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SJP's chief investment officer Justin Onuekwusi, second from right, at the event in Dubai. Other speakers included, from left, Ben Powell of the BlackRock Investment Institute, Angelina Lai of SJP Asia and Middle East, and Robert Willock of the Economist Intelligence Unit

Wealth manager seeks Gulf growth despite setbacks in UK

St James’s Place, the UK’s largest wealth manager, plans to target local customers to expand its one-year-old Gulf operation as it seeks to brush off reputational setbacks in its home market. In February SJP disclosed that it had set aside more than $500 million for potential client refunds after an increase in complaints about its […]

A FlyDubai Boeing 737 Max. The airline's CEO says Boeing is 'fantastic' but he has sent inspectors to the manufacturer's facilities

Boeing’s ‘negative issues’ are top concern for FlyDubai CEO

Escalating regional tensions and recent floods in Dubai have “not especially” affected FlyDubai’s operations, but the low-cost airline’s chief executive said he was closely monitoring US plane maker Boeing’s response to a string of safety scandals.  “We are definitely very concerned about the delays and all the negative issues that are in the pipeline or […]

Emirates' original refurbishment plan, covering 120 aircraft, will now increase to 191 aircraft

Emirates expands retrofit plan by 60% to 191 aircraft

Emirates has expanded its fleet refurbishment programme by 60 percent to include 43 A380s and 28 Boeing 777 aircraft. The original refurbishment plan, covering 67 Emirates A380s and 53 of its 777s, will now be increased to 191. “We’re topping up our multi-billion dollar investment in the retrofit programme to introduce cutting-edge cabin products on […]

Binance CEO Richard Teng told AGBI the company spent $213m on compliance measures in 2023

Binance clamps down on suspicious UAE crypto trades

Binance has blocked hundreds of thousands of suspicious cryptocurrency transactions in the UAE as it ramps up compliance efforts, senior executives have told AGBI. The business, which is the world’s largest crypto exchange, received nearly 60,000 law enforcement requests from governments around the world in 2023 after heightened regulatory scrutiny. Meera Judge, the Dubai-based director […]

An artist's impression of Al Maktoum. It will have to handle 700,000 passengers a day to meet its goals

Luggage, airspace and size: challenges for Dubai’s new airport

Sizing, air traffic control and passenger handling are among the challenges Dubai will face in building the world’s largest airport within the next 10 years, industry experts tell AGBI.  Authorities announced last month plans to expand Al Maktoum International into a facility that will handle 150 million passengers annually within a decade, and eventually 260 […]

Dubai The World Villas

Demand for beach plots sells 80% of The World villas in days

An ultra-luxe villa community planned for Dubai’s The World Islands is more than 80 percent sold only days after first being announced, thanks to the dearth of available beachfront plots in the city. The boutique developer Amali Properties, co-founded by siblings Ali and Amira Sajwani of Damac Properties, said last week that the community will […]

Occupancy levels in Dubai's commercial and industrial segment reached an all-time high of 91% in the first quarter of 2024

Profit up 15% at Dubai’s free zone operator Tecom

Tecom Group, the Dubai-based operator of business parks and free zones, said earnings rose 15 percent year on year in the first quarter of 2024, driven by high demand for office and industrial space. Net profit reached AED293 million ($80 million) in the quarter ended March 2024, compared to AED255 million a year ago. Revenue increased […]

The DFM is actively looking to expand beyond established companies, focusing on startups and adding new sectors

Dubai focuses on pre-IPO stage for startups

Dubai Financial Market (DFM) is focusing on supporting startups in the pre-initial public offering (IPO) stage to raise capital and connect them with potential investors, CEO Hamed Ali has said. “Diversifying the investor base is one of the top priorities for DFM,” Ali was quoted as saying in an interview with the UAE state-owned Wam […]

A man moves his belongings from a flooded residential complex in Dubai. It has been reported that only 15% of UAE residents have flood insurance

