Banking and Finance Investment app Sarwa fined by Dubai and Abu Dhabi regulators Investment platform Sarwa Digital Wealth has been fined AED1,151,000 ($313,500) by regulators in Dubai and Abu Dhabi for offering shares and securities without an approved prospectus. The Dubai Financial Services Authority (DFSA) said on Tuesday that it had imposed a penalty of AED701,815 on the fintech. On the same day, the Financial Services Regulatory Authority […] May 21, 2024
Analysis Real Estate From buyers to sellers: Russians cool on Dubai real estate Russian property owners in Dubai are cashing in and moving to alternative foreign enclaves, pushed out by currency issues and the rising cost of living in the emirate. Emigrants from Russia flocked to Dubai in 2022 at the start of the country’s war with Ukraine. The UAE, although condemning the invasion, proved a safe haven […] May 21, 2024
Tourism Palazzo Versace hotel sale aims to ride Dubai tourism wave Owners of Dubai’s ultra-luxurious Palazzo Versace hotel are looking to capitalise on the emirate’s tourism boom before it peaks, offering it for sale at nearly AED1.4 billion ($380 million). A source familiar with the asset told AGBI the hotel is being “readvertised” as it has not found a buyer willing to meet its price tag […] May 17, 2024
Opinion Leisure & Hospitality When the saxophonist appears, it’s time to pay the bill The noise in Dubai's restaurants is the single biggest obstacle to enjoying a night out May 17, 2024
Retail Fire-hit Dubai shopping mall fails to attract auction bids A Dubai shopping mall closed since a fire in 2017 has failed to attract interest from potential buyers after being put up for auction. The Lamcy Plaza mall went on auction earlier this month with a starting bid of AED200 million ($54 million), but received no offers. The five-storey neighbourhood mall, which opened in 1997, […] May 17, 2024
Transport Emirates to resume Nigeria service from October Emirates will restart services to Nigeria from October 1, after suspending flights on the route for almost two years. The Dubai airline will operate a daily service to Lagos, Nigeria’s largest city. “We are excited to resume our services to Nigeria,” said Adnan Kazim, deputy president and chief commercial officer, Emirates. “We thank the Nigerian government for their partnership and support in re-establishing this […] May 17, 2024
Education Dubai’s Amanat moves ahead with education platform IPO Amanat Holdings is planning for a potential initial public offering (IPO) of its education platform. The Dubai-listed healthcare and education investment company aims to monetise its education platform by creating a new holding company. Advisors have been appointed to explore the monetisation options to unlock significant shareholder value, the company said in a Dubai Finanical Market filing […] May 16, 2024
Finance Dubai tops ‘greenfield’ FDI ranking for third year Dubai is the world’s top location for “greenfield” foreign direct investment for the third consecutive year, according to fDi Markets. A total of 1,070 greenfield FDI projects, where a company sets up in a foreign country, building its facilities from the ground up, were reported in Dubai in 2023. This was more than double the […] May 15, 2024
Real Estate Dubai’s Emaar sets quarterly sales record of $3.7bn Dubai-listed Emaar Properties reported its highest-ever quarterly sales, driven by sustained real estate demand in the emirate. Sales surged 47 percent year on year to AED13.5 billion ($3.7 billion), the developer said in a statement. Despite a 9 percent decline in net profit year on year to nearly AED3 billion, net profit before tax rose 16 percent […] May 15, 2024
Aviation Dnata CEO confident of victory in Rome airport case The group CEO of Dnata, the Dubai-based global air and travel services provider, is “very confident” the company will soon begin operations in Rome. “We’re certainly planning to be operating this year,” Steve Allen told AGBI at a media event on Tuesday, referring to an appeal ruling on the decision to award ground-handling contracts due […] May 14, 2024
Opinion Infrastructure Sponge cities are the low-hanging fruit of flood mitigation The question of what this arid desert country can do to avoid a repeat of April 16 is an urgent one May 14, 2024
Aviation Dubai to receive $1bn dividend after record Emirates profits Emirates Group will pay more than $1 billion in dividends to its owner, the Investment Corporation of Dubai sovereign wealth fund, after it announced record profits of just over $5 billion for the year. The holding group includes Dubai-based flag carrier Emirates and aircraft and airport services company Dnata. It repaid $596 million from the […] May 13, 2024
Transport Dubai road toll revenue hits $153m as tourism flourishes Revenue generated by Dubai’s road toll operator Salik rose 8 percent year on year to AED562 million ($153 million) in the first quarter of 2024, as the number of tourists to the city continues to rise. There were 122 million revenue-generating trips through eight toll gates in the first three months of the year. Net profit […] May 13, 2024
Finance Dubai financial watchdog reports 25% rise in licences The Dubai Financial Services Authority (DFSA), the emirate’s financial regulator, reported a 25 percent year-on-year increase in the number of licensed companies in 2023, amounting to nearly 800 in total. The number of applications across all business models within the Dubai International Financial Centre (DIFC), the emirate’s main financial hub, rose 50 percent annually, the […] May 13, 2024
Opinion Real Estate In Dubai’s new Uptown hub, all the talk is of diamonds Ahmed bin Sulayem prepares for a critical meeting of the Kimberley process May 10, 2024
Real Estate Plots from failed Dubai Lifestyle City project up for auction Plots of land from a never-completed AED2.4 billion ($650 million) development in Dubai, once endorsed by tennis star Maria Sharapova, have been put up for auction. The abandoned Dubai Lifestyle City project was announced in 2007 by developer ETA Star Projects, a division of the ETA-Ascon business group. It promised buyers “high style living” in […] May 10, 2024
Construction Drake & Scull losses narrow before return to trading Dubai contractor Drake & Scull International has trimmed its losses in the first quarter of this year as it nears the end of a drawn-out capital restructuring process. The Dubai-based utilities and infrastructure engineering company said in a press release accompanying disclosures to the Dubai Financial Market (DFM) that revenue jumped 55 percent year on […] May 9, 2024
Transport Q1 profits rise 5% at Dubai’s Parkin The Dubai government’s parking management company Parkin reported a 5 percent increase year on year in net earnings for the first quarter of 2024. This is despite the introduction of a 9 percent standard corporate tax from January this year. Net profit rose to AED103.7 million ($28.2 million) in January to the end of March, […] May 9, 2024
Leisure & Hospitality Emaar Hotels reveals wide expansion plans Emaar Hospitality Group is talking to investors in Europe, the Middle East and China to expand its footprint regionally and internationally. The Dubai-based company is behind iconic names such as The Address Hotels & Resorts, Vida Hotels, Palace Hotels & Resorts and Armani Hotels & Resorts. Mark Kirby, head of hospitality at Emaar Hospitality, told […] May 8, 2024
Transport Dubai Taxi revenue and profit soar as fleet expands Dubai Taxi Company (DTC), a subsidiary of the emirate’s transport regulator, reported that revenue rose 16 percent year on year to AED558 million ($152 million) in the first quarter of 2024 due to a growing fleet and more taxi journeys. Revenue in the core taxi segment rose 15 percent annually, driven by increased trips, trip […] May 8, 2024
