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Emaar Properties, Dubai's largest developer, reported nine-month net earnings of AED8.23 billion ($2.2bn), compared to AED5.79 billion in the same period last year

Emaar earnings jump 42% on back of real estate demand

Shares in Emaar Properties were up 4.4 percent in trading on Friday off the back of strong financial results announced for the first nine months of the year. Dubai’s largest developer reported a 42 percent year-on-year increase in profit on higher property sales and a surge in real estate demand. The developer’s nine-month net earnings […]

Neo is set to start operations with a fleet of 100 two-wheelers across Dubai in December EV electric motorbike

Neo seeks $30m to drive ambitious EV plans

“Last-mile” logistics company Neo Mobility is launching in Dubai next month with a fleet of 100 electric two-wheeler vehicles. The company secured $10 million in pre-launch seed funding from investors including green asset financing platform Delta Corp Holding. It is now in talks to raise $30 million to finance growth plans which includes a vehicle […]

Emirates chairman Sheikh Ahmed bin Saeed Al Maktoum has called for more competition in aircraft construction

Emirates report record half-year profits

Dubai’s Emirates airline has reported record profits for the first half of the financial year 2023-24, fuelled by strong passenger demand for international travel. Profits were up 134 percent from this time last year, to a high of AED9.4 billion ($2.6 billion). Revenue for the city’s flagship carrier was up 19 percent to AED59.5 billion. […]

Dubai's Aramex said the GCC region contributed 40 percent of the group's revenue

Aramex profit drops 76% on steep interest rate hike

Dubai-based courier company Aramex said net profit fell 76 percent in the third quarter of 2023. The fall was led by the steep increase in interest rates since Aramex acquired MyUS, a shipping and logistics company. Net profit reached AED9.64 million in the third quarter of 2023, compared to AED39.64 million a year ago. In […]

There are now 23 pharmaceutical manufacturing sites in the UAE, up from four in 2010

Work starts on Dubai factory for Indian pharma business

Construction has started on a $54 million factory in Dubai for Indian herbal pharmaceuticals company Himalaya Wellness, as analysts predict more international investment in the UAE healthcare sector. The factory at Dubai Industrial City, supported by financing from Emirates Development Bank, will produce tablets, capsules, liquids and ointments. The Bangalore-based company, founded in 1930, already […]

AGBI Gulf net zero

Download our exclusive report on the Gulf’s path to net zero

As the world shifts towards cleaner sources of energy, the GCC’s oil and gas-producing nations find themselves faced with the dual threat of environmental and economic crisis. What are they doing about it?  In this special report published as the UAE prepares to stage the United Nations’ Cop28 climate change summit, AGBI examines the Gulf’s […]

The Dubai government has allocated 8% of total expenditure to construction projects

Dubai’s 2024-26 budget sets total spend at $67bn

The Dubai government has approved the budget for 2024 to 2026, with total expenditure projected at AED246.6 billion ($67.14 billion). Estimated expenses for next year stand at AED79.1 billion, the UAE state-run Wam news agency reported. The government has forecast that public revenue will reach AED90.6 billion, of which AED85.1 billion will be allocated to […]

Investors are looking closely at opportunities in the healthcare sector scientist medicine microscope

Global investor looking to Middle East healthcare sector

The global asset management group Janus Henderson Investors is targeting the Middle East’s trillion-dollar medical sector to deliver healthy returns. The group has $308 billion in assets under management and 24 offices globally, including one in Dubai International Financial Centre since 2012. The healthcare team’s strategy has a pot of more than $10 billion, while […]

Lootah workers inspect the machines that turn used cooking oil into biofuel

Lootah Biofuels strengthens Maldives presence

Dubai’s Lootah Biofuels has signed a deal with Atmosphere Hotels & Resorts to provide and supply biodiesel and deliver waste cooking oil recycling services in the Maldives. The agreement also supports the collection and recycling of used cooking oil from luxury resorts, hotels, restaurants and households to produce biodiesel. The Global Centre for Maritime Decarbonisation […]

Bottles gathered for recycling in Benin. Climate-responsive projects such as recycling are falling short in developing countries, a new report suggests

