Cop28 Sustainability Businesses view recycling and water as climate priorities Recycling, water conservation and protecting nature are the top priorities for tackling climate change, according to a survey of Dubai companies conducted by AGBI and the British Business Group to coincide with the Cop28 climate summit. Of the 72 BBG member businesses asked, more than three quarters (79 percent) plan to prioritise recycling over the […] December 1, 2023
Economy UAE’s $100m leads climate disaster fund Cop28 pledges Negotiators at Cop28 in Dubai struck the first deal of the summit on Thursday evening, officially agreeing to set up a fund to help vulnerable countries recover from damage caused by climate change. The plan to create a United Nations-led “loss and damage” fund was hailed as a breakthrough for negotiations at Cop27 in Egypt […] November 30, 2023
Energy Al Jaber flags ‘strong views’ and calls for collaboration Cop28 president Sultan Al Jaber told delegates at the opening of the global climate change conference in Dubai that he was aware that there were “strong views” about the inclusion of fossil fuel companies in the discussions. In his opening remarks, the Emirati head, who is also chief executive of the state oil company Adnoc, […] November 30, 2023
Sustainability ‘Those who pledged, must act,’ says Al Jaber as Cop28 begins The United Nations’ Cop28 – the world’s biggest climate change conference – started today, with host country the UAE reiterating calls to accelerate climate action. Cop28 president Sultan Al Jaber rejected claims the UAE intended to use the event to strike commercial oil and gas deals. The BBC and UK-based Centre for Climate Reporting reported […] November 30, 2023
Finance Dubai Taxi IPO order book hits $41bn on strong demand Dubai Taxi Company said the order book for its initial public offering (IPO) swelled to over AED150 billion ($41 billion), as it was covered 130 times. “This represents the highest oversubscription level achieved by an IPO on the Dubai Financial Market,” the company, a unit of the state-owned Roads and Transport Authority, said in a statement. […] November 30, 2023
Sustainability Al Jaber dismisses Cop28 oil deal allegations as ‘false’ Cop28 president Sultan Al Jaber has firmly rejected allegations that the UAE, the host of Cop28, intended to use climate talks to strike commercial oil and gas deals. The BBC and the UK-based Centre for Climate Reporting this week reported that leaked briefing documents revealed Al Jaber’s plans to discuss fossil fuel deals with 15 […] November 30, 2023
Transport Emirates urges Rolls-Royce to go ‘back to basics’ The head of Dubai’s Emirates has urged Rolls-Royce to go “back to basics” and focus on the performance of its engines, a day after the British firm laid out plans to quadruple profits. Shares in the engine maker rose after CEO Tufan Erginbilgic unveiled a strategy on Tuesday to revive its fortunes including a sharp […] November 30, 2023
Sustainability US and China to collaborate for the success of Cop28 The United States will work with China to make the United Nations climate negotiations that begin in the UAE this week a success, Washington’s climate envoy said on Wednesday. Cooperation between the US and China, the world’s two biggest emitters of greenhouse gases, is seen as crucial to securing consensus at the November 30-December 12 […] November 30, 2023
Construction Atlantis may expand further in Palm Jumeirah Resort group Atlantis Global is “looking at different options” to expand its Dubai footprint further, despite president Tim Kelly predicting a drop in room rates across the emirate. The company operates the Atlantis The Palm resort at the tip of Palm Jumeirah, and opened the neighbouring Atlantis The Royal property in February this year, at […] November 30, 2023
Markets Abu Dhabi IPO Fund plans up to four listings by 2024-end Abu Dhabi can expect up to four further listings of private companies by the end of 2024, according to Bassel Khawaja, advisory head of the Abu Dhabi IPO Fund. Speaking on the sidelines of Abu Dhabi Finance Week (ADFW), Khawaja told AGBI the fund is currently assisting three unnamed companies with their IPO readiness. He […] November 29, 2023
Tech Abu Dhabi sets up business to leverage AI expertise Abu Dhabi’s Advanced Technology Research Council has set up a company that aims to capitalise on the emirate’s growing expertise in artificial intelligence. The business, AI71, will build on Falcon, the open-source AI developed in Abu Dhabi. The Falcon 7B, 40B and 180B large language models (LLMs) – tools capable of digesting large amounts of […] November 29, 2023
Opinion Sustainability UAE focus on water is a timely statement of intent A paper on water scarcity is a significant effort to move the agenda forward November 29, 2023
Banking & Finance Brevan Howard to double Abu Dhabi headcount Brevan Howard, one of the world’s biggest hedge funds with assets exceeding $33 billion, is to double its workforce in Abu Dhabi next year. The UK company initiated its Middle East expansion by opening an office in Abu Dhabi Global Market in February, joining an increasing number of hedge funds drawn to the region’s substantial […] November 29, 2023
Finance US private equity giant General Atlantic opens Gulf offices Global private equity firm General Atlantic, which manages $77 billion in assets, is opening offices in the UAE and Saudi Arabia. The company has been investing in the Middle East since 2015 without a local base, but is now establishing a stronger foothold as it nears the completion of new investment deals in the region. […] November 29, 2023
Trade UAE and China renew $4.9bn currency swap deal The UAE and China have renewed their currency swap agreement to settle cross-border financial and trade transactions in local currencies. The Central Bank of the UAE and the People’s Bank of China signed a currency swap agreement with a nominal value of AED18 billion ($4.9 billion) for the next five years, UAE state-owned Wam news […] November 29, 2023
Banking & Finance Aster DM to sell majority stake in Gulf business for $1bn UAE-based hospital chain Aster DM Healthcare will sell a majority stake in its Gulf business to a regional consortium for $1 billion as part of a plan to separate the unit from its Indian operations. A consortium led by state-backed Fajr Capital will own 65 percent of the Gulf business, while Azad Moopen, the founder […] November 29, 2023
Banking & Finance Strong upsurge in UAE green sukuk ahead of Cop28 The UAE has witnessed a strong push for sukuk to finance green projects, according to data released by Fitch Ratings. Sukuk are sharia-compliant bonds that were developed as an alternative to conventional bonds, which are not considered permissible by many Muslims as they pay interest, and also may finance businesses involved in activities not allowed […] November 29, 2023
Analysis Renewable Energy Adnoc seeks to turn carbon capture into revenue stream In the mountains of Fujairah, in the north of the UAE, an industrial site built by Adnoc sucks carbon directly from the air and converts it into rock. The CO2 is injected into the Hajar mountains, where the peridotite rock is capable of sequestering the greenhouse gas, thanks to technology developed by 44.01, an award-winning […] November 28, 2023
Logistics Last-mile delivery drives growth in logistics sector Last-mile delivery is recording strong growth in the Mena logistics sector, which itself is receiving substantial funding in the region. Logistics was the third highest-funded sector in the Mena region last year, amounting to $362 million, according to data from advisory service and investor Wamda. Wize, a logistics startup in Dubai which specialises in last-mile […] November 28, 2023
Finance Abu Dhabi’s financial sector to grow 13% in 2023 Abu Dhabi’s financial sector is forecast to grow 13 percent in 2023 as the UAE continues its economic diversification drive. The financial sector surged by 30 percent in the second quarter, the UAE state-run Wam news agency reported, citing Ahmed Jasim Al Zaabi, chairman of the Abu Dhabi Department of Economic Development and Abu Dhabi […] November 28, 2023
