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United Arab Emirates

Business news and financial news from the United Arab Emirates, covering the UAE's biggest companies including the Emirates Group, International Holding Group, Etisalat, Adnoc and Emaar Properties

G42 Nvidia

G42 links with Nvidia to launch climate tech lab

The UAE-based artificial intelligence company G42 has formed a partnership with Nvidia, the US computer chip giant, to set up a climate tech laboratory in Abu Dhabi, aimed at better predicting the weather using AI. In what is Nvidia’s first partnership with the UAE company, the lab will “serve as a hub for research and […]

Sharjah is seen as a more affordable alternative to Dubai, making its real estate attractive

Foreign investors help Sharjah real estate thrive

Sharjah’s real estate sector recorded 22 percent growth in the number of foreign investors during the first half of the year compared with the same period last year, attracting investors from 100 different nationalities. The number of properties traded by foreign investors in the emirate during the first six months of this year reached almost […]

As of January 2024, women held less than 11 percent of board seats in the UAE

UAE company boards must appoint at least one woman

Private joint-stock companies in the UAE will have to appoint at least one woman to their board of directors starting from January next year, the Ministry of Economy has announced. The decision is part of the UAE’s efforts to enhance diversity in the corporate sector and increase women’s representation in leadership and decision-making roles. Abdulla […]

Sharjah Microsoft China

Sharjah’s Microsoft deal ‘will not harm China relationship’

Sharjah, the third largest emirate by population in the UAE, will not undermine its growing relations with China through its AI partnership with the American giant Microsoft, a prominent investment official has said. This week Sharjah unveiled the first AI-generated trade licence system in the world, developed jointly by Invest in Sharjah, Sharjah Publishing City […]

DP World is already investing $3bn in new ports, terminals and economic zones in India’s western state of Gujarat

DP World among bidders for $84m Indian port upgrade

DP World is among the bidders to develop and upgrade a port in India’s eastern state of West Bengal, according to a media report. Indian conglomerate Adani is also in the running, The Telegraph, an Indian newspaper, reported The private-public-partnership project involves reconstructing one berth and mechanising two berths at Netaji Subhas Dock, Kolkatta, for […]

The Mubadala and Aldar tie-up will include a retail platform to oversee properties such as Yas Mall

Mubadala and Aldar reveal $8bn property collaboration

Abu Dhabi’s sovereign wealth fund Mubadala and its largest property developer, Aldar, have joined forces to develop and manage more than AED30 billion ($8.17 billion) worth of real estate across the emirate. The partnership, announced Wednesday, will be structured through four joint ventures. It will be owned 60 percent by Aldar and 40 percent by Mubadala, […]

Ahmed bin Sulayem told AGBI that AI impacts every sector within DMCC Video length: 03:30

Dubai AI leaders call for global regulations

Digital economy leaders in the UAE called for the global unification of artificial intelligence regulations at the launch of DMCC’s AI Centre last week.  Dubai issued a universal blueprint for AI earlier this year, but a unified framework governing the growing AI technology sector is still lacking.  “How can you disregard the artificial intelligence sector […]

UAE President Sheikh Mohamed bin Zayed Al Nahyan said Japan and the UAE hope to strengthen bilateral ties and explore new opportunities

UAE and Japan to begin talks on trade agreement

The UAE and Japan will start negotiations on a comprehensive economic partnership agreement (Cepa), President Sheikh Mohamed bin Zayed Al Nahyan has said. “We look to strengthen our bilateral ties and explore new opportunities that support sustainable economic growth for both countries,” he said in a post on social messaging platform X. Japanese prime minister […]

The Global AI Infrastructure Investment Partnership (GAIIP) will invest in building data centres and energy infrastructure

UAE’s MGX joins $30bn AI infrastructure initiative

UAE technology investment company MGX is part of a new $30 billion initiative, which will invest in building data centres and energy infrastructure. Other members of the Global AI Infrastructure Investment Partnership (GAIIP) are US-based BlackRock, Global Infrastructure Partners and Microsoft. The proceeds, which will be raised through private equity capital, may reach up to […]

