Tech Foreign data centres will be secure, promises Saudi minister A regulatory framework to protect foreign-owned data centres set up in Saudi Arabia is being planned that will treat them in a similar way to embassies, as the kingdom seeks to become a global destination for the industry. The Saudi finance minister, Mohammed Al-Jadaan, speaking at the World Economic Forum in Davos, outlined the country’s […] January 24, 2025
Interview Aviation Wizz Air Abu Dhabi predicts slower growth Wizz Air Abu Dhabi expects slower growth in 2025 as delays of new aircraft deliveries, engine issues in some of its existing fleet and regulatory problems in some new markets affect its ambitious expansion plans. The airline, a joint venture between Hungary’s Wizz Air Holding and Abu Dhabi’s state-owned investment holding ADQ, is navigating global […] January 23, 2025
Tax Income tax ‘not on the table’ says UAE minister The UAE has no plans to introduce income tax, economy minister Abdulla bin Touq Al Marri has said, dismissing speculation the country was in discussions to end its traditional tax-free status. Speaking at the World Economic Forum in Davos, the minister also criticised the EU for keeping the Gulf nation on its blacklist of countries […] January 22, 2025
EXCLUSIVE Aviation Wizz Air increases flights from UAE to Israel after ceasefire The budget carrier Wizz Air is increasing the number of flights between Abu Dhabi and Tel Aviv after the ceasefire agreement between Israel and Hamas. The airline had previously scaled back its Tel Aviv-Abu Dhabi service to four flights a week because of the conflict, down from its pre-crisis schedule of two flights a day. […] January 16, 2025
Analysis Health Saudi Arabia’s biotech push fuels specialised consulting demand Saudi Arabia’s push to become a regional biotechnology hub is fuelling demand for specialised consulting services, as it navigates the challenges of building a life sciences sector from scratch. The kingdom is keen to develop a biotech sector to tackle the high local prevalence of diseases such as diabetes and to exploit commercial opportunities to […] January 16, 2025
Exclusive Transport Tesla to enter Saudi Arabia within months Elon Musk’s Tesla is set to launch in Saudi Arabia this quarter, marking its entry into one of the world’s largest oil-producing nations as it continues expanding across the Gulf, sources familiar with the plans told AGBI. The US electric vehicle maker will open sales through pop-up stores and establish a showroom and service centre, […] January 16, 2025
Tech Abu Dhabi seeks bidders for unified data centre project Abu Dhabi has issued a request for qualifications (RFQ) to develop a unified data centre, a critical part of its plan to consolidate digital infrastructure across more than 40 government entities in the UAE capital. A unified data centre is a centralised facility that securely stores and manages data and applications, serving as the backbone […] January 15, 2025
Analysis Transport Ineos and Porsche diverge on Middle East’s EV potential Ineos Automotive, the UK carmaker backed by billionaire Sir Jim Ratcliffe, is considering launching its Fusilier electric vehicle in the Middle East after encountering difficulties with governments across Europe. However other industry players such as Porsche remain cautious about the rollout of EVs in the region, with infrastructure remaining a central problem. London-based Ineos spent […] January 12, 2025
Construction Damac to tokenise $1bn in real estate Damac Group, the Dubai property company, has partnered with the Hong Kong-based blockchain platform Mantra to tokenise assets worth at least $1 billion. The project will use blockchain technology to create digital tokens representing ownership or rights to Damac’s assets, allowing them to be traded online. Tokenisation is intended to lower barriers to investment by […] January 10, 2025
Analysis Banking & Finance Gulf still struggling to attract private cash for public projects Lower oil prices are driving Gulf countries, particularly Saudi Arabia and the UAE, to involve private companies in financing critical infrastructure projects worth tens of billions of dollars. Despite some successes, the expansion of public-private partnerships (PPPs) is being hampered by inconsistent project delivery and changing regulatory frameworks that are holding back investor confidence, experts […] January 10, 2025
Analysis Finance Saudi startup funding tumbles as era of cheap money ends Funding for startups in Saudi Arabia dropped 44 percent to $750 million last year, the sharpest decline in the Middle East and North Africa, according to data analyst Magnitt. Across Mena, venture capital was down 29 percent to just under $2 billion, reflecting global trends of high interest rates and investor caution. Saudi Arabia was […] January 8, 2025
