Tourism Ras Al Khaimah to add 57% more hotel rooms in next 5 years Ras Al Khaimah Tourism Development Authority (RAKTDA) aims to add 4,617 new hotel rooms over the next five years, a rise of 56.8 percent, CEO Raki Phillips said. The emirate currently now has more than 50 hotels, including 10 five-star hotels, nine four-star hotels, seven hotel apartments, and 24 other accredited accommodations, the CEO told […] August 19, 2022
Analysis Startup exits escalate in UAE The UAE is seeing an increase in startup exits this year, as the market matures while bigger players look to acquisitions to scale up their operations. The UAE Venture Investment Report, by research firm Magnitt, states that there were 10 startup exits in the Emirates in the first half of 2022, just one less than […] August 19, 2022
Tourism DP World to invest $1.4bn as half year profit goes up 51.8% Dubai-owned DP World, one of the world’s biggest port operators, is planning to spend $1.4 billion on capital expenditure in 2022, as it reported a 51.8 percent rise in profit during the first half of the year. The company reported profit of $721 million for the first six months of 2022, as revenue rose 60.4 […] August 18, 2022
Tourism Emirates to suspend Nigeria flights over trapped funds Dubai’s Emirates will suspend flights to Nigeria from next month over an inability to repatriate funds from Africa’s most populous nation, the airline said on Thursday. The decision highlights the difficulties faced by international carriers that fly to Nigeria, which is one of the biggest markets in Africa for several of them. The country has […] August 18, 2022
Mubadala-backed AI firm G42 sets up $10bn tech fund Emirati artificial intelligence firm G42, chaired by the Gulf state’s national security advisor, today launched a $10 billion fund to invest in late-stage technology companies. G42, which also counts Abu Dhabi sovereign wealth fund Mubadala as an investor, said the fund would operate as a private equity investor targeting a broad spectrum of technologies “that […] August 18, 2022
Real Estate Apollo acquires $400m minority equity stake in Aldar subsidiary NYSE-listed Apollo Global Management’s investment vehicles acquired an 11.1 percent minority stake in Aldar Investment Properties, a subsidiary of Abu Dhabi-listed Aldar Properties, for $400 million (AED1.47 billion). The acquisition is part of Apollo’s previously announced $1.4 billion investment into Aldar’s transformational growth initiatives, UAE state-owned news agency WAM reported. The transaction involved issuing $400 […] August 18, 2022
Employment Big increase in UAE-based private sector employees The number of UAE-based private sector employees increased by nine percent in Q2, 2022, compared to the same period last year, the Ministry of Human Resources and Emiratisation (MoHRE) said in its private sector workforce report. The number of registered private sector employees reached 5.37 million by Q2 2022. Khalil Al Khoori, acting under-secretary for […] August 18, 2022
Banking and Finance HSBC appoints new head of Middle East global banking HSBC has appointed Julian Wentzel as head of global banking for its Middle East, North Africa and Turkey (MENAT) business, according to an internal memo seen by Reuters on Wednesday. Wentzel will be based in Dubai and a search is ongoing to find a successor for his previous role as head of global banking for […] August 18, 2022
Banking and Finance Brazil’s Burger King owner opposes Mubadala takeover bid The owner of Burger King Brazil, Zamp SA, said on Wednesday its board of directors opposes Abu Dhabi state investor Mubadala Capital LLC’s takeover bid for the firm, voicing its objection weeks before shareholders decide on the deal. Zamp, previously known as BK Brasil Operacao e Assessoria a Restaurantes SA, is the master franchisee of […] August 18, 2022
Tourism Dubai airport sees Q2 passenger travel surge, hikes annual forecast The operator of Dubai International said on Wednesday over 14 million passengers had travelled through the airport in the second quarter, and raised its forecast for the year to 62.4 million passengers. That was the ninth consecutive quarter that saw greater passenger figures than the prior quarter as international travel demand ramps up amid an […] August 17, 2022
