Spinneys, which first opened its doors in Dubai’s Al Nasr Square in 1961, is now set to expand into Southeast Asia.

The UAE-based premium grocer has signed a joint venture with conglomerate Ayala Corporation to launch a series of supermarkets in the Philippines, marking a new chapter in its international growth story.

Under the agreement, Ayala will hold a 60 per cent stake and Spinneys a 40 per cent. The first store is scheduled to open in the fourth quarter of 2026, with a pipeline of further outlets to follow. The joint venture will adopt a two-phased approach: Spinneys will initially support the venture with operational expertise before handing over day-to-day management to the new entity.

The move builds on Spinneys’ regional momentum. In June 2024, it opened its first Riyadh store in the upscale An Nuzha district, with plans to launch as many as 12 outlets across Saudi Arabia by 2028.

This year, the retailer also announced plans to expand into Kuwait alongside opening ten new stores in the UAE.

Read more: Spinneys expands regional footprint with new store in Riyadh

Sunil Kumar, CEO of Spinneys, said the Philippines offered the right fundamentals for the brand’s first step outside the GCC.

“The Philippines offers significant long-term growth potential, with strong economic fundamentals, a growing affluent population, and increasing demand for high-quality offerings,” he said.

“Our partnership with Ayala combines its deep local knowledge with our operational expertise, providing a strong foundation to grow in a measured way. As we enter this next phase, we’re delighted to be bringing our high-quality and fresh offering to a new region.”

Ayala, one of the Philippines’ oldest and largest conglomerates, has a diverse presence across real estate, banking, telecommunications, energy, and logistics. The group has been expanding its retail footprint by partnering with global brands.

“We are honoured to be the first partner of Spinneys as it ventures outside the GCC,” said Cezar P. Consing, president and CEO of Ayala Corporation.

“We hope this investment will catalyse trade and investment between the Philippines and the GCC.”

The tie-up aims to blend Ayala’s access to prime sites in mixed-use developments with Spinneys’ expertise in premium fresh food retailing. The Philippine market, with its expanding middle and upper-income classes, is seeing rising demand for modern, high-quality retail experiences, making it a strategic entry point for the brand.

Spinneys currently operates over 80 outlets across the UAE, Oman, and Saudi Arabia (including Waitrose stores), and has become synonymous with quality produce. Its 2024 IPO on the Dubai Financial Market raised Dhs1.4bn, fuelling an expansion drive that now stretches beyond the Gulf.

Centurion Properties has officially unveiled Burj Capital Business Bay, a Grade A+ office tower designed to redefine Dubai’s commercial real estate landscape. The launch event, held on September 29, 2025, at JW Marriott Marquis Hotel, marked the opening of Phase 2 of the project and positioned the tower as one of the most prestigious commercial developments in the region. Strategically located in Business Bay, minutes from Burj Khalifa, Dubai Mall, DIFC and Dubai Design District, Burj Capital embodies Dubai’s ambition as a global hub of enterprise and innovation.

With more than 238+ office units spread across a close to million square feet of built-up area, the tower combines commercial scale with lifestyle sophistication. Businesses benefit from flexible layouts, floor plates ranging from 750 sqft to 14,000 sqft, and amenities that extend far beyond the traditional workplace—swimming pool, yoga deck, co-working spaces, amphitheater-style seating, a running track, pickleball courts, curated F&B outlets, and a panoramic rooftop lounge overlooking the Burj Khalifa and Canal.

“Even though it is a commercial tower, this is the only commercial tower in Dubai today that offers amenities typically associated with residential buildings,” said Moksh Garg, managing director of Centurion Properties. “We believe in work-life balance, and that’s what we’ve integrated into the tower. People may confuse it with a residential tower at first glance, but it is 100 percent commercial with the feel of a lifestyle development.”

Unique features and design

Among the standout features are the Sky Garden, located mid-tower with direct views of the Burj Khalifa, and the Sky Lounge at the top, designed as both a relaxation zone and a networking hub. “These spaces elevate the office environment by encouraging collaboration and balance,” added Moksh Garg. “The interiors and quality of construction are Grade A+, and the building competes with some of the most iconic names in Dubai’s commercial landscape.”

Vimal Mohan, chief development officer at Centurion Properties, highlighted the deliberate trade-offs made to prioritise lifestyle. “At Burj Capital, we dedicated an entire level to lifestyle amenities which is not a very common practice these days, creating a space that blends fitness & wellness, leisure, and community. The tower features a Sky Garden, rooftop lounge, and a full health and fitness floor with an indoor-outdoor gym, swimming pool, jogging track, steam, sauna, and paddle tennis. We know Dubai is a lifestyle city, and we wanted Burj Capital to reflect that.”

