Analysis Trade Zimbabwe sharpens focus on trade with UAE The UAE could soon rival South Africa as Zimbabwe’s largest trading partner as the southern African country competes to attract more foreign investment. Zimbabwe is working to develop a number of sectors with the UAE, including agriculture, mining and energy, to build on the $2 billion bilateral trade registered last year, Lovemore Mazemo, Ambassador of […] November 13, 2023
Transport Toll operator Salik targets 10% revenue rise in 2023 Dubai road toll operator Salik expects revenue-generating trips to grow by up to 10 percent in 2023 year on year as a result of continued strong growth in tourism and residency. The company’s net profit rose 5.3 percent to AED255 million ($69.43 million) in the third quarter of 2023 from AED242 million a year earlier […] November 13, 2023
Finance Dubai Taxi Company to list 25% stake in IPO Dubai Taxi Company has announced plans to launch its initial public offering (IPO) after its legal status was amended to a public joint-stock company. The company will issue 624.75 million shares at a nominal value of AED 0.04 on the Dubai Financial Market, representing 24.99 percent of its total issued share capital. The subscription period […] November 13, 2023
Energy Wasl installs 22,000 solar panels across its Dubai buildings Dubai state-owned real estate developer Wasl has installed more than 22,000 photovoltaic (PV) solar panels across its 44 buildings and facilities, adding 11 GWh annually to the emirate’s grid capacity. The developer says the solar energy will offset 4,500 metric tonnes of carbon dioxide annually, driving sustainability across Wasl’s communities. It says the carbon offsets […] November 13, 2023
Transport Emirates 777X deal to kick-start Dubai Airshow Middle East carriers look set to order tens of billions of dollars of long-haul jets at the opening of the Dubai Airshow on Monday, as Emirates renews confidence in the delayed Boeing 777X while facing new competition from rivals like Turkish Airlines. Hosts Emirates and low-cost cousin flydubai are expected to stamp their mark early […] November 13, 2023
Sustainability Indian PM may attend Cop28 meeting in Dubai Indian Prime Minister Narendra Modi is expected to attend the two-day world climate action summit, beginning December 1, during Cop28 in Dubai, according to an Indian media report. Although the official announcement of Modi’s visit is awaited, the prime minister will most likely attend the summit, Times of India reported, citing sources. Environment minister Bhupender […] November 13, 2023
DUBAI AIRSHOW Aviation Saudi Arabia and UAE drive air travel recovery Flight bookings to Saudi Arabia and the UAE for the last quarter of this year are up by as much as 70 percent on pre-pandemic levels, new figures reveal. Data compiled exclusively for AGBI by the travel intelligence company ForwardKeys shows that as of early October, Saudi Arabia led the region for growth in seat […] November 13, 2023
Energy Adnoc Drilling’s new JV targets $1.5bn investments Adnoc Drilling Company and Alpha Dhabi Holding have agreed to establish a joint venture to invest up to AED5.5 billion ($1.5 billion) to acquire companies in the oilfield services (OFS) and energy sectors. A subsidiary of Abu Dhabi National Oil Company (Adnoc) and listed on the Abu Dhabi Exchange (ADX), Adnoc Drilling will own 51 […] November 12, 2023
Retail Adnoc Distribution reports 9% quarterly profit rise Adnoc Distribution’s third-quarter net profit rose 9 percent year on year, boosted by double-digit growth in fuel volumes and non-fuel business, the company said in a results announcement this week. The UAE’s largest fuel and convenience retailer, listed on the Abu Dhabi Securities Exchange, reported a net profit of AED835 million ($227 million) and a […] November 10, 2023
Opinion Banking & Finance Why I’m rooting for the fintechs Apps like Revolut will give the UAE's slow incumbent banks a wake-up call November 10, 2023
Tech Core42 unveils advanced Arabic language AI model A new version of a deep learning algorithm capable of translating or generating Arabic text was unveiled in the UAE this week. Jais30B, which features 30 billion parameters, was introduced by Core42, a G42 company based in Abu Dhabi. “With 160 percent longer answers in Arabic and a 233 percent increase in English, the platform […] November 10, 2023
