Real Estate Abu Dhabi’s Aldar has big plans for projects in Dubai Aldar Properties, Abu Dhabi’s largest developer, plans to launch more projects in neighbouring Dubai this year. Speaking at a press conference on Friday, Aldar’s chief finance and sustainability officer Faisal Falaknaz said the Abu Dhabi-listed developer is on track to launch its second master plan in Dubai in the second quarter of this year. The […] February 9, 2024
Construction Aldar profit climbs 40% as sales hit $7.6bn in 2023 Aldar Properties, Abu Dhabi’s largest developer, said net profit rose 40 percent year on year to AED4.4 billion ($1.2 billion) in 2023 as annual revenue jumped 26 percent to AED14.2 billion. Full-year property sales hit a record AED27.9 billion ($7.60 billion), with Q4 2023 reaching an all-time of AED8.5 billion, the developer said in a […] February 9, 2024
Giga-projects Abu Dhabi close to $22bn development project in Egypt Abu Dhabi is in advanced talks with the Egyptian government to buy and develop premium land on Egypt’s Mediterranean coast in a potential multi-billion-dollar deal, according to a media report. A UAE consortium has been selected to work with local partners to develop Ras El-Hekma, an area 350 km northwest of Cairo, Bloomberg reported, citing […] February 9, 2024
Finance ADIA gets nod for $5bn fund in India’s new business hub The Abu Dhabi Investment Authority (ADIA), the UAE’s largest sovereign wealth fund, will set up a $4 billion to $5 billion fund in India’s latest special economic zone. The regulatory authority for financial services at Gujarat International Finance Tec-City (Gift City) has granted in-principle approval to ADIA to set up the fund, the Reuters news […] February 8, 2024
Trade AD Ports deal to transform Jordan’s Aqaba Abu Dhabi is to play a key role in transforming operations at Aqaba Port, Jordan’s primary trade hub. A joint venture company comprising a subsidiary of Abu Dhabi Ports Group and the Aqaba Development Corporation (ADC) aims to “revolutionise” the port by digitalising operations within a year. The UAE wants to build on bilateral trade […] February 6, 2024
People & Lifestyle Mubadala buys stake in Indian hospital chain The Abu Dhabi sovereign investor Mubadala Investment Company has invested in Manipal Health Enterprises (Manipal), India’s second-largest hospital chain by number of beds. “Given the ever-increasing demand for high-quality hospital care across India, we look forward to supporting Manipal’s growth journey in the years ahead,” said Camilla Macapili Languille, head of life sciences at Mubadala, according to the […] February 6, 2024
Energy Abu Dhabi and UK partner plan green hydrogen complex Abu Dhabi has linked up with Hycap, an asset manager that funds net zero projects, to develop an industrial complex for green hydrogen. The facility will include an electrolysis plant, hydrogen storage and tankers for transport. The partnership between Abu Dhabi Department of Economic Development (ADDED) and UK business Hycap hopes to attract international companies […] February 6, 2024
Opinion Real Estate School’s in: UAE education is ripe for investment The listing of more education-based real estate investment trusts will diversify UAE capital markets February 5, 2024
Food & Drink Air corridor for Abu Dhabi aims to support food security Abu Dhabi is planning to establish an air corridor for perishable goods in a bid to develop new trade routes and support the UAE’s food security efforts. Etihad Cargo, Abu Dhabi Airports and Abu Dhabi Food Hub – Kezad have signed a tri-party memorandum of understanding. Abu Dhabi Food Hub is the country’s first dedicated […] February 5, 2024
Analysis Health Gulf embraces a personalised approach to healthcare The Gulf is shifting towards a more personalised approach to healthcare, but the growth of the sector faces challenges in terms of talent and data management according to experts. Traditional medicine tends to address only the initial health issues without tailoring solutions to the unique requirements of each patient, says Vadim Fedotov, CEO of Bioniq, […] February 1, 2024
Industry Borouge’s 2023 profit falls 29% on produce price drop Abu Dhabi-listed petrochemicals major Borouge said net profit fell 29 percent to $1 billion in 2023 from $1.41 billion in 2022. The slide in profit was attributed to a 16 percent decline in average selling prices as global polyolefins demand reduced from peak levels in 2022. This was partially offset by a one percent increase […] February 1, 2024
