Food & Drink Alcohol brands blocked from Dubai target Abu Dhabi Independent alcohol brands blocked from the Dubai market are entering the UAE by breaking into the more open Abu Dhabi market, industry insiders have said. The alcohol market in the UAE is regulated at the emirate level, and each has different levels of access and competition. Dubai’s market is a duopoly. Two distributors – Maritime […] March 8, 2024
Banking & Finance Gulf wealth funds put investing in US well ahead of China Most sovereign wealth funds in the Gulf remain heavily invested in the US, while China represents a much smaller part of their portfolios, data from the consultancy Global SWF shows. The data also shows that the portfolios of Gulf sovereign wealth funds vary widely in terms of their geographical distribution. This is partly a result […] March 8, 2024
Analysis Employment Alstom breaks mould as Gulf lags on hiring women as CEOs Dalya Al Muthanna is a member of an exclusive club. In January she became Gulf CEO for the transport giant Alstom, the company behind tram systems in Dubai and Qatar. She was previously a senior executive at GE in the UAE, bucking the trend of men dominating senior C-suite jobs in the Gulf. Just 5 […] March 8, 2024
Video length: 04:50 VIDEO Real Estate Dubai luxury real estate has stabilised, says Deyaar CEO Demand for mid-segment and affordable properties will increase in the coming months as luxury real estate prices start to stabilise, according to Saeed Al Qatami, CEO of the Dubai master developer Deyaar Development. “This is a segment that will see more demand and an increase in prices. Luxury has stabilised,” Al Qatami said. Last month […] March 7, 2024
EXCLUSIVE Health For those who want ‘IVF and a holiday’ … Dubai’s next hotel A fertility clinic-resort is opening soon, thanks to changes in UAE law on assisted reproduction March 6, 2024
Markets Drake & Scull gains approval to resume trading on Dubai bourse Drake & Scull International has been given the green light to resume trading on the Dubai Financial Market, after an absence of more than five years. The decision from the Securities and Commodities Authority follows the Dubai contractor agreeing to increase its share capital by up to AED600 million ($163 million), as part of a […] March 6, 2024
Finance Dubai’s Parkin valued at $1.7bn on listing Parkin, the Dubai government’s parking management company, has set the price range for its proposed initial public offering (IPO) at AED2 to AED2.1 ($0.54–0.57) per share. The company will offer a 25 percent stake, which is the emirate’s first privatisation deal this year, giving it a valuation of between AED6 billion and AED6.30 billion ($1.6 […] March 5, 2024
Transport Salik doubles dividend pay to $300m as revenue surges 12% Dubai toll operator Salik has proposed a dividend of AED550 million ($150 million) for the second half of 2023 after toll usage revenue surged 12 percent to AED1.8 billion. Total dividends for the year stand at AED1.1 billion, more than double that allocated the year before. A total of AED548 million was distributed to shareholders […] March 5, 2024
Aviation Aviation spends billions on IT to improve experience The aviation sector invested billions into IT in 2023, as companies sought to improve passenger experience, according to a new industry report. Global airports increased their IT spending by 23 percent year on year to almost $11 billion last year, while airlines upped spending by 15 percent to $34 billion, according to the 2023 Air […] March 4, 2024
Finance Dubai Airport free zone operator’s profit rises 65% State-owned Dubai Integrated Economic Zones Authority (DIEZ) said operating profit rose 64.6 percent year on year in 2023, driven by an 8 percent annual rise in revenues. The market value of net assets surpassed AED20.8 billion ($5.7 billion), Sheikh Ahmed bin Saeed Al Maktoum, chairman of DIEZ, said on the social messaging platform X. “These […] March 4, 2024
Video length: 04:40 VIDEO Trade UAE companies ‘can do more’ with Brics UAE businesses need to do more to take advantage of the UAE joining Brics and signing free trade agreements with various countries, according to the chairman of Dubai Chambers. “Other countries are aware, but our business community needs to take advantage of what they can do with India, Indonesia, Turkey and other countries,” Abdul Aziz […] March 1, 2024
