Opinion Markets Storm clouds gather over sterling for Dubai investors An impending UK recession against a backdrop of Chinese deflation could see a flight to the dollar August 31, 2023
Real Estate Bahrain bank exits investment on Dubai’s The World A Bahrain bank has sold its investment in a manmade island on The World development off the coast of Dubai. Venture Capital Bank (VCBank), an Islamic wholesale bank licensed by the Central Bank of Bahrain, announced this week that it has sold a 900,000 square foot island plot on The World, which it owned along […] August 31, 2023
Finance Spanish bank targets GCC growth from Dubai office Spanish investment bank Alantra plans to expand its business in the Gulf with the opening of a new office in Dubai. The lender is interviewing candidates and hoping to announce new hires before the end of the year, Reuters reported. The investment bank announced it had receiving approval to operate from the Dubai International Financial Centre […] August 31, 2023
Transport DP World signs partnership with Turkish port operator Global port operator DP World has signed a partnership deal to strengthen its position in Turkey. The equity agreement between DP World Yarimca Port and Turkey’s Evyap Group will secure supply chain services in the critical Marmara gateway market. The transaction remains subject to regulatory approvals. Once complete, DP World will own 58 percent of […] August 29, 2023
Video length: 03:55 VIDEO Sustainability Who is Sultan Al Jaber? The decision to name Sultan Ahmed Al Jaber to lead the Cop28 climate conference in Dubai has been criticised, as he is also CEO of fossil fuel producer Abu Dhabi National Oil Company (Adnoc). However, the UAE minister of industry and advanced technology also heads renewable energy business Masdar and has other sustainable credentials that […] August 29, 2023
Real Estate Palm Jumeirah’s $52m plot to house high-end residences A new high-end residential project is slated to be built on Dubai’s Palm Jumeirah following the sale of a plot of land on the man-made, palm-shaped island. The plot was sold for AED190 million ($51.73 million), one of the highest land deals recorded in Dubai in 2023, said global property consultancy JLL, who arranged the deal […] August 29, 2023
Banking and Finance Network invests $32m to fuel Egypt’s cashless ambition Dubai’s Network International is investing EGP1 billion ($32 million) to accelerate Egypt’s transition from cash to digital payments. Network said it plans to enhance its payment technology and capabilities in Egypt. This includes investing significant amounts in procuring, deploying and maintaining about 100,000 point-of-sale machines. It will also invest in implementing and operating its payments […] August 28, 2023
Opinion People & Lifestyle Dosc: a welcome slice of nostalgia amid Dubai’s bling Legendary networking spot harks back to early days of the Emirates August 25, 2023
Banking and Finance 3D printer Immensa looks to fund global expansion Immensa, a company focused on 3D printing and digital warehousing, is preparing to close a second funding round. Founder and CEO Fahmi Al Shawwa said the funding will be used to fuel international expansion of the company, which uses data and technology to streamline warehouse operations. The company is based in Dubai, but opened a […] August 25, 2023
Banking and Finance UAE consumers save less, borrow more in second quarter UAE consumers saved less and borrowed more in the second quarter of the year, data from the country’s top 10 banks revealed. The overall loan-to-deposit ratio (LDR) rose from 74.9 percent in Q1 2023 to 76.3 percent in Q2, recording the first increase after four successive quarterly declines, according to the latest quarterly UAE Banking […] August 25, 2023
Tourism Dubai lures UK travel firm as Saudi rivalry intensifies Holiday Swap, a UK travel tech company that allows people to find holiday accommodation by swapping homes, is to establish its headquarters in Dubai. Its new office will be located in Dubai Internet City. It aims to support 500 jobs there within two years. The vacation exchange and booking platform has more than one million […] August 25, 2023
Real Estate Meraas appoints main contractor for Jumeirah project China Railway 18th Bureau has been appointed main contractor for the latest residential project to be built in Dubai’s Port De La Mer. Developer Meraas Holding appointed the company for its Le Ciel project, in which three residential buildings will be built, consisting of eight floors with 178 properties, ranging from one to four bedrooms. […] August 25, 2023
Trade Dubai’s exports to Southern Africa growing fast Southern Africa is fast emerging as a vital export destination for Dubai-based companies, new figures show. Dubai Chamber of Commerce revealed on Wednesday that the emirate recorded an 81 percent year-on-year growth in exports to the region, to reach AED477.2 million ($130 million). This was up from AED264 million ($71.8 million) in the year-earlier period, […] August 24, 2023
Tech Dubai tech company buys Virgin Mobile Latin America A Dubai technology investment company has bought Virgin Mobile Latin America, a mobile virtual network operator with operations in Mexico and Colombia. The acquisition by Beyond One follows its buyout in February of Virgin Mobile Middle East and Africa, which serves Saudi Arabia, the UAE, Oman and Kuwait. A mobile virtual network operator is a provider […] August 23, 2023
Sustainability Cop28 reveals programme for Dubai event The Cop28 UAE presidency has unveiled the two-week programme of topics to be discussed at the UN climate change conference on 30 November to 12 December. Cop28 will take place as a series of high-level talks alongside public discussions and other events at the Expo 2020 site in Dubai. Last month the event’s president-designate Sultan […] August 23, 2023
Construction Court gives Dubai’s Drake & Scull stay of execution Dubai contracting company Drake & Scull International (DSI) has received a reprieve from liquidation following the latest court ruling on its long-running restructuring plan. DSI has been attempting to thrash out a restructuring proposal for more than a year. Its accumulated losses increased to AED5.3 billion ($1.44 billion) in the first half of this year, […] August 23, 2023
Real Estate Falconcity of Wonders plots to go under hammer in Dubai Hundreds of plots of land at a Dubai development that promised homebuyers views of a replica Eiffel Tower or Taj Mahal have been put up for auction. The Falconcity of Wonders project was launched in 2005, at the height of the Dubai real estate boom, and its masterplan included districts themed around Paris and Venice. […] August 23, 2023
Tech Space tech company launches Dubai HQ and listings plan A US space tech company is setting up a regional headquarters in Dubai. Orion Applied Sciences and Technology (OrionAST), a global provider of high-resolution satellite data, is establishing a base in Dubai Silicon Oasis and intends to list its shares on Dubai Financial Market. The company has also launched a subsidiary, Open Skies Industries, to […] August 22, 2023
Tourism Emaar to invest in Egypt tourism Emaar Properties, the Dubai developer behind the Burj Khalifa and Dubai Mall, is looking to expand into the hotel sector in Egypt, the company’s founder said in an interview. Gulf tourism is surging on Egypt’s Mediterranean north coast despite the country’s economic crisis. “The north coast in Egypt has reached development levels in recent years […] August 22, 2023
Employment Dubai named top city for ‘executive nomads’ Dubai has risen to the top of a new index that ranks the world’s most desirable destinations for executive nomads. New entry Abu Dhabi is also emerging as a hotspot for senior professional remote workers, placing fourth. Malaga and Miami took second and third places. According to the latest Savills Executive Nomad Index, Dubai has […] August 22, 2023
