Economy Abu Dhabi’s non-oil foreign trade grows 12% in H1 2022 Abu Dhabi’s non-oil foreign trade rose 12 percent to about AED 124 billion ($33.76 billion) in the first half of 2022 from AED 110.33 billion in the same period of 2020, UAE state-owned news agency, WAM, reported. Exports during the first six months increased by 26 percent to AED 49.47 billion, compared to AED 39.19 […] August 15, 2022
Real Estate Dubai developer Emaar’s Q2 profit doubles on higher revenue Emaar Properties, Dubai’s largest developer, reported a net profit of AED 2.06 billion ($560 million) for the second quarter of 2022, up 128 percent year-on-year, as revenues rose amid new visa regulations and a growing economy. Earnings before interest, taxes, depreciation, and amortisation (Ebitda) jumped 53 percent year-on-year to AED 2.93 billion in the three-month […] August 14, 2022
Real Estate Dubai’s Nakheel plans to raise $4.6bn loan to refinance debt Dubai state developer Nakheel plans to raise a loan of about AED 17 billion ($4.6 billion) to refinance existing debt, Bloomberg reported, citing people familiar with the matter. The company is seeking financing from a group of lenders, including Dubai Islamic Bank, Emirates NBD and Mashreqbank. The banks arranging the loan are also asking global […] August 14, 2022
Real Estate Dubai ruler becomes second-largest investor in Emaar Emaar Properties said on Thursday it was buying out its joint venture partner in a Dubai real estate development, in a AED 7.5 billion ($2 billion) deal that will see Dubai’s ruler become the developer’s second-largest shareholder. Dubai’s Emaar, the emirate’s top developer, said in a statement it had reached a deal with Dubai Holding, […] August 12, 2022
Analysis Economy Raising prices is not the only way to protect margins from inflation Amid the onslaught of rising UAE business costs, a newly published industry report has outlined where exactly the pain is being felt most. While some firms are opting to raise prices, experts outlined some of the other short-term strategies companies are adopting in order to help keep their margins healthy. The latest S&P Global Dubai […] August 12, 2022
Energy Dubai utility DEWA’s Q2 profit up 37% on growing energy demand Dubai Electricity and Water Authority (DEWA) reported a net profit of AED 2.61 billion ($707.9 million), up 37 percent year-on-year, in the second quarter of 2022 on higher energy demand. Revenue rose 14 percent year-on-year to AED 7.01 billion during the three month period ended June 30, 2022. The utility provider’s first half of 2022 […] August 11, 2022
Energy Mubadala in bid to buy world’s third-largest sugarcane processor UAE state investor Mubadala Investment Co and energy company Raizen SA are in the final round to acquire Brazilian ethanol joint venture BP Bunge Bioenergia, the world’s third-largest sugarcane processor, one source with knowledge of the matter said on Wednesday. There are no other bidders in the second round and former proposals from other companies […] August 11, 2022
Abu Dhabi’s IHC eyes more takeovers in India and Turkey Abu Dhabi conglomerate International Holding Co (IHC) expects to increase its takeover activity, including in India and Turkey, as global market turbulence has created “a buyers’ market,” its chief executive told Reuters on Wednesday. IHC, the most valuable company on the Abu Dhabi bourse with a market capitalisation of around $167 billion, is aiming for […] August 11, 2022
Banking and Finance UAE lifts prison term for American convicted of money laundering A United Arab Emirates court has lifted a prison sentence but upheld a conviction on money laundering charges for US citizen and civil rights attorney Asim Ghafoor, who was detained while transiting through Dubai last month, the Judicial Department and a lawyer for Ghafoor said on Wednesday. The court ordered Ghafoor to pay AED 5 […] August 11, 2022
US officials attended detained American’s UAE hearing US embassy officials attended US citizen and rights lawyer Asim Ghafoor’s hearing in the United Arab Emirates on Tuesday, a State Department official said, adding that his next hearing was scheduled for Wednesday. UAE authorities have said Ghafoor, a US citizen and civil rights attorney based in Virginia, was arrested last month while transiting through […] August 10, 2022
