Retail Retail rents rise at Dubai malls due to lack of supply Rents in Dubai’s retail sector grew by an average of 15 percent in the third quarter of this year, as a lack of new supply and high demand from shoppers meant it remained a landlords’ market at the emirate’s popular malls. There were no new completions of retail space in the second quarter of the […] October 28, 2024
Entrepreneurs Dubai seeks 5,000 VCs to ignite startup funding Less than a tenth of total loans issued by UAE banks in the first half of the year went to small and medium sized enterprises amid renewed calls to reduce the funding gap. The total amount of facilities and loans extended by banks operating in the UAE reached AED856 billion ($233 billion) by the end […] October 24, 2024
Real Estate Dubai’s bellwether Emaar to report Q3 profit rise Dubai’s Emaar Properties, bellwether of the emirate’s bourse, and its real estate development subsidiary, are likely to report sizeable increases in third-quarter profits versus the preceding three months as margins expand and under-construction projects reach revenue recognition thresholds. Emaar Properties owns 79 percent of Emaar Development and also has hospitality and retail divisions. It is […] October 24, 2024
Logistics More freighters on order at Emirates Emirates, Dubai’s flagship airline, has ordered more freighters in a push to expand its cargo operations, reports in local and international media said. The airline has ordered five Boeing 777 freighters, which are due to be delivered from 2025/2026 and brings the total number of 777 freighters on order to 14. “Demand for Emirates’ air […] October 21, 2024
Analysis Construction UAE warehousing attracts new institutional investors A lack of suitable warehousing across Dubai and Abu Dhabi is providing opportunity for institutional investors to get into industrial real estate. Non-industrial developers are also poised to take advantage of the gap. Strong demand for facilities in ecommerce and logistics, and the expansion of oil and gas companies in Abu Dhabi in particular, has led […] October 21, 2024
EXCLUSIVE Tech Dubai prepares laws to support digital businesses Dubai is preparing to roll out a wave of regulations aimed at supporting small and digital businesses, a government official has confirmed. “We need to recognise that digital business are different from traditional businesses, and we need to treat them as such,” Ahmad Bin Byat, vice chairman of Dubai Chamber of Digital Economy, told AGBI. […] October 17, 2024
Real Estate Nakheel awards $1.4bn contracts for Palm Jebel Ali villas Dubai state-owned developer Nakheel has awarded three major contracts, valued at more than AED5 billion ($1.4 billion), to construct ultra-luxury villas on the first six fronds of Palm Jebel Ali. The contracts were awarded to Ginco General Contracting, Shapoorji Pallonji Mideast and United Engineering Construction Company (UNEC). The work scope of the contracts includes the […] October 17, 2024
Transport Dubai Taxi partners with Bolt to take on Uber Dubai Taxi Company has signed a deal with the Estonian company Bolt to launch its “e-hailing” platform in the emirate, competing with existing operators such as Uber and Careem. The launch of the platform was announced during a signing ceremony between DTC and Bolt at Gitex Global. Mansoor Rahma Alfalasi, CEO of Dubai Taxi, called […] October 16, 2024
Opinion Economy The WEF shows its more pessimistic face in Dubai Founder of the Forum tells opening session that 'for the first time, humanity could destroy itself' October 16, 2024
Aviation Boeing 777X delay ‘highly expensive for us’, says Emirates Planemaker Boeing’s announcement of more delays in the delivery of its 777X aircraft to customers has had a “significant and highly expensive” impact on Emirates’ fleet programme, the Dubai carrier said this week. Emirates has already spent an extra $3 billion for a massive cabin refurbishment programme on 191 of its existing planes, 110 A380 […] October 15, 2024
Transport Plans agreed for Dubai’s skyborne transport system Dubai’s latest transport initiative aims to move people around the city at speeds of up to 120 kilometres an hour, with the intention of automating a quarter of all trips by 2030 and removing thousands of cars from the roads in the process. Plans for Dubai’s Suspended Transport Systems Project were approved earlier this month […] October 15, 2024
Real Estate World Islands ‘still a decade away from completion’ The multi-billion dollar World Islands off the coast of Dubai will not be complete for another decade at least as logistics and costs stymie development, the man behind its biggest project has revealed. The $14 billion development, originally consisting of 300 man-made islands, was launched by the government-backed property company Nakheel more than 20 years […] October 15, 2024
Trade Clouds clear as DP World seals London Gateway deal UAE port operator DP World has announced that it will go ahead with a £1 billion ($1.3 billion) investment in the UK after days of uncertainty, but the episode should be viewed as a “warning”, an expert has told AGBI. The expansion of DP World’s London Gateway port is intended to make it Britain’s largest […] October 14, 2024
Logistics UK minister confirms DP World to invest in London Gateway Dubai’s DP World will invest £1 billion ($1.3 billion) in its London Gateway port, business minister Jonathan Reynolds has confirmed. “The investment is going ahead,” business minister Jonathan Reynolds told Sky News after media reports suggested that DP World executives had threatened to boycott the International Investment Summit on October 14 and refrain from investing in […] October 14, 2024
Exclusive Banking & Finance Bond issuances to soar this year, says top Dubai banker Emirates NBD Capital, the investment banking unit of Dubai’s top lender, has issued a record number of bonds for its clients this year as corporate and sovereign borrowers shrug off historically high interest rates and geopolitical uncertainties. The Emirates NBD subsidiary launched operations in 2007. Today, it has eight full-time employees in its Dubai office […] October 10, 2024
Banking & Finance UAE VAT exemptions to boost funds, crypto and FDI New exemptions by the UAE on value added tax for investment funds and digital or crypto-related services will strengthen the Gulf state’s position as a financial hub and help attract more foreign business, experts have said. The Federal Tax Authority’s amendments announced this week exempt the management of investment funds from 5 percent VAT from […] October 9, 2024
Tourism Holiday homes fend off competition from Dubai’s hotels The number of holiday home listings in Dubai hit 18,000 in August, up 38 percent year on year, as investors look to capitalise on the emirate’s popular tourism industry. The mix of short and long-term lets are most favoured in hotspots such as Dubai Marina, Palm Jumeirah, Downtown Dubai and Business Bay, according to the […] October 9, 2024
Analysis Finance Insurance payouts surge in UAE after record rainfall The UAE’s record-breaking rainfall contributed to soaring levels of insurance payouts in the first half of this year. The increase is also attributed to inflation, the Gulf state’s growing population and expanded insurance coverage across various sectors. The Central Bank of the UAE said in its quarterly economic review that the gross paid claims of […] October 8, 2024
Food & Drink Spinneys to build processing unit in Food Tech Valley The UAE supermarket chain Spinneys has signed a deal to build a 500,000 square foot food processing unit in Dubai’s Food Tech Valley as part of the plan to increase its locally sourced produce. The deal, which will last for 27 years, is intended to foster innovation in food processing as part of the wider […] October 7, 2024
LUNCH WITH FRANK KANE People & Lifestyle ‘The biggest risk to Dubai is the cost of living’ Eminent lawyer and foodie Dr Habib Al Mulla tells our Editor-at-Large why he has opened a Moscow office and how the UAE needs to change October 7, 2024
