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Dubai

Dubai's ambitions to become a centre for food trade come at a time when warehouses in the emirate are in high demand

Dubai veg market to double despite warehouse shortage

Dubai plans a massive expansion of its fruit and vegetable market to make it the world’s largest, despite the fact warehouse rents in the emirate keep increasing amid a lack of quality supply. On Wednesday Sheikh Mohammed bin Rashid Al Maktoum oversaw the signing of a deal between Dubai Municipality and ports operator DP World […]

AI's applications in sectors such as coding are gaining attention but regional variations in regulation are making investment difficult

AI regulations double investment costs, says Mashreq Bank

Differing rules surrounding artificial intelligence and the lack of a global regulatory environment is doubling the cost of new investments and complicating business expansion, a leading UAE financial institution has revealed. Amith Rajan, executive vice-president at Mashreq Bank, told AGBI that a “patchwork” AI regulatory landscape has prevented the bank from entering some countries, and […]

A German glass factory owned by French conglomerate Saint-Gobain. The company bought businesses in Egypt and Saudi Arabia last year

French construction major chases growth in Middle East

Saint-Gobain’s $1 billion takeover of Dubai’s Fosroc highlights the growing importance of the Middle East to the company and the construction industry, according to executives at the French conglomerate. The all-cash transaction for Fosroc, which makes construction chemicals, was agreed at the end of last month. Saint-Gobain expects the deal to close in the first […]

Dubai Humanitarian hosts a community of around 80 members comprised of UN organisations, non-profits and NGOs Video length: 03:25

Dubai Humanitarian and the Mena aid challenge

The Mena region requires nearly $14 billion in humanitarian aid, according to the UN. Dubai Humanitarian, formerly known as International Humanitarian City, plays a vital role in bringing together aid organisations and mobilising both funds and relief to countries affected by conflicts and climate emergencies. Dubai Humanitarian sends 1,300 dispatches of aid worth up to […]

An ATR 72-600 in flight. Air Kerala will operate three of the aeroplanes in its initial stages

Dubai entrepreneurs draw closer to launching Air Kerala

Two Dubai-based businessmen are on the verge of launching Air Kerala, an ultra low-cost carrier in the Indian state, with long-term plans to offer flights to the Gulf. The venture by Afi Ahmed, chairman of the travel company Smart Travels, and Ayub Kallada, chairman and managing director of Kallada Food Industries, made progress this week […]

People in downtown Dubai. The emirate welcomed 19,000 new companies to the Dubai Chamber of Commerce in the first quarter of this year, a 17.6 percent annual jump

UAE economic growth brings rise in court disputes, say lawyers

Debt recovery cases in Dubai and the wider UAE are increasing, a pair of local law firms told AGBI, citing anecdotal evidence from their practices. Behind the trend, they said, are various factors, chief among them being the influx into the emirates of new businesses from around the world. Also contributing are a host of […]

Person, Human, school pupil

Taaleem’s premium schools strengthen bottom line

UAE-based schools operator Taaleem has reported net profit before tax of almost AED278 million ($76 million) for the nine-month period through to the end of May. Profits at the Dubai-listed company, which operates 32 schools across the UAE, increased by close to 39 percent year on year. Revenues over the period were up 15 percent […]

It is claimed that Dubai Mall is the most-visited place in the world, but mid-sized community malls are increasingly popular with the city's inhabitants

Does Dubai need more malls? The people say yes

In a city that already has more than 60 million square feet of leasable retail space, one of the highest per capita in the shopping-crazy Gulf, it is perhaps surprising to see more malls being built or added to the pipeline. Yet that is exactly what is happening in Dubai, where this week Sobha Realty […]

The London-listed contractor, John Wood Group, has granted the extension saying 'there can be no certainty that an offer will be made'

Dubai’s Sidara wins extension in John Wood Group bid

Dubai engineering and consulting company Dar Al-Handasah – known as Sidara – has been granted an extension in its quest to buy London-listed contractor John Wood Group. Sidara had proposed an offer of 230 pence sterling per share, giving Wood a valuation of £1.58 billion ($2 billion), significantly higher than the first of three bids, […]

A trader monitors prices. Recent Dubai IPOs have been heavily oversubscribed Video length: 05:09

Dubai and Abu Dhabi need some IPO diversity

“You want your capital markets to be a mirror of your economy on the ground,” says Saad Chalabi, CEO of brokerage platform xCube. In the UAE, however, that has not been the case. The markets in Dubai and Abu Dhabi are “mostly real estate and banking in terms of weight”, though more oil, utilities and […]

DIFC Square aims to meet Dubai's demand for high-quality office space, as current levels 'simply won’t be sufficient'

DIFC Square launched to meet Dubai’s growing office demand

More than 500,000 sq ft of office space is to be added to the heart of Dubai International Financial Centre with the launch of three new towers. DIFC Square will be built over 1 million square feet, 60 percent of which will be dedicated to grade A office space. At a cost of around $270 […]

Some firms have sought to get out of their arbitration clauses based on the venue change

Abu Dhabi court rulings strengthen UAE arbitration

Recent court rulings in Abu Dhabi further tighten the UAE’s embrace of arbitration as the go-to mechanism to resolve commercial disputes, according to industry attorneys. Arbitration in the emirates has gone through a “groundbreaking” evolution ever since the Dubai ruler, Sheikh Mohammed bin Rashid Al Maktoum, issued Decree number 34 in September 2021, closing the […]

Dubai's plan includes increasing the amount of public transport and improving the quality of public spaces to encourage walking

Dubai begins work on ‘20-minute city’ concept

Dubai has approved a plan to support the “20-minute city” concept by developing land close to metro stations. The emirate’s executive council gave the green light to a plan to develop areas around metro stations by incentivising developers, UAE state-owned Wam news agency reported. The move will provide additional services, support the 20-minute city concept, […]

Construction workers in Dubai. Contractor Drake & Scull has completed its restructuring process

Drake & Scull opens nominations for new board

Dubai contractor Drake & Scull International (DSI) has opened nominations for new board members, after the completion of a lengthy restructuring process. DSI is looking to fill seven positions, according to a filing to Dubai Financial Market (DFM), with nominations open until July 11. Earlier this week the board of directors tendered their resignations in […]

Dubai-based construction entrepreneur Riad Tawfiq Al Sadik must pay 85 percent of the legal costs incurred by Clyde & Co after his suit against the law firm was thrown out in April,

Global legal saga continues for Dubai entrepreneur

Riad Tawfiq Al Sadik, a construction entrepreneur based in Dubai, must pay 85 percent of the legal costs incurred by Clyde & Co after his suit against the law firm was thrown out in April, a UK court ruled this week, according to a report from City AM. The case stemmed from Al Sadik’s staggering […]