Markets Investment in Abu Dhabi shares by Emirati women rises 75% Emirati women have invested AED 34.6 billion ($9.42 billion) in Abu Dhabi stocks from the beginning of the year until mid-August, WAM, state news agency, reported, citing data from Abu Dhabi Securities Exchange. The bourse said that this represents a 74.7 percent growth over the corresponding period last year when their trading value was around […] August 29, 2022
Long read Retail From Chauf-fur to diamond dog collars, UAE pet sector booms Whether it’s on a doggie cut and blow dry, a luxury kennel stay, or the finest food and bling accessories, UAE households spend nearly a quarter of a billion dollars on their four-legged friends every year. Market research firm Euromonitor International estimates that the UAE pet care industry will be valued at around AED854.4 million […] August 29, 2022
Banking and Finance UAE banks’ exposure to real estate sector declines UAE banks have seen a reduction in real estate and construction exposure as cash buyers dominate the market. Exposure to property sectors decreased by 30 basis points quarter-on-quarter to 19.8 percent, according to the latest UAE Banking Pulse Q2 2022 by professional services firm Alvarez & Marsal (A&M). “We have been following this from Q1 […] August 26, 2022
Manufacturing UAE-based steel company plans expansion in Asia and Africa UAE-based Emirates Steel Arkan is considering expanding into new markets in Asia and Africa, chief executive officer Saeed Ghumran Al Remeithi told WAM, the UAE state news agency. He said the group was aiming to increase the number of its export markets to 60 by the end of the first half of 2022, compared with […] August 26, 2022
Analysis Quotas for funding women-led startups could address male bias Experts have deemed the regional venture capital industry as “fundamentally biased against women” as new data shows female startups and entrepreneurs secured just 0.1 percent of the $105 million of the available Middle East funding pot last month. In a bid to equalise gender opportunities, the UAE recently mandated that all listed companies must have […] August 25, 2022
Retail Alabbar to acquire stake in online retailer YOOX Net-A-Porter Richemont Wednesday announced a long-awaited deal to offload most of its online fashion retailer YOOX Net-A-Porter (YNAP), clearing the way for its labels to sign up for technology run by luxury e-commerce specialist Farfetch. The deal, removing from its books a loss-making business that had become a distraction for the Swiss luxury group, was welcomed […] August 25, 2022
Construction Aldar to start work on $313m new housing project in Q1 2023 Abu Dhabi-listed Aldar Properties has launched Yas Park Gate, its latest gated community, next to Yas Park, Abu Dhabi. The AED 1.15 billion ($313 million) residential development, which is part of the second phase of North Yas, will house 508 new homes over 255,000 square metres. Construction of Yas Park Gate is due to begin […] August 25, 2022
Retail UAE’s Majid Al Futtaim sees 73% surge in digital grocery sales UAE retail conglomerate Majid Al Futtaim (MAF) recorded a 73 percent year-on-year rise in digital grocery sales in the first half of 2022, helping its total pre-tax earnings to rise 18 percent. The privately owned company, which operates the Carrefour supermarket brand in the Middle East, Africa and Asia, said earnings before interest, taxes, depreciation, […] August 24, 2022
Sustainability Sharjah bans single-use plastic bags from January 2024 Sharjah will ban single-use plastic bags and materials in Sharjah as of January 1, 2024, WAM, the UAE state news agency, reported. The Sharjah Executive Council’s decision aims to protect the environment from the dangers of plastic pollution and reduce the negative effects resulting from harmful practices. It will help organise the shift from the […] August 24, 2022
Economy UAE exports to Spain up 32% in Q1 2022 UAE bilateral trade with Spain is bouncing back to pre-pandemic levels with Spanish exports to the UAE projected to grow eight percent this year, a top Spanish diplomat told WAM, the UAE state news agency. Imports from the UAE to Spain are also growing and the first quarter of 2022 already witnessed a 32 percent […] August 24, 2022
