Finance UAE’s Aditum pairs with BlackRock to launch funds Aditum Investment Management is to launch five funds for UAE investors, according to reports confirmed by AGBI. The five funds will include one focused on sustainable energy investments and another on health science, Citywire first reported. A representative of Blackrock confirmed to AGBI that the Citywire reports are accurate. Blackrock has registered BlackRock Aditum Dynamic […] October 31, 2024
Telecoms Revenue at e& rises as subscriber base grows The UAE telecommunications company e&, formerly known as Etisalat, said revenue rose 10 percent year on year in the third quarter of 2024 amid an increasing subscriber base. The top line for July to September reached AED14.4 billion ($3.9 billion), compared to AED13.4 billion a year ago. Net profit remained stable at AED3 billion in […] October 31, 2024
Retail Adnoc Distribution profit falls 20% on lower fuel prices Adnoc Distribution, an Abu Dhabi-listed fuel and convenience retailer, said net profit fell 20 percent year on year to AED667 million ($182 million) in the third quarter of 2024, impacted by lower selling prices due to a fall in crude oil prices. Revenue, however, increased by 2 percent year on year to AED9.1 billion, driven by […] October 31, 2024
Analysis Trade Nigeria-UAE trade tipped to recover as Emirates restarts flights Nigeria’s trade with the UAE is expected to rise significantly following the resumption of Emirates flights to Lagos this month. The daily return flights from Dubai offer more than 300 tonnes of “bellyhold” capacity – cargo carried in the hold on passenger flights – every week. Emirates suspended the flights nearly two years ago after […] October 30, 2024
Real Estate Emaar’s Alabbar eyes major investment in Madagascar Emaar founder Mohamed Alabbar is planning a major investment in Madagascar, marking the island nation as his next big venture. “Madagascar is the next new thing in my life,” Alabbar said at the Future Investment Initiative in Riyadh on Tuesday. “It’s going to be a very big investment,” he said, but did not provide further […] October 30, 2024
Real Estate Adnec adds Business Design Centre to London portfolio Adnec Group has expanded its UK portfolio with the acquisition of the Business Design Centre in London. The historic building, which dates back to 1862 when it was the Royal Agricultural Hall, is a 4.5-acre Grade II listed venue that hosts events, awards and product launches. The North London venue is the location for long-standing […] October 30, 2024
Economy Surplus of $8bn predicted in latest Dubai budget cycle A record surplus of AED30 billion ($8.16 billion) is being predicted by Dubai in its latest three-year budget. The emirate’s ruler, Sheikh Mohammed bin Rashid Al Maktoum, has approved the 2025-27 budget cycle, which includes AED272 billion in expenditure, against estimated revenues of AED302 billion. For the 2025 fiscal year, expenditure has been set at […] October 30, 2024
Oil & Gas Adnoc Drilling Q3 profit rises 30% to $335m Adnoc Drilling’s net profit rose 30 percent year on year to $335 million in the third quarter of 2024, beating market expectations. Quarterly revenue at the company, listed on the Abu Dhabi stock exchange, jumped 32 percent annually to more than $1 billion. This was driven by the expansion of onshore and offshore fleets, as […] October 30, 2024
Manufacturing Abu Dhabi plans to buy stake in British carmaker McLaren Abu Dhabi-backed CYVN Holdings has entered a non-binding agreement with Mumtalakat Holding, Bahrain’s sovereign wealth fund, to buy a stake in British carmaker McLaren Group, with the potential to take ownership of its automotive business. The partnership aims to bolster McLaren with additional capital, advanced engineering expertise and technology, particularly in electric vehicles (EVs), the companies […] October 30, 2024
Video length: 02:32 VIDEO Finance UK is ‘actively seeking’ Gulf investors, says trade minister “Britain is back and Britain is open for business,” UK trade minister Douglas Alexander has told AGBI. In an interview at the Future Investment Initiative summit taking place this week in Riyadh, Alexander said the Labour government’s budget on Wednesday would seek to “raise the level of investment in the UK economy”. “The kind of […] October 29, 2024