Banking and Finance Dubai’s biggest bank gives staff a pay rise to combat inflation Dubai’s biggest bank Emirates NBD has given most employees a pay rise of up to 8 percent to help cushion against rising costs of living driven by inflation, two sources familiar with the matter said. The increases varied according to seniority and were part of a mid-cycle salary adjustment for inflation, with top executives receiving […] August 10, 2022
Analysis Banking and Finance UAE businesses to boost investment in cyber insurance Revenue from the cyber security insurance sector is forecast to grow by 10 percent per annum to $10.6 billion in 2025, with Gulf companies set to be part of this investment push. “The Russia-Ukraine war has increased the likelihood of state-sponsored cyber attacks that target critical infrastructure, military operations, and businesses,” said Amrit Dhami, a London-based […] August 9, 2022
Opinion Food & Drink Restaurateurs beware: diners may choke on your price rises The food and drink sector contends with fluctuations in both customer income and the cost of food, energy, and rent August 9, 2022
Dubai plans to raise $1bn from IPO of Salik road toll system Dubai is planning to raise about $1 billion by selling shares in the city’s Salik road-toll collection system as early as next month, Bloomberg reported, citing people familiar with the matter. Salik has taken out a $1.1 billion loan from Dubai’s largest bank, Emirates NBD, to pay a special dividend to the government ahead of […] August 9, 2022
Banking and Finance UAE’s Mubadala Capital to acquire Canadian logistics firm Mubadala Capital, the asset management subsidiary of Mubadala Investment Company, entered into an agreement to acquire Canada Cartage, a short-haul trucking and logistics firm, WAM, the UAE state news agency, reported. Canada Cartage currently operates through a network of 33 facilities across Canada. It has two business segments: dedicated transportation and logistics. Scotiabank is acting […] August 9, 2022
Tourism Wizz Air Abu Dhabi to resume flights to Russia in October European budget airline Wizz Air will resume flights from Abu Dhabi to Moscow from October, it said on Thursday, more than five months after the carrier suspended all services to Russia following Moscow’s invasion of Ukraine in February. The airline’s Abu Dhabi-based joint venture, Wizz Air Abu Dhabi, will operate the daily flight from October […] August 9, 2022
Analysis Kenya general election ‘could delay’ trade deal with UAE The UAE and Kenya are launching talks to form a free trade agreement to boost bilateral economic ties. But political uncertainty in the east African country could hamper efforts to collaborate on shared priorities such as oil, gas, technology and ports, experts say. The two countries signed a joint statement on July 28 pledging to […] August 9, 2022
Economy UAE’s operating surplus doubles thanks to oil price surge The United Arab Emirates government’s net operating surplus more than doubled in the first quarter to 36.4 billion dirhams ($9.9 billion) as surging oil prices boosted public revenue, finance ministry data showed on Monday. High oil prices and increased production have been a boon for the UAE’s economy this year, along with a continued recovery […] August 8, 2022
Retail UAE retail economy report shows spending up 16% this year Consumer spending in the UAE is proving resilient against the effects of market volatility, supply chain stress, rising fuel costs and inflation. The State of the UAE Retail Economy report from retail giant Majid Al Futtaim showed that overall spending increased by 22 percent in the first six months of 2022 compared to the same […] August 8, 2022
Banking and Finance Abu Dhabi wealth funds may invest in planned Porshe IPO Abu Dhabi’s sovereign wealth funds – Mubadala Investment Co. and ADQ – are likely to become anchor investors for the possible initial public offering (IPO) of Volkswagen-owned luxury carmaker Porsche, Bloomberg reported, citing informed sources. State-owned entities in other Gulf markets, including Saudi Arabia, are also being considered as potential investors in one of Europe’s […] August 8, 2022
