Tech Hong Kong most likely for IPO listing of Dubai’s Telegram Telegram, the Dubai-based messaging app known for its encryption features and large group chats, is most likely to target Hong Kong for its potential listing, experts have said. This preference stems from the challenges its founder, Pavel Durov, might face in Western markets due to his Russian nationality. Durov said in a Financial Times interview […] March 18, 2024
Opinion People & Lifestyle Ukrainians in the UAE reflect on two years in geopolitical limbo They are living the best life they can in tragic circumstances not of their choosing March 15, 2024
People & Lifestyle Art trumps diamonds when it comes to luxury investment For Middle East investors, works of art are worth hanging on to. Artworks have more than doubled in value over the past decade, the latest edition of the Knight Frank Global Wealth Report reveals. It was a mixed year for luxury investments last year. Whisky, cars, handbags, furniture and wine lost value. Diamonds, coins and […] March 15, 2024
Video length: 03:32 VIDEO Health The Dubai spa charging AED90,000 to increase ‘healthspan’ Clinique La Prairie opened its fifth Longevity Hub-branded spa in Dubai last month and is preparing to open a $300 million health resort in Saudi Arabia’s Amaala giga-project next year. The “medical spa” receives 60,000 clients each year from the Middle East to its luxury facility in Montreux, Switzerland for longevity and preventative medicine treatments. […] March 15, 2024
Retail Currency concerns hit Majid Al Futtaim’s retail revenue Dubai conglomerate Majid Al Futtaim recorded a slight increase in revenues over the past year but the company’s retail business was hamstrung by geopolitical tensions and currency concerns across several countries. Overall revenue was up by a single percentage point to AED34.5 billion ($9.4 billion) for 2023, with profit rising 12 percent to AED2.7 billion. […] March 14, 2024
Finance Parkin expands IPO retail tranche after high demand Parkin, the Dubai government’s parking management company, has increased the UAE tranche of its initial public offering (IPO) from 10 percent to 12 percent, after high demand for its shares . After approval from the Securities and Exchange Authority, the retail offer rose to just under 90 million ordinary shares, from 75 million. The retail […] March 13, 2024
Opinion Tech Think local: the best weapon in the fight to topple an e-commerce giant A Mena startup can outwit a global behemoth if it uses its insider knowledge of its customers March 12, 2024
Aviation Air taxi makers promise Dubai-Abu Dhabi commute in 30 minutes Flying cars could cut the commute between Dubai and Abu Dhabi to 30 minutes next year after a deal between Archer Aviation of the US and the UAE’s Falcon Aviation. Under the agreement, the two will develop air taxi vertiports at the Falcon heliport at Atlantis the Palm in Dubai and the Marina Mall heliport […] March 12, 2024
Economy Dubai’s non-oil economic growth at five-year high Dubai’s non-oil economy has recorded its highest growth since before the pandemic, according to the latest business sentiment survey for the emirate. At 58.5 in February, the S&P Global Dubai Purchasing Managers’ Index (PMI) increased from January’s 56.6 to the highest seen since May 2019. The number is well above the 50.0 mark which separates […] March 11, 2024
Analysis Food & Drink UAE businesses dispute predicted Ramadan downturn UAE businesses are optimistic about Ramadan’s prospects in spite of a projected 10 percent decline in spending over the holy month. The anticipated dip is partly linked to considerable consumer expenditure after the pandemic and during recent festive sales, according to a study by Redseer Strategy Consultants. “The last two years were a period of […] March 10, 2024
Banking & Finance Dubai ends double taxation for foreign banks Foreign banks including HSBC, Banque Misr and Arab Bank operating in Dubai will no longer face double taxation after a change in the emirate’s banking laws. A 9 percent corporate tax, introduced in June last year for corporations and businesses that have a taxable profit above AED375,000 ($100,000) was being applied on top of the […] March 8, 2024
Opinion Leisure & Hospitality Dubai becomes the centre of the Rolls-Royce universe The Gulf's long love affair with the elite motor car is made official March 8, 2024
Food & Drink Alcohol brands blocked from Dubai target Abu Dhabi Independent alcohol brands blocked from the Dubai market are entering the UAE by breaking into the more open Abu Dhabi market, industry insiders have said. The alcohol market in the UAE is regulated at the emirate level, and each has different levels of access and competition. Dubai’s market is a duopoly. Two distributors – Maritime […] March 8, 2024
Banking & Finance Gulf wealth funds put investing in US well ahead of China Most sovereign wealth funds in the Gulf remain heavily invested in the US, while China represents a much smaller part of their portfolios, data from the consultancy Global SWF shows. The data also shows that the portfolios of Gulf sovereign wealth funds vary widely in terms of their geographical distribution. This is partly a result […] March 8, 2024
Analysis Employment Alstom breaks mould as Gulf lags on hiring women as CEOs Dalya Al Muthanna is a member of an exclusive club. In January she became Gulf CEO for the transport giant Alstom, the company behind tram systems in Dubai and Qatar. She was previously a senior executive at GE in the UAE, bucking the trend of men dominating senior C-suite jobs in the Gulf. Just 5 […] March 8, 2024
Video length: 04:50 VIDEO Real Estate Dubai luxury real estate has stabilised, says Deyaar CEO Demand for mid-segment and affordable properties will increase in the coming months as luxury real estate prices start to stabilise, according to Saeed Al Qatami, CEO of the Dubai master developer Deyaar Development. “This is a segment that will see more demand and an increase in prices. Luxury has stabilised,” Al Qatami said. Last month […] March 7, 2024
EXCLUSIVE Health For those who want ‘IVF and a holiday’ … Dubai’s next hotel A fertility clinic-resort is opening soon, thanks to changes in UAE law on assisted reproduction March 6, 2024
Markets Drake & Scull gains approval to resume trading on Dubai bourse Drake & Scull International has been given the green light to resume trading on the Dubai Financial Market, after an absence of more than five years. The decision from the Securities and Commodities Authority follows the Dubai contractor agreeing to increase its share capital by up to AED600 million ($163 million), as part of a […] March 6, 2024
Finance Dubai’s Parkin valued at $1.7bn on listing Parkin, the Dubai government’s parking management company, has set the price range for its proposed initial public offering (IPO) at AED2 to AED2.1 ($0.54–0.57) per share. The company will offer a 25 percent stake, which is the emirate’s first privatisation deal this year, giving it a valuation of between AED6 billion and AED6.30 billion ($1.6 […] March 5, 2024
Transport Salik doubles dividend pay to $300m as revenue surges 12% Dubai toll operator Salik has proposed a dividend of AED550 million ($150 million) for the second half of 2023 after toll usage revenue surged 12 percent to AED1.8 billion. Total dividends for the year stand at AED1.1 billion, more than double that allocated the year before. A total of AED548 million was distributed to shareholders […] March 5, 2024
