10 min

WALK INTO any Kate Spade or Frances Valentine store today, and you’d be forgiven for thinking the retailers are uncomplicatedly preppy—the kind of place where your mother might find an innocuous floral shift or clutch for a luncheon. But Katherine Noel Valentine Brosnahan Spade, the woman who co-founded those brands, was no Lilly Pulitzer during her outsize life, which was cut short by suicide in 2018.

With her partner, Andy Spade, she started Kate Spade with six boxy handbags in 1993. They weren’t married yet; she was the “Kate” and he was the “Spade.” The former fashion editor at Mademoiselle magazine and the brilliant adman made a dashing couple straight out of a Wes Anderson film: she with her chignons, heels and big jewellery, he with his Brooks Brothers—with-a-twist button-downs and jeans. They lived in pre-billionaire Tribeca; they drank martinis; everyone wanted in. Kate and Andy dreamed of a company they hoped would bridge the gap between L.L. Bean and Prada.

“We were just kids,” says Andy today from his new home in the San Francisco Bay Area. “We wanted to control our destiny so we just started a handbag company with no experience whatsoever.”

And boy, did they succeed. The household-name American brand would go on to include stationery, books, clothing, home goods, jewellery, shoes, the men’s line Jack Spade and licensing deals worldwide. Kate Spade’s nylon bags were coming-of-age talismans for girls and women at the turn of the 21st century, spawning oodles of Canal Street knockoffs. When Kate died, Vogue ’s Anna Wintour said, “There was a moment when you couldn’t walk a block in New York without seeing one of her bags, which were just like her; colourful and unpretentious.”

Yet despite the TikTok generation’s thirst for everything Y2K—from Fendi baguette bags to Juicy Couture tracksuits—Kate Spade’s brand heat under current owner Tapestry is lukewarm.

“Gen Zers and TikTok consumers are constantly looking to the ’90s and early aughts for trends,” says Casey Lewis, a consultant who writes “After School,” a youth-culture newsletter. “And so this seems like it would be prime time for a Kate Spade comeback.”

Some interest is bubbling up: Kate Spade recently reissued one small ’90s baguette bag with Urban Outfitters. Last year, it relaunched its original “Sam” bag. And prescient trendsetters are dusting off their vintage Kate Spade pieces. Yet a recent collaboration with Heinz ketchup left some consumers and analysts scratching their heads. Tapestry, which declined to comment, reported a 6% decrease in Kate Spade sales for the nine-month period ending in March 2024 compared with the previous year.

The challenge of evolving Kate’s aesthetic without her began while she was still alive, when the company she co-founded with Andy, Pamela Bell and Elyce Arons was sold to Neiman Marcus Group in 2006. The group, which had already bought 56 percent of the company in 1999, in turn sold it to Liz Claiborne. Coach, which is now Tapestry, acquired the brand in 2017 for $2.4 billion.

NEW YORK 2023: Kate Spade knit green top and cardigan, Kate Spade red long skirt with pink polka dot pattern, Kate Spate green leather bag and green leather mules. (Photo by Jeremy Moeller/Getty Images)

The enigma lies in decoding a fashion icon who was always more complex than polka dots or pink and green. Under Kate and Andy, the brand’s American joie de vivre was tempered with intellectual, offbeat references: architect Buckminster Fuller, Eames furniture, Rei Kawakubo. And along with joy and eclecticism, there was darkness. Her death at age 55 left behind a grieving husband, a 13-year-old daughter, Frances Valentine Beatrix Spade—and a towering style legacy that is often misunderstood.

After a company changes hands multiple times, and its founder dies, can its original vision endure?

“THE INTERPRETATION of [Kate’s] legacy is a little different from how she actually was,” says her co-founder Bell. “Because she was petite and so adorable, everyone associates her with the words cute or happy, and she was much more complicated and sophisticated than that.”

Andy, Kate, Bell and Arons all came from the Midwest. Their partnership coalesced at a summer share house in tony Amagansett, New York. Kate (friends called her Katy) was one of six kids from Kansas City, Missouri; Andy, the brother of comedian David Spade, was born in Birmingham, Michigan, and raised in Arizona. Kate and Andy both went to Arizona State University and met while working at the same Phoenix clothing store. Andy’s car broke down one day, and Kate offered him a ride.

“Katy was more subversive than anyone knew,” says Andy. “They just pigeonholed her as the girl next door. But she was a girl next door and a girl across the street, down the alley and across the hall.”

Kate wore avant-garde Japanese designs from Comme des Garçons and Sacai and hippie slips from Dosa. She loved dining on steaks at Raoul’s and Lucky Strike in SoHo, and hanging out with artists and weirdos. She played Bob Dylan loudly and read books by John Knowles and W. Somerset Maugham. She scoured Indian import stores in the East Village for brightly coloured silk tunics to wear with cigarette pants, pairing them with wild costume jewellery she’d picked up at the wholesalers on Sixth Avenue.

She and Andy also appreciated simplicity. As a design inspiration, the two often cited advice from The Elements of Style, Strunk and White’s manual for writers—“To achieve style, begin by affecting none.”

Kate’s niece Whitney Pozgay, a designer who worked at Kate Spade for years, describes the company culture as freewheeling and fun, with beer carts on Fridays and Phoenix and Björk on the sound system. She says Kate was bubbly and effervescent, coming down to the studio with her little dog Henry to tease, “Working hard or hardly working?”

