Exclusive Real Estate Dar Global spin-off to use AI in real estate marketing Dar Global, the London-listed arm of the Saudi Arabian real estate developer Dar Al Arkan, is establishing a venture dedicated to finding technological solutions to real estate companies’ biggest challenges. Ziad El Chaar, CEO of Dar Global, told AGBI that the company’s new Propgenuis spin-off would introduce tools aimed at automating social media management for […] March 13, 2024
Analysis Food & Drink UAE businesses dispute predicted Ramadan downturn UAE businesses are optimistic about Ramadan’s prospects in spite of a projected 10 percent decline in spending over the holy month. The anticipated dip is partly linked to considerable consumer expenditure after the pandemic and during recent festive sales, according to a study by Redseer Strategy Consultants. “The last two years were a period of […] March 10, 2024
Food & Drink Alcohol brands blocked from Dubai target Abu Dhabi Independent alcohol brands blocked from the Dubai market are entering the UAE by breaking into the more open Abu Dhabi market, industry insiders have said. The alcohol market in the UAE is regulated at the emirate level, and each has different levels of access and competition. Dubai’s market is a duopoly. Two distributors – Maritime […] March 8, 2024
Analysis Construction Localisation shields Saudi builders from Red Sea crisis Houthi attacks in the Red Sea may have been disrupting the construction supply chain into Saudi Arabia but companies, in particular larger ones, are adapting to the challenge. Since November, the Yemeni militia has launched dozens of attacks on commercial vessels on their way to or from the Suez Canal, forcing many global shippers to […] February 28, 2024
Markets Dubai parking operator IPO will fund EV expansion plans Parkin, the Dubai government’s parking management company, plans to channel proceeds from its initial public offering into technological upgrades, including expansion of its electric vehicle services. The company will release nearly 25 percent of its shares on the Dubai Financial Market next month. The offering begins on March 5, with a price range to be […] February 27, 2024
EXCLUSIVE Real Estate Casino plan tempts Dubai’s Danube to buy plots in RAK Danube Properties, a Dubai-based real estate developer, is pursuing land deals in Ras Al Khaimah as the emirate’s real estate market heats up, driven by the planned arrival of a casino. Prices for one-bedroom apartments are now matching or even exceeding those in Downtown Dubai, an upmarket part of the UAE’s commercial capital, after RAK’s […] February 27, 2024
Video length: 01:24 Analysis Banking & Finance UAE removed from FATF ‘grey list’ The Financial Action Task Force (FATF) said on Friday that it had removed the UAE from its so-called grey list, in recognition of the Gulf state’s efforts to curb illicit financial flows. Experts told AGBI the cleared status is expected to restore the UAE’s correspondent banking ties with institutions which had withdrawn services over the […] February 25, 2024
Tourism Dubai introduces multiple-entry visa for Indian nationals Dubai has introduced a five-year multiple-entry visa for Indian nationals to strengthen economic, tourism and business ties with India, the Dubai Department of Economy and Tourism (DET) has said. The decision follows closely on the heels of prime minister Narendra Modi’s visit to the UAE, marked by significant developments including the opening of the Middle […] February 23, 2024
Energy Abu Dhabi plans decade of solar power launches Abu Dhabi is to launch a new solar power project each year for a decade, starting in 2027, Bruce Smith, strategy and planning executive director at the Emirates Water and Electricity Company (EWEC), told AGBI. EWEC is also exploring the issuance of a green bond to finance this series of projects, he said. The company […] February 23, 2024
Analysis Trade Modi’s UAE visit ‘adds to execution of deals’ Indian prime minister Narendra Modi deftly blended politics and commerce last week as he opened the Middle East’s largest Hindu temple on a visit to the UAE, a Muslim state that is home to 3.5 million Indian expatriates and a major trading ally. The temple’s inauguration was widely covered in Indian media, while tens of […] February 19, 2024
EXCLUSIVE Real Estate Trump still has ‘big pull’ for $2m branded villas in Oman Donald Trump may be facing criminal investigations in the US, but the 45th president’s brand continues to wield substantial influence in the Gulf. Last week there were more than 100 expressions of interest in a launch of 20 Trump-branded villas in Oman, within 24 hours, according to the project’s developer. “Trump as a brand still […] February 14, 2024
