Tourism Emaar to invest in Egypt tourism Emaar Properties, the Dubai developer behind the Burj Khalifa and Dubai Mall, is looking to expand into the hotel sector in Egypt, the company’s founder said in an interview. Gulf tourism is surging on Egypt’s Mediterranean north coast despite the country’s economic crisis. “The north coast in Egypt has reached development levels in recent years […] August 22, 2023
Employment Dubai named top city for ‘executive nomads’ Dubai has risen to the top of a new index that ranks the world’s most desirable destinations for executive nomads. New entry Abu Dhabi is also emerging as a hotspot for senior professional remote workers, placing fourth. Malaga and Miami took second and third places. According to the latest Savills Executive Nomad Index, Dubai has […] August 22, 2023
Sustainability Climate minister starts 100-day countdown to Cop28 Collaboration is vital to the success of this year’s Cop28, the UAE minister of climate change and environment has said as the country marks 100 days to the start of the summit. Leaders from the public and private sectors will gather in Dubai in November – and climate minister Mariam bint Mohammed Almheiri said on […] August 22, 2023
Aviation Dubai International raises air passenger target to 85m Dubai International Airport has raised its annual target for passenger traffic to 85 million after surpassing pre-pandemic levels for the first six months of the year. The airport reported 41.6 million travellers in the first half of 2023, up 49 percent on the same period last year and marginally ahead of the traffic recorded during […] August 22, 2023
Exclusive Health US biotech manufacturer seeks Gulf genomics partners US biotech company ProPhase Labs is in talks with prospective partners in the UAE and Saudi Arabia. ProPhase Labs, which is listed on Nasdaq, has appointed two advisers: investment bank ThinkEquity and Al Ramz Corporation, a capital markets financial institution in Abu Dhabi. Discussions with potential partners in Dubai, Abu Dhabi and Saudi Arabia are […] August 22, 2023
Finance First Group parent signs standstill deal on sukuk Aurum, parent company of Dubai developer The First Group, has signed an interim standstill agreement with an “ad-hoc” group of creditors while discussions continue on restructuring its Islamic bonds, or sukuk, that are due to mature next year. Aurum is listed on the London Stock Exchange (LSE). It received the approval of holders of its […] August 21, 2023
Sustainability Cop28 and UN to draft climate finance framework United Nations economists, the Cop28 leadership and other institutions including the World Bank and International Monetary Fund, have agreed to draw up recommendations to reform climate finance. The planned changes come amid concerns that the billions pledged by developed nations to tackle global warming are falling short. The recommendations – to be shared and discussed […] August 21, 2023
Transport DP World’s profits drop despite revenue rise Port operator DP World has reported a drop in profits for the first six months of the year by almost 10 percent, despite revenues increasing by 14 percent. Profit attributable to the UAE multinational logistics group in H1 was down 9.7 percent at $651 million from the same period in 2022, when it posted a […] August 17, 2023
Construction Dubai real estate market bats off interest rate hits International private credit funds could be ready to tap into the Dubai real estate market with competitive interest rates. The Central Bank of the UAE raised its borrowing rate in July after the US Federal Reserve pushed its interest rate to a 22-year high. Now Asian and European funds are looking at the market as […] August 17, 2023
People & Lifestyle UAE decking out offices to promote worker wellbeing The UAE is increasingly adopting building standards that meet employee demand for office conditions that enhance wellbeing. The Middle East has witnessed a 24-fold increase in Well Building Standard adoption over the last 19 months, with a large majority coming from the UAE. The Well Building Standard is an international system that measures, monitors and […] August 17, 2023
Transport Dubai company to invest $500m in Chinese EV maker UAE company NWTN has announced a deal to invest $500 million in the Chinese manufacturer of electric vehicles including the Hengchi brand. The investment in China Evergrande New Energy Vehicle Group aims to accelerate NWTN’s development in the EV space as it establishes an assembly plant in UAE capital Abu Dhabi. Headquartered in Dubai, the eco-conscious […] August 16, 2023
Analysis Transport Careem could yet be hailed a smart buy for Uber The hefty premium Uber paid for Dubai ride-hailing rival Careem will prove worth it in the long run, analysts believe. Uber, which has racked up nearly $33 billion in losses since its inception in 2009, paid $3.1 billion for Careem in January 2020 in what remains the largest deal for a homegrown Gulf tech startup. […] August 16, 2023
Logistics DP World reveals expansion plans at critical ports Port operator DP World has announced plans to expand capacity across critical global markets as it responds to growing demand. The Dubai-based company expects to add 3 million 20-foot equivalent units (TEUs) of new container handling capacity by the end of the year. DP World – which manages 9 percent of the world’s handling capacity, […] August 16, 2023
Construction Contractor Drake & Scull files lawsuit claims of $2.8bn Troubled Dubai contracting firm Drake & Scull International said on Tuesday that it has filed lawsuits with claims equivalent to more than AED10.3 billion ($2.8 billion) as it awaits court approval on its restructuring plan. Chairman Shafiq Abdelhamid said in a filing to Dubai Financial Market that the lawsuits include civil cases filed against the […] August 15, 2023
Transport Dubai Aerospace Enterprise to buy 64 Boeing 737 Max Dubai Aerospace Enterprise said an affiliate has signed an agreement to acquire the rights and interests of a portfolio of 64 Boeing 737 Max aircraft from a subsidiary of China Aircraft Leasing Group Holdings. The global aviation services company – which is one of the largest aircraft leasing companies in the world – said the […] August 15, 2023
Sustainability Developer’s out-of-this-world solution to greener cooling Floating around in a space station is the ultimate in circular living. Everything from air to food to waste has to be reused or recycled, and all stored within the same tiny enclosed location. For air conditioning, Nasa made use of a novel system that was more effective in getting rid of flammable gases as […] August 14, 2023
Opinion Tech Be yourself: Over-reliance on AI is akin to catfishing The corporate catfisher uses AI to impress online in a way that cannot be supported in reality August 14, 2023
Analysis Tourism UAE taps multi-billion dollar inclusive tourism market Amsaan Accessible Tours claims to be the first company in the Mena region specialising in creating unique tours for deaf people, tapping into the underserved and yet multi-billion dollar inclusive tourism market. The Dubai company uses technology to provide tours with all information in sign language. There are deaf guides for group tours, on-demand sign […] August 13, 2023
Transport Profit down 31% at Dubai toll road operator Salik Dubai toll road operator Salik saw its net profit shrink 31 percent in the second quarter, to AED272.6 million ($74.2 million), from AED393.6 million a year earlier. The company said the fall was due to it incurring “new costs, such as concession fees, rent, amortisation, transitional service expenses, as well as finance costs”. These followed […] August 11, 2023
Opinion Aviation Etihad has designs on the US market The big UAE airlines look set to compete over US skies August 11, 2023
