Aviation Air Arabia declares 25% dividend as revenue soars UAE low-cost airline Air Arabia has increased its dividend payout after turnover grew by double-digits in 2024, the company said in a statement. Based in Sharjah and traded on the Dubai Financial Market (DFM), Air Arabia will pay a 25 percent cash dividend or AED1.2 billion to shareholders. The company’s shares have risen 11 percent […] March 18, 2025
Gaming Second casino in UAE not on cards, says Wynn’s CEO A second casino in the UAE is unlikely for quite some time, according to the man whose company is building the first gaming outlet in the Gulf. Wynn Resorts of Las Vegas last year won a licence to build and operate a casino in the UAE emirate of Ras Al Khaimah. Wynn CEO Craig Billings, […] February 18, 2025
Construction Ajman real estate deals rise 21% to $5.6bn in 2024 The value of real estate transactions in the northern emirate Ajman exceeded AED20.5 billion ($5.6 billion) in 2024, rising 21 percent year on year, according to official data. Some 15,125 real estate transactions took place, the UAE’s state-run Wam news agency reported. Omar bin Omair Al Muhairi, director-general of the Department of Land and Real […] January 28, 2025
Real Estate Sharjah property market beats 2008 peak with $11bn deals Real estate deals in Sharjah rose 48 percent year on year to AED40 billion ($10.9 billion) in 2024, breaching the 2008 property peak. The robust performance was led by a surge in the number of investors across the globe driven by the emirate’s attractive investment environment and stable economic climate, the UAE state-run Wam news […] January 23, 2025
Construction RAK Properties sets vision for Ras Al Khaimah development RAK Properties is planning to launch one project a month for the next year, as Ras Al Khaimah aims to build 40,000 new homes in order to cater to demand, CEO Sameh Muhtadi told AGBI. “Our target of launches is about AED5 billion in 2025,” Muhtadi said. He added that most projects would be located […] January 22, 2025
Real Estate ‘Safe’ Sharjah attracts Kuwaiti investors to $950m project The emirate of Sharjah has been praised as “safe and business-friendly” by a Kuwaiti developer who has formed a partnership to develop a AED3.5 billion ($950 million) housing project in its burgeoning local property market. Talal Al-Bahar, vice-chairman and CEO of Kuwait Real Estate Company (Aqarat), said that investors were attracted to Sharjah because of […] January 17, 2025
Health Health insurance shake-up for care in Northern Emirates Mandatory health insurance in the poorer Northern Emirates of the UAE is likely to lead to an expansion of healthcare facilities and increased M&A activity, experts have said. In March last year the UAE announced a plan to introduce mandatory health insurance for all workers in the Northern Emirates – Sharjah, Ajman, Umm Al Quwain, […] January 16, 2025
Analysis Real Estate Reforms pay off as Sharjah property market surges ahead Successive reforms in Sharjah’s property market and sky-high rental prices in neighbouring Dubai are contributing to a surge in the price and popularity of the emirate’s rental properties. According to a report by property management firm Asteco, rental prices for the third quarter of 2024 in Sharjah increased 16 percent year on year for typical […] December 3, 2024
Economy Ras Al Khaimah’s economy to expand until 2027 Ras Al Khaimah’s (RAK) economy is projected to expand by an average 4.2 percent annually until 2027, driven by strong tourism, real estate, manufacturing, and mining performances, S&P Global said. “We forecast GDP per capita levels to strengthen to about $32,800 by 2027, compared with an estimated $30,000 in 2024,” the rating agency said. This […] November 25, 2024
Manufacturing Weaker demand pushes profit down at RAK Ceramics RAK Ceramics, one of the world’s largest producers of ceramic products from tableware to sanitation, has reported a 29 percent drop in third-quarter net profit, caused by weaker demand and supply chain disruptions. Net profit attributable to the owners of the company, based in Ras al Khaimah in the UAE, for the three months to […] November 13, 2024
Transport Air Arabia Q3 profit up as turnover rises 10% Net profit at Air Arabia rose 8 percent year on year to AED564 million ($153.6 million) in the third quarter of 2024, the Sharja-based airline has revealed, as it added new aircraft and routes. Turnover was AED1.8 billion, up 10 percent compared to the same period last year, while passenger numbers rose 8 percent year […] November 12, 2024
