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
Opinion Infrastructure Dubai’s urban masterplan to build ‘soul and identity’ The scale of the emirate's transformation is hugely ambitious February 7, 2025
Renewable Energy Al Maktoum Solar Park expands for Dubai’s 2050 energy goals Dubai is working on the sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park – the largest single-site solar park in the world – as it works toward its 2050 energy diversity target. The emirate launched the Dubai Clean Energy Strategy in November 2015, with the aim of producing 75 percent of its […] February 6, 2025
Real Estate Tecom Group announces record revenues for 2024 Higher occupancy and retention rates in property leasing company Tecom Group’s core business clusters pushed revenues to a new high of AED2.4 billion ($653.42 million) in 2024, up 11 percent year on year. The Dubai-based company delivered substantial growth across revenue, Ebitda and property valuation in 2024, driven by strong asset performance, higher customer demand […] February 6, 2025
Real Estate Union Properties to continue cutting legacy debt in 2025 Union Properties will continue to cut its legacy debt this year after lowering it by nearly 40 percent since 2022. As part of its recovery plan, the Dubai-listed developer reduced its legacy debt to AED575 million ($156.6 million) by the end of December 2024, from AED1.47 billion in 2022. It will repay another AED150 million […] February 6, 2025
Construction Dubai contractor Alec anticipates $500m IPO Dubai is hoping to raise up to $500 million from the initial public offering of Alec Engineering and Contracting, according to media reports. Alec, part of the Investment Corporation of Dubai’s portfolio, is behind some of the Gulf’s largest projects including the Wynn Resort in Ras Al Khaimah and the Qiddiya water theme park in […] February 5, 2025
Analysis Markets Trump’s tariffs inject volatility into metal markets President Donald Trump’s on-again, off-again tariffs have increased uncertainty for global metals and minerals markets. Demand for gold – a traditional safe haven – soared on Tuesday, with the price of international spot gold rising to $2,819.46 an ounce. The precious metal was trading still higher on Wednesday morning at $2,851.21 an ounce. This is despite […] February 5, 2025
Analysis Real Estate Dubai WFH push unlikely to curb strong office space demand Dubai’s policy of encouraging people to work from home to help curb the city’s growing traffic congestion is unlikely to dent the high demand for office space and rising commercial rental rates, real estate experts say. “Remote work is here to stay, let us it embrace together,” Omar Al Olama, UAE minister of state for […] February 2, 2025
Opinion Artificial Intelligence Did DeepSeek cause the market crash? I ask the accused The AI app evades difficult questions but proves to be congenial company January 31, 2025
Aviation DXB passenger traffic hit record high of 92m in 2024 Dubai International Airport (DXB), the world’s busiest international airport, received 92.3 million passengers in 2024, the highest annual traffic to date. The 6 percent year on year rise was driven by sustained growth throughout the year, capped by an exceptionally busy last quarter, Dubai Media Office said in a statement. December emerged as the busiest […] January 31, 2025
Banking & Finance Dubai lender Mashreq’s 2024 profit rises 4% to $2.5bn Net profit at Dubai-listed lender Mashreq reached AED9 billion ($2.5 billion) in 2024, a 4 percent year-on-year increase, as revenue and margins remained strong. Revenue stood at AED13.4 billion, rising 24 percent annually and maintaining a three-year compound annual growth rate of 32 percent. Net interest income grew by 9 percent year on year despite […] January 31, 2025
Markets DFM earnings rise 14% on robust trading volume Dubai Financial Market Company, the operator of the Dubai stock exchange, has announced a net profit increase of 14 percent year on year for 2024. The result was driven by robust trading volumes from retail and institutional investors and strong capital inflows, it said. The bottom line stood at AED376.4 million ($102.5 million) last year […] January 31, 2025
Logistics DP World and NSW Ports to invest in rail expansion Dubai’s DP World and Australia’s NSW Ports have announced plans to invest $249 million in doubling the rail capacity at Port Botany in Sydney. The project will extend the rail terminal at the port with the addition of five new rail sidings to accommodate 600-metre-long regional trains. Expected to start in June, it will take […] January 30, 2025
Banking & Finance Emirates NBD shares tumble as dividend proposal disappoints Emirates NBD shares tumbled on Wednesday after Dubai’s biggest bank announced a lower dividend for 2024, despite its annual profit rising 7 percent year on year. The bank, which is majority owned by Dubai government institutions, proposed a dividend of AED1 ($0.27) per share, down from AED1.2 per share in 2023. Shares fell 9.3 percent […] January 29, 2025
Analysis Real Estate Dubai real estate sector welcomes freehold drive Dubai’s decision this month to convert the ownership of 457 plots to freehold status was welcomed enthusiastically by the emirate’s real estate sector, but industry experts are divided on whether this will lead to more restricted plots in prime areas becoming available to foreign freehold buyers. The policy shift – in which 128 plots in […] January 29, 2025
Energy UAE’s Esyasoft to buy UK provider Good Energy Energy company Esyasoft has agreed to acquire UK renewable electricity provider Good Energy for almost £100 million ($123 million) at 490p per share. The deal, which is subject to shareholders’ approval, represents a premium of 66 percent on Good Energy’s closing price on October 25, the last trading day before the start of the offer period. […] January 28, 2025
Banking & Finance Bank of Singapore in Dubai hiring drive Bank of Singapore has made six new appointments in Dubai to enhance its advisory and product services in the region and double its Middle East business. One of Asia’s biggest private banks, Bank of Singapore wants the region to contribute up to 20% of overall revenue and private banking assets over the next three to […] January 27, 2025
Construction Dubai real estate deals surge 20% to record $207bn in 2024 The value of real estate transactions in Dubai surged 20 percent year on year to AED761 billion ($207.2 billion) in 2024, official data showed. The record performance was driven by the emirate’s dynamic economy, robust infrastructure and progressive policies, the UAE state-run Wam news agency reported. The number of real estate transactions rose 36 percent […] January 27, 2025
Opinion People & Lifestyle The top hotspots for millionaire migrants Dubai, Australia and Singapore are expected to emerge as the biggest beneficiaries January 24, 2025
