Economy Dubai’s 2024-26 budget sets total spend at $67bn The Dubai government has approved the budget for 2024 to 2026, with total expenditure projected at AED246.6 billion ($67.14 billion). Estimated expenses for next year stand at AED79.1 billion, the UAE state-run Wam news agency reported. The government has forecast that public revenue will reach AED90.6 billion, of which AED85.1 billion will be allocated to […] November 7, 2023
Finance Global investor looking to Middle East healthcare sector The global asset management group Janus Henderson Investors is targeting the Middle East’s trillion-dollar medical sector to deliver healthy returns. The group has $308 billion in assets under management and 24 offices globally, including one in Dubai International Financial Centre since 2012. The healthcare team’s strategy has a pot of more than $10 billion, while […] November 3, 2023
Renewable Energy Lootah Biofuels strengthens Maldives presence Dubai’s Lootah Biofuels has signed a deal with Atmosphere Hotels & Resorts to provide and supply biodiesel and deliver waste cooking oil recycling services in the Maldives. The agreement also supports the collection and recycling of used cooking oil from luxury resorts, hotels, restaurants and households to produce biodiesel. The Global Centre for Maritime Decarbonisation […] November 3, 2023
Sustainability Emerging markets need more ‘climate-responsive’ projects There is an “alarming shortage” of projects working to reduce the negative effects of climate change in emerging markets, a new study by the Tony Blair Institute for Global Change has found. The report noted that the number of “climate-responsive” projects in emerging markets funded by the private sector has been decreasing by around 10 […] November 3, 2023
Tech Dubai to create 30,000 jobs in gaming Dubai has launched a plan to create 30,000 jobs in the gaming industry by 2033. Its Program for Gaming 2033 aims to increase gaming’s contribution to the digital economy to $1 billion within a decade. The emirate’s Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said the strategy also aims to position it […] November 3, 2023
Analysis Finance UAE and UK sign agreement to boost fintech The UK and the UAE have signed an agreement to strengthen ties on financial services that its backers hope will provide a boost to fintech. The Memorandum of Understanding (MoU), signed in Dubai late last week by Andrew Griffith, UK City minister, and Abdulla bin Touq Al Marri, UAE minister of economy, seeks to promote […] November 3, 2023
Video length: 07:13 Opinion Lifestyle Hold on to your wallet – the Aston Martin bicycle is here The so-called hyperbike is just the thing to be parked next to your supercar November 3, 2023
Cop28 Philanthropy to play key role in negating climate threat The trillion dollar philanthropy industry can be the “glue” that brings together governments and the private sector in the global fight against climate change, according to the special representative for business and philanthropy at this month’s Cop28. Speaking at the Dubai Business Forum this week, Badr Jafar, who is also CEO of Crescent Enterprises, explained […] November 2, 2023
Tourism UK singer Robbie Williams reveals Dubai hotel plan UK pop singer Robbie Williams has revealed plans to build a hotel resort in Dubai. The 49-year-old former member of Take That, who performed in Abu Dhabi last month, told Wondery’s Brydon & podcast that he is building a 700-room hotel in Dubai. He explained to host Rob Brydon that the development was spurred by […] November 2, 2023
Construction Appeal court green lights Drake & Scull restructure Dubai’s court of appeal has approved a plan to restructure the troubled Dubai construction contractor Drake & Scull International (DSI). In what has been a lengthy battle through the courts, a previous verdict had called for the company to be placed into liquidation. This has now been overruled, and the court has given DSI one […] November 2, 2023
Construction Dubai’s Union Properties reports $5m profit for Q3 The Dubai developer Union Properties (UP) has reported a net profit of AED20 million ($5.45 million) for the third quarter of the year, backed by continued strong demand in the emirate’s real estate sector. UP, best known for its Motor City development in Dubai, transformed a AED966 million net loss in 2021 to a AED30 […] November 2, 2023
Analysis Trade Dubai-Dutch office digs into UAE and Netherlands trade Dubai International Chamber has inaugurated its fourth European representative office, in Amsterdam. The UAE is seeking to build on bilateral non-oil trade of AED11.2 billion ($3.1 billion) with the Netherlands in the first half of 2023. Officials said the new office, which opened last month, will play a key role in enabling Dubai-based companies to […] November 2, 2023
Sustainability French minister hails positive steps in Cop28 negotiations France’s minister of energy transition, Agnès Pannier-Runacher, has hailed positive progress in climate negotiations, especially on the financial support for vulnerable countries hit by climate disasters. A final attempt to push through consensus became the most important point of the discussions ahead of the Cop28 climate conference in Dubai. Seventy ministers and 100 delegates met […] November 1, 2023
Sustainability Pope and King Charles III to attend Cop28 The Pope and the UK monarch are due to attend the Cop28 climate change summit in Dubai next month, according to statements. King Charles III will attend the opening ceremony of the World Climate Action Summit at Cop28 on December 1 at the invitation of UAE President Sheikh Mohamed bin Zayed Al Nahyan and at […] November 1, 2023
Sustainability Businesses urged to sign up to UAE’s Cop28 charter The Cop28 presidency has drawn up a Net-Zero Transition Charter to which private sector businesses can sign up to give greater credibility to their net zero strategies. The aim is to encourage the private sector to take “bolder action on climate change and commit to greater accountability in their net-zero emissions pledges,” according to a […] November 1, 2023
Banking & Finance Dubai launches $136 million venture capital fund Dubai Integrated Economic Zones Authority has launched a venture capital fund, backed by a AED500 million ($136 million) pot, to support tech startups. Oraseya Capital was announced at the Dubai Business Forum on Wednesday by Dr Mohammed Alzarooni, executive chairman of DIEZ Authority. He said Oraseya Capital’s key aim is to “foster innovation and drive […] November 1, 2023
Banking & Finance Fund managers hedge bets between Dubai and Abu Dhabi A growing number of hedge funds are choosing to register in both the UAE’s financial hubs, according to the CEO of a consultancy that advises businesses on setting up in the Emirates. Clare Curtis, CEO of Effecta Compliance, told an investment conference on Monday that there was strong interest in the Dubai International Financial Centre […] November 1, 2023
Renewable Energy Irena and industry leaders draw roadmap to fast-track renewables The energy transition away from fossil-based systems must be accelerated to keep global warming at bay, according to intergovernmental agency the International Renewable Energy Agency (Irena), headquartered in Abu Dhabi. Irena and the Cop28 presidency combined with a group of industry players – the Global Renewables Alliance (GRA) – in calling for a trebling of […] October 31, 2023
Real Estate Apartment prices rise on news of Dubai Creek Tower revamp The price of Dubai apartments with a view of what is intended to be the world’s tallest building have risen by nearly 10 percent since the project’s redesign was announced in August. Property developer Emaar hopes to start work on the revamped $1 billion Dubai Creek Tower next year. Sidharth Kumar, a real estate agent […] October 31, 2023
Finance DFM profit doubles to $51m as trading volume surges Dubai Financial Market (DFM) reported a 109 percent rise in net profit to AED186.2 million ($50.69 million) in the first nine months of the year, compared to AED89 million a year earlier. The profit was driven by a significant increase in trade volume and value, as well as an influx of new investors, according to […] October 31, 2023
