Transport GCC on track to be linked by rail in next 10 years GCC governments are preparing to hand out $167 billion worth of contracts to link the six member countries by railway. “We should expect to see some significant contracts awarded on the railway to link all the GCC states over the next 24 to 26 months,” said Ed James, head of content and analysis at Meed, […] June 13, 2023
Analysis Banking and Finance Mid-cap stocks offer best dividend yields in Gulf Dividend-seeking Gulf investors are likely to find little value among the region’s blue-chip stocks and should instead target mid-cap companies with steady cash flows and low debt, experts suggest. When interest rates hovered near zero and average dividend yields on GCC stocks were around 4 percent, the difference with the risk-free rate – the return […] June 2, 2023
Analysis Construction The Pointe is latest rebuild in Dubai’s property upswing The Pointe is the latest in a string of retail and leisure destinations in Dubai that are being repurposed as landowners seek to capitalise on the emirate’s growing property market. State-owned Nakheel Properties confirmed this week that it plans to shut down and redevelop its 130,000 square metre The Pointe on Palm Jumeirah from next […] May 18, 2023
Economy Sharjah’s economy increased to $37bn in 2022 Sharjah’s economy grew by 5.2 percent to AED136.9 billion ($37.28 billion) in 2022, compared to AED130.1 billion in 2021, according to preliminary estimates by the Department of Statistics and Community Development. The emirate’s non-oil sector rose 5.2 percent to AED133.4 billion last year, compared to AED126.8 billion in 2021. Preliminary estimates are based on comprehensive […] May 9, 2023
Tourism RAK tourism chief open to gamble on ‘gaming areas’ Ras Al Khaimah’s tourism chief has revealed he would welcome more hotels with “gaming” elements to their offering as the emirate pushes its visitor number target to five million by 2030. Las Vegas-based Wynn Resorts announced a $3.9 billion investment last year – the northern emirate’s largest FDI project – to build their first beach […] May 9, 2023
Exclusive Real Estate ‘Pivotal’ year for Ras Al Khaimah, says property chief RAK Properties, the Abu Dhabi-listed company developing much of the emirate of Ras Al Khaimah, is seeking to capitalise on rising demand for local real estate. It is in talks with several UAE developers and landowners to form joint ventures, according to chief executive Sameh Al Muhtadi. He declined to reveal names of prospective partners, […] May 2, 2023
Analysis Tourism Gulf hospitality market banks on hotel-building surge Following the chaos of Covid and a surge in visitors for the Fifa World Cup and Expo 2022, the Gulf hospitality market might have been expected to return to a period of relative normality. But major tourism investment drives are afoot as GCC states seek to further diversify their economies. Almost 170,000 hotel rooms are […] April 30, 2023
Construction Construction titan to cement its place in the GCC Construction company Besix Group has revealed plans to further expand across the GCC as the region embraces public-private partnerships for key projects. The Belgian-French group, which is based in Brussels, is one of the world’s leading international contractors and announced on Wednesday a 20-year high in turnover of over $3.7 billion in 2022. Bexis said […] April 27, 2023
Analysis Banking and Finance Arab banks tighten lending for Gulf-UK property investors Middle East banks are reviewing lending criteria for GCC clients in the UK, responding to high interest rates and a trend towards investors diversifying portfolios to capture better yields. For several years – and especially since interest rates shot up in the past 12 months – yields in sectors traditionally popular with Gulf investors, such […] April 26, 2023
Sharjah seeks proposals for Hamriyah water project State-owned Sharjah Electricity, Water and Gas Authority (Sewa) has issued a request for proposal for the 90 million imperial gallons per day Hamriyah independent water producer (IWP) project to eight pre-qualified bidders. The utility provider has allowed bidders to submit their proposal by the beginning of August 2023, state-run WAM news agency reported. The IWP […] April 10, 2023
Real Estate Ajman real estate is reaching saturation point Every inch of sand in Ajman will be developed in the next five years, according to the CEO of GJ Properties. Ali Jaber told AGBI the UAE’s fifth largest emirate, which measures 42 square kilometres, is close to reaching saturation point in terms of new construction projects. “In five years Ajman will not have a […] April 3, 2023