In the early days, Kate and Andy gave each new employee a copy of Emily Post’s Etiquette. But in 2004, to put her own spin on propriety, Kate published three volumes: Manners, Style and Occasions. The advice offered was more madcap than proper: Admire the polka dots on a Wonder Bread package! Play “Electric Version” by the New Pornographers to start a party! Gift your beloved an Etch A Sketch for your iron wedding anniversary!

Writer Jill Kargman, who was Kate’s intern at Mademoiselle and stayed close with her, says the designer was a master of the written note, pairing formality with casualness and “sparkling chutzpah.” Whether in her correspondence or her style, she says, Kate had “total edge,” musing, “To think outside the box, you have to know what the box is. It’s like she studied the box, but then she flipped it a little bit and gave it a blood transfusion.”

The Spades were funny. When Kate and Andy hosted their first adult dinner party, the invitation went out with a copy of instructions for the Heimlich manoeuvre. While the brand was built on highlighting all the things Kate liked, she told Index magazine in 1998 that her customers were free to say: Who the hell cares what Kate Spade likes? (Andy says that David Spade always considered Kate to be funnier than all his comedian friends, including the late Chris Farley.)

Even the company’s signature—a small, humble black clothing label in the place of a logo—came from a place of irreverence: Kate thought the bag needed a little something, so right before the launch she put the inside label on the outside. For its first order, Barneys New York requested that the label be put back inside. But, Bell says, “Of course, after they became popular, they wanted them on the outside.”

As the brand took off, so did the couple’s social life. Although Andy, more than Kate, became a collector of bohemian downtown characters, she was always game. Gabi Asfour, co-founder of the artistic collective As Four, who once worked for the couple as a clothing designer, remembers staying up late drinking with the Spades at the Hôtel de Crillon during a trip to Paris. “What I loved is the clash of the roughness of downtown mixing with the cleanness of uptown,” he says.

That creative clash came through in the brand’s advertising, as masterminded by Andy alongside Julia Leach, now chief creative officer at Athleta. Andy commissioned filmmakers like Mike Mills and the Safdie brothers to direct shorts for the brand. The print ads, such as those photographed by artists Larry Sultan and Tim Walker, rarely did the basic job of displaying the handbags. The goal was something else entirely: to evoke feelings.

One campaign, shot by art-world chronicler Jessica Craig-Martin, was produced as an actual party at The Explorers Club in Manhattan, with Kate and Andy hosting. “The party was very real, totally madcap, and had been set up to elegantly fall apart in just the photogenic way I desired,” remembers Craig-Martin.

Another, by artist Tierney Gearon, depicted a day in the life of an elegant New England family: loading up the car, playing hide-and-seek, getting ready in the bathroom. Gearon says that although the pictures depicted a “perfect family,” she now finds them a little eerie.

Some collaborators have suggested that with these ads Andy was chasing a vision of perfection that is hard to achieve in real life. Today he says, “It definitely reflected how we felt as people.”

“It wasn’t trying to paint the picture-perfect version of white picket fences,” says Leach, who wrote scripts for these ads. She and Andy were thinking about John Updike’s and John Cheever’s stories about the beautiful flaws of American life.

KATE AND ANDY’S lightning in a bottle was all about giving glamour an off-kilter spin. Yes, an ad showing a kid seated on a toilet was weird, but it was playful—and just pretty enough. As Craig-Martin says, “The brilliance lay in the understanding of how the esoteric or sophisticated could be used to appeal to the mass market.”

Striking that balance without Kate and Andy’s input is tricky, and gets harder as the years go by.

“They get the ingredients, but not the recipe,” says Pozgay when discussing how her aunt’s style legacy is often interpreted. Yes, she loved pink, but it had to be the right pink, and perhaps shot through with a dark poppy-red stripe.

After selling the brand in 2006, Kate and Andy Spade agreed to stay on for six months to help with the transition. In the intervening years, the company has grown incrementally but lost some of its cultural cachet. This year, the Federal Trade Commission sued to block Tapestry’s $8.5 billion acquisition of Capri Holdings, which owns Michael Kors and Versace. In the meantime, Tapestry must prove its mettle with the heritage brands it already owns.

As for Frances Valentine, where Kate was working alongside her old friend and Kate Spade co-founder Arons when she died, the brand is owned by Andy, Arons and other investors, including venture-capital fund Sweater. The company reports 200 percent growth in its wholesale business from 2023 to 2024, and will launch at Dillard’s this fall. A recent visit to its small, quiet Sag Harbor, New York, store (one of nine) revealed preppy, retro classics like beaded sandals and beachy caftans. Arons is working on a forthcoming book about her friendship with Kate.

In the weeks following Kate’s death, sales surged at both Kate Spade and Frances Valentine. When a fashion designer or an artist dies, scarcity fuels demand—Alexander McQueen’s suicide in 2010 inspired a similar frenzy. It’s what happens after that bump that determines a brand’s longevity.

“How do you do justice to the spirit of the thing, but bring it to more people?” asks the chief creative officer of luxury resale retailer TheRealReal, Kristen Naiman, who worked at Kate Spade from 2014 to 2023. “That’s the name of the game when you scale something as special as what Kate and Andy made.”

While they were running the company, Andy would quote advertising executive Jay Chiat, who asked: How big can we get before we get bad? Today, he is at peace with how they handled the sale, which he equates with getting your teen child into college and then backing off.

“There are roots in that brand—Kate Spade—that are about values and people, and that’s what I wanted to do,” Andy says. “Build roots for the brand to exist forever. And I never looked back.”

During Kate and Andy’s time at Kate Spade, the company didn’t resort to one of the fashion industry’s lesser publicized strategies for growth: making products specifically targeted for outlet stores. Today, there is an extensive outlet network, including a newly launched dedicated e-commerce site. Kate Spade pajamas produced under a license were recently sold at Costco for less than $20.

