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Northern Emirates

Sharjah RAK gas Mahani field

Sharjah buys slice of concession in RAK in hope of gas

The state-owned Sharjah National Oil Corporation (Snoc) has acquired a 30 percent stake in a concession located onshore in Ras Al Khaimah from the Italian energy company Eni in the hunt for gas. Block 7, awarded to Eni in 2021, covers an area of 430 square km and is being actively explored, with drilling of […]

Pedestrians cross a road in Sharjah. The emirate is the UAE's 'manufacturing base', according to an official

UAE to open manufacturing centre of excellence in Sharjah

A manufacturing centre of excellence is to be set up in Sharjah, its backers announced on Monday. The UAE Ministry of Industry and Advanced Technology, the Sharjah Entrepreneurship Centre (known as Sheraa), the Sharjah Chamber of Commerce and Industry and Emirates Development Bank (EDB) have signed a memorandum of understanding for the project.  “Hopefully it […]

Statevolt factory rendering

US battery manufacturer to build $3bn factory in Rakez

The American battery manufacturer Statevolt is to construct a $3 billion factory in Ras Al Khaimah.  Statevolt Emirates, as the venture will be known, will generate up to 2,500 jobs at its 60 hectare facility in Al Ghail Industrial Zone in Ras Al Khaimah Economic Zone (Rakez).  The manufacturing facility is “strategically focused on key […]

RAK properties Ras al Khaimah

RAK government to raise stake in property developer to 34%

The Ras Al Khaimah government is planning to raise its stake in the emirate’s flagship real estate developer to more than a third. Shareholders in RAK Properties have approved a capital increase with the issuance of 920 million new shares, each with a nominal value of one dirham, effectively increasing the company’s capital by AED920 […]

Arada project Syria

Sharjah developer launches Syria home-building campaign

The Sharjah developer Arada has launched its third annual Ramadan charity campaign, pledging to build homes for displaced families in Syria.  For every house sold at Arada’s real estate developments during the holy month, the company will build a home for a Syrian family affected by recent conflict and the February 2023 earthquakes. The “Home […]

UAE business Ramadan

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 […]

Ras Al Khaima casino

Casino plan tempts Dubai’s Danube to buy plots in RAK

Danube Properties, a Dubai-based real estate developer, is pursuing land deals in Ras Al Khaimah as the emirate’s real estate market heats up, driven by the planned arrival of a casino. Prices for one-bedroom apartments are now matching or even exceeding those in Downtown Dubai, an upmarket part of the UAE’s commercial capital, after RAK’s […]

A view of Ajman Corniche. The emirate reported a strong increase in business license renewal

Ajman real estate deals surge 43% to $4.6bn in 2023

The number of real estate deals in Ajman increased 43 percent year on year to 11,474 last year, with a total value of AED16.9 billion ($4.6 billion), the annual report of the Ajman Department of Land and Real Estate Regulation reveals. The highest sale recorded was AED136 million in the Al Nakheel 2 neighbourhood, the […]

The RAK commercial district is planned to feature Grade A offices and 4,000 apartments

RAK commercial district aims for ‘new era’ of growth

Ras Al Khaimah on Monday unveiled plans to build a new commercial district to spearhead a “new era” of economic growth in the emirate. Developer Marjan said RAK Central will feature grade A offices, more than 4,000 apartments, three hotels, retail and entertainment facilities, parks and more than 1,000 parking spaces.  Construction work is scheduled […]

Workers on a wheat farm in Sharjah. The UAE is enforcing a ruling that limits applications for a nationality that already represents 20% of a company’s workforce Video length: 06:59

UAE diversity law causing visa issues for businesses

UAE businesses are encountering difficulties getting work visas for new employees of South Asian nationalities following the enforcement of a government directive to boost diversity in the workforce. Abeer Al Husseini, a Dubai-based partner at immigration law practice Fragomen, told AGBI that the Ministry of Human Resources and Emiratisation has “reinstated” its demographic diversification regulation.  […]

Interest rate cuts in the US are likely to drive investors – particularly local investors – to put money into higher-yield bonds

Bonds to expand in 2024 as governments plug shortfalls

Gulf bond issuance this year will exceed that of 2023-24 as governments borrow to bridge budget shortfalls and tight spreads persuade more corporations to raise debt, according to experts. Gulf bond issuance in 2023 was $64.7 billion, up 74 percent year on year, according to data from Refinitiv. Yet last year’s total was still down […]

