Transport Dubai to have flying taxi services by early 2025 New York Stock Exchange-listed Joby Aviation plans to soft launch air taxi services in Dubai by early 2025. The vertical take-off and landing (VTOL) aircraft maker signed an agreement with Dubai’s Road and Transport Authority (RTA), which gives it the exclusive right to operate air taxis in the emirate for six years The operation of […] February 12, 2024
Real Estate Abu Dhabi’s Aldar has big plans for projects in Dubai Aldar Properties, Abu Dhabi’s largest developer, plans to launch more projects in neighbouring Dubai this year. Speaking at a press conference on Friday, Aldar’s chief finance and sustainability officer Faisal Falaknaz said the Abu Dhabi-listed developer is on track to launch its second master plan in Dubai in the second quarter of this year. The […] February 9, 2024
Opinion Leisure & Hospitality A pleasant stroll through The Village, Dubai-style If you were to stop at each restaurant, bar or hotel along the way, a week would not be enough February 9, 2024
Markets Emirates NBD tops Gulf dividend yield rankings Emirates NBD, Dubai’s largest bank, has so far topped the Gulf list of dividend yield pay-outs awarded to shareholders in 2023, Refinitiv data shows. The government-controlled lender, whose shares are up 27 percent in the past 12 months, provides a dividend yield of 6.9 percent based on its closing stock price of February 8. The […] February 9, 2024
Logistics Aramex Q4 2023 profit more than doubles to $21m Dubai-listed logistics company Aramex said net profit more than doubled to AED 76.78 million ($20.90 million) in the fourth quarter of 2023 from AED33.86 million a year ago. The company reported a marginal one percent year-on-year decline in Q4 2023 revenue to AED1.52 billion, despite challenging market conditions and currency fluctuations. “Q4 2023 has proven to be exceptional, marked by record […] February 9, 2024
Real Estate Hope at last for Dubai expats seeking a shared rental home Shared rental accommodation for expats in Dubai, something previously difficult to offer because of rules against subletting, is being developed by a company called Co-Living Legends, working with developers and landlords. Co-Living Legends was set up in 2021 to help female expats find house-share rental options in Dubai. House sharing is well established in markets […] February 9, 2024
Real Estate Emaar Development profit rises 74% to $1.8bn in 2023 Emaar Development, a wholly owned subsidiary of Dubai’s Emaar Properties, reported that net profit surged 74 percent year on year to AED6.6 billion ($1.8 billion) last year, propelled by 27 new project launches across Dubai. Property sales increased 22 percent year on year to AED37.4 billion. The developer’s sales backlog stands at AED57.1 billion, which […] February 9, 2024
Opinion People & Lifestyle Dubai authors must help balance the books A grant system could be the way to nurture homegrown literary talent February 8, 2024
Business of Sport Emirates airline signs big US basketball sponsorship deal Emirates, the Dubai airline, has signed a sponsorship deal with the National Basketball Association in the United States that will see the NBA’s in-season tournament renamed the Emirates NBA Cup. Emirates will become the association’s official airline partner and referees’ kits will feature the airline’s logo. The airline’s patch will also be featured on the […] February 8, 2024
Transport Dubai Aerospace turns profit after Aeroflot settlement The aircraft leasing company Dubai Aerospace Enterprise (DAE) turned profitable in 2023, as it received a settlement of $118.3 million for seven aircraft leased to Russia’s Aeroflot airline. The company reported a net profit of $350.6 million for 2023, a turnaround from a loss of $279.3 million a year ago. Revenue rose 16 percent to […] February 8, 2024
Real Estate Dubai real estate deals rise to $173bn in 2023 Dubai recorded 166,400 real estate transactions valued at AED634 billion ($172.61 billion) in 2023, according to official Dubai Land Department (DLD) data. Real estate investments grew 55 percent year on year to AED412 billion, propelled by 113,655 investors, including 71,002 new entrants, marking a 20 percent rise year on year, the UAE state-run Wam news […] February 8, 2024
Markets Increased staffing drives up Dubai Taxi profits Profits at Dubai Taxi Corporation rose 54 percent in 2023, which it attributes to an increase in its driving staff. The Dubai Financial Market-listed company reported revenues of AED1.95 billion ($532 million) for the 12-month period, a year-on-year increase of 11 percent. It resulted in a net profit of AED345 million and an 18 percent […] February 7, 2024
Real Estate Dubai real estate ‘hot’ but no bubble fears, say experts Dubai’s real estate market is running “a bit hot”, but it is not heading towards a bubble or another catastrophic crash, experts say. Residential sales prices in the emirate increased 20 percent in 2023, while city-wide rents grew 9 percent higher, according to the latest research from Cushman & Wakefield Core. Although Dubai remains more […] February 6, 2024
Exclusive Health Dubai hospitals are ailing in saturated healthcare market The general healthcare sector in Dubai is buckling under saturation, with weaker operators shutting down or battling financial woes, Dr Azad Moopen, the founder and chairman of Aster DM Healthcare, told AGBI. The healthcare sector in the emirate faces a challenging economic climate, marked by stubborn inflation, high interest rates and slow growth. The introduction […] February 6, 2024
Opinion Real Estate School’s in: UAE education is ripe for investment The listing of more education-based real estate investment trusts will diversify UAE capital markets February 5, 2024
Business of Sport Sobha Realty strikes sponsorship deal with Arsenal Dubai real estate developer Sobha Realty has secured the naming rights for the training ground of English Premier League football club Arsenal. Arsenal’s facility in Hertfordshire will be known as the Sobha Realty Training Centre. It is the first time the naming rights have been sold. The deal is part of Sobha’s plan to expand […] February 2, 2024
Banking and Finance Fintech Sarwa beefs up investment platform Sarwa Digital Wealth, an Abu Dhabi-based fintech, will this year add several new asset classes including private equity and real estate to its robo-advisory platform, the company’s CEO told AGBI. This development is indicative of a broader trend among fintech companies in the region, which are evolving from addressing isolated banking challenges to diversifying their […] February 2, 2024
Tourism Emirates visa on arrival ‘huge’ boost for Indian visitors Emirates airline has introduced a pre-approved 14-day single-entry visa on arrival for Indian travellers. Industry experts told AGBI the initiative will open up a fresh segment of travellers to Dubai and revive plateauing tourist inflow from India, while also helping Emirates compete against more economical Indian airlines. The service is designed to expedite the entry […] February 1, 2024
Leisure & Hospitality Fitness brands shape up for Saudi expansion plans GymNation, founded in Dubai, has revealed plans to open 50 new fitness centres in Saudi Arabia as it seeks to capitalise on the kingdom’s billion-dollar fitness industry. The mid-market brand was set up six years ago and currently operates 11 gyms in the emirate, with a further six set to open before the summer. Founder […] February 1, 2024
Construction Five Holdings plans ultra-luxury Pacha Ibiza residences Dubai developer Five Holdings plans to build ultra-luxury residences in Ibiza following the completion of a $57 million hotel and land deal. The UAE real estate and hospitality group has acquired El Hotel Pacha and an adjacent land plot where it plans to build Pacha Residences, using the branding of the Balearic island’s most famous […] January 31, 2024
