Construction Aldar Education expands into Bahrain and Dubai Aldar Properties has increased investment in its education business, with over AED350 million ($95 million) added to the initial AED1 billion commitment announced last year, it said on Monday. A filing to the Abu Dhabi Stock Exchange notes that the company is expanding into Dubai and Bahrain, as well as adding a new acquisition in […] July 31, 2023
Exclusive Real Estate Dubai businessman ready to take on The World A Dubai businessman is in talks to try and launch a project on The World, as the emirate’s record-breaking real estate market revives interest in the manmade island development. The World was launched in 2003 by state-owned master developer Nakheel. Made up of 300 small manmade islands in the shape of the map of the […] July 31, 2023
Sustainability Al Jaber calls on G20 to double climate risk finance Cop28 president Sultan Al Jaber and United Nations climate executive secretary Simon Stiell urged the G20 this week to increase funding known as “adaptation finance”, for communities at risk of facing climate change-related hazards. “The G20 must affirm its commitment to [mobilising] the fund and funding arrangements. Those at the frontline of climate change need […] July 28, 2023
Opinion Entrepreneurs In Dubai vs Riyadh, it’s the startups that win Competition between the two major business hubs is great for entrepreneurs July 27, 2023
Real Estate Russians bucking trend in Dubai with bigger, pricier homes Russian buyers are bucking the trend in Dubai real estate and buying bigger, more expensive houses as they make the emirate their new permanent home. Residential property prices in the emirate climbed at their fastest rate in almost a decade in the first half of this year. Villas topped previous records set in 2014. Property […] July 27, 2023
Opinion Sustainability Climate change is too serious to be left to environmentalists The debate is now about means, not ends July 25, 2023
Real Estate Norwegians return to Dubai commercial property sector Norwegian investors were the second-largest group active in Dubai’s commercial real estate in the second quarter of the year, marking a dramatic return after being largely absent since before the Covid-19 pandemic. The number of sales transactions in Dubai’s commercial sector reached 3,080 in the second quarter of 2023, a year-on-year increase of 22 percent, […] July 25, 2023
Real Estate Turkey island in Dubai set for $21m auction A manmade island on The World development off the coast of Dubai has been put up for auction, with the price tag starting at AED78 million ($21.24 million). Part of an archipelago built in the shape of the map of the world, the island – named Turkey – has had “many” potential buyers visit the 47,645 […] July 25, 2023
Trade Dubai on track to seize record number of counterfeit goods Dubai is likely to seize millions more counterfeit items in 2023 than in 2022, according to the latest data from Dubai Customs. The emirate’s customs agency has seized 10.7 million counterfeit items — worth AED 53.277 million ($14.5 million) — so far in 2023, compared with 15 million for the whole of 2022. Dubai Customs […] July 24, 2023
Trade Dubai opens Vietnam office as South East Asia trade grows Dubai International Chamber has opened a representative office in Ho Chi Minh City, as analysts predict Vietnam will be one of the UAE’s fastest-growing trade corridors in the next few years. The office will support Dubai companies seeking to expand in the Southeast Asian country and create mechanisms to attract foreign direct investment from Vietnam, […] July 24, 2023
Video length: 2:58 VIDEO Lifestyle Private vaults fill the gap as banks abandon deposit boxes Private vaults in Dubai are emerging to take the place of the safety deposit boxes once provided by traditional banks. Costs, concerns over legal liability and the rise of online banking have made providing safety deposit boxes less appealing for banking giants. Capital One, HSBC, Barclays and JPMorgan Chase have all withdrawn from the market. […] July 24, 2023
Analysis Logistics Getting married? Your flowers probably flew Emirates With the global wedding season in full bloom and demand for fresh-cut flowers blossoming, Emirates’ advanced logistics capabilities and strategic location are helping it capitalise on this market. The Dubai airline’s commercial freight division Emirates SkyCargo transported 3,590 tonnes of time- and temperature-sensitive fresh-cut flowers in May this year alone – a 20 percent year-on-year […] July 23, 2023
Analysis Real Estate Dubai real estate still playing catch-up after pandemic Dubai’s real estate market is experiencing soaring demand but the supply shortfall from the Covid pandemic is still having an impact and is likely to remain for at least another two years, experts have said. Residential property prices in the emirate climbed at their fastest rate in almost a decade in the first half of […] July 19, 2023
Energy UAE waste-to-energy plant starts transmitting electricity The first electricity transmission to the UAE’s national power grid has been delivered from Dubai’s $1 billion waste-to-energy facility as the emirate seeks to reduce its landfill dependence. Hitachi Zosen Inova (HZI) and its joint venture partner Besix made the announcement on Tuesday, saying that the Dubai Waste Management Centre will power 135,000 homes in […] July 19, 2023
Analysis Employment New job rules to lure Emirati graduates to SMEs The UAE has expanded its rules on Emiratisation as it seeks to give Emirati graduates more opportunities to join small to medium-sized enterprises, which provide jobs for more than 86 percent of the private sector workforce. A government resolution widens the pool of private sector businesses subject to Emiratisation – an initiative to employ its […] July 18, 2023
Real Estate Emaar given ratings upgrade after first-quarter sales surge Dubai’s largest real estate developer Emaar Properties has received credit rating upgrades from Fitch Ratings, Moody’s and S&P Global, as residential property prices in the emirate continue to rise. Fitch Ratings upgraded its long-term issuer default rating to ‘BBB’ from ‘BBB-‘, Moody’s announced an upgrade to Baa2 from Baa3 and S&P Global raised Emaar to […] July 18, 2023
Exclusive Development Dubai arbitration centre aims high as caseloads surge Dubai International Arbitration Centre (DIAC) aims to become the top global destination for settling corporate disputes after the revamped institution reported a six-fold rise in the value of cases filed there last year. Before the creation of DIAC in 2004, arbitration in the emirate was conducted mostly through a division of Dubai Chamber of Commerce […] July 18, 2023
Opinion Economy Insights into the UAE-India love-in The dirham-rupee link was the talk of Dubai even before Modi's visit July 17, 2023
Opinion Energy UAE roadmap for Cop28: high energy, low impact There are constraints imposed by life in a maritime desert, however July 14, 2023
Real Estate Dubai residential property prices surpass 2014 peak Dubai’s residential property prices climbed at their fastest rate in almost a decade in the year to June 30, with villa prices topping previous records set in 2014. Property consultancy CBRE reported that average residential prices in June increased by 16.9 percent, up from the 15.9 percent growth registered a month earlier. Meanwhile, international consulting […] July 12, 2023
Real Estate Union Properties reaches settlement with ex-chairman Dubai developer Union Properties has settled a long-running dispute with former chairman Khalifa Al Hammadi and members of his family, according to an announcement on the Dubai bourse. Details of the agreement were not revealed but the posting said it would be “executed once the custodian and escrow agents are appointed”. UP, one of Dubai’s […] July 12, 2023
Analysis Food & Drink Dubai alcohol tax cut saving swallowed by most venues Six months after Dubai suspended its 30 percent sales tax on alcohol, most hospitality venues have not passed on savings to consumers – but retailers have, driving up sales. Mike Glen, managing director at Maritime and Mercantile International (MMI), one of the main alcohol distributors in the emirate, estimates that only around 30 percent of […] July 12, 2023
