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Abu Dhabi

Business news and financial news today from Abu Dhabi, covering major Abu Dhabi companies including Mubadala, Adnoc and Masdar.

The government wants farm owners to develop and promote agri-tourism experiences

Farmhouses the latest draw for Abu Dhabi’s tourists

Abu Dhabi is turning to farmhouses to add diversity to its tourism as the emirate aims to attract more than 24 million visitors in 2023. Authorities in the UAE capital are set to introduce a comprehensive policy framework to license and promote farmhouse tourism activity, with farm owners encouraged to develop and promote Emirati-led agri-tourism […]

The sale of 210 residential units in the first phase of Gardenia Bay on Yas Island will start from September 8

Aldar to begin work on new Yas Island project next year

Aldar Properties is expected to start construction on the first phase of Gardenia Bay on Yas Island at the start of 2024. The waterfront community is opposite Yas Park and close to attractions such as SeaWorld, Ferrari World and Yas Mall, the developer said in a statement on Abu Dhabi Securities Exchange. The project value […]

Pure Health buys UK private hospital group for $1.2bn

Pure Health, the largest healthcare group in the Middle East, is buying Circle Health Group, the UK’s largest operator of private hospitals. The deal, valued at AED4.4 billion ($1.2 billion), is Pure Health’s first entry into the UK. Based in Abu Dhabi, Pure Health has a network of more than 25 hospitals, 160 laboratories, 100 […]

air carbon exchange abu dhabi uae

Carbon credits trading predicted to hit $4bn

Carbon credits could become a $4 billion global asset class within the next half-decade, the co-founder of the Air Carbon Exchange told AGBI. Originally based in Singapore, the Air Carbon Exchange (ACX) is registered at Abu Dhabi Global Market and regulated by the ADGM Financial Services Regulatory Authority. Abu Dhabi sovereign fund Mubadala bought a […]

The overall loan-to-deposit ratio has increased for the first time in a year, according to the top 10 UAE banks

UAE consumers save less, borrow more in second quarter

UAE consumers saved less and borrowed more in the second quarter of the year, data from the country’s top 10 banks revealed. The overall loan-to-deposit ratio (LDR) rose from 74.9 percent in Q1 2023 to 76.3 percent in Q2, recording the first increase after four successive quarterly declines, according to the latest quarterly UAE Banking […]

Dubai scores highly on connectivity, with the UAE home to the fastest mobile internet speeds in the world

Dubai named top city for ‘executive nomads’

Dubai has risen to the top of a new index that ranks the world’s most desirable destinations for executive nomads. New entry Abu Dhabi is also emerging as a hotspot for senior professional remote workers, placing fourth. Malaga and Miami took second and third places. According to the latest Savills Executive Nomad Index, Dubai has […]

Abu Dhabi Spain

Abu Dhabi fund buys share of hotel group in Spain

Coral Reef, a subsidiary of Abu Dhabi Investment Authority, and Melia Hotels International have received approval to acquire a portfolio of 17 hotels from Equity Inmuebles in Spain and the Canary Islands. Financial details around the acquisition were not revealed. The deal was given the green light by the European Commission under EU merger regulations. […]

Genomics UAE Saudi

US biotech manufacturer seeks Gulf genomics partners

US biotech company ProPhase Labs is in talks with prospective partners in the UAE and Saudi Arabia. ProPhase Labs, which is listed on Nasdaq, has appointed two advisers: investment bank ThinkEquity and Al Ramz Corporation, a capital markets financial institution in Abu Dhabi. Discussions with potential partners in Dubai, Abu Dhabi and Saudi Arabia are […]

Saudi Aramco's Ras Tanura oil refinery. The kingdom's main chemicals producer Sabic intends to build a new facility in Ras Al Khair

Saudi Arabia and Abu Dhabi bet on crude-to-chemicals

Saudi Arabia and Abu Dhabi’s state-run oil companies both want to expand their chemicals production capacity in a strategic shift that will have huge implications for a petrochemicals industry already suffering from its lowest margins in two decades. Saudi Aramco and Abu Dhabi National Oil Co (Adnoc) together provide around almost half of Opec’s crude […]

UAE wellbeing

UAE decking out offices to promote worker wellbeing

The UAE is increasingly adopting building standards that meet employee demand for office conditions that enhance wellbeing. The Middle East has witnessed a 24-fold increase in Well Building Standard adoption over the last 19 months, with a large majority coming from the UAE. The Well Building Standard is an international system that measures, monitors and […]

