Banking and Finance International growth continues to boost First Abu Dhabi profits First Abu Dhabi, the UAE’s largest bank by assets, has reported a 5 percent increase in net profit for the third quarter this year, boosted by “increased client activity” and continued growth in its international operations. Net profit rose by over AED200 million in the three months ending September 30, FAB said on Friday, up […] October 18, 2024
Video length: 02:21 VIDEO Tech ‘Holograms won’t replace Zoom and Teams… yet’ Star Wars depicted the use of holograms for video conferencing way back in the 1970s, but the technology has yet to move from science fiction to everyday life. This is mostly down to financial and logistical limitations – and an interview with the holographic avatar of HPE president Antonio Nearly has revealed that holograms are […] October 18, 2024
Editor's Insight Transport Trains, planes and more trains (or metros) Is it finally happening? It was conceived back in 2013 and was supposed to take four years to build but the Riyadh metro looks like it is about to open. To the hard-pressed inhabitants of the Saudi capital, that can only be a good thing. Alternatives to the car and bus – Riyadh has a new […] October 18, 2024
Tech UAE bypasses Nvidia chip restrictions to grow AI capabilities The UAE has established a way to use Nvidia’s powerful AI chips to boost its own artificial intelligence capabilities, despite recent US export restrictions within the sector. Core42, a subsidiary of Mubadala-backed G42, announced last week that it has developed a specialised system to deploy Nvidia’s H100 Tensor. This new set-up, which the company calls […] October 17, 2024
EXCLUSIVE Tech Dubai prepares laws to support digital businesses Dubai is preparing to roll out a wave of regulations aimed at supporting small and digital businesses, a government official has confirmed. “We need to recognise that digital business are different from traditional businesses, and we need to treat them as such,” Ahmad Bin Byat, vice chairman of Dubai Chamber of Digital Economy, told AGBI. […] October 17, 2024
Trade UAE agrees to review India’s precious metal export concerns The UAE has agreed to examine India’s concerns over a sharp increase in precious metal exports, New Delhi said in a statement on Tuesday. The concerns were raised at the second meeting of the joint committee under comprehensive economic partnership agreement (Cepa) on Monday as the two nations hoped to reached the $100 billion non-oil […] October 17, 2024
Real Estate Nakheel awards $1.4bn contracts for Palm Jebel Ali villas Dubai state-owned developer Nakheel has awarded three major contracts, valued at more than AED5 billion ($1.4 billion), to construct ultra-luxury villas on the first six fronds of Palm Jebel Ali. The contracts were awarded to Ginco General Contracting, Shapoorji Pallonji Mideast and United Engineering Construction Company (UNEC). The work scope of the contracts includes the […] October 17, 2024
Oil & Gas UAE oil exports to India rise, squeezing out GCC neighbours The UAE’s oil exports to India have risen sharply this year, contrasting with declines for other members of the GCC. In January to September 2024, Emirati exports were up 54 percent year on year, according to data from Reuters. However, exports from the Middle East as a whole have remained broadly stable, increasing by only […] October 17, 2024
Transport Dubai Taxi partners with Bolt to take on Uber Dubai Taxi Company has signed a deal with the Estonian company Bolt to launch its “e-hailing” platform in the emirate, competing with existing operators such as Uber and Careem. The launch of the platform was announced during a signing ceremony between DTC and Bolt at Gitex Global. Mansoor Rahma Alfalasi, CEO of Dubai Taxi, called […] October 16, 2024
Opinion Economy The WEF shows its more pessimistic face in Dubai Founder of the Forum tells opening session that 'for the first time, humanity could destroy itself' October 16, 2024
Finance Kenya in loan talks with UAE to reduce debt Kenya and the UAE are discussing a commercial loan worth $1.5 billion, according to the Kenyan minister of finance. The loan would have an 8.25 percent interest rate and a seven-year tenor, John Mbadi told a press conference on Wednesday. “This loan is cheaper than the Eurobond we borrowed at 10.7 percent,” Mbadi told the […] October 16, 2024
Trade Tech startups drive rise in Ireland’s exports to UAE Exports from Ireland to the UAE rose by 21 percent last year, driven by Irish technology and healthcare companies. The trade agency Enterprise Ireland says exports to the GCC increased 13 percent last year, reaching €532.5 million ($580 million). Qatar had the region’s fastest growth in exports from Ireland last year, with a rise of […] October 16, 2024
Tourism Las Vegas’s giant Sphere entertainment centre coming to Abu Dhabi A twin of the $2.5 billion 111-metre-tall Sphere entertainment centre in Las Vegas is to be built in Abu Dhabi. Abu Dhabi’s Department of Culture and Tourism (DCT) has signed an agreement with US company Sphere Entertainment to build the venue at an as yet unnamed “prime spot” in Abu Dhabi that will echo the […] October 16, 2024
Leisure & Hospitality ADNH Catering raises $235m from Abu Dhabi listing ADNH Catering has raised AED864 million ($235 million) by selling 900 million shares, or a 40 percent stake, on the Abu Dhabi Securities Exchange (ADX). The final offer price was AED0.96 per share, the top end of the previously announced price range. The market capitalisation on listing will stand at AED2.16 billion. The initial public offering was […] October 16, 2024
Analysis Real Estate Mid-range housing leapfrogs affordable competition in Dubai Sales of affordable housing in Dubai declined over the past six years as a share of total transactions amid changing developers’ preferences and broader cost-of-living increases, industry professionals say. Properties below AED1 million ($272,000) peaked at 46 percent of all residential deals in the emirate in the third quarter of 2018. That figure has steadily […] October 16, 2024
Renewable Energy Abu Dhabi seeks developer for new wind power project Abu Dhabi’s Emirates Water and Electricity Company (Ewec) has invited expressions of interest (EoIs) for the development of a wind farm in the Al Sila region. On completion, the 140 megawatt (MW) greenfield renewable energy independent power project will more than double the existing wind generation capacity in the UAE. The Al Sila wind project will […] October 16, 2024
Finance ADQ buys 96% of Bank Audi’s Turkish unit The Abu Dhabi sovereign wealth fund ADQ has signed an agreement to acquire 96 percent of Lebanon-based Bank Audi’s Turkish subsidiary, Odeabank. The transaction is subject to regulatory approvals, including from Turkey’s banking regulation and supervision authority and the competition authority. As part of the deal, Bank Audi and other investors such as the International Finance […] October 16, 2024
Video length: 05:57 Analysis Artificial Intelligence UAE data centres struggling to meet AI demand The UAE has the largest concentration of data centres in the Middle East and North Africa, but it is grappling with a capacity crunch. A surge in demand from the artificial intelligence sector is putting a strain on existing infrastructure, driving up costs and posing a challenge to future growth, industry experts have told AGBI. […] October 16, 2024
Aviation Boeing 777X delay ‘highly expensive for us’, says Emirates Planemaker Boeing’s announcement of more delays in the delivery of its 777X aircraft to customers has had a “significant and highly expensive” impact on Emirates’ fleet programme, the Dubai carrier said this week. Emirates has already spent an extra $3 billion for a massive cabin refurbishment programme on 191 of its existing planes, 110 A380 […] October 15, 2024
Transport Plans agreed for Dubai’s skyborne transport system Dubai’s latest transport initiative aims to move people around the city at speeds of up to 120 kilometres an hour, with the intention of automating a quarter of all trips by 2030 and removing thousands of cars from the roads in the process. Plans for Dubai’s Suspended Transport Systems Project were approved earlier this month […] October 15, 2024