Banking & Finance FAB to pay out record $2.1bn cash dividend The board of the First Abu Dhabi Bank (FAB), the UAE’s biggest lender by assets, has recommended the bank’s highest cash dividend payout since 2020. At AED 7.8 billion ($2.12 billion), the dividend represents around half of the bank’s net profit for 2023, which surged 56 percent year on year to AED16.4 billion. Total income increased […] February 1, 2024
People & Lifestyle Pure Health buys Abu Dhabi hospital stake for $150m A subsidiary of Abu Dhabi’s Pure Health Holding has agreed to acquire Mayo Clinic’s shares in Sheikh Shakhbout Medical City for $150 million. Under the agreement, Abu Dhabi Health Services Company (Seha) will acquire 25,000 shares, or 25 percent, of the total issued shares of Sheikh Shakhbout Medical City, Pure Health said in a statement […] January 30, 2024
Transport Kezad to invest $169m to increase UAE warehousing capacity Khalifa Economic Zones Abu Dhabi (Kezad Group), a trade, logistics, and industrial hub, has commenced work to increase its warehousing capacity by 43 percent, or more than 250,000 square metres, at the cost of AED621 million ($169.08 million), due to growing demand. The additional capacity of pre-built industrial and logistics facilities will come online by the […] January 30, 2024
Aviation Wizz Air Abu Dhabi aims for 25% business growth Low-cost carrier Wizz Air Abu Dhabi expects business to grow by 25 percent in 2024 compared to last year, driven by capacity growth. The airline has 12 aircraft based in Abu Dhabi, with plans to expand to 50 in the next four to five years, the UAE state-run Wam news agency reported, citing CEO Jozsef […] January 26, 2024
Construction Abu Dhabi property service charges cut by 6% in 2023 Service and community charges for property owners in Abu Dhabi fell six percent in 2023, resulting in savings of AED39.7 million ($10.81 million) year on year. The total approved budgets for jointly owned property development projects reached AED 685 million by the end of Q4 2023, state-run Abu Dhabi Media Office reported, citing Abu Dhabi […] January 25, 2024
Tech Abu Dhabi sets up council to regulate AI Abu Dhabi has established a new artificial intelligence council as part of efforts to regulate the technology and create research opportunities. The Artificial Intelligence and Advanced Technology Council (AIATC) will be responsible for developing and implementing policies and strategies related to AI research, infrastructure and investments and advanced technologies in the emirate, the Abu Dhabi […] January 24, 2024
Health Healthy rise in medical tourism to Abu Dhabi clinic The number of overseas patients travelling to the UAE for treatment at the Cleveland Clinic Abu Dhabi rose by 20 percent in 2023, the hospital’s CEO has said. Overseas visitors make up 1.5 percent of the patients treated each year at the Cleveland Clinic hospital on Al Maryah Island. Its CEO, Dr Jorge Guzman, told […] January 24, 2024
Energy Taqa to sell entire stake in Kurdistan oilfield Abu Dhabi National Energy Company (Taqa) has agreed to sell its entire stake in the Atrush oilfield in Iraqi Kurdistan to Canada’s ShaMaran Petroleum. Through its subsidiary Taqa International, the company has entered into a definitive agreement with ShaMaran subsidiary General Exploration Partners (GEP), Taqa said in a filing to the Abu Dhabi Securities Exchange […] January 22, 2024
Video length: 06:59 Employment UAE diversity law causing visa issues for businesses UAE businesses are encountering difficulties getting work visas for new employees of South Asian nationalities following the enforcement of a government directive to boost diversity in the workforce. Abeer Al Husseini, a Dubai-based partner at immigration law practice Fragomen, told AGBI that the Ministry of Human Resources and Emiratisation has “reinstated” its demographic diversification regulation. […] January 19, 2024
Opinion Sustainability Gulf industrial decarbonising needs ambition and urgency The UAE has published a pathway to carbon zero by 2050. It now needs support from policy January 17, 2024
Finance ADQ-backed fintech buys rural bank in Philippines Salmon, a consumer fintech company backed by Abu Dhabi sovereign wealth fund ADQ, will acquire a majority stake in a Philippine rural bank. The startup has received regulatory approval from the Philippine central bank to purchase 59.7 percent of Rural Bank of Sta. Rosa, which operates in Laguna province, south of Manila. The transaction will […] January 10, 2024