“I think they have a lot of potential,” says Casey Lewis, the youth-culture consultant. “I would be shocked if they did not successfully make a comeback in the coming years, because the brand isn’t so watered down or so irrelevant that no one knows it at this point. They can just reclaim the cool.”

HANDBAGS ASIDE, Kate’s legacy also includes opening up conversations about mental health in fashion, a notoriously punishing industry.

When she died, the Kate Spade New York Foundation contributed $1 million immediately to mental-health and suicide prevention causes. “We really have the authentic responsibility to talk about it and to try to amplify it,” says Liz Fraser, Kate Spade’s current CEO. The company says it is now one of the world’s largest corporate donors to women’s mental-health initiatives.

During Kate’s time, such things weren’t spoken of. While the designer’s friends and family maintain that she was for the most part a genuinely happy, ebullient woman who loved her life and her family, everyone has their private struggles, and she was no different.

“Everyone’s like, ‘Well, what happened?’ ” says Bell. “I don’t think any one thing happened.”

Andy and Kate Spade were separated at the time of her death, but they were still very much a family unit with their daughter, known as Bea. “We loved each other very much and simply needed a break,” he said at the time.

Bell, who is a co-founder with Kenneth Cole of the Mental Health Coalition, says that she and Kate had a euphemism for therapists: “the contractor”—as in, someone who can fix you. “I regret that, because I think that we could have just said therapist…. I think we should have talked about it more openly,” she says.

The co-founder talks about how rough menopause can be on women and says that she’s been recommending Miranda July’s novel All Fours, which deals with that very topic, to everyone she knows: “I read it and I was like, I wish I knew this then.”

Kargman remembers thinking that Kate’s drinking had gone from celebratory to solitary in the last years of her life. She says, “I think I was already looking at it through the prism of slight worry, but never in a million years did I think she would take her life, not in a million years.” In a statement at the time of her death Andy said Kate was on medication for depression and anxiety but that there were no substance-abuse issues.

When a person becomes a brand, even when they are beloved, boundaries blur. Kate talked about adding “Frances Valentine” to her many names in 2016 to differentiate herself from the namesake brand she sold. But in a panel talk with Andy the following year, she seemed unsure about it. “I get confused,” she said. She ended up adding just “Valentine.”

One day, while shopping with Bea at a Kate Spade store after she had left the company, she was tickled when a sales associate asked if she was on the mailing list. She would have never cried, “I am Kate Spade.” When she appeared on her brother-in-law David’s sitcom Just Shoot Me in 2002, her only request was that her part become smaller.

While some might see a contradiction between a brand built on colour and optimism and the spectre of mental-health issues, Naiman thinks that makes the message behind Kate’s legacy all the more potent. She says, “I think that the deepest truth is that there’s something so powerful and incredible about saying that this person who made this incredibly joyous brand struggles.”

Today, Andy runs his Partners & Spade creative agency in California, and is still a partner in Frances Valentine as well as his pajama company, Sleepy Jones. He’s working on a sculpture show about Kate called Uncommon Flowers. He is, as ever, brimming with ideas, and very much still processing the death of the person he calls “the most beautiful woman I’ve ever seen.”

He chose the Bay Area, for one, to be off the grid: “It was purposeful to be disconnected, because my daughter and I didn’t want to be around the mayhem.”

In the early Kate Spade days, Andy would use the word mercury to describe a certain undefinable je ne sais quoi, a taste, a feeling. Recalling an old thermometer, he notes how you can’t put your finger on the quicksilver—it jumps at the merest touch. “I always thought we were mercury,” he says. “Just when they think they know who we are, it changes.”

Or as Kate herself put it, in 1998: “I mean, shit, we’re just doing what we like.”



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George Naddaf, Managing Director MENA at eToro, said: “As the UAE continues to advance its financial infrastructure and attract more foreign investments, the country’s economic outlook remains highly promising. With the government’s commitment to economic diversification and ongoing capital market development, UAE-based investors are well positioned to capitalize on their increasingly sophisticated local investment landscape.”

When looking beyond the domestic stock market and considering global investment opportunities in the first quarter of the year, UAE retail investors are focusing on financial services (79%), technology (72%), and communications (70%) as key growth areas.

AI is seen as a key catalyst for growth, with 81% of UAE retail investors expecting to see the stock price of AI-driven listed companies increase in 2025, reinforcing a strong belief in innovation-led opportunities worldwide. Similarly, among asset classes, cryptoassets stand out as a major focus, with four in five (81%) planning to invest in cryptoassets in the first quarter, followed by commodities (78%), alternative investments like real estate and private equity (77%) and domestic equities (75%).

“AI and cryptoassets dominated 2024 and continued to drive market momentum in the first month of 2025. UAE retail investors’ sustained enthusiasm for crypto, even before its record-breaking performance surpassing $109,000, underlines their ability to identify emerging trends and capitalize on them,” explained George Naddaf. “However, portfolio diversification remains key to navigating market cycles and mitigating risk. By complementing local exposure with global assets investors can build resilience against volatility while capturing growth from broader economic trends.”

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NEOM and DataVolt Partner to Develop a $5 Billion Green AI Data Center at Oxagon

As part of the agreement, Oxagon will lease DataVolt the land for the development of the facility and provide the sustainable data center operator with infrastructure support.

Tue, Feb 11, 2025 2 min

NEOM, the sustainable region taking shape in northwest Saudi Arabia, and DataVolt, a Saudi-based international developer, investor and operator of data centers, signed a landmark agreement, marking a significant step toward realizing the Kingdom’s vision for a sustainable, data-driven economy.

