Health NMC and Dubai Islamic Bank end legal dispute NMC Healthcare has reached an out-of-court settlement with Dubai Islamic Bank, ending the long-running legal dispute between the two businesses. The healthcare operator had borrowed around $400 million from DIB, which is the largest Islamic bank in the UAE. The loan used collateral known as insurance receivables, which are payments by insurance companies for medical […] March 19, 2024
Opinion Aviation Etihad’s IPO is a risky proposition There is no doubt competition is going to get tougher in the Middle East aviation market March 19, 2024
Construction Nobu penthouse shatters Abu Dhabi sales record A three-bed penthouse at Nobu Residences on Saadiyat Island has sold for AED137 million ($37.3 million), fetching the highest price per sq m ever seen in Abu Dhabi, at AED96,000 ($26,137), Aldar Properties has claimed. It comes after the sale of a four-bed duplex sky villa in Nobu Residences for AED130 million, the state-run WAM […] March 19, 2024
Finance UAE tourist tax refunds rise 14% to 4.2m in 2023 The UAE reported a 14.4 percent rise in tourist tax refund transactions, totalling 4.18 million in 2023. The average transaction processed reached 11,460 per day, the Federal Tax Authority (FTA) said. No details were given on the total amount refunded. Tourists and visitors can claim refund on VAT paid on purchases they made during their […] March 19, 2024
Opinion Lifestyle Abu Dhabi is getting serious in its bid to lure the wealthy Competition with Dubai is about more than country club fees March 18, 2024
Tech Hong Kong most likely for IPO listing of Dubai’s Telegram Telegram, the Dubai-based messaging app known for its encryption features and large group chats, is most likely to target Hong Kong for its potential listing, experts have said. This preference stems from the challenges its founder, Pavel Durov, might face in Western markets due to his Russian nationality. Durov said in a Financial Times interview […] March 18, 2024
Tech UAE’s G42 to build green data centre in Kenya Abu Dhabi artificial intelligence company G42 has said it will develop a one-gigawatt (GW) data centre in Kenya powered by geothermal energy. The new facility, developed in partnership with Kenya’s EcoCloud, will boost cloud computing and AI services, the Abu Dhabi Media Office reported, citing a company statement. The EcoCloud-G42 mega data centre will have […] March 18, 2024
Finance UAE and US non-oil trade reached $31bn in 2023 Non-oil trade between the UAE and the US reached $31.4 billion in 2023, said Danny Sebright, president of the US-UAE Business Council. Trade is projected to grow at the same pace this year, the UAE state-owned Wam news agency reported, citing Sebright. US exports to the UAE reached $24.8 billion last year, rising 19 percent […] March 18, 2024
Construction Nakheel and Meydan merge with Dubai Holding Two of Dubai’s largest state-backed developers – Nakheel and Meydan – will merge into Dubai Holding, the investment vehicle of Dubai’s Ruler Sheikh Mohammed bin Rashid Al Maktoum, to create a new global economic entity. Nakheel and Meydan will become part of Dubai Holding under the leadership of Sheikh Ahmed bin Saeed Al Maktoum, with […] March 17, 2024
Opinion People & Lifestyle Ukrainians in the UAE reflect on two years in geopolitical limbo They are living the best life they can in tragic circumstances not of their choosing March 15, 2024
People & Lifestyle Art trumps diamonds when it comes to luxury investment For Middle East investors, works of art are worth hanging on to. Artworks have more than doubled in value over the past decade, the latest edition of the Knight Frank Global Wealth Report reveals. It was a mixed year for luxury investments last year. Whisky, cars, handbags, furniture and wine lost value. Diamonds, coins and […] March 15, 2024
Video length: 03:32 VIDEO Health The Dubai spa charging AED90,000 to increase ‘healthspan’ Clinique La Prairie opened its fifth Longevity Hub-branded spa in Dubai last month and is preparing to open a $300 million health resort in Saudi Arabia’s Amaala giga-project next year. The “medical spa” receives 60,000 clients each year from the Middle East to its luxury facility in Montreux, Switzerland for longevity and preventative medicine treatments. […] March 15, 2024
