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United Arab Emirates

Business news and financial news from the United Arab Emirates, covering the UAE's biggest companies including the Emirates Group, International Holding Group, Etisalat, Adnoc and Emaar Properties

Iran calls ‘for more consultation’ after UAE raises nuclear concerns

Iran responds to UAE concerns over Tehran’s nuclear planIran on Saturday told the United Arab Emirates that Tehran gave a high priority to improving ties with its neighbours, Iranian state media reported, a day after the UAE voiced concern over Tehran’s nuclear programme. The UAE’s envoy at the United Nations’ nuclear watchdog on Friday said […]

Finger, Person, Human

UAE ‘at forefront’ of global climate fight after new $50bn pledge

The UAE is now at the forefront of the global fight against climate change after President Sheikh Mohamed bin Zayed Al Nahyan pledged an extra $50 billion investment over the next decade. That’s the view of Mariam bint Mohammed Almheiri, the country’s Minister of Climate Change and the Environment, following the UAE President’s commitment announced […]

Erika Blazeviciute Doyle, managing director at Drink Dry

How I got to the top: Erika Blazeviciute Doyle, Drink Dry

What does your company do? Drink Dry is the UAE’s first and only non-alcoholic drinks marketplace. We aspire to open the world to new and better ways of drinking. We sell and distribute premium non-alcoholic drinks in the UAE, Kingdom of Saudi Arabia and Kuwait. What inspired you to develop your idea? The business idea […]

  • Analysis

Why the Gulf could swerve the dreaded global recession

The UAE and wider Gulf markets will likely avert a recession, experts have said, despite fears of a global slump as the US Federal Reserve announced a 75 basis point hike to interest rates – its largest since 1994. In early trading, bourses in Dubai, Abu Dhabi and Qatar fell on Thursday after local central […]

Road, Tarmac, Asphalt

Dubai’s Tecom Group sets price for IPO of up to $454m

Dubai business park operator Tecom Group set price guidance on Thursday for its initial public offering that showed it could raise up to 1.67 billion dirham ($454.7 million) in the listing. Tecom Group, owned by the investment vehicle of Dubai’s ruler, plans to sell 625 million shares, or 12.5 percent of issued share capital, at […]

Person, Human, Helmet

11 ways robots are transforming the UAE

A new AED1 billion ($272 million) library, which  opened in Dubai on Thursday, will employ artificial intelligence (AI) in its operations, including in choosing titles and borrowing and returning books. The Mohammed bin Rashid Library will use a first-of-its-kind smart system in the Middle East to send commands to robots to locate books and deliver […]

Malaysia’s AirAsia X to add new routes, including Dubai, Istanbul

Malaysian budget carrier AirAsia X Bhd will add new long-haul routes from Kuala Lumpur to London, Dubai and Istanbul this year, the airline said on Wednesday, aiming to take advantage of growing demand as travel curbs are lifted. The airline, which is operating six Airbus A330 jets, hopes to have 15 planes in service by […]

Abu Dhabi stock market ends nine-day losing streak

Abu Dhabi’s stock market rebounded on Tuesday, ending a nine-day losing streak, while the Saudi index extended losses for a second session as the uncertainty remained among investors ahead of the U.S. Federal Reserve’s policy meeting on Wednesday. In Abu Dhabi, the index gained 0.9 percent, led by a 4.2 percent jump in telecoms firm […]

Education will benefit from the increased government spend

UAE government offers spending boost to budget

The UAE’s federal government aims to increase spending by AED1.23 billion ($334.9 million) in the 2022 budget, the Federal National Council said on Twitter today. The UAE estimates revenues will be AED374.98 million higher. The increased spending will come from the federal government’s general reserves, the council added. The UAE in October approved a 2022 […]

UAE stock markets target London in foreign investment push

Stock markets in Dubai and Abu Dhabi are targeting London as they aim to strengthen their status as key destinations for international investors. Both the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) have completed investor roadshows in the British capital, holding hundreds of meetings with some of the world’s largest asset […]

UAE shoppers less price-conscious than Europeans but not for long

UAE shoppers are much less price-conscious when buying goods and services, compared to their European counterparts, but the record rising cost of living may see this becoming more of a priority for some over the next 12 months, according to a new retail report. In a survey in April of 5,250 consumers in seven countries […]

Disney’s ‘Lightyear’ ban expands to 14 countries

Walt Disney Co has been unable to obtain permission to show its new Pixar movie “Lightyear” in 14 Middle Eastern and Asian countries, a source said on Monday, and the animated film appeared unlikely to open in China, the world’s largest movie market. A “Lightyear” producer told Reuters that authorities in China had asked for […]

Building, High Rise, City

Emaar Properties shares down 4.9% as Gulf markets drop

Stock markets in the Gulf ended lower on Monday, in line with global equities as red-hot U.S. inflation reignited worries about even more aggressive Federal Reserve policy tightening, and a Covid-19 warning from Beijing added to concerns about global growth. Dubai’s main share index retreated 2.7 percent, its biggest one-day fall in a month, dragged […]

UAE’s DP World to operate logistics park at Jeddah Port

DP World is to operate a logistics park at the Saudi Arabian port of Jeddah, according to the kingdom’s port authority which on Monday invited media to the contract signing on June 19. The invitation said it was DP World’s first logistics park in Saudi Arabia. DP World, owned by the government of Dubai and […]

Hollywood actor Chris Evans voices Buzz Lightyear in the movie

‘Lightyear’ banned days after Disney streaming launch

The UAE has banned the latest Disney animated blockbuster from showing in cinemas in the country, just days after the American entertainment giant launched its long-awaited streaming service across the region. The Media Regulatory Office, part of the UAE Ministry of Youth and Culture, said in a tweet on Monday that the “the animated film […]

Rising oil prices helped bulk up the UAE's reserves leading to greater overseas investment

UAE splashes out more foreign investment than it receives

The UAE ranked first in the Gulf for foreign direct investment (FDI) inflows in 2021, but the amount the emirates invested overseas overtook this figure during the same period. The rising oil price is likely to see this trend continue, experts said. The newly released United Nations Conference on Trade and Development’s (UNCTAD) World Investment […]