Construction Omani contractor signs tower deal for billion-dollar project Omani conglomerate Tawoos Group has signed a deal to build two mixed-use towers within the sultanate’s billion-dollar Al Khuwair Downtown Project. The project in the Muscat governorate has raised $1.3 billion in investments, according to a report from the Oman Observer, and covers an area of 3.6 million square metres. Tawoos Group will be responsible […] February 23, 2024
Real Estate UAE developer to build $2bn project in Egypt’s New Cairo Egypt’s New Urban Communities Authority and the UAE’s UDC Real Estate Development Company have signed a contract to develop an EGP60 billion ($1.9 billion) urban development project in New Cairo. Named The Crest, the development in the Hadayek Al-Andalus area will be built on a plot spanning 665,000 sq m. It will comprise residential, commercial […] February 22, 2024
Real Estate Bahrain and UAE sign $4bn real estate deal A UAE property investment and development company has signed a $4 billion deal to develop real estate across Bahrain. Abu Dhabi’s Eagle Hills International has finalised a joint cooperation agreement to set up Binaa Al-Bahrain, with a focus on residential, commercial and entertainment projects across the kingdom. The new company will work with Edamah, the […] February 22, 2024
Trade UK cheese sales buck trend in F&B exports to the GCC British cheese continues to grow in popularity with regional consumers, but it could not prevent total food and drink exports from the UK to the GCC declining in 2023. Exports were down by almost 7 percent year on year to £816 million ($1 billion). The UK’s Department for Environment, Food and Rural Affairs attributed the […] February 22, 2024
Economy Financial services help Bahrain to record $1.7bn in investments Bahrain attracted more than $1.7 billion in investments last year through its government-backed investment company. The financial services sector was the main driver. The figure, released by the Bahrain Economic Development Board, was 55 percent up on 2022. The investments covered 85 local and international projects, which are forecast to create 5,700 jobs in Bahrain […] February 21, 2024
Construction Nakheel’s 3D concrete printing project seen as catalyst Dubai’s first licence for 3D concrete printing in a building project is a catalyst for the technology to become the norm in the construction sector by the end of the decade, experts believe. The licence was issued in December by Dubai’s planning and development department, Trakees, the regulatory body of the Ports, Customs and Free […] February 21, 2024
Trade Telegraph scrutiny unlikely to deter Gulf investors in UK Gulf investment in the UK is unlikely to be affected by the British government’s probe into an Abu Dhabi-backed plan to buy the Telegraph newspaper, a leading official has said. Oliver Christian, UK trade commissioner for the Middle East and Pakistan, told AGBI that Emirati investments into the UK to date have exceeded £16-17 billion […] February 21, 2024
Trade DP World Trade Finance goes global after $400m debut year DP World Trade Finance has revealed plans to expand into Turkey this year before opening in a number of other countries. Working with Etihad Credit Insurance (ECI), the platform, which launched last year in the UAE, India and South Africa, has already financed more than $400 million of non-oil-based trade. Giving borrowers access to finance, […] February 20, 2024
Media & Advertising Abu Dhabi-backed venture buys UK TV production giant RedBird IMI, partly owned by Abu Dhabi’s International Media Investments, is buying Britain’s largest independent television producer All3Media in a deal worth £1.15 billion ($1.45 billion). A joint venture between International Media Investments and New York private equity firm RedBird Capital Partners, RedBird IMI is also currently bidding for the UK’s Daily Telegraph newspaper All3Media […] February 19, 2024
Banking & Finance Not yet time to write off UAE cheque payments Cheque books are on their way out in the UAE, but experts have said there is still some way to go before they are signed off for good. The number of cheques cleared through the country’s banks has fallen from 26 million in 2019 to just over 20 million for the first 11 months of […] February 16, 2024
Real Estate UP to invest $1bn in real estate projects as profits rise Union Properties (UP), a previously troubled Dubai real estate developer, has said it plans to spend AED5 billion ($1 billion) on new projects, after its financial results rebounded last year. Net profit for 2023 increased by 2,600 percent year on year to hit AED811 million, according to a bourse filing on Thursday. UP, best known […] February 16, 2024