The development will take a phased approach, with phase one funded by an initial investment of USD 5 billion expected to be operational by 2028. Aligning with Oxagon’s ambition, the 1.5-gigawatt factory will integrate a wide range of computing densities and energy-efficient architectures to address the global challenges posed by traditional data centers.

According to the International Energy Agency (IEA), data centers currently consume between 1 to 1.3 percent of global electricity demand. With the advancements of generative AI, power consumption is expected to grow exponentially over the next decade. The energy-intensive nature of data centers and the cumulative impact of associated carbon emissions necessitate a rapid need for transition to clean sustainable solutions.

Commenting on the landmark announcement, Vishal Wanchoo, CEO of Oxagon, said: “The Kingdom is at the forefront of the global energy transition. At Oxagon, we are accelerating a renewable energy industrial ecosystem that is set to power businesses with green energy and technology solutions. The agreement with DataVolt highlights the potential impact of the sustainable infrastructure Oxagon offers its tenants and sets the foundations for the first green-AI workload to come on-stream in KSA along with the necessary computing power for regional and global impact.”

Rajit Nanda, CEO of DataVolt, added: “This agreement with NEOM and Oxagon underscores our unwavering commitment to support the Kingdom’s vision of becoming a regional digital and AI hub. The Kingdom’s strategic location, coupled with its abundant green energy resources, aligns perfectly with DataVolt’s mission in providing state-of-the-art sustainable data centers. This project marks a significant milestone in advancing the Kingdom’s leadership as a digital powerhouse in the region.”

As part of the agreement, Oxagon will lease DataVolt the land for the development of the facility and provide the sustainable data center operator with infrastructure support. The ambition is for the facility to be entirely powered by renewable energy, providing a fully integrated, end-to-end data center solution. The project will utilize advanced cooling technologies and is designed to operate at net zero, addressing the global challenges of power availability and the carbon footprint posed by data centers.

Oxagon’s strategic location on the Red Sea coast, combined with access to sub-sea cables providing fiber connectivity, alongside cost-competitive renewable energy, green hydrogen, and a rapidly expanding industrial ecosystem, makes it the ideal location for DataVolt to develop a large-scale green AI factory.

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Oman Arab Bank Introduces New Digital Banking Solutions for Businesses

The newly introduced digital commercial banking solutions from OAB provide businesses with seamless, real-time access to their financial transactions, enabling them to process payments, authorize transactions and manage payroll efficiently.

Tue, Feb 11, 2025 2 min

As part of its ongoing efforts to lead the banking sector, Oman Arab Bank (OAB) unveiled a new suite of banking e-services for small and medium enterprises (SMEs), corporate clients and government entities. The launch took place at a special event hosted by the bank under the patronage of H.E. Dr. Said bin Mohammed bin Ahmed Al-Saqri, Minister of Economy, with the presence of more than 800 bank clients and high-profile guests.

The newly introduced digital commercial banking solutions from OAB provide businesses with seamless, real-time access to their financial transactions, enabling them to process payments, authorize transactions and manage payroll efficiently. The new e-services include:

  1. Mobile Commercial Banking Application:
    • This will allow the bank’s valued customers to manage their banking accounts and conduct business transactions such as payments, payroll and transaction approvals at any time and from any location.
  2. Host-to-Host Payment Solutions:
    • A direct connection system linking the clients’ systems with the bank’s payment system, incorporating the latest developments in this field, significantly saving time and effort while reducing banking transaction costs.
  3. Global “SWIFTNet” System:
    • A global system that offers simplified connectivity for securely, quickly and efficiently transferring messages and financial transactions from the client to the bank.

By leveraging these advanced technologies, OAB empowers businesses with greater financial control, operational efficiency and a future-ready digital banking experience.

Speaking about the bank’s vision for innovation in banking solutions, Sulaiman Hamed Al Harthi, CEO of Oman Arab Bank, stated, “In light of the rapid technological developments in banking, Oman Arab Bank continues its diligent efforts to adopt and localize the latest technologies, exploring the best digital solutions and utilizing them. Its focus is serving the nation and supporting its development journey, setting an example of excellence and leadership in the banking sector. From this perspective, we have been eager to provide innovative banking services that cater to the needs of various sectors, beginning with micro-enterprises and progressing to small and medium-sized enterprises, which form the backbone of the national economy and are an essential part of the vital resources in advancing this generous nation and extending to large companies and public and private institutions that play a role in driving development.”

Meanwhile, Sulaiman Ali Al Hinai, Chief Wholesale Banking Officer, commented, “These solutions have been meticulously designed following comprehensive studies to offer you the highest levels of security, flexibility and ease in managing your businesses, thereby enhancing your capacity to grow and evolve in a world facing shifts in needs and accelerating challenges. The launch of these solutions reaffirms our continued leadership in digital commercial banking services, where we do not merely keep pace with trends but consistently strive to be at the forefront of innovation, elevating the standards in delivering this type of service and becoming the model to emulate and the reference point to acknowledge.”

OAB is recognized for its strong commitment to leading the banking sector through ongoing investment in cutting-edge technology and efforts to meet and exceed customer expectations.

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Egypt’s Foreign Assets Rise to EGP 3.5 Trillion in December 2024

Despite a slight dip from November’s $5.95 billion (EGP 295.6 billion), the sector remains in surplus, marking a significant turnaround from the deficit recorded earlier in 2024.

