Real Estate Dar Global expands Trump-branded project in Oman Saudi Arabia’s Dar Al Arkan Real Estate Development is upgrading a Trump Organisation golf course in Oman to championship level and expanding an adjacent $4 billion luxury gated community project. Dar Global, the London-listed international arm of Dar Al Arkan, said it added nearly one million square metres of beachfront land to its Aida Muscat […] March 13, 2025
Analysis Finance Growth-stage investment heats up as Gulf IPOs gain traction Global investors are increasingly vying for stakes in later-stage Gulf startups, betting on the region’s economic expansion and stronger exit opportunities, as the regional IPO markets gain momentum. The region, long overlooked for growth-stage capital – minority investments in established companies aimed at accelerating expansion – is witnessing a surge of interest from giants such […] March 13, 2025
EXCLUSIVE Banking & Finance Citigroup hiring to tap the Gulf family office market Citigroup says it is expanding its presence in the UAE, the second-largest Arab economy, as it competes to manage more of the assets of wealthy Gulf merchant families. $1 trillion of these assets are expected to shift to the next generation by the end of this decade. To boost its capabilities, the US bank says […] March 7, 2025
Manufacturing China’s BYD makes mark on UAE supercar market BYD Group, China’s largest electric vehicle maker, is taking on luxury rivals in the UAE with its premium and supercar brands, marking a sharp shift from its mass market, budget-friendly origins. Other Chinese automakers are also making inroads into the UAE’s high-end segment, long dominated by European brands and typically priced above AED200,000 ($55,000) Their […] March 4, 2025
Retail Chinese car makers target UAE’s Ramadan bargain hunters Chinese car makers look set to win big over traditional manufacturers from the US, Japan and Europe among Ramadan bargain hunters in the UAE this year. For years, Japanese, American, and European carmakers have relied on Ramadan promotions, offering free insurance, extended warranties and zero percent financing, to increase sales. But buyers, squeezed by inflation, […] February 28, 2025
Oil & Gas Investors may shun Gulf as oil prices fall, BoA says President Donald Trump’s “drill, baby, drill” push to increase US oil production and potentially drive lower prices could dampen investor appetite for Gulf Arab markets, according to the Bank of America. Saudi Arabia, the world’s second-largest oil producer, has been on a marketing blitz in the US this past week, hosting an investor conference in […] February 26, 2025
Telecoms Dubai fines companies millions for telemarketing violations Dubai has slapped a total of AED8 million ($2 million) in fines on 159 companies for breaching new telemarketing rules, in the emirate’s first crackdown on nuisance calls. Authorities introduced the regulations in August 2024, barring companies from calling numbers on the national “Do Not Call Registry” and restricting telemarketing hours to 9am to 6pm. […] February 25, 2025
Analysis Markets Gulf CEOs urged to conquer fear of earnings call Earnings calls for analysts, reporters or investors are a staple for listed companies in Western markets. The same is not true in the Gulf, however, and experts say that can make it harder to assess a company’s performance and justify its stock valuation. It can also deter institutional investors, limit liquidity and slow market growth. […] February 25, 2025
Banking & Finance Dubai crypto regulator Vara monitoring Bybit hack Dubai’s Virtual Assets Regulatory Authority (Vara) has said it is “actively monitoring” the fallout from a $1.4 billion hack at Bybit, a cryptocurrency exchange that has fallen victim to what it calls crypto’s largest heist. Dubai-based Bybit said hackers exploited a smart contract – a self-executing program that automates blockchain transactions – during a routine […] February 24, 2025
Infrastructure Abu Dhabi tenders more stormwater projects Abu Dhabi has again invited companies to bid for stormwater drainage and flood mitigation projects. Record rainfall last year caused more than $8.5 billion of physical and economic damage in the UAE and wider region. The neighbouring emirate of Dubai, which was also hard-hit by the April floods, subsequently approved drainage-improvement plans worth $8.2 billion. […] February 24, 2025
Defence UAE agrees $6bn in military equipment contracts The UAE signed contracts worth more than AED23 billion ($6.3 billion) for military equipment and defence this week, wrapping up the Middle East’s largest defence exhibition in Abu Dhabi. It also further expanded its supplier base beyond its traditional US partners and encouraged local manufacturing. Though no contracts were signed with Israel – with which […] February 21, 2025
