Economy Housing benefit for Abu Dhabi citizens tops $500m Abu Dhabi has handed out over AED2 billion ($500 million) worth of housing benefits to citizens across the emirate. The first benefits package of the year, to coincide with the Eid Al Fitr celebrations, includes housing loans, ready-built houses and residential land grants. Thety will help 1,400 Emiratis. Additionally, senior citizens, retirees with low incomes, […] April 9, 2024
Real Estate Lunate and Olayan buy into Dubai’s ICD Brookfield Place Dubai’s sovereign wealth fund Investment Corporation of Dubai and Brookfield Corporation have sold a 49 percent stake in ICD Brookfield Place (ICDBP), the emirates’ largest office tower. Abu Dhabi alternative investment fund Lunate and Saudi Arabia-based Olayan will each own 24.5 percent equity interest in ICDBP. It is the largest institutional third-party single-asset real estate […] April 8, 2024
Tourism Morocco denies subsidising Ryanair domestic flights Morocco’s Ministry of Tourism has denied claims that it is subsidising the Irish low-cost carrier Ryanair’s expansion across the country. Ryanair will open domestic flights throughout Morocco from the summer as part of its $1.4 billion investment in the North African country. It had been reported that the Moroccan National Tourism Office would be providing […] April 8, 2024
Aviation Saudi Arabia and China strengthen ties with extra flights Saudi Arabia is strengthening its ties with China with the launch of new passenger and cargo flights between the two countries. Beginning on April 16, China Southern Airlines (CZ) will operate four commercial passenger flights and three cargo flights connecting Beijing Daxing and Riyadh, according to a report on the Saudi Press Agency website. This […] April 8, 2024
Business of Sport Riyadh secures three years of women’s world tennis finals Riyadh is to host the Women’s Tennis Association finals for the next three years, with record prize money for participants. The top eight singles players and doubles teams in the annual Race to the WTA Finals will play for a prize pot of $15 million, the Women’s Tennis Association (WTA) said in a statement. The […] April 5, 2024
Infrastructure Egypt chooses British Steel for Green Line rail track British Steel, the UK steel products producer, has secured a multi-million-pound deal to supply parts for a new rail route stretching across Egypt. In total 9,500 tonnes of track will be delivered for Egypt’s Green Line, its first fully electrified mainline and freight network from the Red Sea to the Mediterranean. The exact value of […] April 4, 2024
Industry Saudi Arabia invites bids for six mining licences Local and international investors are being invited to bid for the latest round of mining licences in Saudi Arabia as the kingdom ramps up operations across its minerals sector. The six mining opportunities revealed by the Ministry of Industry and Mineral Resources include gold, copper, zinc, lead and silver ore and cover a total area […] April 4, 2024
Real Estate Abu Dhabi real estate deals hit $4bn during first quarter The value of real estate deals in Abu Dhabi reached almost AED16 billion ($4 billion) during the first quarter of the year as another beachfront community was launched in the emirate. There were over 5,000 sales and mortgage transactions in Abu Dhabi during the first three months of the year, according to data from the […] April 3, 2024
Trade Kuwait’s record performance tempered by costs Rising inflation and increasing staffing costs are weighing heavily on Kuwait’s non-oil business sector despite growth, the latest business sentiment survey has revealed. The seasonally adjusted S&P Global Kuwait purchasing managers’ index (PMI) revealed strong growth, with competitive pricing by businesses helping to attract new customers. The index was up at 53.2 for March from […] April 3, 2024
Trade Red Sea disruptions hit UAE business activity Backlogs of work in the UAE are at their highest levels in 15 years because of supply chain disruptions caused by the Red Sea shipping crisis. As a result growth in the country’s non-oil business sector eased slightly in March, the seasonally adjusted S&P Global UAE purchasing managers’ index shows. The latest PMI dropped marginally […] April 3, 2024
Tourism Qatar visitors increase by half in February Qatar reported a 53 percent increase in international visitors in February, according to official figures from the country’s tourism authority. It follows a 106 percent rise in international arrivals in January as Qatar builds towards its ambitious target to welcome six million visitors in 2030. Last year Qatar’s visitor numbers passed four million. In February […] April 2, 2024