Tue, Feb 11, 2025 2 min

Egypt’s banking sector continued to strengthen its financial position as net foreign assets (NFA) recorded a surplus of $5.224 billion (EGP 265.898 billion) in December 2024, according to data from the Central Bank of Egypt (CBE). Despite a slight dip from November’s $5.95 billion (EGP 295.6 billion), the sector remains in surplus, marking a significant turnaround from the deficit recorded earlier in 2024.

The latest figures show that total foreign assets across both the CBE and commercial banks rose to EGP 3.506 trillion in December, up from EGP 3.325 trillion the previous month. Simultaneously, foreign liabilities saw a reduction, declining from EGP 3.029 trillion to EGP 3.240 trillion.

This marks a continuation of Egypt’s improving financial health, with net foreign assets first returning to positive in May 2024 after overcoming a significant deficit of EGP 174.385 billion in April.

The banking sector also experienced a substantial increase in local liquidity, which reached EGP 11.636 trillion by December 2024—up from EGP 8.877 trillion at the same time the previous year. The money supply (M1) saw a jump to EGP 2.803 trillion from EGP 2.370 trillion, reflecting increased economic activity and consumer spending. Currency circulating outside the banking system also rose, reaching EGP 1.121 trillion from EGP 1.068 trillion.

Non-governmental deposits in local currency followed a strong upward trend, reaching EGP 7.555 trillion by the end of December 2024, up from EGP 6.247 trillion a year earlier. Demand deposits rose to EGP 1.682 trillion, with the private business sector holding the largest share at EGP 922.387 billion, followed by the household sector at EGP 642.666 billion.

Meanwhile, time deposits and savings certificates in local currency climbed to EGP 5.873 trillion, reflecting growing investor confidence in Egypt’s banking system.

Egypt’s foreign currency deposits also witnessed a remarkable increase, totaling EGP 2.959 trillion by December 2024, compared to EGP 1.561 trillion in December 2023. Demand deposits in foreign currencies stood at EGP 701.434 billion, while time deposits and savings certificates reached EGP 2.258 trillion.

The household sector continued to play a major role in this growth, holding EGP 1.583 trillion in foreign currency time deposits and savings certificates. The private business sector accounted for EGP 537.940 billion, while the public business sector held EGP 136.462 billion.

With steady improvements in net foreign assets and robust growth in both local and foreign currency deposits, Egypt’s banking sector is on a solid trajectory. The combination of increased liquidity, a surplus in foreign assets, and growing confidence in the financial system highlights the sector’s resilience amid broader economic developments.

These trends indicate a more stable financial outlook for the country as policymakers continue efforts to strengthen the banking system and sustain economic growth in the years ahead.

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Cognizant and Upsource by Solutions Form Strategic Partnership to Drive BPO Innovation

Alliance will focus on providing advanced AI and automation technologies to enhance efficiency for enterprises building out their operations in the region

Tue, Feb 11, 2025 2 min
Cognizant announced today a three-year strategic partnership with  Upsource by Solutions, a distinguished business process outsourcing (BPO) company in Saudi Arabia. This collaboration brings Upsource by Solutions local expertise alongside Cognizant’s global reach to enhance operational efficiencies and strive for exceptional customer satisfaction for clients in the area.
Through this alliance, businesses across the region will gain access to Cognizant’s advanced Intuitive Operations & Automation (IOA) solutions, including a Gen AI-powered financial suite, automation frameworks, and enhanced operational controls. These technologies are designed to assist businesses in meeting modern business demands, ensuring compliance with national and global standards, and delivering services that drive efficiency, scalability, and long-term success.
Cognizant’s commitment to investing in the region and supporting capability transfer was a key factor in our decision to partner with them,” said Eng. Naif AlMogbel, CEO at Upsource by Solutions. “By aligning our vision with Cognizant’s expertise, we’re reshaping what excellence in BPO means. This agreement represents the beginning of a journey to create future-ready solutions that redefine value for our clients.”
The BPO industry is undergoing a pivotal transformation as companies increasingly outsource essential processes such as finance, human resources, and customer management. This shift requires a strategic blend of local insights and global innovation to enhance efficiency and drive growth through next-generation solutions.
“We are excited to collaborate with Upsource by Solutions and continue to bring our expertise in digital transformation to the Saudi Arabian market,” said Gagan Syal, Head of Southern Europe & Middle East at Cognizant.
“Saudi and this region is buzzing with innovation and progress. With Upsource by Solutions local experience and forward-thinking vision and our leadership in advanced technologies, we are building a foundation for the future of business operations. This collaboration reflects our deep commitment to supporting the region’s long-term success by enabling organizations to embrace cutting-edge innovation and achieve operational excellence.”
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Burgan Bank Establishes USD 500 million Certificates of Deposit program in Kuwait

Designed and managed by the Bank’s Treasury team, this initiative provides a flexible and diversified source of liquidity

Mon, Feb 10, 2025 2 min

Burgan Bank announced the establishment of a strategic USD 500 million Certificates of Deposit (CDs) program in Kuwait, rated ‘F1’ by Fitch Ratings, which is equivalent of “A”. This short-term debt instrument, spearheaded by the Bank’s Treasury team, serves as a strategic mechanism for the bank to maintain a diversified source of liquidity, optimize the balance sheet and allow for sufficient access to funding.

The program has been established in coordination with Mizuho, as the Lead Arranger, whereas MUFG Bank, the Industrial and Commercial Bank of China (ICBC), the Korea Development Bank (KDB), the Development Bank of Singapore (DBS), and Standard Chartered Bank (SCB) act as a Dealers.