Opinion Sustainability My time as Japanese finance minister will change the world A simulation of the Cop28 summit brings out the best – and worst – in the global community November 10, 2023
Real Estate Emaar earnings jump 42% on back of real estate demand Shares in Emaar Properties were up 4.4 percent in trading on Friday off the back of strong financial results announced for the first nine months of the year. Dubai’s largest developer reported a 42 percent year-on-year increase in profit on higher property sales and a surge in real estate demand. The developer’s nine-month net earnings […] November 10, 2023
Finance Royalty levy change is ‘non-event’ for UAE telcos Changes to the way royalties are levied on the UAE’s telecom operators will make little difference to their earnings, the companies affected say. This week, Emirates Telecommunications Group Co, which rebranded as e& and is widely known as Etisalat, announced that for the three years starting January 1 2024 it will pay a royalty of […] November 9, 2023
Opinion Sustainability The great green paralysis, and what to do about it Brilliant but boring strategies are often the solution rather than corporate pledges without substance November 9, 2023
Exclusive Banking & Finance UK fintech firm Revolut sets up in UAE The British fintech firm Revolut is expanding to the UAE in what experts believe is the start of a wave of similar UK companies setting up in the region. The digital platform, which offers banking and trading services through an app, is recruiting for legal and strategy roles in Dubai. The company has hired Jonathan […] November 9, 2023
Transport Neo seeks $30m to drive ambitious EV plans “Last-mile” logistics company Neo Mobility is launching in Dubai next month with a fleet of 100 electric two-wheeler vehicles. The company secured $10 million in pre-launch seed funding from investors including green asset financing platform Delta Corp Holding. It is now in talks to raise $30 million to finance growth plans which includes a vehicle […] November 9, 2023
Aviation Emirates report record half-year profits Dubai’s Emirates airline has reported record profits for the first half of the financial year 2023-24, fuelled by strong passenger demand for international travel. Profits were up 134 percent from this time last year, to a high of AED9.4 billion ($2.6 billion). Revenue for the city’s flagship carrier was up 19 percent to AED59.5 billion. […] November 9, 2023
Finance ADIB raises $500m from its first-ever green sukuk Abu Dhabi Islamic Bank (ADIB) has raised $500 million through a green sukuk offering, the first ever green USD-denominated sukuk issued by a financial institution. The lender priced the five-year senior sukuk at a profit rate of 5.695 percent annually, payable semi-annually. The sukuk will be listed and traded on London Stock Exchange’s international securities […] November 9, 2023
Construction ADCB to sell majority stake in property unit for $109m Abu Dhabi Commercial Bank (ADCB) has received an offer to sell a majority stake in its wholly-owned property management subsidiary Abu Dhabi Commercial Properties (ADCP). The binding offer comes from Nine Yards Plus Holding, an Abu Dhabi-based EIH Ethmar International Holding (EIH) subsidiary, the lender said in a statement published on the Abu Dhabi stock […] November 9, 2023
Logistics Aramex profit drops 76% on steep interest rate hike Dubai-based courier company Aramex said net profit fell 76 percent in the third quarter of 2023. The fall was led by the steep increase in interest rates since Aramex acquired MyUS, a shipping and logistics company. Net profit reached AED9.64 million in the third quarter of 2023, compared to AED39.64 million a year ago. In […] November 9, 2023
Health Work starts on Dubai factory for Indian pharma business Construction has started on a $54 million factory in Dubai for Indian herbal pharmaceuticals company Himalaya Wellness, as analysts predict more international investment in the UAE healthcare sector. The factory at Dubai Industrial City, supported by financing from Emirates Development Bank, will produce tablets, capsules, liquids and ointments. The Bangalore-based company, founded in 1930, already […] November 8, 2023
