Real Estate 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 […] August 7, 2024
Finance 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 […] August 7, 2024
Video length: 07:34 Finance Distressed companies on rise in Saudi Arabia and UAE, study says The number of distressed companies in the UAE and Saudi Arabia has increased by almost 9 percent in the past year, with the sectors most at risk including chemicals, commodities and specialised retail. Concerns also surround the consumer-facing food and beverage industry in both countries, according to a report from consultancy Alvarez & Marsal. A&M […] August 7, 2024
Economy UAE Central Bank hedges against uncertainty with gold The Central Bank of the UAE has increased its gold reserves by 19.7 percent year on year, reaching AED20.6 billion ($5.6 billion) by the end of May 2024, and up from just AED1.1 billion in 2018. The CBUAE’s decision to boost its gold reserves aligns with similar actions by other nations. According to the World […] August 6, 2024
Logistics DP World’s London Gateway to become UK’s largest seaport The official launch this month of a new berth at London Gateway Port makes the facility the UK’s largest seaport, with operator DP World outlining plans for three more berths. The port, which currently handles 2.4 million containers, will expand its capacity to 3.4 million containers with the opening of berth 4, the UAE state-run […] August 6, 2024
Construction Dubai’s Sidara shelves bid to take over UK’s John Wood Group Dubai’s Sidara has abandoned its multi-billion-dollar plan to take over the British consultancy John Wood Group. The Emirati engineering and consulting group cited “geopolitical risks and market uncertainty” for its decision. Shares in Wood slumped by 37 percent on the news, hitting their lowest level since December 2022. NewsletterGet the Best of AGBI delivered straight […] August 5, 2024
Economy Gulf non-oil growth softens as costs and competition rise Non-oil business activity in Kuwait, the UAE and Saudi Arabia continues to grow, albeit at a softened pace. According to the latest business sentiment survey from ratings agency S&P Global, the overall softening in growth across the three Gulf states was largely a result of increased market competition, rising input costs and capacity constraints. In […] August 5, 2024
Oil & Gas Adnoc Drilling revenue surges with fleet expansion Adnoc Drilling, listed on the Abu Dhabi stock exchange, reported record revenue of $935 million for the second quarter of 2024. The 29 percent year-on-year increase was thanks to fleet expansion and oilfield services. Net profit for the quarter rose 29 percent annually to $295 million, while profit for the first half of the year […] August 5, 2024
Banking and Finance Emirates NBD in race to buy stake in India’s IDBI Bank Emirates NBD, Dubai’s biggest bank by assets, is among three suitors shortlisted to acquire a majority stake in India’s IDBI Bank. The Indian government intends to privatise the lender, according to a local media report. Canada’s Fairfax Financial Holdings and India’s Kotak Mahindra Bank have also received clearance from the Indian central bank, CNBC-TV18, an […] August 5, 2024
EXCLUSIVE Leisure & Hospitality RAK Properties considering hospitality IPO RAK Properties, Ras Al Khaimah’s largest publicly listed property developer, is assessing a separate stock market float for its rapidly growing hospitality business, its CEO Sameh Muhtadi told AGBI. The company, which trades on the Abu Dhabi Securities Exchange, is expanding its hotel portfolio and says it has letters of intent from two major hotel […] August 5, 2024
Exclusive Real Estate Opportunity knocks in Ras Al Khaimah’s beaches and mountains The CEO of RAK Properties says land reclamation can help meet the emirate's surging demand August 5, 2024
Industry Emirates Steel Arkan asks UAE to curb cheap Chinese imports Emirates Steel Arkan is liaising with the UAE government to explore ways to reduce the impact of China exporting its excess steel at knockdown prices. A slowdown in China’s property sector has led to a sharp decline in domestic demand for steel, forcing Chinese producers to sell surplus stock cheaply to international markets. US president […] August 4, 2024
Finance Tecom revenue rises as occupancy climbs to 92% Dubai-listed Tecom Group reported strong revenues in the first half of 2024 as occupancy levels in its commercial and industrial assets reached 92 percent. Revenue for the first six months rose 9 percent to around AED1 billion ($300 million), supporting the net profit growth of 24 percent to AED603 million. Occupancy levels across the land […] August 4, 2024
Construction Dubai to add 20,000 new housing units in H2 2024 As many as 20,000 residential units are expected to be delivered in Dubai in the second half of 2024. Almost 6,600 units were completed in the emirate between January and June this year, bringing the total number of units to 736,000, the UAE state-run Wam news agency reported. Dubai reported more than 12 new project […] August 4, 2024
Opinion Artificial Intelligence How I learned to stop worrying and love AI You fear what you do not know – like Excel spreadsheets and ChatGPT August 2, 2024
Media & Advertising Abu Dhabi-backed Redbird IMI set to sell The Spectator Redbird IMI, a US investment group backed by Abu Dhabi’s International Media Investments, is understood to be selling The Spectator magazine to hedge fund boss Paul Marshall. It is understood a deal with Marshall, through his Queen Street Ventures fund, would value the magazine in the region of £90 million ($114 million) to £120 million […] August 2, 2024
Renewable Energy Masdar and TotalEnergies team up to produce SAF Masdar, the UAE’s state-backed clean energy company, has partnered with the French energy major TotalEnergies to develop the commercial production of sustainable aviation fuel (SAF) using methanol produced from green hydrogen in Abu Dhabi. The two companies agreed to assess the project’s viability after a “successful test flight” during Cop28 last December, which demonstrated the […] August 2, 2024
Telecoms UAE’s e& revenue surges to $8bn in strong year for Gulf telcos Abu Dhabi-listed telco e& reported revenues of AED28 billion ($7.7 billion), rising 6 percent year on year, as the Gulf telecoms industry showed strong performance. Net profit grew by 17 percent to AED5.5 billion, driven by growth in local and international markets. Net earnings for the second quarter rose to AED3.2 billion, from AED2.5 […] August 2, 2024
Analysis Leisure & Hospitality Recruitment a sticking point for Gulf hospitality The tourism industry is expected to support the creation of thousands of jobs in the UAE and wider GCC this year, yet hospitality firms might struggle to fill many of these vacancies. Heightened competition, the physical and emotional intensity of the work, and more flexible professional alternatives are among the factors luring prospective staff in […] August 2, 2024
Industry Abu Dhabi’s Fertiglobe revenue hit by lower sales Revenues at fertiliser producer Fertiglobe slipped 16 percent to $1.05 billion in the first half of 2024 from $1.24 billion a year earlier due to lower sales. Net profit attributable to owners over the same period fell 39 percent year on year to $131 million. Abu Dhabi-listed Fertiglobe is the largest nitrogen fertiliser producer in the […] August 2, 2024
