Trade Dubai on track to seize record number of counterfeit goods Dubai is likely to seize millions more counterfeit items in 2023 than in 2022, according to the latest data from Dubai Customs. The emirate’s customs agency has seized 10.7 million counterfeit items — worth AED 53.277 million ($14.5 million) — so far in 2023, compared with 15 million for the whole of 2022. Dubai Customs […] July 24, 2023
Trade Dubai opens Vietnam office as South East Asia trade grows Dubai International Chamber has opened a representative office in Ho Chi Minh City, as analysts predict Vietnam will be one of the UAE’s fastest-growing trade corridors in the next few years. The office will support Dubai companies seeking to expand in the Southeast Asian country and create mechanisms to attract foreign direct investment from Vietnam, […] July 24, 2023
Video length: 2:58 VIDEO Lifestyle Private vaults fill the gap as banks abandon deposit boxes Private vaults in Dubai are emerging to take the place of the safety deposit boxes once provided by traditional banks. Costs, concerns over legal liability and the rise of online banking have made providing safety deposit boxes less appealing for banking giants. Capital One, HSBC, Barclays and JPMorgan Chase have all withdrawn from the market. […] July 24, 2023
Analysis Logistics Getting married? Your flowers probably flew Emirates With the global wedding season in full bloom and demand for fresh-cut flowers blossoming, Emirates’ advanced logistics capabilities and strategic location are helping it capitalise on this market. The Dubai airline’s commercial freight division Emirates SkyCargo transported 3,590 tonnes of time- and temperature-sensitive fresh-cut flowers in May this year alone – a 20 percent year-on-year […] July 23, 2023
Analysis Real Estate Dubai real estate still playing catch-up after pandemic Dubai’s real estate market is experiencing soaring demand but the supply shortfall from the Covid pandemic is still having an impact and is likely to remain for at least another two years, experts have said. Residential property prices in the emirate climbed at their fastest rate in almost a decade in the first half of […] July 19, 2023
Energy UAE waste-to-energy plant starts transmitting electricity The first electricity transmission to the UAE’s national power grid has been delivered from Dubai’s $1 billion waste-to-energy facility as the emirate seeks to reduce its landfill dependence. Hitachi Zosen Inova (HZI) and its joint venture partner Besix made the announcement on Tuesday, saying that the Dubai Waste Management Centre will power 135,000 homes in […] July 19, 2023
Analysis Employment New job rules to lure Emirati graduates to SMEs The UAE has expanded its rules on Emiratisation as it seeks to give Emirati graduates more opportunities to join small to medium-sized enterprises, which provide jobs for more than 86 percent of the private sector workforce. A government resolution widens the pool of private sector businesses subject to Emiratisation – an initiative to employ its […] July 18, 2023
Real Estate Emaar given ratings upgrade after first-quarter sales surge Dubai’s largest real estate developer Emaar Properties has received credit rating upgrades from Fitch Ratings, Moody’s and S&P Global, as residential property prices in the emirate continue to rise. Fitch Ratings upgraded its long-term issuer default rating to ‘BBB’ from ‘BBB-‘, Moody’s announced an upgrade to Baa2 from Baa3 and S&P Global raised Emaar to […] July 18, 2023
Exclusive Development Dubai arbitration centre aims high as caseloads surge Dubai International Arbitration Centre (DIAC) aims to become the top global destination for settling corporate disputes after the revamped institution reported a six-fold rise in the value of cases filed there last year. Before the creation of DIAC in 2004, arbitration in the emirate was conducted mostly through a division of Dubai Chamber of Commerce […] July 18, 2023
Opinion Economy Insights into the UAE-India love-in The dirham-rupee link was the talk of Dubai even before Modi's visit July 17, 2023
Opinion Energy UAE roadmap for Cop28: high energy, low impact There are constraints imposed by life in a maritime desert, however July 14, 2023
Real Estate Dubai residential property prices surpass 2014 peak Dubai’s residential property prices climbed at their fastest rate in almost a decade in the year to June 30, with villa prices topping previous records set in 2014. Property consultancy CBRE reported that average residential prices in June increased by 16.9 percent, up from the 15.9 percent growth registered a month earlier. Meanwhile, international consulting […] July 12, 2023
Real Estate Union Properties reaches settlement with ex-chairman Dubai developer Union Properties has settled a long-running dispute with former chairman Khalifa Al Hammadi and members of his family, according to an announcement on the Dubai bourse. Details of the agreement were not revealed but the posting said it would be “executed once the custodian and escrow agents are appointed”. UP, one of Dubai’s […] July 12, 2023
Analysis Food & Drink Dubai alcohol tax cut saving swallowed by most venues Six months after Dubai suspended its 30 percent sales tax on alcohol, most hospitality venues have not passed on savings to consumers – but retailers have, driving up sales. Mike Glen, managing director at Maritime and Mercantile International (MMI), one of the main alcohol distributors in the emirate, estimates that only around 30 percent of […] July 12, 2023
Opinion Food & Drink The food delivery race harms riders and businesses The whole affair feeds into the wider issue of rider welfare July 11, 2023
Banking and Finance Schools operator Taaleem enjoys profit rise of 35% Taaleem, the Dubai-listed schools operator, posted a surge in net profit for the nine months up to 31 May, driven by a strong increase in student enrolment. The company also benefitted from unrealised gains from its initial public offering (IPO) last November. Net profit rose 35 percent year on year to AED199.8 million ($54 million) […] July 11, 2023
Agriculture UAE firms to develop land in Angola for rice and avocados Two UAE companies have signed a deal to develop a vast plot of land in Angola as the African agricultural sector’s appeal grows among Gulf investors. Dubai Investments and E20 Investment, an Abu Dhabi agribusiness investment company, will develop 3,750 hectares – approximately the size of 9,300 football fields. Maximising the potential of Angola’s fertile […] July 11, 2023
Opinion Banking and Finance Taxing questions at the heart of the Dubai economic model The low-tax regime in the UAE was the result of very deliberate economic strategy July 11, 2023
Markets Banks and property lead Dubai bourse to eight-year high Dubai’s stock index hit eight-year highs this week, extending a bull rally that has enabled the once-beleaguered bourse to outperform its regional rivals in 2023. The emirate’s benchmark rose 1.0 percent to 3,962 points on Thursday, its highest close since July 2015 to take its gains this year to 19.9 percent. Saudi Arabia’s index is […] July 7, 2023
Video length: 6.42 Video Lifestyle Dubai plans to grow creative economy by 25% Dubai’s creative economy is expected to experience steady growth over the next few years, with the sector reaching 140,000 jobs by 2026, up from 90,000 in 2020. The GDP contribution target for the industry is set at 5 percent. This is up from the current 4 percent for creative industries including the arts, culture, music, films, […] July 7, 2023
