Real Estate Aldar targets China as sales to overseas buyers balloon Aldar Properties is working to attract more Chinese customers as it reports a fourfold increase in sales to overseas and expat buyers for the first half of the year. “One interesting demographic we are starting to see is the Chinese,” said Faisal Falaknaz, group chief financial and sustainability officer at the Abu Dhabi developer. “It […] August 1, 2023
Energy Adnoc shaves five years off net zero deadline Abu Dhabi National Oil Company (Adnoc) has brought forward its deadline to reach net-zero carbon emissions by five years to 2045, citing its “industry-leading” progress on targets to date as the reason for the change. Sheikh Khaled bin Mohmed, Crown Prince of Abu Dhabi, approved the state oil company’s plan to bring the net-zero deadline […] July 31, 2023
Banking and Finance Standard Chartered not expecting further FAB approach The boss of British bank Standard Chartered does not anticipate a further acquisition approach from First Abu Dhabi Bank as a six-month cooling off period required by UK takeover rules comes to an end. The London-listed bank has been the subject of speculation this year around a possible sale to FAB, the UAE’s biggest lender. […] July 31, 2023
Construction Aldar Education expands into Bahrain and Dubai Aldar Properties has increased investment in its education business, with over AED350 million ($95 million) added to the initial AED1 billion commitment announced last year, it said on Monday. A filing to the Abu Dhabi Stock Exchange notes that the company is expanding into Dubai and Bahrain, as well as adding a new acquisition in […] July 31, 2023
Analysis Lifestyle Hollywood strikes a blow to Mena film industry When it came to creating the epic sunset scenes for the upcoming Dune movie sequel, director Denis Villeneuve chose the sand dunes of Jordan and Abu Dhabi to stand in for the futuristic desert planet of Arrakis. Local fans sitting down to watch the movie this November should relish the occasion, as it may be […] July 31, 2023
Manufacturing Borouge profit down 50% as merger talks continue Petrochemicals company Borouge saw its net profit slide 53 percent year on year to $231 million in the second quarter, attributed to a decline in average sales prices for its products. The business said in a filing to Abu Dhabi Securities Exchange, where its shares are traded, that total revenues fell by 25 percent to […] July 28, 2023
Business of Sport Green light for Manchester City stadium upgrade Manchester City FC has won planning permission to expand and upgrade its stadium, meaning the $384 million project can get under way. The English footbal club is majority-owned by Abu Dhabi United Group. It unveiled proposals earlier this year to increase the size of the Etihad Stadium’s North Stand by 7,700 people, to accommodate a […] July 28, 2023
Opinion Entrepreneurs In Dubai vs Riyadh, it’s the startups that win Competition between the two major business hubs is great for entrepreneurs July 27, 2023
Banking and Finance Abu Dhabi asset manager plans $250m carbon fund Offset8 Capital, an Abu Dhabi asset management company, is planning to raise $250 million for a carbon investment fund focused on financing climate mitigation and adaptation projects. Proposed investments will aim to support local communities in Africa and Southeast Asia on projects involving mangrove restoration, reforestation and biochar. Offset8, which is based in the financial […] July 27, 2023
Sustainability Abu Dhabi ramps up its climate action strategy The Abu Dhabi Environment Agency (EAD) has outlined its plans for the emirate’s climate change strategy. The EAD’s five-year plan aims to reduce the UAE capital’s emissions by 22 percent from 2016 levels by strengthening its efforts to achieve greater environmental resilience and climate neutrality, and attracting investment as part of a sustainable economy. EAD […] July 25, 2023
Banking and Finance UAE banks’ Q2 profits surge on rising interest income Two major Abu Dhabi-listed banks – Abu Dhabi Commercial Bank and First Abu Dhabi Bank – reported robust bottom lines for Q2 2023, as interest and non-interest incomes surged. Abu Dhabi Commercial Bank (ADCB) reported a 23 percent year-on-year rise in the second quarter of 2023 profit due to healthy loan growth and rising benchmark […] July 21, 2023