Ahmed Jasim Al Zaabi, chairman of Abu Dhabi Department of Economic Development

Abu Dhabi’s industrial ambitions begin to bear fruit

Abu Dhabi has registered a 63 percent jump in the number of industrial licences issued during the first half of 2023 as the emirate makes progress on plans to double the size of the sector by 2031. In the first full year since the launch of the Abu Dhabi Industrial Strategy, nearly AED15.4 billion ($4.2 […]

NWTN

Dubai company to invest $500m in Chinese EV maker

UAE company NWTN has announced a deal to invest $500 million in the Chinese manufacturer of electric vehicles including the Hengchi brand. The investment in China Evergrande New Energy Vehicle Group aims to accelerate NWTN’s development in the EV space as it establishes an assembly plant in UAE capital Abu Dhabi.  Headquartered in Dubai, the eco-conscious […]

An ADSB landing craft at its Abu Dhabi shipyard. Its biggest export client so far is the Angolan Navy

Shipbuilder ADSB trains sights on exports as profit rises

Abu Dhabi Ship Building has reported net profit of AED21 million ($5.7 million) for the first half of 2023 – more than its profit figure for the whole of last year. The listed shipbuilder’s order book stands at more than AED8 billion, it said in a filing to Abu Dhabi Stock Exchange on Monday. CEO […]

Backed by PIF, Ades Holding operates a fleet of 85 rigs in seven countries

Adnoc Drilling expects hybrid rigs to cut emissions

Investment in hybrid power solutions could cut Adnoc Drilling’s CO2 emissions by as much as 20 percent. The largest national driller for oil in the Middle East is seeking to slash its carbon intensity by a quarter by 2030. The company is set to have more than 140 rigs in operation in the next 18 […]

Adnoc Drilling plans to reallocate staff as the rig fleet expands over the next 18 months

Adnoc Drilling efficiency drive targets recruitment

Recruitment plans by Adnoc Drilling are under review as the Abu Dhabi company strives to hit its efficiency targets. A subsidiary of Abu Dhabi National Oil Company (Adnoc) and listed on the Abu Dhabi Exchange (ADX), Adnoc Drilling reported a 13 percent increase in revenues for the first half of the year as profits reached […]

inclusive tourism uae

UAE taps multi-billion dollar inclusive tourism market

Amsaan Accessible Tours claims to be the first company in the Mena region specialising in creating unique tours for deaf people, tapping into the underserved and yet multi-billion dollar inclusive tourism market. The Dubai company uses technology to provide tours with all information in sign language. There are deaf guides for group tours, on-demand sign […]

Mubadala Energy CO2 low carbon

Mubadala Energy cuts CO2 by 41% in low carbon drive

The oil and gas unit of Abu Dhabi sovereign wealth fund Mubadala Investment Company said it reduced its carbon emissions by 41 percent between 2021 and 2022, mainly by expanding its lower-carbon gas operations. Mubadala Energy – previously known as Mubadala Petroleum – which had a portfolio that was almost two-thirds natural gas as of 2021, […]

Abu Dhabi house prices

Abu Dhabi house prices 25% lower than 2014

Average house prices in Abu Dhabi are 25 percent cheaper than they were during the 2014 peak. One area that bucks the trend is Saadiyat Island, one of the most popular locations in the emirate. Known as the cultural island and home to the Louvre Abu Dhabi and Guggenheim Abu Dhabi museums, house hunters will need […]

Switch Foods' plant-based burgers Video length: 04:13

Supermarkets embrace UAE’s brand of plant-based meat

Switch Foods, the plant-based meat brand based in Abu Dhabi, is now available at 133 stores across the UAE as the Gulf’s appetite for alternative diets continues to grow. Consumers can now buy its products from retailers including Carrefour, Organic Food Café, Grandiose, Geant, Union Coop, Sharjah Coop, Al Maya, Abella and Spinneys. Online purchases […]

Yahsat satellites

Yahsat in Airbus talks to build new satellites

Al Yah Satellite Communications Company (Yahsat) is in talks with Airbus to start work on two new satellites as it looks to build on a 5 percent rise in net profit for the first half of 2023.  Group CEO Ali Al Hashemi said the Abu Dhabi-listed company has signed an authorisation-to-proceed letter with the European […]