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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

The number of parking spaces in Dubai rose 3 percent annually to 200,000

New parking spaces in Dubai drive Parkin’s revenues

Revenues for Parkin, the Dubai government’s parking management company, grew 12 percent year on year in the second quarter of 2024 due to an increase in parking spaces and seasonal permits. Parkin’s top line for the April to June period reached AED206 million ($56 million), compared to AED184 million a year ago despite the impact […]

ADQ's investment will support Sotheby’s' expansion into new markets, including establishing a robust presence in the Middle East

Abu Dhabi’s ADQ buys minority stake in Sotheby’s

Abu Dhabi sovereign wealth fund ADQ and Patrick Drahi, majority owner of auction house Sotheby’s, will jointly invest $1 billion in the company to support its expansion plans. As part of the agreement, ADQ will acquire a minority stake in Sotheby’s, a British-founded company that has its headquarters in New York. The value of the sovereign […]

Gold smelting in a refinery. The UAE has suspended several refineries after an inspection

Gold refineries suspended in UAE

The UAE has temporarily suspended operations at 32 gold refineries in the country which were found to be in breach of anti-money laundering regulations. The suspension was backdated to begin on July 24 and runs until October 24, the emirate’s national news agency said. The refineries make up 5 percent of the gold sector in […]

Aramex expects revenues to grow by 8 to 9 percent in 2024

Aramex quarterly profit hit hard by Dubai floods

The net profits of Dubai-listed courier company Aramex fell 85 percent in the second quarter of 2024 due to flooding in the emirate, leading to operational disruptions and a slowdown in business. Earnings for the second quarter stood at AED2.9 million ($789,558), compared to AED18.9 million a year earlier. Revenue for the three months rose […]

The number of Etihad destinations rose to 81 from 70 a year ago

Etihad profit surges 48% on higher passenger volume

Etihad Airways said net profit rose 48 percent year on year in the first half of 2024, driven by a rise in passenger numbers and new destinations. The Abu Dhabi-headquartered airline posted a profit of AED851 million ($232 million) in the first six months, up from AED575 million in the same period last year. Total […]

Dubai developer Emaar said property sales in the first half of 2024 hit a record high of AED31.5bn, rising 56 percent year on year

Emaar revenue jumps 17% as Dubai real estate thrives

Emaar Properties, the largest developer in Dubai, reported a net profit attributable to equity holders of AED5.3 billion ($1.4 billion) in the first half of 2024, a year-on-year increase of 8 percent. Revenue jumped 17 percent year on year to AED14.4 billion, thanks to high investor confidence and robust demand in Dubai’s real estate market. […]

Adnoc L&S is expecting annual revenue growth in the 30 percent range

Adnoc L&S profit rises as revenue grows 42%

Net earnings at Adnoc Logistics and Services (Adnoc L&S) jumped 31 percent year on year to AED1.5 billion ($401 million) in the first half of 2024. Revenues hit AED6.4 billion during the period, rising 42 percent year on year.   Second-quarter revenue increased 42 percent annually to AED3.3 billion, helping profit grow 28 percent to […]

Spinneys has recently opened two new stores in Dubai and its first Saudi store in Riyadh

Spinneys profit grows 18% with help from online sales

Profits at UAE supermarket operator Spinneys surged 18 percent year on year to AED146 million ($40 million) in the first half of 2024. Strong growth in online sales helped raise revenues, which increased by 10 percent year on year to AED1.6 billion. The company also opened two new branches in Dubai, the first standalone dining concept […]

Burjeel said patient footfall increased to 3.1 million in the first six months of 2024

Burjeel profits drop despite jump in patient footfall

Hospital operator Burjeel Holdings said net profits for the first six months of 2024 fell 25 percent year on year to AED169 million ($46 million), despite annual revenue rising 9 percent to AED2.4 billion. Patient footfall increased to three million in the first six months, an increase of 11 percent in the second quarter. Abu […]

India has attracted more than half of Gulf wealth fund investments in recent years and ADIA alone has invested hundreds of millions of dollars

Partnerships prove central as ADIA looks to India and beyond

Abu Dhabi Investment Authority, the UAE’s largest sovereign wealth fund, is increasingly forming consortiums to make its deals – and focusing on purchases in India. After a string of acquisitions in Asia, ADIA is now leading a consortium with CVC Advisers with a view to bidding for UK investment platform Hargreaves Lansdown. In June the […]

The Wynn Al Marjan casino under construction in Ras Al Khaimah

Casino operator Wynn buys more land in Ras Al Khaimah

Wynn Resorts, the Las Vegas-based hospitality operator building the Gulf region’s first casino on Ras Al Khaimah’s Al Marjan Island, has closed a deal to bank an additional 70 acres of land in the emirate for future development. The disclosure was made during the company’s second-quarter earnings call on Wednesday. Wynn Resorts made a significant […]

IHC abu dhabi

IHC H1 profit up $3.4bn as revenue rises 46%

Revenues at Abu Dhabi conglomerate International Holding Company (IHC)  surged 46 percent for the first half of 2024 to AED41.7 billion ($11.3 billion). The company said it was due to sustained growth in its technology, real estate and construction, marine and dredging, and hospitality and leisure divisions. Net profits were up 18 percent to AED12.3 […]

A view of residential towers from Dubai's Palm Jumeirah. Cash buyers still dominate the property market but their power is waning, according to one expert

Mortgage buyers increase with Dubai’s rising rents

Dubai’s property market is shifting towards mortgages and away from the traditional image of cash buyers, with tenants seeking cost-effective alternatives to counter rising rental rates. A survey by mortgage consultancy Mortgage Finder indicates that mortgage buyers accounted for 43 percent of all ready sales transactions in the second quarter of 2024, up from 35 […]

Dubai Airports CEO Paul Griffiths says the company has "a very optimistic outlook for the remainder of the year”

Dubai Airports raises 2024 traffic forecast to 91.8m

Dubai Airports, the operator of the world’s busiest international hub, has revised its annual passenger forecast for 2024, projecting a record 91.8 million passengers, up from the 91 million forecast in May this year. This revision follows an 8 percent year-on-year increase in passenger numbers during the first six months, totalling nearly 45 million. “We […]

Pakistan finance minister Muhammad Aurangzeb. The IMF's $7bn extended fund facility may be approved next month

Saudi and UAE commit to debt rollover for Pakistan

Saudi Arabia, the UAE and China have confirmed their debt rollover for one year to support Pakistan’s $7 billion bailout package with the International Monetary Fund (IMF), a media report said. The rollover amount will be the same as last year, Bloomberg reported, quoting Pakistan’s finance minister Muhammad Aurangzeb. Islamabad has $12 billion in bilateral […]

Empower said total connected capacity rose to more than 1.53 million refrigeration tonnes in the first half of 2024

Empower revenues surge on growing real estate demand

Dubai-listed Emirates Central Cooling Systems Corporation, also known as Empower, posted an 11 percent year-on-year increase in revenue to AED814 million ($222 million) in the second quarter of 2024. The rise was fuelled by high demand and growing occupancy rates in housing projects. Net profit attributable to shareholders fell 6 percent to AED221 million in […]

UAE insurance

UAE insurers will need two years to clear flood losses

Insurance premiums for properties in the UAE increased by as much as 30 percent in the second quarter of the year as the sector reeled from hundreds of millions of dollars worth of losses stemming from the record-breaking April floods. Manik Kak, from professional services firm Marsh McLennan, told AGBI it would take at least […]