The new centres planned with Microsoft will position Abu Dhabi as a global hub for AI innovation, said G42 CEO Peng Xiao

UAE’s G42 and Microsoft aim for ‘responsible’ AI goals

UAE artificial intelligence (AI) company G42 and US tech giant Microsoft will open two centres in Abu Dhabi to advance work on “responsible” AI practices. The first centre will see academic researchers and AI practitioners from the private sector develop, document and share emerging “responsible” AI best practices in the Middle East and the Global […]

Dubai's air taxis will operate from four 'vertiports', carrying a pilot and four passengers at 320km per hour

Dubai to launch air taxi service in 2026

Dubai is planning to launch an air taxi service in 2026, using Joby Aviation’s fully electric vehicles. In February, Joby Aviation, listed on the New York Stock Exchange, announced plans to soft-launch air taxi services in Dubai by early 2025. The air taxis are designed to carry a pilot and four passengers at 320km per […]

Lionel Messi poses for a photo at Dubai Expo 2020. He and his Argentina teammates will soon be appearing on 'giant billboard on Sheikh Zayed Road' to advertise property

Project stardust: why Dubai developers still want celeb tie-ins

Lionel Messi, Rohit Sharma and Chris Hemsworth are just some of the famous faces who have promoted UAE real estate in recent years. Superstar sportsmen and Hollywood heroes do not come cheap, but are they really a good investment for developers or just an excuse for the CEO to get a selfie?  Many industry observers […]

Australian trade minister Don Farrell announces the UAE trade deal at Parliament House in Canberra

Australia and UAE hope for $678m boost after trade deal

Australian exports to the UAE are expected to increase by $678 million after the two countries completed discussions over a comprehensive economic partnership agreement (Cepa). The deal, expected to be signed later this year, will make more than 99 percent of Australian exports to the UAE tariff-free, saving exporters up to $160 million annually. The […]

Brands For Less has 117 stores across the GCC and is now targetting Singapore for its next opening

Dubai discount retailer BFL looks east to double store numbers

Retail chain Brands For Less has revealed plans to almost double the number of BFL stores it operates in the next five years as it looks to countries such as Singapore for expansion. The Dubai-based discount retailer is flush with cash from last month’s sale of a $360 million stake to the US giant TJX […]

UAE central bank liquidity

Bank liquidity in UAE surges 20% in Q2

Liquid assets in the UAE’s banking sector rose to AED801 billion ($218 billion) by the end of the second quarter of 2024, up 20 percent from the same period last year, the Central Bank of the UAE has revealed.  The increase was AED135 billion year on year, with a quarterly gain of 2 percent, or […]

Wizz Air is focusing on developing Saudi Arabia as an inbound market rather than setting up a local carrier, says CEO Jozsef Varadi

Wizz Air expects Abu Dhabi to beat global traffic growth

Abu Dhabi will likely beat global passenger volume growth of 15-20 percent next year, driven by new low-cost routes to the Middle East, Wizz Air CEO Jozsef Varadi has said. “I think Abu Dhabi is going to grow beyond this,” he said. Based in Hungary, the airline established its operations in Abu Dhabi in 2019 through […]

A water taxi in Dubai's Business Bay, where off-plan real estate prices surged in 2023

Prices stabilise in Dubai’s off-plan market as supply grows

Prices for off-plan real estate in Dubai are stabilising following a spike in 2023 as developers bring more projects to the market. Property prices for off-plan purchases in areas such as Dubai Hills, Business Bay and Jumeirah Village Circle increased by as much as 30 percent in 2023 compared to the previous year. In August, […]

Mashreq Bank sells Neopay

Mashreq sells majority stake in NeoBank in $385m deal

Mashreq Bank has sold a 65 percent stake in its subsidiary IDFAA Payments, more commonly known as NeoPay, in a deal worth $385 million. The Dubai-listed lender sold the stake to Bahrain-headquartered alternative asset manager Arcapita Group Holdings Limited and Turkish fintech company Dgpays SARL, according to a bourse filing. NewsletterGet the Best of AGBI […]