Construction Aldar Properties reports ‘strong pickup’ for London projects Aldar Properties remains bullish about London’s property market despite high interest rates and fears that tax rises will be announced in the UK budget on Wednesday. The government-owned Abu Dhabi company bought British developer London Square in a deal worth AED1.07 billion ($291 million) last year – its first acquisition outside the Middle East and […] October 29, 2024
Analysis Retail Diwali gold buyers change their approach as prices rise Dhanteras, the first day of Diwali, is seen as an auspicious time to buy gold by the Gulf’s roughly three million Hindus. But as the price of gold hits record levels consumers are shopping differently, gold traders told AGBI. Gold’s price has surged by 34 percent in the past year alone. This trend is being […] October 29, 2024
Aviation Dubai Aerospace Enterprise buys 10 aircraft for $500m Dubai Aerospace Enterprise (DAE), a global aviation services company, has acquired ten narrowbody aircraft for around $500 million. DAE will lease the next-generation aircraft to four airlines across four countries, the company said on Tuesday. “These young aircraft with long remaining lease terms are expected to be favourable to our portfolio’s metrics, once delivered,” said […] October 29, 2024
Video length: 02:32 Analysis Tax UK faces tech talent drain to UAE as budget tax rises loom A talent drain of thousands of tech entrepreneurs from the UK to the UAE could be on the way due to tax rises the new Labour government is expected to introduce on Wednesday in its first budget. More than four in five company founders and investors say they will consider relocating, according to a survey […] October 29, 2024
Trade UAE and Vietnam pact aims for $20bn in bilateral trade The UAE and Vietnam have signed a comprehensive economic partnership agreement (Cepa), paving the way for $20 billion in bilateral trade. This marks Vietnam’s first Cepa with a Middle Eastern country and was signed by prime minister Pham Minh Chinh in Dubai on Monday, the UAE state-run Wam news agency reported. The agreement seeks to […] October 29, 2024
Telecoms UAE’s du quarterly profit hits three-year high Dubai-listed Emirates Integrated Telecommunications Company (EITC), the operator of du and Virgin Mobile brands in the UAE, said third-quarter net profit was the highest in three years thanks to solid topline growth and customer base expansion. Net profit rose 43 percent year on year to AED719 million ($196 million), as revenue rose 9 percent annually […] October 29, 2024
Industry Borouge Q3 profit rises to $328m on record sales Abu Dhabi-listed Borouge reported a 16 percent year-on-year increase in net profit to $328 million, driven by record quarterly sales and strong pricing for its premium products. Revenue grew 7 percent year on year to $1.6 billion, reflecting a strategic focus on high-value markets that drove a 2 percent year-on-year increase in sales volumes. Despite […] October 29, 2024
People & Lifestyle Dubai private schools face major shortfall of places Dubai’s private school sector is staring at a shortfall of more than 100,000 places by the start of the 2031 academic year, as the industry struggles to keep pace with the emirate’s increasing population. Under the Dubai 2040 Master Plan, the emirate’s population is forecast to reach 7.8 million by the end of the next […] October 29, 2024
Sustainability UAE green steel project brushes off hydrogen concerns The UAE has completed a pilot programme looking into the use of green hydrogen to decarbonise the steel industry. UAE steel company Emsteel and renewable energy major Masdar joined forces to produce “green” steel despite increasing concerns over cost, regulations, demand and scalability of the clean energy source. Conventional steel production accounts for around 8 […] October 29, 2024
Infrastructure Adia-backed platform to invest in more Indonesia toll roads A road toll platform backed by a wholly owned subsidiary of Abu Dhabi Investment Authority (Adia) has invested in a new section of the Trans Sumatra Toll Road that is being built across the island of Sumatra in western Indonesia. Indonesia’s sovereign wealth fund, Indonesia Investment Authority (INA), announced on Monday that its toll road platform […] October 28, 2024