People & Lifestyle UK’s non-dom shake-up to attract high earners to Gulf There is likely to be an influx of expats and returning nationals to the Gulf as a result of the UK’s abolition of non-domicile tax status from April 2025, experts told AGBI. ‘Non-doms’ live in the UK but claim to have a permanent residence in another country, so they do not pay tax on overseas […] March 15, 2024
Finance Parkin raises $428m as IPO oversubscribed 165 times Parkin, the Dubai government’s parking management company, has raised AED1.6 billion ($427.5 million) after pricing its initial public offering (IPO) at the upper end of its range at AED2.1 per share. The offering was oversubscribed 165 times as the order book hit AED259 billion at the final offer price, the UAE state-run Wam news agency […] March 15, 2024
Logistics DP World sets capex at $2bn despite ‘uncertain’ outlook The global ports operator DP World has forecast a capital investment of $2 billion in 2024 despite an “uncertain” outlook because of the challenging geopolitical and economic environment. The proposed investment will be spread across Jebel Ali in Dubai, London Gateway in the UK, Inland Logistics in India, Dakar in Senegal, East Java, Congo, Peru, and […] March 15, 2024
Analysis Banking & Finance UAE banks struggling to match 2023’s record profits Banks in the UAE will struggle to repeat last year’s record annual profits in 2024, after the introduction of corporate tax, expected US interest rate cuts and the likely absence of the bumper one-off gains that bolstered their bottom line in 2023. However, a slight decline in profitability would still represent a strong performance by […] March 15, 2024
Media & Advertising UK’s new media law threatens UAE’s Telegraph bid A likely decision by the UK to ban foreign governments from owning British newspapers and news magazines is being seen as a setback for a UAE-backed investment company’s bid to buy the Telegraph newspaper titles. Lord Parkinson of Whitley Bay announced the ban on Wednesday, saying a new law will “rule out newspaper and periodical […] March 14, 2024
Retail Currency concerns hit Majid Al Futtaim’s retail revenue Dubai conglomerate Majid Al Futtaim recorded a slight increase in revenues over the past year but the company’s retail business was hamstrung by geopolitical tensions and currency concerns across several countries. Overall revenue was up by a single percentage point to AED34.5 billion ($9.4 billion) for 2023, with profit rising 12 percent to AED2.7 billion. […] March 14, 2024
Economy UAE government surplus hit $6.8bn in last quarter UAE government revenues reached AED156 billion ($42 billion) for the fourth quarter in 2023, resulting in the Gulf state recording a federal surplus of AED25 billion ($6.8 billion) over the period, according to data from the Ministry of Finance. Expenditure over the three-month period hit AED131 billion. It was made up of investment in non-financial […] March 14, 2024
Trade UAE developer wins $6bn Budapest contract An Emirati developer has finalised a €5.5 billion ($6 billion) deal to transform a rundown area of Budapest in the same week that the UAE and Hungary signed an economic cooperation agreement aimed at improving bilateral trade and investment. Eagle Hills International, which is based in Abu Dhabi, has partnered with the Hungarian government to […] March 14, 2024
Finance UAE banks add 2.5m new loans and credit cards in 2023 The number of bank loans and credit cards issued by banks and financial institutions in the UAE last year grew by 3 percent year on year, driven by increased confidence in borrowers’ capacity to fulfil their financial obligations. The number of contracts reached 2.52 million in 2023, the UAE state-run Wam news agency reported, citing […] March 14, 2024
Analysis Trade Boats, baubles and balsamic lift Italian exports to UAE Italian boat manufacturers were out in force at the Dubai International Boat Show earlier this month, doubtless buoyed by the news that nautical exports to the UAE totalled nearly $120 million in the first 11 months of 2023. More than 20 Italian companies attended the event at Dubai Harbour, part of a strengthening Italy-UAE trade […] March 14, 2024