Exclusive Real Estate Dubai development awakens after a decade of lying dormant An iconic development in Dubai – which has been on hold for 12 years – is finally set for completion in the first quarter of 2025, according developer GJ Properties. The 40-storey block by the Sheikh Zayed Road in the Al Sufouh area of the emirate has recently been host to large advertising banners from […] March 31, 2023
UAE’s first casino resort in Ras Al Khaimah appoints builder Construction preparation work has begun on the UAE’s first casino resort project, it was confirmed on Wednesday. Wynn Resorts, which is based in Las Vegas, announced plans last year to build a casino within its multi-billion-dollar resort on Ras Al Khaimah’s Marjan Island. Set to open its doors in early 2027, the development will be […] March 22, 2023
Transport Canadian startup Vports to build Ras Al Khaimah’s first vertiport Canada’s urban air mobility startup Vports is expanding its reach across the UAE as the country moves ahead to make advanced air mobility a reality. Vports signed a memorandum of understanding (MoU) with Ras Al Khaimah (RAK) Airport to build and operate the first vertiport in the emirate as an advanced air mobility (AAM) hub. […] March 22, 2023
Tech RAK launches free zone for digital and virtual asset firms The Ras Al Khaimah government has announced plans to launch RAK Digital Assets Oasis, a free zone dedicated to digital and virtual asset companies. The zone will be purpose-built for non-regulated activities in the virtual assets sector, the UAE state-run Wam news agency reported. It will be exclusively dedicated to digital and virtual assets service […] February 28, 2023
Sustainability Top Gulf banks help raise $787m in sustainable credits Two leading Gulf banks have helped arrange nearly $800 million in sustainability-linked loans for a leading agricultural producer based in Singapore, as local institutions prioritise green lending in their portfolios. First Abu Dhabi Bank (FAB), the UAE’s largest bank by assets, and National Bank of Kuwait, the country’s biggest financial institution, acted as lead arrangers, […] February 24, 2023
Logistics UAE-Oman rail link to bring cross-border economic boost A $3 billion investment to extend the railway network from the UAE into Oman is expected to bring economic benefits for businesses on both sides of the border. Oman and Etihad Rail Company, the developer and operator of the UAE-Oman Rail Network, has signed a deal with Abu Dhabi’s Mubadala Investment Company to support the […] February 22, 2023
Retail UAE companies join ranking of elite brands UAE businesses including Adnoc, Dubai Duty Free and RAK Hospital have been recognised by the organisation that ranks elite brands around the world. Superbrands UAE welcomed its latest cohort of 29 brands, which also included Al Rostamani Group, Aster DM Healthcare, Hamriyah Free Zone Authority, Nando’s and Tabasco. The chosen few were selected from thousands […] February 17, 2023
Analysis Construction Mega-projects to cushion Mena cement makers from global blows Cement producers in the Middle East are expected to have an “exceptionally good year” thanks to the region’s pipeline of mega-projects. Emir Adiguzel, director of the World Cement Association, said the global industry faced a difficult period but the Middle East would buck the trend. “According to our members located in the Middle East, the […] February 16, 2023
Tourism Investors circle to buy trophy Emirates hotel assets The UAE’s relatively quiet hotel investment landscape will pick up this year as foreign buyers join local investors in competing for a slice of the resurgent, post-pandemic hospitality sector. “The region is registering such high levels of occupancy at the moment that there is a lot of international money ready to invest in hotel assets,” […] February 15, 2023
Analysis Logistics Fujairah’s ship is coming in – and bringing tourists as well as trade Fujairah’s position on the Gulf of Oman coast has become its defining characteristic. The location has helped the emirate build a thriving maritime sector and given the rest of the UAE an alternative to the Strait of Hormuz. The Port of Fujairah opened in the early 1980s and successive development projects have added berths and […] February 8, 2023
Analysis Manufacturing Heavy metal and fine porcelain boost Ras Al Khaimah economy Ras Al Khaimah has been making up for its limited hydrocarbons sector by developing non-oil businesses such as quarrying, cement, ceramics and pharmaceuticals. Today RAK’s manufacturing, wholesale and retail trade, along with its construction/real estate activities amount to about 50 percent of GDP. The direct contribution of the mining and quarrying sector is currently only […] February 8, 2023
