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Dubai

Visitors at a Dubai souq. The tourism sector's 'robust recovery' should help government-related entities to repay debt, said S&P

Dubai’s debt burden set to tumble to 51% of GDP

Dubai’s government debt is forecast to fall to 51 percent of GDP this year, according to S&P Global Ratings, after the emirate repaid some of its outstanding bonds and loans. The figure is down 27 percentage points from a 2020 peak, the ratings agency wrote in a report published on Monday. Yet broader public sector […]

Renewing an existing tenancy in Dubai is proving more attractive as rents rise

Dubai tenants staying put as rents continue to soar

More Dubai renters are opting to renew their existing tenancies than move to a different property altogether, to avoid being hit by soaring rental rates in a “very strong” property market, according to CBRE.  The number of rental renewals in Dubai’s residential market grew by 29.7 percent year-on-year in the first quarter of 2023, compared […]

UK citizen Sanjay Shah has been extradited to Denmark’s security mission after a Dubai court decision

Sanjay Shah pleads for review of $1.3bn tax fraud case

Sanjay Shah, a UK citizen accused of defrauding Danish tax authorities, is appealing to Dubai’s Court of Cassation to review its decision this week to make him repay AED4.64 billion ($1.26 billion), plus 5 percent interest. The Court of Cassation – the emirate’s highest court – refused an appeal by Sanjay Shah in a judgment […]

The Pointe on Palm Jumeirah is one of many Dubai destinations undergoing redevelopment

The Pointe is latest rebuild in Dubai’s property upswing

The Pointe is the latest in a string of retail and leisure destinations in Dubai that are being repurposed as landowners seek to capitalise on the emirate’s growing property market. State-owned Nakheel Properties confirmed this week that it plans to shut down and redevelop its 130,000 square metre The Pointe on Palm Jumeirah from next […]

The Dubai Health Authority is making strides to give tourists better and quicker medical access

Healthcare tourism gives Dubai a shot in the arm

Medical tourism brought nearly AED1 billion ($272 million) to Dubai last year, up by more than a quarter, as the emirate aims to build its reputation as a destination for international patients.  Dubai welcomed 674,000 medical tourists in 2022, up from 630,000 the previous year, with 39 percent arriving from Asian countries, 22 percent from […]

Habtoor Dubai

Al Habtoor forced to look overseas for contractor

Billionaire Khalaf Al Habtoor had to look to China and India for a contractor for his latest Dubai development as experts say Saudi Arabia’s construction boom is impacting UAE projects. The founding chairman of the Al Habtoor Group (AHG) broke ground on the Habtoor Tower building earlier this month. AHG was previously involved in building […]

Dubai Chambers UAE Australia Video length: 02:08

Dubai charts plans to boost trade with Australia

Negotiations for an “exciting” and “important” Free Trade Agreement (FTA) between Australia and the UAE are still under way, according to the chairman of the Australia Arab Chamber of Commerce.  Mohamed Hage was in Dubai last week with Margaret Beazley, the governor of New South Wales, to sign a trade-boosting memorandum of understanding with Dubai […]

Emirates chairman Sheikh Ahmed bin Saeed Al Maktoum hailed the group's "solid partnerships across the aviation and travel ecosystem"

Emirates’ record dividend lifts total paid to Dubai past $6.5bn

The record AED4.5 billion ($1.2 billion) dividend paid by Emirates Group for 2022-23 has pushed the Dubai government’s total earnings from its flagship airline past $6.5 billion. The group’s annual report released last week showed that over the past 34 years, it has paid 28 dividends to its owner – the Investment Corporation of Dubai, […]

Emirates staff bonus

Staff bonus gives Emirates lift-off in recruitment stakes

The sizeable bonus awarded by Emirates to its staff will give the Dubai airline a significant tailwind as competition for talent takes off across the region. According to an email from the company’s chairman and chief executive, Sheikh Ahmed bin Saeed Al Maktoum, employees have been given a 24-week bonus this month. It comes after […]

Ahmed Bin Sulayem DMCC Dubai Multi Commodities Centre

DMCC opens Mumbai office as trade grows

A Dubai-based free zone has opened a new representative office in Mumbai. Dubai Multi-Commodities Centre (DMCC) is host to 3,700 Indian businesses and is seeking to capitalise on a rise of trade between the UAE and India since the signing of a bilateral agreement last year. It announced the opening on Monday after concluding its […]

Salik Dubai

Salik profit down 4.1% despite record toll revenue

Dubai toll operator Salik reported a 4.1 percent decrease in Q1 net profit, despite toll usage revenue hitting a record AED454 million ($124 million). Salik’s quarterly toll revenue was the highest since the start of operations in 2007 – representing an eight percent annual increase – but net profit stood at AED275 million mainly due […]

A villa at the Victory Heights golf course in Dubai

Demand grows for a life of luxury in Dubai

Dubai’s prime residential real estate sector enjoyed a 55 percent year-on-year increase in demand in the first quarter, as a lack of supply has spurred the market for luxury homes. The emirate recorded 88 sales of units valued over $10 million in Q1, while average transactions stood at AED3,360 ($915) per square foot, according to […]

Khalaf Ahmad Al Habtoor

Al Habtoor steers away from recession-hit Europe

The founding chairman of property empire Al Habtoor Group has dismissed plans to invest in Western Europe, focusing instead on launching its latest multi-billion-dirham project in his Dubai home market. Khalaf Ahmad Al Habtoor’s company owns hotels in Budapest, Vienna, Beirut and London. He told Bloomberg in January he was looking to invest $3 billion […]

An Investor looks at the screen at the Dubai Financial Market in Dubai DFM

Tadawul and DFM are overvalued, data shows

The companies that operate Dubai and Saudi Arabia’s bourses are providing investors with scant returns because of high valuations and low dividend yields following a prolonged Gulf stock trading slump. Dubai Financial Market (DFM) was the first Gulf bourse to go public, in 2007, while Boursa Kuwait and Saudi Tadawul Group followed suit in 2020 […]

Emirates airline

Emirates soars to its most profitable year

Emirates airline has recorded the most profitable 12 months in its 38-year history, despite operating costs soaring 57 percent. Dubai’s flagship carrier reported a profit of AED10.6 billion ($2.9 billion) over the last 12 months, a turnaround from a loss of AED3.9 billion in the previous financial year.  The return to the black was a […]