Video length: 05:03 VIDEO EXCLUSIVE Tech Errol Musk: Tower will be a ‘truly international institute’ Errol Musk told AGBI in an exclusive video interview during his visit to Dubai that the Musk Tower that is to be built in the UAE will serve as an innovation centre. It will also foster developments in science “that are ignored”, including “space-time travel and gravity”, he said. Discussions are ongoing with Abu Dhabi-based […] February 21, 2025
Defence UAE agrees $6bn in military equipment contracts The UAE signed contracts worth more than AED23 billion ($6.3 billion) for military equipment and defence this week, wrapping up the Middle East’s largest defence exhibition in Abu Dhabi. It also further expanded its supplier base beyond its traditional US partners and encouraged local manufacturing. Though no contracts were signed with Israel – with which […] February 21, 2025
Oil & Gas Oversubscribed Adnoc Gas listing raises almost $3bn Abu Dhabi state oil company Adnoc has completed a secondary offering of its gas business unit, raising $2.84 billion, in the largest-ever placement of shares on the Abu Dhabi stock exchange ADX. The company said in a statement on Friday the sale of approximately 3.1 billion Adnoc Gas shares was 4.4 times oversubscribed. Adnoc announced […] February 21, 2025
Agriculture UAE’s Aqua Bridge to build aquaculture farm in India A UAE aquaculture company linked to the ruling Al-Maktoum family of Dubai has agreed to develop an aquaculture farm and research centre in the Indian state of Uttar Pradesh at an initial cost of $461 million. Aqua Bridge Group, whose chairman is Sheikh Ahmed bin Mana bin Khalifa Al-Maktoum, said the partnership project in the […] February 21, 2025
Logistics Massive investment in cold storage needed in UAE The UAE is racing to meet a substantial shortfall in cold storage space that will be essential if the country’s food security goals are to be met, real estate analysts say. At least 125,000 square metres of additional space are needed to bring the country up to the required capacity, according to Harish Rajagopalan, director […] February 21, 2025
Logistics Turkey says talks with Abu Dhabi fail on port deal The Turkish government has confirmed that talks with Abu Dhabi Ports Group (AD Ports) over operating rights at the Alsancak freight and passenger port in Western Turkey have failed. “The aim there was to get a partner for the Alsancak port and adding capital to expand it,” Turkish transport minister Abdulkadir Uraloglu told Bloomberg. No […] February 21, 2025
Oil & Gas Adnoc to sell 4% of its gas unit to raise up to $3bn Abu Dhabi National Oil Company is to offer approximately 3.1 billion shares in its subsidiary Adnoc Gas, in what will be the biggest share sale in the Middle East and North Africa since Saudi Aramco’s offering last June. The sale will represent 4 percent of Adnoc’s outstanding share capital and Reuters estimates that it could […] February 20, 2025
Banking and Finance Almost one year after floods, UAE insurance costs keep surging Property insurance rates in the UAE jumped by up to 15 percent in the final quarter of 2024 as insurers adjusted prices after last April’s flash floods. The rise, the largest quarterly increase on record, came as UAE insurers accelerated payouts for flood claims, according to the insurance broker Marsh. Omar Gemei, global head of […] February 20, 2025
Food & Drink Dubai company launches halal-brewed Arabian Ale A Dubai company has launched an ale which has been certified as halal since it contains no alcohol throughout the entire brewing process. Majlis Premium Arabian Ale, which is alcohol free, has been developed by a company called Midtown Factory, using many ingredients found in regular beer. Arabian Ale contains malted barley from Austria and […] February 20, 2025
Markets More dual listings expected as IPO trend continues Last year, eight companies launched initial public offerings (IPO) on the two main stock exchanges in the UAE, attracting more than $7 billion in investment. The same number could float this year and list in neighbouring Saudi Arabia, analysts say. UAE-based technology company Alpha Data has already announced plans to list 40 percent of its […] February 20, 2025
Transport Dubai Taxi plans $77m dividend payout after share price rise Dubai Taxi Company is to issue a total dividend payout of AED282 million ($77 million) for 2024, helping its share price increase by nearly half since it listed 14 months ago. Its 2024 revenue was up 12 percent year on year to AED2.2 billion, the company said in a statement on Thursday. The taxi operator’s […] February 20, 2025
Leisure & Hospitality Agthia’s stake in Egyptian snack group rises to 80% Agthia Group, a UAE-headquartered food and beverage company, has acquired an additional 10 percent stake in Abu Auf, an Egyptian healthy snacks retailer, increasing its ownership to 80 percent. The Auf family will continue to lead the business, the company said in a statement to the Abu Dhabi Securities Exchange. Financial terms of the deal […] February 20, 2025
Health BR Shetty ordered to pay $106m to Indian bank BR Shetty, the founder of UAE company NMC Health, has been ordered by a Dubai court to pay $106 million to India’s Icici Bank over personal guarantees tied to the embattled hospital group. This marks a second court ruling made public so far this month. Earlier this month, Shetty was ordered to pay $33 million […] February 20, 2025
Markets Alpha Data aims to raise $163m in Abu Dhabi’s first IPO of 2025 UAE technology services company Alpha Data plans to raise up to $163.2 million, the company said on Thursday, in Abu Dhabi’s first initial public offering this year. Alpha Data plans to list 400 million shares in a price range of 1.45 dirhams to 1.50 dirhams, which implies a market value of up to $408 million. The […] February 20, 2025
Opinion Employment New UAE gratuity scheme could leave staff worse off Replacing end-of-service benefit with a defined contribution fund could cost expat workers thousands February 20, 2025
Analysis Banking and Finance UAE pension plans aim to ease end-of-service headaches Pensions are a headache for governments, companies and employees alike. How to provide staff with a comfortable retirement that could last for decades? Historically, staff leaving UAE companies receive a substantial one-off payout from their employer, the amount increasing significantly the longer the period of service. But this “defined benefit” system can cause financial difficulties […] February 20, 2025
Real Estate Damac tightens yield on $750m sukuk Dubai developer Damac Real Estate Development has sold $750 million in 3-1/2-year Islamic bond (sukuk), according to a document seen by Reuters on Wednesday. The yield was set at 7 percent, narrower than the 7.5 percent initial price guidance released earlier in the day after the orders surpassed $2.3 billion, the lead bank document showed. […] February 20, 2025
Video length: 05:22 VIDEO Aviation Fares rise to fund airlines’ switch to greener fuels Passengers will bear the brunt as airlines undertake the multi-trillion-dollar transition to greener fuels, aviation experts have said. Sustainable aviation fuel (SAF) allows airlines to reduce their carbon emissions by up to 80 percent without modifying engines – but it is three to five times more expensive than traditional jet fuel. These extra costs “will […] February 19, 2025
Health Waha Capital to expand UAE health business Abu Dhabi’s Waha Capital, a listed company with $3.2 billion of assets under management, plans to expand its healthcare business in the UAE, and could make acquisitions to do so. The company aims to tap demand from the emirates’ expanding population and visitors from India, its chief financial officer said. Waha is part-owned by Abu […] February 19, 2025
Aviation Etihad Airways’ profit more than triples to almost $500m Etihad Airways’ net profit more than tripled last year to $476 million, the company said on Wednesday as the carrier pushes ahead with plans for an initial public offering. The earnings were boosted by $5.7 billion in passenger revenue and $1.1 billion in cargo revenue, the company said, also citing “significant operational efficiency improvements”. “Looking […] February 19, 2025
