Sustainability Forests in the desert: more than just a pipe dream Planting trees in the sand has been done before and can be done again, but when water is so scarce it is a remarkable challenge, says Valentina Pasquali July 8, 2024
Construction DIFC Square launched to meet Dubai’s growing office demand More than 500,000 sq ft of office space is to be added to the heart of Dubai International Financial Centre with the launch of three new towers. DIFC Square will be built over 1 million square feet, 60 percent of which will be dedicated to grade A office space. At a cost of around $270 […] July 3, 2024
Video length: 03:27 VIDEO Real Estate CEO calls for regulation to raise Dubai real estate standards Loai Al Fakir, founder and CEO of Provident Real Estate, says a lack of regulation and a culture of kickbacks, in which agents are asked to forgo commission, is damaging the real estate industry in Dubai. “When the agent’s not compensated for his efforts at work, it devalues the whole industry,” he says. “If we’re […] July 1, 2024
Analysis Construction Construction is ‘cheaper in Dubai than Riyadh or Doha’ Dubai is only the third most expensive construction market in the Middle East after Riyadh and Doha, research has found. A real estate boom led by the leisure, hospitality and sports sectors, combined with a “distinct shortage of skilled labour”, have driven up construction costs in the Saudi capital to an average of $2,593 per […] June 21, 2024
Video length: 06:12 Analysis Real Estate Dubai fractional ownership is promising, but untested Fractional ownership of property in Dubai promises to widen access to real estate investment in the emirate’s surging market. But the lack of a proven secondary market raises questions about just how much liquidity this asset class can count on in a potential crisis, experts say. Buying even small portions of one or more units […] May 29, 2024
Opinion Aviation Flynas saves the best for last at Farnborough Airshow This year the headline-grabbing deals arrived later than expected July 26, 2024
Markets UAE capital markets partner with Hong Kong exchange The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […] July 26, 2024
Opinion Leisure & Hospitality Dubai restaurants struggle in the dog days of summer The summer expat exodus and rent increases are piling pressure on Dubai's hospitality industry July 26, 2024
Transport Dubai Taxi to pay $43m dividend despite profit drop Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, has approved a dividend payout of AED159 million ($43 million) for the first half of 2024 despite a marginal 1 percent increase in net profit. Net earnings reached AED187.4 million in the first six months of the year, compared to AED186.3 million at the same […] July 26, 2024
Banking & Finance Mashreq’s earnings up as loans and deposits rise Dubai-listed lender Mashreq said its net profit rose 14 percent year on year to AED4 billion ($1.1 billion) in the first six months of 2024 on higher interest income, business expansion and minimal risk costs. Net profit before tax grew 24 percent to AED4.5 billion. Net interest income increased 17 percent year on year to […] July 26, 2024
Analysis Aviation Dubai and Jeddah dominate airport construction in Mena Just two giant projects, in Dubai and Jeddah, account for almost 80 percent of current spending on airport development in the Middle East and North Africa, a report has revealed. Some 19 different projects, ranging from expansions to additional runways and entire new airports, are under way in 11 countries across the region, according to […] July 25, 2024
Education Amanat to list its education platform Amanat Holding, an investment company in Dubai, has announced plans to list its education platform. The move will be the third education-related initial public offering in the UAE in the last two years, following the listing of Dubai’s Taaleem in 2022 and Abu Dhabi’s Alef Education earlier this year. Amanat, which specialises in healthcare and […] July 19, 2024
Real Estate Dar Global to build new Trump tower in Dubai The Trump real estate brand got another boost in the Gulf on Thursday as developer Dar Global announced it would build a Trump Tower in Dubai. The London-listed overseas arm of Saudi Arabia’s largest developer Dar Al Arkan said further details about the agreement with the Trump Organization, such as the exact location and construction […] July 18, 2024
Exclusive Leisure & Hospitality Palazzo Versace auction tied to owner’s finances The auction of the Palazzo Versace Dubai hotel is directly tied to the property’s owner’s financial circumstances and is not a reflection of the hotel’s performance, an executive told AGBI. The hotel itself continues to perform strongly, said Monther Darwish, managing director of Palazzo Versace Dubai and chairman and founder of Palazzo Hospitality, which oversees […] July 18, 2024