Banking & Finance Almost one year after floods, UAE insurance costs keep surging Property insurance rates in the UAE jumped by up to 15 percent in the final quarter of 2024 as insurers adjusted prices after last April’s flash floods. The rise, the largest quarterly increase on record, came as UAE insurers accelerated payouts for flood claims, according to the insurance broker Marsh. Omar Gemei, global head of […] February 20, 2025
Health BR Shetty ordered to pay $106m to Indian bank BR Shetty, the founder of UAE company NMC Health, has been ordered by a Dubai court to pay $106 million to India’s Icici Bank over personal guarantees tied to the embattled hospital group. This marks a second court ruling made public so far this month. Earlier this month, Shetty was ordered to pay $33 million […] February 20, 2025
Health NMC confirms no buyers so far have matched valuation The UAE’s troubled hospital operator NMC Healthcare confirmed that it has no buyers yet for the company, with differences around valuation cited as one of the reasons. Earlier this week, two people familiar with discussions around a possible sale said that Abu Dhabi-based PureHealth Holding, the UAE’s biggest healthcare group by number of facilities, had […] February 13, 2025
Analysis Trade $600bn Saudi-US trade pledge ‘unlikely to be achieved’ Saudi Arabia’s pledge to increase trade and investment with the US to at least $600 billion over President Trump’s four-year term is “very optimistic” and “unlikely to be achieved,” according to a Washington-based think tank. Instead the kingdom is prioritising domestic projects and faces lower oil revenue. The commitment was made by Crown Prince Mohammed […] February 13, 2025
Food & Drink McDonald’s sales rebound in Middle East as boycott impact fades McDonald’s recorded sales growth in the Middle East in the fourth quarter of last year as the impact of boycotts tied to the Gaza war faded. This helped the US burger giant offset weaker performance elsewhere in the world. The fast food chain posted a 4.1 percent rise in Q4 sales in its international developmental […] February 11, 2025
Health NMC founder BR Shetty ordered to pay $33m to Indian bank BR Shetty, the founder of the UAE healthcare company NMC Health, which collapsed in 2020 with billions of dollars in hidden debt, has been ordered by a Dubai court to pay more than $33 million to an Indian bank. In a ruling made public only last month, the Dubai International Financial Centre Courts in November […] February 10, 2025
Infrastructure Abu Dhabi seeks consultants for transport master plan The Abu Dhabi government has invited consultancy companies to apply to update its transport master plan, as it aims to modernise the emirate’s transport network. The updated capital surface transport master plan will replace previous transport strategies and will integrate new infrastructure, technology and regulatory measures to enhance connectivity and support economic diversification, according to […] February 7, 2025
Exclusive Trade UAE and India in talks to expand annual trade beyond $100bn The UAE and India plan to extend their 10-year trade deal to eight new sectors to expand their annual bilateral trade beyond $100 billion, a senior Indian business council official has said. These sectors include artificial intelligence, financial services, digital technologies and logistics. The comprehensive economic partnership (Cepa) agreement – the UAE’s first –was signed […] February 7, 2025
Renewable Energy Al Maktoum Solar Park expands for Dubai’s 2050 energy goals Dubai is working on the sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park – the largest single-site solar park in the world – as it works toward its 2050 energy diversity target. The emirate launched the Dubai Clean Energy Strategy in November 2015, with the aim of producing 75 percent of its […] February 6, 2025
EXCLUSIVE Markets AlMajal AlArabi considers listing on Saudi Arabia’s Tadawul Saudi Arabia’s AlMajal AlArabi Group (MAG) is considering an initial public offering on the Tadawul main market and has appointed Riyad Capital as an adviser, people familiar with the plans told AGBI. The Riyadh-based facilities management and construction company is exploring a share sale as Saudi Arabia’s infrastructure and services sectors expands, driven by multi-billion-dollar […] January 31, 2025
Tax Oman makes key changes to draft income tax law Oman has issued a new draft personal income tax law with key amendments, raising the exemption threshold and lowering proposed tax rates. The timeline for the law’s implementation remains uncertain. The latest draft, which was delayed last year, has been approved by the State Council and Majlis Al Shura and will now move to Sultan […] January 30, 2025