CDs are short term debt instruments with maturities up to one year. They are primarily popular with Asian investors and can be priced at fixed, floating or zero coupon (at a discount).

Tony Daher, Group Chief Executive Officer at Burgan Bank

Mr. Tony Daher, Group Chief Executive Officer at Burgan Bank, commented “We are proud to introduce our new CD program and are pleased with the positive reception it has received. This program reinforces our commitment to achieving the strategy aimed at growth in both the local and regional markets. This program demonstrates our commitment to growth and strengthens our leading position in the domestic and regional markets.”

Mr. Daher added: “In addition to strengthening our relationships in the global financial and investment markets, the inclusion of CD program to Burgan Bank’s portfolio enables the bank to attract new segments of investors in the global market and enhances the bank’s risk profile and resilience against market fluctuations.”

Abdullah Marafie, General Manager of Treasury and Financial Institutions at Burgan Bank

Mr. Abdullah Marafie, General Manager of Treasury and Financial Institutions at Burgan Bank, added: “The launch of CD program aligns with the group’s policies that aim to diversifying the sources of funding, which enhances liquidity stability and protects the bank from any financial shocks. This program will contribute to the bank’s adherence to Basel III ratios including Liquidity Coverage Ratio (LCR), Loan to Deposit Ratio (LDR), and Net Stable Funding Ratio (NSFR).”

Mr. Marafie added: “The program has been carefully designed to expand Burgan Bank’s presence in the region, particularly in Asian markets where short-term debt instruments are in high demand. Building relationships with foreign investors also helps to open broader horizons for securing long term financing. In line with our commitment to meeting market needs, this program was developed based on comprehensive studies and research to ensure that our products align with our position as a trusted financial partner.”

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Qatar Development Bank Releases Fifth Annual Venture Investment Report Highlighting Sector Growth

The report provides a comprehensive analysis of Qatar’s investment landscape, enhances transparency, and offers access to data on the venture capital industry

Mon, Feb 10, 2025 3 min

Qatar Development Bank has released the fifth edition of its annual Venture Investment Report 2024, in collaboration with MAGNiTT Research. The publication is part of QDB’s ongoing commitment to supporting Qatar’s investment sector and strengthening its foundations. The report provides a comprehensive analysis of Qatar’s investment landscape, enhances transparency, and offers access to data on the venture capital industry including the activities of investment funds that foster entrepreneurship and bolster the contribution of the private sector to Qatar’s economic growth.

Commenting on the report’s significance, Mr. Abdulrahman bin Hesham Al-Sowaidi, CEO of QDB, said Qatar Development Bank remains at the forefront of enabling venture capital investments in Qatar, marking a nine-year journey of support for the industry. “As we review the data presented in this report, we recognize the important role we play in empowering Qatar’s entrepreneurship ecosystem. We are proud of the sector’s growth, particularly with the increasing participation of private and international investors, who now account for more than 50% of total investments. We also emphasize the importance of solid future planning and pursue our efforts to attract investors to tap innovative projects, which would boost venture capital investments in Qatar, especially in key clusters aligned with the Third National Development Strategy 2024-2030.”

“Our goal at this stage is to expand the base of investors and funds in Qatar. To this end, we have launched several pioneering regional initiatives, including the Startup Qatar Investment Program under the umbrella of Startup Qatar, a platform unveiled by the Investment Promotion Agency (Invest Qatar) last year, the Arab Entrepreneurs Investment Program, and the Partial Guarantee program, all aimed at boosting investment and supporting the private sector,” Mr. Al Emadi explained.

Philip Bahoshy, CEO and Founder of MAGNiTT, said his organization was pleased to publish its annual report in collaboration with Qatar Development Bank. “Over the past year, Qatar has seen remarkable growth, with notable events such as the Web Summit and the launch of the new fund of funds. Additionally, the emergence of several venture capital funds in the country has fostered positive momentum, with transactions increasing by 24% year-on-year.”

This year’s report underscores Qatar’s growing role as an attractive investment hub in the Middle East and North Africa, with the number of venture capital deals in the country increasing by 24% year-on-year in 2024. The total value of deals reached QAR 115 million, marking a significant 135% increase in direct investment despite a slowdown in venture capital investments across the region and challenges in the broader investment landscape. Qatar bucked the trend, ranking fourth in the MENA with 5% of the region’s total deals in 2024. QDB’s investment arm also ranked fourth in the region among the most active investors in terms of the number of deals, affirming Qatar’s leadership in the investment sector and solidifying its position as a hub for innovation. Additionally, Qatar ranked sixth for venture funding in the region in 2024, four times its share in 2023.

The report also underscores fintech as the leading sector in Qatar, accounting for 29% of deals in 2024, an increase of 12% from 2023, highlighting the success of initiatives driven by QDB’s Qatar FinTech Hub. QDB remains dedicated to strengthening the venture investment landscape by collaborating with partners in Qatar and the region through the Qatar FinTech Hub, fostering investments, attracting innovative startups to establish their businesses locally, and developing products that enhance private sector participation in venture capital.

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UAE Announces Minimum Top-up Tax for Multinational Enterprises

The UAE DMTT is closely aligned with the GloBE Model Rules issued by the Organization for Economic Co-operation and Development (OECD).

Mon, Feb 10, 2025 2 min

The Ministry of Finance has announced the issuance of Cabinet Decision No. 142 of 2024 on the introduction of the Top-up Tax for Multinational Enterprises, providing further details on the UAE Domestic Minimum Top-up Tax (UAE DMTT). This follows the announcement made by the Ministry on December 9, 2024.

