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Ex-patriate families moving to Dubai for the back-to-school period tend to increase property transactions

Back-to-school season to kick off Dubai’s busy real estate market 

Expatriate families moving to Dubai for the start of the school year traditionally spur an increase in real estate transactions, while predictions of US interest rate cuts herald a lively property market in the emirate for the second half of 2024. More than 326,000 foreign and emirati students are slated to head back to Dubai […]

TJX BFL BFL now has more than 100 stores across the Middle East and south-east Asia

TJ Maxx owner takes stake in Dubai’s Brands for Less

US discount retailer TJX Companies, owner of the TJ Maxx chain, has helped create the latest unicorn in the Middle East after taking a 35 percent stake in the Dubai-based Brands for Less (BFL). TJX agreed this week to invest $360 million in the privately held branded apparel and home fashions retailer. Both TJX and […]

Arada’s Australian-born group CEO Ahmed Alkhoshaibi will spearhead the Australian operations and business growth

Arada moves into Australia with first project set for 2025

UAE developer Arada is planning multiple projects, valued at AED6 billion ($1.6 billion) in Australia, adding more than 2,500 dwellings in Sydney, the country’s most populous city. The Dubai-based master developer announced that the first project will be launched next year, after opening its office in Sydney. Arada’s Australian-born group CEO Ahmed Alkhoshaibi will spearhead […]

Amanat reported a 20% rise in enrolments at Middlesex University Dubai in the first half of 2024

Dubai’s Amanat to pay $20m dividend despite profit fall

Amanat Holdings, a Dubai-listed investment company, will pay an interim dividend of AED75 million ($20.4 million) for the first half of 2024 despite a decline in profit. The bottom line fell 8 percent year on year to AED89 million, impacted by the one-time gain in the last year and the impact of corporation tax. Excluding […]

A Yes Bank branch in Mumbai. Emirates NBD is among bidders reportedly interested in securing a 51% stake

Emirates NBD seeks majority stake in India’s Yes Bank

Dubai’s largest lender Emirates NBD is in advanced talks to acquire a majority stake in India’s Yes Bank, according to a media report. The potential acquisition comes as the state-owned State Bank of India (SBI) intends to divest its 24 percent stake in Yes Bank for $2.2 billion by the end of March, Reuters reported […]

Salik's toll usage fee revenues increased 2 percent year on year to AED462.7 million

Salik revenue rises but profit growth slows

Dubai toll operator Salik’s second-quarter profits fell 2 percent year on year to AED268 million despite a 3 percent rise in revenues to AED533 million. Revenue-generating trips reached 116 million, up 2 percent year on year, the highest second-quarter revenue-generating trips since inception. Growth remained strong across several gates in the second quarter, with Jebel […]

Aramex expects revenues to grow by 8 to 9 percent in 2024

Aramex quarterly profit hit hard by Dubai floods

The net profits of Dubai-listed courier company Aramex fell 85 percent in the second quarter of 2024 due to flooding in the emirate, leading to operational disruptions and a slowdown in business. Earnings for the second quarter stood at AED2.9 million ($789,558), compared to AED18.9 million a year earlier. Revenue for the three months rose […]

Dubai developer Emaar said property sales in the first half of 2024 hit a record high of AED31.5bn, rising 56 percent year on year

Emaar revenue jumps 17% as Dubai real estate thrives

Emaar Properties, the largest developer in Dubai, reported a net profit attributable to equity holders of AED5.3 billion ($1.4 billion) in the first half of 2024, a year-on-year increase of 8 percent. Revenue jumped 17 percent year on year to AED14.4 billion, thanks to high investor confidence and robust demand in Dubai’s real estate market. […]

A view of residential towers from Dubai's Palm Jumeirah. Cash buyers still dominate the property market but their power is waning, according to one expert

Mortgage buyers increase with Dubai’s rising rents

Dubai’s property market is shifting towards mortgages and away from the traditional image of cash buyers, with tenants seeking cost-effective alternatives to counter rising rental rates. A survey by mortgage consultancy Mortgage Finder indicates that mortgage buyers accounted for 43 percent of all ready sales transactions in the second quarter of 2024, up from 35 […]

Dubai Airports CEO Paul Griffiths says the company has "a very optimistic outlook for the remainder of the year”

Dubai Airports raises 2024 traffic forecast to 91.8m

Dubai Airports, the operator of the world’s busiest international hub, has revised its annual passenger forecast for 2024, projecting a record 91.8 million passengers, up from the 91 million forecast in May this year. This revision follows an 8 percent year-on-year increase in passenger numbers during the first six months, totalling nearly 45 million. “We […]

Empower said total connected capacity rose to more than 1.53 million refrigeration tonnes in the first half of 2024

Empower revenues surge on growing real estate demand

Dubai-listed Emirates Central Cooling Systems Corporation, also known as Empower, posted an 11 percent year-on-year increase in revenue to AED814 million ($222 million) in the second quarter of 2024. The rise was fuelled by high demand and growing occupancy rates in housing projects. Net profit attributable to shareholders fell 6 percent to AED221 million in […]

A construction site in Dubai. Sidara had raised its offer for Wood in May

Dubai’s Sidara shelves bid to take over UK’s John Wood Group

Dubai’s Sidara has abandoned its multi-billion-dollar plan to take over the British consultancy John Wood Group. The Emirati engineering and consulting group cited “geopolitical risks and market uncertainty” for its decision. Shares in Wood slumped by 37 percent on the news, hitting their lowest level since December 2022. NewsletterGet the Best of AGBI delivered straight […]

The fountains of the Bellagio in Las Vegas. The hotel brand is one of three being built by MGM in Dubai

MGM chief teases potential casino in Dubai

The chief executive of MGM Resorts International, a major operator of casinos, has hinted at the possibility of opening a branch in Dubai, buoyed by evolving gaming regulations in the UAE. William Joseph Hornbuckle was bullish on a recent announcement by the UAE authorities of a lottery licence, and said he viewed it as a […]

Sidara John Wood takeover

Sidara given ‘put up or shut up deadline’ for John Wood takeover

The deadline for Dubai engineering and consulting company Sidara’s long-running multi-billion-dollar plan to take over the UK’s John Wood Group has been extended for a third time. Sidara, which has had three previous bids for the Scottish company rejected, upped its original offer to 230 pence sterling per share in May. This gave Wood a […]

Construction cranes for a new residential area in the Bur Dubai and Creek neighbourhoods. Developers are bringing projects forward to meet demand

Supply shortage looms large in outlook for Dubai property

The Dubai residential real estate market remains one of the world’s best performers, but a shortage of supply is having an increasingly big impact on rents and sale prices. This is the picture that emerges from three real estate consultancies’ reports on the emirate’s market in the first six months of 2024.  Dubai had the […]