Emerging markets need more ‘climate-responsive’ projects

There is an “alarming shortage” of projects working to reduce the negative effects of climate change in emerging markets, a new study by the Tony Blair Institute for Global Change has found.   The report noted that the number of “climate-responsive” projects in emerging markets funded by the private sector has been decreasing by around 10 […]

Dubai gaming

Dubai to create 30,000 jobs in gaming

Dubai has launched a plan to create 30,000 jobs in the gaming industry by 2033.  Its Program for Gaming 2033 aims to increase gaming’s contribution to the digital economy to $1 billion within a decade. The emirate’s Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said the strategy also aims to position it […]

PIF submitted a request to increase its stake in Egypt's E-Finance Company almost a month ago

UAE and UK sign agreement to boost fintech

The UK and the UAE have signed an agreement to strengthen ties on financial services that its backers hope will provide a boost to fintech. The Memorandum of Understanding (MoU), signed in Dubai late last week by Andrew Griffith, UK City minister, and Abdulla bin Touq Al Marri, UAE minister of economy, seeks to promote […]

Badr Jafar says that philanthropists can help turn the corner on climate change

Philanthropy to play key role in negating climate threat

The trillion dollar philanthropy industry can be the “glue” that brings together governments and the private sector in the global fight against climate change, according to the special representative for business and philanthropy at this month’s Cop28. Speaking at the Dubai Business Forum this week, Badr Jafar, who is also CEO of Crescent Enterprises, explained […]

Robbie Williams

UK singer Robbie Williams reveals Dubai hotel plan

UK pop singer Robbie Williams has revealed plans to build a hotel resort in Dubai. The 49-year-old former member of Take That, who performed in Abu Dhabi last month, told Wondery’s Brydon & podcast that he is building a 700-room hotel in Dubai. He explained to host Rob Brydon that the development was spurred by […]

Accumulated losses for DSI, constructor of the Cayan Tower, Dubai, increased to AED5.3 billion in the first half of 2023 Cayan Tower Dubai Marina skyline blue sky

Appeal court green lights Drake & Scull restructure

Dubai’s court of appeal  has approved a plan to restructure the troubled Dubai construction contractor Drake & Scull International (DSI). In what has been a lengthy battle through the courts, a previous verdict had called for the company to be placed into liquidation. This has now been overruled, and the court has given DSI one […]

Residential construction in Dubai

Dubai’s Union Properties reports $5m profit for Q3

The Dubai developer Union Properties (UP) has reported a net profit of AED20 million ($5.45 million) for the third quarter of the year, backed by continued strong demand in the emirate’s real estate sector. UP, best known for its Motor City development in Dubai, transformed a AED966 million net loss in 2021 to a AED30 […]

ABU DHABI, UNITED ARAB EMIRATES - September 26, 2023: HH Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates (R), stands for a photograph with HE Mark Rutte, Prime Minister of the Netherlands (L), prior to a meeting, at Al Shati Palace. ( Mohamed Al Hammadi / UAE Presidential Court )

Dubai-Dutch office digs into UAE and Netherlands trade

Dubai International Chamber has inaugurated its fourth European representative office, in Amsterdam. The UAE is seeking to build on bilateral non-oil trade of AED11.2 billion ($3.1 billion) with the Netherlands in the first half of 2023. Officials said the new office, which opened last month, will play a key role in enabling Dubai-based companies to […]

Agnès Pannier-Runacher, the French minister of energy transition

French minister hails positive steps in Cop28 negotiations

France’s minister of energy transition, Agnès Pannier-Runacher, has hailed positive progress in climate negotiations, especially on the financial support for vulnerable countries hit by climate disasters.  A final attempt to push through consensus became the most important point of the discussions ahead of the Cop28 climate conference in Dubai. Seventy ministers and 100 delegates met […]

The UK's King Charles III will give an opening address at Cop28 later this month

Pope and King Charles III to attend Cop28

The Pope and the UK monarch are due to attend the Cop28 climate change summit in Dubai next month, according to statements.  King Charles III will attend the opening ceremony of the World Climate Action Summit at Cop28 on December 1 at the invitation of UAE President Sheikh Mohamed bin Zayed Al Nahyan and at […]