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Dubai key to General Motors’ $50bn global driverless vehicle target

Dubai key to GM’s $50bn driverless car plans

General Motors aims to generate $50 billion a year in revenues from driverless cars, with Dubai positioned as a key market in the company’s “robust” global plans. Speaking at a Sanford Bernstein conference in New York, GM chair and CEO Mary Barra said there is a “giant growth opportunity” in the company’s Cruise autonomous vehicle […]

Buy now pay later provider Tabby

Fintech Tabby doubles debt facility

Buy now, pay later company Tabby has doubled its existing debt facility as it looks to maintain triple-digit growth recorded in recent years. The fintech is backed by Abu Dhabi sovereign fund Mubadala and secured $350 million in funding through key global credit investors. Buy now, pay later (BNPL) allows consumers to order and take […]

Brands For Less denies stake sale speculation

Brands for Less denies stake sale speculation

UAE retail group Brands for Less (BFL Group) has denied reports that it plans to sell a minority stake in the business. A statement on Thursday said: “While the company, on an ongoing basis, reviews its options to further enhance growth, customer reach and customer service, there are no current plans for a sale of […]

Palm Jebel Ali Dubai

Palm Jebel Ali to add much needed beachfront properties

A revamped master plan for the billion-dollar Palm Jebel Ali man-made island development in Dubai has been approved, helping to meet demand for prime, residential, beachfront properties. The 13.4 sq km mega-project – twice the size of Palm Jumeirah – will add 110 km of coastline to the emirate and provide real estate for approximately […]

ICD profit

Dubai sovereign wealth fund sees profits rise five-fold

Investment Corporation of Dubai (ICD) reported a five-fold rise in annual net profit on Wednesday as the government-owned holding company benefited from soaring hydrocarbon and transportation-related revenues. Dubai’s sovereign wealth fund owns Emirates and FlyDubai airlines, travel agency dnata, Emirates National Oil Company and stock exchange operator Borse Dubai.  It also holds major stakes in […]

Dubai property construction Video length: 3:37

Dubai’s wealthy buyers short of new homes in prime areas

Global high-net-worth individuals are looking to Dubai to invest in property, but with only 289 units due to be completed in prime residential areas by 2026, supply in the emirate’s real estate market is low, driving prices up.  “We are short of easy-to-activate waterfront development sites – we have run out of coastline,” said Faisal Durrani, […]

Dubai taxi driver

Dubai considers taxi operator IPO as sector surges

Dubai is considering a stock market listing for its taxi operator, as the sector surges back to pre-pandemic levels and attracts local and international investment. The emirate’s Roads and Transport Authority (RTA) is in the early stages of considering listing the Dubai Taxi Corporation (DTC) as the latest state-backed entity to list on the Dubai […]

Saudi domestic tourism Al-Hijr

Saudi domestic tourism drive takes off at Dubai’s expense

Saudi visitor numbers to Dubai are expected to remain high, despite falling considerably from pre-pandemic levels as residents from the kingdom feel the pull of domestic tourism. The 289,000 travellers from Saudi Arabia made it the fourth-largest source market for travellers to Dubai in the first quarter of this year, but this total was still […]

Gulf beauty K-pop trend

K-beauty is not just a pretty face in Middle East

Thousands of UAE fans flocked to Expo 2022 Dubai when some of K-pop’s biggest musical acts took to the stage.  From Psy and his mega hit Gangnam Style to girlband (GI)-dle, Korean superstars proved to be some of the biggest crowd pleasers at the world fair. And it would appear that devotees do not only […]

Emirates Penelope Cruz

Emirates’ Penelope Cruz signing targets Spain and Latin America

Emirates is planning to spread its wings further across Spanish-speaking destinations with the help of actress Penelope Cruz. The Academy Award-winning star has been announced as the latest brand ambassador for Emirates. She will feature in a series of advertising campaigns across the summer in English and her native Spanish. Emirates – which reported a […]

Visitors at a Dubai souq. The tourism sector's 'robust recovery' should help government-related entities to repay debt, said S&P

Dubai’s debt burden set to tumble to 51% of GDP

Dubai’s government debt is forecast to fall to 51 percent of GDP this year, according to S&P Global Ratings, after the emirate repaid some of its outstanding bonds and loans. The figure is down 27 percentage points from a 2020 peak, the ratings agency wrote in a report published on Monday. Yet broader public sector […]

Renewing an existing tenancy in Dubai is proving more attractive as rents rise

Dubai tenants staying put as rents continue to soar

More Dubai renters are opting to renew their existing tenancies than move to a different property altogether, to avoid being hit by soaring rental rates in a “very strong” property market, according to CBRE.  The number of rental renewals in Dubai’s residential market grew by 29.7 percent year-on-year in the first quarter of 2023, compared […]

Sanjay Shah

Sanjay Shah pleads for review of $1.3bn tax fraud case

Sanjay Shah, a UK citizen accused of defrauding Danish tax authorities, is appealing to Dubai’s Court of Cassation to review its decision this week to make him repay AED4.64 billion ($1.26 billion), plus 5 percent interest. The Court of Cassation – the emirate’s highest court – refused an appeal by Sanjay Shah in a judgment […]

Dubai Pointe Palm Al Jumeirah

The Pointe is latest rebuild in Dubai’s property upswing

The Pointe is the latest in a string of retail and leisure destinations in Dubai that are being repurposed as landowners seek to capitalise on the emirate’s growing property market. State-owned Nakheel Properties confirmed this week that it plans to shut down and redevelop its 130,000 square metre The Pointe on Palm Jumeirah from next […]

Abdul Aziz Al Ghurair shares opinions on Dubai family businesses Video length: 04:29

UAE family businesses: ‘bigger cake, bigger problem’

Inefficient governance and incomplete succession planning are the two main challenges facing UAE family businesses, says the chairman of Dubai Chambers. Over the past 50 years family businesses have evolved from being small operations to multi-billion-dollar conglomerates. The sector now accounts for 60 percent of the country’s GDP. “The bigger the cake, the bigger the […]

The Dubai Health Authority is making strides to give tourists better and quicker medical access

Healthcare tourism gives Dubai a shot in the arm

Medical tourism brought nearly AED1 billion ($272 million) to Dubai last year, up by more than a quarter, as the emirate aims to build its reputation as a destination for international patients.  Dubai welcomed 674,000 medical tourists in 2022, up from 630,000 the previous year, with 39 percent arriving from Asian countries, 22 percent from […]

Habtoor Dubai

Al Habtoor forced to look overseas for contractor

Billionaire Khalaf Al Habtoor had to look to China and India for a contractor for his latest Dubai development as experts say Saudi Arabia’s construction boom is impacting UAE projects. The founding chairman of the Al Habtoor Group (AHG) broke ground on the Habtoor Tower building earlier this month. AHG was previously involved in building […]