Banking & Finance UAE likely to escape FATF grey list this month The UAE has made “positive steps” to meet anti-money laundering and terrorism funding standards and is likely to be removed from an international grey list later this month. Experts say this will provide a major boost to the Gulf state’s economy. The country was placed under enhanced supervision – known as the grey list – […] February 9, 2024
Banking & Finance UAE froze $123m in assets linked to crime in 2022 The UAE froze assets valued at AED 452.5 million ($123 million) in 2022 related to crimes such as money laundering and financing of terrorism, new data shows. The UAE’s Financial Intelligence Unit (FIU), a special unit of the UAE Central Bank, released its annual report this week and revealed that it conducted “freeze orders” targeting […] February 8, 2024
Exclusive Health Dubai hospitals are ailing in saturated healthcare market The general healthcare sector in Dubai is buckling under saturation, with weaker operators shutting down or battling financial woes, Dr Azad Moopen, the founder and chairman of Aster DM Healthcare, told AGBI. The healthcare sector in the emirate faces a challenging economic climate, marked by stubborn inflation, high interest rates and slow growth. The introduction […] February 6, 2024
Banking & Finance Fintech Sarwa beefs up investment platform Sarwa Digital Wealth, an Abu Dhabi-based fintech, will this year add several new asset classes including private equity and real estate to its robo-advisory platform, the company’s CEO told AGBI. This development is indicative of a broader trend among fintech companies in the region, which are evolving from addressing isolated banking challenges to diversifying their […] February 2, 2024
Tourism Emirates visa on arrival ‘huge’ boost for Indian visitors Emirates airline has introduced a pre-approved 14-day single-entry visa on arrival for Indian travellers. Industry experts told AGBI the initiative will open up a fresh segment of travellers to Dubai and revive plateauing tourist inflow from India, while also helping Emirates compete against more economical Indian airlines. The service is designed to expedite the entry […] February 1, 2024
EXCLUSIVE Health Dubai mulling ratings for hospital performance, says Aster founder Dubai is considering the introduction of performance ratings for healthcare providers, Dr Azad Moopen, the founder and chairman of Aster DM Healthcare, has told AGBI. The system would allow operators to adjust their insurance tariffs – the prices that insurers agree to pay for medical services or procedures – based on their classification, providing an […] January 31, 2024
Employment UAE reverses stance on diversity rule for visas The UAE Ministry of Human Resources and Emiratisation has reversed its stance on a demographic diversity rule, previously cited by companies as the cause for multiple work visa rejections based on nationality. The policy is still expected to be implemented at a later date. AGBI recently reported that businesses in the UAE were encountering difficulties […] January 25, 2024
Video length: 06:59 EXCLUSIVE Real Estate UAE scraps minimum payment for property golden visa The UAE has removed the AED1 million ($272,294) minimum downpayment requirement to qualify for a golden visa through real estate investment, industry sources have told AGBI. Investors must acquire property valued at AED2 million or above to be eligible for the 10-year renewable residency scheme, introduced in 2019. Previously, for properties bought on mortgage or […] January 23, 2024
Video length: 06:59 Employment UAE diversity law causing visa issues for businesses UAE businesses are encountering difficulties getting work visas for new employees of South Asian nationalities following the enforcement of a government directive to boost diversity in the workforce. Abeer Al Husseini, a Dubai-based partner at immigration law practice Fragomen, told AGBI that the Ministry of Human Resources and Emiratisation has “reinstated” its demographic diversification regulation. […] January 19, 2024
Analysis Finance Gulf investors expected to bet big on bitcoin ETFs Gulf sovereign wealth funds and institutional investors are expected to expand their portfolios to include cryptocurrencies, after spot bitcoin exchange-traded funds were given the green light. The US Securities and Exchange Commission (SEC) approved the trading of 11 spot bitcoin ETFs, issued by global asset management companies such as BlackRock, Invesco, Grayscale, Fidelity, and Franklin. […] January 16, 2024
Finance Middle East cash injection to propel space industry to $75bn The value of the Middle East space sector is expected to hit $75 billion by 2032, and a new report predicts that spending will increase by 92 percent over the next decade. The region’s space economy has trebled in 10 years to reach an estimated $25 billion in 2023, according to the white paper published […] January 16, 2024
