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United Arab Emirates

Mena youth climate anxiety

Climate anxiety rises among Mena youth

More than two-thirds of 18-to-24-year-olds in the Middle East and North Africa (Mena) say they are “very concerned” about the potential impacts of climate change. More than half are ready to boycott brands that damage the environment, a survey shows.  Previously unreleased findings from the 15th annual Asda’a BCW Arab Youth Survey, published earlier this […]

Talks with PIF and DP World progressing says PGA Tour

PGA Tour said its planned merger with Saudi-backed LIV Golf and DP World Tour has garnered unsolicited interest from investors as it continues to finalise an agreement with the Saudi Arabia’s Public Investment Fund (PIF) and the DP World Tour. The PGA said that while it did not solicit additional investment interest, it has a […]

Al Zeyoudi trade climate change

UAE minister urges trade to reduce environmental impact

Trade is the “lifeblood” of the global economy but it needs to urgently play a part in the fight against climate change, a UAE minister said on Wednesday. Dr Thani bin Ahmed Al Zeyoudi, UAE minister of state for foreign trade, conceded that global trade “has one of the biggest contributions to make” to reducing […]

Amea Power Tunisia

Dubai’s Amea Power brightens Tunisia’s solar ambitions

Dubai’s Amea Power has reached financial close on its first 120 megawatt (MW) solar project in Tunisia as the North African country seeks to boost its renewable energy production.  The $86 million solar plant will be located in Metbassta, in the north-western Kairouan governate. It is being built by Kairouan Solar Plant, a company registered in […]

Dr Thani bin Ahmed al Zeyoudi led the UAE delegation to Indnoesia to promote Southeast Asia trade

Southeast Asia on the rise as UAE shifts trade focus

Officials from the UAE are headed to Singapore as the country looks to improve ties and strengthen trade with Southeast Asia. Top officials from the Dubai Financial Market (DFM) stock exchange will arrive in Singapore on Wednesday to hold their first international investor roadshow there.  The debut aims to underline DFM’s commitment to broaden its […]

Tourism visa encourages GCC visitors

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, […]

Abu Dhabi North American fund

Abu Dhabi backs $5bn fund for North American firms

Wells Fargo is teaming up with private equity firm Centerbridge Partners to launch a fund with a capacity to lend more than $5 billion to North American middle-market companies, the groups said on Tuesday. The move highlights the increasing intertwining of private capital providers and traditional banks in offering credit to companies and consumers since […]

Dubai public debt to fall by $8bn by end of 2023

Dubai’s public debt will drop by AED29 billion ($7.90 billion) by the end of the year, the emirate’s Public Debt Management Office (PDMO) said. The debt reduction includes a full redemption of sukuk worth AED3.3 billion, the repayment of bilateral and syndicated facilities worth AED5.2 billion and a partial settlement of AED20 billion from the […]

Lottoland's David von Rosen-von Hoewel says Dubai is "perfectly suited" for his new project after the launch of its new gaming authority

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 […]

Construction teams and potential buyers can inspect plans projected at 1:1 scale

Property tech makes its mark in Dubai

Off-plan property buyers in Dubai can now inspect their potential purchase in real time and lifesize thanks to walkthrough technology. Lifesize Plans, a tech business founded in Australia, has opened its first Middle East franchise in the Al Quoz district. At its facility, plans for residential, commercial and industrial properties are enlarged to 1:1 scale […]

Dubai real estate interest rates

Dubai real estate market bats off interest rate hits

International private credit funds could be ready to tap into the Dubai real estate market with competitive interest rates. The Central Bank of the UAE raised its borrowing rate in July after the US Federal Reserve pushed its interest rate to a 22-year high. Now Asian and European funds are looking at the market as […]

Expat employees in the UAE traditionally leave with a "golden goodbye" bonus. But this is starting to change

Expats in UAE get ready to leave ‘golden goodbye’ behind

The “golden goodbye” has long been a staple of UAE office life. Expat staff are handed a lump sum by their employer when they leave, based on a percentage of their salary and length of service.  But the practice is starting to change. More companies are looking to set up workplace pension and saving plans instead.  […]

Metito desalination project in Port Ghalib Egypt

Alpha Dhabi takes over water specialist Metito

Investment company Alpha Dhabi announced on Monday the acquisition of a majority stake in Metito Holdings, a company involved in the water and wastewater industry worldwide.  Pending regulatory approvals, the deal marks Abu Dhabi-based Alpha Dhabi’s entry into the water and wastewater sector, with its CEO saying the need for sustainable water solutions “has never […]

The project is expected to reduce water injection-related energy consumption by up to 30% at Adnoc's Bab and Bu Hasa oil and gas fields

Funding secured for Adnoc’s $2.2bn water supply project

Abu Dhabi National Oil Company (Adnoc) and Abu Dhabi National Energy Company (Taqa) have completed the financial closing of a AED8.3 billion ($2.2 billion) project to provide a sustainable water supply for Adnoc’s onshore operations. The investment by the two Abu Dhabi energy majors aims to develop and operate facilities to sustainably treat and supply […]

Spinneys Dubai invited banks this week to pitch for roles in the offering, expected to be up to 30 percent of the company

Supermarket chain Spinneys Dubai plans IPO next year

Spinneys Dubai, the franchisee of the supermarket chain in the UAE and Oman, is planning an initial public offering (IPO) of the business in the second quarter of 2024, three sources with direct knowledge of the matter said. Albwardy Investment, the franchise’s 100 percent owner, hired Rothschild & Co to advise on the planned IPO, […]

Adnoc to expand its branded service stations across Egypt

Adnoc Distribution, a subsidiary of state-owned Abu Dhabi National Oil Company, plans to open six new service stations in Egypt by the end of the year. The UAE company announced the opening of three Adnoc branded service stations on Saturday after acquiring a 50 percent stake in TotalEnergies Marketing Egypt earlier this year. The newly opened […]

RAK film 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 […]

Paradigm 3D launches its new Dubai facility, which the company hopes will take some business away from traditional manufacturers

Dubai 3D factory muscles in on aviation sector

A new 3D printing facility in Dubai, certified to produce airplane components, is anticipated to cut into a portion of traditional global aviation manufacturers and maintenance hubs. Paradigm 3D has invested AED20 million ($5.5 million) to establish a factory using technology from Stratasys, an American-Israeli maker of industrial 3D printers that are used by industry […]

Abu Dhabi acquisition printing press

Abu Dhabi deal could bolster ‘blank cheque’ companies

The first so-called “blank-cheque” company to list in the Middle East this week signed a deal with United Printing & Publishing, an Abu Dhabi state investment fund business. Special purpose acquisition companies (SPACs) raise money through an initial public offering and then use the proceeds to acquire other companies. ADC Acquisition Corporation is the UAE’s […]