The UAE DMTT is closely aligned with the GloBE Model Rules issued by the Organization for Economic Co-operation and Development (OECD). The UAE DMTT will apply to Entities that are members of Multinational Enterprises (MNEs) operating in the UAE with annual global revenues of €750 million or more in the Consolidated Financial Statements of the Ultimate Parent Entity in at least two out of the four financial years immediately preceding the financial year in which the UAE DMTT applies.

The UAE DMTT provides relief through a Substance-based Income Exclusion, a carve out which reduces net Pillar Two income subject to the UAE DMTT to determine the Excess Profit for the purposes of computing the UAE DMTT, by an amount calculated based on payroll and the carrying value of tangible assets.

Aligned with the GloBE Model Rules, the UAE DMTT also allows for an exclusion where an Entity meets the relevant de minimis exclusion criteria, under which the UAE DMTT for an Entity will be considered zero, provided that certain criteria are met.

To bolster the UAE’s competitiveness as a leading investment hub, the UAE DMTT has been structured to exclude Investment Entities, as defined under these rules.

As part of a transitional measure and to create a tax environment conducive to economic growth, no UAE DMTT will be levied during the initial phase of an MNE Group’s international activity, provided that none of the ownership interests of the Entities located in the UAE are held by a parent entity subject to a Qualified Income Inclusion Rule in another Jurisdiction.

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‘World’s Coolest Winter’ Campaign Wraps Up with Record-Breaking Growth in Green Tourism

The campaign achieved remarkable success in promoting innovative tourism concepts that enhance diversity in the sector, in line with the national vision to develop an integrated tourism ecosystem based on global best practices.

Sun, Feb 9, 2025 3 min

The Ministry of Economy announced the conclusion of the fifth edition of the ‘World’s Coolest Winter’ campaign, which ran for six weeks from December 16, 2024, under the theme ‘Green Tourism’. The campaign was launched in collaboration between the Ministry of Economy, the National Agricultural Center, and local tourism authorities from across the UAE.

The campaign achieved remarkable success in promoting innovative tourism concepts that enhance diversity in the sector, in line with the national vision to develop an integrated tourism ecosystem based on global best practices. By encouraging green tourism, agritourism, and sustainable ecotourism, it contributed to fostering a dynamic tourism market, attracting investments and driving the sector’s growth.

Expanding the horizons of tourism

H.E. Abdulla bin Touq Al Marri, Minister of Economy and Chairman of the Emirates Tourism Council, emphasized that the fifth edition of the ‘World’s Coolest Winter’ campaign, under the theme ‘Green Tourism,’ successfully unlocked new opportunities by promoting the UAE’s diverse destinations and unique experiences across all seven emirates. The campaign effectively spotlighted the country’s ecotourism attractions, lush landscapes, winter retreats, agritourism, nature reserves, and breathtaking scenery, attracting both local and international visitors. It also played a pivotal role in enhancing the UAE’s appeal as an FDI destination, driving the development of high-value tourism projects in line with the UAE Tourism Strategy 2031.

H.E. added: “The success of this campaign reinforces the UAE’s long-term vision for tourism development by strengthening its global tourism competitiveness through diversified offerings and championing sustainability through ecotourism endeavors. Additionally, the campaign aligns with the ‘Plant the Emirates’ national program, which aims to promote sustainable agriculture as an integral part of our community culture.”

Latest edition produces exceptional results

H.E. Bin Touq stated: “The fifth edition of the ‘World’s Coolest Winter’ campaign has achieved remarkable success across all seven emirates. During its course, hotel establishment revenues soared to approximately AED 1.9 billion, reflecting an impressive 86.9 per cent growth compared to that of the fourth edition. Additionally, the total number of hotel guests exceeded 4.4 million, marking a substantial 62 per cent growth, while hotel occupancy rates reached 74 per cent.”

H.E. continued: “This edition alone reached 224.7 million people globally, taking the campaign’s total global reach across all five editions to over 1.2 billion people. This milestone further strengthens the UAE’s position as a leading world-class tourism destination. Moreover, the campaign fostered deeper collaboration between tourism authorities and key industry stakeholders, amplifying diverse tourism experiences, pioneering projects, and unique attractions across the emirates. These efforts not only reinforce the UAE’s competitiveness on the global tourism map but also lay a strong foundation for the long-term sustainability and growth of the national tourism sector, solidifying the country’s unified tourism identity on the global stage.”

Competitive advantages

The fifth edition of the “World’s Coolest Winter” campaign highlighted the vast diversity and major assets of green tourism across the UAE’s emirates and regions. It promoted the competitiveness and appeal of natural, environmental, and agricultural destinations, boosting tourism activity among UAE citizens and residents while enhancing continuous growth in international tourist inflows. To that end, the campaign disseminated various media and marketing materials through different media outlets and social media channels, showcasing the unique experiences offered by UAE’s green tourism, and featuring diverse natural environments – from mountains and beaches to desert landscapes, scenic views, reserves, and innovative farms – along with their distinctive tourism activities.

Moreover, the campaign spotlighted numerous innovative agricultural projects, particularly those initiated by young Emirati entrepreneurs who succeeded in growing plants and trees previously considered unsuitable to UAE’s environment. Additionally, it showcased major agricultural projects supported by government entities or invested in by national institutions, utilizing advanced agricultural technology to establish sustainable farming practices. These include wheat cultivation, vertical farming, hydroponics, alongside the adoption of sustainability and conservation techniques in agriculture.