Finance Record occupancy at DIFC despite Riyadh’s HQ drive Occupancy levels in Dubai’s International Financial Centre (DIFC) have risen significantly in the last year, despite strong competition from neighbouring Saudi Arabia. “The fastest growth we ever witnessed in the DIFC has been in the last three or four years,” Essa Kazim, the DIFC governor, told a media briefing on Thursday. He revealed that the […] February 15, 2024
Opinion Banking & Finance Banks swap bricks and mortar for clicks and torture Fuelled by the ill effects of the Covid pandemic, everything in retail banking has gone digital February 14, 2024
Finance Union Properties issues final notice to former chairman Dubai developer Union Properties has issued a final notice to former chairman Khalifa Al Hammadi, his family members and another unnamed person. It accuses them of defaulting on a multi-million dollar settlement agreement. The settlement deal was announced at the company’s annual general meeting last year and involved payments totalling AED620 million ($163 million). Under […] February 14, 2024
Sustainability UAE maintaining Cop28 momentum with ‘Troika’ partnership Cop28 host the UAE has reached an agreement with future hosts Azerbaijan and Brazil to make sure the momentum achieved at the event in Dubai continues throughout the next two climate summits. The Cop Presidencies Troika (group of three) was launched at Dubai’s Expo City with the aim of sticking to the 1.5C maximum global […] February 13, 2024
Banking & Finance Investcorp stays cool on digital assets Investcorp, the Gulf region’s largest alternative investment company, will not be turning to digital assets to boost its bottom line in the short term. The Bahrain company’s Abu Dhabi-listed Investcorp Capital invested more than $639 million in the first half of its financial year to December 31, 2023. The company’s latest financial reports revealed a […] February 13, 2024
Markets Investcorp lines up diverse strategies for east and west Multibillion-dollar asset manager Investcorp Capital is planning listing activity from its companies in the east in the next six months, but sees more profit in mergers and acquisitions in the west. The Bahrain-based company, which was listed on the Abu Dhabi Stock Exchange in November, on Monday reported income of $34 million for the first […] February 12, 2024
Food & Drink Kuwait’s Alshaya in talks to sell Starbucks stake Kuwait’s Alshaya Group is in talks to sell a minority stake in its regional Starbucks business that covers the Middle East, North Africa and central Asia, according to reports. The Kuwaiti retailer operates 70 brands in 4,000 stores across 18 countries. This includes the franchise for Starbucks, with 2,000 stores in 17 countries. US private […] February 9, 2024
Business of Sport Emirates airline signs big US basketball sponsorship deal Emirates, the Dubai airline, has signed a sponsorship deal with the National Basketball Association in the United States that will see the NBA’s in-season tournament renamed the Emirates NBA Cup. Emirates will become the association’s official airline partner and referees’ kits will feature the airline’s logo. The airline’s patch will also be featured on the […] February 8, 2024
Employment Morocco job market hit by rise in rural unemployment Morocco’s unemployment rate increased by 13 percent to nearly 1.6 million last year as the country’s rural areas haemorrhaged jobs. Between 2022 and 2023, the national economy lost 157,000 jobs, according to the latest figures from the Higher Commission of Planning. Although urban areas recorded an increase of 41,000 jobs, employment in rural parts of […] February 7, 2024
Markets Increased staffing drives up Dubai Taxi profits Profits at Dubai Taxi Corporation rose 54 percent in 2023, which it attributes to an increase in its driving staff. The Dubai Financial Market-listed company reported revenues of AED1.95 billion ($532 million) for the 12-month period, a year-on-year increase of 11 percent. It resulted in a net profit of AED345 million and an 18 percent […] February 7, 2024
Real Estate Dubai real estate ‘hot’ but no bubble fears, say experts Dubai’s real estate market is running “a bit hot”, but it is not heading towards a bubble or another catastrophic crash, experts say. Residential sales prices in the emirate increased 20 percent in 2023, while city-wide rents grew 9 percent higher, according to the latest research from Cushman & Wakefield Core. Although Dubai remains more […] February 6, 2024
