Aviation Dubai airport reports record passenger numbers Dubai International airport (DXB) has reported record passenger traffic and visitor numbers for 2024. Paul Griffiths, Dubai Airports CEO, said that traffic is expected to grow 5.7 percent in 2024 compared to last year, with more tourists stopping off than ever before. Traffic at DXB is expected to reach 91.9 million passengers this year, up […] November 19, 2024
Analysis Markets State-backed UAE companies lead the pack for share price gains The stock market performance of UAE companies that have gone public in the past few years varies greatly – but government-backed businesses have delivered the biggest gains. There have been 21 notable initial public offerings of UAE companies since the start of 2021 – 13 on the Abu Dhabi Securities Exchange and eight on the […] November 19, 2024
Trade DP World CEO shrugs off threat of US tariffs A prominent Dubai business leader has downplayed the threat of tariffs from the incoming US administration of Donald Trump. Sultan bin Sulayem, chairman and CEO of DP World, one of the world’s largest port operators and a flagship enterprise of the emirate of Dubai, said on Monday that he was unfazed by Trump’s proposed blanket […] November 18, 2024
Analysis Construction Jeddah Tower will be world’s tallest building, but sky’s the limit Since the invention of the modern high-rise in the early 1900s, to the completion of the Burj Khalifa in 2010, the height of the tallest building in the world grew nearly five fold, or 661 metres, going from the 167 metres of the Philadelphia City Hall to the Burj’s 828 metres. The Jeddah Tower, on […] November 15, 2024
EXCLUSIVE Aviation Emirates repays over 70% of $4.8bn pandemic debt Dubai’s Emirates airline has already repaid billions of dollars of debt it raised during the pandemic, a senior official told AGBI. The emirate’s flagship carrier raised AED17.5 billion ($4.8 billion) in debt during the pandemic, when the aviation industry was brought to its knees as planes were grounded globally by strict lockdown rules. “I would […] November 15, 2024
Video length: 04:21 VIDEO Renewable Energy Why Gulf governments keep investing in EVs Oil-based economies need a Plan B – something they can turn to when crude markets are troubled. Gulf governments are using electric vehicles as that hedge, according to Kevin Chalhoub, CEO of EV Lab. “When oil won’t go well, probably electric cars will go well,” he says. “It’s a very exciting strategy. The Middle East […] November 13, 2024
EXCLUSIVE Health Aster DM Healthcare expects to close Saudi deals in months Aster acquiring hospitals Evaluating 'five or six assets' Plans for 1,000 beds Aster DM Healthcare is buying more clinics and hospitals in Saudi Arabia with some deals expected to close in the coming months. The hospital operat... Register now: It’s easy and free This content is available for registered members only. Register for your free […] November 13, 2024
Logistics DP World to acquire Australia’s Silk Logistics DP World Australia has announced plans to acquire the freight and logistics service provider Silk Logistics Holdings, in a deal worth A$174.5 million ($114.9 million). The Australian subsidiary of Dubai’s DP World will buy Silk Logistics at a price of A$2.14 ($1.40) per share. The transaction is subject to shareholder approval and regulatory approvals, and is […] November 11, 2024
Food & Drink Chocolate trend sends Dubai nuts for Turkish pistachios It may have started with a UAE resident trying to assuage her hunger cravings during pregnancy, but the latest taste sensation to sweep the Middle East and beyond is causing contractions in the supply of Turkish pistachios as demand for Dubai chocolate swells. Turkey is in line to post a record high pistachio harvest for […] November 10, 2024
Food & Drink Talabat profits soar ahead of planned IPO Food delivery company Talabat reported a 46 percent increase in third-quarter profits ahead of its planned IPO. Delivery Hero, the Berlin-headquartered parent company of the business, said net income reached $98 million in the three months, up from $67 million the previous year. It said the increased profit was due to improved logistics efficiency, continued […] November 8, 2024
Analysis Tax Buoyant property market puts billions in Dubai’s coffers Dubai authorities have recorded a five-fold surge in the sums they earn from fees related to real estate transactions over the past five years to almost $4 billion, as the emirate’s property market grows stronger and prices rise sharply, AGBI has calculated. The transfer fee, payable to the Dubai Land Department (DLD) upon a sale, […] November 8, 2024
Aviation Emirates reports record half-year pre-tax profit Emirates airline recorded a post-tax profit of $2.4 billion (AED8.7 billion) for the first half of the year, down 7 percent compared to the same period last year. This year marks the first time state-owned Emirates has had to pay UAE corporate income tax. When compared to the previous year before tax, the airline reported […] November 7, 2024
Transport Dubai Taxi revenue up but profit slides Revenue at Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, rose 13 percent year on year to AED1.6 billion ($436 million) in the first nine months of 2024. The company said the result was due to a positive macroeconomic environment, a rise in tourism and population growth. The taxi segment was the primary […] November 7, 2024
Transport Dubai undertakes study for trackless tram Dubai’s Roads and Transport Authority (RTA) will undertake a study to deploy trackless tram systems at eight locations across the city as part of its Dubai Tram network expansion. The self-driving tram system will operate on virtual tracks, using camera-guided painted lines on dedicated lanes, the UAE state-run Wam news agency reported. Powered by electricity, […] November 4, 2024
Markets Dubai bourse operator’s Q3 profit surges 27% to $26m Dubai Financial Market, the stock exchange operator, said net profit rose 27 percent to AED94 million ($26 million) in the third quarter of 2024 compared to AED74 million a year earlier. Revenue jumped 12 percent year on year to AED155 million as trading volume increased to 1.7 million, a 20 percent year on year increase. […] November 1, 2024
Finance UAE’s Aditum pairs with BlackRock to launch funds Aditum Investment Management is to launch five funds for UAE investors, according to reports confirmed by AGBI. The five funds will include one focused on sustainable energy investments and another on health science, Citywire first reported. A representative of Blackrock confirmed to AGBI that the Citywire reports are accurate. Blackrock has registered BlackRock Aditum Dynamic […] October 31, 2024
Real Estate Emaar’s Alabbar eyes major investment in Madagascar Emaar founder Mohamed Alabbar is planning a major investment in Madagascar, marking the island nation as his next big venture. “Madagascar is the next new thing in my life,” Alabbar said at the Future Investment Initiative in Riyadh on Tuesday. “It’s going to be a very big investment,” he said, but did not provide further […] October 30, 2024
Economy Surplus of $8bn predicted in latest Dubai budget cycle A record surplus of AED30 billion ($8.16 billion) is being predicted by Dubai in its latest three-year budget. The emirate’s ruler, Sheikh Mohammed bin Rashid Al Maktoum, has approved the 2025-27 budget cycle, which includes AED272 billion in expenditure, against estimated revenues of AED302 billion. For the 2025 fiscal year, expenditure has been set at […] October 30, 2024
Aviation Dubai Aerospace Enterprise buys 10 aircraft for $500m Dubai Aerospace Enterprise (DAE), a global aviation services company, has acquired ten narrowbody aircraft for around $500 million. DAE will lease the next-generation aircraft to four airlines across four countries, the company said on Tuesday. “These young aircraft with long remaining lease terms are expected to be favourable to our portfolio’s metrics, once delivered,” said […] October 29, 2024
People & Lifestyle Dubai private schools face major shortfall of places Dubai’s private school sector is staring at a shortfall of more than 100,000 places by the start of the 2031 academic year, as the industry struggles to keep pace with the emirate’s increasing population. Under the Dubai 2040 Master Plan, the emirate’s population is forecast to reach 7.8 million by the end of the next […] October 29, 2024
