Analysis Economy UAE businesses keep squeeze on profits as inflation bites Businesses in the UAE’s non-oil sector continue to defy global trends by choosing to squeeze profits rather than hike prices, as energy costs climb at the fastest pace for 11 years, according to a new survey. However, industry sources have told AGBI that this situation is unlikely to be able to continue in the long-term […] July 6, 2022
Economy Saudi and UAE boost spending to shield poor from inflation Saudi Arabia and the UAE are boosting state spending on social welfare by billions of dollars as they seek to shield their citizens from rising living costs. The UAE is doubling the financial support it provides to low-income Emirati families to 28 billion dirhams ($7.6 billion) to help them with soaring inflation in the Gulf […] July 5, 2022
Banking & Finance Zand unveils big names as UAE’s digital banking rivalry hots up Zand, the digital bank headed by Emaar boss Mohamed Alabbar, has named a number of business big hitters as part of its board of directors ahead of its launch. Adnan Abdulfattah Kazim Abdulfattah, Emirates chief commercial officer, and Yusuff Ali MA, chairman of retail giant Lulu Group, are part of the new venture as competition […] July 5, 2022
Economy UAE doubles support for low-income Emirati families The United Arab Emirates is doubling the financial support it provides for low-income Emirati families to 28 billion dirhams ($7.6 billion) to help them with soaring living costs in the Gulf state. The expanded budget allocation, reported by state news agency WAM on Monday, includes increasing existing benefits and establishing new ones targeted at mitigating […] July 5, 2022
Arab music streaming service expands into live events Abu Dhabi-headquartered Arabic music streaming service Anghami has expanded into the live music sector through its acquisition of Dubai-headquartered events and concert organiser Spotlight Events. The partnership will bridge the online and offline sector, giving Anghami music fans opportunities to see their favourite acts live, access to exclusive private concerts, VIP lounges, artist meet-and-greets and […] July 4, 2022
Exclusive Tourism Munch:On makes old business model hard to swallow Low-cost meals delivered in bulk from restaurants is one of the only ways of making the food delivery business in the UAE truly sustainable. So says Dana Baki, co-founder of Munch:On, the platform recently acquired by Uber-owned, Dubai-headquartered Careem. Created in 2016 by Baki, Mohammad Al Zaben and Awn Ali, Munch:On is a subscription-based food […] July 4, 2022
Economy UAE-Indonesia deal to add billions to bilateral trade Officials from Indonesia and the UAE have hailed the signing of a free trade agreement which is predicted to boost bilateral trade to more than $10 billion annually within five years. The Comprehensive Economic Partnership Agreement (CEPA), signed in Abu Dhabi on Friday, will eliminate or sharply reduce duties on 99 percent of goods traded […] July 4, 2022
Banking & Finance Careem buys Dubai-based money transfer startup Uber-owned app ride-hailing firm Careem has acquired the assets of Dubai-based money transfer platform Denarii. Founded in 2019 by Jon Santillan and Walfrido Perez, Denarii will enable fintechs like Careem Pay to process quick and affordable international money transfers. Careem will also use the new addition to its Super App to allow customers and Captains […] July 4, 2022
Markets Supermarket chain Union Coop to list on Dubai stock market UAE supermarket chain Union Coop is to list its shares on the Dubai stock market from July 18, it announced today. The retailer suspended the trading of shares on its own portal and when trading resumes on July 18 on the DFM shareholders will be given ten shares for each already held. The company, which […] July 1, 2022
Economy UAE reaches trade pact with Indonesia Indonesia and the UAE today signed a free trade agreement, strengthening economic ties between Southeast Asia’s largest economy and the Gulf state. The Comprehensive Economic Partnership Agreement, signed in Abu Dhabi, will eliminate or sharply reduce duties on most goods traded between the nations. The accord includes chapters on services, investments, intellectual property rights and […] July 1, 2022
Opinion New port plans for Sudan need wider consultation The UAE's plan to invest $6bn in a second port in Sudan has been met with some resistance July 1, 2022
Transport UAE drivers rent cars rather than buy since fuel price surge Rising petrol prices in the UAE are pushing small businesses and private individuals to switch from vehicle ownership to rentals, industry experts said. UAE fuel prices have increased more than 40 percent since the beginning of this year, attributed to tightening global crude supplies after EU sanctions on oil imports from Russia, the world’s third […] July 1, 2022
Opinion Banking & Finance MENA’s crypto mining industry needs to catch up The challenges for digital asset mining in the region include the power costs needed in a hot climate June 30, 2022
Manufacturing Dutch EV pioneer aims to generate buzz in Sharjah Lightyear, the Dutch startup that launched the world’s first long-range production-ready solar electric vehicle earlier this month, has picked the UAE for its first overseas expansion. The company said it will be opening testing facilities and a sales office at the Sharjah Research, Technology and Innovation Park (SRTI Park), the first such facility outside the […] June 30, 2022
Banking & Finance Crypto is ‘more like a Rolex than currency’ Crypto assets will not become currencies and global regulators should be concerned about the trillions of dollars lost in the cryptocurrency market, a senior investment executive at one of the UAE’s top financial institutions said yesterday. A major sell-off in cryptocurrencies last month wiped over $200 billion of investor wealth from the market in a […] June 30, 2022
Banking & Finance Binance CEO warns Gulf banks they must adapt Banks that fail to catch up with blockchain and decentralised finance technologies will have a “hard time in the future”, the chief executive of the world’s largest cryptocurrency exchange has warned. Changpeng Zhao, CEO and co-founder of Binance, told a conference in Dubai today that embracing these tech advances allowed entrepreneurs to raise tens of […] June 29, 2022
DP World port deal set to boost UAE’s trade with Romania Dubai’s DP World has signed a deal to develop infrastructure at the Black Sea port of Constanta, in a move designed to boost bilateral trade relations between Romania and the UAE. The agreement between the Romanian government, Dubai’s Ports, Customs and Free Zone Corporation (PCFC) and port operator DP World will also expand cooperation in […] June 29, 2022
Tourism UK’s offer of visa-free travel to UAE hailed as ‘historic’ step The addition of the UAE to the list of countries eligible for visa-free travel to the UK is “historic” and will drive further growth in both economies, officials and experts have told AGBI. The British government announced on Monday that the UAE would be added to its new electronic travel authorisation (ETA) system in 2023, […] June 28, 2022
Banking & Finance Dubai lender Mashreqbank hires banks for dollar bonds Dubai lender Mashreqbank has hired banks to arrange the sale of US dollar-denominated Additional Tier 1 bonds, a document showed on Monday. It mandated BofA Securities, Citi, Emirates NBD, JPMorgan, Mashreq, Societe Generale and Standard Chartered Bank to arrange a global investor call and a series of fixed income investor calls, the document said. June 28, 2022
Markets Drop in commodity prices puts Gulf markets in the black Most Gulf markets extended gains on Monday, tracking global shares as a drop in commodity prices allayed fears of accelerating inflation and aggressive interest rate hikes. Dubai’s main share index gained 0.5 percent, led by a 2.7 percent rise in top lender Emirates NBD. Dubai business park operator TECOM Group said on Monday it had […] June 28, 2022
