Analysis Sustainability $50bn climate change pledge critical to UAE’s oil reduction The UAE’s big-ticket promise to pledge a further $50 billion to abate global climate change must be wisely planned to deliver a meaningful path towards a sustainable economy, according to experts. “[Such investments] are likely to generate the most efficiency if allocated to reduce the reliance of productive sectors on hydrocarbons which will further diversify […] June 28, 2022
Banking & Finance Dubai’s TECOM raises $463m from IPO Dubai business park operator TECOM Group said today it had raised 1.7 billion dirhams ($463 million) from investors via its initial public offering. The company, which is owned by the investment vehicle of Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum, announced on June 8 that it would sell a 12.5 percent stake by offering […] June 27, 2022
EXCLUSIVE Banking & Finance Wio Bank has a big idea: let SMEs spend less time on banking The UAE's next digital bank is launching with a focus on SMEs and a pledge to reduce the time they have to spend on admin, reveals its CEO Jayesh Patel June 27, 2022
Abu Dhabi part of $10.2bn deal to take US software giant private Zendesk Inc on Friday agreed to be taken private by investment firms led by Hellman & Friedman and Permira in a $10.2 billion deal, a turn of events that comes just weeks after the company concluded it would remain public. The San Francisco-based software company said shareholders will receive $77.50 per share in cash, representing […] June 27, 2022
Construction Dubai’s Emaar says it’s aware of report CEO detained in India Dubai’s Emaar Properties is aware of a media report that its Group Chief Executive Amit Jain has been detained in India, a spokesperson for the company said on Saturday. “Emaar is aware of reports regarding the Group CEO Amit Jain, over an issue relating to the company’s work in India. The issue has now been […] June 25, 2022
Tourism Sanctioned Russian’s superyacht docked in Dubai A luxurious superyacht belonging to a sanctioned Russian billionaire parliamentarian featuring six suites, an elevator, its own beach club and a helicopter pad is anchored in Dubai where Russians have sheltered wealth since the invasion of Ukraine. Andrei Skoch’s blue and white “Madame Gu” was docked at Port Rashid on Friday, where Dubai’s Ruler Sheikh […] June 25, 2022
Markets UAE to raise $3bn from dollar bonds as demand tops $13.5bn The United Arab Emirates was set to raise $3 billion with a two-tranche US dollar-denominated bond sale comprising a 10-year tranche and 30-year Formosa portion, a bank document showed on Thursday. The bonds, for which demand topped $13.5 billion, will offer investors 100 basis points over US Treasuries (UST) for the 10-year paper and 175 […] June 24, 2022
Markets Dubai’s TECOM $455m IPO heavily oversubscribed TECOM Group’s initial public offering (IPO) is heavily oversubscribed at the top of its share price range, suggesting the Dubai business park operator could raise 1.67 billion dirhams ($455 million), a document seen by Reuters showed. TECOM Group, which is owned the investment vehicle of Dubai’s ruler, is selling 625 million shares or a 12.5 […] June 23, 2022
Banking & Finance US warns UAE banks to swerve Russian deposits The US has warned UAE banks to be more proactive and take extra care when dealing with Russian clients, or the emirates may face stateside sanctions. Addressing a roundtable of the United Arab Emirates Banks Federation during a two-day visit to the country, Wally Adeyemo, deputy secretary of the US Treasury, commended UAE-based financial institutions […] June 23, 2022
Banking & Finance UAE eyes dollar bonds to fill $600m 2022 budget deficit The United Arab Emirates is in the market with a two-tranche U.S. dollar-denominated bond sale comprising a 10-year tranche and 30-year Formosa portion, a bank document showed on Thursday. Initial price guidance was around 125 basis points (bps) over U.S. Treasuries (UST) for the 10-year paper and around 200 bps over UST for the Formosa […] June 23, 2022
Analysis Electric vehicles cost more to insure than petrol cars in the UAE Electric vehicles (EVs) are more expensive to insure in the UAE than their traditional fuel-powered alternatives. This is due to the higher number of claims, cost of repairs and parts, and the fact that some drivers are not used to them, industry experts told AGBI. “It’s true that some insurers price electric and hybrid car […] June 23, 2022
Banking & Finance Abu Dhabi firms invest $25m each in Elon Musk’s SpaceX Two Abu Dhabi-listed firms have invested $25 million each in California-based rocket manufacturer SpaceX, which was founded by Elon Musk, the world’s richest man. International Holding Company first invested in SpaceX in 2020 through private equity fund Falcon CI IV and yesterday confirmed it had put in an additional $25 million. “We are pleased to […] June 22, 2022
Opinion Banking & Finance Crypto scams are widespread – here’s how to protect yourself The UAE's standardisation of crypto transactions has boosted their leverage to buy real-world assets – but there are reasons to remain wary June 22, 2022
Tourism Return of the superjumbo: A380 set for a dramatic comeback? Two years ago, dozens of Airbus A380s set course for storage sites in rural France from the Gulf as the outbreak of COVID-19 accelerated the demise of the world’s largest jets. Now, the iconic European double-decker is gaining a new lease on life as airlines scramble to cope with rising demand and shortages of newer […] June 21, 2022
Gulf sovereign funds sign deals to spur investment in Africa Three Gulf sovereign funds signed a deal on Monday in Rabat with nine African peers to promote investment on the continent. The deal was signed by Abu Dhabi’s Investment Authority and holding firm ADQ in addition to Kuwait’s Investment Authority on the sidelines of the first meeting of Africa Sovereign Investors Forum (ASIF), a platform […] June 21, 2022
Moody’s to shut Moscow office, relocate some staff to Dubai Credit rating firm Moody’s will formally shut its office in Russia’s capital Moscow at the end of the month, sources told Reuters, with staff either being cut or relocated elsewhere. Western sanctions mean the main US and European-based rating agencies Moody’s, S&P Global and Fitch have all suspended their operations in Russia and withdrawn their […] June 21, 2022
UAE to build port in Sudan as part of $6bn investment package The United Arab Emirates will build a new Red Sea port in Sudan, as part of a $6 billion investment package, said DAL group chairman Osama Daoud Abdellatif, a partner in the deal which marks the first major foreign investment since the military took power in an October coup. Abdellatif said the package includes a […] June 21, 2022
Opinion Gender gulf remains too wide but new paths are opening to women With just 5.3 percent of board positions in the UAE held by females, the country has set a quota for listed companies to have at least one woman on the board by 2025 June 21, 2022
Analysis Energy Gulf defies oil financing trends as UN calls for end to fossil fuels The Middle East is boosting investment in oil and gas, bucking the global trend even as the United Nations calls for an end to the funding of fossil fuel projects. The MENA region is forecast to invest $879 billion in energy projects from 2022 to 2026, an increase of 9 percent over the previous five […] June 20, 2022
Analysis Aviation Re-opening of long-haul routes helps reduce airline losses Middle East aviation industry losses are expected to narrow to $1.9 billion in 2022 after the region’s airlines lost $4.7 billion last year. According to the latest figures released by the International Air Transport Association (IATA), the re-opening of many long-haul routes in particular has been a “welcome boost” to airlines in the Middle East. […] June 20, 2022
