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United Arab Emirates

Ras Al Khaimah

Ras Al Khaimah: the UAE’s sustainable tourism destination

Early in 2022 US hotel operator Wynn Resorts announced it was partnering with the Ras Al Khaimah property developer Marjan and RAK Hospitality Holding to build a multibillion dollar integrated luxury resort in the northern emirate. Critically, this includes a gaming area, a first for the UAE, which inevitably captured the headlines. But RAK isn’t intent […]

UAE’s Masdar City breaks ground on new net-zero energy project

Abu Dhabi’s Masdar City has started construction on “The Link,” a 30,000 square metre sustainable community that includes the region’s first net-zero energy shared living and working facility.  The project will include four low-carbon buildings with event spaces, retail options, recreational facilities, and outdoor plazas. It is expected to create over 2,000 jobs in the […]

People, Person, Woman, Man

Rise in UAE non-oil orders means more staff recruitment

UAE non-oil businesses reported a three-month high in the growth of new domestic orders last month, leading to a continued rise in staff recruitment as companies move to clear their growing backlog. However, this was offset by a “sustained reduction” in overseas orders, which fell at the quickest rate since June 2021, according to the […]

Yas island

Off-plan sales set to drive future of Emirates property market

Off-plan real estate sales are expected to increasingly satisfy demand from investors in the UAE in the future as developers sell out of inventory. Construction efforts are likely to centre on completing existing projects and masterplans for the next two to three years, while major new launches are set to decrease until the middle of […]

Formula One, Car, Vehicle

UAE telco buys more Vodafone shares to up stake to 13%

UAE telecom operator e&, formerly Emirates Telecommunications Group Company, has upped its stake in the UK’s Vodafone Group for the second time this year. In a statement published on the Abu Dhabi Securities Exchange, the telco said it had purchased a total of 3.537 billion shares, representing 13 percent of Vodafone’s issued share capital, excluding […]

DP World to build new mega container terminal in India

Dubai’s DP World has been awarded a concession to build and operate a mega-container terminal at Deendayal port in Gujarat, India, state-owned WAM news agency reported. The terminal will have a 1,100-metre berth and a capacity of 2.19 million twenty-foot equivalent units (TEUs), capable of handling vessels carrying more than 18,000 TEUs. The cost and […]

Crowd, Person, Audience

Senegal says finance in place for DP World’s $1.1bn port

Senegal’s President Macky Sall said on Thursday that financing is in place to enable construction to begin in earnest on a $1.13 billion deep-water port being developed by Dubai’s state-owned port operator DP World. The project in Ndayane, around 50km south of the capital Dakar, is the biggest private investment in the West African nation. […]

US crypto exchange Kraken shuts Abu Dhabi office

Cryptocurrency exchange Kraken has shut its Abu Dhabi office less than a year after securing a license in the region, a spokesperson said, as the company seeks to sharpen its focus after FTX’s bankruptcy shook the digital assets sector. The US-based company had said last year it would reduce its workforce by 30 percent, or […]

Dubai Holding will support Abu Dhabi' Aldar Properties as it takes responsibility for residential development

UAE master developers partner for 9,000 Dubai homes

UAE mast developers Aldar Properties and Dubai Holding have formed a partnership to develop 9,000 residential units across prime locations in Dubai, with the first phase of launches planned to start this year. The joint venture will oversee the development of new communities in three locations along the E311 and E611 corridors – in the […]


Farming tech startup moves HQ from Europe to UAE

A Finnish tech startup is swapping the green countryside of Northern Europe for the Arabian desert as it looks to grow its urban farming business. iFarm was invited in November to join the incentive programme of Abu Dhabi’s Hub71, the technology project led by Mubadala Investment Company and backed by the Government of Abu Dhabi.  […]