Transport Dubai Taxi 2023 profit up 54% as trip numbers rise Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, said net profit surged 54 percent year on year to AED345 million ($94 million) in 2023, as fleet size and trips increased. Revenue increased 11 percent year on year to AED2 billion, primarily driven by the strong performance of its taxi segment, supported by Dubai’s […] March 1, 2024
Real Estate Abu Dhabi residential sales buoyed by off-plan purchases Property sales in Abu Dhabi’s residential sector were up 83 percent year on year in 2023 as a raft of new launches enticed buyers to the off-plan market. There were more than 8,000 units introduced to meet growing demand in the UAE capital, with under-construction properties accounting for three quarters of the 11,200 transactions last […] February 29, 2024
Construction Dubai’s Emaar unveils $26bn projects as market rebounds Dubai’s largest developer, Emaar Properties, has unveiled two new mega projects with a development cost of AED96 billion ($26.14 billion), driven by a rebound in the emirate’s real estate sector. The projects – The Heights Country Club and Grand Club Resort – will target the high-end residential and hospitality segments, the developer said in a […] February 29, 2024
Markets Dubai parking operator IPO will fund EV expansion plans Parkin, the Dubai government’s parking management company, plans to channel proceeds from its initial public offering into technological upgrades, including expansion of its electric vehicle services. The company will release nearly 25 percent of its shares on the Dubai Financial Market next month. The offering begins on March 5, with a price range to be […] February 27, 2024
Construction Drake & Scull to issue sukuk for return to Dubai market The directors of Drake & Scull International are looking to recapitalise the troubled construction giant via a sukuk, with a view to resuming trading on the Dubai Financial Market. A general assembly meeting will be held “as soon as possible” to increase the company’s share capital, which will be done through a mandatory convertible sukuk, […] February 27, 2024
Transport Dubai South and Aldar to work together The state developer Dubai South and the Abu Dhabi-listed Aldar Properties will jointly develop facilities in Dubai South’s logistics district. The new joint venture will offer build-to-lease and build-to-suit facilities. Aldar will lead the design, development and delivery of the new facilities, starting with a Grade A logistics facility with 24,000sq m of gross floor […] February 27, 2024
EXCLUSIVE Real Estate Casino plan tempts Dubai’s Danube to buy plots in RAK Danube Properties, a Dubai-based real estate developer, is pursuing land deals in Ras Al Khaimah as the emirate’s real estate market heats up, driven by the planned arrival of a casino. Prices for one-bedroom apartments are now matching or even exceeding those in Downtown Dubai, an upmarket part of the UAE’s commercial capital, after RAK’s […] February 27, 2024
Real Estate Union Properties sells $136m of land to ‘foster growth’ Dubai developer Union Properties has sold more than AED500 million ($136 million) worth of land as it continues to address levels of debt. It is also looking at further offers on assets worth more than AED1.2 billion ($326 million), according to a filing on Dubai Financial Market on Monday, although no locations have been revealed. […] February 26, 2024
Construction Dubai Science Park reveals expansion plans Dubai’s biotechnology free zone is adding 60 percent more offices, laboratories and warehouses over the next few years to cater for an influx of new companies, its senior vice-president told AGBI. Dubai Science Park, part of Dubai-listed Tecom Group, is planning an expansion of 200,000 sq ft of additional storage and logistics facilities at the […] February 23, 2024
Tourism Dubai introduces multiple-entry visa for Indian nationals Dubai has introduced a five-year multiple-entry visa for Indian nationals to strengthen economic, tourism and business ties with India, the Dubai Department of Economy and Tourism (DET) has said. The decision follows closely on the heels of prime minister Narendra Modi’s visit to the UAE, marked by significant developments including the opening of the Middle […] February 23, 2024
Banking & Finance Dubal Holding net yearly profit down by half Dubal Holding, the investment company owned by the Dubai government, has announced a 50 percent drop in net profit for 2023 compared to the previous year. Dubal Holding, which invests in the commodities, mining, power, energy and industrial sectors, recorded a net profit of AED 1.79 billion ($487 million) for 2023, down from the previous […] February 23, 2024
