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Dubai

A mansion on Palm Jumeirah sold for $82 million in July, making it the most expensive home ever sold in Dubai

Super-rich choosing Dubai for second homes

Dubai has become a second-home paradise for the super-rich as the number of wealthy residents in the emirate continues to soar. The city boasts more than 500 centi-millionaire second-home owners. It features ahead of locations such as Palm Beach and West Palm Beach in the US, Sydney, Nice and Napa, according to the latest wealth […]

Air Arabia staff celebrating the delivery of the 6,000th Airbus. The low cost airline now plans to launch a route to London from the UAE

Air Arabia to bring low fares to lucrative London route

UAE low cost carrier Air Arabia will take on the highly competitive but lucrative London market when it takes delivery of Airbus aircraft able to fly longer distances, its CEO has confirmed. Air Arabia announced an order for 120 fuel-efficient aircraft comprising 73 A320neos, 27 A321neos and 20 A321 XLRs at the Dubai Air Show […]

Traders watch screens at the Dubai Financial Market. The rights issue is a step toward repositioning Shuaa for growth, said group CEO Fawad Tariq Khan

Dubai’s Shuaa Capital shares plunge to all-time low

Shares in Dubai’s Shuaa Capital plunged to a record low on Tuesday after the indebted investment bank said it would launch a rights issue to increase its capital as part of attempts to bolster its finances. Shuaa’s stock was trading at AED 0.271 at 12:53 UAE time (09:53 GMT), down the maximum 10 percent.  The […]

Dubai tech startup showcase Expand North Star

Investors to descend on Dubai tech startup show

Expand North Star, the UAE’s annual technology startup event, previously known as Gitex Future Stars, is predicting the number of attendees to at least double this year. The Gulf state is hoping to capitalise on its regional dominance in tech startups, despite a recent decline in funding levels. Such businesses witnessed a slump of 75 […]

Falconcity model

Dubai’s unfinished Falconcity plots sell at steep discount

Hundreds of plots of land from the long-delayed Dubai real estate master project Falconcity have been auctioned off, at a discount of more than a billion dirhams on the initial asking price. Falconcity of Wonders, an AED5.5 billion ($1.5 billion) master development launched in 2005 during Dubai’s property boom, had promised buyers views of replica […]

Dubai The Entertainer

Founder returns to Dubai lifestyle app The Entertainer

The founder of The Entertainer, a Dubai tech business that offers thousands of lifestyle product discounts, has returned as CEO to steer the company through a shake-up as it seeks to revive sales. Donna Benton launched the Entertainer in 2001 and played a pivotal role in its success before her departure in 2018.  Now she […]

Over 84,000 Emiratis currently work in the private sector

Late-stage funding tumbles for UAE tech startups

Late-stage funding for UAE technology startups has declined sharply in recent months as the region’s risk-averse venture capitalists shy away from larger, high-stakes investments. The latest report by Indian market intelligence platform Tracxn showed only $25 million was allocated to late-stage startups in Q3 2023, a year-on-year drop of 75 percent. It reflects investors’ growing […]

Five Holdings' Dubai hotel Five Jumeirah Village

Dubai hotelier’s $350m green bond to fund Ibiza expansion

Hospitality group Five Holdings has listed a $350 million green bond on Dubai’s Nasdaq.  A spokesperson for Five told AGBI the company would use the proceeds of the bond to fund its acquisition of Ibiza’s Universo Pacha, which owns the famous Pacha nightclub, as well as Destino Hotel and El Hotel Pacha on the Spanish […]

One Moto founder Adam Ridgway says the shift to EVs will help delivery drivers who often have to pay for their own fuel

Dubai company’s EVs aim to deliver ‘last mile’ in 100 cities

Dubai company One Moto, which aims to decarbonise “last mile” deliveries using electric vehicles, has said it plans to serve 100 cities by 2028. After launching the company in the UAE, serial entrepreneur Adam Ridgway has gained a foothold in the UK, Bahrain, Jordan, Sri Lanka, Chile, Iraq, Nepal and Ethiopia. It is in talks […]

UAE Cop29

Hosting Cop29 ‘not on our radar’, says UAE

The UAE has played down reports that it plans to host next year’s Cop climate change summit, saying it is focused on running a successful Cop28 in Dubai this year.  A Cop28 spokesperson told AGBI that Cop29 “is not even on our radar”.  The UK’s Financial Times reported on Monday that the UAE wants to […]

Amea Power Tunisia

Dubai’s Amea Power brightens Tunisia’s solar ambitions

Dubai’s Amea Power has reached financial close on its first 120 megawatt (MW) solar project in Tunisia as the North African country seeks to boost its renewable energy production.  The $86 million solar plant will be located in Metbassta, in the north-western Kairouan governate. It is being built by Kairouan Solar Plant, a company registered in […]

Lottoland's David von Rosen-von Hoewel says Dubai is "perfectly suited" for his new project after the launch of its new gaming authority

Lottoland founder sets sights on $1bn Dubai lottery

The founder of the global lottery betting platform Lottoland has revealed plans to launch the world’s first $1 billion overnight jackpot in Dubai. David von Rosen-von Hoewel told AGBI he is set to hold talks with the General Commercial Gaming Regulatory Authority (GCGRA). The UAE’s new industry watchdog was established earlier this month, which will lay […]

Construction teams and potential buyers can inspect plans projected at 1:1 scale

Property tech makes its mark in Dubai

Off-plan property buyers in Dubai can now inspect their potential purchase in real time and lifesize thanks to walkthrough technology. Lifesize Plans, a tech business founded in Australia, has opened its first Middle East franchise in the Al Quoz district. At its facility, plans for residential, commercial and industrial properties are enlarged to 1:1 scale […]

Paradigm 3D launches its new Dubai facility, which the company hopes will take some business away from traditional manufacturers

Dubai 3D factory muscles in on aviation sector

A new 3D printing facility in Dubai, certified to produce airplane components, is anticipated to cut into a portion of traditional global aviation manufacturers and maintenance hubs. Paradigm 3D has invested AED20 million ($5.5 million) to establish a factory using technology from Stratasys, an American-Israeli maker of industrial 3D printers that are used by industry […]

Dubai real estate value

Dubai real estate is ‘fairly valued’ says UBS

Dubai real estate still offers value for money compared with some of its global peers, a new report by investment bank UBS has claimed. But according to one real estate expert, residents in the emirate could soon be priced out of the market if the ongoing supply and demand imbalance continues. In the year leading […]

Aldar Nikki Beach

Aldar pairs up with Nikki Beach for RAK residences

Aldar Properties is partnering with resort group Nikki Beach Global to develop three branded residential buildings in Ras Al Khaimah as part of a larger beachfront community on Al Marjan Island. Sales for the Abu Dhabi developer’s inaugural residential development in Ras Al Khaimah – named Nikki Beach Residences – are expected to launch later […]