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Hospitality sales often drop off at the start of the year but Drink Dry says Dry January helps its sales

Dubai drinks supplier raises a glass to Dry January

Drink Dry, a Dubai-based supplier of non-alcoholic beverages, has reported a 20 percent bump in sales during Dry January, defying a traditional post-festive period slump in the hospitality sector. Dry January is an initiative launched in the UK by Alcohol Change in 2013. It involves consumers abstaining from alcohol for the first month of the […]

A doctor consults medical records. Aster employs 1,651 doctors and 3,679 nurses

Dubai mulling ratings for hospital performance, says Aster founder

Dubai is considering the introduction of performance ratings for healthcare providers, Dr Azad Moopen, the founder and chairman of Aster DM Healthcare, has told AGBI. The system would allow operators to adjust their insurance tariffs – the prices that insurers agree to pay for medical services or procedures – based on their classification, providing an […]

Drake & Scull's trading ceased in November 2018 when the company disclosed losses exceeded 75 percent of its capital

Dubai bourse operator’s 2023 profit up 124% to $90m

Dubai Financial Market Company, the operator of the Dubai bourse, said net profit jumped 124 percent to AED329.4 million ($89.68 million) last year. The earnings surge was driven by a substantial increase in trading activities, capital inflow and an influx of new investors. Total revenue reached AED541.6 million in 2023, an increase of 54 percent […]

Mashreq's operating profit surged 70% year on year to AED4.4 billion in 2023

Mashreq’s net profit surges 130% to $2.3bn in 2023

Dubai-listed Mashreq reported a net profit increase of 130 percent year on year to AED8.6 billion ($2.34 billion) in 2023, as net interest income grew 69 percent year on year. Earnings growth was driven by robust client margins, a continued high-interest rate environment, and positive one-off impacts related to loan loss provisioning. The lender’s non-interest […]

In 2023, Dubai's Nol card averaged 2.5 million payment transactions with a total worth of AED2 billion

Dubai to invest $95m to upgrade Nol ticketing system

Dubai’s Roads and Transport Authority (RTA) will invest AED350 million ($95.29 million) in the digital transformation of Nol, its card-based ticketing system. The upgraded Nol card will use central wallet technology, an account-based ticketing system, ensuring fintech integration in mobility solutions, the Dubai Media Office said, citing an RTA statement. The project is part of […]

Emirates NBD will finance eligible SMEs at competitive rates, charging the Eibor with no additional margin

Dubai’s $136m boost to drive global growth of SMEs

Dubai has allocated AED500 million ($136.13 million) to support small and medium-sized enterprises (SMEs) with ambitions to scale up globally. The initiative was launched in partnership with Emirates NBD, the UAE state-run Wam news agency reported. The Dubai international growth initiative will support the global expansion of SMEs founded in the emirate, Dubai Crown Prince […]

girl solar panel Kenya Dubai East Africa

Solar deal shows power of East Africa for Dubai

A Dubai energy company has joined a $150 million solar project in Mozambique, the latest indication of the UAE’s interest in investing in East Africa. Amea Power will work with Mozambique’s Hidropower to develop the 125 megawatt Matambo solar photovoltaic power plant. The joint Mozambique-Dubai project will provide electricity to more than 150,000 homes in […]

Retired people in the UAE will be encouraged to use the skills developed across their careers to develop small businesses in Dubai

Dubai launches small business plan to support Emirati retirees 

Retired emiratis are being incentivised to run their own companies after the launch of the Dubai Retiree Projects Support programme this week. The scheme is part of the Dubai Social Agenda 33, which aims to create a more proactive social system. Benefits include priority for government contracts, financing of future projects, exemption from service fees […]

UK mena

UK steps up hunt for Mena projects with £50bn budget

The UK’s export credit agency is stepping up its search for “transformational” projects to finance across the Middle East and North Africa and has a potential war chest of about £50 billion ($63 billion). Since 2018, UK Export Finance has completed £11 billion worth of business and delivered thousands of jobs for UK businesses related […]

Emirates NBD's board has proposed a dividend of 120 fils per share

Emirates NBD 2023 profit rises 65% to $5.9bn

Emirates NBD, the biggest bank by assets in Dubai, said net profit rose 65 percent in 2023 thanks to asset growth, a stable low-cost funding base, and higher transaction volumes boosting overall income. Earnings jumped to AED21.5 billion ($5.85 billion) from AED13 billion a year ago. Total income rose 32 percent to AED 43 billion […]

Dubai International Financial Centre. The emirate's GDP grew by 3.3% in the first nine months of 2023

Dubai on track to tackle $78bn debt, analysts say

Dubai’s state-run conglomerates have $78 billion in loan repayments due over the next few years, according to new research, but analysts have told AGBI the emirate is on track to cover the debts.  The loans date back to Dubai’s 2009 debt crisis and equate to 67 percent of its GDP, said consultancy Capital Economics in […]

A property model in Dubai. Properties in the emirate are becoming smaller but remain more afforable than other global cities

Dubai’s smaller homes more affordable than global rivals

Dubai homes for sale today are about a quarter smaller than their equivalents four years ago, despite average prices growing by more than half, industry data shows. But experts claim this is a result of the rise in demand for smaller units, which are still substantially bigger and more affordable than those in rival global […]

Workers on a wheat farm in Sharjah. The UAE is enforcing a ruling that limits applications for a nationality that already represents 20% of a company’s workforce Video length: 06:59

UAE diversity law causing visa issues for businesses

UAE businesses are encountering difficulties getting work visas for new employees of South Asian nationalities following the enforcement of a government directive to boost diversity in the workforce. Abeer Al Husseini, a Dubai-based partner at immigration law practice Fragomen, told AGBI that the Ministry of Human Resources and Emiratisation has “reinstated” its demographic diversification regulation.  […]

rare book Shakespeare first folio

Rare chance to book profits for well-read investors

From his shop in Dubai’s Alserkal Avenue, Alex Warren has been asked to source books by a particular Kazakh author, rare Indian poetry and even a copy of Catcher in the Rye in every language ever published. “That was quite odd,” says Warren, who opened Zerzura Rare Books in October 2022. “I didn’t hear from […]

Dubai Mercantile Exchange will be rebranded as Gulf Mercantile Exchange to reflect its position as a regional commodities exchange

Tadawul Group to buy 32.6% stake in DME

Stock market operator Saudi Tadawul Group will buy a 32.6 percent stake in the parent company of Dubai Mercantile Exchange (DME) for SAR107 million ($28.5 million). The Saudi bourse owner will become the joint-largest shareholder, alongside CME Group, which owns the New York Mercantile Exchange. Other shareholders are Dubai Holding’s Tatweer Dubai and Oman Investment […]

Vikas Chadha jumbo, dubai shops

Dubai is building bricks-and-mortar appeal, says Jumbo CEO

Dubai will remain a stronghold for bricks-and-mortar shopping despite the increased competition from online retailers, according to the chief executive officer of the UAE conglomerate Jumbo Group. “The city’s unique market dynamics, such as demand for luxurious goods, coupled with a significant tourist influx contribute to the continued relevance of physical stores,” Vikas Chadha told […]