Video length: 4:47 VIDEO Tourism Ras Al Khaimah’s tourist draw: concerts, casinos and crypto Historically, the emirate of Ras Al Khaimah has been known for industry and manufacturing, but tourism has taken centre stage over the past decade. It has just 400,000 residents and attracted 600,000 visitors to its airport this year, but expects to increase its tourist numbers to 3.5 million overnight guests in the coming years. Raki […] November 8, 2024
Construction Huge demand for workers’ accommodation in RAK Ras Al Khaimah (RAK) is adding 40,000 rooms for blue-collar worker accommodation in the next five years, fuelled by the multi-billion dollar Wynn Resorts casino development and thriving construction sector. More than 10,000 rooms have been “fast-tracked” in the last nine months alone, according to Ramy Jallad, group CEO of Ras Al Khaimah Economic Zone […] November 4, 2024
Gaming Wynn Resorts says UAE site will earn $1bn in gaming revenue Wynn Resorts estimates that gaming revenue from its forthcoming resort in Ras Al Khaimah will be between $1 billion and $1.66 billion, it revealed at an investor presentation. The range assumes a UAE market size of $3 billion to $5 billion and Wynn’s 33 percent share of it, based on two more integrated resorts eventually […] October 9, 2024
Gaming Wynn scores UAE’s first commercial gaming licence Wynn Resorts, the US hospitality group, has won the first commercial gaming operator’s licence in the UAE. The company, which has its headquarters in Las Vegas, is building a $4 billion, 1,500-room resort on Al Marjan Island in Ras Al Khaimah, which is expected to open in 2027. The resort has now been licensed by […] October 7, 2024
Real Estate Foreign investors help Sharjah real estate thrive Sharjah’s real estate sector recorded 22 percent growth in the number of foreign investors during the first half of the year compared with the same period last year, attracting investors from 100 different nationalities. The number of properties traded by foreign investors in the emirate during the first six months of this year reached almost […] September 19, 2024
Trade Sharjah’s Microsoft deal ‘will not harm China relationship’ Sharjah, the third largest emirate by population in the UAE, will not undermine its growing relations with China through its AI partnership with the American giant Microsoft, a prominent investment official has said. This week Sharjah unveiled the first AI-generated trade licence system in the world, developed jointly by Invest in Sharjah, Sharjah Publishing City […] September 19, 2024
Analysis Gaming Wynn’s update on RAK casino has analysts abuzz Wynn Resorts is to update investors next month on its plans for the UAE’s first casino, heightening analysts’ speculation about the company. The Las Vegas-based hospitality group is building a $4 billion, 1,500-room resort on Al Marjan Island in Ras Al Khaimah. The complex is expected to open in early 2027 and Wynn’s CEO Craig […] September 12, 2024
EXCLUSIVE Leisure & Hospitality RAK Properties considering hospitality IPO RAK Properties, Ras Al Khaimah’s largest publicly listed property developer, is assessing a separate stock market float for its rapidly growing hospitality business, its CEO Sameh Muhtadi told AGBI. The company, which trades on the Abu Dhabi Securities Exchange, is expanding its hotel portfolio and says it has letters of intent from two major hotel […] August 5, 2024
Exclusive Real Estate Opportunity knocks in Ras Al Khaimah’s beaches and mountains The CEO of RAK Properties says land reclamation can help meet the emirate's surging demand August 5, 2024
Energy Adnoc Gas awards $550m Northern Emirates pipeline contract Adnoc Gas has awarded a $550 million engineering procurement and construction contract for the next phase of Estidama, its natural gas pipeline network project. It has also transferred the ownership of Estidama, worth $2.4 billion, to its parent company, Abu Dhabi National Oil Company. The contract, awarded to NMDC Energy of Abu Dhabi and Galfar […] July 15, 2024
Economy Sharjah to quadruple FDI to $10bn Sharjah is aiming to quadruple the level of foreign direct investment into the emirate over the next five years. The third largest of the seven emirates in the UAE, behind Dubai and Abu Dhabi, Sharjah reported a 140 percent jump in FDI between 2022 and 2023, to $2.75 billion, with 19 new greenfield projects launched. […] July 14, 2024