Energy TAQA approached as part of Indian energy firm’s fund raising UAE’s Abu Dhabi National Energy Company (TAQA) is among a list of global utilities and energy companies approached by India’s NTPC Ltd, as the power utility firm starts fundraising for its clean energy platform, financial daily Economic Times reported. The company plans to first carve out its renewable energy assets into a special purpose vehicle […] August 17, 2022
Construction Ajman construction contracts reach $1.1bn in H1 2022 The value of construction contracts awarded in Ajman in the UAE exceeded AED 2.1 billion ($1.12 billion) in the first half of 2022, higher than during the same period in the two previous years, according to a report by the Department of Municipality and Planning. The contracts were valued at AED 800 million in 2020 […] August 17, 2022
Markets Foreigners invest $4.2bn in UAE stocks since start of 2022 The net investments of non-Arab foreigners in UAE stocks rose to over AED 15.54 billion ($4.22 billion) since the start of 2022, UAE state-owned news agency WAM reported. According to Abu Dhabi and Dubai financial markets, non-Arab foreign investors purchased local stocks worth AED 70.276 billion from the beginning of 2022 to the end of […] August 17, 2022
Exclusive Tech UAE agtech startup aims to disrupt $500bn fodder industry A UAE agtech startup is aiming to disrupt the $500 billion livestock feed industry, as prices rise on the back of supply chain disruptions caused by the Ukraine war. The Food and Agriculture Organisation (FAO) of the United Nations reported last week that, while the FAO Food Price Index declined 8.6 percent month-on-month in July […] August 17, 2022
Analysis Tourism Sharjah enters the fray as UAE holiday home market heats up The UAE’s fledgling holiday homes market will remain attractive to investors and could fuel consolidation among hotel operators, experts say, as Sharjah becomes the latest emirate to announce regulations to diversify its tourism sector. Sharjah Commerce and Tourism Development Authority (SCTDA) has launched an official framework – the Holiday Homes Project – which aims to […] August 16, 2022
Manufacturing UAE’s Agthia Group expands in Saudi and Egypt Agthia Group, one of the region’s leading food and beverage companies, is expanding and making strategic acquisitions in Egypt and Saudi Arabia following strong H1 2022 growth to AED 2.3 billion ($106 million). The group, which has a consumer division – including protein, frozen goods, snacks, water and beverages – and an agri-business division, has […] August 16, 2022
Exclusive Digital payments giant hopes for boost from UAE-Africa trade talks Dubai-based digital payments giant Network International is hopeful that “more doors will open” for it across Africa as the UAE starts free trade deal talks on the continent. The Middle East and Africa-focused company, which generated nearly 30 percent of its revenues from Africa last year with key markets including Kenya, Egypt and South Africa, […] August 15, 2022
Food & Drink Healthy fast food startups aim to tackle growing GCC obesity Following its success in Dubai and Saudi Arabia, health food eat-in and home delivery company Under500 is set to expand to Qatar. The firm’s low-calorie meals – served in franchised venues across the UAE and Saudi Arabia and via online delivery services such as Talabat and Deliveroo – are to be ordered by customers in Doha through delivery […] August 15, 2022
Analysis Economy Rising inflation leaves UAE businesses underinsured Rising inflation is leaving UAE companies at risk of being underinsured in the event of a potential claim, with industry experts urging companies to make sure they keep the valuation of assets up to date. In the event of a claim, such as those being prepared by UAE businesses damaged by the severe flooding last […] August 15, 2022
Tourism Sharjah unveils holiday home project to diversify revenue Sharjah Commerce and Tourism Development Authority (SCTDA) has launched “Holiday Homes Project,” which aims to offer a framework to allow residents to lease their apartments to tourists and visitors. The move is in cooperation with several government and private companies to diversify the sources of income for the hospitality sector, WAM, the UAE state-owned news […] August 15, 2022
