People & Lifestyle Amanat and Mada to develop Saudi health PPPs Amanat Holdings has partnered with Mada International Holding to develop public-private partnerships (PPPs) in the healthcare industry across Saudi Arabia. Amanat, a Dubai-listed healthcare and education investment company, and Saudi developer Mada are already considering a tender for the 900-bed PPP post-acute care facilities in Riyadh and Dammam. The tie-up is expected to fuel Amanat’s […] September 11, 2023
Banking and Finance Bank of China opens Riyadh branch Bank of China has opened its first branch in Riyadh with the aim of extending use of the yuan in finance and trade, Chinese and Saudi media reported. One of China’s top four state banks, Bank of China opened the branch two years after obtaining approval from Saudi authorities with a staff of 20, most […] September 11, 2023
Construction Kuwait awards $764m airport contract to Turkish company Kuwait has awarded a 236 million dinar ($765 million) contract to Turkey’s Limak to build part of a new terminal at Kuwait airport. The Turkish company will build aircraft parking aprons, taxiways and service buildings, Reuters reported, citing the country’s official gazette. The $4.34 billion new airport terminal is likely to triple the capacity of […] September 11, 2023
Banking and Finance Saudi banks face slowdown as giga-projects take toll Saudi banks are witnessing a slowdown, impacting liquidity, net profits and share price across the sector, as the pressure of funding the kingdom’s giga-projects takes its toll, analysts say. Growth in net profit at the top ten banks slowed to 0.3 percent in the second quarter and the Saudi index of bank stocks fell 18.8 […] September 8, 2023
Banking and Finance DP World to hire banks for 10-year debut green sukuk DP World intends to issue its first 10-year US dollar-denominated benchmark-sized green sukuk, as the ports operator expands its global reach. The Dubai-based company held investor meetings on September 4 and 5, Reuters reported, citing a bank document. Citi, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, J.P. Morgan and […] September 5, 2023
Leisure & Hospitality Lottoland boss hails UAE move to set up gaming regulator The entrepreneur behind the global lottery betting platform Lottoland has described the UAE’s new gaming regulatory authority as “big news”. David von Rosen-von Hoewel told AGBI that he looks forward to working with authorities to roll out lottery products in the UAE next year and beyond. “The UAE now has the chance to build the […] September 4, 2023
Analysis Banking and Finance Islamic finance tops $3.3trn but growth challenges remain Saudi Arabia is the world’s biggest player in Islamic finance and the appetite for it in the kingdom is only growing. It has $830 billion of assets out of a global market estimated to be worth $3.3 trillion, according to Ayman al Sayari, the governor of the Saudi Central Bank. Just last week, when Saudi […] August 30, 2023
Energy PIF-backed oil and gas driller to float 30% on Saudi bourse Oil and gas driller Ades Holding, which is backed by Saudi Arabia’s Public Investment Fund, has announced plans to proceed with an initial public offering (IPO) on the Saudi Exchange. The share sale comprises 338.72 million ordinary shares, resulting in a free float of 30 percent after the sale of a mix of existing and […] August 28, 2023
Analysis Trade Joramco flies high as UAE and Jordan deepen industrial ties Commercial aircraft maintenance operator Joramco is establishing a new Boeing Converted Freighter production line in the Jordanian capital of Amman. The company, which is part of Dubai Aerospace Enterprise, is flying the flag for trade relations between the UAE and Jordan as they expand their joint industrial ambitions. Joramco said the new venture will support […] August 24, 2023
Real Estate Ajman property deals rise 16% as economy rebounds Real estate transactions in Ajman rose 15.6 percent year on year in the first half of 2023, propelled by the UAE’s thriving economy. The number of property deals reached 5,310 and were valued at AED7.17 billion ($1.95 billion), the UAE state-run Wam news agency reported, citing Omar bin Omair Al Muhairi, director-general of Ajman’s Department […] August 23, 2023
Transport Air Arabia’s Q2 profit soars 187% on higher turnover Air Arabia reported a 187 percent rise in net profit to AED459 million ($124.97 million) in the second quarter of 2023, compared to AED160 million a year earlier. The higher profit was due to a one-off receivable from one of its suppliers, the airline said in a statement. Turnover for the quarter ending June 30, 2023, […] August 13, 2023
