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Dubai cooling firm Empower invites banks to pitch for IPO

Dubai’s Emirates Central Cooling Systems Corporation (Empower) has invited investment banks to pitch for roles in its planned initial public offering, which is slated for later this year, two sources with direct knowledge of the matter said. Empower, which is part owned by Dubai Electricity and Water Authority (DEWA), has asked banks to pitch for […]

Dubai among lead managers of Indonesia’s biggest Islamic bond

Indonesia has raised $3.25 billion by selling US dollar-denominated Islamic bonds with 5-year and 10-year tenures, the country’s biggest global sukuk issuance, the finance ministry said today. The 5-year notes carry a coupon of 4.40 percent, while the 10-year notes have a 4.70 percent coupon, below the sovereign’s initial price guidance, it said in a […]

Dubai Global Village

Dubai’s Global Village: an incubator for startups

Dubai’s Global Village has been running for over two decades and it had a record-breaking 7.8 million visitors for its most recent season that ended on May 7, but organisers are keen to emphasise that the attraction is more than just theme park rides, food and retail from around the world. They claim Global Village […]

Ruler dissolves Dubai World financial disputes tribunal

Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum said today he had issued a decree dissolving a tribunal hearing disputes related to Dubai World,the state conglomerate that was at the centre of Dubai’s debt crisis more than a decade ago. Dubai World, which restructured $23.5 billion in debt after the global financial crisis, said in […]

Middle East breathes in smoking hot tobacco sales

The Middle East tobacco industry has seen strong growth in recent months, helped by duty free sales as the travel sector reopens following the pandemic. British tobacco firm Imperial Brands, which manages brands such as Davidoff, JPS and West cigarettes, reported this week that while its global revenue was down 1.3 percent to £15.362 billion […]

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How technology is transforming the UAE-UK trade relationship

A quick look at the latest UAE-UK trade figures might give the impression that the centuries-old relationship isn’t what it used to be. But dig a little deeper and the figures – down sharply from close to £18 billion in 2018-2019 to £12.3 billion in the year to last September – can be explained by […]

New-builds rebound as Dubai eyes 1m homes by 2030

Residential real estate project launches in Dubai increased significantly in early 2022, underpinned by renewed positive market sentiment following years of slowdown. After the impact of Covid-19 and dampened market conditions, recent quarters have seen a sharp up-tick in new project launches with Q1 2022 volumes surpassing pre-pandemic levels, according to new data. Prathyusha Gurrapu, […]

Dubai real estate bonanza fuelled by Expo 2020 success

Dubai’s real estate market felt the full impact of Expo 2020’s success in April, with deals soaring to record levels. After the conclusion of Expo 2020 Dubai, 6,983 real estate sales transactions worth AED 18.2 billion ($4.9 billion) were recorded in April – the highest figure for the month since 2009. Secondary market sales transactions, […]

Emirates should be allowed to fly to Berlin, says German exec

The bilateral air service agreement between Germany and the United Arab Emirates should be expanded to allow Dubai’s Emirates airline to operate direct flights to more cities, including the capital Berlin, a senior official from the Middle East office of the German National Tourist Board (GNTB) told AGBI. Under the existing air services agreement between […]

Cryptocurrencies have their ‘Lehman brothers moment’

Despite the crash of cryptocurrency stablecoin ecosystem, retail investors still see the contraction of currencies like Bitcoin as an opportunity As billions of dollars of value are wiped off cryptocurrency markets worldwide, retail investor strategies are diverging from those in the institutional space — the former senses cheap assets, while the latter worries of a […]

Sheikh Mohamed named new President of the UAE

The UAE’s de facto leader Sheikh Mohamed bin Zayed al-Nahyan was elected president of the Gulf Arab state by a federal supreme council on Saturday. The council, which groups the rulers of the seven emirates of the UAE federation, elected Sheikh Mohamed, known as MbZ, a day after the death of his half-brother, President Sheikh […]

First dirham-denominated bond listed on Nasdaq Dubai

The UAE’s first dirham-denominated treasury bond was listed on Nasdaq Dubai yesterday. Mohamed Hadi Al Hussaini, minister of state for financial affairs, today rang Nasdaq Dubai’s market-opening bell to celebrate the listing and circulation of AED1.5 billion as the first Dirham-denominated treasury bonds issued by the UAE Federal Government acting through the Ministry of Finance. […]

Dubai International airport saw more than double the amount of travellers than in the same period last year

Passengers hit two-year high at Dubai International airport

Dubai’s main airport today reported its busiest quarter in two years as the rebound in international travel gains pace, with its chief executive predicting Dubai International could see pre-coronavirus figures by the end of 2024. The Gulf hub, one of the world’s leading gateways for international travel, handled 13.6 million passengers in the January-March period, […]