Manufacturing China’s Jetour plans carmaking facility in Dubai Chinese carmaker Jetour plans to start a manufacturing unit in Dubai as a springboard to supplying the UAE and the rest of the Gulf, its head of international operations told AGBI. “The GCC is the richest region in the world, and we obviously want to take it by the storm and be the No 1 […] May 7, 2025
Renewable Energy Masdar’s Iraq solar power projects gain traction after long delays Plans by Masdar to build 1,000 megawatts (MW) of solar power parks in Iraq may now be accelerated after languishing for four years, the official Iraq news agency reported. Also known as Abu Dhabi Future Energy Company, the government-controlled company agreed in 2021 to build four plants in various parts of Iraq but no contract […] May 7, 2025
Markets Tabby and Kitopi plan IPOs but raise economic concerns Fintech company Tabby and cloud kitchen operator Kitopi are preparing to go public. However they have warned about potentially limited share allocations to international investors and Gulf economic risks linked to oil prices being at a four-year low. Dubai-based Tabby, a regional buy-now-pay-later platform, said global funds are reluctant to spend the time and energy […] May 7, 2025
Finance Crypto payment provider Ripple plans UAE growth Cryptocurrency company Ripple Labs has outlined plans to expand in the UAE after winning approval to operate in Dubai. Based in San Francisco, Ripple was the first blockchain payments provider to be licensed by the Dubai Financial Services Authority (DFSA) in March, the company said in a statement. One in five Ripple customers is based […] May 7, 2025
Petrochemicals Adnoc expects EU approval for Covestro deal Abu Dhabi state oil major Adnoc is set to secure unconditional European Union (EU) antitrust approval for its €14.7 billion ($16.6 billion) takeover of German chemicals company Covestro, two people with direct knowledge of the matter said. The deal, Adnoc’s biggest ever, underscores Middle East countries’ plans to diversify their investments and reduce dependence on oil amid the global transition […] May 7, 2025
Real Estate Luxury Olaia Residences launches on Palm Jumeirah Dubai developer Gulf House Real Estate has launched Olaia Residences, its first luxury development, for sale in the heart of Palm Jumeirah. The upscale residential project is planned to open in 2027 and will consist of one-to-three-bedroom apartments and three-to-five-bedroom duplexes. State-of-the-art amenities will include indoor and rooftop pools, a wellness centre, a mini-golf course […] May 7, 2025 In association with
Oil & Gas Adnoc awards rig contract to expand Zakum operations State-backed Adnoc is expanding operations at the offshore Zakum development project after one of its subsidiaries awarded a contract for three island oil rigs. Adnoc Drilling won the $806 million contract from Adnoc Offshore and its CEO Abdulrahman Abdulla Al Seiari said this award will deliver high-quality returns well into 2038 and beyond. The three […] May 6, 2025
Energy Adnoc Distribution profit up as Q1 fuel sales surge Adnoc Distribution said first-quarter 2025 net profit rose significantly as a result of the highest-ever fuel retail sales in the UAE and Saudi Arabia. Net profit increased 16 percent year on year to AED639 million ($174 million), Adnoc unit said in a statement on Tuesday. The Abu Dhabi-listed fuel and convenience retailer added 20 new […] May 6, 2025
Telecoms UAE telco Du’s profit up a fifth as subscriber base expands Dubai-listed telecom operator Du’s top and bottom lines rose in the first quarter of 2025, driven by an increase in the subscriber base and the UAE’s economic growth. Revenue grew more than 7 percent year on year to AED4 billion ($1 billion) during the quarter ended March 2025. The mobile customer base increased by 6 […] May 6, 2025
Business of Sport Abu Dhabi doubles down on global sports investment Manchester City may have lost its grip on the English Premier League title this season, but Abu Dhabi has no intention of relinquishing its power in the sporting sphere. The emirate has unveiled two major deals this month that underscore a strategic push to remain a dominant player in the fast-evolving sports business, even as […] May 6, 2025