Lighting, Person, Human

DFM operator net profit surges 42% to $40m in 2022

Dubai Financial Market Company reported net profit of AED147.1 million ($40.05 million) for 2022, a year-on-year increase of 41.7 percent. Total revenue reached AED351.2 million, a year-on-year increase of 19 percent. The board of directors recommended a cash dividend of AED134.7 million, equivalent to 1.68 percent of the capital and 100 percent of the total […]

Arada completes over 1,600 new homes in Sharjah megaproject

UAE-based developer Arada has completed 1,621 apartments across 14 buildings in East Village, the third residential phase in its AED24 billion Sharjah megaproject Aljada.  Featuring 2,000 units in total, East Village is targeted at the younger generation and comprises 16 apartment blocks. Home inspections will shortly begin at the 968 homes in the Riff 1-3 […]

US investment funds buy $1.1bn bad loans from UAE bank

Investment management firm Davidson Kempner said that investment funds it advises have acquired a non-performing loans portfolio from UAE-based Abu Dhabi Commercial Bank worth AED4.2 billion ($1.14 billion). “The transaction represents the first sale of a significant portfolio of non-performing loans by ADCB and is thought to be the largest such transaction effected to date […]

DIFC launches metaverse platform to attract tech innovators

Dubai International Financial Centre (DIFC) has launched the “DIFC Metaverse Platform” to attract global technology innovators. The new platform is aligned with the Dubai metaverse strategy, which aims to add $4 billion to Dubai’s GDP, DIFC said in a statement.  The strategy aims to create 40,000 virtual jobs by 2030 and attract 1,000 companies specialised […]

Office Building, Building, Architecture

Mashreq profit up 270% to $1bn in 2022 on income growth

Dubai-listed lender Mashreq reported a net profit of AED3.7 billion ($1 billion) for 2022, a year-on-year (YoY) increase of 270 percent. Operating profit reached AED4.4 billion, rising 39.2 percent YoY, on healthy operating income growth, the bank said in a statement. Net profit for the fourth quarter of 2022 surged to AED1.126 billion from AED737 […]

UAE and France expect ‘concrete outcomes’ from economic ties

France and the United Arab Emirates (UAE) are working to strengthen their economic relationship with “concrete outcomes” expected in the near future, French finance minister Bruno Le Maire said on Monday during a visit to the Gulf state. He was speaking on the sidelines of the first meeting of the Franco-Emirati business council, set up […]

Crowd, Person, People

Abu Dhabi’s IHC plans to invest $381m in Adani Enterprises

Abu Dhabi conglomerate International Holding Company on Monday said it would invest AED1.4 billion ($381.17 million) in Adani Enterprises’ follow-on public offer. IHC’s statement comes as the Indian company, owned by Asia’s richest man, Gautam Adani, has faced losses of $65 billion in its companies’ market value after Adani’s rebuttal of a US short-seller’s criticism […]

Coca-Cola’s UAE bottling facility to be powered by clean energy

Emerge, a joint venture between the UAE’s Masdar and France’s EDF, has signed an agreement with Coca-Cola Al Ahlia Beverages, Coca-Cola’s bottler and distributor in the UAE, to develop a 1.8-megawatt (MWp) solar photovoltaic (PV) plant for its Al Ain facility. The commercial and industrial (C&I) project will combine ground-mounted, rooftop, and car park installations, […]

Wizz Air Abu Dhabi to accelerate and expand operations in 2023

Low-cost airline Wizz Air Abu Dhabi is ready to accelerate and expand operations further in 2023. It currently flies to 36 destinations to 25 different countries from Abu Dhabi, the UAE state-owned WAM news agency reported. The airline operated more than 6,000 flights and transported more than 1.2 million travellers in 2022. It carried over […]

Dubai Investments buys 9% stake in British digital bank

Dubai Investments has acquired a nine percent equity stake in Monument Bank Limited, a UK-based digital bank, the Dubai Financial Market-listed said in a statement. Monument Bank is focused on the “mass affluent” segment in the UK and aims to provide core banking and other related services. Dubai Investments’ vice chairman and CEO Khalid bin […]