Retail Lulu aims to raise $1.4bn from Abu Dhabi IPO listing Lulu Retail Holdings, the largest grocery retailer in the GCC, has announced a price range of between AED1.94 and AED2.04 per share for its much-anticipated IPO on the Abu Dhabi Stock Exchange (ADX). If all the 2.8 billion shares offered, a quarter of the total holding, are sold, the size of the offering will be […] October 28, 2024
Markets Abu Dhabi’s NMDC Group profit up 45% Engineering company NMDC Group’s net profit has increased 45 percent in the year to date compared with the same period last year, the group announced on Sunday. By September 30 NMDC’s net profits increased to AED2.2 billion ($600 million) from AED1.5 billion in the same period in 2023. Revenues rose by 68 percent to AED18.5 […] October 28, 2024
Retail Retail rents rise at Dubai malls due to lack of supply Rents in Dubai’s retail sector grew by an average of 15 percent in the third quarter of this year, as a lack of new supply and high demand from shoppers meant it remained a landlords’ market at the emirate’s popular malls. There were no new completions of retail space in the second quarter of the […] October 28, 2024
Analysis Manufacturing Petrochem plants under pressure to utilise capacity Petrochemicals plants are currently operating at just over 80 percent capacity, rates which must increase for the sector’s margins and product prices to improve, analysts say. Saudi Basic Industries Corp (Sabic) is the world’s seventh largest chemicals manufacturer by sales, while both the UAE and Qatar have invested heavily in creating homegrown petrochemicals industries. Globally, […] October 25, 2024
Industry Copper-trading centre in Abu Dhabi planned by UAE’s IRH The UAE’s International Resources Holding (IRH) intends to set up a copper trading hub in Abu Dhabi, as the market looks to forecasts from China on the direction of prices. IRH, an arm of International Holding Company, said it plans to target “over 500,000 tonnes of green copper annually by 2025”. “This initiative will further […] October 25, 2024
Telecoms UAE telco e& purchases slice of PPF in eastern Europe The UAE telecommunications company e&, formerly known as Etisalat, has completed its acquisition of 50 percent plus one share in the Czech PPF Group’s telecoms business in Bulgaria, Hungary, Serbia and Slovakia. The deal, which was approved by the European Commission in September, is valued at €2.15 billion ($2.3 billion), plus a potential earn-out of up […] October 25, 2024
Sustainability UAE law could make emissions reporting mandatory The UAE has introduced a new climate law, set to take effect next year, as part of its broader push to achieve net zero emissions by 2050. Experts told AGBI the federal decree on the reduction of climate change effects is expected to have significant near-term implications for many businesses, potentially making it mandatory for […] October 25, 2024
Entrepreneurs Dubai seeks 5,000 VCs to ignite startup funding Less than a tenth of total loans issued by UAE banks in the first half of the year went to small and medium sized enterprises amid renewed calls to reduce the funding gap. The total amount of facilities and loans extended by banks operating in the UAE reached AED856 billion ($233 billion) by the end […] October 24, 2024
Markets UAE investors snap up AI stocks after price drop UAE investors poured money into artificial intelligence stocks during the third quarter, capitalising on underperforming shares, data from retail trading platform eToro indicates. Blockchain and AI dominated the investments made during the three-month period, as buyers seemingly looked for long-term potential, despite short-term challenges. The value of CrowdStrike Holdings plummeted more than 40 percent in […] October 24, 2024
Real Estate Dubai’s bellwether Emaar to report Q3 profit rise Dubai’s Emaar Properties, bellwether of the emirate’s bourse, and its real estate development subsidiary, are likely to report sizeable increases in third-quarter profits versus the preceding three months as margins expand and under-construction projects reach revenue recognition thresholds. Emaar Properties owns 79 percent of Emaar Development and also has hospitality and retail divisions. It is […] October 24, 2024
Media & Advertising Abu Dhabi increases rebate to attract more TV and film Abu Dhabi has increased the rebate available to TV and film production companies as regional competition hots up. In a bid to entice further production from Hollywood, Bollywood and the Arab world to shoot in the emirate, Abu Dhabi Film Commission (ADFC) announced that from 2025 productions can apply for a 35 percent rebate, up […] October 23, 2024
Opinion Energy The Middle East has the chance to lead on hydrogen The pace and scale of deployment must accelerate to meet mid-century climate goals October 23, 2024
Renewable Energy UAE and Rajasthan explore renewable energy project The UAE has signed an investment memorandum with the Indian state of Rajasthan to explore a 60 gigawatt renewable energy project, focusing on solar, wind and hybrid power. The UAE Ministry of Investment said the agreement builds on a broader Investment Cooperation pact between the UAE and India’s Ministry of New and Renewable Energy. Rajasthan, […] October 23, 2024
Aviation Adia to invest $750m in debt of India’s GMR Group Abu Dhabi Investment Authority (Adia), the UAE’s largest sovereign wealth fund, will invest about $750 million in the debt of India’s GMR Group, giving it a foothold in one of the world’s fastest-growing aviation markets. The investment will also allow the Indian company to reduce the pledged shareholding on its airports business. Adia has invested […] October 23, 2024
Analysis Banking and Finance Analysts expect ‘mixed’ picture from Gulf banks’ Q3 results The Gulf’s largest banks are likely to report mixed earnings for the third quarter, analysts say, as pressure on margins lessens the benefit of lending growth. Qatar National Bank and Dubai’s Emirates NBD – the Middle East and Africa’s largest and fifth largest banks by assets – have already published Q3 results. QNB’s profit rose […] October 23, 2024
Artificial Intelligence AI-driven ‘virtual lawyers’ to launch in UAE AI-powered “virtual lawyers” are to be launched in the UAE to help process simple cases. The country’s Ministry of Justice said the aim of the project was to speed up legal proceedings for simple cases, with the AI lawyers assisting with entering pleas, submitting documents, and providing services such as text-to-speech, or helping lawyers interact […] October 22, 2024
Trade Former UK chancellor Zahawi calls for UAE trade talks A former UK chancellor has called for the UK to initiate trade talks with the UAE as discussions over a UK-GCC-wide agreement head towards a seventh round. Nadhim Zahawi said a standalone free trade deal between the UK and UAE would “accelerate a full trade agreement” with the UAE, Bahrain, Kuwait, Saudi Arabia, Qatar and […] October 22, 2024
Opinion Trade UAE believes trade with Africa is worth the risk Investments by Emirati companies are being encouraged and supported by the government October 22, 2024
Analysis Tech Data centre projects struggle for funds despite soaring demand Data centre projects in the UAE are struggling to secure financing in their early stages despite an urgent need for more facilities to meet soaring demand, observers say. There are fears this financing gap threatens to slow development and exacerbate the region’s growing shortage of critical data infrastructure needed to fuel digital ambitions. Johan Nilerud […] October 22, 2024
Opinion Energy Gulf investors should wake up to the attractions of small ‘nukes’ There is no sign of any large-scale investment in small modular reactors October 21, 2024