Banking & Finance Loan growth pushes Emirates NBD profit up 12% to $4bn Emirates NBD, Dubai’s biggest bank, reported a 12 percent year-on-year increase in net profit to AED13.8 billion ($3.8 billion), driven by increased lending and higher impaired loan recoveries. Total income reached AED21.4 billion after strong loan growth across all business segments coupled with a stable, low-cost funding mix. Lending grew 6 percent year on year […] July 18, 2024
People & Lifestyle Dubai launches one-stop hub to streamline government services People in Dubai can now obtain an Emirates ID, register a company, open a bank account and more under one roof following the opening of the Emirates Government Services Hub (EGSH). Owned by Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum, a member of the Dubai Royal family, EGSH allows clients to access all essential […] July 17, 2024 In association with
Logistics Aldar’s new Dubai logistics park to break ground in Q4 Aldar Properties, an Abu Dhabi-listed developer, will break ground on a new logistics park within DP World’s 21-sq km National Industries Park (NIP) in Dubai in the fourth quarter of 2024. The 1.55 million sq ft grade-A logistics park will cater to the emirate’s high demand for warehousing facilities. It will comprise three modular buildings […] July 16, 2024
Logistics Dubai veg market to double despite warehouse shortage Dubai plans a massive expansion of its fruit and vegetable market to make it the world’s largest, despite the fact warehouse rents in the emirate keep increasing amid a lack of quality supply. On Wednesday Sheikh Mohammed bin Rashid Al Maktoum oversaw the signing of a deal between Dubai Municipality and ports operator DP World […] July 11, 2024
EXCLUSIVE Artificial Intelligence AI regulations double investment costs, says Mashreq Bank Differing rules surrounding artificial intelligence and the lack of a global regulatory environment is doubling the cost of new investments and complicating business expansion, a leading UAE financial institution has revealed. Amith Rajan, executive vice-president at Mashreq Bank, told AGBI that a “patchwork” AI regulatory landscape has prevented the bank from entering some countries, and […] July 11, 2024
Analysis Construction French construction major chases growth in Middle East Saint-Gobain’s $1 billion takeover of Dubai’s Fosroc highlights the growing importance of the Middle East to the company and the construction industry, according to executives at the French conglomerate. The all-cash transaction for Fosroc, which makes construction chemicals, was agreed at the end of last month. Saint-Gobain expects the deal to close in the first […] July 10, 2024
Video length: 03:25 VIDEO Development Dubai Humanitarian and the Mena aid challenge The Mena region requires nearly $14 billion in humanitarian aid, according to the UN. Dubai Humanitarian, formerly known as International Humanitarian City, plays a vital role in bringing together aid organisations and mobilising both funds and relief to countries affected by conflicts and climate emergencies. Dubai Humanitarian sends 1,300 dispatches of aid worth up to […] July 10, 2024
Aviation Dubai entrepreneurs draw closer to launching Air Kerala Two Dubai-based businessmen are on the verge of launching Air Kerala, an ultra low-cost carrier in the Indian state, with long-term plans to offer flights to the Gulf. The venture by Afi Ahmed, chairman of the travel company Smart Travels, and Ayub Kallada, chairman and managing director of Kallada Food Industries, made progress this week […] July 9, 2024
Analysis Economy UAE economic growth brings rise in court disputes, say lawyers Debt recovery cases in Dubai and the wider UAE are increasing, a pair of local law firms told AGBI, citing anecdotal evidence from their practices. Behind the trend, they said, are various factors, chief among them being the influx into the emirates of new businesses from around the world. Also contributing are a host of […] July 9, 2024
Education Taaleem’s premium schools strengthen bottom line UAE-based schools operator Taaleem has reported net profit before tax of almost AED278 million ($76 million) for the nine-month period through to the end of May. Profits at the Dubai-listed company, which operates 32 schools across the UAE, increased by close to 39 percent year on year. Revenues over the period were up 15 percent […] July 5, 2024
Analysis Retail Does Dubai need more malls? The people say yes In a city that already has more than 60 million square feet of leasable retail space, one of the highest per capita in the shopping-crazy Gulf, it is perhaps surprising to see more malls being built or added to the pipeline. Yet that is exactly what is happening in Dubai, where this week Sobha Realty […] July 4, 2024
