Economy UAE to discuss first African bilateral trade deal with Kenya The United Arab Emirates has signed an agreement with Kenya to begin talks on a comprehensive economic partnership, the first of its kind between the emirates and an African country. Dr Thani bin Ahmed Al Zeyoudi, minister of state for foreign trade, and Betty Maina, cabinet secretary, ministry of industrialisation, trade and enterprise development of […] July 29, 2022
Finance UAE’s top bank FAB cautious after flat second quarter profit First Abu Dhabi Bank (FAB) , the United Arab Emirates’ biggest lender, struck a cautious tone on the second half of the year on Thursday, as it reported broadly flat second quarter profit. Gulf banks have been supported by high crude prices, which historically boost economic activity in the oil-rich region. But they are increasingly […] July 29, 2022
Real Estate UK and Russian buyers help Dubai real estate sales surge Dubai’s red-hot property market surged in the first half of the year as investors piled in, while Russians were among the top five buyers as the emirate benefits from an influx of wealth in the wake of Western sanctions. The first half saw residential real estate transaction volumes up 60 percent with an 85 percent […] July 29, 2022
Finance Dubai’s Emirates NBD profit rises in second quarter Dubai’s biggest lender, Emirates NBD, posted on Thursday a jump of 42 percent in second-quarter net profit, boosted by higher income and lower impairments. Emirates NBD’s net profit of 3.5 billion dirhams ($952.98 million) for the three months to June 30 was up from 2.46 billion in the year-earlier period. Net interest income rose 27 […] July 28, 2022
Analysis Retail The tourists are back – and they want to shop till they drop Hotels in the UAE generated AED11 billion ($3 billion) in revenue during the first quarter of 2022, a 20 per cent increase compared with the same period in 2019 as Gulf tourism continues its recovery from the pandemic. In other regions, tourism has been rebounding slowly and unevenly. According to a report from the UN […] July 27, 2022
Analysis Retail Let the tills ring out: retail is back with a vengeance in the UAE The UAE’s leading retailers are benefiting from a post-pandemic boom that has them eyeing further expansion into the region’s largest markets. Dubai was among the first economies to reopen after lockdown in 2020. It welcomed a flood of holidaymakers from all over the world to the relative freedom of the emirate. Anthony Spary, head of office […] July 27, 2022
Finance Huobi heads for Dubai as report dubs UAE ideal location for crypto Hong Kong-based exchange granted provisional licence by Dubai's VARA as UAE is ranked at No 4 in list of world's top 'crypto-ready' countries July 26, 2022
Deutsche Bank global investment chief to join Abu Dhabi SWF Deutsche Bank’s global investment banking coverage and advisory chief Drew Goldman will step down and be replaced by regional heads, according to a memo seen by Reuters on Monday. Goldman, who has held numerous leadership roles during his 22-year tenure at the German lender, wants to pursue opportunities outside investment banking, according to the memo […] July 26, 2022
Emirates space agency names astronaut for 6-month ISS mission Sultan Al Neyadi, 41, will lift off for the International Space Station next spring, in a mission set to boost the UAE's burgeoning space sector July 25, 2022
Analysis Retail UAE’s gold clean-up rules will shine in the long-term New UAE gold regulations could take the shine off the sector and lead to a supply and profits squeeze, according to experts. The due diligence rulings were announced last week to help stem the flow of supplies from conflict zones and enhance the UAE’s global reputation in the long-term. The Due Diligence Regulations for Responsible […] July 25, 2022
EXCLUSIVE Tourism Etihad CEO issues call to make aviation industry net zero There is no “single bullet” to solve the climate crisis and airlines must work together to create a sustainable aviation sector, the CEO of Etihad Airways has told AGBI. Tony Douglas, group chief executive officer, Etihad Aviation Group, said: “This is about industry – from the giants to the start-ups – governments, regulators and academics […] July 25, 2022
Retail Online shopping spikes demand for Dubai warehouse space The growth of the online retail sector during the pandemic has resulted in a surge in demand for warehouse facilities in Dubai, according to new data. The UAE online retail sector will be valued at $8 billion by 2025, up from $5 billion in 2021 and $2.7 billion in 2020, according to a report published […] July 22, 2022
Opinion Digital drugs delivery – the next frontier in healthcare Tech innovations in pharmaceuticals delivery are part of the wider trend towards digitising medical services July 21, 2022
Analysis Finance Fresh wave of hedge funds poised to tap UAE The UAE is fast becoming a magnet for overseas hedge funds seeking a low-cost, investor-friendly base amid Brexit, the Ukraine crisis, and changes in working patterns brought about by the coronavirus pandemic. A clutch of hedge funds from the UK and US have set up or expanded operations in Dubai or Abu Dhabi in the […] July 21, 2022
Exclusive UAE tech firm Arrow Labs plans major European expansion Arrow Labs is planning a major expansion into Europe as more companies seek to improve remote working practices. The UAE-based technology company which offers digital workflow solutions, has announced its entry into the Greek market after securing a “significant” new contract with one of the world’s largest industrial gas manufacturing companies. Having attracted renowned Silicon […] July 20, 2022
Opinion Banks should set aside pride and embrace their fintech peers Traditional financial players need to be bold – and accept that the market needs fintech entrepreneurs July 20, 2022
Opinion Economy British firms tread fine line against rising inflation in the UAE The ‘discount culture’ is making it harder for businesses to maintain quality in a crowded market July 20, 2022
Tech US approves $980m sale of C-17 aircraft support to UAE The US State Department has approved the potential sale of C-17 aircraft sustainment and related equipment to the United Arab Emirates for an estimated cost of $980.4 million, the Pentagon said on Tuesday. Despite approval by the State Department, the notification does not indicate that a contract has been signed or that negotiations have concluded. […] July 20, 2022
Analysis Economy Sheikh Mohamed underlines ties with France on first foreign trip The Louvre Abu Dhabi is perhaps the most visible symbol of the flourishing relationship between the UAE and France. The museum on Saadiyat Island, which opened in 2017 under an agreement between the two governments, is said to be France’s largest cultural project abroad. Given this backdrop of cultural and commercial ties, France was a […] July 19, 2022
Analysis Finance One in 10 financial transactions in UAE are malicious cyberattacks An average of one in 10 financial transactions in the UAE are malicious attacks carried out by cybercriminals, with the number of such attacks on the rise in the last 12 months, according to an industry survey. The UAE’s rapid digitisation of company operations, and the rise in popularity of e-commerce platforms during the pandemic […] July 19, 2022
