Markets Population burst bolsters Dubai’s listed companies Listed companies in Dubai were on average the most profitable last year among the Gulf exchanges as the emirate’s banking, real estate and telecom sectors benefited from its expanding population. Net profit at Dubai’s listed companies totalled $25.4 billion, up 16 percent compared with the year before, according to a report by Kuwaiti asset manager […] April 21, 2025
Aviation Syrian Air restarts flights to Dubai and Sharjah Syria’s flag carrier, Syrian Air, will resume direct flights to Dubai and Sharjah in the United Arab Emirates on Sunday, the airline said in a Facebook post. All flights between Syria and the UAE had been suspended in January after Islamist-led rebels toppled the country’s former leader, Bashar al-Assad, in December last year. The announcement […] April 18, 2025
Exclusive Aviation China ‘unlikely to overthrow Boeing-Airbus duopoly’ China’s state-owned planemaker, Comac (Commercial Aircraft Corp of China), is decades away from breaking up the global dominance of Boeing and Airbus, according to the head of the world’s largest airline trade association. The result will be that Gulf Arab carriers such as Emirates, Etihad Airways and Qatar Airways have little choice but to stomach […] April 18, 2025
Banking & Finance Mashreq’s sukuk offer hits $3bn despite challenging markets Mashreq, the UAE’s fifth-largest bank by assets, said its first sukuk issued since US reciprocal tariffs were announced was oversubscribed six times. The Dubai-listed bank raised $500 million through a five-year sukuk at a profit rate of 5.03 percent per annum. The sukuk, rated “A” by global rating agency S&P, will be listed on Euronext Dublin. […] April 17, 2025
Agriculture Luxury food producer Bateel seeks to triple in size by 2029 Bateel International, the Dubai-headquartered luxury food group that owns 40 international boutiques and 30 cafés, plans to double the number of organic date palm trees it cultivates in Saudi Arabia and to build a new factory in the kingdom to meet growing global demand. The company, which was founded by the Saudi Al Sudairy family […] April 17, 2025
Food & Drink UK company enters Dubai’s crowded rapid-delivery market Despite the congestion – in the market and on the streets of the UAE’s most populous city – yet another competitor, UK company Zapp, is entering Dubai’s rapid-delivery market. This is evidence there is still room for growth, analysts say. Zapp focuses on rapid grocery deliveries from its own so-called dark stores. A dark store is […] April 15, 2025
Banking & Finance Al Ansari says BFC buyout will lift revenues by a fifth Dubai-listed Al Ansari Financial Services expects a 13 percent rise in profits and a 20 percent increase in revenues following its acquisition of BFC Group Holdings, a competing money exchange business, the company CEO has said. “After completing the BFC deal, we have become the largest exchange company in the UAE and Bahrain and the […] April 15, 2025
Banking & Finance Dubai floods third most costly disaster of 2024, says insurer The financial hit from last year’s Dubai floods, when the heaviest rains in the UAE’s history submerged roads, homes and airports, made it the third most costly disaster in the world in 2024, one insurance company has announced. Hannover Re, the world’s third-largest reinsurer, booked €138 million ($150 million) of losses from the April 2024 […] April 15, 2025
Opinion Media & Advertising Dubai chocolate is the golden ticket of city branding Food is part of a place's cultural identity. Plenty of cities and countries have dishes associated with them April 14, 2025
Infrastructure Dubai takes step forward on $22bn sewage tunnel network Dubai Municipality has issued a request for proposals for the first two contracts of the $22 billion Dubai Strategic Sewerage Tunnels (DSST) project, according to a Dubai utilities official. The project aims to modernise Dubai’s sewerage system and has an estimated initial capital expenditure of AED30 billion ($8 billion) and a total lifecycle cost of […] April 10, 2025
Analysis Real Estate Shortage of Dubai homes forces buyers to go off-plan A shortage of completed homes for sale in Dubai is pushing people to buy off-plan properties, which have hit record highs in terms of units bought and as a proportion of purchases. Off-plan investors in the emirate have long had to fund their own purchases, but the growing importance of yet-to-be-completed properties may spur more […] April 9, 2025
Logistics DP World starts work on expanding Canada port terminal Dubai ports operator DP World has started construction on the Duke Point Terminal expansion in western Canada, enhancing Vancouver Island’s connectivity and trade with international markets. Once completed, the terminal’s berth length will nearly double from 182m to 325m, while cargo handling capacity will expand to 280,000 twenty-foot equivalent units annually, the state-owned company said in […] April 8, 2025
Tourism High occupancy rates push UAE hotel revenues to $12bn UAE hotel revenues reached AED45 billion ($12.3 billion) in 2024, an increase of 3 percent year on year, according to the chairman of the Emirates Tourism Council. Hotel occupancy rates climbed to 78 percent last year, ranking among the highest regionally and globally, state-run Wam news agency reported, citing Abdulla bin Touq Al Marri, the […] April 8, 2025
Opinion Economy Trump’s tariffs bring that sinking Lehman feeling The world is in for a wild ride which will change everything, mostly for the worse April 8, 2025
Finance Dubai’s ICD could tap IPO market to fund expansion The Investment Corporation of Dubai (ICD), the principal investment arm of the emirate’s government, could potentially turn to the capital markets with a raft of listings over the next year or so, according to analysts. Established in 2006, ICD is worth about $340 billion and already has one of its crown jewels – Emirates NBD, […] April 7, 2025
Entrepreneurs 60 seconds with Satish Sanpal, chairman of ANAX Holding Satish Sanpal established ANAX Holding in Dubai in 2018 as a diversified investment entity. Today, ANAX Holding operates across multiple sectors, including real estate development, hospitality and financial services. ANAX Developments, one of its key subsidiaries, has emerged as a prominent real estate developer in Dubai, delivering high-demand projects across the city. What one piece […] April 4, 2025 In association with
Tourism Thai earthquake increases Omani Eid bookings to Dubai The earthquake which has devastated parts of southeast Asia has forced many Eid holiday makers from Oman to divert from flying to Thailand and to choose Dubai instead as is a preferred destination. Travel agents in Oman have seen a surge of bookings to Dubai with most of them leaving by air. “In last year’s […] April 2, 2025
Banking & Finance Damac chairman Sajwani’s wealth doubles to more than $10bn The fortune of Hussain Sajwani, the chairman of Dubai-based Damac Properties, has doubled in the last year as he takes his place among the world’s wealthiest individuals to become the richest businessman in the Middle East. The 72-year-old real estate magnate is worth $10.2 billion, the annual rich list from Forbes says, significantly higher than […] April 2, 2025
Real Estate Dubai villa sales double in February Dubai villa sales, many of which were off-plan, doubled in February this year compared to the same month in 2024, helping to drive rapid growth in the emirate’s property market, according to a market survey. February property sales in Dubai totalled $14 billion – a 40 percent increase on February last year, according to real […] April 2, 2025
Construction Review deals latest blow to Sidara’s takeover of John Wood UAE construction consultancy Sidara is facing another setback in its planned takeover of British oil services firm John Wood Group, which this week said it had to restate its financial results and probably suspend its shares after a review found information had been withheld from auditors. Dubai-based Sidara, formerly Dar Global, was in discussions last […] April 1, 2025
