Retail Rare chance to book profits for well-read investors From his shop in Dubai’s Alserkal Avenue, Alex Warren has been asked to source books by a particular Kazakh author, rare Indian poetry and even a copy of Catcher in the Rye in every language ever published. “That was quite odd,” says Warren, who opened Zerzura Rare Books in October 2022. “I didn’t hear from […] January 19, 2024
Finance Tadawul Group to buy 32.6% stake in DME Stock market operator Saudi Tadawul Group will buy a 32.6 percent stake in the parent company of Dubai Mercantile Exchange (DME) for SAR107 million ($28.5 million). The Saudi bourse owner will become the joint-largest shareholder, alongside CME Group, which owns the New York Mercantile Exchange. Other shareholders are Dubai Holding’s Tatweer Dubai and Oman Investment […] January 19, 2024
Exclusive Retail Dubai is building bricks-and-mortar appeal, says Jumbo CEO Dubai will remain a stronghold for bricks-and-mortar shopping despite the increased competition from online retailers, according to the chief executive officer of the UAE conglomerate Jumbo Group. “The city’s unique market dynamics, such as demand for luxurious goods, coupled with a significant tourist influx contribute to the continued relevance of physical stores,” Vikas Chadha told […] January 18, 2024
Opinion Employment The five trends defining Dubai’s business landscape This year presents an opportunity for employers to explore an untapped talent pool January 18, 2024
Education UAE teacher shortfall is looming ‘iceberg’ The UAE will need up to 30,000 more teachers by 2030, a shortfall that needs confronting, an expert has warned. The total number of students in the public and private sector in the UAE for 2020-2021 stood at 1.04 million. This is expected to increase to 1.25 million students by 2030. Based on this growth […] January 18, 2024
Opinion Sustainability Gulf industrial decarbonising needs ambition and urgency The UAE has published a pathway to carbon zero by 2050. It now needs support from policy January 17, 2024
Banking & Finance Dubai’s GII invests $160m in Saudi medical group Sharia-compliant asset management group Gulf Islamic Investments (GII) has invested $160 million (SAR 600 million) in Saudi Arabia’s Abeer Medical Group. Abeer is the largest affordable healthcare services provider in Saudi Arabia, operating 50 medical centres, clinics, hospitals, pharmacies, and optical centres across GCC countries and India. GII co-founder and co-CEO Mohammed Alhassan said the […] January 15, 2024
Real Estate Dubai launches housing projects worth $1.5bn A series of projects including 2,300 ready-to-move-in houses and 3,500 plots of land for housing being allocated among citizens of Dubai have been approved by the emirate’s ruler, Sheikh Mohammed bin Rashid Al Maktoum. The housing projects, part of the Dubai Social Agenda 33, are valued at AED 5.5 billion ($1.49 billion), the UAE state-run […] January 15, 2024
Education Keen students enrol to bring Taaleem ‘record’ revenues Revenues at the UAE schools operator Taaleem grew by 11.5 percent to a record AED258.7 million ($70.4 million) in the first quarter of the 2023-2024 academic year ending November 30, compared to the same period in 2022-2023, it said on Friday. Taaleem, which listed on Dubai Financial Market stock exchange in November 2022, also posted […] January 12, 2024
Media & Advertising Poddster builds on Mena’s podcast popularity Poddster aims to “democratise” Middle East podcast production by expanding its network of recording studios, capitalising on high listener figures and rising interest in independent content in the Mena region. Founded by Vuk Zlatarov and Ivan Zeljkovic, the Dubai-based podcast company plans to increase its number of UAE studios from three to seven, and launch […] January 12, 2024
Analysis Tech Making sense of Arabic machine translation Some estimates indicate the Arabic language consists of more than 12 million words. While the exact figure is much debated by academics, to put it into perspective the Oxford English Dictionary contains around 273,000. Arabic “has dozens of dialects and millions of unique words, and there are many ways to say the same thing,” says […] January 12, 2024
Analysis Tech Korek Telecom fights $1.65 billion award to partners A Dubai court will next month hear whether it should scrap a $1.65 billion award against an Iraqi telecom operator and its politically connected top shareholder. The long-running dispute underscores the risk that foreign investors face in Iraq, a country devastated by decades of conflict and sanctions and which is among the world’s most corrupt […] January 11, 2024
Banking & Finance Dubai Investments plans flagship project in Africa UAE investment group Dubai Investments has revealed details of its first flagship mixed-use development in Africa. The company is creating Dubai Investments Park Angola, a 2,000 hectare residential, commercial and industrial hub in the West African country. The project, based 50 kilometres from the capital Luanda in Bengo Province, includes an 18-hole golf course and […] January 10, 2024
Real Estate Khalaf Al Habtoor escalates dispute with Lebanon Emirati businessman Khalaf Al Habtoor has escalated his feud with the Lebanese authorities by launching an investment treaty dispute against the country. The legal notice of the dispute alleges that Beirut’s treatment of his conglomerate, Al Habtoor Group, breaches the investment treaty between the UAE and Lebanon. Under the 1999 agreement, Lebanon committed to protect […] January 10, 2024
Leisure & Hospitality Dubai hospitality thrives despite rising costs Dubai’s hospitality industry reported a strong end to the year despite global economic turbulence and geopolitical concerns in the region. According to the latest headline S&P Global Dubai Purchasing Managers’ Index (PMI), the emirate’s non-oil private sector posted its best performance for 16 months in December, buoyed by strong sales in wholesale and retail and […] January 10, 2024
Retail Retailers point up savings as Dubai bans plastic bags Supermarket operators have told AGBI that Dubai’s ban on single-use plastic bags is an opportunity to cut costs – and pass on savings to customers. The emirate’s prohibition on the import, production and circulation of single-use plastic shopping bags came into force on January 1, in an attempt to reduce waste and pollution. The Gulf […] January 10, 2024
Manufacturing Dubai EV maker pulls out of $500m Chinese deal Dubai’s electric vehicle maker NWTN has pulled out of a deal to invest $500 million in Evergrande, a Chinese EV manufacturer. NWTN, which operates an electric vehicle assembly facility in Abu Dhabi, said it has terminated plans to buy 27.5 percent of the shares of China Evergrande New Energy Vehicle Group. Evergrande was established in 2019 […] January 9, 2024
Video length: 07:13 Real Estate Landlords keep upper hand in Dubai rental market Landlords have the upper hand in Dubai’s rental market, real estate experts say, as single-cheque payments for annual leases continue to dominate in the emirate. “With a limited number of properties available and an influx of new tenants, landlords find themselves in a stronger negotiating position,” Lewis Allsopp, chairman of the Dubai estate agent Allsopp […] January 8, 2024
Video length: 07:13 Analysis Real Estate Dubai mortgage surge as tenants flee rent rises There was a 40 percent increase in the value of home mortgage approvals in Dubai last year despite climbing interest rates, with tenants seeking to get on the property ladder to dodge rising rents, according to new data. Not since the 1980s, when the US Federal Reserve tried to curb inflation, have interest rates shot […] January 8, 2024
Food & Drink Vegan meals take off on Emirates Dubai’s Emirates reported a 40 percent increase in demand for vegan meals across its network of 140 routes in 2023, and has plans to add more plant-based catering options in 2024. The airline served 450,000 plant-based meals on board last year, up from 280,000 in 2022. The biggest rise in demand was on routes to […] January 5, 2024