Child, Female, Girl Taaleem now operates 31 schools, including Dubai British School, with four more planned school pupils students

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 […]

A direct-air capture plant in California. Adnoc is working on DAC and other forms of carbon storage in the UAE and abroad

Adnoc seeks to turn carbon capture into revenue stream

In the mountains of Fujairah, in the north of the UAE, an industrial site built by Adnoc sucks carbon directly from the air and converts it into rock. The CO2 is injected into the Hajar mountains, where the peridotite rock is capable of sequestering the greenhouse gas, thanks to technology developed by 44.01, an award-winning […]

AGBI Gulf net zero

Download our exclusive report on the Gulf’s path to net zero

As the world shifts towards cleaner sources of energy, the GCC’s oil and gas-producing nations find themselves faced with the dual threat of environmental and economic crisis. What are they doing about it?  In this special report published as the UAE prepares to stage the United Nations’ Cop28 climate change summit, AGBI examines the Gulf’s […]

Ramy Jallad, CEO of Rakez, said the number of companies at the zone had risen from 18,000 in Q2

RAK free zone chief predicts influx of tech and hotel suppliers

Technology and hospitality companies are set to flock to Ras Al Khaimah to work on Wynn Al Marjan Island, a $3.9 billion resort now under construction, the chief executive of RAK’s largest business free zone has told AGBI. Ramy Jallad, chief executive of Ras Al Khaimah Economic Zone (Rakez), said the Wynn development had “a […]

Aldar has launched 11 developments this year, including Gardenia Bay on Yas Island

Aldar plans European moves after unveiling record sales

Aldar Properties is planning to expand into Europe after posting record sales for the year so far, its chairman said on Monday. Sales at the Abu Dhabi-based real estate developer reached nearly AED8 billion ($2.2 billion) in the third quarter, driving a 48 percent increase in net profit. For the year to September 30, sales […]

Hydrogen power: Abu Dhabi hopes that a carbon certification scheme for hydrogen it plans to lead will be adopted globally

Abu Dhabi plans hydrogen carbon certification framework

Abu Dhabi plans to roll out a carbon certification framework for the hydrogen industry next year in a bid to become a leader in developing the clean fuel.  The emirate plans to apply the framework to both its production and use of hydrogen, Carlos Gasco Travesedo, energy policy adviser and executive director at Abu Dhabi […]

Masa Residences in Ras Al Khaimah is scheduled to be completed by the last quarter of 2026

Durar launches $191m luxury project on Al Marjan island

The Dubai-based developer Durar has launched a new AED700 million ($190.58 million) branded residential tower on Al Marjan Island, Ras Al Khaimah, as the emirate sees heightened development activity in the luxury segment. Work on the residential project, called Masa Residences, will start by January 2024 and is scheduled to be completed by the last […]

Aula greg silverman

Hollywood mogul is AlUla’s hero in Saudi movie twist

The ancient city of AlUla in Saudi Arabia has turned to a former Warner Bros movie mogul to further its ambitions to become a world-class hub for the film and creative industry. Film AlUla, the Royal Commission for AlUla’s film agency, has signed a three-year deal with Stampede Ventures, led by founder and CEO Greg […]

Founded in Dubai five years ago, The Smash Room allows customers to demolish a range of devices It is set to expand beyond the UAE

UAE’s indoor entertainment smashes it out of the park

Have you ever looked at your smartphone, laptop, or even that dreaded printer, with utter rage and felt the urge to crush it into tiny little pieces? You’re not alone – and the UAE’s The Smash Room offers just that service. It is now planning to break into the Indian and Saudi Arabian markets, as […]

Oil rigs in the harbour in Sharjah.

Give private sector green incentives, says Sharjah oil CEO

While the state-owned Sharjah National Oil Corporation plans to use its depleted fossil fuel resources to store carbon, its CEO believes that private companies are unlikely to follow Snoc’s green ambitions voluntarily, unless they are given incentives to act. The innovation could help to halve the UAE’s carbon emissions, but the company is owned by […]

Developer Aldar says occupancy rates at the towers at ADGM in Abu Dhabi have reached 99%

Aldar says occupancy in its prime office space at 97%

Aldar Properties, the largest developer in Abu Dhabi, said occupancy levels in prime grade A commercial properties have reached 97 percent on rising demand and limited supply. The properties include four buildings at Abu Dhabi Global Market (ADGM), Aldar HQ, and International Tower in the Capital Gate district. Occupancy rates at the towers at ADGM, […]