Flexibility is another differentiator. Businesses can configure entire floors to suit their needs, thanks to a modular layout system. The tower also anticipates future demand: five basement levels add 150 more parking spaces than standard requirements, complete with EV charging stations. Sixteen high-speed elevators serve 238+ offices, ensuring efficiency for high occupancy.

A vision rooted in Centurion’s legacy

Centurion Properties has specialised in commercial real estate since its inception in 2013, when it launched the first freehold commercial tower in Dubai. According to Garg, Burj Capital reflects that founding vision. While the company is recognised for delivering both premium residential and commercial projects, he emphasises: “We see immense potential in the premium commercial segment, and Centurion Properties remains deeply committed to creating landmark developments in this space. Burj Capital is a continuation of the journey we began over a decade ago—delivering Grade A+ commercial towers that meet global standards and establish addresses of significance.”

When asked to describe the development, Mohan drew a comparison: “If Burj Khalifa is the tallest tower in the residential segment, I would say Burj Capital is the tower of premium business.” Adding to this, Garg highlighted: “Burj Capital is the address every business aspires to call home.”

Looking ahead

Completion of Burj Capital Business Bay is scheduled for March 2029, but the launch already signals a new chapter for Dubai’s commercial property market. For Centurion, the project is more than just another tower. “This launch event is not just showcasing a project—it’s showcasing what Centurion Properties stands for today,” said Garg. “We can forecast and show people the future of the company, and we are bringing that future to life.”

Spot premiums for Middle East crude oil unexpectedly slumped at the end of September despite stockpiling demand from top importer China, as there were ample supplies in Asia from Russia, and producers in the Gulf and other regions, traders said.

The sudden weakness in benchmarks – Dubai, Oman and Murban – could put Saudi Arabia in a quandary, they said, as the world’s top exporter is expected to raise official selling prices next month for November-loading supplies to Asia.

A total of 39 cargoes, or 19.5 million barrels of crude, were delivered via trades during the S&P Global Platts Market on Close process that assesses the Dubai benchmark, a tally by Reuters based on trade data as of Monday showed.

Trading firms Vitol, Gunvor, PetroChina and North Petroleum International snapped up the cargoes, traders said, keeping spot premiums for benchmark Dubai firmly above $3 in the first half of this month. Dubai’s premium hit a six-month high of $3.63 a barrel in mid-September.

Concerns about disruption in Russian oil exports from Ukrainian drone attacks and possible US sanctions provided support for the market, in addition to China’s oil stockpiling demand, they said.

Top seller Mercuria

Trading house Mercuria emerged as the key seller during the MoC process this month. The European trader sold 36 cargoes, including one Oman crude, two Qatari al-Shaheen crude while the rest are Abu Dhabi’s Upper Zakum grade, trade data obtained by Reuters showed.

Mercuria delivered more Upper Zakum crude than was available in the spot market as it bought some cargoes from Asian refiners including Formosa Petrochemical 6505.TW and Bharat Petroleum Corp Ltd BPCL.NS, three of the sources said.

Cash Dubai premiums slumped to 88 cents on Monday, losing more than two-third of its value in the past three sessions, Reuters data showed.

One of the sources said there are many unsold November-loading cargoes available in the market, mostly Upper Zakum crude. Another said Russia is exporting more crude as its refineries were damaged by Ukrainian drones.

There are also plenty of cargoes from producers in other regions such as Brazil and Europe, traders said. The arbitrage had opened when dated Brent slipped to an unusually wide discount of $3 a barrel against Dubai, they added. Low-sulphur Brent crude is typically priced at a premium to high-sulphur Dubai.

“Come late-October/early-November, we see Asia starting to feel bloated by the surge of inbound Atlantic Basin arb flows,” analysts at consultancy FGE said in a note.

“With Asia’s appetite for crude waning and as the circa 2 million barrels per day global oil surplus starts to materialise in stocks, we see contango creeping into the market.”

Contango refers to the market structure where prompt prices are lower than those in future months, indicating comfortable supplies.

The Turkish Central Bank’s gross total reserves are expected to rise by $4bn to a record $183bn as of last week, according to the calculations of four bankers.

Earlier this month, traders said the central bank had again started bolstering its foreign exchange stockpile after selling nearly $10bn in two weeks to curb a downturn in the lira, stocks and bonds due to renewed political risks.

The bankers said the central bank’s net reserves were also expected to increase by $2.5bn to $73bn, while its net reserves excluding swaps were expected to increase by $4bn to $57bn.

The central bank bought around $2.5bn last week after its earlier sale, they added. On Thursday the bank will announce its reserve levels for last week.

The central bank did not immediately comment on the reserves calculations.