Besides, the latest edition of the campaign showcased the UAE’s prominent natural landmarks and biodiversity-rich areas, including nature reserves, islands, mountain and desert environments, and beaches, highlighting their attractive tourism activities and unique experiences. It demonstrated the UAE’s significant focus on increasing green spaces and promoting sustainable agriculture as an integrated community culture, alongside government initiatives and achievements in environmental protection and sustainability.

Tourism & aviation sectors witness continued growth

The UAE’s civil aviation sector recorded an unprecedented performance in 2024, with passenger traffic rising 10 per cent to 147.8 million passengers, up from 134 million in 2023, strengthening the country’s position as a leading global aviation destination.

Tourism sector also continues to demonstrate impressive growth, with hotel establishment revenues reaching AED 37.1 billion during January-October 2024, up 4 per cent compared to 2023. Hotel occupancy rates averaged 78 per cent over the first ten months of the year, a 2.7 per cent growth over the same period in 2023. Total hotel guests across the seven emirates reached about 24.9 million during January-October 2024, growing 9.5 per cent compared to 2023. Meanwhile, the total number of hotel establishments reached 1,246 by the end of October.

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Flexible Payment Plans for Household Purchases through Valu and GoodsMart Partnership

The collaboration introduces a seamless payment option for GoodsMart clients, offering unmatched flexibility and convenience for managing their day-to-day household purchases.

Fri, Feb 7, 2025 2 min

Valu, MENA’s leading universal financial technology powerhouse, announces its partnership with GoodsMart, the innovative household shopping service. This collaboration introduces a seamless payment option for GoodsMart clients, offering unmatched flexibility and convenience for managing their day-to-day household purchases.

Through this partnership, GoodsMart clients can now enjoy paying for their essential household purchases with flexible payment plans for the first time, making their shopping experience highly accessible and hassle-free. Clients can select from various payment plans for up to 60 months, tailored to meet their financial needs, and easily activate their chosen plan through the GoodsMart app.

Motaz Lotfy, Senior Director of Business Development and Partnerships at Valu, commented, “We are excited to join forces with GoodsMart to offer our innovative payment solutions to their clients. For Valu, this partnership underscores our mission to empower consumers with financial accessibility and simplify their day-to-day purchases. With GoodsMart’s impressive reach and our flexible payment plans, we will provide clients with essential household items without financial stress. By integrating Valu, GoodsMart sets a new standard in the market for convenience in household shopping.”

GoodsMart provides an innovative service model that offers a wide range of household essentials, from groceries to pharmacy items and fresh goods, with no minimum order requirement. Orders are delivered directly to clients’ homes in secure GoodsMart boxes before 6:00 AM, offering unparalleled convenience. GoodsMart currently serves both gated and ungated areas in 6th of October, Sheikh Zayed, New Cairo, Al-Rehab, Madinaty, and Al-Shorouk, with plans to continue expanding to new communities.

Amr Fawzi, Founder and CEO of GoodsMart, added, “At GoodsMart, our mission has always been to simplify the lives of our clients by offering unmatched convenience and reliability.  Our partnership with Valu underscores our commitment to providing convenience. By integrating flexible payment options into our platform, we’re not only enhancing the clients’ shopping experience but also empowering our clients to manage their household needs stress-free. This partnership highlights our commitment to innovation and maintaining the highest standard in service delivery.”

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UAE’s Aviation Sector Sees 10% Growth in Passengers and 17.8% in Air Cargo in 2024

This growth solidifies the UAE’s position as a major player in global air transport, reinforcing its role as a central hub for international trade, tourism, and investment.

Fri, Feb 7, 2025 2 min

The UAE’s civil aviation sector marked significant milestones during 2024, with both passenger traffic and air cargo volumes reaching new heights. According to the General Civil Aviation Authority (GCAA), passenger traffic rose by 10 percent to 147.8 million, up from 134 million in 2023. The growth in air cargo was even more impressive, with a 17.8 percent increase, reaching 4.36 million tons compared to 3.7 million tons last year.

This growth solidifies the UAE’s position as a major player in global air transport, reinforcing its role as a central hub for international trade, tourism, and investment. Abdulla bin Touq Al Marri, Minister of Economy and Chairman of the GCAA, emphasized that these results reflect not just growth but the strength and global confidence in the UAE’s aviation sector. The sector’s ongoing expansion is attributed to the visionary leadership of the UAE, which has shaped a competitive and efficient aviation infrastructure.

Al Marri further highlighted the UAE’s role in shaping the future of aviation, citing its selection to host key events such as the upcoming ICAO 4th Global Implementation Support Symposium (GISS 2025) in Abu Dhabi. This event, alongside the launch of the Global Sustainable Aviation Marketplace, reflects the UAE’s commitment to advancing sustainable aviation practices, including the promotion of low-carbon aviation fuel on a global scale.

Saif Mohammed Al Suwaidi, Director-General of the GCAA, pointed to the UAE’s growing strength and competitiveness within the aviation sector as essential drivers of both economic and social growth. The country’s infrastructure investments have equipped the sector to meet increasing global demand, ensuring the UAE continues to provide some of the world’s top air transport services.

In 2024, the UAE saw substantial air traffic movement, with 41.6 million inbound passengers, 41.7 million outbound passengers, and 64.4 million transiting through its airports. Additionally, the aviation sector experienced a boost in workforce numbers, with 9,622 pilots, 35,899 cabin crew members, and over 9,000 other aviation professionals contributing to the sector’s success.

The UAE also strengthened its air fleet, with 36 registered air operators and a total of 929 aircraft, including 520 owned by national carriers. With a record-breaking 1.03 million air traffic movements in 2024, the country’s aviation infrastructure continues to grow in both scale and efficiency, opening new avenues for economic development and international collaboration.

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