Analysis Renewable Energy 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 […] November 28, 2023
EXCLUSIVE Renewable Energy 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 […] November 8, 2023
EXCLUSIVE Economy 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 […] November 1, 2023
Real Estate 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 […] October 30, 2023
EXCLUSIVE Renewable Energy 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 […] October 30, 2023
Construction 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 […] October 30, 2023
People & Lifestyle 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 […] October 29, 2023
Analysis Leisure & Hospitality 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 […] October 27, 2023
EXCLUSIVE Energy 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 […] October 27, 2023
Construction 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, […] October 24, 2023
Tourism GCC ministers agree to unified tourist visa A unified GCC tourist visa is to be launched within the next two years as the region targets $188 billion from the industry by the end of the decade. Abdullah bin Touq Al Marri, the UAE’s minister of economy, said the visa, which will allow holders to travel across the six Gulf nations – Bahrain, […] October 23, 2023
Economy RAK outlook upgraded as hotel building steps up Ras Al Khaimah’s tourism and infrastructure projects, including the $3.9 billion Wynn Al Marjan Island resort, could strengthen the emirate’s growth prospects over the next two to three years, S&P Global Ratings said on Monday. S&P now rates RAK’s long-term outlook as “positive”, upgrading it from “stable”. The ratings agency is also forecasting that RAK’s […] October 16, 2023
Tech UAE businesses and families splurge on video surveillance Dubai retail conglomerate Majid Al Futtaim has signed a deal to use artificial intelligence to boost security systems at its malls across the region. The company has signed an AED3.5 million ($950,000), three-year deal with Australia-based Icetana to upgrade camera streams at 16 of its sites. Icetana’s AI software can identify and report unusual or […] October 13, 2023
Analysis Tech Investors turn to data centres in Gulf and Mena tech push Investor appetite for data centres in the Middle East is soaring as the region, particularly the Gulf, accelerates its digital transformation. Experts say they are seeing increased levels of investment and interest from international operators, who are looking to capitalise on the region’s growing need for data processing and storage. Earlier this year the Saudi […] October 12, 2023
Energy UAE to produce nuclear-powered pink hydrogen The UAE is investigating the production of pink hydrogen, which is generated through electrolysis powered by nuclear energy. “We are conducting studies to produce pink hydrogen by capitalising on the heat from our nuclear plants,” said Sharif Salim Al Olama, undersecretary for energy and petroleum affairs in the energy and infrastructure ministry. The country already […] October 12, 2023
Analysis Banking & Finance Islamic finance set to grow 10% in 2023 The Islamic finance industry is set to grow by 10 percent this year, driven by Saudi Arabia and Kuwait, according to a new report by ratings agency S&P Global. This is despite a slowdown in growth in the Gulf region caused by Opec+ oil production cuts. “We generally expect sukuk issuance volume to diminish […] October 11, 2023
Leisure & Hospitality UAE hotel revenue hits $7bn as guest numbers surge 15% UAE hotels generated AED26 billion ($7.08 billion) in revenues in the first seven months of 2023, according to Abdullah bin Touq Al Marri, minister of economy. Hotels received 16 million guests, up more than 15 percent annually in the year to July, the UAE state-owned Wam news agency reported, citing the minister, who also heads […] October 9, 2023
People & Lifestyle Shah Rukh Khan’s Jawan collects $16m at UAE box office Indian actor Shah Rukh Khan’s latest action-packed movie “Jawan” has become the first Indian film to cross the $16 million collection in the Middle East, the movie makers said in a post on social media. The film was produced by Yash Raj Films, a film production and distribution company in India, The movie, released worldwide on September […] October 8, 2023
Renewable Energy UAE adds wind to its energy mix The UAE has inaugurated its first large-scale utility wind power project, as the Gulf state strives to boost its renewable energy capacity ahead of hosting the Cop28 climate summit later this year. Abu Dhabi’s state clean energy company Masdar has developed four wind farms, which have a total combined capacity of 103.5MW and will power […] October 6, 2023
Tourism UAE announces new visa for GCC in tourism push The UAE minister of economy has announced plans for a new visa to allow travel within the GCC countries, in a bid to boost local and regional tourism. The GCC visa being considered will allow those residing in the bloc to travel easily among the six members states – the UAE, Saudi Arabia, Qatar, Bahrain, […] September 27, 2023
Leisure & Hospitality Lottoland founder sets sights on $1bn Dubai lottery The founder of the global lottery betting platform Lottoland has revealed plans to launch the world’s first $1 billion overnight jackpot in Dubai. David von Rosen-von Hoewel told AGBI he is set to hold talks with the General Commercial Gaming Regulatory Authority (GCGRA). The UAE’s new industry watchdog was established earlier this month, which will lay […] September 26, 2023
Analysis Tourism Lights, camera, action: RAK seeks leading role in film tourism The UAE is no stranger to the silver screen, whether it be Tom Cruise dangling perilously from Dubai’s Burj Khalifa in Mission Impossible blockbuster Ghost Protocol, or Vin Diesel powering his $3 million supercar from one Etihad Tower in Abu Dhabi to the next in the seventh iteration of the Fast and Furious franchise. Ras […] September 24, 2023