Energy Aldar says retrofit project to save $11m per year in energy costs Abu Dhabi-listed Aldar Properties’ retrofit project will save AED 40 million ($10.89 million) per year in energy consumption costs, with the developer reporting it reduced energy consumption by 20 percent in 2021. In its 2021 Sustainability Report, the company said that the group’s retrofit project is the largest of its kind in the UAE and […] August 24, 2022
Analysis Sustainability Beeah: the hero of zero waste is ready for its next mission The emirate of Sharjah is poised to become the Middle East’s first zero-waste city, after building the region’s first waste-to-energy plant. Yet even before the plant’s inauguration in May, Sharjah had the highest waste diversion rate in the region, at 76 percent, thanks to the pioneering efforts of local environmental and waste management group Beeah. […] August 23, 2022
Analysis Sustainability Make it rain: UAE pins its hopes on cloud seeding Condensation streaming down windows is a familiar sight in Dubai’s summer, an illusion of rain at the hottest time of year. The UAE’s average rainfall is extremely low in August, but in recent years there has been a rise, which some experts attribute to cloud seeding – when a dedicated fleet of planes take to […] August 23, 2022
Analysis Energy Sharjah wins waste-to-energy race as rest of region cleans up its act Dubai had the Gulf’s first “seven-star” hotel and Abu Dhabi hosted the inaugural “day-night” Formula One Grand Prix. The emirate of Sharjah can claim a UAE first too – one that is less glitzy but potentially more transformative – the first waste-to-energy power plant. The Sharjah waste-to-energy facility, officially inaugurated in May, adds another dimension […] August 23, 2022
Banking and Finance UAE’s Al Ansari Exchange picks banks for Dubai IPO UAE-based foreign exchange and remittance firm Al Ansari Exchange has picked EFG-Hermes and Emirates NBD Bank to lead its planned initial public offering (IPO) in Dubai, Bloomberg reported, citing people familiar with the matter. The money-exchange firm is likely to list in the first quarter of 2023. Preparations for the IPO are ongoing and details […] August 23, 2022
Economy UAE’s international trade hits milestone amid oil price boom Sheikh Mohammed bin Rashid Al Maktoum, UAE vice president, prime minister and ruler of Dubai, on Monday revealed that the UAE’s non-oil trade exceeded AED1 trillion ($270 billion) for a six-month period for the first time. In a tweet, Sheikh Mohammed said the country recorded a growth rate of 17 percent during the first half […] August 22, 2022
Energy Abu Dhabi unveils hydrogen plan to bolster UAE’s eco ambitions Abu Dhabi unveiled its hydrogen policy and regulatory framework on Monday – part of the UAE’s push to become a global force in the low-carbon economy. The Department of Energy (DoE) said its framework aimed to accelerate the UAE’s national hydrogen strategy, adding that it is working with public and private sector stakeholders including Abu […] August 22, 2022
Analysis Banking and Finance Motor insurance stalls despite UAE premium growth UAE listed insurance companies reported that the value of premiums rose 7.64 percent year-on-year to AED15.676 billion ($4.27 billion) in the first half of 2022, but industry experts said the motor segment continues to struggle. A total of 13 insurers listed on the Dubai Financial Market accounted for 56.1 percent of the total premiums of […] August 22, 2022
Opinion Banking and Finance The UAE must up its fight against money laundering A rise in enforcement actions proves the Emirates' commitment to leaving the Financial Action Task Force grey list August 22, 2022
Tourism Wizz Air suspends relaunch of Russia-UAE flights amid criticism European budget carrier Wizz Air has suspended plans to resume flights from the Russian capital of Moscow to Abu Dhabi in the United Arab Emirates, amid mounting criticism over the relaunch decision this month. In Friday’s statement deferring the flights until further notice, Wizz Air made no mention of the social media backlash, which included […] August 22, 2022
