Opinion Sustainability The Gulf is all-in on AI, but it’s thirsty work for a desert region AI data centres in themselves can use vast amounts of scarce water for cooling April 15, 2024
Sustainability Abu Dhabi awards contract for first waste-to-energy facility A joint venture between Dubai’s Alec Engineering and Contracting (Alec) and Lebanon’s Butec has won a contract to design and build Abu Dhabi’s first waste-to-energy plant. The joint venture will collaborate with Hitachi Zosen Innova, a Swiss-based cleantech company, on the project, Alec said in a statement. Located near the Al-Dhafra landfill, the facility – […] April 15, 2024
Retail Sharjah’s Ramadan retail sales peak at nearly $110m Ramadan retail sales in Sharjah hit a new record high of AED400 million ($109 million) in 2024, reinforcing the positive outlook UAE companies had ahead of this year’s holy month. Sales jumped 25 percent year on year during the Sharjah Ramadan Festival 2024, which concluded last Saturday, the UAE state-run Wam news agency reported, quoting […] April 15, 2024
Economy UAE to advance talks on debt sustainability at global event The UAE’s finance ministry intends to advance discussions on global macroeconomic stability and debt sustainability at the 2024 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG). The spring meetings will be held in Washington, D.C., from April 15 to 20. The UAE will also promote a dialogue to address […] April 15, 2024
Oil & Gas UAE’s Adnoc explored acquiring BP Abu Dhabi National Oil Company (Adnoc) explored the possibility of acquiring British oil major BP but abandoned the plan as it did not fit into its strategic growth objectives, a media report said. The talks did not advance beyond the initial stages, Reuters reported, citing informed sources. The UAE state oil company also sought advice […] April 14, 2024
Opinion Agriculture Lessons from China: how the UAE can conserve its soils While the challenge of soil regeneration is formidable, it is not insurmountable April 12, 2024
Construction Delays keep property oversupply at bay in Dubai Dubai’s off-plan market is treading a delicate line between the risk of having too many properties and the threat of project delays, industry insiders have said. “There’s plenty of supply coming in,” Haider Tuaima, director of real estate research at consultancy Valustrat, told AGBI. “If everything is handed over on time, then we will have […] April 12, 2024
Analysis Renewable Energy Lithium’s highs and lows – and what they mean for the Gulf For one of the world’s most critical minerals, the past two years have been the best of times and the worst of times. First, lithium prices shot skywards, hitting around $80,000 per metric tonne in 2022 amid fears that global supply would not meet demand. Then, in just a year, the soft, silvery-white metal lost […] April 12, 2024
Trade UAE and India to discuss first phase of trade corridor Senior officials from the UAE and India will meet next month to start work on the first phase of the India-Middle East-Europe Economic Corridor (Imeec), according to a media report. The officials are slated to meet on May 15 after UAE president Sheikh Mohamed bin Zayed Al Nahyan and Indian prime minister Narendra Modi signed […] April 11, 2024
Construction Egypt allocates land for airport at ADQ’s metropolis The Egyptian government has allocated two plots of land for the development of Ras El-Hekma international airport by UAE sovereign wealth fund ADQ. The land plots in Matrouh, a governorate in the north-west of Egypt, were handed over to the country’s civil aviation ministry, Ahram Online newspaper reported. The airport development is part of the […] April 11, 2024
Construction Prompt payments prop up Dubai’s construction sector Dubai’s construction industry is at the healthiest it has been in almost 20 years, according to an executive from one of the city’s most established industrial groups. This resurgence is notable for its relative lack of payment delays – a common issue in construction projects globally and in the Gulf region. “Delayed payments are not […] April 10, 2024
Finance Saudi and UAE remittances to Pakistan hit $125m in Ramadan Saudi Arabia topped the list of countries with the highest remittance to Pakistan in March, local media reported. Remittances from the kingdom reached a high of just over $70 million during Ramadan, rising 30 percent from $54 million in February, Dawn, an English-language media outlet in Pakistan, reported, quoting the State Bank of Pakistan’s data. […] April 10, 2024
