Tech Dubai grants provisional approval to crypto firm Blockchain.com London-based crypto firm Blockchain.com said it had won a provisional approval to operate in Dubai, becoming the latest in a series of digital asset companies expanding in the Gulf as the region looks to become a hub for blockchain technology. The company, which offers users a crypto wallet and is also a crypto exchange, said […] September 11, 2022
Analysis People & Lifestyle Queen’s love of horses forged bond with Sheikh Mohammed As the world mourns the passing of Queen Elizabeth II, she bequeaths a monumental global legacy as a head of state. But beyond the pomp, ceremony and duty, she also leaves an indelible mark – just as close to her heart – on the equestrian world. Fittingly, when the Queen turned 96 in April, she […] September 10, 2022
Banking and Finance Abu Dhabi bank raises $500m in debut green bonds Abu Dhabi Commercial Bank, the United Arab Emirates’ third largest lender, has raised $500 million with debut green bonds, a bank document showed, ending an issuance drought in the region. The bonds priced at 115 basis points (bps) over US Treasuries on Wednesday, tightening from initial price guidance of about 140 bps over the same […] September 9, 2022
Tourism UAE firm signs contract with Taliban to run Afghan airports The Taliban administration announced on Thursday they would sign the third and final major contract for running Afghanistan’s airports with the United Arab Emirates’ GAAC Holding. The contract would run for 10 years, Ghulam Jelani Popal, deputy head of Afghanistan’s ministry of Transport and Civil Aviation, told reporters at a press conference in Kabul. He […] September 9, 2022
Banking and Finance Russia working to launch trade in UAE dirham and Indian rupee The Moscow Exchange is working on a plan to launch trading in the Indian rupee but there are certain “obstacles” on the part of the Indian central bank, an exchange official said on Thursday. Daniil Korablev, head of sales to non-credit organisations, said on social media the launch was “not that simple” and may not […] September 9, 2022
Retail UAE likely to pioneer iPhone 14 emergency message service The UAE is predicted to be at the forefront of adopting the iPhone 14 satellite message feature to send emergency messages from remote locations, according to a local retailer. “With the way Dubai Police and the Ministry of Interior work, I wouldn’t be surprised to see that here fairly soon,” Ashish Panjabi, chief operating officer […] September 8, 2022
Retail $1,088 iPhone 14 available on pre-order in UAE and KSA from Friday Pre-orders for the newly-launched iPhone 14, iPhone 14 Plus and iPhone 14 Pro will start tomorrow (Friday, September 9) in the UAE, according to the Apple website. The standard and Pro versions will be available in the local market from September 19, while the delivery of the Plus variant will start from October 7. According […] September 8, 2022
Tourism Dubai Expo 2020 and Saudi Vision 2030 fuel hotel growth The success of Expo 2020 in Dubai and interest in Saudi Arabia and its Vision 2030 programme are boosting investment and fuelling the hotel pipeline in the Middle East, experts said on Wednesday. Analysts say that while the pandemic cast uncertainty upon the regional hospitality landscape with hotel investment impacted, market sentiment has significantly improved […] September 7, 2022
Real Estate Dubai real estate trust eyes Saudi after $400m refinancing Equitativa, the manager of Emirates REIT real estate investment trust, is looking to expand beyond Dubai once it concludes the refinancing of its $400 million sukuk within the next two months. The firm is also keen to launch new real estate trusts outside the UAE, in Saudi Arabia and Africa. Founded in 2010, the Emirates […] September 7, 2022
Lifestyle Justin Bieber puts world tour on hold, including Dubai concerts Pop singer Justin Bieber’s Dubai concerts next month look unlikely to go ahead after the Canadian performer announced he was taking a break from his rescheduled Justice World Tour due to mental and physical health issues. Although no official statement has been issued yet on the Dubai shows, the two concerts were scheduled on October […] September 7, 2022
Retail Apple and Samsung herald latest UAE launches as rivalry cools The global rollout of the Samsung retail store revamp will arrive in the UAE with much fanfare this week, within days of the next global Apple launch. But the battle for smartphone dominion is not as heated as it once was, according to Gulf retailers. Apple’s annual fall event – dubbed “Far Out” this year […] September 7, 2022
Analysis Economy UAE businesses fear recession, despite positive economic data The United Arab Emirates’ non-oil private sector saw business activity reach a 38-month high in August. S&P Global’s monthly UAE Purchasing Managers’ Index (PMI) identified strengthening demand, a drop in costs, which was mainly due to the decline in fuel prices, a sharp uplift in new orders, rising job creation and even faster repayments for […] September 6, 2022
Energy UAE’s ADNOC awards $548m contract for gas line Abu Dhabi National Oil Company (ADNOC) has awarded a $548 million (AED 2.01 billion) contract to build a new main gas line at its Lower Zakum field offshore of Abu Dhabi. The award will increase the Lower Zakum field’s gas production capacity from 430 million to 700 million standard cubic feet per day (MMSCFD), according […] September 6, 2022
Markets Salik confirms Dubai listing, retail offering starts this month Salik Company, Dubai’s toll gate operator, announced its intention to proceed with an initial public offering (IPO) on the Dubai Financial Market (DFM). A total of 1.5 billion shares, each with a nominal value of AED 0.01, will be offered, representing 20 percent of Salik’s total issued share capital, WAM, the UAE state news agency, […] September 6, 2022
Opinion Banking and Finance Crypto consumers need protection – and they can find it here The UAE wants to be a global crypto hub and a flurry of laws have set it on the right path. Consumer safeguards are a vital part of this plan September 5, 2022
Analysis Manufacturing Ashok Leyland bus deal drives manufacturing push Ashok Leyland, the flagship brand of the India-based Hinduja Group, has bagged orders for 1,400 school buses to be built at its Ras Al Khaimah (RAK) factory for use across the UAE. The deal, the company’s largest in the UAE, will be supplied from Ashok Leyland’s $50 million manufacturing facility in RAK, which is the […] September 5, 2022
Markets Dubai road-toll operator Salik to sell 20% of its shares via IPO Dubai road-toll operator Salik is selling 20 percent of the company via an initial public offering, the company said in its intention to float document on Monday. Salik, which was converted into a private joint stock company in June, is selling 1.5 billion shares to the public with a listing planned around Sept. 29, it […] September 5, 2022
UAE tops ‘digital lifestyle’ rankings amid investment push The UAE ranks among the world’s leading countries in several digital life indexes. It’s the first globally in terms of mobile internet speed, with the average speed in being 134.48 megabytes per second (Mbps) compared with the global average of 30 Mbps, according to a report published by the UAE’s Telecommunications and Digital Government Regulatory […] September 5, 2022
Aldar Properties acquires security services provider for $34m Abu Dhabi-listed Aldar Properties has acquired Spark Security Services, a UAE-based security services provider, for AED 125 million ($34.03 million). The all-cash transaction strengthens the UAE developer’s property and integrated facilities management platform, WAM, the UAE state news agency, reported. These security services will add significant value to Aldar’s AED 23 billion ($6.3 billion) portfolio […] September 4, 2022
Sustainability Masdar achieves financial close on Uzbekistan’s $600m wind farm Abu Dhabi Future Energy Company (Masdar) has achieved financial close on the 500-megawatt (MW) Zarafshan wind project in Uzbekistan, WAM, the UAE state news agency, reported. Uzbekistan aims to derive 25 percent of its energy from renewable sources by 2026, said Uzbekistan’s deputy minister of investments and foreign trade Shukhrat Vafaev. European Bank for Reconstruction […] September 4, 2022
