Opinion Food & Drink Our love for cheap imported food is costing us dearly The UAE is too dependent on food imports while about a third, worth $4 billion, is wasted October 4, 2024
Real Estate New Expo City plan to drive Dubai’s economic growth A new master plan has been released for Expo City Dubai, one of the five key urban centres set to double the emirate’s economy by 2033. The new master plan will establish Expo City Dubai as a hub for pioneers, entrepreneurs, investors, innovators, educators and students, the UAE state-run Wam news agency reported, quoting Dubai […] October 4, 2024
Tech Mubadala acquires majority stake in Spanish IT company Abu Dhabi’s Mubadala Capital has agreed to acquire a controlling stake in Babel, a Madrid-based IT and digital transformation services provider. The acquisition, which is subject to regulatory approval, further expands Mubadala’s presence in the business services sector, following its earlier purchase of Dutch safety-critical training company RelyOn Nutec this year. The terms of the […] October 4, 2024
Economy UAE non-oil growth weakens while Gulf neighbours improve Growth in the UAE’s non-oil sector has slowed to its weakest point in three years, but activity in the Gulf countries continues to be the bright spot among survey results for economies in the Middle East. The UAE purchasing managers’ index (PMI) from S&P Global signalled the emirate’s slowest expansion in non-oil business activity for […] October 3, 2024
Transport Parkin signs deal to develop vertiports for Dubai air taxis Parkin, the Dubai government’s parking management company, has signed an agreement to develop the support network for flying taxis in the emirate. Under the agreement Parkin and Skyports, a UK-based vertiport infrastructure developer, will collaborate on the provision of parking facilities at “vertiport” sites in Dubai, as well as developing new locations across Parkin’s network […] October 3, 2024
Artificial Intelligence UAE’s MGX part of OpenAI’s $6.6bn fund raising UAE technology investment company MGX was among the investors in the latest round of funding for OpenAI, the company behind ChatGPT. OpenAI said it raised $6.6 billion from investors in the latest round, the largest ever venture capital deal, valuing the company at $157 billion. Venture capital company Thrive Capital led the round with a […] October 3, 2024
EXCLUSIVE Finance Dubai’s crypto regulator defends ‘robust’ approval process Dubai is viewed as a crypto-friendly destination, but the head of the regulator overseeing the sector has told AGBI its processes are rigorous and only a small fraction of applicants are approved. “It’s probably fair to say at the beginning there was a perception from the market that it would be straightforward to get a […] October 3, 2024
Analysis Tourism Gulf hospitality industry shrugs off war concerns Middle East hospitality veterans downplayed concerns over wider regional tensions this week, saying the industry has survived crises before and is poised to do so again. Government officials and corporate executives spoke during the Future Hospitality Summit, which is taking place in Dubai this week, just as military action intensified in Israel, Lebanon and Iran, […] October 3, 2024
Oil & Gas Without Opec+ ‘we would be in chaos’, says UAE minister Opec+ is doing a “noble” job of balancing supply and demand in the oil market, the UAE energy minister has said. “Without this group, we would be in chaos,” Suhail Al Mazrouei told a conference on Wednesday. “Opec+ has sacrificed more than others,” the minister said, adding that although the energy group’s members do not […] October 2, 2024
Artificial Intelligence Cerebras says success hinges on UAE’s G42 as it prepares for IPO Cerebras Systems trebled its revenue to almost $79 million in 2023, but ahead of its initial public offering the AI chipmaker has warned that its financial growth is heavily tied to its partnership with the UAE’s G42. The company, which is based in California and generated $136.4 million in the first six months of this […] October 2, 2024
Analysis Real Estate Off-plan luxury projects drive real estate risk in Dubai The rapid growth in off-plan development, particularly luxury properties, is injecting vulnerability in Dubai’s otherwise solid real estate market. Developers launched 391 projects in Dubai between January and mid-September, a 43 percent year-on-year increase. Many of the apartment towers in the pipeline are designed as high-end, and often branded, residences. “I feel there’s an oversupply […] October 2, 2024
Real Estate Abu Dhabi mortgage deals surge as real estate thrives Mortgage transactions in Abu Dhabi rose 20 percent year on year in the third quarter of 2024 amid robust growth in the real estate sector. The total value of the mortgage deals reached AED13.5 billion from 2,594 transactions, the UAE state-run Wam news agency reported, citing Dari, a unified property services platform. Overall, real estate […] October 2, 2024
Renewable Energy Abu Dhabi invites companies for greenfield solar project Abu Dhabi’s Emirates Water and Electricity Company (Ewec) has invited expressions of interest (EoI) for a new greenfield solar project in the Al Dhafra region. The Zarraf solar PV independent power project, with a generation capacity of 1.5 gigawatts (GW), will match the scale of similar projects such as Al Dhafra, Al Ajban and Khazna, […] October 2, 2024
Mining IRH of Abu Dhabi to invest in South Africa Abu Dhabi’s most valuable company is investing in mining, green energy and transport via Africa’s largest asset manager. International Resources Holding (IRH), part of International Holding Company, has signed an agreement with the Public Investment Corporation (PIC) of South Africa. IRH and PIC have also agreed to create an artificial intelligence-enabled geoscience company to explore […] October 1, 2024
Renewable Energy Masdar completes purchase of stake in green energy producer UAE renewable energy major Masdar has completed its acquisition of a 50 percent stake Terra-Gen Power Holdings II, one of the largest independent renewable energy power producers in the US. Masdar bought the stake from US investment company Energy Capital Partners. No financial details on the deal, which was first announced in March, were shared. […] October 1, 2024
Adnoc to buy German chemicals company Abu Dhabi’s Adnoc has agreed to buy German chemicals producer Covestro for €15.9 billion ($18 billion) including debt, the state oil giant said on Tuesday, representing its largest acquisition to date. The deal is one of the biggest foreign takeovers by a Gulf state as Abu Dhabi and other countries in the region seek to reduce […] October 1, 2024
Agriculture UAE pledges $30m for Ghana’s biodiversity push The UAE and Ghana have signed a $30 million partnership for nature-based community development and climate initiatives. The agreement covers six areas of investment, including biodiversity corridors, which allow animals to travel from one patch of native forest to another, reforestation and agroecology – sustainable farming that works with nature. The partnership aims to deliver […] September 30, 2024
Industry EGA buys majority stake in US aluminium recycler Emirates Global Aluminium (EGA), the biggest non-oil industrial company in the UAE, has acquired an 80 percent stake in US-based aluminium recycling company Spectro Alloys Corporation. The owner-managers of Spectro will hold 20 percent. The funding will be in line with EGA’s green finance framework, launched in June, to support decarbonisation projects and enable the […] September 30, 2024
Markets Abu Dhabi National Hotels launches IPO of catering unit Abu Dhabi National Hotels (ADNH) said it will float a 40 percent stake in its catering unit, or 900 million shares, on the local stock exchange. The final offer price, determined through a book-building process, will be announced on October 16. The sharia-compliant ADNH Catering shares sold are owned by ADNH, which trades on […] September 30, 2024
Analysis Real Estate Lack of plots gives Palm Jumeirah added air of exclusivity Palm Jumeirah, Dubai’s world-famous man-made island, is running out of undeveloped land. Developer Nakheel’s announcement earlier this week that it will pay nearly $500 million to Alec Engineering & Contracting to build the new 75-storey Como residential tower on Palm Jumeirah is bound to be one of the last of its kind. Since it will […] September 29, 2024
