Analysis Finance ‘Protection gap’ is growing in the Gulf as insurance costs rise It is perhaps no surprise that, after the heaviest rains 13 months ago since records began and billions of dollars in flood damage, the cost of insuring homes in Dubai and Abu Dhabi has jumped. But it is the so-called protection gap in the Gulf insurance market, which the average 10 to 15 percent rise […] May 22, 2025
Manufacturing China’s ROX Motors to produce EVs in Abu Dhabi Chinese luxury EV maker ROX Motor and Dubai-headquartered W Motors will manufacture electric vehicles in Abu Dhabi as Gulf countries step up efforts to attract automotive manufacturing. The ROX 01, a mid-size combustion-electric SUV, will be made at W Motors’ new facility in the capital city, the companies said in a joint statement. No […] May 22, 2025
Manufacturing Adnoc awards $2bn contracts to back localisation Abu Dhabi state-backed oil giant Adnoc says it prioritising local manufacturing to mitigate supply chain risks and cut delivery times for critical equipment. The oil company has signed framework agreements valued at AED6 billion ($1.6 billion) with 12 UAE companies to manufacture critical industrial equipment under the “Make it in the Emirates” initiative, according to […] May 22, 2025
Analysis Petrochemicals Adnoc bets big on petrochems as sector struggles Abu Dhabi National Co.’s (Adnoc) multibillion-dollar bet to expand its petrochemical capabilities comes at a fraught time for the sector. The numbers may not immediately add up in terms of return on investment but the focus should boost the company’s global reach and technological capabilities, analysts say. “Abu Dhabi is trying to create a global […] May 22, 2025
Aviation Etihad comfortable with Boeing deliveries as profit rises Abu Dhabi’s Etihad Airways, which posted record profit in the first quarter, said it expects to take delivery of at least 100 planes from US plane maker Boeing over the next five years, helping to equip its route expansion plans. “We’re getting more than 20 planes a year for the next five years,” Etihad Airways […] May 21, 2025
Economy Owner of Emirates Airline reports climb in profit The Investment Corporation of Dubai (ICD) said profit and the value of its assets rose last year, buoyed by performance in its aviation, real estate and banking portfolio. Net income climbed 6 percent to AED53.2 billion ($14.5 billion) and the value of its assets more than 10 percent to AED1.47 trillion, the sovereign wealth fund […] May 21, 2025
Markets Dubai Holding’s REIT order book tops $15bn The order book for Dubai Holding’s first residential real estate investment trust (REIT) hit AED56 billion ($15 billion), with the initial public offering more than 26 times oversubscribed. The final offer price was set at the top end of the price range at AED1.10 per unit, enabling the company to raise just over AED2 billion. The […] May 21, 2025
Telecoms Turkcell gets Emirates NBD loan to expand data centres Turkey’s mobile operator Turkcell has secured €100 million ($113 million) in sharia-compliant funding from Emirates NBD to accelerate its investment in data centres. TDC Veri Hizmetleri (TDC is a subsidiary of Turkcell, which is listed on both the Borsa İstanbul and the New York Stock Exchange. Turkcell’s strategy focuses on building high-capacity, eco-friendly data centres […] May 21, 2025
Manufacturing UAE’s $11bn manufacturing investment aims to cut oil reliance The UAE plans investment of more than AED40 billion ($11 billion) over the next five years to establish itself as a centre for advanced manufacturing. The strategy aims to expand its industrial base, accelerating efforts to diversify its economy away from oil. Highlighting progress so far, Dr. Sultan Al Jaber, federal minister of industry and […] May 20, 2025
Aviation Ex-Etihad CEO James Hogan takes stake in UK’s Global Airlines James Hogan, the former Etihad Airways chief executive who was at the helm during the airline’s loss-making expansion, is set to become a shareholder in the UK’s Global Airlines, a startup attempting to bring the Airbus A380 back into commercial service. Hogan’s advisory firm, Knighthood Global, will take a stake in Global Airlines and advise […] May 20, 2025
Health Mubadala Bio launches to bolster UAE drug security Mubadala Investment Company, Abu Dhabi’s $330 billion sovereign wealth fund, has launched a dedicated life sciences unit as part of a broader strategy to boost domestic pharmaceutical production, improve healthcare resilience and support the UAE’s economic diversification efforts. The new entity, Mubadala Bio, will oversee a portfolio of 10 manufacturing facilities across Asia, Africa, and […] May 20, 2025
Opinion Artificial Intelligence The UAE has a mighty backer in AI, but the US gets something too The two countries have laid the foundations for a long-term AI partnership that will benefit them both May 20, 2025
Markets Mubadala’s US portfolio hit by GlobalFoundries slump Abu Dhabi sovereign wealth fund Mubadala Investment Co suffered a paper loss of $2.7 billion on its majority stake in US semiconductor maker GlobalFoundries in the first quarter, US regulatory filings show. GlobalFoundries’ stock price has fallen by about half from its March 2022 peak, extending its decline this year. This lowered the value of […] May 20, 2025
Real Estate Lunate and Brookfield in $1bn residential property venture Abu Dhabi alternative investment manager Lunate is setting up a $1 billion Middle East residential real estate joint venture with Brookfield, according to a statement on Tuesday. The company will focus on “developing high-quality build-to-sell and opportunistic buy-to-sell residential assets” across the UAE, Saudi Arabia and other markets in the Middle East, the statement said. […] May 20, 2025
Space Abu Dhabi launches facility to manufacture satellites Abu Dhabi Investment Office (ADIO) and Space42 have launched the region’s first satellite manufacturing facility to build local remote sensing capabilities. The Space42 Space Systems facility will localise the design, assembly and testing of SAR satellites used for earth observation, securing space-based intelligence for Abu Dhabi, according to a joint statement. SAR (commercial synthetic aperture […] May 20, 2025
Banking and Finance Emirates NBD gets nod to set up Indian subsidiary India’s central bank has given an “in-principle” approval to Emirates NBD Bank, Dubai’s biggest bank by assets, to set up a wholly owned subsidiary in India. The Dubai-listed lender currently offers banking services through branches in Chennai, Gurugram and Mumbai, the Reserve Bank of India (RBI) said in a statement. The approval allows Emirates NBD […] May 20, 2025
Opinion Finance How the UAE can build the world’s most modern pension system Reforms offer portability, tech integration and equity for expatriates May 19, 2025
Markets Dubai Holding ups REIT offering on high demand Dubai Holding, an investment vehicle of the emirate’s government, has increased the offering size of its residential real estate investment trust (REIT) on the local market following high demand from local and global investors. The offering now stands at 1.95 billion units compared to the earlier 1.63 billion units, increasing the floating to 15 percent […] May 19, 2025
Industry EGA to build first US aluminium smelter in 45 years Emirates Global Aluminium (EGA), which says it is responsible for 4 percent of global output, plans to start building a primary aluminium production plant in the US by the end of 2026. The $4 billion smelter, the first to be built in the US since 1980, is expected to have a capacity of 600,000 tonnes […] May 19, 2025
Energy Masdar in talks to develop energy storage in Italy Italy’s Enel and Abu Dhabi’s Masdar have begun talks over jointly developing energy storage capacity in Italy, Flavio Cattaneo, the CEO of Italy’s biggest utility, said on Friday. The companies already have a partnership for a portfolio of renewable energy assets in Spain and are exploring options to extend their alliance to more countries, Cattaneo […] May 19, 2025
