Analysis UAE experts warn investors about ‘under-regulated fintech’ Financial technology (fintech) startups have been big business for investors and consumers in the UAE, but experts have raised concerns about whether they are under-regulated. Fintech startup funding saw steep growth in the UAE in the first half of this year, accounting for a third of all deals, well above the Middle East and North […] September 2, 2022
Economy UAE aims to sign free trade deal with Turkey in coming weeks The United Arab Emirates aims to finalise a free trade agreement with Turkey in the coming weeks, the Emirati trade minister said on Thursday, roughly four months after negotiations launched. “We are aiming to finalise the #UAETurkiyeCEPA in the coming weeks, and build deeper, more meaningful trade and investment ties with one of the region’s […] September 2, 2022
Banking and Finance Dubai banker leaves Credit Agricole for Societe Generale Dubai-based banker Sohaib Ahmed is leaving Credit Agricole to become Middle East head of Islamic finance at rival French lender Societe Generale (SocGen), two sources familiar with the matter said. Ahmed has worked at Credit Agricole for more than 15 years and at its Islamic banking business since April 2014, according to his LinkedIn profile. […] September 2, 2022
Construction Construction complete on $32m Sharjah waterfront project Construction work on the AED119 million ($32.40 million) Kalba Waterfront in the eastern region of Sharjah is 100 percent complete, state news agency WAM reported, citing the Sharjah Investment and Development Authority (Shurooq). Eagle Hills Sharjah Development, a joint venture between Shurooq and Eagle Hills, is a waterfront destination that is part of the Kalba eco-tourism project. […] September 2, 2022
Analysis Class act: UAE is a magnet for private school investment The post-pandemic rise in migration to the UAE is fuelling demand for private schools, making the Emirates a “magnet” for investors and school operators, industry experts have said. The UAE’s population grew by one percent in 2021, according to the World Bank. The country’s population currently stands at 9.89 million people and is projected to […] September 2, 2022
Sustainability UAE rallies private sector to realise 2050 net-zero pledge The UAE has launched its first ‘Climate-Responsible Companies Pledge,’ in a bid to boost the private sector’s role in helping the country achieve its target of net zero carbon emissions by 2050 – dubbed the Net Zero 2050 Strategic Initiative. More than 21 UAE-based companies have so far signed up to the pledge, unveiled by […] September 1, 2022
Tourism Dubai’s Emirates to resume Lagos flights after Nigeria releases funds Emirates will resume some flights to Nigeria this month after the Central Bank of Nigeria released a portion funds the Dubai airline had earned in the country but had not been able to repatriate. An airline spokesperson said flights to Lagos will resume from September 11, though it is not possible to resume flights to […] September 1, 2022
Tourism Abu Dhabi-listed company to build hotel on Al Marjan Island Abu Dhabi National Hotels will acquire a land plot in Ras Al Khaimah’s Al Marjan Island to develop a hotel, the company said in a statement to Abu Dhabi Securities Exchange. The announcement comes as Ras Al Khaimah Tourism Development Authority (RAKTDA) aims to add 4,617 new hotel rooms over the next five years, a […] September 1, 2022
Banking and Finance UAE bank deposits rise 2.5% to $569bn in June 2022 Total deposits in UAE banks increased by 2.5 percent to AED2.09 trillion ($569 billion) at the end of June 2022 from AED2.04 trillion at the end of May 2022, according to the Central Bank of the United Arab Emirates. The growth in total bank deposits was due to a 2.6 percent rise in resident deposits […] September 1, 2022
Lifestyle Gulf’s first weekly lottery eyes expansion as revenues rise Sales for Mahzooz, the Gulf’s first weekly lottery, have surged since the game’s format was tweaked to make it easier to win, its operator has told AGBI. The change last November was prompted by the players themselves, according to Farid Samji, co-CEO of Ewings, the Dubai-based company that runs the game. “The feedback we got, […] August 31, 2022
