Construction ISG Middle East trading as usual despite fall of UK affiliate The collapse last week of ISG, the UK’s sixth largest construction company, will not impact the work of its affiliate in the Middle East, a company spokesperson told AGBI. “As ISG Middle East, we operate independently from the UK entity, and we continue to trade as usual without interruption,” the spokesperson said. “We remain committed […] September 25, 2024
Finance Africa’s richest man to open Dubai family office Aliko Dangote, Africa’s wealthiest man with a net worth of $13 billion, is the latest high net worth individual to establish a family office in Dubai. The family office will focus on global investments to expand the Dangote Group’s portfolio beyond industrials, Bloomberg reported, quoting Dangote. The office will also explore co-investment opportunities with families, […] September 25, 2024
Telecoms e&’s PPF deal gets European Commission nod UAE telecommunications company e&, formerly known as Etisalat, said that the European Commission (EC) has approved the acquisition of Czech PPF Group’s telecoms business across four European countries. The extensive dialogue with the EC enabled the grant of foreign subsidies regulation (FSR) approval on an accelerated basis, three months ahead of the applicable legal deadline of […] September 25, 2024
Trade UAE and Malaysia edge closer to free trade deal The UAE is expected to sign a free trade deal with Malaysia by the end of the year as it strengthens its ties with countries in south-east Asia. The update was delivered by Tengku Zafrul Aziz, Malaysia’s minister of investment, trade and industry, at the ninth annual Belt and Road summit in Hong Kong. Aziz […] September 25, 2024
Opinion Trade The UK’s economic woes make Gulf trade deal a priority As Sir Keir Starmer's government runs into turbulence, it will need the help of its GCC allies as never before September 24, 2024
Banking and Finance Santander is latest heavyweight to open in DIFC The private banking arm of Santander in Spain has become the latest global financial institution to open an office in the Dubai International Financial Centre. It will be followed into the UAE by the New York private equity firm General Atlantic, which received preliminary approval on Tuesday to set up shop at Abu Dhabi Global […] September 24, 2024
Opinion Education Dubai’s new university can disrupt the traditional model The last thing the world needs is another dusty educational institution September 24, 2024
Renewable Energy Progress made on Gulf renewables but ‘more to do’ Executives from global companies used a United Nations climate change event on Monday to urge world leaders – including those in the Gulf – to stick to commitments agreed at the Cop28 summit in Dubai to treble renewable energy capacity by the end of the decade. The International Energy Agency (IEA) said on Tuesday that […] September 24, 2024
Real Estate Gulf investors put $100m into London property fund Gulf investors have given $100 million to a shariah-compliant fund run by the alternative asset manager Rasmala Investment Bank in Dubai to spend on the London residential property market. Adnan Adil, an investment director at the bank, told Citywire that he has seen interest from Gulf investors already well acquainted with real estate in London […] September 24, 2024
Renewable Energy Masdar buys $1.4bn green assets in Spain and Portugal UAE renewable energy major Masdar will acquire a portfolio of renewable power projects in Spain and Portugal from the New York Stock Exchange-listed Brookfield Renewable for $1.4 billion. The move aims to bolster Masdar’s market presence in Europe. The portfolio, known as “Saeta Yield”, includes 745 megawatts (MW) of wind energy assets in Portugal and […] September 24, 2024
Leisure & Hospitality Dubai allocates $2.7bn to expand Exhibition Centre The Dubai government has approved an AED10 billion ($2.72 billion) expansion of the Dubai Exhibition Centre (DEC) at Expo City to strengthen its position in the multi-billion-dollar regional events and exhibition sector. The expansion, which will take place in three phases, will make DEC the region’s largest indoor exhibition and events destination, the UAE state-run […] September 24, 2024
Sustainability Altérra-backed climate fund raises $2.4bn A climate-focused fund backed by Altérra – a $30 billion UAE-based climate investment company – has raised $2.4 billion, nearly half of its target, to support clean energy projects across emerging markets. Launched at Cop28 in Dubai last year, the catalytic transition fund includes a foundational $1 billion commitment from Altérra. NYSE-listed Brookfield Asset Management […] September 24, 2024
Renewable Energy Masdar secures funding for Serbia’s 154MW wind farm A joint venture involving Masdar, the UAE’s renewables energy major, has reached financial close on the 154-megawatt (MW) Čibuk 2 wind farm in Serbia. UniCredit and Erste (Erste Group and Erste Bank Serbia) are providing a €144 million ($160 million) debt facility for the project, the UAE state-run Wam reported. The wind farm is being […] September 24, 2024
Analysis Aviation Dnata is 65, but its globetrotting is just getting started Dnata began life 65 years ago as a small travel agency in Dubai. Today it is the airport services arm of Emirates Group, operating in over 30 countries and planning to expand to even more. This month, it signed ground handling contracts with Royal Jordanian Airlines at John F Kennedy airport in New York and […] September 24, 2024
Real Estate Dubai’s Emaar pledges Egypt development worth $1 billion Property developer Emaar plans to invest $1 billion in Egypt in the next 12 months, according to a senior executive. Mohamed Alabbar, the Dubai-based company’s founder, shared the news in an interview with an Arabic-language news outlet, saying the new injection of funds by Egyptian affiliate Emaar Misr Development would build on about $20 billion […] September 23, 2024
Opinion Business of Sport Qatar scores Champions League deal in battle for Gulf skies Qatar Airways has added a new trophy to its prestigious sponsorship collection September 23, 2024
Retail Adnoc Distribution to pay $350m in interim dividend Adnoc Distribution, an Abu Dhabi-listed fuel and convenience retailer, will pay an interim dividend of AED1.3 billion ($350 million) for the first half of 2024. The dividend is the first instalment of the expected full-year 2024 dividend of $700 million. The payout falls under the five-year dividend policy, which has set an annual dividend of […] September 23, 2024
Tech Global chip giants explore opening UAE factories Taiwan Semiconductor Manufacturing Co. (TSMC) and Samsung Electronics, the world’s largest chip makers, are exploring the possibility of opening mega-manufacturing facilities in the UAE. The terms of discussion include projects to be funded by the UAE, with Abu Dhabi-based sovereign Mubadala playing a key role, The Wall Street Journal reported, citing unnamed sources. Executives from TSMC recently […] September 23, 2024
Leisure & Hospitality MGM applies for UAE casino licence says CEO US hospitality and entertainment group MGM Resorts has submitted a proposal to the UAE government to secure a casino operating licence, CEO Bill Hornbuckle has confirmed. “The way it will work is the federal government in Abu Dhabi will approve it, we’ve applied for it and hopefully we’ll win the licence there,” Hornbuckle said at […] September 23, 2024
Opinion Finance Republicans in the UAE rally to the Trump cause A panel at the Capital Club, Dubai, gave their views on the changing landscape ahead of polling day September 20, 2024