Real Estate Foreign investment up 363% in Abu Dhabi real estate Abu Dhabi real estate encountered a record 363 percent rise in purchases by foreign buyers in the first half of 2023, according to new data. Foreign purchasers spent AED834.6 million ($227.2 million), Abu Dhabi’s Department of Municipalities and Transport (DMT) reported. The DMT figures showed that the most popular location among overseas investors was Saadiyat […] July 20, 2023
Tourism Abu Dhabi checks into $900m deal for Japan hotels A subsidiary of Abu Dhabi Investment Authority is part of a consortium that has completed a $900 million deal to acquire a portfolio of hotels in Japan. The Adia subsidiary has joined Singapore’s private equity real estate firm SC Capital Partners and Goldman Sachs Asset Management in acquiring 27 hotels from Japanese developer Daiwa House […] July 19, 2023
Energy Adnoc Gas signs 14-year deal with Indian oil firm Adnoc Gas, a subsidiary of Abu Dhabi National Oil Company (Adnoc), has signed a 14-year supply agreement with India’s state-owned energy firm Indian Oil Corporation Limited. The deal involves the export of up to 1.2 million metric tonnes per annu of liquefied natural gas valued at $7 billion to $9 billion, the company said in […] July 19, 2023
Renewable Energy Masdar and Adnoc agree trio of green hydrogen deals Abu Dhabi renewable energy company Masdar has agreed a deal with two Japanese energy and chemicals firms to explore production of commercial-scale polypropylene made from carbon dioxide and green hydrogen in the UAE. Masdar has teamed up with Japan’s Mitsubishi Chemical Group Corporation and Inpex Corporation, a Japanese oil and gas company. They have signed […] July 18, 2023
Analysis Employment New job rules to lure Emirati graduates to SMEs The UAE has expanded its rules on Emiratisation as it seeks to give Emirati graduates more opportunities to join small to medium-sized enterprises, which provide jobs for more than 86 percent of the private sector workforce. A government resolution widens the pool of private sector businesses subject to Emiratisation – an initiative to employ its […] July 18, 2023
Opinion Economy Insights into the UAE-India love-in The dirham-rupee link was the talk of Dubai even before Modi's visit July 17, 2023
Opinion Energy UAE roadmap for Cop28: high energy, low impact There are constraints imposed by life in a maritime desert, however July 14, 2023
Health NMC Healthcare founder BR Shetty faces $4bn lawsuit Administrators have filed a $4 billion lawsuit against the founder of NMC Healthcare BR Shetty and its former chief executive, related to allegations of fraud which led to its demise in 2020. Legal claims have been made in the UK and Abu Dhabi centred around Shetty, Prasanth Manghat and the Bank of Baroda, as reported […] July 12, 2023
Banking and Finance Two Abu Dhabi banks tap debt markets for $1.25bn Abu Dhabi Commercial Bank (ADCB) and Abu Dhabi Islamic Bank (ADIB) have raised $1.25 billion in total from the sale of conventional and Islamic bonds, seizing a window of opportunity to raise debt amid a lull in regional issues. ADCB launched $500 million five-year senior unsecured bonds at 120 basis points (bps) over US treasuries, […] July 12, 2023
Banking and Finance Etisalat confirms interest in Ethiopian telco Ethio Telecoms giant Etisalat (rebranded as e&) confirmed on Tuesday that it is considering buying a stake in Ethio, a state-controlled operator in Ethiopia. The Abu Dhabi-based company, which is now branded e&, said in a filing to the stock exchange that it was “at an early stage” of assessing a bid. The statement from the […] July 11, 2023
Agriculture UAE firms to develop land in Angola for rice and avocados Two UAE companies have signed a deal to develop a vast plot of land in Angola as the African agricultural sector’s appeal grows among Gulf investors. Dubai Investments and E20 Investment, an Abu Dhabi agribusiness investment company, will develop 3,750 hectares – approximately the size of 9,300 football fields. Maximising the potential of Angola’s fertile […] July 11, 2023