Tourism UAE announces multiple-entry visa for Qatar World Cup fans The United Arab Emirates will grant multiple-entry visa for ‘Hayya’ cardholders attending the FIFA World Cup Qatar 2022, WAM, the state news agency, reported. All ‘Hayya’ cardholders can enter and stay in the UAE for 90 days from the visa issuance date, which can be extended for an additional 90 days. The one-time visa fee […] August 31, 2022
Tourism Emirates and United Airlines set to announce codeshare pact United Airlines and Dubai’s Emirates are set to announce a codeshare agreement in the coming weeks, sources told Reuters. United on Tuesday sent an invitation to reporters to a “special event” on September 14 titled “Come fly with us” with Chief Executive Scott Kirby and Emirates President Tim Clark in Washington. The Air Current reported […] August 31, 2022
Fintech fined $360,000 by Abu Dhabi regulator The regulator of Abu Dhabi’s free zone financial centre said on Tuesday it had fined the local subsidiary of fintech firm Wise $360,000 for breaching anti-money laundering (AML) requirements. Abu Dhabi Global Market’s Financial Services Regulatory Authority (FSRA) “found that Wise did not establish and maintain adequate AML systems and controls to ensure full compliance […] August 30, 2022
Empower reports 41.3% rise in buildings using district cooling Dubai-based Emirates Central Cooling Systems Corporation (Empower) reported a 41.3 percent growth in the number of buildings using its district cooling services over the last five years. The number of buildings reached 1,413 by the end of 2021, 13 percent higher year-on-year, the company said in a statement. In 2021, Empower’s district cooling market share […] August 30, 2022
Retail UAE diamond trade up 24.7% to $19.8bn in H1 2022 Around $19.8 billion worth of diamonds have been traded through the United Arab Emirates in the first half of 2022, the head of the Dubai Multi Commodities Centre (DMCC) said on Monday, a 24.7 percent increase year-on-year. Dubai has grown its diamond industry by leveraging its proximity to Africa and Russia, where many diamonds are […] August 30, 2022
Analysis Retail Back-to-school is big business after home learning era The 2022 back-to-school season is forecast to be the best in history – and it’s typically the second biggest spending event for parents globally, behind holiday expenditures. Parents are forecast to spend a record amount this year, in a bid to treat their children, after two years of coronavirus pandemic uncertainty brought normal school life […] August 30, 2022
Parts of Expo City Dubai to open to visitors from September 1 Fans of Expo 2020 Dubai will be able to visit some of the event’s key features and pavilions from September 1, a month ahead of the official reopening of the site as a business and entertainment hub. The Government of Dubai Media Office announced on Monday that two of the site’s most popular pavilions, Alif […] August 29, 2022
Interview Real Estate Empowering more Emirati women to invest in real estate Latifa Bin Haider tells AGBI about her mission to transform investment opportunities for women in Dubai’s booming real estate market With the launch of Baytuki, a new crowdfunding platform, Emirati social entrepreneur Latifa Bin Haider aims to enable Emirati women of all ages and income brackets to secure financial prosperity by making micro investments in […] August 29, 2022
Abu Dhabi funds in talks to invest in Indian edtech firm Abu Dhabi’s sovereign wealth funds are in active talks with an Indian edtech company to be part of a $400-$500 million proposed fundraising drive, the Economic Times newspaper reported, citing people close to the development. Abu Dhabi-based state holding company ADQ is already an investor in Think and Learn Private Ltd, which owns the Byju’s […] August 29, 2022
Tourism UAE sees dramatic rise in flight bookings from Russia The UAE has seen a hefty rise in flight bookings from Russia as domestic tourists, shut off from most western countries, flock to the emirates for leisure and business. Air travel from Russia to the UAE during the first eight months of the year exceeded pre-pandemic levels by 27 percent, according to London-based ForwardKeys, a […] August 29, 2022