Real Estate Saudis sold on online home sales, says developer Roshn Saudi developer Roshn, a unit of the Public Investment Fund (PIF), said half of its home sales are now made online, marking a significant shift in the kingdom’s property market. Buyers on Roshn’s platform can verify their identity using national digital IDs, sign contracts electronically and make payments online, streamlining a process that traditionally required […] January 7, 2025
Real Estate Rental index in Dubai expands to commercial properties Dubai is to expand its Smart Rental Index to include commercial and industrial properties, a move that could serve as a catalyst for landlords to improve poor maintenance standards in neglected buildings, industry experts said. Majid Al Marri, CEO of real estate registration and services at Dubai Land Department, told AGBI at the launch of […] January 3, 2025
Real Estate New rental index for Dubai to curb rises and disputes A new residential rental index to help tame a property market strained by soaring rents and landlord-tenant disputes has been unveiled in Dubai. The Dubai Land Department (DLD) launched the Smart Rental Index on Thursday. The tool regulates rent increases by tying adjustments to individual property and building ratings, replacing a district-based model that grouped […] January 2, 2025
Giga-projects Neom’s air taxi partner Volocopter files for insolvency Volocopter, the German air taxi developer backed by Saudi Arabia’s Neom giga-project, has filed for insolvency, blaming difficulties in securing fresh funding. The company, whose high-profile backers include Mercedes-Benz, Honeywell, Daimler, Intel and Mitsui Sumitomo Insurance Group, said its operations would continue during the insolvency proceedings as it seeks new investors. The insolvency raises concerns […] December 31, 2024
EXCLUSIVE Real Estate Expo City races to cope with Dubai’s population surge Expo City Dubai, the legacy site of the World Expo 2020, is gearing up for a big construction drive in 2025, with plans to issue tenders for residential, commercial and infrastructure projects to meet rapid population growth, a senior official has said. Ahmed Al Khatib, chief development and delivery officer at Expo City Dubai, told […] December 26, 2024
Real Estate Dubai targets broader real-estate access with tokens Dubai plans to widen access to the real-estate sector by allowing tokenisation, which converts real-estate assets into digital tokens on a blockchain. This will enable the fractional ownership of properties, which in theory will attract more retail and institutional investors, a senior official in the emirate’s real estate regulator has said. Fractional ownership allows investors […] December 25, 2024
Artificial Intelligence Dubai’s Hodler in global AI data centre partnership Dubai’s Hodler Investments has partnered with US technology company Vertical Data to launch “sustainable” artificial intelligence data centres in the UAE, the Gulf, Africa and Canada. The companies said they are targeting rising demand for high-performance computing. Growing interest in AI applications has strained existing data centre capacity and fuelled intense demand for energy to […] December 24, 2024
EXCLUSIVE Real Estate Damac secures rights to build Trump Tower Abu Dhabi The Dubai luxury developer Damac Properties has secured the rights to build a Trump Tower in Abu Dhabi, sources familiar with the matter have told AGBI, as the Trump Organisation expands its footprint in the Gulf. Damac has an established relationship with the Trump Organisation, the family business of US President-elect Donald Trump, with a […] December 21, 2024
Transport Bolt’s UAE arrival rattles the ride-hailing market The arrival of global ride-hailing platform Bolt in the UAE will shake up a market long dominated by Careem and Uber, the CEO of Dubai Taxi Company (DTC) said. Estonian company Bolt, which operates in more than 600 cities and is present in Saudi Arabia, launched in Dubai this month in partnership with DTC, initially […] December 20, 2024
Construction Underwater marine museum bids sought by Abu Dhabi The Environment Agency Abu Dhabi (EAD) has launched a public tender for the construction of an underwater marine museum. The project scope includes construction, production, transportation, installation and handover of the museum elements, according to the pre-specified design. It will also require the fabrication and transportation of museum components, along with site preparation of the […] December 18, 2024
Markets Oman plans funds to enhance stock exchange liquidity Oman plans to introduce additional liquidity funds to increase trading volumes and support activity on the Muscat Stock Exchange, the exchange’s CEO has said. The move is part of a broader strategy to attract more investors to the Sultanate’s comparatively small and illiquid capital markets. Oman is working to diversify its economy, which remains heavily […] December 13, 2024
