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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

Startup Purplle’s valuation has increased by 14 percent to $1.25 billion after the latest funding round

ADIA leads Indian beauty retailer’s $120m fundraising

The UAE’s Abu Dhabi Investment Authority (ADIA) has led the $120 million funding round of Indian online beauty retailer Purplle Group, local media reported. The startup’s valuation has increased by 14 percent to $1.25 billion after the latest funding round, Mint, an Indian financial daily, reported. Overall, Purplle has raised more than $500 million. NewsletterGet […]

Globalfoundries says the gallium nitride technology will boost power in electric vehicles, among other applications

Mubadala-backed GlobalFoundries buys new semiconductor tech

Chipmaker GlobalFoundries, backed by Abu Dhabi’s Mubadala Investment Company, has bought the rights to a new technology to boost power in electric vehicles, artificial intelligence and data centres. It bought the gallium nitride (GaN) technology from semiconductor company Tagore Technology for an undisclosed sum. The acquisition includes a team of Tagore engineers with expertise in […]

The PIF's domestic stakes include Saudi Telecom STC but it is also a top investor abroad

Saudi PIF is top global investor in first half of 2024

Saudi Arabia’s Public Investment Fund was the highest-spending state-owned investor in the first half of 2024, while three Abu Dhabi institutions were also in the top five. The PIF owns stakes in various domestic companies including Saudi Aramco, Saudi Telecom Co and Saudi National Bank and is spearheading the kingdom’s giga-project development programme. It invested […]

Yahsat satellite SpaceX launch

Yahsat taps Musk’s SpaceX for next satellite launches

The UAE’s satellite provider Al Yah Satellite Communications Company (Yahsat) has chosen Elon Musk’s company SpaceX to launch its next-generation geostationary satellites, Al Yah 4 and Al Yah 5. The two communications satellites are due to be launched into orbit in 2027 and 2028 respectively. Under the deal – part of an AED3.9 billion ($1.1 […]

Students at England's Harrow School. Taaleem Holdings will own and operate Harrow International Schools

Taaleem signs deal with UK’s Harrow for GCC schools

UAE schools operator Taaleem Holdings has signed a deal with the UK’s Harrow School to own and operate Harrow International Schools across the GCC. The agreement marks Taaleem’s first foray into the super-premium school market. The first Taaleem Harrow School will open in the UAE, according to a statement on Monday, although no date was […]

The new LNG carriers, which are likely to be delivered beginning in 2028, will be chartered to Adnoc Group subsidiaries for 20 years

Adnoc L&S awards vessel contracts to South Korea

A subsidiary of UAE state oil major Abu Dhabi National Oil Company (Adnoc) has awarded contracts worth AED9.2 billion ($2.5 billion) to South Korean shipbuilders to construct liquified natural gas (LNG) carriers. Two shipyards – Samsung Heavy Industries and Hanwha Ocean – have firm orders to construct four vessels with the option for one more, […]

Dubai's plan includes increasing the amount of public transport and improving the quality of public spaces to encourage walking

Dubai begins work on ‘20-minute city’ concept

Dubai has approved a plan to support the “20-minute city” concept by developing land close to metro stations. The emirate’s executive council gave the green light to a plan to develop areas around metro stations by incentivising developers, UAE state-owned Wam news agency reported. The move will provide additional services, support the 20-minute city concept, […]

The UAE's regulations are designed to exclude fraudulent crypto companies and attract legitimate businesses

UAE introduces regulations to clean up crypto market

The UAE has taken steps towards regulating its payments sector with the introduction of Payment Token Services Regulation in an attempt to push out fraudulent crypto companies and attract legitimate businesses. The new regulations introduced by the Central Bank of the UAE (CBUAE) focus heavily on stablecoins – digital currencies pegged to a real-world asset […]

The UAE fiscal breakeven oil price will average $64 per barrel from 2024 to 2026, says Fitch

UAE’s budget to remain in surplus in 2024

The consolidated budget of the UAE will remain in surplus in 2024 at 4.1 percent of GDP after reaching 7.8 percent last year, ratings agency Fitch has said. Abu Dhabi and Dubai will remain in surplus, but deficits will be seen in Ras Al Khaimah and Sharjah. The Emirates’ consolidated surplus will amount to 3.3 […]

Fosroc is expected to generate $487 million in sales and achieve an Ebitda margin of 18.7 percent in 2024

France’s Saint-Gobain buys Dubai’s Fosroc for $1bn

French construction materials group Saint-Gobain has signed an agreement to purchase Fosroc, a Dubai-based construction chemicals company, for €960 million ($1.03 billion) to expand its international operations. The deal follows the company’s 35 acquisitions since 2021, resulting in combined sales of €6.2 billion across 73 countries after the latest move. The transaction is expected to close by […]

Construction workers in Dubai. Contractor Drake & Scull has completed its restructuring process

Drake & Scull opens nominations for new board

Dubai contractor Drake & Scull International (DSI) has opened nominations for new board members, after the completion of a lengthy restructuring process. DSI is looking to fill seven positions, according to a filing to Dubai Financial Market (DFM), with nominations open until July 11. Earlier this week the board of directors tendered their resignations in […]

Dubai-based construction entrepreneur Riad Tawfiq Al Sadik must pay 85 percent of the legal costs incurred by Clyde & Co after his suit against the law firm was thrown out in April,

Global legal saga continues for Dubai entrepreneur

Riad Tawfiq Al Sadik, a construction entrepreneur based in Dubai, must pay 85 percent of the legal costs incurred by Clyde & Co after his suit against the law firm was thrown out in April, a UK court ruled this week, according to a report from City AM. The case stemmed from Al Sadik’s staggering […]

The Palm Jumeirah monorail in Dubai. The emirate is investing more than $10 billion in PPP for fields including infrastructure

UAE releases details of new PPP regime

The Emirati Ministry of Finance this week released guidelines for its new framework aimed at encouraging wider adoption and execution of public-private partnerships in the UAE. The new manual seeks to define PPP stakeholders’ specific roles and responsibilities, and standardise relevant regulations and procedures, according to the Wam news agency. NewsletterGet the Best of AGBI […]

People push a bus through water after heavy rains in Dubai. The emirate's Tasreef flood defence project will take 9 years to complete

Engineers measure up Dubai’s $8bn flood defence plan

After April’s once-in-a-century storm that put swaths of Dubai under water, Sheikh Mohammed bin Rashid Al Maktoum has cleared the way for a AED30 billion ($8 billion) stormwater management upgrade. The ambitious expansion of the emirate’s drainage system will provide a sevenfold increase in its capacity to handle rainwater, to more than 20 million cubic […]

An EGA employee looks out over its Al Taweelah facility in Abu Dhabi. The electricity used in aluminium smelting makes up 60% of its carbon footprint

Adnoc, Emirates Global Aluminium and the outlook for net zero

It is a tall order. The UAE is striving to develop its industrial capacity while also decarbonising in a world that needs a 40 percent-plus reduction in emissions by the end of the decade to avoid devastating climate change. Two of the country’s biggest state-owned enterprises – Adnoc and Emirates Global Aluminium (EGA) – are […]