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United Arab Emirates

UAE and China non-oil trade reaches $32bn in H1 2022

Non-oil trade exchange between the UAE and China in the first half of 2022 reached AED 118.4 billion ($32.24 billion), WAM, the UAE state-owned news agency reported. Imports stood at AED 102.7 billion, non-oil exports were valued at AED 5.5 billion, while re-exports hit AED 9.8 billion, showed data released by the Federal Competitiveness and […]

UAE German leaders

UAE and Germany grow ever closer with shared net zero goals

The first four Mercedes Benz cars arrived in Abu Dhabi in 1965, imported by the Al Fahims, who founded Emirates Motor Company three years earlier. Last year, the UAE imported German automobiles worth nearly $1.2 billion. Also in the mid Sixties, the German company Siebert discovered enough water close to Al Ain to enable the […]

Hospital operator Burjeel aims to raise up to $368m from IPO

Abu Dhabi-based Burjeel Holdings set a price range of AED 2 to AED 2.45 ($0.5446 to $0.6671) a share for its initial public offering (IPO) that opened for subscription on Friday, valuing the hospital operator at $3.3 billion at the top end. The selling shareholder expects to sell more than 350 million shares, or seven […]

Abu Dhabi power transmission project signs $3.2bn financing

Abu Dhabi Offshore Power Transmission Company has secured more than $3.2 billion in financing with export credit agencies and banks for an offshore electricity transmission project, the Japan Bank for International Cooperation said in a statement. The financing is to build and operate a high-voltage direct current offshore power transmission system linking two offshore production […]

Five Guys at Nakheel Mall

Five Guys to expand in the UAE

Fast food chain Five Guys is gearing up to make its debut in Sharjah and Al Ain as it looks to build on its network of outlets across the UAE. The US burger brand is also planning to develop its cloud kitchen network which began in the UAE at the height of the coronavirus pandemic. […]

Oman and UAE seek new trade era after multi-billion dollar deals

Oman and the UAE are looking to begin a new era in trade relations following the signing of deals to boost collaboration in culture and media, railways, education, scientific research, agricultural wealth and financial markets. UAE President Sheikh Mohamed bin Zayed Al Nahyan visited Oman this week to sign an agreement between Oman Rail and […]

ADNOC Distribution to pay $350m dividend in H1 2022

UAE-listed ADNOC Distribution will pay an interim dividend of AED 1.29 billion ($350 million) for the first six months of 2022, the company said in a statement. The expected full-year 2022 dividend is a minimum of AED 2.57 billion. The second and final dividend payout for 2022 is expected in April 2023. The 2022 full-year […]

Oracle fined for bribing foreign officials in the UAE and Turkey

Oracle Corp will pay about $23 million to resolve charges its units in Turkey, the United Arab Emirates and India used slush funds to bribe foreign officials in order to win business, the US Securities and Exchange Commission said on Tuesday. The case covered alleged wrongdoing from 2014 to 2019, and is the second time […]

Venture builder launches new $200m fund in Abu Dhabi

Further, a new venture building and investment firm in Abu Dhabi, has launched a $200 million fund dedicated to co-creating ventures focused on digital assets, fintech and supply chain.  Backed by ADQ, an Abu Dhabi-based investment and holding company, Further seeks to partner with entrepreneurs as an institutional co-founder to launch and grow new ventures. […]

India fans in the stands of Dubai International Stadium, ahead of their cricket team's Asian Cup match against Pakistan on September 4

India reaps early benefits from its trade deal with UAE

India’s non-oil exports to the UAE have recorded double-digit growth since the two nations signed a trade deal earlier this year. New Delhi’s Ministry of Commerce reported that exports to the UAE, excluding petroleum products, grew to $5.92 billion in June-August, from $5.17 billion during June-August 2021 – an increase of 14 percent. India’s global […]

Fugro uncrewed surface vessel

Dutch engineer’s remote-control craft to monitor Gulf oil and gas

Dutch civil engineer Fugro is launching uncrewed surface vessels (USVs) to monitor oil and gas infrastructure in the waters off the UAE. The 12-metre-long vessels are controlled from the shore without the need for any crew. Conventional craft that inspect offshore assets have six to seven crew members and operate on shift patterns; the USVs […]

Dubai’s GEMS Education owners mull $6bn stake sale

UAE-based private school operator GEMS Education is planning to sell a  controlling stake in the business or a market listing in a potential exit route, Bloomberg reported, citing people familiar with the matter. Private equity firm CVC Capital Partners and GEMS founder Sunny Varkey may sell their stakes, which could be valued at as much […]

Engine, Machine, Motor

Masdar and Germany’s RWE eye global offshore wind projects

Abu Dhabi Future Energy Company (Masdar) and Germany’s RWE Renewables have signed a memorandum of understanding to explore collaboration on offshore wind projects in several key markets, according to WAM, the UAE state-owned news agency. Masdar and RWE are shareholders in the London Array project, which has been operational since 2012. The wind farm has […]

UAE staff told to wait until next year for salary increases

The majority of UAE companies are resisting giving staff a boost in their salaries to help compensate for the rising cost of living, with most putting any increases off until next year. Reuters reported in August that Emirates NBD, Dubai’s largest bank, had given its staff a pay rise of up to eight percent to […]

Samples of rice and lentils for sale at a wholesale market in Delhi

Tech startup aims to spice up India’s agriculture trade with GCC

Indian startup Ninjacart has launched Ninja Global, a new digital platform for agricultural export-import businesses in the UAE and other countries in the Gulf. Ninjacart operates in over 150 markets across agri-commodities, was valued at almost $1bn this year, and is backed by retail giant Walmart and India’s Tiger Global among others. Its Ninja Global is […]

A Burjeel hospital

UAE health firm Burjeel to offer 11% stake in October IPO

Abu Dhabi-based hospital operator Burjeel Holdings plans to offer an 11 percent stake in an initial public offering on the Abu Dhabi Securities Exchange, the company said in a statement on Monday. Burjeel will be the first private company to be listed on the Abu Dhabi exchange since 2011. The company intends to offer about […]

UAE reforms seen as magnet for further US investment

A series of new economic and social reforms, known as the Projects of the 50, will make the UAE an even more attractive environment for American businesses. According to Danny E Sebright, president of the US-UAE Business Council, the UAE is already widely recognised by American businesses for these strengths. “Another important strength of the […]

Abu Dhabi-owned firm offers $190m for Brazilian soccer club

City Football Group (CFG), the owner of Manchester City English Premier League soccer team, made an offer of 1 billion reais ($190 million) for 90 percent of Brazilian club Esporte Clube Bahia, CFG said on Friday. The purchase is part of a funding bonanza in Brazilian soccer, following the approval of a law that allowed […]

Abu Dhabi eyes $200m stake in India’s biggest REIT

Blackstone Inc. will sell a stake worth up to $400 million in Embassy Office Parks REIT, India’s biggest real estate investment trust, via Indian stock exchange block deals, three sources familiar with the matter told Reuters. Abu Dhabi’s sovereign wealth fund, one of the world’s largest, is likely to pick up at least half of […]