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The first phase of the $35 billion terminal at Dubai's Al Maktoum International is slated to be completed within a decade

Groundwork to begin soon on Dubai’s $35bn airport

Work will begin shortly on the world’s largest passenger terminal in Dubai. Major groundwork at Al Maktoum International will start this month, Emirates president Sir Tim Clark said. The first phase of the AED128 billion ($34.85 billion) project, slated to be completed within a decade, will be able to accommodate 150 million passengers annually, the […]

Emaar's Dubai Mall expansion will include 240 new luxury stores and food and beverage outlets

Emaar starts work on $408m Dubai Mall expansion

Emaar Properties, Dubai’s largest developer, has commenced work on expanding Dubai Mall at a cost of AED1.5 billion ($408 million). The expansion will include 240 new luxury stores and food and beverage outlets. The contractor is already mobilising on-site, the Dubai-listed developer said in a statement. However, no details were given on when work would […]

'Knowing the Chinese, they’re going to be fairly versatile and fairly quick in upgrading their standards,' says Emirates boss Sir Tim Clark

Emirates chief backs Chinese plane maker Comac

The president of Emirates, Sir Tim Clark, has given his backing to Chinese aircraft manufacturer Comac as problems persist at the US plane maker Boeing. Commercial Aircraft Corporation of China, based in Shanghai, has been courting attention across the Gulf in recent months as Boeing grapples with delivery delays, a spate of accidents and whistleblower […]

Airlines profits coffee Emirates

Airline margins ‘wafer thin’, says IATA’s Willie Walsh

The profit global airlines make per passenger is only enough to buy a single espresso in a Dubai hotel coffee shop, according to Willie Walsh, the director general of the International Air Travel Association (IATA). Global airlines are expected to make $30.5 billion in profits this year, but margins remain “wafer thin”, Walsh told the […]

Dubai's Real Estate Control Department monitors the market to ensure that all real estate companies comply with the law

Dubai developers fined for off-plan sales violations

Three developers in Dubai were fined AED1.5 million ($408,441) for failing to comply with the regulations for off-plan sales. The Dubai Land Department (DLD) imposed fines of AED500,000 on each of the unnamed developers for promoting and marketing real estate projects without completing the required registration procedures. The regulations are mentioned in Law No. 8 […]

Person, Worker, Clothing

Dubai’s Sidara submits ‘final’ $2bn bid for John Wood Group

Dubai engineering and consulting company Dar Al-Handasah – known as Sidara – has made a fourth and “final” bid to buy London-listed contractor John Wood Group. The latest proposal of 230 pence sterling per share gives Wood a valuation of £1.58 billion ($2 billion) and is significantly higher than the first of three bids, which […]

The twisted Cayan Tower in Dubai Marina is among Drake & Scull's projects

Drake & Scull International shares up by 24% as trading resumes

Shares in Drake & Scull International rose by 24 percent on Wednesday as the troubled contractor resumed trading on Dubai Financial Market following a six-year suspension. DSI stock ended Wednesday at AED0.31, having started the day at AED0.25 – the price at which it sold AED450 million ($123 million) of shares earlier this month as […]

Emirates Airline cabin crew. The Investment Corporation of Dubai owns the airline and has a significant stake in Dubai's biggest bank Emirates NBD

Dubai wealth fund reports record net profit for second year running

Investment Corporation of Dubai, the Dubai government’s main investment unit, has reported a record annual net profit. Earnings were bolstered by higher interest rates and a resurgent aviation sector. ICD owns Emirates and FlyDubai airlines, travel agency Dnata, Emirates National Oil Company (Enoc) and stock exchange operator Borse Dubai.  NewsletterGet the Best of AGBI delivered […]

fractional property ownership Dubai Video length: 06:12

Dubai fractional ownership is promising, but untested

Fractional ownership of property in Dubai promises to widen access to real estate investment in the emirate’s surging market. But the lack of a proven secondary market raises questions about just how much liquidity this asset class can count on in a potential crisis, experts say. Buying even small portions of one or more units […]

DSI's project include the Louvre Abu Dhabi. Its backlog is reported to be worth AED638 million