Oil & Gas Mubadala Energy cuts CO2 by 41% in low carbon drive The oil and gas unit of Abu Dhabi sovereign wealth fund Mubadala Investment Company said it reduced its carbon emissions by 41 percent between 2021 and 2022, mainly by expanding its lower-carbon gas operations. Mubadala Energy – previously known as Mubadala Petroleum – which had a portfolio that was almost two-thirds natural gas as of 2021, […] August 10, 2023
Infrastructure UAE invests in battle against severe flooding UAE government bodies and residents are working proactively to combat the impact of severe flooding, as climate change leads to increased levels of rainfall. Dubai Municipality said it received more than 100 emergency calls at the weekend as a result of severe weather conditions, and the National Centre of Meteorology (NCM) has warned that heavy […] August 10, 2023
Exclusive Sustainability Omani firm aims to rock the world by mineralising CO2 Omani carbon mineralisation startup 44.01 plans global expansion after being named a winner of last December’s Earthshot Prize for its innovative technology. The company expects to start work in the UAE on its first pilot project outside Oman mineralising peridotite rock later this year. Peridotite – a rock found in Oman as well as in […] August 9, 2023
Construction UAE’s construction activity rises despite cost hikes Construction activity in the UAE rose by almost 50 percent in the second quarter of 2023, despite higher raw material costs. The increase in workload was driven by the country’s residential sector (up 55 percent). Commercial and infrastructure were also buoyant, with activity up 35 percent and 44 percent respectively, according to the Royal Institution […] August 8, 2023
Construction Danube’s new $218m housing project to be ready by 2026 Danube Properties has launched an AED800 million ($217.8 million) twin-tower housing project in Dubai’s Jumeirah Village Circle, which is expected to be completed in the fourth quarter of 2026. The 40- and 46-storey tower project, Elitz 3, will have 750 units, the Dubai-based developer said in a statement. The new development is the ninth project […] August 8, 2023
Real Estate RAK Properties’ profit surges 245% to $24m in H1 2023 RAK Properties on Thursday reported net profit for the first half of 2023 surged 245 percent year on year to AED88.19 million ($24.01 million). Revenue at the Abu Dhabi-listed developer rose by an annual 164 percent to AED511.64 million during the six months, driven by high demand for new project launches in both Abu Dhabi […] August 3, 2023
Analysis Transport Electric car sales on the charge due to UAE policy The UAE is forecast to encounter a 32 percent increase in sales of passenger electric vehicles this year as the government launches a national policy to support the sector’s growth. Sales are expected to reach almost 22,000, up from an estimated 16,442 in 2022. Longer-term calculations suggest the total number of EVs will exceed 370,000 […] August 2, 2023
Analysis Lifestyle Personal security grows as wealthy expats flock to GCC As more and more high net worth individuals choose to call the states of the GCC home, the private personal security sector has become big business, and some providers are reporting surging demand for their services. Last year 5,200 more HNWIs relocated to the UAE than left. The Gulf state had the highest net inflow […] July 17, 2023
Real Estate Sharjah real estate sales surge from Dubai spillover The loosening of buying rules and a steady spillover of tenants from Dubai has boosted real estate sales in its neighbouring emirate Sharjah. Arada, a master developer in the emirate, has reported a 186 percent increase in sales during the first half of this year. It sold a total of 1,616 homes worth a total […] July 13, 2023
EXCLUSIVE Tech Lottoland founder bets on softened gambling rules in UAE The entrepreneur behind the global lottery betting platform Lottoland is confident that he will one day be able to offer the service in the UAE. David von Rosen-von Hoewel, an international investor and founder of businesses in fashion, finance and gaming, said plans for the UAE’s first casino in Ras Al Khaimah put forward by […] June 19, 2023
Tourism RAK casino plan is a trump card for property investors Plans to build the UAE’s first casino in Ras Al Khaimah are improving the odds of the emirate appealing to property investors around the world. New research from real estate consultant Knight Frank reveals the upcoming Wynn resort and casino would increase the likelihood to invest in property in the emirate for nearly a third […] June 14, 2023
