Finance Abu Dhabi is top global city for SWF assets with $1.6trn Abu Dhabi’s various sovereign wealth funds have a combined $1.67 trillion in assets, having overtaken Oslo to become the wealthiest global city for SWF assets. This total includes Abu Dhabi Investment Authority (Adia), Mubadala, ADQ and Abu Dhabi Fund for Development, plus the federal government-owned Emirates Investment Authority, according to a report by Singapore-based consultants […] October 9, 2024
Finance Adia writes off investment in Thames Water The UAE’s largest sovereign wealth fund, Adia, has written off its investment in Thames Water, the UK’s largest water provider, a news report said. The entire investment value in Thames Water has been written down because of the “challenging regulatory environment and operational performance”, the Financial Times reported, citing an account filing by Infinity Investments, […] October 9, 2024
Finance UAE-Jordan trade deal targets non-oil growth The UAE’s comprehensive economic partnership agreement (Cepa) with Jordan, its first with an Arab nation, is poised to strengthen economic ties and drive non-oil trade, which reached $4.2 billion in 2023. The agreement intends to foster investment, accelerate growth in key industries and bolster supply chains, the UAE state-run Wam news agency reported. The Cepa […] October 9, 2024
Economy UAE announces largest-ever budget for 2025 The UAE has approved its largest-ever national budget for the fiscal year 2025, with spending set to hit AED71.5 billion ($19.5 billion), after capital expenditure increased by nearly half in the early part of this year. The government expects to match the 2025 expenditure with AED71.5 billion in revenues over the same period. Social Development […] October 8, 2024
Food & Drink Gulf’s taste for chicken boosts Brazilian exports Saudi Arabia and the UAE has helped Brazil record the second-highest volume of chicken meat exports in a single month. Shipments of chicken from Brazil in September increased 17.6 percent to the United Arab Emirates and 5.9 percent to Saudi Arabia. Brazil, the world’s largest supplier of chicken meat, exported 485,000 tonnes in total last […] October 8, 2024
Analysis Energy Costs versus profits in the energy transition debate The Abu Dhabi-based International Renewable Energy Agency (Irena) last month reported that, once again, if you want cheap electricity, then renewable energy is by far your best bet. After “spectacular” declines in cost in recent years, according to Irena’s 2023 Costs Report, the global weighted average cost of photovoltaic (PV) solar – the most widespread […] October 8, 2024
Analysis Finance Insurance payouts surge in UAE after record rainfall The UAE’s record-breaking rainfall contributed to soaring levels of insurance payouts in the first half of this year. The increase is also attributed to inflation, the Gulf state’s growing population and expanded insurance coverage across various sectors. The Central Bank of the UAE said in its quarterly economic review that the gross paid claims of […] October 8, 2024
Banking and Finance ADIA’s new office in India to fast-track investments Abu Dhabi Investment Authority (ADIA), the UAE’s largest sovereign wealth fund, is accelerating its India investment plans after starting operations from the special economic zone in Prime Minister Narendra Modi’s Gujarat home state. “India is one of the world’s fastest growing economies and has been a key focus for our investment activities for a number […] October 8, 2024
Real Estate Apartments in UAE among cheapest to build in the world Building a standard residential high-rise in Dubai or Abu Dhabi is up to two-thirds cheaper than in other major global cities, thanks to land, labour and raw materials all costing much less. Land is up to three times cheaper in the UAE compared with the prices paid in New York, London, Hong Kong and Singapore […] October 8, 2024
Food & Drink Spinneys to build processing unit in Food Tech Valley The UAE supermarket chain Spinneys has signed a deal to build a 500,000 square foot food processing unit in Dubai’s Food Tech Valley as part of the plan to increase its locally sourced produce. The deal, which will last for 27 years, is intended to foster innovation in food processing as part of the wider […] October 7, 2024
LUNCH WITH FRANK KANE People & Lifestyle ‘The biggest risk to Dubai is the cost of living’ Eminent lawyer and foodie Dr Habib Al Mulla tells our Editor-at-Large why he has opened a Moscow office and how the UAE needs to change October 7, 2024
Banking and Finance Largest caterer in UAE gears up for IPO ADNH Catering, which claims to be the UAE’s largest provider of food services, has announced details of a float on the Abu Dhabi Securities Exchange (ADX) that could raise up to $235 million. Abu Dhabi National Hotels Company, the owner of ADNH Catering, will make available 900 million of its shares in the catering company, […] October 7, 2024
Infrastructure Storm infrastructure upgrade for Abu Dhabi goes out to tender Tenders to enhance storm infrastructure have been issued by Abu Dhabi in areas severely impacted by April’s rainfall, the heaviest in 75 years. The tenders include projects in Al Dhafra, such as upgrading rainwater drainage networks in Ghayathi, constructing a stormwater network in Delma City and designing a main stormwater line in Madinat Zayed. A […] October 7, 2024
Gaming Wynn scores UAE’s first commercial gaming licence Wynn Resorts, the US hospitality group, has won the first commercial gaming operator’s licence in the UAE. The company, which has its headquarters in Las Vegas, is building a $4 billion, 1,500-room resort on Al Marjan Island in Ras Al Khaimah, which is expected to open in 2027. The resort has now been licensed by […] October 7, 2024
Construction ADQ unveils plans for Ras El Hekma Egyptian project Abu Dhabi sovereign wealth fund ADQ has revealed plans for the Ras El Hekma mega development, which is expected to contribute $25 billion annually to Egypt’s GDP and create 750,000 jobs both directly and indirectly. The sovereign fund has appointed Abu Dhabi-listed Modon Holding as the master developer for the 170 million sq m project. […] October 7, 2024
Economy Abu Dhabi to announce new 2045 strategy for GDP growth Abu Dhabi will soon launch a new 2045 economic strategy aimed at accelerating GDP growth in the emirate, sources told AGBI. The strategy, expected to be released early next year, outlines a broad transformation that seeks to further diversify the emirate’s economy, significantly reduce its reliance on oil, and position Abu Dhabi as a major […] October 6, 2024
Education Dubai school operator Taaleem increases profit by 55% Dubai school operator Taaleem has reported revenue of AED945.2 million ($257.3 million) for its 2023-24 financial year – a 15.5 percent year-on-year increase. More student enrolments and the opening of new schools helped Taaleem to increase net profit before tax by 55 percent, to AED182 million, in the financial year ending August. Taaleem’s shares were […] October 4, 2024
Banking and Finance Mubadala-backed Shein courts investors before London IPO Chinese fashion retailer Shein, which is backed by the Abu Dhabi sovereign wealth fund Mubadala, is courting European investors before an initial public offering on the London Stock Exchange. Shein is due to hold informal meetings to answer questions and test the investment appetite of major investors in the coming weeks, before its planned IPO […] October 4, 2024
Opinion Retail Twenty years of Souk Madinat Jumeirah: Dubai in microcosm The anniversary of Dubai's famous souk prompted a trip down memory lane October 4, 2024
Opinion Trade UAE-Australia trade deal will help business take off Tariff savings will help to grow multi-billion bilateral trade across many industries October 4, 2024