Flood insurance in Dubai under threat says expert

Insurance companies could opt against covering areas of Dubai that were flooded during last month’s heavy rainfall, according to an expert from the S&P Global Ratings agency. Some areas remain badly affected since the torrential storm wreaked havoc across the emirate over two weeks ago, with record amounts of rain over a 24-hour period. It […]

737 Max aircraft under construction at the Boeing factory in Renton, Washington. Dubai aircraft lessor DAE wants Boeing to 'get their act together'

Dubai aircraft lessor slams Boeing for delivery delays

Aircraft lessor Dubai Aerospace Enterprise has criticised troubled US manufacturer Boeing for its failure to deliver the promised amount of aircraft. DAE’s CEO Firoz Tarapore said it is likely to only receive around half the number of aircraft from Boeing this year than the planemaker had originally committed to deliver. “The only thing we can […]

An investor looks at a screen in Dubai Financial Market. Spinneys received over $19 billion in orders for its $375 million IPO

Hope for more private UAE listings follows Spinneys IPO

The record-breaking interest in supermarket giant Spinneys’ upcoming listing on the Dubai Financial Market could start a rush of private listings in the UAE, industry experts have predicted. The country’s privatisation strategy has led to a raft of government-owned entities being listed on the Dubai and Abu Dhabi stock exchanges. Last year there were 48 […]

DMCC CEO Ahmed Bin Sulayem says there is 'there is plenty of untapped potential' for UAE trade with Japan

Dubai free zone to build on UAE-Japan trade

A Dubai free zone has concluded a trade roadshow in Japan as the UAE looks to increase non-oil bilateral trade, which was worth nearly $7.5 billion in the first half of 2023. Dubai Multi-Commodities Centre (DMCC) said its first Made for Trade Live roadshow in Japan focused on web3, gaming and artificial intelligence. DMCC contributes […]

Al Maktoum International

Dubai’s airport ambitions ramp up local and global rivalries

Dubai’s plan for a massive new airport intensifies the regional aviation race, while reinforcing the Gulf’s bid to overshadow its European and Asian rivals. The emirate’s authorities over the weekend approved the expansion of the cargo-focused Al Maktoum International into an airport ultimately capable of handling 260 million passengers a year.  The new airport will […]

Dubai's appointment of chief AI officers is part of a broader push to adopt the technology

Dubai to appoint AI officers across all government entities

Dubai has ordered that all government entities must appoint a chief artificial intelligence officer, as part of a new drive to embrace the new technology. The Dubai Universal Blueprint for Artificial Intelligence was launched on Monday and as part of the initiative the new government AI officers will be tasked with leading specialised AI projects […]

Dubai financial market

DFM operator’s profit rises 150% as revenues surge

Dubai Financial Market Company, the operator of the Dubai stock exchange, has reported a jump in net profit of more than 150 percent, thanks to a revenue surge in the first quarter of 2024. Net profit for the three-month period rose to AED89.6 million ($24.4 million), against AED35.3 million a year ago. Total consolidated revenue increased […]

The oil-for-cash deal with Dubai's HBK DOP represents twice South Sudan’s GDP, with 70% to be spent on infrastructure

Dubai company in $13bn oil-for-cash deal with South Sudan

Dubai-based Hamad Bin Khalifa Department of Projects (HBK DOP) has signed a €12 billion ($12.9 billion) oil-for-cash deal with South Sudan, according to a media report. The loan agreement was finalised between HBK DOP and South Sudan’s former finance minister Bak Barnaba Chol between December and February, Bloomberg reported, citing an unpublished report by a United […]

Al Maktoum International Airport will be able to handle 260m passengers annually

First phase of Dubai’s $35bn airport to be ready in 10 years

Dubai has launched the world’s largest passenger terminal at Al Maktoum International at a cost of AED128 billion ($34.85 billion), capable of handling 260 million passengers annually upon completion. The initial phase of the project, slated to be completed within a decade, will be able to accommodate 150 million passengers annually, the UAE state-run Wam […]