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A view of the Motor City community. Union Properties will repay AED250m to lenders in the second quarter of 2024

Union Properties to repay $263m debt in 2024

Union Properties plans to repay AED966 million ($263 million) to lenders in 2024 as part of its debt restructuring plan. The developer, which trades on the Dubai Financial Market, has repaid AED290 million ($78.96 million) worth of debts as a result of AED816 million generated from plot sales in the first quarter of 2024.  The […]

Rumo predicts the port expansion with DP World will cost $500 million

DP World teams up with Rumo for new Brazilian port terminal

DP World and the Brazilian railway operator Rumo are to build a new terminal at the port of Santos in São Paulo, to handle 12.5 million tonnes of grain and fertiliser a year. The project is intended to make the port Brazil’s primary gateway, and central to trade for South America. Rumo estimates the total […]

Dubai is considering golden licences to raise its game in the GCC economic competition

Dubai business licences to get the ‘golden’ touch

Dubai is exploring enhancements to its long-term business licensing scheme, offering “golden” licences to entice more investors and business owners to set up in the emirate, company formation experts have told AGBI. Long-term licences in the emirate, including decade-long options, have been primarily available in select free zones. But plans are in motion to extend […]

Emirati director Nayla Al Khaja. Her film 'Three' is currently being shown in UAE theatres in Mandarin using Camb.ai's AI translation programme

Dubai startup helps AI-voice cloning take centre stage

A YouTube video released in January of Novak Djokovic shows the tennis star speaking fluent Spanish at a post-match press conference.  While the Serbian champion is renowned for speaking several languages, in this case his voice was created by an artificial intelligence tool developed by a Dubai-based startup, Camb.ai. The original Djokovic footage was taken […]

Plots of land on Dubia's coveted Palm Jumeirah are selling for as much as AED 1 billion

Dubai land shortages push property prices even higher

A shortage of undeveloped land in Dubai has caused an unprecedented rise in the cost of plots, setting the stage for further increases in the city’s already high property prices.  Experts note that in some areas land prices have nearly quadrupled over the past year, compelling developers to rethink their strategies to capitalise on this […]

Alec IPO SeaWorld Abu Dhabi

Alec IPO could start listings rush in construction sector

A listing by Dubai’s Alec Engineering and Contracting could open the gates for more construction-related companies to go public as they take advantage of the country’s buoyant property market, according to a business expert. Alec, which is backed by the Investment Corporation of Dubai (ICD), the emirate’s sovereign wealth fund, is behind some of the […]

Angola uae

Angola project demonstrates GCC’s growing Africa interest

Dubai Investments has appointed a Chinese construction company as the main contractor on its flagship project in Angola as GCC investments in Africa rise. China Harbour Engineering Company will undertake the first phase of Dubai Investments Park Angola, covering 2,000 hectares of residential, commercial and industrial property in the West African country. The award of […]

The DIFC's Gate building. The centre's law came into force on March 8

DIFC’s law tipped to help digital assets go mainstream

The Dubai International Financial Centre has introduced a law to define and regulate digital assets – a move that should herald their integration into more parts of the economy, lawyers have told AGBI.   The DIFC legislation came into effect on March 8 and classifies the assets as property. Digitally tracked items such as cryptocurrencies, non-fungible […]

A cashier rings up products at a Walmart store in San Marcos, Texas. Gulf wealth funds invest in US household names such as Walmart and Starbucks

UAE invests $2.5 trillion overseas, with US the top recipient

The UAE has invested an estimated $2.5 trillion overseas as of early 2024, with the United States the prime destination.  “The UAE has strengthened its position in the global economy,” Jamal bin Saif Al Jarwan, secretary-general of the UAE International Investors Council, was quoted as saying by the state-owned Wam news agency. “It ranked first […]

An apartment near a beach in Dubai is unlikely to appeal to Brits, according to property experts

What Dubai’s united nations of property buyers want

When purchasing a property in Dubai amenities are important to Brits, while Indian buyers are all about the return on investment, according to real estate experts. Last year Dubai recorded 1.6 million real estate transactions, a record 17 percent year-on-year increase, according to data from the Dubai Land Department. The demand comes from a largely […]

Dubai's new PPP projects portfolio will cover 10 fundamental economic sectors from 2024 to 2026

Dubai approves PPP projects worth nearly $11bn

The Dubai government has approved public-private partnership (PPP) projects worth AED40 billion ($10.89 billion) to boost economic growth and infrastructure development. The new PPP portfolio, managed by the emirate’s finance department, will include a range of projects to boost cooperation and build new collaborations between the public and private sectors, state-run Wam news agency reported. […]

Mortgage holders in Dubai are facing rates increasing by more than 4 percentage points, sending monthly payments soaring

Dubai mortgage holders squeezed by end of low fixed rates

Purchasing a home in Dubai for AED2 million ($544,600) in 2021 meant manageable monthly mortgage payments of about AED7,600, at a 2 percent interest rate secured for three years.  With these fixed-rate contracts now expiring, home owners have told AGBI that banks are rolling over to rates as high as 7 percent, resulting in monthly […]

In this photo illustration, the MSCI Inc. logo is displayed on a smartphone screen. (Photo by Rafael Henrique / SOPA Images/Sipa USA) No Use Germany.

Gulf weightings increase on MSCI Emerging Markets

The MSCI Emerging Markets Index has increased the weightings of Gulf countries since their inclusion on the benchmark, as regulators loosened rules and companies ease foreign ownership restrictions to make it easier to invest. According to MSCI, more than $1.3 trillion in assets under management (AuM) was benchmarked against its emerging markets indexes as of […]

DAE's credit facility was increased to more than twice the proposed initial target following significant investor demand

Dubai Aerospace secures $420m from Chinese lenders

Aircraft lessor Dubai Aerospace Enterprise (DAE) has signed a $420 million five-year unsecured term loan with Chinese entities to support its business expansion. The DIFC branch of China Construction Bank and China Construction Bank (Asia) Corporation offered the loan facility. “This term loan will serve to further strengthen our already exceptional liquidity, which stood at […]

Adult, Male, Man Noura Al Kaabi, the UAE's minister of state, met Paul Kagame, president of Rwanda, at the Joint Economic Committee earlier this month

Green finance focus of UAE-Rwanda trade ambitions

With trade between the UAE and Rwanda topping $1 billion last year, Kigali International Financial Centre and Abu Dhabi Global Market (ADGM) are to work together on developing green and Islamic finance options. The two markets have signed an agreement to establish a framework for collaboration, with sustainable finance highlighted as a “major focus” for […]

An NMC hospital in Abu Dhabi. The business was founded in the 1970s and went into administration in 2020

NMC and Dubai Islamic Bank end legal dispute

NMC Healthcare has reached an out-of-court settlement with Dubai Islamic Bank, ending the long-running legal dispute between the two businesses. The healthcare operator had borrowed around $400 million from DIB, which is the largest Islamic bank in the UAE. The loan used collateral known as insurance receivables, which are payments by insurance companies for medical […]