Real Estate Dubai Holding to list real estate investment trust Dubai Holding is to list its residential real estate investment trust (REIT), shrugging off local investor scepticism towards the structures and becoming the first initial public offering (IPO) on the Dubai stock exchange this year. The investment conglomerate owned by Sheikh Muhammed bin Rashid Al Maktoum, the emirate’s ruler, said on Monday that it will […] May 5, 2025
Real Estate Omniyat raises $500m to fund sustainable projects Dubai real estate developer Omniyat has raised $500 million to fund its sustainable developments. The order book of the inaugural three-year green sukuk was oversubscribed 3.6 times, reaching $1.8 billion. The sukuk will be listed and traded on Nasdaq Dubai and the London Stock Exchange’s international securities market. The pricing details were not given. Sukuk […] May 5, 2025
Opinion Real Estate As protectionism rises, UAE real estate becomes a global shock absorber Property in the Emirates emerges as a resilient safe haven amid tariffs May 5, 2025
Logistics AD Ports to break ground on Egypt logistics park this year State-controlled AD Ports Group and Egypt government-backed Suez Canal Economic Zone have signed a 50-year renewable deal to develop and operate a 20 sq km logistics and industrial park near the coastal city of Port Said on the Mediterranean Sea. The Abu Dhabi-based ports operator will develop, construct, finance, operate and manage the industrial and logistics zone in […] May 5, 2025
Renewable Energy Masdar delists Terna Energy to spur European expansion Abu Dhabi’s Masdar said its Greek clean energy subsidiary Terna Energy has been delisted from the Athens stock exchange. The UAE renewables major completed the acquisition of 100 percent of Terna Energy last month to accelerate renewable energy growth in southeastern and central Europe, the UAE state-run Wam news agency reported. Sultan Al Jaber, chairman of […] May 5, 2025
Oil & Gas Adnoc Gas rules out project delays and sticks to capex plan Adnoc Gas, a unit of Abu Dhabi National Oil Company (Adnoc), said it is ruling out project delays in its $15 billion, five-year capital expenditure plan, though two developments are still pending a final investment decision. Adnoc Gas plans to make a final investment decision (FID) around mid-year on its Rich Gas Development project, which […] May 5, 2025
Analysis Leisure & Hospitality UAE hotels absorb rising costs at expense of profit Many UAE hoteliers are reluctant to raise prices to compensate for rising operational costs, even as intensifying global competition and geopolitical volatility tighten profit margins. According to data from CBRE Middle East, growth in UAE hotel revenue per available room (RevPAR) has slowed over the last two years, from 6 percent in 2023 to 3 […] May 5, 2025
Video length: 04:55 VIDEO Tourism Miral’s global ambitions for Yas Island entertainments Abu Dhabi leisure and entertainment group Miral believes its pipeline of attractions, including a Harry Potter destination at Yas Island, will increase its contribution to the Abu Dhabi economy to as much as 15 percent. AGBI caught up with Miral CEO Mohamed Al Zaabi at Arabian Travel Market to find out why he believes Yas […] May 2, 2025
Gaming New Jersey and UAE gaming regulators sign agreement The US state of New Jersey, home to Atlantic City’s casino resorts, signed a landmark agreement this week with the UAE’s gaming regulator. The agreement comes as MGM Resorts International, a major Las Vegas casino operator, held meetings about its upcoming projects in the emirates. The memorandum of understanding was signed in Abu Dhabi on […] May 2, 2025
Artificial Intelligence US considers easing of chip export restrictions on UAE The US is considering easing restrictions on the export of high-end semiconductors to the UAE, Bloomberg reported. President Donald Trump could announce the start of work on a bilateral chip deal during his upcoming trip to the Gulf, the news service said, without identifying sources. Nothing has yet been decided but the talks are picking up […] May 2, 2025