Analysis Food & Drink Dubai restaurant scene ‘at risk of hitting saturation point’ Food and beverage operators in Dubai have warned that the emirate’s restaurant market is increasingly saturated as one company calls time on a prominent location. Gates Hospitality, which operates venues across the Middle East, announced this week that two of its restaurants in Souk Madinat Jumeirah, Folly and Publique, would close at the end of […] April 9, 2024
Analysis Retail The pros and pitfalls of pop-up shops Pop-up shops are appearing in more shopping malls, hotels and even beach clubs. Whether they are for new brands looking to build a name or more established companies opting for a more experiential way to market and test their products, pop-ups are largely temporary affairs designed to create a buzz. They are also considered a […] April 9, 2024
Economy Housing benefit for Abu Dhabi citizens tops $500m Abu Dhabi has handed out over AED2 billion ($500 million) worth of housing benefits to citizens across the emirate. The first benefits package of the year, to coincide with the Eid Al Fitr celebrations, includes housing loans, ready-built houses and residential land grants. Thety will help 1,400 Emiratis. Additionally, senior citizens, retirees with low incomes, […] April 9, 2024
Aviation UAE airlines increased Saudi flights during Ramadan Weekly flights from the UAE and Saudi Arabia rose 13 percent to 383 in March, compared to 338 in February. The increase was driven by growing demand from Umrah performers during the last 10 days of Ramadan, which started last month, state-run Wam news agency reported, quoting the General Civil Aviation Authority’s (GCAA) statistics. Flydubai […] April 9, 2024
Opinion Industry Gulf giants need to take a lead role in the age of ‘Big Shovel’ There are challenges to overcome before the region can become a mining powerhouse April 8, 2024
Real Estate Lunate and Olayan buy into Dubai’s ICD Brookfield Place Dubai’s sovereign wealth fund Investment Corporation of Dubai and Brookfield Corporation have sold a 49 percent stake in ICD Brookfield Place (ICDBP), the emirates’ largest office tower. Abu Dhabi alternative investment fund Lunate and Saudi Arabia-based Olayan will each own 24.5 percent equity interest in ICDBP. It is the largest institutional third-party single-asset real estate […] April 8, 2024
Cybersecurity UAE is a ‘prime target’ for ransomware attacks The UAE is a “prime target” for ransomware attacks, the country’s Cyber Security Council has warned. Its 2024 State of the UAE Cybersecurity report says the Emirates’ rapid digital transformation has increased its vulnerability to cyberattacks, including ransomware incidents and distributed denial of service (DDoS) attacks. “The broader Middle East region” is a target for […] April 8, 2024
Trade Finance platform aims at $2.5trn trade funding hole A blockchain-based platform that lets institutions and wealthy individuals provide finance to importers and exporters for returns of up to 9 percent a year could help fill a multi-trillion-dollar hole in international trade, it says. In trade finance, the involvement of third-party financial companies removes payment and supply risks for sellers and buyers respectively. Historically, […] April 8, 2024
Education Mena reaches for tech to upgrade results in education Demand for education technology, or edtech, is growing in the Middle East and North Africa as countries seek to bolster learning to drive economic growth. However, experts warned against excessive use of technology in classrooms, saying it could affect the attainment of basic skills such as reading and writing. Examples of edtech include interactive whiteboards, […] April 8, 2024
Energy ADIA joins $600m fundraise by Indian power company Indian power company, JSW Energy Limited, has raised 50 billion rupees ($600 million) by selling shares to institutional investors, which includes UAE sovereign fund Abu Dhabi Investment Authority (ADIA). The qualified institutions placement was 3.2 times oversubscribed, including global asset managers such as GQG, Blackrock, Nomura, Wellington, and UBS the Indian company said in a […] April 7, 2024