Real Estate UAE launches Aston Martin-branded residential tower The global development arm of Saudi-listed Dar Al Arkan Real Estate Development will launch a $250 million luxury beachfront residential project in Ras Al Khaimah with interiors designed by British luxury carmaker Aston Martin. The residential project, located on Al Marjan Island, will be launched in May, London-listed Dar Global said in a statement. The project is […] April 23, 2024
Employment Remittances from UAE to Bangladesh surge 48% Remittances from the UAE to Bangladesh surged 48 percent year on year to $3.3 billion in the first nine months of fiscal year 2023-24, according to data from the country’s central bank. Dhaka receives remittances between $250 million to $300 million per month from the UAE, The Business Standard, a financial newspaper, reported. However, remittances […] April 23, 2024
Finance Oman’s sultan in UAE to push for rebound in trade Sultan Haitham bin Tariq of Oman will arrive in the UAE on Monday for a state visit as he looks to cement ties with his country’s biggest trade partner. During the visit the Omani ruler will meet UAE President Sheikh Mohamed bin Zayed Al Nahyan to discuss bilateral relations which were worth more than $14 […] April 22, 2024
Infrastructure Crown Prince tells developers to pay for Dubai flood clean-up Dubai property developers have been ordered by the emirate’s Crown Prince to bring “normalcy” back to communities devastated by last week’s flooding – at no additional charge to tenants. The UAE experienced its heaviest rains in 75 years last Tuesday. The downpour turned main roads, particularly in Dubai, into waterways, leaving motorists stranded and causing […] April 22, 2024
Energy Spain open to Taqa’s bid for potential Naturgy takeover The Spanish government is open to allowing Abu Dhabi National Energy Company (Taqa) to make a potential takeover bid for energy firm Naturgy, according to a media report. “I have spoken of the need to be vigilant and guarantee energy security in defence of Spain’s strategic interests,” Reuters reported Spanish energy minister Teresa Ribera as […] April 22, 2024
Transport Abu Dhabi’s non-oil trade rises 8% as economy expands Non-oil foreign trade through Abu Dhabi ports grew 8 percent to AED282 billion ($77 billion) in 2023 from AED260 billion in 2022, as the UAE’s economic diversifation plans continue to bear fruit. Imports grew by 19 percent year on year, reaching AED136 billion, the UAE state-run Wam news agency reported, quoting Abu Dhabi Customs data. […] April 22, 2024
Infrastructure Emaar promises free repairs as Dubai launches sewerage system Emaar Properties is offering free repairs to residents whose homes were damaged during this week’s extreme flooding, as Dubai also announced an AED80 billion ($22 billion) sewerage system. The developer announced on Friday that it would repair all homes in its communities affected by the historic levels of rain, “at no cost to residents”. Emaar’s […] April 19, 2024
Trade UAE strikes Colombia deal to strengthen Latin American links The UAE has strengthened trade relations with Latin America after signing a comprehensive economic partnership agreement with Colombia, just days after a Cepa deal was struck with Costa Rica. Officials from the UAE and Colombia put pen to paper on an agreement that will cut tariffs and remove trade barriers between the two countries. UAE […] April 19, 2024
Renewable Energy Abu Dhabi to generate 50% power from green sources by 2030 Abu Dhabi plans to generate more than half of its electricity from renewable and clean energy by 2030, a senior Emirates Water and Electricity Company (Ewec) official has said. The state-owned entity is increasing the emirate’s solar energy production plan to 7.6 gigawatts (GW) by 2030, the UAE state-run Wam news agency reported, quoting CEO Othman Juma […] April 19, 2024
Trade Costa Rica added to UAE economic partners The UAE has signed a comprehensive economic partnership agreement with Costa Rica, the latest in a string of trade deals around the world over the past two years. It is the first time the Central American country has signed an agreement with a Middle Eastern country. The agreement will improve trade flows between the two […] April 18, 2024
Video length: 03:08 Infrastructure UAE president orders review after flooding The UAE’s president, Sheikh Mohamed bin Zayed Al Nahyan, has ordered an urgent review of the country’s infrastructure after historic levels of rainfall brought the Gulf state to a standstill, with some areas seeing more than a year’s worth of rain in one day. The president has contacted authorities “to quickly work on studying the […] April 18, 2024
Energy Taqa confirms potential buyout of Spain’s Naturgy Abu Dhabi National Energy Company (Taqa) has confirmed that it is holding talks with the three biggest shareholders of Spanish energy company Naturgy. In a statement published on the Abu Dhabi Securities Exchange, Taqa said it is holding talks with Criteria Caixa, which has a 26.7 percent stake in Naturgy. Discussions are also ongoing with […] April 18, 2024
Sustainability Aluminium decarbonisation alliance takes shape in UAE Emirates Global Aluminium, the UAE’s largest non-oil industrial company, has formed an alliance with state renewable energy company Masdar to work on decarbonisation projects. The two companies will explore the joint development of renewable energy projects such as battery storage and the production and storage of green hydrogen. They will also work together internationally to […] April 18, 2024
Banking & Finance ADIB denies stake purchase talks in Indonesian lender Abu Dhabi Islamic Bank (ADIB) has denied holding talks with Indonesia’s largest Islamic lender to acquire a minority stake for just over $1 billion. “ADIB strongly denies being in any negotiations to acquire a stake in Bank Syariah Indonesia,” the emirate’s largest Islamic lender said in a statement published on the Abu Dhabi bourse on […] April 18, 2024
Analysis Banking & Finance Iraq shapes up as a destination for UAE investors Emirati investors may be increasingly tempted to look at Iraq after additional safeguards are introduced under a new bilateral investment treaty, observers believe. The treaty between Iraq and the UAE was signed in October 2021 and ratified by both states last year. All that is left now is for the instruments of ratification to be […] April 18, 2024
Real Estate Emirates REIT in profit after revaluation gain Dubai’s Emirates REIT reported a 55 percent rise in annual profit after making a nine-figure revaluation gain on its property portfolio. A REIT – a real estate investment trust – is a company that owns income-producing assets related to real estate such as buildings, land and real estate securities. Through REITs investors can have fractional […] April 17, 2024
Tech Telegram to hit 1bn users in a year, founder says Telegram, the messaging platform based in Dubai, will have one billion active monthly users within the next year, its founder Pavel Durov said on Tuesday. The app has 900 million active users at the moment. It aims to remain a “neutral platform” and not a “player in geopolitics,” Durov said during a recent video interview […] April 17, 2024
Analysis Infrastructure Gulf’s record floods highlight ‘balance between risk and investment’ Historic rainfall this week in the Gulf, particularly in the UAE, has raised serious questions about investment in infrastructure to prevent the widespread flooding that brought much of the region to a standstill. On Tuesday the UAE was hit by its heaviest rains in 75 years. The downpour turned main roads into waterways, particularly in […] April 17, 2024
Renewable Energy Developers sought for Abu Dhabi’s Khazna solar plant Emirates Water and Electricity Company (Ewec) is seeking developers to build a 1,500 megawatt solar power facility in Abu Dhabi as the emirate ramps up its green energy drive. The utility has issued a request for proposals to qualified companies that have expressed interest in developing the Khazna Solar Photovoltaic project. A total of 27 […] April 17, 2024
Analysis Real Estate Rising prices risk making Dubai homes ‘unattainable’ Escalating home prices in Dubai’s affordable communities are making it even more difficult for residents to get on the property ladder, real estate experts have warned. February data from property consultancy ValuStrat shows the highest annual growth in apartment values was recorded in the emirate’s more budget-friendly neighbourhoods. Prices in Discovery Gardens and The Greens […] April 17, 2024