Aviation Revenue up at Oman Air but pressure still on, say experts Oman Air has posted increased revenues for the past year but the sultanate’s flag carrier still faces difficult times ahead, aviation industry experts say. The heavily indebted airline launched a restructuring process last August in an attempt to balance the books within the next four years. Oman Air’s net losses in 2023 fell by 36 […] April 2, 2024
Banking and Finance RAKBank reveals 10% attrition rate for SMEs Ras Al Khaimah’s RAKBank has revealed a 10 percent annual churn rate of startups funded in the UAE – an amount it says is well below the global average. The lender has almost 50,000 small and medium-sized enterprises on its books and last year handed out AED2.5 billion ($680 million) worth of loans to more than […] April 1, 2024
Construction Auditors raise concerns over Drake & Scull as losses mount Auditors reviewing the finances of Drake & Scull International have issued a heavily qualified disclaimer in which they appear to distance themselves from the UAE construction contractor. A filing on Dubai Financial Market for Drake & Scull revealed revenues of AED94 million ($26 million) for the year to December 31 2023, up from AED81 million […] March 29, 2024
Education Taaleem profits rise with surge in UAE student numbers An increase in student enrolments by more than one-third helped UAE schools operator Taaleem achieve a 53 percent increase in annual profits for the first half of the 2023-24 academic year. Taaleem, which operates schools on behalf of the Abu Dhabi, Dubai and UAE federal governments, said student numbers across its portfolio of 32 UAE […] March 29, 2024
Construction Alec IPO could start listings rush in construction sector A listing by Dubai’s Alec Engineering and Contracting could open the gates for more construction-related companies to go public as they take advantage of the country’s buoyant property market, according to a business expert. Alec, which is backed by the Investment Corporation of Dubai (ICD), the emirate’s sovereign wealth fund, is behind some of the […] March 28, 2024
Employment Bahrain launches minimum wage fund to bolster youth Lawmakers in Bahrain are to spend over BD200 million ($500 million) to lift the minimum wage of the kingdom’s citizens. The government hopes it will encourage more youth into the working world and stimulate the country’s economy. The initiative, run by Bahrain’s Labour Fund, which is also known as Tamkeen, received unanimous approval from the […] March 28, 2024
Transport UAE motorists fuelling demand for second-hand EVs Demand for second-hand electric vehicles in the UAE may be in its infancy but it is accelerating fast as more people turn to the environmentally friendly option. Electric vehicles (EVs) now account for around 1 percent of the UAE’s used car market and a little over 1 percent of all cars in the country, according […] March 26, 2024
Food & Drink Gulf SWFs named as potential suitors of The Ivy Gulf sovereign wealth funds are among a host of buyers said to be interested in taking charge of the group behind the UK’s prestigious Ivy restaurant. A £1 billion ($1.26 billion) sale is expected to be complete by the end of June. Troia, the company that owns the Ivy and some 50 other restaurants, is […] March 25, 2024
Analysis Real Estate What Dubai’s united nations of property buyers want When purchasing a property in Dubai amenities are important to Brits, while Indian buyers are all about the return on investment, according to real estate experts. Last year Dubai recorded 1.6 million real estate transactions, a record 17 percent year-on-year increase, according to data from the Dubai Land Department. The demand comes from a largely […] March 25, 2024
Industry Abu Dhabi’s IRH completes Zambian copper mine deal Abu Dhabi’s International Resources Holdings (IRH) has completed its acquisition of Mopani Copper Mines in Zambia and is reported to be interested in acquiring more of the country’s minerals industry. IRH is part of International Holding Company, Abu Dhabi’s most valuable company. Previous reports said IRH would invest $1.1 billion through the deal in return […] March 22, 2024
Trade US approves $2bn military order for Bahrain The US has approved a $2 billion order from Bahrain for advanced battle tanks and other military equipment as the kingdom continues to ramp up its defence spending. Although the deal is still to be ratified by Congress, the US State Department revealed it is ready to sell 50 M1A2 Abrams tanks to Bahrain, which […] March 22, 2024
