Construction Drake & Scull awarded contracts worth over $270m Shares in Drake & Scull International opened 2 percent up on Monday morning after the construction and engineering company announced two contract wins in Dubai worth in excess of AED1 billion ($270 million). DSI said in a stock exchange announcement that it has been awarded the deal at Arabian Hills, a 224 million square foot […] February 24, 2025
Aviation Emirates explores more China destinations Emirates intends to fly to more cities in China this year. The airline plans to start daily flights to Shenzhen using Boeing’s widebody 777 jets by mid-year, Bloomberg said, citing informed sources. The launch date has been postponed multiple times due to delivery delays from Boeing and Airbus and a retrofit programme, the sources said. In addition, […] February 23, 2025
Video length: 05:03 VIDEO EXCLUSIVE Tech Errol Musk: Tower will be a ‘truly international institute’ Errol Musk told AGBI in an exclusive video interview during his visit to Dubai that the Musk Tower that is to be built in the UAE will serve as an innovation centre. It will also foster developments in science “that are ignored”, including “space-time travel and gravity”, he said. Discussions are ongoing with Abu Dhabi-based […] February 21, 2025
Food & Drink Dubai company launches halal-brewed Arabian Ale A Dubai company has launched an ale which has been certified as halal since it contains no alcohol throughout the entire brewing process. Majlis Premium Arabian Ale, which is alcohol free, has been developed by a company called Midtown Factory, using many ingredients found in regular beer. Arabian Ale contains malted barley from Austria and […] February 20, 2025
Markets More dual listings expected as IPO trend continues Last year, eight companies launched initial public offerings (IPO) on the two main stock exchanges in the UAE, attracting more than $7 billion in investment. The same number could float this year and list in neighbouring Saudi Arabia, analysts say. UAE-based technology company Alpha Data has already announced plans to list 40 percent of its […] February 20, 2025
Transport Dubai Taxi plans $77m dividend payout after share price rise Dubai Taxi Company is to issue a total dividend payout of AED282 million ($77 million) for 2024, helping its share price increase by nearly half since it listed 14 months ago. Its 2024 revenue was up 12 percent year on year to AED2.2 billion, the company said in a statement on Thursday. The taxi operator’s […] February 20, 2025
Health BR Shetty ordered to pay $106m to Indian bank BR Shetty, the founder of UAE company NMC Health, has been ordered by a Dubai court to pay $106 million to India’s Icici Bank over personal guarantees tied to the embattled hospital group. This marks a second court ruling made public so far this month. Earlier this month, Shetty was ordered to pay $33 million […] February 20, 2025
Opinion Finance If you’re looking for bad news, DIFC is not the place It was another record year for the company, including a mind-boggling 68 percent leap in net profits February 18, 2025
Finance Number of hedge funds doubles at DIFC The number of hedge funds registered at Dubai International Financial Centre doubled in the last year as the district brushed off the challenge of neighbouring Abu Dhabi and Riyadh. Overall 1,823 new companies registered within the financial district, up 25 percent year on year. It is now home to 6,920 active companies, including 75 hedge […] February 18, 2025
Retail India’s Tata Group in talks to acquire stake in Damas Titan Company, the watches and jewellery arm of Indian conglomerate Tata Group, is in talks with Qatar-based Mannai Corporation to acquire a significant stake in Damas Jewellery, a news report said. The discussions, which began a year earlier, revolve around Damas’s valuation, estimated at Rs 45 billion ($518 million), the Economic Times, an Indian financial […] February 18, 2025
Real Estate Emaar to up investments in Egypt by another $7bn Emaar Properties, Dubai’s largest listed developer by market capitalisation, intends to increase its investments in Egypt to $25 billion over the next three years, up from the existing $18 billion, the company’s founder Mohamed Alabbar has said. The increase reflects growing confidence in Egypt’s real estate market, Al Arabiya, an Arabic-language news channel, reported citing […] February 17, 2025
Analysis Food & Drink Dubai restaurants risk out-pricing customers on alcohol costs The cost of eating out in Dubai’s restaurants is rising, especially if you’re washing your meal down with an alcoholic drink. Last year, Dubai was named the third-most expensive city in the world for a half-litre of draught beer at an average of $10.89, according to price comparison website Numbeo. Qatar was number one, followed […] February 16, 2025
Real Estate Emaar hits record sales in 2024 after launch of 62 projects Sales at Emaar Properties, Dubai’s largest listed developer by market capitalisation, hit an all-time high of AED70 billion last year ($19 billion), while revenues reached AED36 billion, the company has reported. A revenue backlog from sales of property which has not yet been delivered exceeded AED110 billion, up 55 percent year on year. This indicates […] February 14, 2025
Aviation Regional tensions fail to dampen Air Arabia’s ascent Fourth-quarter profit of Air Arabia, which trades on the Dubai Financial Market, rose 56 percent despite regional tensions and effective cost control, the company said. The low-cost airline, in which the government of Sharjah also has a stake, reported a net profit of AED351 million ($95.6 million) in the last quarter of 2024, compared to […] February 14, 2025
Markets Delivery Hero to use Talabat IPO earnings to clear bonds Delivery Hero is to buy back about €1 billion ($1 billion) in bonds using proceeds from last year’s Talabat IPO on the Dubai Financial Market. The Berlin-based food delivery company, which bought Talabat in 2015, said it will pay off its convertible bonds due in 2025 and 2026 and up to €350 million for 2027 […] February 13, 2025
Banking & Finance US banks buy Dubai gold to counter potential tariffs Dubai is among several global gold centres benefiting from fears among US banks that President Donald Trump might impose duties on the precious metal, analysts say. A backlog at refining facilities in Switzerland has added to US banks’ concerns about the availability of bullion. “There is now a real concern about the tariffs being imposed […] February 13, 2025
Transport Dubai signs deal for Tesla underground ‘Loop’ Dubai has signed a deal with Tesla, Elon Musk’s electric vehicle maker, to build an underground road system in the emirate. Under a partnership agreement with Dubai authorities, a network of tunnels will be constructed under the city. Known as the Dubai Loop, the road system is intended to alleviate to some extent the increasing […] February 13, 2025
Opinion Economy Musk in Dubai? Start queuing now The World Governments Summit was all abuzz with talk that Trump's right hand man might put in a show February 11, 2025
Energy Dewa’s 2024 revenue hits $8bn on rising demand Dubai Electricity and Water Authority (Dewa), which trades on the Dubai Financial Market, said revenue hit an all-time high of AED31 billion ($8 billion), rising 6 percent annually, thanks to growing demand for electricity, water and cooling. As a result, net profit jumped 6 percent year on year to AED16 billion. Clean power accounted for […] February 11, 2025
Development Opec Fund and Dubai bank partner on Paraguay loan The Commercial Bank of Dubai has partnered with the Opec Fund for International Development to provide a $50 million syndicated loan to Banco Continental to support lending to small and medium-sized enterprises in Paraguay. The Opec Fund will contribute $25 million from its own resources and Commercial Bank of Dubai will provide a $25 million […] February 7, 2025
