Artificial Intelligence GlobalFoundries commits $3bn to microchip research GlobalFoundries, the Mubadala-backed chip manufacturer, said on Wednesday it will significantly hike research spending in the US over the next few years due to “explosive” demand for artificial intelligence and the advanced semiconductors that power it. The multi-billion-dollar investment comes as the New York state-based company works with the White House and various technology peers to […] June 5, 2025
Markets Dubai’s FIVE considers London or New York listing Dubai party hotel operator FIVE Holdings is considering listing in London or New York, sources have said. The company, which owns the Pacha hotel and nightclub, has been exploring an initial public offering (IPO) in Dubai, it said. Chairman and founder Kabir Mulchandani said last year the company was worth up to $3 billion and was considering […] June 5, 2025
Infrastructure Dubai Airports targets $6m savings after lighting retrofit Dubai Airports has launched the final phase of its airport-wide lighting retrofit project, which is expected to result in AED20 million ($5.5 million) in cost savings. In the last phase, more than 180,000 conventional lighting fixtures will be replaced with energy-saving alternatives across Dubai International (DXB) and Dubai World Central – Al Maktoum International (DWC), […] June 5, 2025
Banking and Finance FAB joins banks to lend $750m to India’s Adani unit Adani Airports Holdings, the largest private airport operator in India, has raised $750 million from banks including the UAE’s First Abu Dhabi Bank (FAB). The other banks involved are Barclays and Standard Chartered, the Bombay Stock Exchange-listed company said in a statement on Wednesday. Adani Airports Holdings (AAHL) is a subsidiary of India’s Adani Enterprises, […] June 5, 2025
Economy United Arab Emirates economy The latest economic indicators and demographic trends for the United Arab Emirates, including the UAE's GDP, inflation, oil prices, trade, population, expats, unemployment and more June 4, 2025
Petrochemicals Borouge prepares for era of ‘transformative’ growth UAE petrochemicals company Borouge is focusing on international expansion and long-term value creation as it gears up to become a next-generation global powerhouse. Borouge reported first-quarter net profit of $281 million and record production of 5.2 million tonnes at the end of April, driven by exceptional utilisation rates of 110 percent for polyethylene and 98 […] June 4, 2025 In association with
Energy XRG’s new strategy targets global energy investments XRG, the low-carbon energy and chemicals investment arm of Abu Dhabi National Oil Company (Adnoc), has launched a five-year business strategy aimed at transforming it into a global energy investor. The company is valued at around $80 billion. It is aiming to be one of the top five global gas and liquefied natural gas (LNG) businesses, […] June 4, 2025
Trade Italy’s billion-dollar jewellery sales lead trade with UAE Italian exports of jewellery to the UAE grew 24 percent in February over the same month last year, reaching €238 million ($268 million), according to the Italian Trade Agency (ITA). With overall sales of more than €1.22 billion in 2024, up 12 percent year-on-year, Italy remains the world’s third-largest supplier of jewellery to the Emirates, […] June 4, 2025
Renewable Energy Altérra backs Italy’s Absolute Energy renewables project Altérra, one of the world’s biggest private climate funds, has made its second direct investment in Europe through Italian renewable energy firm Absolute Energy and plans more deals ahead, its chief executive told Reuters. The fund, set up in 2023 by the United Arab Emirates with $30 billion, has so far invested $6.5 billion, mostly […] June 4, 2025
Logistics DP World targets deals in Turkey and Eastern Europe Global ports operator DP World is exploring acquisitions in Turkey and Eastern Europe as part of its growth plan, a media report said. “We are exploring markets,” The National newspaper reported quoting executive vice president of East Europe Kris Adams. The container market in Eastern Europe is fragmented, with consolidation required, Adams said, adding that the […] June 4, 2025
Oil & Gas NMDC Group buys 70% stake in oilfield services company Abu Dhabi-listed NMDC Group said its newly-launched subsidiary has acquired a majority stake in Emdad, a local oilfield services company. The acquisition enables NMDC LTS, a wholly owned technical services company, to expand into the oilfield management segment in the UAE, the company said in a statement. No financial details of the deal were given. […] June 4, 2025
Tech Taiwanese chipmaker denies plans for Middle East factory Taiwan Semiconductor Manufacturing Company (TSMC) has no plans to establish a factory in the Middle East, CEO CC Wei has said. Bloomberg reported that the Taiwanese company had held multiple meetings with Steve Witkoff, the US special envoy to the Middle East, and executives from Abu Dhabi’s MGX, regarding the opening of a plant in the […] June 4, 2025
Real Estate Emaar’s Indian unit expands amid sale talks The Indian subsidiary of Dubai-listed Emaar Properties has launched a new housing project in the state of Uttar Pradesh amid buyout talks with the local business Adani Group. The launch follows reports in March that the Dubai developer was planning to sell its Indian venture for $1.4 billion to a conglomerate led by billionaire Gautam […] June 4, 2025
Real Estate Aldar says Fahid Island development will cost $11bn Aldar Properties, the largest Abu Dhabi-listed developer by market capitalisation, will build more than 6,000 luxury residences on Fahid Island, one of its largest mixed-use masterplans in the emirate. The gross development value of the project is estimated at more than AED40 billion ($10.89 billion), the developer said in a statement. The company announced […] June 3, 2025
Aviation Dubai airlines lead GCC bid to revive Syrian economy Dubai-based airlines are resuming services to Syria after a gap of nearly 13 years as the Gulf states unite to support the war-torn country’s economic recovery. Low-cost carrier Flydubai resumed operations to Syria, with the first flight landing at Damascus International Airport on Saturday, a move aimed at building ties between the UAE and Syria. […] June 3, 2025
Infrastructure Dubai to build Ghana’s first economic zone The government of Ghana has signed a memorandum of understanding with Dubai state-owned entity Ports, Customs and Free Zone Corporation (PCFC) to establish an economic zone and digital incubator in Ghana’s capital Accra. The move is intended to attract foreign investment to West Africa and accelerate Ghana’s goal of becoming a regional technology powerhouse, the […] June 3, 2025
Aviation Dubai Aerospace secures $300m loan from Bank of China Aircraft leasing company Dubai Aerospace Enterprise (DAE) has secured a $300 million loan from the Bank of China. The money will be used for general corporate purposes and support upcoming financing requirements, the company said in a statement on Monday. The three-year unsecured term loan was issued by the lender’s Dubai, London and Hong Kong branches. […] June 3, 2025
Exclusive Energy Masdar to increase bond issuances to fund renewables push Masdar, the UAE’s state-owned clean energy developer, is to increase its presence in international debt markets as it accelerates plans to install 100 gigawatts of renewable energy capacity by the end of the decade. Abu Dhabi’s Masdar raised $1 billion in a green bond sale last month, following previous issuances of $750 million in 2023 […] June 3, 2025
Oil & Gas Adnoc Drilling expands in Oman with SLB stake Adnoc Drilling, a subsidiary of Abu Dhabi state-backed oil major Adnoc, has bought a 70 percent share in SLB’s oil drilling business in Oman. The agreement includes six fully operational land rigs in Oman and two in Kuwait, the company said. The Emirati company will pay $91 million for the stake, with another $21 million payout […] June 2, 2025
Video length: 04:09 VIDEO Telecoms Veon boss reveals why the telco swapped Europe for Dubai Telecom and digital services company Veon delisted from the Amsterdam stock market last year and moved its operations to Dubai, becoming the largest Nasdaq-listed company with headquarters in the UAE. AGBI spoke to the company’s CEO, Kaan Terzioglu, about its plans to dual-list in Dubai within the next three to five years. “I am bullish […] June 2, 2025