DSI claims bumper revenues to come before it resumes trading

Dubai’s Drake & Scull International is forecasting a more than tenfold increase in revenues between this year and the end of 2029 as the troubled contractor prepares to return to trading on Dubai Financial Market. Trading in the utilities and infrastructure engineering company’s shares came to a halt in November 2018 when DSI disclosed losses […]

Offices need to offer flexibility, with a variety of spaces to allow for both collaboration and private conversations

Flexibility and amenities key to UAE office sector’s future

As workers globally grow resistant to spending all week at their desks, even the UAE’s strong-performing office sector must rethink its offering to meet shifting demand, industry professionals have told AGBI. “Since the pandemic, people have realised that the workplace has changed for ever. We are not going back to working in the office 80 […]

Dubai's Palm Jebel Ali will eventually be home to 35,000 families

Infrastructure work to start on relaunched Palm Jebel Ali

Work has commenced on Dubai’s Palm Jebel Ali mega project with the award of new infrastructure contracts. Among the contracts is one to build a 6km-long public access road from Sheikh Zayed Road to the palm-shaped master development, Nakheel, the developer of the man-made palm-shaped island, said in a statement. DBB Contracting, a local contractor, […]

A trader looks at the screens at Bahrain Bourse in Manama, Bahrain, February 7, 2018. REUTERS/Hamad I Mohammed

Bahrain tops dividend yields in mixed quarter for bourses

First-quarter company earnings in the UAE, Bahrain and Oman were mixed across major economic sectors, with the four bourses trading at markedly varied valuations. As of March 31, Dubai and Bahrain had price-to-earnings ratios of 8.3 and 7.9 respectively, while Abu Dhabi’s was 19.9 and Oman’s 12.9, according to Kuwait’s Kamco Invest. Bahrain (7.7 percent) […]

Navin Valrani, CEO of The Arcadia School, highlights high capital investment requirements and steep debt costs as challenges for new entrants to the market

Days of high returns numbered for investors in Dubai’s schools

Dubai’s private school market, once a goldmine for investors, is no longer yielding the lucrative double-digit returns it used to, the chief executive of a leading school operator has said. Navin Valrani, CEO of The Arcadia School, told AGBI new investors considering the emirate must tackle significant entry barriers, escalating costs and an increasingly mature […]

The UAE has bucked the trend of working-from-home that emerged in the pandemic

UAE offices in demand – in contrast to the West

Offices in the UAE are outperforming Western equivalents, with a steady influx of foreign businesses and local developers’ preference for residential projects. “The need for more Grade A office space is becoming increasingly urgent,” Behnam Bargh, managing director at real estate agency CRC, told AGBI. “Addressing this issue will be crucial for maintaining the country’s […]

The number of electric vehicles in Dubai passed 30,000 by the end of April 2024

Parkin to roll out more green EV chargers across Dubai

Dubai is expanding its network of electric vehicle (EV) chargers as part of the emirate’s push to accelerate smart and green mobility. Parkin, the state-backed parking management company, has signed an agreement with the Dubai Electricity and Water Authority (Dewa) to increase the number of EV green charger stations at prime locations across the emirate. Parkin […]

A private house, on Palm Jumeirah, which was bought to rent as a holiday apartment. Demand is outstripping supply in the area

Dubai’s rich switch from home buyers to investors

Wealthy foreigners are increasingly eyeing luxury Dubai homes as investments, driven by a dearth of available real estate at the high end of the market. This is a shift from last year, when affluent buyers primarily saw purchases of homes in the emirate as main residences, or vacation or retirement homes, Knight Frank said in […]

The indicative price for EIB's 5-year sustainability sukuk was set at 100 basis points over US Treasuries

Emirates Islamic Bank’s green sukuk orders hit $1.9bn

The Islamic unit of Emirates NBD, Dubai’s largest lender, has launched a $750 million green sharia-compliant sukuk. The indicative price for Emirates Islamic Bank’s (EIB) 5-year sustainability sukuk was set at 100 basis points over US Treasuries, Reuters reported, citing a document from an arranging bank.  The issuance, part of EIB’s $2.5 billion certificate issuance […]