Logistics DP World hits out at Djibouti after latest court victory DP World has described the government of Djibouti as “bad for business” and said companies should “think twice” about investing in the country, following the latest ruling in their long-running legal dispute. A US court ruled in favour of the Dubai-based global ports operator this week in its battle over the Doraleh container terminal in […] July 31, 2024
Leisure & Hospitality Lottery licence heralds UAE gaming industry growth The issuance of the UAE’s first lottery licence and publication of a framework to regulate gaming looks set to kickstart the rapid development of the industry in the Gulf nation. The year-old federal General Commercial Gaming Regulatory Authority (GCGRA) said over the weekend it had awarded Abu Dhabi-based The Game LLC the rights to operate […] July 30, 2024
Finance DFM profit rises 62% on higher trading activity Dubai Financial Market, the operator of the emirate’s stock exchange, reported a 62 percent rise in net profit for the first six months of 2024 on higher trading activity and new investors. DFM net profit increased to AED181 million ($49.3 million) in the first half, compared with AED112 million a year ago. Total consolidated revenue […] July 30, 2024
Opinion Oil & Gas Oil traders’ view from the beach is not entirely sunny There's a lot to think about over the summer, from luxury handbags to China's economy July 29, 2024
Real Estate Aldar reports strong half-year performance Strong interest from international buyers, an increasingly tight office sector and a record development backlog at the end of June helped Aldar Properties to double-digit profit and revenue growth for the first half of 2024. Profit rose 57 percent year on year to AED3.3 billion, while revenue surged 73 percent to almost AED11 billion, the […] July 29, 2024
Construction Drake & Scull announces positive note after return to markets Construction company Drake & Scull International has reported mid-year net profit of AED 30 million ($8.17 million) two months after it resumed trading on the Dubai Financial Market following a scandal-plagued, six-year suspension. Engineer and chairman of the board of directors Shafiq Abdelhamid said in a statement that he was “pleased” with Drake & Scull […] July 29, 2024
Tourism Dubai tourism flourishes as visitor numbers rise by 9% Dubai attracted 9.3 million international visitors in the first half of 2024, a year-on-year rise of 9 percent. The emirate hosted just over 17 million international visitors last year, the UAE state-run Wam news agency reported, citing data from the Dubai Department of Economy and Tourism. Helal Saeed Almarri, director-general of Dubai Department of Economy […] July 29, 2024
Analysis Tourism Corporate travel rising as Dubai plays perfect host Dubai has won 175 deals so far this year that will boost the emirate’s corporate and business travel sector over the next four years. The events, representing an increase of almost a quarter year on year, include international conferences, congresses and meetings. They’re expected to bring more than 92,000 delegates to the city, according to […] July 29, 2024
Opinion Aviation Flynas saves the best for last at Farnborough Airshow This year the headline-grabbing deals arrived later than expected July 26, 2024
Markets UAE capital markets partner with Hong Kong exchange The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […] July 26, 2024
Opinion Leisure & Hospitality Dubai restaurants struggle in the dog days of summer The summer expat exodus and rent increases are piling pressure on Dubai's hospitality industry July 26, 2024
Transport Dubai Taxi to pay $43m dividend despite profit drop Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, has approved a dividend payout of AED159 million ($43 million) for the first half of 2024 despite a marginal 1 percent increase in net profit. Net earnings reached AED187.4 million in the first six months of the year, compared to AED186.3 million at the same […] July 26, 2024
Banking and Finance Mashreq’s earnings up as loans and deposits rise Dubai-listed lender Mashreq said its net profit rose 14 percent year on year to AED4 billion ($1.1 billion) in the first six months of 2024 on higher interest income, business expansion and minimal risk costs. Net profit before tax grew 24 percent to AED4.5 billion. Net interest income increased 17 percent year on year to […] July 26, 2024
Analysis Aviation Dubai and Jeddah dominate airport construction in Mena Just two giant projects, in Dubai and Jeddah, account for almost 80 percent of current spending on airport development in the Middle East and North Africa, a report has revealed. Some 19 different projects, ranging from expansions to additional runways and entire new airports, are under way in 11 countries across the region, according to […] July 25, 2024
Education Amanat to list its education platform Amanat Holding, an investment company in Dubai, has announced plans to list its education platform. The move will be the third education-related initial public offering in the UAE in the last two years, following the listing of Dubai’s Taaleem in 2022 and Abu Dhabi’s Alef Education earlier this year. Amanat, which specialises in healthcare and […] July 19, 2024
Real Estate Dar Global to build new Trump tower in Dubai The Trump real estate brand got another boost in the Gulf on Thursday as developer Dar Global announced it would build a Trump Tower in Dubai. The London-listed overseas arm of Saudi Arabia’s largest developer Dar Al Arkan said further details about the agreement with the Trump Organization, such as the exact location and construction […] July 18, 2024
Exclusive Leisure & Hospitality Palazzo Versace auction tied to owner’s finances The auction of the Palazzo Versace Dubai hotel is directly tied to the property’s owner’s financial circumstances and is not a reflection of the hotel’s performance, an executive told AGBI. The hotel itself continues to perform strongly, said Monther Darwish, managing director of Palazzo Versace Dubai and chairman and founder of Palazzo Hospitality, which oversees […] July 18, 2024
Banking and Finance Loan growth pushes Emirates NBD profit up 12% to $4bn Emirates NBD, Dubai’s biggest bank, reported a 12 percent year-on-year increase in net profit to AED13.8 billion ($3.8 billion), driven by increased lending and higher impaired loan recoveries. Total income reached AED21.4 billion after strong loan growth across all business segments coupled with a stable, low-cost funding mix. Lending grew 6 percent year on year […] July 18, 2024
People & Lifestyle Dubai launches one-stop hub to streamline government services People in Dubai can now obtain an Emirates ID, register a company, open a bank account and more under one roof following the opening of the Emirates Government Services Hub (EGSH). Owned by Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum, a member of the Dubai Royal family, EGSH allows clients to access all essential […] July 17, 2024 In association with
Logistics Aldar’s new Dubai logistics park to break ground in Q4 Aldar Properties, an Abu Dhabi-listed developer, will break ground on a new logistics park within DP World’s 21-sq km National Industries Park (NIP) in Dubai in the fourth quarter of 2024. The 1.55 million sq ft grade-A logistics park will cater to the emirate’s high demand for warehousing facilities. It will comprise three modular buildings […] July 16, 2024
